Real Estate Information Archive

Good Monday Morning!

Mortgage interest rates remain at historic low levels and believe it or not, they could dip even lower.  Not only have these low mortgage interest rates created a heated housing market, but they are also bringing on a refi boom.  Don't look for things to change any time soon, so the rates we see to day, just may be here for a while.  Here is an article from "Realtor.com" that will give you a good look at our current home financing picture.

At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but wouldn’t drop below 3%. But now, that’s just what has happened.

And many economists predict that mortgage rates will remain below that threshold into 2021.

The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac.

This is the first time since Freddie Mac began tracking mortgage rates in 1971 that the rate on the 30-year mortgage dropped below 3%. And it is the seventh time so far this year that Freddie Mac’s mortgage rate survey had reported a record low.

Meanwhile, the 15-year fixed-rate mortgage dropped three basis points to an average of 2.51%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage rose four basis points to an average of 3.06%.

Concerns regarding the state of the economy amid the coronavirus pandemic have fueled the benchmark interest rate’s steady decline since the start of the year.

“A lot of it has been driven by the broader pandemic impact to the economy,” said Joel Kan, associate vice president of economic and industry forecasting for the Mortgage Bankers Association. “For a while we looked like we might be in a better place. But right now markets have been reacting to the resurgence in cases.”

Sub-3% mortgage rates could be here to stay. A new economic forecast by Fannie Mae projects that the 30-year fixed-rate mortgage will average 2.8% next year. And economists at Realtor.com estimate that rates will average 3.2% throughout the year but hit 2.9% by the end of the year.

“Yes, mortgage rates below 3% are possible,” said Danielle Hale, chief economist at Realtor.com.

The spread of rates available in the mortgage market right now is quite wide. And getting access to these record low rates isn’t easy for all applicants.

Mortgage lenders have tightened their credit and imposed stricter standards for qualification because of the coronavirus. At the start of the pandemic, lenders witnessed a massive wave of refinance applications just as companies were shifting to working remotely, which caused long delays to close the loans for some borrowers.

And as the pandemic progressed, the mortgage industry faced a major uptick in requests for forbearance (skipping payments for a certain period) as homeowners grew worried about their finances amid rising unemployment.

“While rates are historically accommodative, only a portion of the market can take advantage,” said Matthew Speakman, an economist at Zillow. “This will continue to be the case, due to uncertainties produced by the coronavirus.”

This hesitancy on the part of mortgage lenders though means that they have ample room to lower rates further. Historically, mortgage rates roughly track the yield on the 10-year Treasury. But the spread between mortgage rates and the 10-year yield grew at the start of the pandemic, as lenders refrained from slashing rates by as much as the Treasury note had fallen.

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THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $310,000    Beds: 2    Baths: 1    Sq Ft: 1732

Home is located in a highly desirable area near Laurelwood Golf Course. Very large and private lot. Soft views and great solar exposure. Wonderful one level floor plan with many options. Home needs a bit of TLC, but has exciting potential...View this property >> 

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Good Monday Morning!

The Real Estate market in the Eugene and Springfield area just cannot get any better for home sellers.  In my over 30 years of selling Real Estate in this area, I have never witnessed a sellers market like the one we have right now.  Buyer demand for houses is extremely strong, mortgage interest rates are at historic low levels and the prices homes are selling at are at record highs.  If you want to sell your home, you cannot afford to miss this market. The following are the numbers for homes sales in the Eugene/Springfield area for June 2020.

New listings (512) decreased 17.8% from the 623 listed in June 2019, and increased 5.6% from the 485 listed in May 2020.

Pending sales (554) increased 2.6% from the 540 offers accepted in June 2019, and increased 19.1% from the 465 offers accepted in May 2020.

Closed sales (399) decreased 15.3% from the 471 closings in June 2019, and increased 28.3% from the 311 closings in May 2020.

Inventory and Market Time

Inventory decreased to 1.3 months in June. Total market time decreased to 37 days.

Year-to-Date Summary

Comparing the first six months of 2020 to the same period in 2019, new listings (2,820) decreased 8.4%, pending sales (2,380) decreased 7.0%, and closed sales (1,949) decreased 13.4%.

Average and Median Sale Prices

Comparing 2020 to 2019 through June, the average sale price has increased 8.7% from $316,200 to $343,700. In the same comparison, the median sale price has increased 10.7% from $289,000 to $320,000.

If you are trying to figure out if selling your home is a wise move, contact me.  I can give you information that will help you make your decision.  I can also give you detailed information on your homes current market value.  It's all free and there is abolutely no obligation involved.  You need to check it out.  Call me at 541-349-2620. 

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THIS WEEKS HOT HOME LISTING!

