Good Monday Morning!

With about two weeks of inventory of homes for sale in the Eugene and Springfield area, home buyers are struggling to find homes to purchase.  This situation does not seem to be easing at this time and it is creating an very strong market for home sellers with multiple buyers and offers being the norm.  Could the slight increase in mortgage interest rates begin changing this situation?  The answer to this is most likely it will not at this time.  If mortgage rates begin to tick up even higher, then you will see fewer buyers out there and the inventory of homes could begin to rise.  My suggestion is for home buyers to hang in there.  Even though rates jumped slightly, they are going higher in the near furture and will not be dropping again as many think.  For home sellers, if you are going to sell your home this year, don't wait.  You are at the top of the market and waiting will only cost you money.  Here is an article from a national Real Estate publication that speaks to our current housing market situation.

Homes are selling even faster than they were at this time last year as buyers continue to compete in the housing market. Housing inventories are lower as well, down 28% from a year ago. In December 2021, the National Association of REALTORS® reported that existing homes for sale fell to an all-time low.

With fewer listings of homes last week, buyer interest again outpaced homes available, writes Danielle Hale, realtor.com®’s chief economist, in a weekly analysis posted at the site.

“With fewer homes for sale now than this time last year, homes are selling faster and successful buyers have to move quickly,” Hale writes.

Seventy-nine percent of homes sold in December 2021 were on the market for less than a month, according to the National Association of REALTORS®. Properties typically remained on the market for just 19 days in December.

As rents rise at a double-digit pace, renters are looking to homeownership for the safety net of a steady mortgage and hopes of long-term appreciation. Mortgage rates that remain under 4% are also an incentive.

However, the fear of rising rates has driven a “rush on new-home sales as buyers try to sign contracts to lock-in rates and beat further cost increases,” Hale says.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

3311 Ginkgo Way, Eugene, OR 

Price: $399,900    Beds: 3    Baths: 2.0    Sq Ft: 1417

Meticulously maintained two owner ranch style home in a quiet Santa Clara neighborhood. Newer roof, forced air w/ heat pump & vinyl windows. Corner 1/4 acre lot w/ screened in covered patio, two storage sheds, sprinklers, an irrigation well & RV par...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!