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Fix or Maintain These Items Before They Break

by Galand Haas

Good Monday Morning!

One of the hardest things to deal with during a home sale are inspections.  Home Inspectors are picky and they find most flaws that exist in any home.  Many times, items that started out as small issues are neglected by homeowners and they become large and expensive issues that need attention during the home sale.  If you pay attention to your home and watch for problems and correct them early, you will save money and if you decide to sell your home, the sale process will become much easier.  Here are a few tips on how to maintain your home.

Your home is your castle. You want to make sure that it looks great on the inside and out. Just like an automobile, a home requires a great deal of maintenance. However, most people think that if it's not broken, then they don't need to fix it. You can save a great deal of money by doing preventative maintenance on the home. Here are some items you need to fix or maintain before they break.

HVAC System

Your home's heating and cooling systems are of the utmost importance. You rely on this unit to keep you cool in the summer and warm in the winter. However, few know that it requires a yearly inspection. If you have a gas powered unit, an inspection could save your life. As a unit begins to age, rust holes form in the heat exchanger. A technician can identify these holes and keep carbon monoxide from leaking into your home. Additionally, you need to make sure that you change your filter once a month. Maintaining your unit will extend its longevity.

Did you know that a home warranty program doesn't have to cover an HVAC unit if it has not been maintained?

Plumbing

When a drain is not allowing the water to exit in a timely manner, people grab the plunger and head to the hardware store for a chemical drain cleaner? However, the real problem is a clog. Drain cleaners can get some minor issues resolved, but you could have an issue deep in the pipes. It is imperative to call for professional help when you have toilets and sinks that constantly are clogged.

You could have a problem with the main sewer line. The last thing you want is sewage filling up in the yard. Consequently, it never hurts to have your system inspected and ensure that things are running well before the winter season.

Electrical

The electrical components of a home are vastly important to your family being able to live in the home. If you have an older home, you may have knob and tube wiring. Older homes may also have a fuse box system rather than the new breaker box type. Additionally, a breaker box may be ill-sized for the home and cause breakers to flip off constantly. The electrical system in your home should not be put off.

If you wait until it's too late, it could result in a fire that causes great damage to the home. If any part of your electrical system is not functioning properly, you need to call in for professional help at once.

Roof

The roof shields the home from the sun, wind, and rain. It allows your home to retain heat and it gives your abode a stylish look. However, the average roof only lasts about 20 years, if you have asphalt shingles. When a roof gets close to the end of its lifespan, shingles may become brittle and start blowing around your yard. You may or may not even notice that your shingles are starting to drift off.


However, it leaves empty spots where rain and debris can get to the sheeting. People get leaks on the inside of the home when the sheeting is damaged. Unfortunately, this allows the rain to slip through. Never wait until your roof is leaking in the house to do something about it. Make sure you have a great roof and it is within its lifespan. Waiting until the last minute could cost you thousands more in unnecessary repairs.

Routine maintenance is as important as paying the mortgage each month. The longevity of your systems and the home's structure depends on it.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Full Baths: 4    Sq Ft: 6,143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suties, office, theater room...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

The Holiday Season Is A Great Time to Sell or Buy A Home

by Galand Haas

Good Monday Morning!


The Holiday Season is always a great time of year to sell your home.  There is less competition from other homes and the buyers who are out there are typically motivated buyers.  Every year, I see homes sell quicker and for more money during the Holidays!  Did you know that the Holidays can also be an excellent time to purchase a home? Here is an article from "Realty Times"!


The holidays might not be the most popular time to buy a home, but with lower buyer competition, motivated sellers, and year-end tax benefits, there are some good reasons to consider hitting “Pause” on decking the halls and high-tailing it to some open houses in San Francisco, CA, Fort Lauderdale, FL, and all spots in between! So, if you’re in the market, take note of these seven benefits and then contact your agent. December just might be the most wonderful time of year … to be house hunting!

1. BARGAIN PRICES


The final month of the year is known for frantic shopping and countless holiday parties but not necessarily for purchasing a home — and this can work in your favor. With fewer buyers in the marketplace, the available homes for sale are priced to sell. Plus, with fewer active buyers, there’s less likelihood of multiple offers, bidding wars, and escalator clauses.