2618 Manor Dr, Springfield, OR 

Price: $315,000    Beds: 3    Baths: 1    Sq Ft: 1266

Absolutely wonderful, extremely well kept home in highly desirable Hayden Bridge neighborhood. 1/4 acre lot with well manicured landscaping, RV parking area, covered back patio and lots of privacy. This home has hardwood floors, newer roof, updated...View this property >> 

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Good Monday Morning!

The Real Estate Market in the Eugene and Springfield market area is what I would call "HOT"! There are currently more buyers than sellers, creating a buying frenzy on homes currently for sale. Near record low mortgage interest rates have home buyers out in droves, but the Covid19 virus situation still has sellers reluctant to sell their homes. As I have said previously, if you are thinking about selling your home this year, don't miss this current market.

Video Link: http://www.eugeneoregonhomesforsale.com/video/Realtorcom-COVID-19-Housing-Market-Update-070320

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $335,000    Beds: 2    Baths: 1.5    Sq Ft: 1732

Home is located in a highly desirable area near Laurelwood Golf Course. Very large and private lot. Soft views and great solar exposure. Wonderful one level floor plan with many options. Home needs a bit of TLC, but has exciting potential...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

In the Eugene and Springfield home market area, the Real Estate market is anything but slow.  The number of home buyers out shopping has outpaced the number of homes for sale and this is causing both inflation in home pricing and in many cases bidding wars.  Many people find it hard to believe that we can have such a robust housing market during a so called recession and also during a period of recent social unrest.  The reality is that this market is a reality and it's not going to change any time soon.  The followng is an article from "Realtor.com" that discusses the recent hot housing market.

An official recession, a deadly pandemic, and a national reckoning on racism aren't blunting the housing market's rebound.

As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report. That's correct: Prices are going up despite this week's announcement that the U.S. officially entered a recession in February.

While that's below the typical 5% to 6% annual price appreciation this time of year, it's nearly back to what it was before the coronavirus pandemic. Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.

“The big surprise of the housing market is that prices have remained quite resilient," says realtor.com Senior Economist George Ratiu. He doesn't expect prices to drop over the next few months. “The summer housing market will be better than expected, but far off the normal pace.”

The culprit for the increasing prices: a lack of homes for sale and a rush of buyers. The total number of home listings on realtor.com was down 25% in the first week in June compared with the previous year—when there was also a housing shortage. In the first two weeks of March, listings had fallen 16% annually.

“The number of listings is shrinking at a faster pace, and it’s causing prices to go up,” says Ratiu. That's the exact opposite of the Great Recession, where a housing bust tanked the economy and home prices were slashed. "The [housing] market isn’t in the dire straits that it was the last time around.”

Meanwhile, buyers who still have jobs have been descending on the market en masse, enticed by record-low mortgage interest rates. Rates fell below 3%, to hit an all-time low of 2.94% for 30-year fixed-rate loans on Thursday, according to Mortgage News Daily.

The market typically begins warming up in the spring and then reaches a fever pitch by the summer. Families often prefer to move in the summer when the kids are on break from school. That means buyers seeking an affordably priced home this summer should expect multiple officers and bidding wars, which drive prices up even further, instead of deals.

“For most people it will be a competitive buying market," says Lawrence Yun, chief economist of the National Association of Realtors®. “For lower-priced and medium-priced homes, multiple offers will be fairly common. On the luxury end, some price reduction will be required because there’s plentiful inventory.”

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2775 Central Blvd, Eugene, OR 

Price: $335,000    Beds: 2    Baths: 1.5    Sq Ft: 1732

Home is located in a highly desirable area near Laurelwood Golf Course. Very large and private lot. Soft views and great solar exposure. Wonderful one level floor plan with many options. Home needs a bit of TLC, but has exciting potential...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Nationally homes sales were down last month as home prices continue to climb. This is the exact same trend that we are experiencing in the Eugene and Springfield home market areas. Mortgage interest rates continue to be extremely favorable and have even declined some. Locally, the housing market is extremely good for home sales. Low inventories of homes for sale and a large number of ready buyers has created one of the best markets for sellers that I have encountered in over 30 years of home sales. If you are considering the sale of your home, don't miss this market. It will not be here forver!!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-June-2020

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

2618 Manor Dr, Springfield, OR 

Price: $310,000    Beds: 3    Baths: 1    Sq Ft: 1266

Absolutely wonderful, extremely well kept home in highly desirable Hayden Bridge neighborhood. 1/4 acre lot with well manicured landscaping, RV parking area, covered back patio and lots of privacy. This home has hardwood floors, newer roof, updated...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

The Real Estate market in Lane County continues to be below 2019 levels in numbers of new homes coming on the market and in home sales.  The one area that our local market continues to see increase is in home values.  With 2 months inventory of homes for sale, there are a few more homes for sale than last year, but at the price range of $400,000 and below, the inventory is low and homes sales are extremely active. In the price range of $300,000 and lower the inventory is extremely low and this part of the market is as hot as I have ever seen.  There are far more buyers than there are homes for sale in this price range.  The following statistics will show you how May of 2020 compared to the market we saw in May of 2019.

