First-Time Homebuyers: What You Need to Know About Buying in Central Oregon

Buying your first home is an exciting milestone, but it can also feel overwhelming, especially in a competitive market like Central Oregon. With its stunning scenery, outdoor recreation, and growing communities, Central Oregon is an attractive place to settle down. However, there are some key factors to keep in mind when purchasing a home in this unique region, especially if you’re a first-time homebuyer.

In this post, we’ll walk you through the essential things you need to know about buying your first home in Central Oregon, from understanding the local market to tips for navigating the homebuying process.

1. Understanding the Central Oregon Housing Market

Central Oregon has become a highly desirable area for both locals and out-of-state buyers, which has led to increased demand and rising home prices. Cities like Bend, Redmond, and Sisters have experienced significant growth, making it a competitive market for buyers. While this might feel daunting, it also means that purchasing a home here can be a solid long-term investment.

Key Market Insights:

  • Bend is known for its lively downtown, access to outdoor activities, and excellent schools, making it one of the most sought-after areas.
  • Redmond offers a more affordable option while still providing access to outdoor recreation and amenities.
  • Sisters is a charming small town with a more rural feel, perfect for those looking to escape the hustle and bustle.

As a first-time buyer, it’s important to work with a real estate agent who understands the local market and can help you navigate the competitive landscape. Strategic Realty’s team has extensive experience in Central Oregon real estate and can guide you in finding the right home at the right price.

2. Financial Preparation is Key

Before you start your home search, it’s crucial to get your finances in order. Lenders will look at your credit score, debt-to-income ratio, and savings to determine how much you can borrow. Knowing your budget ahead of time will help you focus on homes that are within your price range and prevent disappointment down the road.

Steps to Financial Preparation:

  • Check Your Credit Score: A higher credit score can lead to better mortgage rates. Aim for a score of 620 or higher to qualify for most loans, though some programs may accept lower scores.
  • Save for a Down Payment: While a 20% down payment is ideal, many first-time buyers qualify for loans with as little as 3% down, especially through programs like FHA loans.
  • Get Pre-Approved for a Mortgage: Getting pre-approved shows sellers that you’re a serious buyer and gives you a clearer picture of what you can afford.

It’s also important to consider additional costs like closing fees, home inspections, and property taxes. Having a financial plan in place will make the homebuying process smoother.

3. Take Advantage of First-Time Homebuyer Programs

As a first-time homebuyer, you may be eligible for various programs that can make the homebuying process more affordable. In Central Oregon, there are both federal and local programs designed to help first-time buyers with down payments, lower interest rates, and other financial assistance.

Popular Programs to Consider:

  • FHA Loans: These loans require lower down payments and are ideal for buyers with lower credit scores.
  • Oregon Bond Residential Loan Program: This state program provides affordable mortgage options for low- to moderate-income homebuyers.
  • USDA Loans: If you’re looking to buy in more rural areas of Central Oregon, you may qualify for a USDA loan, which offers low or no down payment options.

Your real estate agent and lender can help you explore these options and find the best program for your financial situation.

4. Location Matters

When buying your first home, choosing the right location is just as important as finding the perfect house. Central Oregon offers a variety of neighborhoods, each with its own unique charm. Whether you’re looking for easy access to outdoor recreation, proximity to good schools, or a tight-knit community, there’s something for everyone.

Popular Areas to Explore:

  • Bend: Perfect for those who love an active lifestyle with access to hiking, skiing, and the Deschutes River. Bend also has great schools and a vibrant downtown area.
  • Redmond: A more affordable option with a strong sense of community and proximity to Smith Rock State Park.
  • Sunriver: Ideal for those seeking a resort-like community with golf courses, bike trails, and vacation vibes.
  • Prineville: Offers a quieter, more rural lifestyle with stunning views and a lower cost of living.

Consider your lifestyle needs, commute, and long-term goals when choosing where to buy.

5. Don’t Skip the Home Inspection

While it can be tempting to speed up the buying process, especially in a competitive market, it’s critical not to skip the home inspection. A home inspection can uncover potential issues with the property that might not be immediately visible. From structural problems to plumbing and electrical issues, an inspection can save you thousands of dollars in repairs down the line.

Even in a hot market, where buyers sometimes feel pressure to waive contingencies, having a home inspection contingency in place is a smart move. It gives you peace of mind and a clearer picture of the home’s condition before committing to the purchase.

6. Patience is Key

Buying your first home is a big step, and it’s important to remain patient throughout the process. In Central Oregon’s competitive market, it may take time to find the right property within your budget. You may even face bidding wars or multiple offers on desirable homes.

Working with a real estate agent who understands the market can help you stay focused and find the home that’s right for you, rather than rushing into a purchase that doesn’t meet your needs.

Ready to Buy Your First Home in Central Oregon?

Buying a home in Central Oregon is an exciting journey, and with the right preparation and guidance, you can find a home that fits your budget and lifestyle. At Strategic Realty, our team is here to help you navigate every step of the homebuying process, from financial planning to finding the perfect property.

Contact us today to start your first-time homebuyer journey and take the first step toward homeownership in one of the most beautiful regions in the Pacific Northwest.


Buying your first home in Central Oregon is an exciting adventure, and with the help of Strategic Realty, you can make informed decisions and enjoy the process. Reach out today to learn how we can help you find the home of your dreams!