Real Estate Information Archive

Good Monday Morning!

Home prices are on the rise again.  This is taking place nationally and also in the Eugene and Springfield area.  With demand remaining high and prices up, right now may be your best opportunity to sell a home this year! The following is a recent article form "Realtor.com" that talks about the recent home price increases.

National home prices notched a stronger annual gain in April than in March, marking the first time in over a year that prices have accelerated from one month to the next.

That data comes from a report out Tuesday from CoreLogic, a national real estate information services provider. Prices were up 3.6% for the year and 1% for the month in March.

Annual price gains in CoreLogic’s national index have been flat or declined every month since April 2018. The company believes that “the pickup in sales between March and April” helped soften some of the slower growth in prices.

But sales as reported by the National Association of Realtors were slower in April than in March: they ran at a 5.19 million seasonally adjusted annual pace in April, down from a 5.21 million pace in March.

CoreLogic expects home prices to keep powering higher, and forecasts a 4.7% rise over the coming 12 months. The company also analyzes housing stock in major metro areas for their values compared to their “long-term, sustainable level.” By these measurements, markets including Las Vegas were overvalued, while San Francisco was undervalued.

The company’s chief economist points out that price growth nationally is strongest for lower-priced homes, keeping buying conditions challenging for first-timers.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Road  

Price: $785,000    Beds: 4    Baths: 3.0    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!

Mortgage interest rates have continued to decline and this opens up a window of opportunity for home buyers in the Eugene and Springfield area. Any decrease in mortgage interest rates makes housing more affordable and that is just what we need in our current market.  The improved rates means that there will be more home buyers ready to buy over the Summer months and this means that there will be increased demand for houses in our area.  June, July, August and September may be a hot housing market and this means its an excellent opportunity to sell your home at top dollar value.  Here are just a few great reason to sell your home now.

Here are 5 compelling reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

That is what is truly important.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

812 Leigh Street  

Price: $290,000    Beds: 3    Baths: 1.5    Sq Ft: 1311

Wonderful classic home on large private lot. Newer roof and heating system. RV Parking and storage shelter in backyard. Hardwood flooring under most of carpeted areas. Updated windows throughout...View this property >> 

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Good Monday Morning!

Nationally home sales have dipped slightly, but the interesting fact is that at the same time home prices have continued to climb.  With mortgage interest rates continuing to decline, this could be a great opportunity for those who are considering selling their home.  Any drop in interest rates will bring new buyers into the market and also increase the buying power of those already in the market.  Predictions are now looking for a continuation of the decline in mortgage interest rates.  If you are considering selling your home, don't wait. This current period of opportunity may not last long.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. this home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

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Good Monday Morning!

Mortgage interest rates are very favorable at this time and have been steadily decreasing for weeks.  This has helped take the sting from both a national and local housing market that has continued to have escalating home prices.  If Mortgage rates continue to decline it could help our local housing market improve.  Some predictions are for mortgage interest rates to fall to levels that we have not seen in years.  Time will tell.  Here is an article from "Realtor.com" that gives further details on the current mortgage conditions.

Rates for home loans fell for the fourth straight week, and the benchmark mortgage product matched its low for 2019, as financial market turmoil offered a reprieve for house hunters.

The 30-year fixed-rate mortgage averaged 4.06% in the May 23 week, Freddie Mac said Thursday. That was down just 1 basis point, but brought the popular loan product to its lowest in two months. So far this year, the 30-year-fixed has risen in only six weeks.

The 15-year fixed-rate mortgage averaged 3.51%, down from 3.53%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%, up from 3.66%.

The 10-year yield is at its lowest in 18 months, thanks mostly to the escalating U.S.-China trade war, and increasing signs of slowing domestic growth. Data released Thursday saw a May manufacturing survey at the lowest level in nearly a decade.

The housing market has pushed through the soft spot it encountered in 2018, but some old familiar headwinds are capping growth now. Sales of previously-owned homes have risen in only one month so far in 2019, the National Association of Realtors said Tuesday, but homes are flying off the market — a sign that more inventory would likely result in higher sales volume.

And despite an overall strong economy, Americans aren’t exactly flush. A recent survey from debt settlement provider Freedom Debt Relief found consumers see many barriers to home buying this year. The biggest one, with 28% of respondents flagging it, was the cost of the down payment, but 26% said the monthly payment was a concern. About 11% said there was a lack of homes that fit my needs, and 14% said they were unsure about the economy.

