Real Estate Information Archive

Good Monday Morning!

With the world still in a crisis over Covid19 and many speculations as to when this all will end, the Real Estate world is still alive and moving in the Eugene and Springfield area.  The suprising fact is that there are people putting their homes on the market and they are selling.  In fact in many cases, homes are lasting no more than just a few days before they sell.  One thing that never changes is the fact that there are people who need to purchase a home and those who need to sell a home.  If you find yourself in a position where you either need or want to buy or sell a home, don't be afraid to act now.  We are finding that even though the market is different right now, it remains strong. Unfortunately, this is not the common feeling right now by most people as described in this article from "Realtor.com".  The reality is that the inventory of homes for sale is very low and there are many buyers out there ready to buy when they find the home they are looking for.

Americans have quickly soured on the prospects of the nation’s real-estate market as the coronavirus pandemic has swept the country.

Only 50% of Americans said that now is a good time to buy a home, according to a survey of roughly 1,000 people released Friday by polling firm Gallup. That represents the lowest share of Americans to have a positive view on the country’s housing market in the time that Gallup has tracked people’s sentiments on real estate.

A year ago, 61% of Americans thought it was a good time to buy, while 36% said they believed it wasn’t. The previous low was set back in 2006 when only 52% of Americans thought it was a good time to buy amid the subprime mortgage-fueled housing bubble. Gallup began tracking American’s feelings on the housing market periodically back in the 1970s and has polled on this question annually since 2003.

Sellers, meanwhile, have refrained from listing their homes or pulled them from the market to avoid the possibility of needing to sell at a lower price.

Notably, the shift in sentiment was more prominent among homeowners (down 16 percentage points) than renters (down four percentage points). Renters were more pessimistic about the housing market during the Great Recession than they are now, while this year’s poll represents an all-time low among homeowners.

Republicans, people who live in the suburbs of large cities, and those whose annual income exceeds $100,000 were most upbeat, per Gallup’s survey.

Have An Awesome Week!

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 >> 

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Good Monday Morning!

The data is in for March 2020 home sales in Lane County.  Bear in mind that this period of time for sales in pre Covid19, for the most part.  There is a great deal that has changed in our market since this time and there are many more changes in front of us.  The one thing that I can tell you is that there are lots of potential home buyers out there ready to go.  In fact, sales activity has been robust even during this tragic time.  The largest problem is lack of homes for buyers to purchase.  If you are thinking about selling your home this year, don't wait!  Right now is a great opportunity for you to sell while the competition levels are low.  Here are the home sales numbers for March 2020.

March Residential Highlights

There were 557 new listings, 25.5% more than in March 2019 (444) and 47.7% more than last month in February 2020 (377).

Pending sales (374) decreased 17.4% from March 2019 (453) and rose 2.2% from last month February 2020 when 366 offers were accepted.

Closed sales (341) increased 8.6% from March 2019 (314) and rose 20.1% from the 284 closings recorded last month in February 2020.

Inventory and Market Time

Inventory increased slightly to 1.7 months in March. Total market time decreased to 42 days.

Year to Date Summary

Comparing the first three months of 2020 to the same period in 2019, new listings (1,381) increased 19.9%, pending sales (1,061) decreased 1.3%, and closed sales (887) decreased 1.1%.

Average and Median Sale Prices

Comparing 2020 to 2019 through March, the average sale price has increased 9.6% from $306,200 to $335,700. In the same comparison, the median sale price has increased 12.5% from $280,000 to $315,000

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

250 Yellowwood St, Juction City, OR 

Price: $365,000    Beds: 3    Baths: 2    Sq Ft: 1728

Don't miss this wonderful one-level home located in a desirable Junction City neighborhood! Great room concept w/ vaulted ceilings, natural lighting throughout & a well thought out floor plan. Spacious kitchen has Brazilian Cherry flooring, granite...View this property >> 

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Good Monday Morning!

Our country has never been through a period like that of the current COVID19 situation and hopefully, we will never have to endure anything like this again.  With all of the stress, both emotional and financial, there are many options popping up that look like they might help out during this time of hardship.  One of these programs is being presented by many mortgage lenders right now and it is called "Mortgage Forbearance".  The following is the definition of "Mortgage Forbearance:

Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.

