Real Estate Information Archive

Good Morning!

Is it a perfect storm situation now taking its grip on the Eugene and Springfield housing market? The overall market here is now as quiet as I have ever witnessed in my 27 years as an area Realtor.  Why would our market change from a blazing hot market to becoming this slow in just a few weeks? 

The answer is complicated, but it is primarily being fueled by the Eugene and Springfield area having the second lowest inventory of homes on the market in the entire United States.  Our home inventory rest at less that 1.7 months of active home inventory. This means that if no new homes hit the market, the current inventory would be exhausted within 1.7 months.  This creates a tough market for potential home buyers.  In our area, the hottest part of the market is median priced homes, which are typically the first time buyer homes.  There really is no inventory at this price level currently.  The majority of the active inventory is in the upper price ranges, where demand has slowed considerably.  On top of this, we have had around an 8% rise in home values in our area over the past 12 months and a rise in mortgage loan interest rates.  The combination of these two factors has made housing less affordable and pushed, even more, would be buyers into the median home price range, where there is no inventory.  Another factor that is fueling our problem is that in the Eugene and Springfield area, there are very few building lots.  The city and county's failure to expand urban growth boundaries has created a critical shortage of home building sites and virtually put a lid on new homes being built in the price ranges where there is demand.  The building lot shortage along with increased costs in permits, SDC's, etc. has pushed lot prices to all-time highs making it impossible to build new affordable housing in our area.  

Where our local market goes in 2017 remains up in the air.  The one thing that I will caution everyone about is that if you are expecting a repeat year like 2016, it is just not going to happen.  As long as home inventories in the median price ranges remain low, prices on these homes remain high and mortgage rates continue to climb, the market here will remain very quiet.

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

1499 Larkspur Avenue

Price: $180,000    Beds: 3    Baths: 1    Half Baths: 1    Sq Ft: 960

Charming, ranch-style home with modern feel and centrally located. Featuring rich hardwood floors, newer roof, countertops and vinyl windows. Other special features include a cozy living rm with wood-burning fireplace, a large bath, laundry area & c...View Home for Sale >>

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Good Monday Morning!

It appears that the combination of slightly higher mortgage interest rates and the lack of available affordable housing will have a slight negative effect on the national housing market in 2017.  This situation will most likely follow the national trend locally in the Eugene and Springfield area.  Our area currently has the second lowest inventory of homes from sale in the nation.  This is a statistic that is great for anyone wanting to sell a home, but not so favorable for anyone wanting to purchase a home.  Here is an article from "Realtor.com", that address the future of the 2017 housing market nationally.

The days of multiple bids and offers that are typically way higher than a home’s asking price—you know, that stuff that we now consider to be normal in the housing biz—aren’t expected to disappear any time soon. But here’s the good news: Things aren’t expected to get too much worse in 2017 either.

Rising mortgage rates as well as a dearth of affordable, existing homes (i.e., previously lived-in residences) on the market are expected to lead to a smaller increase in sales in 2017, according to the latest quarterly survey from the National Association of Realtors®.

Existing-home prices are expected to go up 4% in 2017, slowing down just a bit from 5% in 2016, according to NAR.The pace of sales is also expected to slow, rising just 2% in 2017, compared with 3.3% in 2016

All in all, 2016 is expected to be the best year for existing-home sales since the height of the housing boom in 2006.

The Challenges Ahead

2017 will “be a year of growth in both sales and prices,” says Chief Economist Jonathan Smoke of realtor.com®. “But that growth will be slower than what we’ve seen over the last three years.”

Those higher mortgage rates have already driven monthly mortgage payments up 7% since the presidential election, Smoke says. And those bigger bills are expected to make it harder for wannabe homeowners, particularly first-time buyers, to qualify for loans.

That’s in addition to the low inventory of available homes on the market that they need to contend with. In November, there were 12% fewer new and existing homes for sale on realtor.com than the same month a year earlier.

Still, the majority of households surveyed still believe now is a good time to buy a home, But fewer renters are getting the buying bug these days. That’s because housing prices are continuing to go up, making affordability an ever bigger challenge, says Lawrence Yun, NAR’s chief economist.

“Younger households, renters, and those living in the costlier West region—where prices have soared in recent months—are the least optimistic about buying,” Yun said in a statement.

According to the survey, about three-quarters of current homeowners who are over 45, make more than $50,000 a year, and live in the Midwest or South were the most confident that now is the time to close on the homes of their dreams.

