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Latest Market Activity for September 2017

Monday, October 16, 2017
by Galand Haas

Good Monday Morning!

September home sales in the Eugene and Springfield market area cooled slightly, but the overall home sale market remains good.  The inventory of homes for sales remains low at just 2.1 months of inventory.  Even with the onset of Fall, the Real Estate market remains favorable for sellers and maybe slightly improved for homebuyers.  Here are the statistics for September 2017.

Lane County saw some cooler numbers this September, but new listings did gain compared to last year. At 524, new listings rose 7.4% compared to September 2016 (488) despite cooling 22.9% compared to last month in August 2017 (680).

Pending sales, at 460, decreased 2.1% compared with the accepted o ers recorded last year in September 2016 (470) and 12.4% compared with accepted offers recorded last month in August 2017 (525).

Closed sales, at 463 in September, ended 5.1% below the 488 closings in September 2016 and 10.8% below the 519 closings last month in August 2017.

Inventory rose slightly to 2.2 months in September, and total market time rose to 50 days in the same period.

Year to Date Summary

Comparing the first nine months in 2017 to the same period in 2016, new listings (5,321) have increased 1.0%, closed sales (3,917) have remained steady, and pending sales (4,179) have decreased 3.5%.

Average and Median Sale Prices

Comparing 2017 to 2016 through September of each year, the average sale price rose 10.3% from $261,300 to $288,300. In the same comparison, the median sale price rose 10.6% from $235,000 to $260,000. 

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THIS WEEK'S HOT HOME LISTING!

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927 S. 58th Street
Price: $325,000 Beds: 3 Baths: 2 Sq Ft: 1522
Beautiful brand new home from builder Gary Konold. One level home features CORETec floors, granite counters, vaulted/high ceilings, gas fireplace & Great Room. Dining area w/ slider, kitchen w/ SS appliances, recessed lighting & peninsula with eatin...View this property >>

 


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Autumn Home Buying Can Be A Smart Move

Monday, September 25, 2017
by Galand Haas

Good Monday Morning!

Yes, Fall is a great time to purchase a home.  This year in particular, you will have more homes to choose from and less competition.  The following is an article from "Realty Times" that gives some reasons as to why Fall home buying may be a smart move.

Seeing fewer for-sale signs now that summer is over? That can be great news for buyers who are looking to score a new home and buyers who want to get rid of their place and buy a new one. If you think you missed the boat on making your move this year, we're here to tell you why buying and selling in the fall can work for you.

Less competition

Yes, there may be fewer homes on the market, but there are also fewer buyers out there competing for the same home you want. That gives buyers an important edge. "Families on a mission to move into a new home before school starts are out of the picture," said Forbes. "Competition for houses drops off in the fall, a time many people consider to be off-season in real estate. But there are still homes for sale - and in some cases, there's just as much inventory as there was during the spring and summer."

The benefit to sellers is that those buyers who are out there tend to be more serious, which means yours REALTOR® can key in on the real buyers without having to sift through the riffraff.

Tax breaks

If you're a buyer who closes escrow before December 31, and you may get a nice write off on your taxes. "Property tax and mortgage interest are both deductions you can take for your whole year's worth of income, even if you closed on your home in December," David Hryck, a New York, NY tax adviser, lawyer, and personal finance expert told Realtor.com. "Any payments that are made prior to the closing of the loan are tax-deductible. This can make a serious difference in the amount you owe the government at the end of the year."

There are also potential tax breaks for home sellers. "You can include all sorts of selling expenses in the cost basis of your house," said The Balance. "Increasing your adjusted cost basis decreases your capital gain because this is what's subtracted from the sales price to determine how much of a gain - or loss in some cases - you've realized. If you have less of a gain, you're more likely to fall within the exclusion limit, and if you're gain isn't excluded, you'll pay taxes on less." And that's just the beginning. Closing costs and home improvements may also be write offs for sellers. Check out the full list here.

Home for the holidays

Buy or sell early in the fall and you could be nicely situated in your new home in time for the holidays and before winter weather hits. Moving during a calmer time of year also means you may have better access to movers and other necessary resources than during the busier spring and summer seasons.

