The 2013 Bend Oregon Real Estate market is hot right now, but will it stay hot, or will home values, mortgage interest rates and home buying activity start to decline as we move into Central Oregon’s hot summer months, and eventually the end of the year?
In this post we will break down what home buyers can expect as we approach the final months of 2013 and if the Real Estate market will begin to slow down or stay hot.
Why Home Values Are Going To Continue To Rise
When the economy is doing great or declining, people typically look towards Standard & Poor’s to see what they have to say about recent economic activity and the S&P just recently sent economists reeling by upgrading their Case-Shiller Home Price Index from 8% to 11% appreciation for 2013.
The fact that the S&P has upgrade the Case-Shiller Home Price Index shows their optimism for home values for the remainder of 2013 and it’s a good motivator for home buyers or sellers to take action now.
Five Year Projection
Besides increasing their Price Index for 2013, the S&P plus other economists across the country predict that home values will continue to appreciate at least 22.3% for the next five years; this means that we have blown past the bottom for home values in the Real Estate market and should only be looking up for the months and years to come.
Mortgage Interest Rates Keep Going Up
If you watch then news, or spend the time researching “mortgage interest rates” online, you will see that mortgage interest rates have increased more than a ½ of a percentage point in the last few weeks and it hasn’t stopped going up.
Every major Real Estate organization across the country from The National Association of Realtors to Fannie Mae are predicting mortgage interest rates to continue increasing and be up by at least a half of a percentage point or more by July 2014.
To learn more about the latest mortgage news, or to view Bend Oregon homes for sale, contact us today by calling (541) 383-1426.