While current low interest rates are helping shape a buyer's market, in Bend, renting and buying both come with pros and cons. Either way, prices aren't a steal and prospective buyers or renters need to have enough money to be used as a down payment or deposit.
Sheila Balyeat with Sotheby's International Realty says talking to a professional and letting them run the numbers can help determine if its better to rent or buy.
"It's going to depend on every individual's situation," she says. "Even though prices are rising, interests rates are low and it could make more sense to buy."
Balyeat says that any realtor should be willing to calculate the cost.
"When you're looking at purchasing a home, look at purchase price, how much the down payment is, the mortgage interest rate, home purchase cost, property taxes, homeowners insurance, and your annual home maintenance," she says.
If you only plan on owning a home for a year or two, Balyeat says buying may not be your best option. When renting, be sure to factor in what your monthly rent is going to be plus rent increases and renter's insurance.
She adds that the rental market in Bend is competitive and has a low vacancy rate: "There's no stability in renting right now." But if renting seems like the best way to go, Balyeat suggests talking to a property management company.
"There are certain tax advantages to owning your own home that don't come with renting," she says. .
1801 NE Purcell Blvd., Bend, OR 97701
2 br, 3 ba, 1256 sf. (no lot size listed)
built 1990 | $180,000
Listed by RE/MAX Key Properties
19767 Dartmouth Ave., Bend, OR 97702
3 br, 3 ba, 1827 sf, .10-acre lot
built 2006 | $375,000
Listed by The Hasson Company
742 NW 12th St., Bend, OR 97701
3 br, 2 ba, 1238 sf, .11 acre-lot
built 1922 | $568,000
Listed by Century 21 Lifestyles Realty Bend