Waiting to Buy a Home in Central Oregon? Six Reasons Why You Should Not
As humans, we love a good list. Categorizing stuff in order of importance helps us in a world of overstimulation. Laundry lists, grocery lists, honey-do lists, and even Letterman’s top 10 lists all attempt to bring order to chaos. When we buy a home, we make a list of the things we want in order to narrow down our expectations. One recent list I bumped into suggests that choosing where you buy that home is more than just a white picket fence and a yard.
Claiming to use science, RoadSnacks built a worst places to live in Oregon list, a state known to the rest of the world for its quirkiness and distinct urban/rural lifestyles. Conspicuously absent from their tally was Central Oregon. So let’s take a look at why, beyond the natural beauty of this part of the state, Central Oregon failed to fail and why, if you are waiting to buy a home, there is no better time than now.
- This is still hands down, the best time to purchase a mortgage. Even if rates were to tick up a full percentage point from where they are right now, it would still be a stellar deal compared to the eighties, when rates were inching towards 18% plus. Whether it was a good deal is debatable, but I bought my first house at those rates – and still own it.
- The choice of renting or owning has never been clearer. The old argument against renting was simple: you built no equity and therefore were not gaining any financial ground. That’s still true but rents have escalated at such a rate that buying a home is more than equity, it is just good financial sense.
- There are still affordable homes in Central Oregon. Unfortunately, you won’t find them without help. Enlisting the help of an agent, such as The Jones Group @ Sunriver Realty will save you time and will get you in your home faster than you can imagine.
- A recent report suggested that Oregon is one of the fastest growing states, with the ranks of 20-40 year olds swelling. Many of these folks are arriving at the beginning of their financial lives. But not to worry: Buying a home in Central Oregon can be as easy as 3% down. Seriously. And with a credit score of 620. Yes, seriously. Check out what Freddie Mac is offering.
- PMI used to be the acronym borrowers feared the most. It is the insurance you need to carry if your down payment fell below the 20% mark. It was crazy expensive, as if the added penalty would make you think twice. It added to your mortgage payment and was difficult to remove once it was in place. The FHA has an affordable workaround that it claims will bring a quarter million new home buyers to the market (many of which will consider Central Oregon).
- The last reason, and one I’m sure you’ve heard before: Taxes. There has been talk of reducing or eliminating this benefit but it simply is not likely to happen. Being able to deduct all of your interest rate payments, some other expenses, and property taxes has turned into an American right. Open a home business and the deductions keep growing.
You could live anywhere. But picking a beautiful place like Central Oregon is worth considering. So put it on your list because it makes every other list of best places to live.
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
Karen Marcy, Broker/Realtor
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123
Licensed in Oregon