Happy Fourth of July!
Monday, July 3, 2017
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HAPPY 4TH OF JULY!! GOD BLESS THE USA!! |
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Video Link: http://eugeneoregonhomesforsale.com/video/God-Bless-the-USA-Lee-Greenwood |
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Eugene Oregon Real Estate Blog
Eugene and Springfield area Real Estate
Galand Haas
Blog
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Displaying blog entries 331-340 of 872
This Month in Real Estate June 2017
Monday, June 26, 2017
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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! |
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56324 MCKENZIE HWY
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
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.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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2698 SUNCREST AVE
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
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!
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56324 MCKENZIE HWY
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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Mortgage Interest Rates Remain Low
Tuesday, May 23, 2017
Good Morning!
Most people do not realize how low mortgage interest rates remain. Not only have rates declined, but they are now close to the historic low rates of the past year. Here is a recent article that gives you some insight into where home loan rates currently are.
The 30-year fixed-rate mortgage continues to hover around 4 percent for the fourth consecutive week.
“Mixed economic reports over the last week have anchored the 30-year mortgage rate around the 4 percent mark,” says Sean Becketti, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for the week ending May 11:
- 30-year fixed-rate mortgages: averaged 4.05 percent, with an average 0.5 point, rising from last week’s 4.02 percent average. Last year at this time, 30-year rates averaged 3.57 percent.
- 15-year fixed-rate mortgages: averaged 3.29 percent, with an average 0.5 point, rising from last week’s 3.27 percent. A year ago, 15-year rates averaged 2.81 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, rising from last week’s 3.13 percent average. Last year at this time, 5-year ARMs averaged 2.78 percent.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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6420 FOREST RIDGE DR
Magnificent Thurston hills custom home! Enjoy privacy & serenity w/ beautiful tree view. Travertine tile & marble flrs, granite counters, 10ft ceilings, main & lower level wired for surround sound, theater rm w/ full wet bar, bonus rm, office, wine ...
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This Month in Real Estate May 2017
Wednesday, May 10, 2017
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Good Morning! As you see in this weeks video, home sales and home prices are up across the nation. Nationally, an increase in home prices of 6.3% is a continuation of the multi-year trend of elevated home prices. Locally, we have outpaced the nation with the escalation of home prices. This is good news for home sellers as most markets across the nation have equaled or exceeded pre-recession home prices. One factor leading to the brisk home sales is the fact that mortgage interest rates have fallen and are now closer to historic low rates. It could be a busy Summer for home sales both nationally and locally! Have An Awesome Week! Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-May-2017 THIS WEEKS HOT HOME LISTING! |
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3318 LAKESIDE DR
Majestic property on the lake! Family rm w/ 2-story ceiling & fireplace. Large KIT w/ cherry cabinets, island, pantry & 5-seat eating bar. Large private master suite w/ gas fireplace. Game rm w/ bath & patio access. French doors in office. Bedroom w...
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Credit Score: How Low Is Too Low To Buy A Home?
Monday, May 8, 2017
Good Monday Morning!
Frequently, I get questions from would-be homebuyers in regards to credit scores and home purchases. There are requirements for any home loan on specific credit scores needed to obtain a loan. The following is a great article from "Realty Times" that explains the credit score process for home financing.
When it comes to your credit score, how low is too low? The number you really need to buy a house.
We all know that when it comes to buying a house, there are a few things we need, like a down payment and a good enough credit score to qualify for a loan. But what does a "good enough credit score" really mean? Does your credit history have to be impeccable? Can you have a couple of boo-boos? And, if you do have issues on your report, how much of a hit will you take? Your credit score is "a number, roughly between 300 and 850, that summarizes a consumer's creditworthiness," said Bankrate. "The higher the score, the more able and willing a consumer is to repay a loan, lenders believe. The best mortgage rates and terms go to borrowers with credit scores of 740 and higher."
But most of us can't measure up to that number. Thankfully, we don't have to. There's room for lower scores - even really low scores - depending on the type of loan you're applying for, with a number of other factors (your income and work history, the amount of your down payment, the state of the economy) thrown in. Knowing where the bottom is will help you figure out how to proceed.
FHA loans
The advantage to a Federal Housing Administration (FHA) loan for many buyers is the low down payment. You may need only 3.5% down to purchase a home with this type of loan, which is backed by the government. But, you'll need a minimum 580 credit score if you're only planning to put 3.5% down. Can't meet that benchmark? You'll need more cash up front.
"If your credit score is below 580, however, you aren't necessarily excluded from FHA loan eligibility," said the FHA. "Applicants with lower credit scores will have to put down a 10 percent down payment if they want to qualify for a loan."