The right price

Did you list in the spring or summer with an exorbitant number that you thought you'd have no trouble getting because it was a hot market? That's pretty common these days. Whether you've had a revelation about the price you should be asking or have made updates to your home to justify a higher price, you're probably in better shape to get your (realistic) asking price in the fall. If you're a seller and you establish a smart pricing strategy, you could find your home standing out in the crowd and selling while others sit on the market under a blanket of snow.

Buyers also may have a better time getting a home that's within their budget because when there is less competition for homes, there is less chance of bidding wars and over-asking-price sales.

Fall may be safer for buyers and sellers

Here's something you may not have thought of. "Did you know that burglars have peak seasons? They do, Sarah Brown, a home safety expert for SafeWise.com, told Forbes. "July and August are prime months for burglaries to take place. Waiting until the fall [to buy] gives you an advantage when learning about a home and the neighborhood. You'll be settled in your home and can take precautions—like setting up that new alarm system—before the next burglary season rolls around.

For sellers, less competition for your home can be a good thing if it means your home is safer from theft.

Great deals on stuff to fix up your home

Coordinate the timing right, and those items you need to fix up your home for sale in the fall or update and upgrade after a purchase might be priced to your advantage. Check Consumer Reports for a full list of the best times of year to buy everything, and keep in mind holiday and Black Friday sales. You could score some great deals at this time of year.

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THIS WEEK'S HOT HOME LISTING!

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Price: $615,000 Beds: 3 Baths: 2 Sq Ft: 2000
Horse property only 5 mins from town! Nearly 6 level acres, backs up to canal & great for trail riding along Amazon. Wonderfully updated home with 2-car garage. 1 bedroom guest house w/ carport has income producing potential. 2 barns w/ 11 stalls, i...

 


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Housing Shortage Effects Home Prices

Thursday, September 7, 2017
by Galand Haas

Good Morning!

If you are interested in what is taking place with our national housing market, the following article will give you a good idea as to what is taking place.  This article from "Realtor.com", talks about the shortage of homes for sale and the effect it is having on home prices.

It's anyone's guess just how much higher home prices will go—and if they'll ever slow down. Besides, if you could see the future, wouldn't you rather focus your energies on predicting the winning lottery numbers?

Nationally, the median existing-home price for single-family abodes zoomed up to $255,600 in the second quarter of the year, according to the new quarterly report from the National Association of Realtors®. (Existing homes are previously lived-in residences as opposed to newly built abodes.) That was up 10.1% from the first quarter of the year and represented a 6.2% rise from the second quarter of last year.

Prices are continuing their steady climb because there simply aren't enough homes on the market to go around. As the economy has improved, more people who held off on becoming homeowners or trading up to bigger, better abodes are getting into the market. "Household incomes may be rising and giving consumers assurance that now is a good time to buy," NAR Chief Economist Lawrence Yun said in a statement. "But these severe inventory shortages will likely continue to be a drag on sales potential the second half of the year."

The cost of buying a single-family home increased in about 87% of the metros that NAR looked at. Prices dropped in just 23 markets.

That might explain why sales of all existing homes, which include both single-family residences and condos, fell 0.9% in the second quarter. They hit 5.57 million, according to the seasonally adjusted numbers in the report.

"With new supply not even coming close to keeping pace, price appreciation remained swift in most markets," Yun said. "An increasing share of would-be buyers are being priced out of the market and are unable to experience the wealth-building benefits of homeownership."

Even the median prices of lower-priced condos and co-ops shot up to $239,500. That's up nearly 9.5% from the first quarter of 2017 and represented a 5.4% rise from the second quarter of last year. Sorry, buyers.

The most expensive metros were, unsurprisingly, primarily in California. Silicon Valley's San Jose topped the list with a median price of$1,183,400 for a single-family, existing home, according to the report.

Silicon Valley buyers are "commonly very well-to-do people in their mid-20s to mid-40s. Most typically are working in high tech," says Realtor® Avi Urban of Keller Williams Palto Alto. "Many of them are making enormous amounts of money."

But prices fluctuate during the year depending on the season as well as the local job market, he says.

"As long as the Silicon Valley economy is doing well, I do not expect prices to go down," Urban says. "I expect prices to continue with more gradual, moderate appreciation."

San Jose was followed by its neighbor to the north, San Francisco, at $950,000; Anaheim, CA, at $788,000; Honolulu, at $760,600; and San Diego, at $605,000.