One small perk of lower rates: a resurgence in rate refinancings. According to the Mortgage Bankers Association, refinances increased 8% in the most recent week to the highest level in over a month. Purchase mortgage applications dipped, even as rates fell, however. “We’re keeping a close eye on whether there may be some adverse effects of the ongoing global trade disputes on overall demand,” the group said Wednesday. “Some potential homebuyers may be delaying their home search until there’s more certainty.”

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

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Good Monday Morning!

April saw little change in the Eugene and Springfield area Real Estate market from March 2019.  The statistics do show that we have had a slight decline in home sales from April of 2018.  The largest issue for the lane County housing market is the continued lack of inventory of homes for sale. This is particularly true in the price ranges of below $350,000 where the majority of the buyer demand is. Here are the numbers for April 2019.

New listings in Lane County saw an increase this April, with other numbers mixed. There were 578 new listings, a 1.2% increase over the 571 offered back in April 2018, and a 30.2% increase over the 444 offered last month in March 2019.

Closed sales, at 364, fell 7.1% short of the 392 closings recorded in April 2018 but rose 15.9% from the 314 recorded last month in March 2019.

Pending sales (466) fared similarly, cooling 9.7% from the 516 offers accepted in April 2018 but edging 2.9% over the 453 offers accepted last month in March 2019.

Total market time decreased in April to 48 days, and inventory decreased very slightly to 1.7 months during the same period. There were 634 active residential listings in Lane County this April.

Average and Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 4.1% from $294,600 to $306,600. In the same comparison, the median sale price has increased 3.4% from $270,700 to $280,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

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Good Monday Morning!

We are in mid Spring and the home buying/selling season is upon us in the Eugene and Springfield areas.  The good news is that there are plenty of new home listings hitting the market right now.  This is welcome news after months of extremely low inventories of homes for buyers to look at.  Along with more homes to look at, home buyers are also enjoying the fact that mortgage interest rates continue to decline.  We may have a window here that is very favorable for home buyers and this will also become an opportunity for home sellers. Right now, just might be the best time this year to purchase or sell a home.  

The following is an article from "Forbes" that gives you information on what has been taking place with home mortgages.  I am not sure as to how long these favorable rates are going to last, but for right now, buyers are able to take advantage of some really good rates.

Mortgage rates are showing signs of moderating this month, following increases in April. Borrowers are discovering much lower rates compared to a year ago.

“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

• 30-year fixed-rate mortgages: averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average. Last year at this time, 30-year rates averaged 4.55%.
• 15-year fixed-rate mortgages: averaged 3.57%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 15-year rates averaged 4.01%.

5-year hybrid adjustable-rate mortgages: averaged 3.63%, with an average 0.4 point, falling from last week’s 3.68% average. A year ago, 5-year ARMs averaged 3.77%.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. This home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

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Good Monday Morning!

National Real Estate economists are now changing their thoughts about the 2019 national housing market.  The following is an article that was recently published in "Realtor.com", that gives an updated prediction for the 2019 U.S. housing market.

Despite a real estate slowdown gripping the nation, this year's housing market is expected to be busier than realtor.com® economists originally predicted late last year. That means more home sales—and higher prices—are on the way.

The anticipated uptick in activity is due to lower mortgage rates, which make homes more affordable for buyers. The economic team expected rates to climb to 5.5% in 2019, but instead they have hovered around 4%. (They were 4.17% on 30-year, fixed-rate mortgages as of April 18, according to Freddie Mac data.) Economists say rates are now likely to rise a little to 4.5%, still well below what buyers were dreading.

However, it'll be nothing like the feeding frenzy of recent years.

"It's still going to be a lukewarm year for the housing market," says Chief Economist Danielle Hale of realtor.com. "We're going to see higher prices and slightly higher home sales than we expected. But home sales are still going to decline slightly as a result of the housing slowdown. There's a gap between what sellers are looking for and buyers are hoping to pay."

While a single percentage point difference may not seem that significant, it can add more than $100 to the monthly loan payment on a median-priced home of $300,000. (This assumes buyers put 20% down.) That can translate into tens of thousands of dollars over the life of a 30-year loan.

