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Buying near schools adds value

How buying in a top school district can benefit you

It’s the time of year when going back to school is on the brains of children, parents and community members. Whether or not you have a family to consider, buying property in an area with good schools can benefit you in many ways.

Seeking good schools

If you are seeking good schools for your children, it’s beneficial to know where you school district boundaries are. Most school districts have an attendance area map that breaks down the sections of the town by school.

In the Bend-La Pine School District, there are so many students and schools, it’s important to know where you’re buying if you have a desired school that you wish for your kids to attend. Bend La Pine has 30 schools alone. Buying one or two streets over can make a big difference, when it comes to attendance areas. Check out the areas here: https://www.bend.k12.or.us/district/parents/attendance-areas

No children to consider

Even if you don’t have children to factor, buying near a well ranked school system can increase the value of your house. If there are good schools, public or private, in your area it makes that area more desirable for future buyers. It’s adding value to your house without actually having to do anything to the property. It’s the same as buying a property that’s close to amenities like restaurants, shopping, etc. You don’t have to physically do anything to the property in order for the value to be affected.

Future planning

Even if you don’t currently have children, future planning can be important to consider. If you’re considering buying a home in a new area, it is important to note whether or not there are good schools nearby. If you wind up having kids, ideally you would want to make sure you’re already in a good school system. It would be unfortunate to buy in an area, and lose value on your home when you went to sell it because you weren’t near good schools. That would also be tough if the reason you were moving was to get closer to better schools for your offspring.

Take Away

When you’re considering in investing in property or real estate in Bend, Oregon, or elsewhere, it’s important to consider what sort of school district you’re buying in. Good schools bring in much more than just educated students, they can influence local culture, arts, restaurants and more. Good schools also can mean that you’re living in a great area, which can indirectly increase the value of your property or home.

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July Real Estate Forecast Shows Changes in Pending listings and Price Reductions

July Real Estate Forecast Shows Changes in Pending listings and Price Reductions

The real estate market in Central Oregon has taken a change as we reach the near end of summer. July 2016 was a strong seller’s month, signifying that summer months continue to be a great time to house hunt, with warmer days and relocation at a high. Moving forward, this trend will start to change as we head into the fall months.

July signals a continued increase in listings

Listings have been growing continually through past four months. To date, there were 41 percent more listings at the end of July, than the end of April.

Available listings will downsize as we move into fall, and signs of slowing are evident by the number of pending listings. July finished with less pending listings than in April, 15 percent less. This real estate trend shows that more sellers list their home in the early summer months, rather than waiting until July to get it listed, because they have a better chance of selling it if they get it listed before the summer rush starts.

A July trend in price reductions

A trend that Central Oregon real estate saw in June was that sellers needed to carefully consider the asking price for their homes. Following the heels of the June trend, there was an overwhelming trend of price reductions in the month of July.

With a growing inventory in July, there was suddenly stiffer competition in better priced inventory. Sellers are attempting to chase the market by lowering prices on properties that may have been overpriced. Some homeowners attempt to lower a price before the end of the summer, while buyers are still looking for the right property. The number of price reductions did go up 254 percent from April to July.

Final Analysis

The final take-away of the real estate trends in July is that there are a decent number of buyers that are still out there. Buyers are still combing through the available listings and trying to find the right property for their needs. Perhaps a price reduction is something you should consider to spark more interest and ultimately sell your property.

To keep track of the current real estate trends happening in Bend, Oregon, and the trends heading into the fall season, turn to Duke Warner Realty. We compile comprehensive market data that is available to home sellers and buyers. Discover what we can do for you when you are interested in buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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Buying vs. renting: Pros and Cons

In today’s current real estate market housing prices have grown, and in some areas rental costs haven’t kept up with the trend. In some areas, it is cheaper to rent than to buy, but not in all markets. There are many other factors to consider when you’re weighing your options on buy vs. rent.

In most popular cities and suburbs, home prices are climbing fast, which can make renting look like a better alternative. Rental prices can also climb in the same areas, if the demand exists. This makes the cost of renting vs. buying quite similar.

Renting a home or apartment

Renting is appealing because it requires less responsibility. If something breaks down in your home, you can simply call up the property management company or landlord. You’re not on the hook for unexpected financial commitments, like fixing the dishwasher or sprinkler system.

The monthly cost of renting can also be lower than a monthly mortgage payment. Typically, the cost of owning vs. renting eventually becomes cheaper, whereas the cost of renting continues to stay the same and has the potential to go up, depending on rent trends.

Buying your own home

In the long term, whether or not your real estate market is in the up and up or not, buying can save you money. Over time, the money that you’re putting into your own home is less than a renter is investing. Another point to consider, the renter isn’t actually investing any money. When you’re putting money into a mortgage payment, you’re putting equity into something, into your home. You’re adding value to your home, value that you someday could get back. It’s essentially the same as adding something on to your house that would make it more appealing to future buyers. If you added a pool, it would entice more future buyers, and therefore would increase the value of your home.

Your home can also increase in value due to the local real estate market. When you buy it, it may be worth a set sum, but then after years of market change it could be worth significantly more. In some current real estate markets, home prices have doubled in the last four years, which is great for home owners but not as great for those seeking to purchase a home.

Many home owners also have plenty of tax benefits to consider when purchasing a home. You can deduct a mortgage from your income tax bills amongst other options.

When you own your own home, you also don’t have to worry about rent increases coming out of nowhere. Your monthly mortgage payment will stay the same, unless you refinance or choose to pay more than the agreed upon amount every month.

Another long term benefit to owning your own home is paying off your mortgage. Once your mortgage is paid off your monthly housing costs drop significantly.

Take away

Renting and buying each have their own set of pros and cons. It depends on what you’re looking for a property and commitment. If you’re seeking something more long term, the advantages of buying outweigh renting. Over time, the financial benefits to owning a home can trump renting as well.