Pending Home Sales Continue To Decline For Seventh Month In A Row
Wednesday, September 5, 2018
Good Morning!
Nationally, pending home sales continue to decline for the seventh month in a row. As the video explains, this is primarily due to home affordability, low inventory and also to a lesser degree, rising mortgage interest rates. This trend could begin the shift to softer home prices down the road. View video HERE.
Have an awesome week!
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Rents have crept up in most communities just as home prices have. In fact in many areas rents have increased at a higher rate than home prices. I find today that many of the renters are paying more money to rent than they would be spending on a home payment. By renting they are also losing out on some great opportunities such as depreciation and interest tax deductions. Renters are also just making the landlords payments and not building equity. Long term the buidling of equity in a home is one of the greatest wealth building opportunities for most people. The followng is an article from "Realtor.com" on a recent study of the current trend towards renting.
“Housing is becoming less and less affordable. Renting is perceived to be the more affordable housing option,” said David Brickman, an executive vice president at Freddie Mac and head of its multifamily division.
88107 Keola Ln
2018 has started out to be a challenging year for homebuyers in the Eugene and Springfield market area. The issue with the current market is certainly not demand. Our current home market problem stems from lack of inventory of homes for sale. This is especially true in the price ranges of below $300,000, where the high demand for housing exists. With a current inventory of less that 1.6 months, this shortage has left hundreds of would-be home buyers out in the dark. The lack of inventory and high demand has created such a shortage that when a home comes on the market that is priced well in the price range of high demand, there is typically a bidding war taking place. This of course is leading to the situation where many homes are now selling for above asking price. If this trend continues in 2018, it could be a challenging market for buyers.