The downside for buyers—and upside for sellers—is that prices are expected to rise more than Hale's team originally forecast, going up 2.9% in 2019 instead of 2.2%. That's because the swelling ranks of buyers motivated by those lower mortgage rates will increase demand—and therefore prices.

Meanwhile, realtor.com's economists predict the number of home sales will almost hold steady, dipping just 0.3%. They originally believed the number of sales would fall by 2%.

The market has slowed down from previous years because sellers, seeing an end to the good days of high prices, rushed to put their homes on the market. But this happened at the same time that many buyers backed off because of those same high prices. The glut in supply led to lower price growth and fewer home sales.

But as always, local conditions will be the main factor for real estate in your market, Hale says.

"In some markets there’s still not enough housing available, so buyers are likely to find a competitive market," she says. "But in some markets prices are so high that buyers are choosing to be patient and sit on the sidelines."

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3913 Royal Ave  

Price: $350,000    Beds: 3    Baths: 2.0    Sq Ft: 1572

New Construction that backs up to an expansive Park. Open Living, Dining, & Kitchen. Master bedroom with walk-in closet. Carpet in all bedrooms. Home has vaulted ceilings, granite counters, high end cabinets and wood floors. This home includes an in...View this property >> 

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Good Monday Morning!

If you have a home to sell this year, there is no doubt that right now is the perfect time to put it on the market for sale. Home sale conditions are extremely good in the Eugene and Springfield area and your chances of selling quickly and at top dollar are excellent.  The following is an article from US News that talks about why now is the perfect time to sell your home.

Spring is in the air and homebuyers are coming out of hibernation. With the holidays over and the weather warming up, it’s the time of year that's typically considered a hot period for the housing market.

If you’ve considered selling your home, here's why spring is a great time to move forward with those plans:

• Warmer weather makes buyers active.
• The market is in the right place.
• There are plenty of buyers.
• You can get a head start.

Spring is the undisputed champion of seasons for selling a home. Not only are flowers in bloom and the sky blue for some great marketing photos, but also people are chomping at the bit to start the closing process so they can move in and get settled before fall.

Homebuyers have a tendency to taper off in the winter, and not just in parts of the country that typically have frigid weather. A mixture of holiday obligations and kids in school lead to more homes coming off the market temporarily and buyers pressing pause on checking out new listings.

By the time spring hits, cabin fever has people anxious to start touring homes. Dina Gorrell, a real estate agent for Redfin focused on the northern Virginia area, says the first two weeks of April have been the busiest so far in 2019. "When the blossoms come out, everyone goes nuts for it," she says.

With work, school or family obligations at the end of summer, spring is the optimal time to take on house hunting and get moving on the purchase process. "We can see a clear indication that the market its turning back up," says Dario Cardile, vice president of growth at real estate brokerage Owners.com.

The Market Is in the Right Place

A combination of low interest rates and low single-family housing inventory means there are a lot of eager homebuyers forced to compete for what’s on the market.

After increasing interest rates to 2.5% in December 2018, the Federal Reserve has expressed plans to keep interest rates at the same level through 2021. While rising interest rates previously scared off unsure buyers, Cardile points out that the steady outlook for interest rates since December has encouraged more buyers to resume shopping for homes.

Mortgage News Daily reports the average interest rate for a 30-year, fixed-rate mortgage is 4.34% as of April 16, 2019. The rate is a decrease of 0.16% compared to the year prior, and Mortgage News Daily shows the average mortgage rate has steadily declined since November 2018.

While housing has largely been in a seller's market over the last few years – meaning the seller has an upper hand since there are more buyers than homes available – the natural real estate cycle of indicates that's easing. Depending on where you live, there may be more new houses under construction to help ease demand or fewer active buyers.

Still, a softer market doesn't mean you won't be able to sell your house or that it's worth less. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which measures price increases in single-family homes across the U.S., found home prices increased by 4.26% from January 2018 to January 2019 – and they have been steadily climbing since February 2012.

There Are Plenty of Buyers

Just a few years ago, millennials were brand-new to homebuying, but they've since become a staple demographic of the real estate market. With them, the real estate industry has evolved to better utilize technology and data to help home shoppers search for available homes. Now when a real estate agent lists a house on the local multiple listing service, it also gets picked up by consumer-facing portals like Zillow, realtor.com and Redfin to reach homebuyers directly.

