To Buy or Not to Buy
What Keeps Home Buyers on the Fence
From Ranch to Colonial, from Craftsman to Contemporary Treehouse Mansion, there are hundreds of types of home styles you can live in. But when you come right down to it, there are only two types of buyers: those who are decisive and ready to make an offer as soon as they see what they want; and those who are wishy-washy and hesitant to make an offer, even when they seem to have found their perfect home.
For folks in the latter category, the delay in pulling the trigger can be caused by multiple factors, including anxiety over market conditions, fear of missing out on a better property, or concerns of over-paying. Employment and economic concerns frequently add another layer of worry and uncertainty in the housing market, potentially creating “paralysis by analysis.” These concerns are completely understandable, as buying a home is most likely the largest purchase that most people will ever make. However, there are a several significant reasons why he and she who hesitate should hop off the fence and stop waiting for an opportunity that might never come again.
- Mortgage interest rates are hovering at record lows, which boosts a person’s buying power. Buyers are often surprised with how much more they can afford due to the lower monthly payments from the lower interest rates.
- Home prices continue to escalate almost everywhere, almost every month (certainly in Central Oregon). Clients who hesitate are continually being priced out of their desired cities or neighborhoods. No one wants to overpay on a property, but if a home is in an ideal location and checks all of the family’s boxes, it’s important to consider that real estate has proven to appreciate significantly over time in Central Oregon.
- The housing market has more than rebounded from the crisis of 2008 and despite uncertainties in the economy this year, prices continue to climb. This can be directly attributed to the desirability and relative affordability of the area. Bend and the Central Oregon area is on everyone’s radar from all over the country, and there continues to be a surge of new residents relocating to the area with no signs of a slowdown. Prices may seem high to some, but for those moving from metropolitan areas, this is an affordable price to pay to live in a dreamlike location.
Overall, it’s reasonable to be cautious when buying. Most hesitant buyers are hopeful that home prices will drop and that better deals are ahead—but realistically, both home prices and interest rates are more likely to go up than down. It’s never a good idea to make a hasty decision So gather all possible information, assess your personal situation and if a purchase is in your near future, get prepared to make that move sooner rather than later.
Some information provided by Abbie and Rick Sams.