They are typically the most financially stable or live in the most affordable regions of the country.

But for everyone else, it’s not all doom and gloom. Lenders are beginning to make more loans to buyers with lower credit scores and down payments as well as higher debt-to-income ratios as a result of rising mortgage rates, says Smoke.

That’s because fewer homeowners are likely to refinance their mortgages now that rates have gone up. To make up for that loss in business, lenders have to issue more loans. And higher rates can net mortgage makers higher profits, he says.

“Lenders are getting more aggressive,” Smoke says. “Credit access already appears to be improving because of the rates.”

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

Lot 8 Vineyard Hill Dr

Price: $250,000    Beds: 0    Baths: 0    Lot Size: 5 acres

Spectacular setting in The Vineyards At Gimpl Hill. Five acres of level and rolling hills in the heart of wine country. Private gated community offers gorgeous valley and tree views. Only a 7 minute drive to town....View Property for Sale >>

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Good Monday Morning!

2016 was a hot year for home sales in the Eugene and Springfield market areas.  The biggest story of 2016 though is the fact that the inventory of homes for sale was low all year and ended the year at 1.7 months of active inventory.  Home sales in general slacked off towards the end of the year, but much of this was due to the low inventory of homes for sale.  This trend has carried over into January of 2017 as well.

Lane County ended the year with some cooling, but new listings saw a slight uptick from last year. The 215 new listings offered in December surged 1.9% ahead of the 211 new listings offered last year in December 2015, despite a 22.1% decrease compared to last month in November 2016 (276).

Closed sales (370) fell 6.1% short of the 394 closings posted in December 2015 and 1.6% short of the 376 closings posted last month in November 2016.

Pending sales, at 249, fared similarly, showing a decrease of 9.8% from December 2015 (276) and 23.9% from November 2016 (327).

Total market time increased to 77 days in December, with inventory decreasing slightly to 1.7 months.

Year to Date Summary

Comparing the whole of 2016 to the same in 2015, closed sales (5,163) increased 6.1% and pending sales (5,241) increased 3.4%. New listings (6,173) decreased 3.3%.

Average and Median Sale Prices

Comparing 2016 to 2015, the average sale price rose 8.3% from $243,500 to $263,700. In the same comparison, the median sale price rose 7.7% from $220,000 to $237,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1615 Taney St

Price: $269,000    Beds: 4    Baths: 2    Half Baths: 1    Sq Ft: 1913

Brand new home! Great quality construction with plaster finished walls, maple hardwood & porcelain tile floor, hickory cabinets, granite counters, 9 ft ceiling, LED dimming lights, 3 skylights one of which opens. Great room layout with gas fireplace...View Home for Sale >>

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Good Monday Morning!

Home values are 8.1% higher in Lane County, 2015 through 2016.  The trend of increased home values is taking place nationally as well.  At this time, home values in Lane County are above the level they were at prior to the Great Recession.  This means that all of that home value we lost during the recession is back.  This is great news for home buyers who purchased a home at the top of the market prior to the recession.  Many of the homeowners who were underwater in regards to their homes value vs what they owed are smiling again.  

It is very hard to look into the crystal ball and predict where home values will go in 2017, but my guess is that they will continue to rise, but maybe at a slower pace like 2%-3%.  If values rise within these percentages, it will make for a very healty housing market.  This is the kind of market we want to see and one that most likely will result in a stable housing market.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

1471 Barrington Ave

Price: $529,900    Beds: 5    Baths: 3    Sq Ft: 3756

Luxurious and grand! Great room with surround sound speakers, Brazilian cherry hardwood floor & gas fireplace. Huge theater/bonus room prewired for surround sound. Open kitchen with cherry stained cabinets, island, LED under & above cabinets & toe k...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Morning!

If 2017 is the year that you are planning on making a home purchase, the environment is going to be good for doing this.  The following are some guidelines for a home purchase that were published in "Realty Times".  

Thinking about buying your first home? What an exciting time this is bound to be. And, also, what a (potentially) overwhelming, confusing, and stress-filled time. It can easily veer into scary territory if you're not prepared and not surrounding yourself with professionals who can help guide you in the right direction.

These seven tips can help you make that dream of homeownership come true in 2017.

