What will 2012 look like?
Good Monday Morning!
The last week of the year 2011 is upon us. Our local housing market in the Eugene and Springfield area saw many changes during this year. We experienced a continuing decline in home values across the market and also watched as mortgage default rates increased significantly as well. Even though it was not a great year for home owners, home buyers were able to take advantage of low home values and historic low mortgage interest rates. For buyers who could qualify for financing there were many very good opportunities.
What will 2012 look like? Although nobody knows for sure, it will most likely not see considerable change from 2011. Home values in the Eugene and Springfield area will most likely continue to decline for most or all of 2012 and foreclosures and short sales will conitinue to be a large percentage of the market. Home sellers will most likely continue to have to be very competitive with pricing and be patient waiting for a buyer. Home buyers will most likely continue to see very low mortgage interest rates through most of the year and will coninue to be able to capitalize on the attractive home prices. By the end of 2012, I hope to see our market hitting it's low point. This would most likely indicate the start of a flat market for the next 3 to 4 years, which would be an improvement from our declining market and indicate the beginning of better times to follow.
We need to remember that many things influence the home market and the economy and that predicting the Real Estate markets future is certainly not an exact science. Even though most of us wish that the housing market would improve over night we have to reember that history shows that this market does not spin on a dime and that change takes time.
As before, I will continue to keep you updated on both the local Eugene and Springfield housing market and the national housing market throughout the coming year.
Have An Awesome Week!
THIS WEEKS HOT HOME LISTING!
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46121 Goodpasture Road
Beautiful, secluded, custom home on the banks of the McKenzie River, featuring a 32ft vaulted ceiling, 2 fireplaces, heated floors, skylights & gorgeous deck. Downstairs offers a lg kitchen with hickory cabs, stainless steel appliances, huge living ...
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AND HERE'S YOUR MONDAY MORNING COFFEE!!
Sincerely,
Galand
