Deb Tebbs Group

Cascade Sotheby's International Realty

Category: Home Buying

Bend Oregon Real Estate – 3 Things You Should Not Do With Your Down Payment

Bend Oregon Real Estate

 

 

 

 

 

 

BEND, OR. – Are you looking forward to buying Bend Oregon Real Estate? If so, you may be saving money for a down payment on a home like most people and as you get closer to buying a house you might be tempted to use that money elsewhere before you use it for buying a home.

In this article, we will share with you 3 things you don’t want to do with your down payment before using it to buy Bend Oregon Real Estate.

#1 – Don’t Put Your Money under Your Bed

Sadly, in 2016-2017 many people still put some of the money they are saving for a down payment on a home “under their beds”, or they store it somewhere else. This is a bad decision to make because it’s easy to lose cash, or it can get stolen, so it’s best to keep your money in the bank.

#2 – Don’t Want Until the Last Minute to Make Deposits

A typical lender will also want to see that the money for your deposit is “seasoned” and this means that it’s sat in your bank for at least 60 days so if you plan on buying a home in the next six to 12 months you should deposit all of the money you intend on using for your deposit into your account at least 60 days before contacting a lender.

#3 – Don’t Make Risky Investments

With a 20% down payment sitting in your bank account you might be tempted to invest that money in the stock market or another risky investment. Before doing this it’s best to ask yourself if you can really afford to lose any money at all because one loss can easily wipe out the money that you’ve worked hard to save over the years.

If you’re still thinking about investing the money that you should be using for your down payment on a home you should consider putting that money in a CD just so you can make some money from the investment safely and have that money available to use for buying a home when you need it.

Learn More

To learn more about things you should never do with your down payment, or to view Bend Oregon Real Estate, contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online.

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Bend Oregon Home For Sale – How Much Money Do First Time Home Buyers Really Need?

Bend Oregon Home

Are you a first time home buyer and are thinking about buying a Bend Oregon Home Home if so, you’re not alone.

2016 is certainly shaping up to be another busy year in the local Real Estate market, especially for first time home buyers, and you can give yourself the advantage if you know exactly how much money you need to put down on a home.

20% Vs. 3% Down – Which One Is Better?

Although most people will tell you that in order for you to buy your first Bend Oregon Home Home you have to put down at least 20%, the reality is that you can buy a home in 2016 for as little as 3% down or even in some cases you can buy a home by putting no money down

Keep in mind that the less money you put down when buying a home in Bend Oregon  means that you will ultimately pay more for your monthly mortgage payment so if you can wait to save a little more money it will only pay off in the long run.

If a family member, friend or relative decides to gift you the money that you need to put down 20% on a home make sure that you have proper documentation of those gifts because your lender will want to see documentation of income just so they will know that you have the ability to repay your mortgage loan.

Private Mortgage Insurance

The most important tip to keep in mind from this article is that if you put down a smaller down payment on a home you will also have to pay more for your Private Mortgage Insurance (PMI) each month so this could amount to an additional $100 or more per month that you will need to add to your monthly mortgage payment.

Buy a Bend Oregon Home

To get started with buying a Bend Oregon Home, or to view homes for sale contact the Debb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online.

 

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Is December A Great Time To Buy A Bend Oregon Home? The Answer Is Yes

Bend Oregon Craftsman Home

By Deb Tebbs Group

December is typically a busy month thanks to holidays like Christmas and New Year’s but is it still a great time to buy a Bend Oregon Home? The answer to this question is yes.

In this post we will answer why December is a great time to buy a home in Bend and how you can prepare to find your dream home this month.

 Why Homeowners Are Eager To Sell

 One of the biggest reasons why December is a great time of year to buy a Bend Oregon home for sale is because there are fewer buyers who are searching for homes compared to other months of the year because most buyers will pause their home buying activities temporarily until after the holidays have ended.

 This means that for buyers who are searching for homes in Bend right now they can find owners who are eager to sell since they may have seen a decline in interest from buyers since Thanksgiving.

 Winter Is a Great Time to Fully Test a Home

 Another benefit of buying a Bend home during December is that you can really see what a home has to offer in terms of the HVAC, heater, roof, windows and doors since winter weather will take a toll on any home and really show buyers and sellers what the home needs before the Real Estate transaction can be approved.

 Although December is a busy time of year don’t hesitate to have a home fully inspected before purchasing it because the home inspection is one of the most critical parts of buying a Bend Oregon home and this can literally save you tens of thousands of dollars.

 More Reasons To Buy A Bend Oregon Home During The Winter

Less Market Activity – Lots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.

 Holiday home sellers often have to adjust their price downward or make other concessions if they want to sell. Keep this in mind as you search for homes. Bargains may be available, and listed prices may be more open to negotiation.

 Motivated Sellers – People who are selling their homes over the holidays often have great incentive to sell, such as an upcoming job relocation. If a house has already been on the market for some time, that incentive is multiplied.

 You may be able to use this urgency to your advantage (assuming you are not in a similarly urgent need to buy). Negotiate fairly but firmly with sellers and you should be able to extract a lower price and/or other concessions like paying part of the closing costs.

 Potential Tax Advantages – If you itemize your taxes, you can deduct any points you paid upon closing, as well as property taxes and mortgage interest. Whether it is to your advantage to buy before or after year’s end depends on factors such as how many other deductions you have this year and expect to have next year.

 It is best to consult with a tax professional before purchase. Even though you do not want to make a decision on a home purchase strictly for tax reasons, it could be to your benefit to close before the end of the year.

 Better Interest Rates – Within the general trend of interest rates, there is often a cyclical trend of lower interest rates during the holidays – not from the generosity of lenders but due to limited demand forcing greater competition among lenders.

 There are plenty of factors that can obscure or swamp this cycle, but in general, you should see preferable interest rates around the holidays compared to the times immediately before or after.

 Faster Closings – Generally, all parties involved have incentive to complete transactions toward the end of the year. Lenders want to close their books, real estate agents want to receive their commissions before the year closes, sellers want to move on to their new home and settle in for the holidays – and just like the sellers, you want to settle in as well.

 Since all parties are motivated and there are fewer transactions taking place during this time, it should be easier to put everything in place for a smooth and rapid closing.

These factors do not always apply. For example, if you are trying to buy a home in a winter ski resort area or similar high-demand winter destination, these dynamics may be reversed – except for the tax implications. However, for the majority of Americans, the holidays represent an opportunity to buy a home under mostly favorable economic conditions.

 The weather may still be frightful, but your opportunities to buy a home around the holidays may be just as delightful. Enjoy the holiday season as you explore your options. Don’t forget to give Santa your forwarding address!

 Source – moneytips.com

Contact the Deb Tebbs Group

To get started with searching for a Bend Oregon home for sale contact the Deb Tebbs group today by clicking here to connect with us online or calling us at (541) 323-4823.

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