Meanwhile, the cheapest metros were Youngstown, OH, at $87,000; Cumberland, MD, at $98,200; Decatur, IL, at $107,400; Binghamton, NY, at $109,000; and Elmira, NY, at $111,600.

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THIS WEEKS HOT HOME LISTING!

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87716 ERDMAN WAY
Price: $309,900 Beds: 4 Baths: 2 Sq Ft: 1850
Seclusion & privacy! 360 degree tree views on level 5.04 acres. Land is subdividable; potential for multiple dwellings. City water plus well. 2 septic systems. RV parking, huge lawn, lg deck, + small wildlife & deer sightings. Spacious 1-owner manuf...View this property >>

 


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Boomerang Buyers Hitting The Market

Monday, August 28, 2017
by Galand Haas

Good Monday Morning!

The national housing market could be very close to seeing a huge surge in the number of homebuyers actively looking for and purchasing new homes.  This is a surge that is sure to hit the housing markets acrosss the nation and have a huge impact at some time soon.  The following is an interesting article about "Boomerang" buyers from "Realty Times".

Remember all those people who defaulted on their homes during the last housing crisis? Well, those bankruptcies are about to be discharged, or they already have been, and that means we could soon see an avalanche of homebuyers hitting the market.

Just what constitutes an avalanche? "More than 12.8 million homes entered the foreclosure process - roughly 29 percent of all homes with a mortgage," between 2007 and 2014," said The BIG Picture. "At the peak of foreclosures in 2009, more than 650,000 homes, 1.5 percent of those with a mortgage, entered foreclosure in a single quarter."

According to CoreLogic, this is a key year for boomerang buyers because seven years have passed since the peak of foreclosures in 2010. A whopping "1.9 million homeowners who faced owner-occupied foreclosures between the start of the housing crisis in 2007 through 2010 will have met the seven-year period after which the Fair Credit Reporting Act requires derogatory information to be removed," they said. "By the end of 2020, another 1.2 million homeowners who lost their homes to foreclosure between 2011 and 2013 will become eligible."

A new TransUnion Study Found that, "1.5 million homeowners negatively impacted by the mortgage crisis could re-enter the housing market in the next three years."

But do they want back in?

Many think so.

"The chief attraction is strong motivation, Kent Temple, broker/owner of Keller Williams Realty - The Temple Team in Mooresville, N.C., said on Bankrate. "If you've been through a foreclosure, you've already been a homeowner. "You know what it's about. You know the process. You've been through hell sometime in the last seven years, and if you really want to buy a house, you are so willing to do whatever it takes."

But some aren't so sure.

"As those foreclosures began to clear, many observers speculated that a slew of ‘boomerang buyers' was poised to return to the housing market," said The BIG Picture. "Those buyers have been slow to materialize. So what's hindering their return?"

Oh, little things like:

  • Rising home prices
  • Rising mortgage rates
  • Low inventory
  • More stringent lending requirements
  • Credit scores that haven't jumped back up to where they need to be because of other delinquency issues

There may also be the fear factor. Do buyers who lost a home to foreclosure once before want to take the risk again? If they do, they are largely looking to be more careful this time around, said Jami Harich, a real estate agent with Avery-Hess Realtors in Fredericksburg, VA, in the Washington Post. "Most buyers I work with now, especially if they lost a home in the past, don't want to get in over their heads. They start with a monthly payment that they want to stick to, and then I show them what they can find on the market that fits in that budget."

Whatever their reasoning, "History says not all those buyers are likely to come back," said The BIG Picture.

"According to a 2016 study by CoreLogic, fewer than half of those who lost a home in 2000 or later have purchased new homes, even among those 16 years past a foreclosure." The boomerang rate has been especially low so far for people who lost their homes during the crisis. A little over 30 percent of borrowers who lost their homes in 2000 had purchased another home seven years after the event. But only about 15 percent to 20 percent of borrowers who lost a home between 2006 and 2008 had returned to the housing market after seven years."

Quick or slow

Perhaps it's the rate at which boomerang buyers have been returning (or not) to the market that has surprised industry experts the most. Instead of the rapid return like many had predicted, the boomerang effect has been more tempered, according to CoreLogic.