1. Work with the right real estate agent

The guy next door or your brother's girlfriend's cousin who just got his real estate license may be hungry to get your business, but that doesn't mean he's your best bet. An experienced agent quite simply knows things that someone who is brand new probably doesn't. An experienced agent will also have important relationships in place that may be able to help buyers in every facet of the home purchase, including:

• Finding houses that aren't even listed yet
  
  
• Finding homes that may be slightly outside of a buyer's criteria but that are worthy of consideration
  
  
• Leveraging industry relationships to get you great deals or better terms
  
  
• Managing appraisals and inspections
  
  
• Working through every step of the purchase process and handling any issues that pop up along the way
  
  
• Negotiating a deal that works for both sides

2. Don't be afraid to talk to multiple lenders

Your Realtor will most likely have several lenders they have worked with and can refer you to. You may also want to speak to loved ones and get a referral or two from someone they've worked with successfully. Each lender may have a different recommendation and/or knowledge of a special loan that works for you, so it makes sense to look at a few different options.

3. Mind your credit

Many people have no idea what their credit score is, but if you're thinking about buying a home, knowledge is power. Different loans have different minimum credit score requirements, and it could be that your score doesn't measure up for the best loan rates, or maybe you need to do some work to qualify for even the most lenient loan.

A good mortgage lender can advise you on your best options to raise your score, from removing any errors on your credit report, to paying any delinquent accounts, to exploring credit repair options. The earlier you learn your score and delve into the details with a qualified lender, the more time you have to address any issues you find.

4. Save, save, save

For many people, getting the down payment together is the hardest part of buying a home. And the closing costs can be an unwelcome surprise for those who weren't expecting to have to come up with even more cash. When you first set out to buy a home, make sure you know how much you have to save. Your lender should be able to give you a pretty good ballpark based on a certain home price. Housing experts recommend adding 5% to that number just to be safe.

Even if you've never been a great saver in the past, there are strategies you can use that will help you build the nest egg you need for your down payment and closing costs, including these tips from nerdwallet:

• Automatic transfers from your checking account to your savings can help to make the process mandatory - and maybe a little less painful.
• Save raises and bonuses rather than spending them.
• Set aside tax refunds.
• Keep the change. At least a couple of banks have variations on this theme. For example, Bank of America allows debit card users to sign up for a service that rounds up purchases to the nearest dollar and puts the change into a linked savings account.
• Visualize your goal. Slap big, beautiful photos of your dream house on the refrigerator, near your office workspace - and wrap a small one around the primary credit card in your wallet. You might charge less and save more."
• As for where to put that money while you watch it grow, experts recommend that "If the plan is to become a homeowner in the next 12 months, the money should be kept completely liquid. That means you can easily access it at any time," said CNN Money. "The best way to do that is in a good old-fashioned savings account, Schulte said. Look for one with a higher yield. In today's low rate environment, that probably means an online-only account like Ally or Synchrony Bank, which currently pay around 1% annually."

5. Lock in your rate

Rates can be unpredictable. Locking in a rate when you get close to buying, which your lender will undoubtedly recommend, can protect you if rates rise. Many lenders also offer a one-time adjustment in case rates go down.

6. Stay at your job

Not happy at work and thinking about making a change? If you're looking to buy a home, you may have to delay that plan. Part of your qualification for a mortgage will be based on your job history. Making a big change just before you buy or during the escrow process will be problematic. Lenders advise buyers to stay the course until after the home closes escrow.

7. Don't open new credit cards or buy a new car

Your lender will spell out the do's and don'ts of how to protect your credit when trying to buy a house, but if you haven't yet talked to anyone and you think you're getting close to be purchase-ready, that Kohl's card you take out to save 20% on your $100 bill could cost you. Before you take out any new debt, check with a lender.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2445 Elysium Ave

Price: $350,000    Beds: 4    Baths: 2    Half Baths: 1    Sq Ft: 2172

Remarkable remodel! Luxurious updates, lots of natural light, abundant storage, large corner lot. Large atrium entry with flagstone tile. Spacious family room with vaulted ceiling, beams, Coretec Plus vinyl wood floor, 2 sliders & gas fireplace. Ope...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

HAPPY NEW YEAR 2017!!

Video Link: http://eugeneoregonhomesforsale.com/video/Happy-New-Year-2017

THIS WEEK'S HOT HOME LISTING!

28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Baths: 4    Partial Baths: 2    Sq Ft: 6143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suites, office, theater room, gourmet kitchen and more. Great shop for RV and storage, creek, waterfall pool, ponds for fis...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

HAVE A VERY MERRY CHRISTMAS!!!

