Renting vs. Buying in Bend

[Joshua Savage]

I think I know the answer already, but I always get valuable info here so I thought I would ask the BP forum.  

My family and I have been traveling for the past year and we landed in Bend, Oregon. We love the place and are thinking about settling here.  This is the nicest time of year in Bend, so as southerners we want to see if we can handle a winter.  Plus, with time, maybe the novelty will wear off.  Also, it appears homes are currently overvalued and the market may be near its peak.  

We plan to stay for the next 10 months or more to see if we really like Bend enough to settle down.  In this market, should we buy or rent? I feel I'm giving money away by renting, but n0t sure buying makes much sense either.  Any advice?  Thanks!