For FHA loans, your credit score can be as low as 500. But, "Those with credit scores between 500 and 579 are limited to 90 percent LTV," which leaves a lot of people out of luck.
Non-government-backed loans
The issue with FHA loans for many buyers: That pesky private mortgage insurance (PMI), which can add several hundred dollars to the monthly payment and is "required any time you put less than 20% down on a conventional loan," said My Mortgage Insider.
If you have a larger down payment, you may be able to avoid paying PMI by going with another type of loan - but only if you have the credit score. "To qualify for a conventional mortgage, a borrower generally needs a minimum credit score of 680 and at least 5 percent down," said Bankrate. "Many lenders require at least 10 percent down."
There may be more wiggle room in that credit score if you can come up with more money for a higher down payment. But, if it's too low, you'll likely be pointed right back to FHA loans. On the other end, a higher score will get you the best possible interest rates.
Subprime mortgages
Have a credit score below 500? You're officially in the "bad credit" zone. But, you may still be a candidate for a loan, even if you can't qualify by FHA standards, by going with a subprime mortgage. The word "subprime" still sends shivers down the spines of many people because loans extended to what many industry professionals considered to be unqualified applicants were largely blamed for the last housing crash. Accordingly, many of these opportunities dried up in the aftermath.
Today, though, subprime mortgages are available. Keep in mind that minimum credit scores will depend on the individual loan and lender, and each borrower's unique set of financial circumstances. And, you'll pay for the privilege of being extended a loan with higher rates and/or fees.
"Subprime mortgage lenders mostly use collateral like equity earned when considering a ‘refinance' or a more significant down-payment when talking about a ‘purchase money' transaction," said First Time Home Financing.
Private Money Lenders
If all other avenues fail, you may still be able to get a loan with your bad credit from a private money lender. These are individuals with money to spend who are looking for investments. Because your low credit score makes you risky, you'll be charged more for your loan.
"Your personal credit is usually a smaller factor in these types of loans. However, you should know that the interest rate on these loans is much higher - in the range of 10-15%," said First Time Home Financing. "If you really have bad credit, this could be your only option for the time being."
Have An Awesome Week!
THIS WEEK'S HOT HOME LISTING!
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87807 BLEK DR
Delightfully spacious and bright! New exterior and interior paint, new vinyl windows, vaulted ceilings and skylights. Pellet stove in living room, kitchen with island and eating bar opens to dining and family room with slider. Master suite with 2 cl...View this property >>
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Latest Market Activity for March 2017
Monday, April 17, 2017
Good Monday Morning!
Home sales in Lane County were on the rise again last month, but the number of homes actively on the market for sale took a dive. It still remains a great market for home sellers and a challenging market for homebuyers in Lane County. Home price in our area also continues to climb. With the recent decrease in mortgage loan interest rates, don't look for any change soon. Here are the numbers for Lane County Real Estate in March of 2017.
Activity is warming up for the season in Lane County, although numbers seem to be a bit cooler this year compared to 2016. Closed sales (355) ended 3.3% below the 367 closings recorded last year in March 2016, but were a 43.7% improvement over the 247 closings recorded last month in February 2017.
New listings (537) fared similarly, ending 3.8% under the 558 new listings offered in March 2016 but increasing 36.6% compared to last month in February 2017.
There were 478 pending sales, a 29.5% increase from last month (369) but 7.7% under the offers accepted in March 2016 (518).
Inventory in Lane County edged down to 1.7 months in March. Total market time averaged downward as well, ending at 69 days.
Average and Median Sale Prices
Comparing the average price of homes in the twelve months ending March 31st of this year ($268,100) with the average price of homes sold in the twelve months ending March 2016 ($244,600) shows an increase of 9.6%. The same comparison of the median shows an increase of 7.9% over that same period.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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398 69th Place
Wonderful home with a lot to offer! In Thurston neighborhood and distant view of mountain tops. Heat pump, granite tile counters, ash hardwood floors, tile floor, 2 bay windows, lots of storage space & natural light. Living room with wood-burning fi...
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8 Quick Tips On Preparing Your Home For Sale
Monday, April 10, 2017
Good Monday Morning!
Even in the hot sellers market that we currently have here in the Eugene and Springfield area, it is important to prepare your home for sale if you are going to put it on the market. Paying attention to detail and having your home in great condition can mean a quicker sale and far more money. Even in this market, I see homes sit out there and not sell. You still have to price your home right, but condition is an extremely important factor for most homebuyers. Here is an article from "Realty Time" that will give you some pointers on preparing your home for sale.
