Good Monday Morning!

If you think that the Covid19 pandemic and other national issues has slowed demand for housing, think again.  The housing market in the Eugene and Springfield area is anything but slow.  Demand for homes is high and buyers are also paying top dollar.  With employment number beginning to rebound faster than expected and continued low mortgage interest rates, the climate is great for anyone wantiing to sell their home.  With low inventories of homes right now we are in a hot "sellers" market.  This same situation is typical nationally as described in the following article from "Realtor.com".

An improving economy is turning up the heat on the summer housing market.

The unemployment rate fell to 13.3% in May as more cities and states reopened and many furloughed employees were called back to work, the U.S. Bureau of Labor Statistics announced on Friday. While unemployment is still high, it's less than April's rate of 14.7% and well under the predictions of many economists.

“There are signs that the better-than-expected jobs situation is already having a positive effect on the housing market. We’re seeing more home buyers in the market than we did this time last year," says realtor.com® Chief Economist Danielle Hale. "It’s shaping up to be a hotter-than-expected summer in the housing market."

Summer has historically been when the housing market catches fire, as buyers bid up prices to secure a home and move before the kids start school in the fall. This year, experts had predicted that the season would be slower than normal, because of the economic turmoil, high unemployment, and fears of the novel coronavirus.

To put it in perspective, just after the Great Recession unemployment reached a high of 10%. May's rate was higher.

But the economy's retreat from the precipice is already having an impact on the national housing market.

“Part of why we’re seeing the housing market rebound is because people who would have been shopping in March and April are now out shopping in May and June with people who were originally planning to look for homes" in the summer, says Hale.

"The primary motivation is people believe this is the right time for them to buy a home," she says. "The secondary motivation is that mortgage rates are low, so it helps [buyers] afford more home than they would have been able to [previously]. That's especially important now that people are wanting more space.”

Have An Awesome Week!

Stay Safe, Stay Healthy!!

THIS WEEKS HOT HOME LISTING!

1699 N Terry St Space 192, Eugene, OR 

Price: $65,000    Beds: 3    Baths: 1.5    Sq Ft: 1456

Beautiful Home In The All Age Community Of Woodland Park Estates. Open front living area. Open kitchen with lots of cabinet/storage space. Wood flooring. Carpet in Master Bedroom. Master Bedroom has attached half bath. Large mud room with storage sp...View this property >> 

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