Of course, this doesn't exclusively benefit millennial buyers. The National Association of Realtors’ 2018 Profile of Home Buyers and Sellers reports that first-time homebuyers made up 33% of the total share of homebuyers last year, with a median age of 32. The median age for all homebuyers, however, was 47, indicating that new home purchases certainly aren't limited to first-time buyers or millennials.

Additionally, the move-in ready expectation that accompanied the rise of the millennial homebuyer is now widely embraced. To make your home as marketable as possible to all potential buyers, you should update key rooms like the kitchen and master bathroom, which are known to get a lot of attention from homebuyers. Consider replacing major appliances or systems that have reached the end of their life, such as the water heater or roof, since being able to say they're brand-new can add value to the house. Selling your home "as-is" promises quite a bit more work than a first-time buyer is willing to take on.

You Can Get a Head Start

There’s still time to get your home on the market this spring to take advantage of the growing number of interested buyers, but successfully reaching potential buyers requires a bit more work than just an online listing, and it’s best to get started sooner rather than later. Gorrell recommends reaching out to an agent at least a few weeks before you'd like to put the house on the market to know what you need to do early on, so you can avoid a time crunch.

“It's smart to have a Realtor come and look through the house room by room and make suggestions,” Gorrell says.

Selling your home also likely means you'll be buying a new one, and the earlier you start on one the sooner you can make moves on the other. Cardile encourages home sellers to be active in the homebuying process at the same time. Especially if you need to be moved in before the end of summer, it's best to tour houses and have a head start on house hunting, even if you don't want to make an offer until your own home is under contract.

Here are four tips for taking advantage of the springtime homebuying surge:

• Prep your home. It’s a year-round rule that you should be putting your home’s best face forward, from planting flowers along the walkway to updating appliances in the kitchen or bathroom. While an interested buyer may be competitive about bidding on a home, he or she will also be well-informed, and prepping your home is imperative to getting the highest possible return on your investment. Staging is also a key component, Cardile says: "If you stage correctly, you have the right light, the right environment ... you showcase the house at its best."
• Price it right the first time. If your home is priced too high, it’s much harder to bring back the homebuyers who moved on to other listings because the asking price was out of their range. Redfin reports that as of mid-February, more than 1 in 5 homes for sale on the site have undergone a price drop, an increase of about 3.5% of homes seeing price drops around the same time 2018.
• Aim for a Thursday. A separate Redfin study reveals homes listed on a Thursday are more likely to sell above list price and find a buyer faster than homes put on the market any other day of the week. "Thursdays are perfect because it gives people a chance to look at what's coming and make their plans for the weekend," Gorrell says.

Stay competitive. Even in a seller’s market, there’s no guarantee your home will be scooped up quickly – or even scooped up at all. It’s important to pay attention to homes going on the market in your area and to emphasize the particular strengths of your home. And while many markets are heating up or hot already, it’s important to keep in mind that a jump in home values in one area doesn’t promise high home values anywhere else.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3913 Royal Ave  

Price: $350,000    Beds: 3    Baths: 2.0    Sq Ft: 1572

New Construction that backs up to an expansive Park. Open Living, Dining, & Kitchen. Master bedroom with walk-in closet. Carpet in all bedrooms. Home has vaulted ceilings, granite counters, high end cabinets and wood floors. This home includes an in...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Talk of a potential slowdown in the U.S. economy is currenty having little effect on the national housing market.  Any current slowdown in housing right now is most likely going to be fueled more by inflation with home prices.  The unknow is, how much inflation will influence the potential for a recession.  Here is an article from "Realtor.com" that talks about recession risks and the national housing market.

While the U.S. economy has been chugging upward for the last seven years, the good times could be coming to an end. But that isn't deterring determined home shoppers from trying to close on a home.

Whether it's sooner or later, most home buyers, according to a recent realtor.com® survey, believe a recession is on the way (much like winter on "Game of Thrones"). About 70% of home shoppers believe the United States will enter a recession within the next three years.

More than 1,000 active home buyers participated in the survey.

"There may be concern among some consumers, but economists and analysts generally expect that the next recession will be more mild than the [Great Recession], particularly in the housing market," says Danielle Hale, realtor.com's chief economist.

