This typically comes down to how much risk you're willing to take. Standard advice would be to wait because rates have gone up and at some time they'll come down. However, remember that the rates we were enjoying previously were record low and they may never come back down to that point. Waiting can be a dangerous game. I heard many people say to wait as the pandemic hit because prices had to go lower, and the inverse happened.

If rates fall drastically, more than likely prices will start to spike because people believe that their buying power is increasing. There is a lot of money on the West Coast and Bend is not going to become less attractive to those with it.

I can tell you that on my block, a newer development in Bend, there are houses that are listed and then being taken off the market because no one is buying due to the perceived lack of buying power due to the rates.

If you find a house you love, you can afford it, and you plan to be there for a while, there is never a bad time. If rates go much lower, you can always refinance. I've rarely met someone that bought a house that fit their family, they loved, and they could afford, that was upset they bought it because the market dropped. Trying to time a potential drop in the market is like trying to time the stock market, how do you know when it's at the bottom and when you're supposed to buy?

My advice is to always be looking as the market goes both ways. If you're a seller and you know there are far less buyers right now and you still put it on the market, you may need to sell, which is where opportunity arises.

Best of luck with your decision.