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Good Monday Morning!

The good news is that mortgage interest rates are down again.  The other news is that for most of the country, including the Eugene/Springfield area, home prices continue to climb and home inventories remain low.  For would be home buyers who have been frustrated in finding a home over the Summer months and early Fall, look for the number of homes on the market to increase slightly and for the competition to level off for the next few months.  There should be a very good window of opportunity to purchase a home between now and Spring. The following article is from Realtor.com and it talks about the recent decrease in mortgage rates.

Mortgage rates dropped in the past week after rising in six of the last nine weeks, including most of the month of October.

The 30-year fixed-rate mortgage averaged 3.69% during the week ending Nov. 7, down three basis points from the previous week, Freddie Mac reported Thursday.

The rate on the 30-year mortgage is over a full percentage point lower than it was at this same time a year ago, when rates averaged 4.94%.

“After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism,” Sam Khater, Freddie Mac’s chief economist, said in the report. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”

The 15-year fixed-rate mortgage dropped six basis points to an average of 3.13%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.39%, falling four basis points from a week ago.

Mortgage rates generally track the direction of the 10-year Treasury note. The 10-year Treasury yield rebounded Thursday morning amid hopes that the U.S. and China had reached an agreement to end their trade dispute.

But would-be home buyers looking to take advantage of these low rates will face steep competition when it comes time to make an offer. A report last week from Realtor.com found that the U.S. housing market experienced a 6.9% decline in inventory year-over-year in October, thanks to a decrease of 98,000 listings. Low mortgage rates have stoked home-buying demand, which has dried up much of the inventory of homes up for sale.

“With dwindling supply, prices maintain their upward pressure, deepening the affordability challenges for first-time buyers,” realtor.com senior economist George Ratiu said.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3915 Royal Ave  

Price: $345,000    Beds: 3    Baths: 2    Sq Ft: 1479

New Construction that backs up to an expansive Park. Open Living, Dining, & Kitchen. Master bedroom with walk-in closet. Carpet in all bedrooms. Home has vaulted ceilings, granite counters, high end cabinets and wood floors. This home includes an in...View this property >> 

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Tips To Help Safegaurd Your Home This Winter

by Galand Haas

Good Monday Morning!

Fall is here and Winter is quckly approaching.  With the changing weather in Winter, it is extremely important to safeguard your home from the harsh elements that come with this time of year.  Here are a few tips that may help you with your Winter time home prep.

Extreme winter weather can leave neighborhoods and communities without power or other public services for long periods of time, the U.S. Department of Homeland Security warns.

It's a smart idea to prepare your home for such winter weather emergencies as well as cold weather throughout the season that can cause minor issues to evolve into larger problems – with potential damage to your property or risk of personal injury.

Whether it’s for your primary residence or a second home you plan to leave vacant until spring, here are tips for winterizing your house:

  • Clean out gutters and clear the roof.
  • Insulate the attic.
  • Have your heating system serviced.
  • Prepare your plumbing.
  • Call a chimney sweep.
  • Check for drafts.
  • Have a friend on call.
  • Clean Out Gutters and Clear the Roof
  • Leaves, sticks and other bits of nature make their way onto your roof and into your gutters during the fall. But before the first heavy snowfall, be sure to clear debris from your roof and gutters to prevent a buildup of ice and snow that can get under shingles and cause leaks and water damage inside your house. 
  • “If they don’t have their roof cleared off, that’s typically where stoppage and backup issues happen,” says Mike Gulla, senior director of underwriting and customer support for Hippo Insurance, based in Palo Alto, California.
  • If the house is vacant: Clear as much debris as you can before you close up the house for the winter, but you may need to have a local friend or contractor finish the job when you’re away.
  • Insulate the Attic
  • Another way to reduce the chances that an ice dam will form is to insulate your attic floor. This helps keep the living areas of your house warmer, explains Anne Cope, chief engineer at the Insurance Institute for Business and Home Safety in Richburg, South Carolina.
  • Cope recommends going up to your attic before the winter weather sets in to examine attic vents, check for leaks and get a look at the insulation. “If your insulation looks terrible, now is a great time of year to get that taken care of,” she says.
  • If the house is vacant: Insulation will help you avoid hefty heating bills during the months that you’re not staying in the house. Good insulation that leads to lower heating and cooling bills can also be a plus when you sell your home!
  • [See: The Best Time of Year for Every Home Improvement Project]
  • Have Your Heating System Serviced