2. FLEXIBLE SCHEDULES

There’s no need to wait until Saturday or Sunday to cram eight house showings into your schedule. Rather than using up your precious weekends, take an end-of-year vacation day on a weekday to check out the available inventory (especially if your company has a “use it or lose it” policy). Chances are, your agent has some time on their hands as well and would appreciate staying busy throughout December.

3. MOTIVATED SELLERS

If a home is on the real estate market in December, there’s usually a specific reason the sellers are looking to move: It could be job relocation, financial hardship, or personal change of circumstance. Regardless, it gives you an opportunity to negotiate a sweet deal — lowball the listing price and ask for a closing date that works with your schedule.

4. TAX BENEFITS

Purchasing a home in 2016 is good for your bottom line when tax time rolls around. If you close by December 31, you can deduct property taxes, mortgage interest, origination points on your loan, and interest costs — all while building equity in your home. These deductions can be huge money savers, especially in the early years of your loan when you’re paying off interest.

5. LENDING LULL

With everyone off celebrating the holidays, December is traditionally a lean month for mortgage brokers. That gives you an advantage in building the best possible mortgage you can. Since there are fewer real estate transactions, loan officers may be motivated to offer special incentives and possibly waive or reduce origination fees. With so few loans in the pipeline, underwriting turnaround times will be quick. You may be able to negotiate a better price with the seller if you’re able to close the purchase in under 30 days.

6. VENDOR AVAILABILITY

A moving company’s December calendar usually resembles a ghost town. Not only will you be able to secure movers on short notice, but with competition for prime time slots (weekends) nonexistent, you could probably score a deal as well. Ask the movers to consider throwing in a couple of moving hours for free or additional packing materials and boxes at no cost. The same tactic may also work with contractors, repairmen, and home inspection services.

7. BUILDER INCENTIVES

If you’re building a new home, ask about holiday incentives — builders typically roll them out to finish the year with a bang. If upgrades such as custom cabinets, quality carpeting, and designer paint colors are on your holiday wish list, December may be the ideal time to purchase a new-construction home. With fewer units sold throughout the month, the last few days of the year are particularly important for sales.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2445 Elysium Ave

Price: $350,000    Beds: 4    Baths: 2    ス Baths: 1    Sq Ft: 2172

Remarkable remodel! Luxurious updates, lots of natural light, abundant storage, large corner lot. Large atrium entry with flagstone tile. Spacious family room with vaulted ceiling, beams, Coretec Plus vinyl wood floor, 2 sliders & gas fireplace. Ope...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Happy Thanksgiving!

by Galand Haas

Happy Thanksgiving Day!!

Video Link Here 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

This Month in Real Estate November 2016

by Galand Haas

Good Monday Morning!

This is an exciting week as our nation goes to the polls on Tuesday to select our next President and to vote for members of Congress, the Senate, local goverment officials and many measures.  We are so fortunate to live in a country, where we get to choose and we get to vote.  Our voices are heard through and vote, which is our right.  Please remember how privileged we are and make sure that you exercise your right.

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-November-2016

Have An Awesome Week!!

THIS WEEK'S HOT HOME LISTING!


28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Baths: 4    Partial Baths: 2    Sq Ft: 6143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suites, office, theater room, gourmet kitchen and more. Great shop for RV and storage, creek, waterfall pool, ponds for fis...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

How to Have a Fun and Safe Halloween

by Galand Haas

Good Monday Morning!

It's hard to believe, but we are at the last day of October and that means it is Halloween time.  I found the following article in "Realty Times", that gives some great ideas on how to have a fun, yet safe Halloween.

It's just a few days until Halloween, and you're probably rushing to find the last Pokemon, Size Small in the state and find "the good" candy instead of the jawbreakers and Tootsie Rolls that seem to be the only thing left at Target. But while you fill your mind with costumes and sweets, don't forget to brush up on your Halloween safety. Here are 11 tips you'll want to follow.

1. Let them glow

Glow sticks, necklaces, bracelets, and the like can help make it easier to see your kids on a dark street. You can find a number of different varieties at the Dollar Store. Glow in the Dark duct tape is another cool idea that could help with visibility. For an easy solution, have a roll (or two!) of Glow-in-the-Dark Duct Tape on hand for the big night," said Red Tricycle. "You can tape up everyone's buckets, shoes and costumes for a unique look that's easy to see from afar, and it even works on those wagons you'll be using to tote the tiny trick-or-treaters from house to house."

