Learn More about What Economists Predict For the 2015 Real Estate Market
By Jason Boone
Thanks to a recent report from Frank Nothaft, Chief Economist with Freddie Mac, we know that 2015 is going to be another great year for Real Estate across the United States and it’s also going to be an excellent year for anyone to buy a Bend Oregon Home, here’s why:
Mortgage Interest Rates Will Rise Slightly
Although mortgage interest rates are currently hovering near 4%, most economists including Frank Nothaft predict that mortgage interest rates will increase to just 4.5% next year.
An increase of .5% can mean that you will pay thousands of dollars more over the lifetime of your mortgage loan so if you’re planning on buying within the next few months it’s best to lock in a low mortgage interest rate now by getting pre-qualified for a mortgage loan.
Home Price Appreciation Will Also Increase
During 2015 we can also expect to see an increase in home price appreciation of at least 3%.
This is good for sellers but it will present challenges for some buyers since higher home prices and higher mortgage interest rates may keep some buyers out of the Real Estate market.
More Home Construction During 2015
There’s no denying that 2015 has been a great year for home construction in towns like Bend and Redmond during 2014; this will continue in the coming year as more permits have been pulled.
As we approach the end of the year by home builders who plan on starting construction of new homes in the coming months.
Buy a Bend Oregon Home
To buy a Bend Oregon Home or to view homes for sale across Central Oregon contact me, Jason Boone, Principal Broker with Duke Warner Realty | Skjersaa Group by calling me at (541) 383-1426 or by clicking here.