Video Link: http://eugeneoregonhomesforsale.com/video/Christmas-Collection-Bing-Crosby-Have-yourself-a-merry-little-Christmas

THIS WEEK'S HOT HOME LISTING

1471 Barrington Ave

Price: $529,900    Beds: 5    Baths: 3    Sq Ft: 3756

Luxurious and grand! Great room with surround sound speakers, Brazilian cherry hardwood floor & gas fireplace. Huge theater/bonus room prewired for surround sound. Open kitchen with cherry stained cabinets, island, LED under & above cabinets & toe k...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Morning!

In many ways, it is a typical December for the Eugene and Springfield area in regards to home sales.  Most people thinking about selling a home avoid putting their home on the market this time of year and the inventory of available homes for sale is at a yearly low.  What is different this year is that coming into the Holiday Season, our inventory of homes for sale was already very low.  The result of this is that there are many well qualified home buyers who cannot find a home to purchase.  For a home seller, you cannot have a better climate for selling your home.  Low inventory, high demand typically means a fast sale at top market value.

If you are going to be selling your home in the near future, my advice is to get your home on the market soon.  Whatever you do, don't wait for Spring.  If you don't want the hassle of having your home on the market over the Holidays, then think about getting it on the market by early 2017.  The inventory of homes for sale will most likely remain at a low level through February-March and then start a gradual increase.  

If you want to capitalize on our current sellers market, contact me.  I can easily give you an indication of what your home would sell for during the current market and also give you some tips on how to get top dollar value for your home. We have a long list of well qualified home buyers in a variety of price ranges and areas waiting for additional homes to hit the market.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-In-Real-Estate-December-2016

THIS WEEKS HOT HOME LISTING!

 

2445 Elysium Ave

Price: $350,000    Beds: 4    Baths: 2    Partial Baths: 1    Sq Ft: 2172

Remarkable remodel! Luxurious updates, lots of natural light, abundant storage, large corner lot. Large atrium entry with flagstone tile. Spacious family room with vaulted ceiling, beams, Coretec Plus vinyl wood floor, 2 sliders & gas fireplace. Ope...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

One of the hardest things to deal with during a home sale are inspections.  Home Inspectors are picky and they find most flaws that exist in any home.  Many times, items that started out as small issues are neglected by homeowners and they become large and expensive issues that need attention during the home sale.  If you pay attention to your home and watch for problems and correct them early, you will save money and if you decide to sell your home, the sale process will become much easier.  Here are a few tips on how to maintain your home.

Your home is your castle. You want to make sure that it looks great on the inside and out. Just like an automobile, a home requires a great deal of maintenance. However, most people think that if it's not broken, then they don't need to fix it. You can save a great deal of money by doing preventative maintenance on the home. Here are some items you need to fix or maintain before they break.

HVAC System

Your home's heating and cooling systems are of the utmost importance. You rely on this unit to keep you cool in the summer and warm in the winter. However, few know that it requires a yearly inspection. If you have a gas powered unit, an inspection could save your life. As a unit begins to age, rust holes form in the heat exchanger. A technician can identify these holes and keep carbon monoxide from leaking into your home. Additionally, you need to make sure that you change your filter once a month. Maintaining your unit will extend its longevity.

Did you know that a home warranty program doesn't have to cover an HVAC unit if it has not been maintained?

Plumbing

When a drain is not allowing the water to exit in a timely manner, people grab the plunger and head to the hardware store for a chemical drain cleaner? However, the real problem is a clog. Drain cleaners can get some minor issues resolved, but you could have an issue deep in the pipes. It is imperative to call for professional help when you have toilets and sinks that constantly are clogged.

You could have a problem with the main sewer line. The last thing you want is sewage filling up in the yard. Consequently, it never hurts to have your system inspected and ensure that things are running well before the winter season.

Electrical

The electrical components of a home are vastly important to your family being able to live in the home. If you have an older home, you may have knob and tube wiring. Older homes may also have a fuse box system rather than the new breaker box type. Additionally, a breaker box may be ill-sized for the home and cause breakers to flip off constantly. The electrical system in your home should not be put off.

If you wait until it's too late, it could result in a fire that causes great damage to the home. If any part of your electrical system is not functioning properly, you need to call in for professional help at once.

