This Month in Real Estate July 2016
Good Monday Morning!
Nationally, home sales continue their upward trend and home prices continue to climb as well.
Locally, our home sales remain strong as well, but as I have been saying, change is in the air. The numbers don't show it yet, but right around mid June I feel the Real Estate market in the Eugene and Springfiel made a change. I am watching homes that were selling in days with multiple offers now sit for weeks without an offer and I am seeing fewer new buyers entering the market. The inventory of homes in many areas and price ranges is also creeping up. This could be seasonal, but I think that it is more than that. Mortgage interest rates have actually decreased over the past seveal weeks, so the change most likely is the result of home prices increasing. Price resistance can put the dampers on a market just as fast as interest rate hikes.
In the Eugene and Springfied area we have watched home prices increase steadily now for several years and now affordability is again becoming a factor. Two years ago, when home prices were down from the recession and mortgage interest rates were at historic low levels the market here was perfect for buyers and many took advantage of the situation, which caused more demand, lower home inventories and competition. As the price of homes increased the attractiveness of our local market has changed and now buyers are having a harder time quailifying for loans and dealing with the higher mortgage payments. It's all a cycle.
Have An Awesome Week!
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