I have been receiving both emails and calls from clients asking me for some guidance in regards to "Mortgage Forbearance".  Since this is unchartered waters for most, it is really a great idea to check it out before jumping on board. The contracts that I have read from several different lenders, clearly spells out the fact that if you do this program and don't make payments for several months, this money is not forgiven from your mortgage debt.  The ones I read clearly state that the period of "Forbearance" is for 90 days and at the end of that 90 day period, your accrued debt from the "Forbearance" period is due and needs to be PAID!!  Read the small print in the "Forbearance" contract, because if this is the case, then you need to decide if you are going to have that money available when the time comes for repayment?  I have also learned that if you take advantage of "Forbearance", that during this time you may not be able to get other loans, refinance, or take advantage of other financial programs.  I have yet to determine whether "Forbearance" will effect your credit or not, but I would certainly suggest checking this out as well before jumping into a program with your lender.

Have An Awesome Week!  Stay Healthy!  Remain Positive!

THIS WEEKS HOT HOME LISTING!

3220 Crescent Ave #60, Eugene, OR 

Price: $199,500    Beds: 2    Baths: 2    Sq Ft: 2248

55+ park with gated entry in beautiful Summer Oaks.Spacious beautiful home with nice view of fields and mountains. Brand new carpet and paint throughout with lots of natural lighting and high ceilings. Beautiful fenced backyard with great outdoor li...View this property >> 

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Good Monday Morning!

Ten million Americans lost their jobs over the last two weeks. The next announced unemployment rate on May 8th is expected to be in the double digits. Because the health crisis brought the economy to a screeching halt, many are feeling a personal financial crisis. James Bullard, President of the Federal Reserve Bank of St. Louis, explained that the government is trying to find ways to assist those who have lost their jobs and the companies which were forced to close (think: your neighborhood restaurant). In a recent interview he said: 

“This is a planned, organized partial shutdown of the U.S. economy in the second quarter. The overall goal is to keep everyone, households and businesses, whole.” 

That’s promising, but we’re still uncertain as to when the recently unemployed will be able to return to work.

Another concern: how badly will the U.S. economy be damaged if people can’t buy homes?

A new concern is whether the high number of unemployed Americans will cause the residential real estate market to crash, putting a greater strain on the economy and leading to even more job losses. The housing industry is a major piece of the overall economy in this country.

Chris Herbert, Managing Director of the Joint Center for Housing Studies of Harvard University, in a post titled Responding to the Covid-19 Pandemic, addressed the toll this crisis will have on our nation, explaining:

“Housing is a foundational element of every person’s well-being. And with nearly a fifth of US gross domestic product rooted in housing-related expenditures, it is also critical to the well-being of our broader economy.”

How has the unemployment rate affected home sales in the past? 

It’s logical to think there would be a direct correlation between the unemployment rate and home sales: as the unemployment rate went up, home sales would go down, and when the unemployment rate went down, home sales would go up.

However, research reviewing the last thirty years doesn’t show that direct relationship, as noted in the graph below. The blue and grey bars represent home sales, while the yellow line is the unemployment rate. Take a look at numbers 1 through 4:           The unemployment rate was rising between 1992-1993, yet home sales increased.

1. The unemployment rate was rising between 2001-2003, and home sales increased.
2. The unemployment rate was rising between 2007-2010, and home sales significantly decreased.
3. The unemployment rate was falling continuously between 2015-2019, and home sales remained relatively flat.

The impact of the unemployment rate on home sales doesn’t seem to be as strong as we may have thought.

Isn’t this time different?

Yes. There is no doubt the country hasn’t seen job losses this quickly in almost one hundred years. How bad could it get? Goldman Sachs projects the unemployment rate to be 15% in the third quarter of 2020, flattening to single digits by the fourth quarter of this year, and then just over 6% percent by the fourth quarter of 2021. Not ideal for the housing industry, but manageable.

How does this compare to the other financial crises?

Some believe this is going to be reminiscent of The Great Depression. From the standpoint of unemployment rates alone (the only thing this article addresses), it does not compare. Here are the unemployment rates during the Great Depression, the Great Recession, and the projected rates moving forward:

Bottom Line

We’ve given you the facts as we know them. The housing market will have challenges this year. However, with the help being given to those who have lost their jobs and the fact that we’re looking at a quick recovery for the economy after we address the health problem, the housing industry should be fine in the long term. Stay safe.