However, these gray clouds on the horizon could have a silver lining. If a downturn hits, about 41% of shoppers expect the housing market will fare better than it did in the Great Recession of a decade ago. Another 36% of respondents believe it's going to be worse, while 23% think it'll be just as bad.

Yet other life factors are simply closer to home.

Another recession isn't going to stop information technology specialist Richard Fame, 51, of Eastpointe, MI, from selling his home to buy a new one.

"It is inevitable," Fame adds, of his family's facing the possibility of an economic downturn. "If I make money on my current house, that's great, but I know I'm going to need to move."

In his family's case, moving to a better school district outweighs fears of a housing crash.

"Our next house will be for the long term," explains Fame.

Low mortgage interest rates could help to buoy the housing market as well. Rates fell to just 4.06% this week on 30-year fixed-rate loans, according to Freddie Mac. This could spur more buyers to close before rates go back up again.

The housing slowdown, which began over the summer as prices in many markets reached unheard-of highs and more sellers rushed to list their homes to cash in, could also lure buyers to seal the deal. It's resulted in more inventory and given home shoppers more options. And while home prices aren't coming down in most of the country, they are seeing a slower rate of appreciation.

Why a recession could be heading our way 

There are a number of factors that suggest a downturn could be looming—but that doesn't mean folks should panic just yet. Despite high home prices, it doesn't appear that there's a housing bubble about to burst due to bad mortgages and an over-inflated market. Instead, a U.S. trade war with China could spur one; or a disastrous Brexit. Or it could just be that after some really good years, the good times eventually have to end.

"Workers are scarce, with the unemployment rate near record lows, and that's pushing up wages," says Hale. "Employers have to pay to attract workers, which could eventually translate into higher prices and cause consumption to slow."

That can cause inflation, a problem that can snowball if it increases at a higher pace than wages. The U.S. Federal Reserve typically tries to keep inflation in check by raising interest rates. This, in turn, makes it costlier for companies to borrow money to open up new operations, invest in new equipment, or hire new employees. And that can slow down the economy.

"I don't think the next recession will be as severe for the housing market as the last one," says Hale. "This one isn't likely to be as bad."

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

5241 Sugarpine Cir  

Price: $265,000    Beds: 2    Baths: 2.0    Sq Ft: 1188

Charming home thats been well maintained. Covered front entry with 2 car garage. Open kitchen & dining combo, tile floors, white cabinets, laundry room, and walk-in pantry. Open living room with pellet stove. Fenced & private back yard with patio and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

I am seeing a trend in our local housing market that is not good.  The overall market remains strong, but the inventory of homes remains low and dropped from that of March.  In February we had an inventory of 2.2 months and this declined in March to 1.8 months.  At the same time, we had an increase in the cost of homes in our area.  There are fewer homes on the market and those homes that are for sale are continuing to be more expensive.  The primary issue here is that there really are not many homes available for the first time buyer in our area.  First time buyers purchasing homes are what keeps a housing market healthy.  Our market in Eugene and Springfield in my mind is anything but healthy at this point.  It has been a great market for sellers and a horrible market for buyers for some time now.  Now with housing prices soaring, the market is becomeing tougher for sellers, even though the inventory is lower.  This is due to affordability.  This cannot sustain itself and I am predicting that at some point this year, we will see this market shift dramatically. Time will tell.  Here are the numbers for Lane County home sales during March of 2019.

March Residential Highlights

Lane County saw an uptick in seasonal activity this March, but had cooler activity than in 2018. There were 453 pending sales, ending 7.4%under the 489 offers accepted last year in March 2018 but 47.1% aheadof the 308 offers accepted last monthin February 2019.

New listings, at 444, slipped 16.4%from March 2018 (531) but ended 35.0% ahead of the 329 new listings offered last month in February 2019.

Closed sales (314) fared similarly, showing a 22.3% decrease from March 2018 (404) and a 9.0% increase compared with February 2019 when 288 closings were recorded.

Inventory decreased to 1.8 months in March, with total market time decreasing to 60 days.

Average and Median Sale Prices

Comparing the average price of homes ending March 31st of this year ($311,900) with the average price of homes sold in the twelve months ending March 2018 ($292,800) shows an increase of 6.5%. The same comparison of the median shows an increase of 7.5% over the same period.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $337,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. this home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!