The dark streets and sidewalks can make it hard to see your kids, let alone tell them apart from all the others. Head to the Dollar Store, where you can buy glow necklaces, bracelets, crowns, and various other varieties of light-up items that will help you keep track of them.

2. Discourage running

When kids get hurt on Halloween, it's often because they tripped or fell. No big surprise there, what with all the running in the dark. The best way we've found to curtail it: Threaten to take away their candy. Seriously, it works.

3. Make safe costume choices

Back to the running…accidents also happen because the child's costume is ill-fitting. Step on too-long pants and they could take a tumble down the porch stairs or off the curb into the street. The pants length can be adjusted without having to take them to a tailor (because who has time for that?!). Tuck them into socks or boots, use some masking or duct tape on the inside, or use Stitch Witchery, a fusable tape that allows you to create a hem by bonding it to the fabric with an iron. Make sure all costumes marked "flame retardant," which is extra important on Halloween since they may be coming into contact with open flames in pumpkins. Well-fitting arms that are not too long are important for the same reason.

When it comes to masks, use your best judgement. If your child's vision is impaired, that could contribute to an injury or other unsafe situation. Masks can also compromise breathing, and may not be suitable for children with asthma.

A new wrinkle this year is anything clown-related. If you've waited until the last minute and all that's left in the store is a red nose and a rainbow wig, trust us: Let it go.

4. Stop the props

The bonus to keeping props at home: You don't have to carry them three minutes after you leave the house.

Many of today's costumes come with accessories - a foam sword here, a princess wand there, and, this year, more Poke balls than you can imagine. Chances are, your kid will carry this prop for about three minutes—just enough for it to become a burden. Then it's yours to deal with. If you already anticipate having to help carry your children's heavy candy bags and pumpkins (and you will), encouraging them to keep the props at home is a good idea.

5. Pick a good candy-carrying bag

There's research that says ongoing use of a heavy backpack could injure a child's back. Will a few hours (or less) carrying a heavy pumpkin or bag filled with pounds of candy do the same? Probably not, but it could make for an unpleasant experience - for all of you. And, it could make the child unsteady and more prone to fall down. Look for a bag with a padded handle that won't dig into their hands or something that has a cross-body strap to better distribute the weight.

6. Don't forget about dinner

Halloween falls on a Monday this year, and that could make rushing home to get dinner together a challenge. This is the perfect time to get out that slow cooker. And make one of these Halloween slow-cooker recipes. Don't want to cook at all? Put in a pizza delivery order early in the day so you're in the system and don't get caught up in a long-wait situation with everyone who called at the last minute.

Full bellies will help your kids to keep their energy up - and their whining down.

7. Make sure you can find them

If you don't already have a locator app on your phone, now's the time to add one. If you're in a crowded area with lots of kids around, you want to make sure you can always find them.

"For a little peace of mind (and a few bucks), there are some apps you can download prior to Halloween, so you can keep tabs on everyone in your trick-or-treating crew," said Red Tricycle. "Picniic, a family management dashboard, allows you to track your kid's locations and helps the entire family stay in constant communication by checking in once arriving at a destination. With FamilySignal, this app not only tracks the location of your kids, but it also includes a panic button that will alert you as soon as your child has pushed it. If you know exactly where you're headed on Halloween, the Life360 app allows you to create favorite spots and anytime your child arrives at that location you'll get an automatic notification."

8. Watch the weather

It never fails. Your kids pick out their favorite Halloween gear and then the night before Halloween, a cold front comes through, forcing them to wear a coat over their costumes. If it's going to be frigid while they're out trick-or-treating, some long underwear underneath their costume and a hat might be enough to keep them toasty.

You'll also want to pay attention to weather conditions that could impact their footwear choices. If it's been raining, snowing, or the ground is slick, non-slip shoes will be a necessity.

9. Check their candy

Nobody wants to think about poison or other hazards in their kids Halloween candy, and documented events of poisoning or other tampering with candy are few. But, a few tips to help you know what to look for can help you feel secure. The main takeaways: if it's open, it goes in the trash. Unless you know the people giving out homemade treats and know specifically what's in them, it goes in the trash. Anything else that looks or smells suspicious goes in the trash.