Stay Healthy!

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3220 Crescent Ave #60, Eugene, OR 

Price: $199,500    Beds: 2    Baths: 2    Sq Ft: 2248

Sought after Summer Oaks 55 and over community on wonderful large view lot. Refrigerator, washer/dryer included. $817/mo space rent. Disposal, dishwasher, built in oven, stove top, gas heat, cool, hot water, Composition roof. Heat pump. Security sys...View this property >> 

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Good Monday Morning!

The world continues to change daily as COVID19 remains a huge threat.  For most of us, life is anything but usual right now and many find just doing the daily tasks that we have to be difficult at best.  Right now buying or selling a home in our community of Eugene/Springfield is certainly not business as usual, but the good news is that you can still accomplish this. We are now wearing booties, putting on nitrile gloves, using hand sanitizer and sanitizing wipes, but we are listing and selling homes.  For now the governor has deemed the Real Estate industry in Oregon as a necessary service.  Are there really people out there buying houses at this time?  The answer to this a a huge yes!!  In the past week, we have listed and put 5 new homes on the market, three are already Pending Sale and we have offers on a fourth home that will most likley go Pending by days end.

The truth is that there are people who need to buy a home and there are people who need to sell a home.  Is this the best time to buy or sell a home?  I can't say that it is the best time, but it is a good time.  Mortgage interest rates remain extremely favorable, there are homes available to purchase and when this is all over with, I expect higher demand and this means more competition and potentially higher mortgage interest rates.

We don't know what the immediate future holds, but I do know that if you are wanting to buy or sell a home today, we can help you.  You just might find that this is one of the easiest things you can do right now!

Be careful, practice social distancing, stay healthy!!

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1117 Maple Dr, Eugene, OR 

Price: $325,000    Beds: 3    Baths: 1.5    Sq Ft: 1716

This roomy ranch style home has something for everyone! Over 1/3 of an acre w/ covered RV parking, 22 x 24 shop w/ 220v power, greenhouse & raised garden beds. Beautifully updated kitchen w/ cherry cabinets & granite counters, vinyl windows & hardwo...View this property >> 

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Good Monday Morning!

The world has certainly changed since my last message.  We are all in a group effort to stop what could be a potentially devastating virus.  I just want to wish you, your family and friends my best during this difficult time.  If we all take precautions, we can shorten the time that this disease threatens us and interupts our lives.  I found this great video clip that I think will help all of us understand the importance of social distancing, washing hands, etc.  This video was created for kids, so if you have the opportunity, please share this and make sure that any children you know watch it.

Stay Healthy!!!!

Video Link: http://eugeneoregonhomesforsale.com/video/How-To-See-Germs-Spread-Coronavirus

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

793 Blackfoot Ave, Eugene, OR 

Price: $260,000    Beds: 3    Baths: 1.5    Sq Ft: 960

Wonderful classic home on large lot. New forced air heating system. New roof. New hot water heater. New pleated blinds. Living room has lots of natural light. Master bedroom has attached half bath. Kitchen has sliding glass door that leads to backyar...View this property >> 

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Good Monday Morning!

The recent Cornovirus scare is having a huge impact on our national economy and one of the effects is that the Fed has cut interest rates to help ward off the negative effects.  The following is an article from "Realtor.com" that expands on the recent Fed rate cut and the effect that it will have on mortgage interest rates.

The Federal Reserve just cut its benchmark interest rate — but don’t expect lower mortgage rates as a result.

The Fed made the rare move to lower the federal funds rate by a half-point to a range of 1% to 1.25% in between its regularly scheduled meetings. The central bank noted that the move was in response to the “evolving risks” the COVID-19 coronavirus outbreak poses to the economy.

The novel coronavirus first emerged around Wuhan, China, late last year. As of Tuesday, there were 91,313 cases and 3,118 deaths worldwide. At least 105 people had contracted the virus in the U.S. as of Tuesday.

“The Fed is catching up,” said Holden Lewis, mortgage and real estate expert at NerdWallet. “Mortgages respond to market forces and not to the Fed. The Fed is actually following and not leading when it comes to mortgage rates.”