  • Have your heating and ventilation system checked for problems and cleaned before the weather gets too cold. If you wait until the first cold snap or snowstorm of the season, many service professionals will be overbooked.
  • Beyond keeping you warm, a functioning HVAC during the coldest days of the year is key to avoiding frozen pipes, which can burst inside your walls and cause significant damage.
  • If the house is vacant: It’s important to keep a vacant house at a temperature well above freezing; the standard is between 50 and 60 degrees Fahrenheit. 
  • Having your HVAC system serviced before you leave for the season is also important so cold temperatures don’t cause a bigger issue like a burst pipe. “That’s typically the reason that someone has a frozen pipe – it’s not usually a faulty pipe but because the HVAC stops working. … If it’s 20 degrees outside and you have no heat in the house for a few days, you can expect the pipes to freeze,” Gulla says.
  • Prepare Your Plumbing
  • Ensure your plumbing is set up to withstand the cold, and consider utilizing sensors to let you know when there’s a problem.
  • In Northern states where freezing temperatures are expected for a portion of the year, housing codes require insulation and for pipes to be properly protected from the cold. Places that don't see regular frost, however, won't always have a basement for plumbing to stay warmer or effective insulation to keep heat from escaping. As a result, a day or week of freezing temperatures in parts of North Carolina, Georgia and even Texas can cause a lot of damage, Cope says.
  • If your plumbing runs through a crawl space, consider insulating the pipes or the crawl space itself. “It can be a do-it-yourself project, or it can be a hire-a-handyman project,” Cope says.
  • Gulla recommends getting both water-leak and pipe-temperature sensors. The former will let you know if pressure inside the pipe suddenly decreases, indicating a burst pipe, while the latter will notify you of dangerously cold pipes so you can prevent a burst pipe.
  • Additionally, automatic water shutoff valves are becoming more popular in homes. They stop the flow of water should a pipe freeze and burst to reduce the amount of damage to the home.
  • If the house is vacant: Gulla stresses the importance of having sensors and a remote water shutoff valve option to prevent damage in the house before you can get there.
  • Call a Chimney Sweep
  • Whether you have a wood-burning or gas fireplace, make an appointment for your chimney to be inspected annually to see if cleaning or repairs are necessary, according to the Chimney Safety Institute of America. In wood-burning fireplaces, a professional will clean out creosote buildup, which comes from burning wood and can cause a fire hazard inside the chimney if it’s not cleaned. In any fireplace, it's important to clear animal nests that might be blocking the chimney and to check for issues in the masonry.
  • Gulla warns that a blocked chimney “can also cause carbon monoxide to back up into the house, which can obviously be life-threatening to anyone in the house.”
  • If the house is vacant: Be sure to close the chimney flue as well as any hearth doors. That way you’ll keep cold drafts from making your furnace work harder and prevent animals from entering through the chimney and getting into other parts of the house.
  • [See: 7 Ways to Cut the Dry Air in Your Home This Winter]
  • Check for Drafts
  • As the weather cools, walk around the house and check for drafts or air leakage, particularly around windows and doors. Use caulk to seal cracks and weatherstripping to help insulate around door and window frames.
  • If the house is vacant: Checking for drafts and leakage will help cut down on the work your furnace has to do by keeping cold air from coming in.
  • Have a Friend on Call

  • If you go away for vacation or on a business trip, it's good to have a friend, relative or neighbor on call for your temporarily vacant house. Especially if a winter storm occurs while you're gone, you want someone to make sure your power stays on and even shovel the sidewalk to prevent slipping hazards.
  • If the house is vacant: Your HVAC may be in perfect condition with everything insulated, but you still shouldn’t leave the house unchecked for the entire winter.
  • “I wouldn’t want someone to think that a property can sit vacant for months at a time without someone coming to check on it. You wouldn’t do that with your car,” Cope says.