10. Sort through and give away your candy

If you're anything like us, your Halloween haul is going to be impressive. And you probably won't want to keep all that candy in the house. There is a growing number of Halloween candy buyback programs that will pay you per pound of candy turned in, with some donated to families and others sent to the troops overseas.

11. Watch for allergens

While you're sorting through that candy (and, inevitably, putting aside your favorites), beware of allergens. If your child is allergic to peanuts or something else that can be dangerous, you're obviously aware of this. But do you know about teal pumpkins? Looking out for them could help your child get more enjoyment out of the holiday.

"Back in 2012, a Tennessee mom named Becky Basalone had an idea: What if Halloween could be made a little less tricky for kids with food allergies?," said the Chicago Sun-Times.

"Her idea became what is now the Teal Pumpkin Project, a nationwide effort to encourage families - whether their own kids have food restrictions or not - to offer up some non-food treats on Oct. 31. Participation is simple: You just put a teal-colored pumpkin or sign outside your door and offer trick-or-treaters glow sticks, spider rings, Halloween stickers or other non-food goodies, along with or instead of the traditional candies."

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1471 Barrington Ave

Price: $529,900    Beds: 5    Baths: 3    Sq Ft: 3756

Luxurious and grand! Great room with surround sound speakers, Brazilian cherry hardwood floor & gas fireplace. Huge theater/bonus room prewired for surround sound. Open kitchen with cherry stained cabinets, island, LED under & above cabinets & toe k...View Home for Sale>>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Local Market Activity for September 2016

by Galand Haas

Good Morning!

The housing market in the Eugene and Springfield area remains strong.  September 2016 closed out as the strongest home sales September on record from MLS.  With only 2 months of home inventory available, the inventory of homes for sale also remains at an extremely low level.  The sellers market lives on in Lane County. Here are the complete statistics for September 2016.

September brought a little seasonal cooling to Lane County, but activity is ahead of last September. Closed sales (488) ended 10.2% ahead of September 2015, although fell 9.0% short of the 536 closings posted last month in August 2016. It was the strongest September for closings on the RMLS record for Lane County, edging past the 483 closings posted in September 2005.

Pending sales (470) ended 2.0% higher than in September 2015 (461), but were 16.4% cooler than last month’s 562 accepted offers. Similarly, new listings (488) edged 0.4% over the 486 new listings o ered in September 2015 but fell 24.9% short of matching the 650 new listings offered last month in August 2016.

Year to Date Summary

Comparing the first nine months of 2016 to the same period of 2015, closed sales (3,918) have increased 7.1% and pending sales (4,330) have increased 5.8%. New listings (5,269) have decreased 2.4%.

Average and Median Sale Prices

Comparing 2016 to 2015 through September of each year, the average sale price rose 7.4% from $243,400 to $261,300. In the same comparison, the median sale price rose 6.8% from $220,000 to $235,000.

 

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!


1615 Taney St

Price: $279,000    Beds: 4    Baths: 2    Half Baths: 1    Sq Ft: 1913

Brand new home! Great quality construction with plaster finished walls, maple hardwood & porcelain tile floor, hickory cabinets, granite counters, 9 ft ceiling, LED dimming lights, 3 skylights one of which opens. Great room layout with gas fireplace...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

This Month in Real Estate October 2016

by Galand Haas

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area has maintained a good balance over the past several months.  Sales have slowed slightly, but this is most likely seasonal.  Home prices are holding steady and buyer demand is good.  Mortgage interest rates are also holding steady, making the climate for home sales very favorable.  Nationaly this trend is also holding true.  Once the elections are over, we will get a better idea of what the future holds.  One thing for sure is that if we begin seeing across the board tax increases along with rising interest rates, the housing market will suffer!

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-October-2016

THIS WEEKS HOT HOME LISTING!


2087 Lemuria St

Price: $255,000    Beds: 4    Baths: 2    Partial Baths: 1    Sq Ft: 2080

Delightful and bright! Features lots of natural light, fresh interior paint throughout, new doors and frames. Living room opens to dining area with slider. Kitchen with eating bar. Plus family/bonus room. One bedroom with bath. One huge bedroom/mult...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Local Market Activity for August 2016

by Galand Haas

Good Monday Morning!