May Residential Highlights

New listings (485) decreased 30.2% from the 695 listed in May 2019, and increased 18.0% from the 411 listed in April 2020.

Pending sales (465) decreased 15.3% from the 549 offers accepted in May 2019, and increased 31.4% from the 354 offers accepted in April 2020.

Closed sales (311) decreased 34.9% from the 478 closings in May 2019, and decreased 2.5% from the 319 closings in April 2020.

Inventory and Market Time

Inventory held steady at 2.0 months in May. Total market time increased to 38 days.

Year-to-Date Summary

Comparing the first five months of 2020 to the same period in 2019, new listings (2,289) decreased 6.2%, pending sales (1,842) decreased 10.1%, and closed sales (1,539) decreased 13.1%.

Average and Median Sale Prices

Comparing 2020 to 2019 through May, the average sale price has increased 8.9% from $312,800 to $340,700. In the same comparison, the median sale price has increased 12.3% from $285,000 to $320,000.

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THIS WEEKS HOT HOME LISTING!

4312 Cole Way, Springfield, OR 

Price: $229,000    Beds: 1    Baths: 1    Sq Ft: 880

Located close to Clearwater Park, this adorable home is perfect for easy living. Beautifully remodeled bathroom with quartz counters, freshly painted interior, new carpet in the loft/master bedroom, new LED lighting & a new roof in 2019. Concrete fl...View this property >> 

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Good Monday Morning!

If you think that the Covid19 pandemic and other national issues has slowed demand for housing, think again.  The housing market in the Eugene and Springfield area is anything but slow.  Demand for homes is high and buyers are also paying top dollar.  With employment number beginning to rebound faster than expected and continued low mortgage interest rates, the climate is great for anyone wantiing to sell their home.  With low inventories of homes right now we are in a hot "sellers" market.  This same situation is typical nationally as described in the following article from "Realtor.com".

An improving economy is turning up the heat on the summer housing market.

The unemployment rate fell to 13.3% in May as more cities and states reopened and many furloughed employees were called back to work, the U.S. Bureau of Labor Statistics announced on Friday. While unemployment is still high, it's less than April's rate of 14.7% and well under the predictions of many economists.

“There are signs that the better-than-expected jobs situation is already having a positive effect on the housing market. We’re seeing more home buyers in the market than we did this time last year," says realtor.com® Chief Economist Danielle Hale. "It’s shaping up to be a hotter-than-expected summer in the housing market."

Summer has historically been when the housing market catches fire, as buyers bid up prices to secure a home and move before the kids start school in the fall. This year, experts had predicted that the season would be slower than normal, because of the economic turmoil, high unemployment, and fears of the novel coronavirus.

To put it in perspective, just after the Great Recession unemployment reached a high of 10%. May's rate was higher.

But the economy's retreat from the precipice is already having an impact on the national housing market.

“Part of why we’re seeing the housing market rebound is because people who would have been shopping in March and April are now out shopping in May and June with people who were originally planning to look for homes" in the summer, says Hale.

"The primary motivation is people believe this is the right time for them to buy a home," she says. "The secondary motivation is that mortgage rates are low, so it helps [buyers] afford more home than they would have been able to [previously]. That's especially important now that people are wanting more space.”

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THIS WEEKS HOT HOME LISTING!

1699 N Terry St Space 192, Eugene, OR 

Price: $65,000    Beds: 3    Baths: 1.5    Sq Ft: 1456

Beautiful Home In The All Age Community Of Woodland Park Estates. Open front living area. Open kitchen with lots of cabinet/storage space. Wood flooring. Carpet in Master Bedroom. Master Bedroom has attached half bath. Large mud room with storage sp...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Nationally, home sales are similar to what we are currently seeing in Lane County. Home prices are up, demand is high and mortgage interest rates are extremely favorable. In Lane county, we are also seeing a low inventory of homes for sale. We are approaching prime time for home sales and the typical surge of homes hitting the market for sale is just not happening. My guess is that would be home sellers may be reluctant to put their homes on the market due to Covid19. This may be a huge mistake! I know that we have strong buyer demand for homes right now and homes are currently selling at top dollar prices. I am not sure as to what the future holds for our local housing market, but I doubt that we will see this favorable of a market for home sellers later this year. If you are considering a home sale, contact me. We can meet and I can give you an idea as to what your home is currently worth. We can also go through your home and give you ideas on what you can do to sell your home for top dollar. Don't hesitate if you are thinking about selling your home this year!!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-May-2020