"While millions of former homeowners reentering the buying market would have a significant impact on home sales, historical data shows a more gradual return rate for these so-called boomerang buyers, with less than half returning to homeownership even 16 years after the foreclosures were completed. Historical return rates show recent incremental volumes of 150,000 boomerang buyers returning per year, or 12,500 per month. Of the 4.4 million owner-occupied foreclosures completed since 2000, 1 million foreclosed homeowners have returned."

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

 

Image Unavailable
56324 MCKENZIE HWY
Price: $349,000 Beds: 3 Baths: 2 Sq Ft: 2070
Riverfront Retreat on 2.48 Acres! Enjoy river views spanning south end of property. Unwind in hot tub, walk short trail for easy river access & relax on large deck. Beautiful park-like yard w/ horseshoe pit, sand volleyball ct, garden & mature trees...View this property >>

 


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Latest Market Activity for July 2017

Monday, August 21, 2017
by Galand Haas

Good Monday Morning!

The sales numbers are in for July 2017 home sales in the Eugene and Springfield market areas.  Although, sales cooled slightly and the inventory also increased, the overall sales market remains strong.  Here is the report.

Lane County saw some cooler activity this July, but some measures are still ahead of last year. Closed sales, at 502, outpaced July 2016 (418) by 20.1%, despite a 1.6% decrease from the 510 closings recorded last month in June 2017.


Similarly, new listings (678) edged 1.2% ahead of the 670 new listings recorded last year in July 2016, but fell 4.9% short of the 713 new listings recorded last month in June 2017.

Pending sales, at 541, cooled 1.5% from July 2016 (549) and 0.6% from last month in June 2017, when 544 offers were accepted in Lane County.

Inventory rose in Lane County this July, ending at 2.0 months. In the same period, total market time decreased by four days, ending at 36 days.

Year to Date Summary

Comparing the first seven months in 2017 to the same period in 2016, closed sales (2,863) have increased 1.1% and new listings (4,086) have stayed exactly the same, while pending sales (3,245) have decreased 3.4%.

Average and Median Sale Prices

Comparing 2017 to 2016 through July of each year, the average sale price rose 9.6% from $259,700 to $284,700. In the same comparison, the median sale price rose 9.2% from $234,400 to $255,900. 


Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

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87716 ERDMAN WAY
Price: $309,900 Beds: 4 Baths: 2 Sq Ft: 1850
Seclusion & privacy! 360 degree tree views on level 5.04 acres. Land is subdividable; potential for multiple dwellings. City water plus well. 2 septic systems. RV parking, huge lawn, lg deck, + small wildlife & deer sightings. Spacious 1-owner manuf...View this property >>

 


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This Month in Real Estate August 2017

Tuesday, August 8, 2017
by Galand Haas

Good Morning!

Home prices continue to rise both here in the Eugene and Springfield area and nationally.  In many parts of the country, home sales are begiining to slow.  This could mean that we have reached a point where there is resistance to home pricing.  When this occurs, we will typically see a market slow down that is extended and inventories of homes for sale that begin to build.  All of this happens until there is enough pressure on home pricing that it begins to drop.  Then the cycle starts all over again as home prices become more affordable, demand increases and prices begin to rise again.  This is the cycle of home sales that repeats itself over and over again.  We have had a long run with home values increasing, so the inevitable is most likely on the horizon.

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Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-In-Real-Estate-August-2017
THIS WEEKS HOT HOME LISTING!
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1350 DAVID AVE
Price: $235,000 Beds: 3 Baths: 2 Sq Ft: 1920
Spacious and bright! Triple-wide manufactured home on its own lot. Features an open layout, vaulted/high ceilings & lots of natural light. Large living rm plus family rm. Kitchen w/ island & eating bar. Large open dining area. Master suite with 2 cl...View this property >>

 



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Happy Fourth of July!

Monday, July 3, 2017
by Galand Haas

HAPPY 4TH OF JULY!!

GOD BLESS THE USA!!

Video Link: http://eugeneoregonhomesforsale.com/video/God-Bless-the-USA-Lee-Greenwood



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This Month in Real Estate June 2017

Monday, June 26, 2017
by Galand Haas

Good Monday Morning!