Mortgage rates have plummeted since the beginning of the year to the lowest average since 2016 as a result of market movements in response to the coronavirus. While the Federal Reserve adjusts short-term interest rates, mortgage rates fluctuate based on long-term bond rates.

In particular, mortgage rates in the U.S. roughly track the direction of the yield on the 10-year Treasury note. The 10-year Treasury had fallen to all-time lows in recent weeks as investors fled to the safety of bond markets amid the downturn in equity markets. To that extent, the Fed was responding to the bond market’s recent movements with its decision to cut rates Tuesday, economists said.

“We’ll probably see the 10-year Treasury move lower ahead of any other future Fed moves,” said Tendayi Kapfidze, chief economist at LendingTree.

Continued downward movement in the 10-year Treasury would normally signal downward movement in mortgage rates. Where they stand now, Treasury yields suggest that mortgage rates still have some room to move lower, said Rick Sharga, a mortgage industry veteran and president and CEO of CJ Patrick Company, a financial-services consulting firm. “I wouldn’t be surprised to see 30-year loans with 3.0% rates before things settle back down,” Sharga said.

But another question is emerging in the current low rate environment: Will lenders let mortgage rates go lower?

“A big question now becomes what kind of capacity lenders have,” Kapfidze said. “If you don’t have enough people to process the volume you’re getting in, you’re not going to lower rates to attract more volume.”

Current low rates have already caused a boom in refinance activity. And demand among home-buyers remains elevated, in spite of the short supply of homes for sale. As a result, lenders don’t need to give Americans much more incentive to apply for new home loans.

Those in the refinance market would be smart to lock in rates now, Kapfidze said. “Most lenders will let you relock at the lower rate” when you close the loan, he said.

One exception to the mortgage rates trend could be home equity lines of credit, or HELOCs. These are adjustable-rate loans based on the prime rate. As such, they are set to see a drop in interest rates, since the prime rate does closely follow the Fed’s benchmark federal funds rate.

“HELOCs have been slowly falling in popularity, and over time the amount of HELOC debt has been gradually falling as people pay down their debts and fewer people take up the slack by borrowing them,” Lewis said. “This seems time for that trend to possibly reverse. The rates on HELOCs are going to be so tempting, especially for people who want to fix up their homes.”

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Rd, Junction City, 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!

I hear many people say that they are waiting for the next downturn in housing caused by recession before they purchase a home or investment property.  This may not be a wise decision to wait for the next recession.  Housing prices may not be affected as they were during the past recession and higher mortgage interest rates could certainly offset any decrease in home prices.  The following article form "Realtor.com" talks about why waiting for a market downturn could be a potential mistake.

It’s unclear when the next recession will come. But a recent report argues that when it does the U.S. housing market is unlikely to adversely affected in any major way.

Researchers at First American Financial Services, a title insurance company, examined how the country’s housing market has fared historically during recessionary periods. Based on what’s happened in past recessions, the report argues that the next recession is unlikely to prompt a major downturn in housing.

“While the housing crisis is still fresh on the minds of many, and was the catalyst of the Great Recession, the U.S. housing market has weathered all other recessions since 1980,” wrote Odeta Kushi, deputy chief economist at First American and the report’s author. “In fact, the housing market may actually aid the economy in recovering from the next recession — a role it has traditionally played in previous economic recoveries.”

Using its own data along with information from Freddie Mac and the National Association of Realtors, the report maps out how the housing market has traditionally fared in economic downturns. In most other cases, home price appreciation continued at an even pace, and existing-home sales growth only edged downward slightly, Kushi wrote.

So what made the Great Recession different? The housing boom that preceded the last recession was largely driven by an explosion in both home-building activity and mortgage credit. Home buyers were able to get mortgages with no documentation of their income and no down payment, and many loans had introductory 0% interest periods that made them cheap to start but more expensive as time wore on.

These homeowners were over-leveraged. “The housing crisis in the Great Recession was fueled heavily by the fact that job loss was paired with a significant share of homeowners who didn’t have much equity in their homes,” Kushi wrote.

And because developers constructed so many homes, their home values quickly sank when the bubble burst, exacerbating the situation further.