Unless you've never bought or sold a house before and have never looked at home listings or watched a single show about real estate (which is pretty hard these days), you have some semblance of an idea of how your home should look when you go to sell it. You probably also have a clue about how best to show off that home in photos (or, at least, you know the importance of showing off that home in photos), even if you personally lack the skill to take them yourself.
But what happens when you ignore the rules? Does a hot market render them irrelevant? Is it OK to list a home for top dollar when the condition is more fixer-upper? "You might think that buyers can see the potential of a house that just needs a little bit of work, but most are looking for a house that is move-in ready and doesn't need any major repairs," said Business Insider. "And even a home that only needs minor repairs may still look like a bad deal to some buyers, turning them off based on appearance alone."
The truth is that if you want good money for your home, you have to do a little work to get it "show ready." Buyers expect to be able to walk into a clean, decluttered home - at the very least. If it's not updated, it better at least look like it's move-in ready.
So how do you explain this listing, then? We'll leave the address and other identifying info out of it to protect the innocent. But a few things we can say: The home is brand-new to the market, and is no bargain, as you might think from looking at the photos; It's priced at least $10,000 over what it should be, just based on comparables, which, for a house in the low $200,000s, is considerable. The photos were obviously taken by the homeowner, who clearly didn't know how to best show off the property (although there were a couple snaps that were passable for an amateur) and who, it looks like, didn't even care enough to try to get it right by: Getting the camera in focus, cleaning out cluttered spaces, and even making sure there weren't random people in the frame of one shot.
At least it will serve as a great example of "what not to do" when selling your home.
1. Don't take your own photos
We'd be remiss if we skipped over one of the main problems here before getting into the details. Don't Take Your Own Listing Photos. Oh, were we screaming? Photos that were not professionally done stick out like, well, photos that weren't professionally done.
"You already know that a listing with pictures attracts a lot more attention than one without, but do you know how to take great pictures of a home? Whether you're an agent or a person trying to sell his own home, it's vital that you make a big first impression, and pictures are the best (and maybe only) opportunity that you will have to do just that," said Inman.
If you absolutely insist on taking your own photos, at least consult some basic rules. Most of which were broken in the listing in question. Note that the photo below was one of the better of the bunch.
2. Address your kitchen
Don't want to make any upgrades to your kitchen before you get the home on the market? That'll cost you (literally). Even painting out those cabinets, a cheap and easy fix, would make a huge difference. But, if you're not going to make changes to improve this key area, at least make the most basic effort to show it in its best light by removing as much clutter as you can. That means everything off your countertops. And your fridge. And the top of our fridge. There's no reason that stuff can't be put away for photos, and for showings. Basic staging rule #1.
3. Emphasize the space and function, not the other way around
That printer on the kitchen counterop says: "We don't have room for a home office." Unplug. Put in closet. Problem solved.
4. Always keep your selling points in mind
People like bedrooms - clean and tidy bedrooms that they can imagine their children sleeping and playing in. What, exactly, are we trying to show off here? The dead animal on the wall? The clutter on the floor? The glare from the windows? Perhaps the unique angle of the image that ignored all those basic listing photo rules? This shot shows none of the attributes of the room and only makes a potential buyer question the seller's taste level—and gives them closet space concerns.
5. Focus!
Maybe check the photo to make sure nothing is blurry before posting it? Just a suggestion. Also, even if this picture was in focus, it still wouldn't be effective. You're not selling bedding, you're selling a home. This image tells a potential buyer nothing about the size or condition of the room.
6. Show off your bathroom
Where do we even start here? From the weird angle that doesn't show the space, to the missing light bulb, to the clutter in the shower/hanging robe, this is just all wrong.
7. Emphasize outdoor space
It goes without saying that showing off your outdoor space is important. A little effort to repaint the unkempt patio would have helped. At the very least, mow the yard, trim the bushes, and remove the ladder. An unkempt backyard will only make a potential buyer wonder what else needs attention, especially if they've seen some questionable spaces indoors.
8. Keep people out of your photos
Stalker alert! The straggler near the fence draws attention away from the other features of the yard - which, in this case, might not be so bad, really. Still…If you only have one photo of the yard or if the best of the bunch has a person in the frame, there's still one thing you can do: Learn how to use the camera's crop feature.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
Price: $295,000 Beds: 4 Baths: 2 Sq Ft: 1868
Tranquil & spacious property! Beautifully landscaped 0.41 acre lot provides seclusion & great entertaining spaces. Remodeled home offers updated kitchen & baths, large living rm w/ gas fp, formal dining, large windows+skylight. Private master ste w/...View Home for Sale>>
Consider These 4 Criteria When Looking For Your Next Home
Monday, April 3, 2017
Good Monday Morning!