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Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Rd, Cheshire, OR 

Price: $750,000    Beds: 4    Baths: 3    Sq Ft: 3035

Quiet And Private House on 20.59 secluded acres with gorgeous valley and mountain views. 15+ acres second growth Fir with significant market value and 2+ acres of pasture. Gorgeous custom interior with hardwood floors, vault ceilings, views. 4 bay s...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Even with the unemployment numbers soaring nationally due to Covid19, home sales remain strong.  This is evident by the surge in home mortgage loan applications.  In the Eugene and Springfield market area, home sales remain strong and the numbers of buyers looking for homes is very high.  The largest issue in our local area to date is the lack of inventory of homes for sale.  Here is an article from "Realtor.com", that describes the current situation.

A weekly gauge of home buyer interest ticked up for the third week in a row—a sign of “pent-up demand for home buying,” according to the organization that administers the survey.

The Mortgage Bankers Association’s Purchase Index, which measures the weekly volume of applications for loans to buy a home, rose 6% on a seasonally-adjusted basis and 7% on an unadjusted basis for the week ending May 1. In a news release, MBA chief economist Mike Fratantoni credited that week-over-week increase to “strong growth in Arizona, Texas and California,” which posted increases of 11%, 10.3% and 10.1%, respectively.

With state lockdowns only beginning to be eased, much is still unknown about how an economic recovery from the coronavirus crisis will take shape. But a third week-over-week increase in loan applications is a positive sign for the housing market. The survey is a regular pulse-check of buyer interest in residential real estate—and for much of March and April it was falling.

Home-purchase applications began dropping in mid-March as the virus—and the lockdown policies meant to hinder its spread—began sidelining much of the U.S. workforce and subduing consumer spending. The Mortgage Banker Association poll wasn’t the only one showing a dip in home buyer interest at the start of the housing market’s normally busy spring season. In a survey by the National Association of Realtors in early April, 90% of members said buyer interest had dropped, while Fannie Mae’s Home Purchase Sentiment Index, which measures Americans’ outlooks on job security and buying and selling homes, experienced its greatest month-over-month decline since the index began.

While the Mortgage Banker’s index has been reporting week-over-week increases since mid-April, purchase application volume is still lower than it was at the same time last year. Purchase activity is down 19% from a year earlier, Fratantoni noted, but “this annualized deficit has decreased as more states reopen amidst the apparent, pent-up demand for home buying,” he said in the release.

Of the three states with strong growth that Fratantoni cited, Texas’s loan-application volume is the closest to 2019 levels, falling only 4.2% below the same week last year.

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Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

855 Calvin St, Eugene, OR 

Price: $419,000    Beds: 3    Baths: 2    Sq Ft: 1400

Beautifully remodeled Ferry St Bridge home. Open living concept throughout, vaulted ceilings, quartz countertenors, new cabinets, new light fixture, & custom built entertainment center. Spacious master suite with master bath and walk in closet. Beau...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

For all of us, life has changed signicantly over the past two months.  Covid19 has altered the way we conduct our everyday lives and business's and the end of this interuption is not in sight.  In past messages, I have expressed the fact that even with the changes, people are actively selling and purchasing homes.  The sales numbers for the Eugene and Springfield area do not represent anything that even remotely appears to be a market crash.  In fact from what I am currently seeing the demand for homes to purchase may be as strong as it was for the same time period in 2019.

If you are considering selling your home this year and are worried that this is just not the right time to sell, the market that we are currently experiencing does not reflect this at all.  The largest isssue that we seem to have at this time is that we have more buyers than we have houses to sell them. This means that you can sell your home now for top market value and take advantage of this great sellers market!

Many Real Estate agents are choosing to not work during this crisis and are stating that the market is off.  As I stated above, this is not supported by what I am currently seeing statiscally or from my peronal experience.  Myself and my Team are at work every day!  We are busy listing homes and helping people purchase homes.  If you are wanting to sell a home or want to explore purchasing a home, please contact us.  This is a great market, so don't miss out!!

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

855 Calvin St, Eugene, OR 

Price: $419,000    Beds: 3    Baths: 2    Sq Ft: 1400

Beautifully remodeled Ferry St Bridge home. Open living concept throughout, vaulted ceilings, quartz countertenors, new cabinets, new light fixture, & custom built entertainment center. Spacious master suite with master bath and walk in closet. Beau...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!