Home sales continue to increase in numbers and value in Lane County.  This August saw a large increase from August of last year and the strong market continues to roll here in Lane County. A word of caution though as I am starting to see homes begin to sit longer and more price reductions as we move through September.  This could be the beginning of an anticipated slow down.  Only time will tell.  Here are the numbers for August home sales in Lane County.

August Residential Highlights

August brought plenty of closed and pending sales to Lane County. Closed sales (536) soared 18.8% over the 451 closings posted last year in August 2015 and 28.2% over the 418 closings posted last month in July 2016. It was the best August for closings since 2005, when 571 closings were posted for the month.

Pending sales (562) fared similarly, rising 10.0% above the 511 offers accepted in August 2015 but edging 2.4% ahead of the 549 offers accepted last month in July 2016.

New listings (650) outpaced August 2015 (615) by 5.7% but cooled 3.0% compared to last month, July 2016.

Inventory shrank slightly to 2.0 months in August, with total market time decreasing to 45 days.

Year to Date Summary

Comparing the first eight months of 2016 to the same period of 2015, closed sales (3,407) have increased 6.8% and pending sales (3,901) have increased 6.4%. New listings (4,768) have decreased 2.5%.

Average and Median Sale Prices

Comparing 2016 to 2015 through August of each year, the average sale price rose 7.2% from $244,100 to $261,700. In the same comparison, the median sale price rose 6.8% from $220,000 to $235,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3169 Wolf Meadows Ln

Price: $479,000    Beds: 4    Baths: 2    Sq Ft: 2506

Great culdesac home on spacious lot! Oversized 2-car garage, plus detached shop with 2 garage doors. Home features vaulted/high ceilings, 2 sets of French doors & lots of built-in storage. Large living room with fireplace & skylight. Spacious open k...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

New Homes Built Lag While Demand Rises

by Galand Haas

Good Monday Morning!

Sales of new homes have lagged over the recent upswing in home sales not only locally, but nationally.  In the Eugene and Springfield area the problem is simply that we are out of affordable land for home sites.  The local government has put a halt on expansion of the urban growth boundary and the amount of land that is available for building has all but gone away.  This has not only driven up building lot prices, but it has made it difficult for home builders to find lots suitable for buidling new homes.  Also the recession has not been forgotten by many builders and they are wary of building spec homes.  This also has created a decrease in the numbers of news home being built and on the market.  Here is an article from Realtor.com that addresses this situation nationally.

Despite the hordes of frenzied home buyers hoping to take advantage of very low mortgage interest rates and sign on the dotted lines for their dream homes, builders still aren’t putting up nearly enough residences to appease the rising demand.

There was no monthly change in the number of newly constructed homes that went under contract—54,000, to be exact—from May to June, according to a new residential construction report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. But compared with June 2015, sales of the brand-new properties were up 22.7%.

The numbers were not seasonally adjusted, which means they weren’t smoothed out over a 12-month period to account for the ups and downs of home buying at different times of the year.

“[Builders aren’t] taking any risks. They aren’t starting homes without buyers,” says Jonathan Smoke, chief economist of realtor.com®. Builders are taking orders for the bulk of new abodes, he says, instead of building them on spec. And “they’re not offering homes in more affordable price points.”

New homes, complete with brand-new appliances, typically cost more than existing residences. For example, the median price of the new homes was $306,700 in June, according to the report. That was up nearly 6.2% from May and almost 6.1% from the same month a year earlier.

Meanwhile, the median price of an existing home reached an all-time high of $247,700 in June—still a relative bargain selling for a whopping 23.8% less than a new home, according to National Association of Realtors® data.

In June, just 3,000 new homes costing less than $150,000 were sold, according to the government report. Buyers closed on an additional 12,000 selling for between $150,000 and $199,999. But the bulk of sales were in the $200,000 to $499,999 range. About 33% of the sales were in the $200,000 range, 21% were in the $300,000 range, and 18% were in the $400,000 range.

“[Builders either aren’t] trying or they’re not capable, in this environment, of offering lower price points,” Smoke says.