The growth in home prices seen during the current economic expansion has not been fueled by increased access to mortgage credit. Rather, it’s a simple reflection of supply and demand: Many Americans want to become homeowners, but the supply of homes available for sale is very low, pushing prices upward.

While this has made the prospect of buying a home unaffordable for millions of Americans, it has also meant that those who are homeowners have seen their home equity grow substantially in recent years. That decreases the likelihood that they would be underwater on their loan if home prices were to dip in a recession.

“Were we to have a recession, I’d argue housing would provide a cushion because the shortage of supply at the entry-level suggests builders could actually continue to build,” Doug Duncan, Fannie Mae’s chief economist, told MarketWatch in December.

There still are red flags that homeowners should be on the lookout for when it comes to how a potential recession might affect the housing market. For starters, many Americans have taken out cash-out refinance mortgages on their homes as their home values have grown. That’s whittled away the equity these people have in their property, leaving them more vulnerable to owing more than their home was worth in the potential event the home prices drop.

Another issue: Many Americans who fell behind on loan payments and modified their mortgages in the wake of the recession to avoid foreclosure have since redefaulted. Were these people to lose their jobs in a recession, they could easily fall into foreclosure. Research has shown that foreclosures exacerbate economic downturns — and they can have a ripple effect through a local market, causing other homes to drop in value.

And at the local level, certain local housing markets could prove more resilient in the event of recession, depending on the strength of the local economy relative to what’s going on at a national level.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3220 Crescent Ave #60, Eugene, OR 

Price: $240,000    Beds: 2    Baths: 2    Sq Ft: 2248

Sought after Summer Oaks 55 and over community on wonderful large view lot. Refrigerator, washer/dryer included. $817/mo space rent. Disposal, dishwasher, built in oven, stove top, gas heat, cool, hot water, Composition roof. Heat pump. Security sys...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Today credit scores effect our lives more than ever before.  They determine our purchasing power and in many cases how much something is going to cost us.  Things are changing in the world of credit reporting and the following article from "Realtor.com" talks about the new changes.

Changes in how the most widely used credit score in the U.S. is calculated will likely make it harder for many Americans to get loans.

Fair Isaac Corp., creator of FICO scores, will soon start scoring consumers with rising debt levels and those who fall behind on loan payments more harshly. It will also flag certain consumers who sign up for personal loans, a category of unsecured debt that has surged in recent years.

The changes will create a bigger gap between consumers deemed to be good and bad credit risks, the company says. Consumers with already-high FICO scores of about 680 or higher who continue to manage loans well will likely get a higher score than under previous FICO versions. Those with already-low scores below 600 who continue to miss payments or accumulate other black marks will experience bigger score declines than under previous models.

The changes are an about-face from recent years, when FICO and credit-reporting companies made changes that helped increase scores for some consumers, such as removing some negative information, including civil judgments, from credit reports.

Credit scoring and reporting companies also recently started factoring in such information as bank account balances and utilities payments to help give consumers with limited credit histories a better shot at getting loans.

Those recent moves can help revenue-hungry lenders identify more creditworthy consumers and make it easier for them to be approved for loans. Average FICO scores have been rising steadily following some of these changes and an improving economy.

The U.S. consumer borrowing industry revolves around companies such as FICO, which help lenders decide whom to lend to. Credit-reporting firms including Experian PLC, Equifax Inc. and TransUnion collect data on consumers and compile it in consumers’ credit reports, which then determine their FICO scores.

The new FICO changes reflect a shift in U.S. lenders’ confidence in the economy, which has been expanding for more than 10 years. Consumer loan losses remain low compared with during the last recession, but consumer debts are at record highs, with many Americans forced to rely on debt to help fund their everyday lives.

Lenders in recent years had asked the credit-reporting and scoring companies to help them find more borrowers. But lenders are also trying to balance the need to expand loan volume with a rising concern about the longevity of the economic recovery and whether credit scores are making some consumers appear more creditworthy than they are.

“There are some lenders that see there are problems on the horizon in terms of consumer performance or uncertainty [about] how long this [recovery] is going to go,” said David Shellenberger, vice president of scores and predictive analytics at FICO. “We definitely are finding pockets of greater risk.”