Roof

The roof shields the home from the sun, wind, and rain. It allows your home to retain heat and it gives your abode a stylish look. However, the average roof only lasts about 20 years, if you have asphalt shingles. When a roof gets close to the end of its lifespan, shingles may become brittle and start blowing around your yard. You may or may not even notice that your shingles are starting to drift off.


However, it leaves empty spots where rain and debris can get to the sheeting. People get leaks on the inside of the home when the sheeting is damaged. Unfortunately, this allows the rain to slip through. Never wait until your roof is leaking in the house to do something about it. Make sure you have a great roof and it is within its lifespan. Waiting until the last minute could cost you thousands more in unnecessary repairs.

Routine maintenance is as important as paying the mortgage each month. The longevity of your systems and the home's structure depends on it.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Full Baths: 4    Sq Ft: 6,143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suties, office, theater room...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

The Holiday Season is always a great time of year to sell your home.  There is less competition from other homes and the buyers who are out there are typically motivated buyers.  Every year, I see homes sell quicker and for more money during the Holidays!  Did you know that the Holidays can also be an excellent time to purchase a home? Here is an article from "Realty Times"!

The holidays might not be the most popular time to buy a home, but with lower buyer competition, motivated sellers, and year-end tax benefits, there are some good reasons to consider hitting “Pause” on decking the halls and high-tailing it to some open houses in San Francisco, CA, Fort Lauderdale, FL, and all spots in between! So, if you’re in the market, take note of these seven benefits and then contact your agent. December just might be the most wonderful time of year … to be house hunting!

1. BARGAIN PRICES

The final month of the year is known for frantic shopping and countless holiday parties but not necessarily for purchasing a home — and this can work in your favor. With fewer buyers in the marketplace, the available homes for sale are priced to sell. Plus, with fewer active buyers, there’s less likelihood of multiple offers, bidding wars, and escalator clauses.

2. FLEXIBLE SCHEDULES

There’s no need to wait until Saturday or Sunday to cram eight house showings into your schedule. Rather than using up your precious weekends, take an end-of-year vacation day on a weekday to check out the available inventory (especially if your company has a “use it or lose it” policy). Chances are, your agent has some time on their hands as well and would appreciate staying busy throughout December.

3. MOTIVATED SELLERS

If a home is on the real estate market in December, there’s usually a specific reason the sellers are looking to move: It could be job relocation, financial hardship, or personal change of circumstance. Regardless, it gives you an opportunity to negotiate a sweet deal — lowball the listing price and ask for a closing date that works with your schedule.

4. TAX BENEFITS

Purchasing a home in 2016 is good for your bottom line when tax time rolls around. If you close by December 31, you can deduct property taxes, mortgage interest, origination points on your loan, and interest costs — all while building equity in your home. These deductions can be huge money savers, especially in the early years of your loan when you’re paying off interest.

5. LENDING LULL

With everyone off celebrating the holidays, December is traditionally a lean month for mortgage brokers. That gives you an advantage in building the best possible mortgage you can. Since there are fewer real estate transactions, loan officers may be motivated to offer special incentives and possibly waive or reduce origination fees. With so few loans in the pipeline, underwriting turnaround times will be quick. You may be able to negotiate a better price with the seller if you’re able to close the purchase in under 30 days.

6. VENDOR AVAILABILITY

A moving company’s December calendar usually resembles a ghost town. Not only will you be able to secure movers on short notice, but with competition for prime time slots (weekends) nonexistent, you could probably score a deal as well. Ask the movers to consider throwing in a couple of moving hours for free or additional packing materials and boxes at no cost. The same tactic may also work with contractors, repairmen, and home inspection services.

7. BUILDER INCENTIVES

If you’re building a new home, ask about holiday incentives — builders typically roll them out to finish the year with a bang. If upgrades such as custom cabinets, quality carpeting, and designer paint colors are on your holiday wish list, December may be the ideal time to purchase a new-construction home. With fewer units sold throughout the month, the last few days of the year are particularly important for sales.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2445 Elysium Ave

Price: $350,000    Beds: 4    Baths: 2    ｽ Baths: 1    Sq Ft: 2172

Remarkable remodel! Luxurious updates, lots of natural light, abundant storage, large corner lot. Large atrium entry with flagstone tile. Spacious family room with vaulted ceiling, beams, Coretec Plus vinyl wood floor, 2 sliders & gas fireplace. Ope...View Home for Sale >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!