Across the country, monthly sales of new homes remained virtually unchanged from May to June, according to the report.

The West was the only region to see a monthly uptick as buyers signed on the dotted line on 14,000 new residences—up nearly 7.7% from 13,000 the previous month. They were also up almost 27.3% from the same time a year earlier.

Sales were up annually 50% in the Northeast, with 3,000 homes purchased in June. They rose 33.3% year over year in the Midwest, with 8,000 sales, and 20.8% year over year in the South, with 29,000 sales.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1471 Barrington Ave

Price: $549,900    Beds: 5    Baths: 3    Sq Ft: 3756

Luxurious and grand! Great room with surround sound speakers, Brazilian cherry hardwood floor & gas fireplace. Huge theater/bonus room prewired for surround sound. Open kitchen with cherry stained cabinets, island, LED under & above cabinets & toe k...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

A Very Dangerous Situation if Homeownership Continues to Falter

by Galand Haas

Good Morning!

It is not common knowledge, but homeownership in the United States is at a 51 year low.  This is a frightening fact because the idea of homeownership is the foundation of the American Dream.  There are many factors that have contributed to this fall off on homeownership.  There is currenlty a large difference in what our two presidential candidates plan to do to stimulate the housing industry.  Do your homework and vote wisely. It is a very dangerous situation if homeownership continues to falter.  Here is a recent article from Realtor.com that talks about some of the conditions that are having an impact on homeownership.

Buying a home is hard enough these days as wannabe homeowners have to contend with a shortage of residences in some markets—along with ever-rising prices and plenty of drag-down, no-holds-barred competition. But guess what? It’s about to get even worse.

Builders and developers applied for fewer new-home construction permits in June, according to the U.S. Department of Commerce’s monthly new residential construction report. So get ready for a continuing decrease in the supply of new homes later this year and into the next. (It takes about six to nine months to complete a residence once a permit is secured.)

And, yes, that’s expected to drive prices up even higher.

The number of permits issued were down 15.4%, to just 114,000, in June compared with the same month a year earlier, according to the report. But before panic sets in, it’s helpful to realize that this was actually a 5.8% bump from May.

The numbers were not seasonally adjusted, meaning they weren’t smoothed out over a 12-month period to account for fluctuations.

The reason builders are holding off on putting up more homes is because they’re worried the number of buyers could drop off if the economy falters, says Jonathan Smoke, chief economist of realtor.com®.

“The presidential election poses a big wild card,” Smoke says. “At the same time, the world is teetering on entering a recession due to a number of factors, including most recently Brexit.”

It’s also important to note that those newly built abodes, often with state-of-the-art appliances and electronic systems, cost more than those which have been lived in—so developers have lots to lose if those properties don’t sell.

For example, the median price of a new home was $290,400 in May, according to the most recent Commerce data available. Existing (i.e., not new) homes went for a median of $239,700 in May, according to the National Association of Realtors®.It wasn’t just permits to build single-family homes that were down. Permits to put up sorely needed condo and apartment buildings, with five units or more, also dropped year over year by about 39.2%, to just 36,600 in June. But, on the bright side, the number was up nearly 4.9% from May.

“This environment is good for the landlord and property owner, but not so much for virtually everybody else,” Smoke says. “It’s going to be even harder to find an affordable place to rent than it has been.”

In a welcome bit of good news, June saw the completion of the greatest number of new residences over the past year, according to the report.

The number of finished abodes surged 16.5%, hitting 99,500 residences, in June compared with a year earlier, according to the report. It was also up 19% from May.

In addition, the number of completed condo and apartment buildings, with five units or more, were also up 14.5% from a year ago and 46.5% from May, according to the report.

But with permits down, the number of new homes hitting the market simply can’t—and won’t—continue.

“We’re just not seeing the growth in new construction that would be necessary to improve the shortage of apartments for rent and homes for sale,” Smoke says. So “we’re likely to see continued rent and home price increases.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

425 W 28th Ave

Price: $279,000    Beds: 3    Baths: 2    Sq Ft: 1586

Serene and secluded! Various beautiful trees provide privacy and great views. Features hardwood floor, two fireplaces, vinyl windows, ductless heat pump, built-in storage/shelves in home and in garage. Upstairs main level offers seclusion and mounta...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

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