On an earnings call last year, Capital One Financial Corp. Chief Executive Richard Fairbank warned that consumers across the industry might not be as creditworthy as their scores suggest.

Missed payments and most other negative information that would hurt a score typically roll off a report after seven years, which means lenders might not have insight into how a consumer fared during the crisis, he said.

The changes will affect new versions of the FICO scores. FICO updates its scoring model every few years to reflect changes in consumer borrowing behavior and performance. When it last announced such changes, in 2014, they were viewed as likely to help boost consumers’ credit scores.

Whether to adopt the new FICO scores will be up to lenders, which can generally decide which version of FICO to use or whether to use a competitor such as VantageScore. (There are some exceptions: For example, most lenders use a certain version of the FICO score to sell mortgages to Fannie Mae and Freddie Mac.)

One of the new versions, called FICO 10 T, will place greater weight on recently missed payments. Consumers who fall behind or stop paying their debts are likely to see their credit scores fall more with this model. Those whose last delinquency is at least a year old could see an improvement in their scores.

The changes are meant to partly offset the effects of settlements between credit-reporting firms and states that date to 2015. Those settlements, aimed at removing erroneous information from credit reports, resulted in Equifax, Experian and TransUnion removing most tax liens and judgments from reports.

Unlike previous FICO scores, 10 T will assess how consumers’ debt levels have changed during the past two or so years. FICO scores so far have reflected consumers’ balances during roughly the most recent month tracked. This change will place more weight on rising debt levels. Consumers who previously paid their credit-card bills in full but shift to carrying growing balances for several months will likely end up with a lower score. On the other hand, consumers who tend to increase card debt during a specific month each year and then pay it off quickly will likely experience a smaller drop in their score than they currently do.

The changes will likely hurt scores even more for consumers who have a high “utilization” ratio—for example, when credit-card debt is nearly equal to a consumer’s set spending limit—for a sustained period of time.

FICO for the first time will place more weight on personal loans in a way that penalizes some borrowers. For example, consumers who transfer credit-card debt to a personal loan but continue to rack up credit-card balances will likely experience a bigger drop in their credit scores.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3220 Crescent Ave #60, Eugene, OR 

Price: $240,000    Beds: 2    Baths: 2    Sq Ft: 2248

Sought after Summer Oaks 55 and over community on wonderful large view lot. Refrigerator, washer/dryer included. $817/mo space rent. Disposal, dishwasher, built in oven, stove top, gas heat, cool, hot water, Composition roof. Heat pump. Security sys...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Mortgage interest rates continue their trend down and remain extremely favorable. The current mortgage loan rates make this a highly opportune time to purchase a home.  They also make this a great time to sell a home due to buyer demand.  In fact, buyer demand is high and the inventory of homes for sale remains low.  This has created one of the best sellers markets that I have witnessed in over 30 years of selling Real Estate.  If you are thinking about selling your home this year, Don't wait for Spring/Summer!!!

The followng is a recent mortgage rate review.

The 30-year fixed-rate mortgage averaged 3.47% this week, remaining an alluring incentive for buyers who want to lock in some of the lowest borrowing rates in years.

“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” says Sam Khater, Freddie Mac’s chief economist. “This surge, coupled with strong purchase activity, means that total mortgage demand remains robust, reflective of a solid economic backdrop, and a very low mortgage rate environment.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 13:

• 30-year fixed-rate mortgages: averaged 3.47%, with an average 0.7 point, rising slightly from last week’s 3.45% average. Last year at this time, 30-year rates averaged 4.37%.
• 15-year fixed-rate mortgages: averaged 2.97%, with an average 0.8 point, unchanged from last week. A year ago, 15-year rates averaged 3.81%.
• 5-year hybrid adjustable-rate mortgages:averaged 3.28%, with an average 0.3 point, falling slightly from last week’s 3.32% average. A year ago, 5-year ARMs averaged 3.88%.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1805 Minda Dr, Eugene, OR 

Price: $525,000    Beds: 4    Baths: 3    Sq Ft: 2460

Don't miss this wonderful Ferry St. Bridge home! Great room concept w/ a spacious kitchen designed for entertaining. Stainless steel appliances & an over sized island w/breakfast bar. Main level master suite has a French door to a private deck. Layo...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!