The national home market has slowed slightly as home prices continue to rise.  The question both locally and nationally is whether the fast rising home prices have now started to effect sales.  Home affordability has certainly become an issue with double digit home price increases over the past year.  The question at this time is not if the market will slow due to rising prices, but when.  The next few months should be interesting!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-June-2017

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
56324 MCKENZIE HWY
Price: $425,000 Beds: 3 Baths: 2 Sq Ft: 2070
Riverfront Retreat on 2.48 Acres! Enjoy river views spanning south end of property. Unwind in hot tub, walk short trail for easy river access & relax on large deck. Beautiful park-like yard w/ horseshoe pit, sand volleyball ct, garden & mature trees...



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Latest Market Activity for May 2017

Friday, June 23, 2017
by Galand Haas

Good Morning!

May of 2017 showed as a very strong month for the Eugene and Springfield area housing market.  Home sale were up and home price continued to increase.  With home pricing up at near 10% over the last year, home affordability may be a huge factor in the coming months.  Here is the May 2017 home sales report for Lane County.

Lane County had strong activity across the board this May. New listings (752) outpaced May 2016 (657) by 14.5% and April 2017 (577) by 30.3%. The last May that saw new listings as strong was in 2007, when 804 new listings were offered for the month. 

Pending sales (638) bested May 2016 (567) by 12.5% and April 2017 (488) by 30.7%.—the strongest May on the RMLS record, which dates to 2001. 

Closed sales (444) were less strong, but still edged 0.7% over the 441 closings from May 2016 and 23.0% over the 361 closings recorded last month in April 2017. 

Total market time decreased to 51 days in May, with inventory slimming slightly to 1.6 months. 


Year to Date Summary 

Comparing the first five months in 2017 to the same period in 2016, new listings (2,642) have decreased 2.0%, closed sales (1,765) have decreased 3.1%, and pending sales (2,220) have decreased 4.4%. 

Average and Median Sale Prices 

Comparing 2017 to 2016 through May of each year, the average sale price rose 9.7% from $252,800 to $277,300. In the same comparison, the median sale price rose 8.7% from $229,900 to $250,000. 


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THIS WEEKS HOT HOME LISTING!

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2698 SUNCREST AVE
Price: $659,000 Beds: 4 Baths: 3 Sq Ft: 4509
Spectacular hilltop haven with valley view! Natural light floods in from custom windows/skylights presenting breath-taking views & sunsets. Cathedral ceiling & gas fireplace in living rm. Family rm with 2 sliding doors leading to large patio. Contem...



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Latest Market Activity for April 2017

Tuesday, May 23, 2017
by Galand Haas

Good Morning!

April Real Estate activity in the Eugene and Springfield market area was up slightly over March of this year, but running behind April of a year ago.  Low inventories of homes for sale and an average home price increase of nearly 10% over last year are the culprits.  We are in a strange market right now with extremely low inventories of homes for sale and rising home prices.  I don't want to sound the alarm, but this is a dangerous spiral and it could result in a quickly declining market at some time.  When home prices become non-affordable, sales decline and price come down.  What happens in our local market over the next several months should tell us the story about where we are heading.  Here are the numbers from April.

Lane County saw some warmer activity again this April, although numbers are a bit cooler compared to April 2016. New listings, at 577, ended 1.5% below April 2016 (586) but 7.4% ahead of March 2017 (537). 

Pending sales, at 488, decreased 11.8% compared to April 2016 (553) but edged 2.1% ahead of the 478 o ers accepted last month in March 2017. 

Similarly, closed sales (361) had a 10.0% decrease from the 401 closings recorded last year in April 2016 but pulled 1.7% ahead of the 355 closings recorded last month in March 2017. 

Inventory crawled upward in April, ending at 1.8 months. Meanwhile, total market time decreased by 13 days, landing at 56 days.


Average and Median Sale Prices 

Comparing the average price of homes in the twelve months ending April 30th of this year ($270,400) with the average price of homes sold in the twelve months ending April 2016 ($246,700) shows an increase of 9.6%. The same comparison of the median shows an increase of 8.4% over that same period. 


Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
56324 MCKENZIE HWY
Price: $425,000 Beds: 3 Baths: 2 Sq Ft: 2070
Riverfront Retreat on 2.48 Acres! Enjoy river views spanning south end of property. Unwind in hot tub, walk short trail for easy river access & relax on large deck. Beautiful park-like yard w/ horseshoe pit, sand volleyball ct, garden & mature trees...

 


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Keller Williams Realty Eugene and Springfield
2645 Suzanne Way Suite 2A
Eugene OR 97408
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