The low inventory of homes for sale that we currently have in our local Real Estate market has made home buying much more difficult. The current shortage of homes for sale has driven prices up and made our home purchase market very competitive, especially in the price ranges where most first time homebuyers are looking. It is easy to get caught up in this competitive market and pay too much for a home or purchase a home that may not fit your needs. In this market, the help of a knowledgeable homebuyer specialist Realtor is a must. They can help keep you from making mistakes that will haunt you down the road. It is also important to educate yourself about the current market and to not be forced into a rush purchase. The following article from "Realty Times" talks about how to deal with a home purchase during this market.
There's no perfect home, but some homes are more ideal for your household than others. When you look for your next home, carefully consider these four criteria - price, features, location and condition. The closer you get to meeting all four criteria, the better your chances are of making a good buy.
Price
In any market, price has to come first. To determine what you can comfortably afford, talk to your real estate professional. He or she can recommend a lender who will prequalify you for a purchase loan. When you know how much you can spend, it will be easier to shop for homes within your price range. With luck, one will stand out.
Features
The size of your household and your activities determine the features you want in your next home. The number of bedrooms, baths and living areas are a matter of comfort and convenience. You may want an extra bedroom for guests or a second master suite for parents.
If you work a lot at home, you'll want a private home office or a computer nook. You may want a playroom for the kids, a separate laundry area, and fenced yard and covered patio for entertaining. An eat-in kitchen may be more important to you than a formal dining room. You may want an outdoor kitchen or at least an entertainment area.
Think about your daily life from morning to bedtime, and how your next home can make these activities more pleasant. This should be your "must-have" list, and will help you look at homes more objectively.
Location
Some areas will always be more expensive to live in than others. Neighborhoods that are well-kept tend to maintain higher home values. Homes that are close to jobs, schools and shopping centers tend to sell for more money than homes without as much infrastructure.
What is the best home you can find in the area where you want to live? If these homes are out of your range, you can compromise -- buy a smaller home or a home that needs lots of work in the best neighborhood you can afford.
Condition
Condition refers to the state of repair. Does the home have curb appeal? Is it updated and well-maintained, or does it need extensive and expensive remodeling? Carefully consider any deferred maintenance, such as a roof that may need to be replaced in only a few years. Consider the design and functionality -- is the kitchen too small and would you be able to afford to remodel it? Look closely at repairs, cleanliness and traffic flow.
The one advantage of buying a home that needs updates and repairs is that these homes cost less than updated homes in the same neighborhood.
Be prepared to compromise. Don't frustrate yourself or your family looking for perfection. Sometimes the home of your dreams doesn't have every feature on your checklist, or it may be a little further away than your favorite neighborhood, but you'll be happy if it has most of criteria you want at the price you can afford.
Have An Awesome Week!
THIS WEEK'S HOT HOME LISTING!
Price: $485,000 Beds: 5 Baths: 3 Sq Ft: 2472
Beautiful new craftsman style home located in the heart of Coburg. Located within walking distance to restaurants, shops and city park. Master suite and guest suite on the main level. Great room concept with a bonus room upstairs. Front yard landscaping and RV parking. Completion date mid-July. Hurry so you can select your own colors! Updated exterior view/picture coming soon. Taxes not yet determined.
Beautiful new craftsman style home located in the heart of Coburg. Located within walking distance to restaurants, shops and city park. Master suite and guest suite on the main level. Great room concept with a bonus room upstairs. Front yard landscaping and RV parking. Completion date mid-July. Hurry so you can select your own colors! Updated exterior view/picture coming soon. Taxes not yet determined. - See more at: http://www.eugeneoregonhomesforsale.com/Property/32538-Hatfield-St-Coburg-Oregon#sthash.51RvKbXF.dpuf
Beautiful new craftsman style home located in the heart of Coburg. Located within walking distance to restaurants, shops and city park. Master suite and guest suite on the main level. Great room concept with a bonus room upstairs. Front yard landscaping and RV parking. Completion date mid-July. Hurry so you can select your own colors! Updated exterior view/picture coming soon. Taxes not yet determined. - See more at: http://www.eugeneoregonhomesforsale.com/Property/32538-Hatfield-St-Coburg-Oregon#sthash.51RvKbXF.dpuf
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Displaying blog entries 331-340 of 872
