Buy now in a popular area or wait?

1 Reply

I'd appreciate your insight into my situation. My family and I are looking to buy in Bend, Oregon. The market here is tight - people buying homes sight unseen from California mainly. Our broker (realtor) is also a friend and believes the market won't change much over the coming months, but most of what I'm hearing here on BP is saying differently. Is Bend a unicorn that won't fall prey to a housing market crash like what we saw in '08? 

We've got a house that we like (not love), but would allow us to save up to get our first rental property fairly quickly. However, we can renew our lease for 9 more months with the hope of things dropping and more inventory coming onto the market.

I'm being told that this is unlikely since many people are moving to the town and choosing to telecommute, thus properties aren't staying on the market. 

I swear that each day I change my mind - buy now or wait and see what happens. I'm usually very decisive and this is killing me :-) 

Any input is greatly appreciated! 

Thanks BP Community - I love it here!

You buy an opportunity.  Sounds like you found one.

An internet search on market forecast for your city predicts that the over 9% price increase of the past year will most likely continue on indefinitely. 

So, you like the market; you like the house; you can keep renting - or you can buy and start building equity. Everyone wants to live there...and you can.

You're over-thinking can't time a market - that's the whole premise supporting asset allocation.  Again, you found an opportunity - and that's what drives the buy.  

Go for it...own a piece of the planet.  It really is that big of a deal and so are you.