If you have friends or relatives nearby who can check on the house every few weeks, ask them to do so. Otherwise, hiring a local handyman to regularly check in can help ensure the heat continues to work, the power stays on and no critters manage to break their way into the living space. Even if you have security cameras and sensors, you need someone who can come by on short notice if an issue occurs.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3201 Kentwood Dr  

Price: $369,900    Beds: 3    Baths: 2    Sq Ft: 1508

This is a light & bright, beautifully updated home in a convenient Ferry St. Bridge neighborhood. Open floor plan w/ vaulted ceilings, spacious kitchen w/ granite counters, new hickory wood flooring, fresh interior & exterior paint. New deck & fenci...View this property >> 

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Mortgage Interest Rates Remaining Very Low

by Galand Haas

Good Monday Morning!

With mortgage interest rates remaining very low, the 15 year home financing option can look very attractive.  The following is an article from "Realtor.Com" that will give you the benefits and drawbacks of both the 30 year mortgage and the 15 year mortgage.

MORTGAGES COME WITH many options, and one of them is your loan term: a 15-year versus 30-year mortgage. A 30-year mortgage can make your payments more affordable, but a 15-year mortgage is generally cheaper overall. As you're weighing your mortgage options, here are the most important things to know about 15- and 30-year mortgages. 

How a 15- vs. 30-Year Mortgage Works

A mortgage is a type of term loan, meaning the amount you borrow is repaid over a set period of time. You make principal and interest payments according to an amortization schedule that's set by the lender. Your monthly payment schedule may also include homeowners insurance and property taxes if those are escrowed into your payment. Private mortgage insurance is also added when applicable, usually when you buy a home with less than 20% down.

When you have a 15-year mortgage, the total amount you have to repay is spread out over 15 years, or 180 payments. If you choose a 30-year mortgage instead, you repay the loan over 30 years, or 360 payments.

What's Good About a 15-Year Mortgage

There are several good reasons to choose a 15-year over a 30-year mortgage.

Pay the home off more quickly.

"The monthly payments will be larger, allowing more money to go to the principal in a shorter amount of time," says Benjamin Ross, a real estate agent in Texas. Your loan balance disappears faster, which might be important to you if you envision a retirement that doesn't include mortgage debt. 

Lower interest rate.

Because you're paying your home loan off sooner with a 15-year term, your mortgage becomes less risky for the bank. That may translate to a lower interest rate compared with a 30-year loan. Depending on the overall interest rate environment, rates for a 15-year mortgage may be a half a percentage point or more lower than 30-year mortgage rates. 

Less interest total over the loan term.

A lower interest rate also benefits you in another way when adding up the total interest paid on the loan. Here's a simple side-by-side comparison of the total interest paid on a $300,000 mortgage. 

(Note: These calculations don't include PMI, homeowners insurance or property taxes escrowed into the mortgage.)

15-YEAR MORTGAGE TERM

30-YEAR MORTGAGE TERM

Interest rate: 3%

Interest rate: 3.625%

Monthly payment: $2,072

Monthly payment: $1,368

Total interest paid: $72,914

Total interest paid: $192,535


In this example, choosing a shorter loan term and qualifying for a lower interest rate results in a total interest savings of $119,621. That's a substantial amount of money you could keep in your pocket over time. 

Build equity faster.

Home equity represents the difference between what your home is worth and what you owe on the mortgage. When your monthly payment is larger because your loan term is shorter, you can build equity at a quicker pace because you're paying more of the loan principal down each month compared with what you would with a longer mortgage. 

15-Year Mortgage Drawbacks

What's great about 15-year mortgages versus 30-year mortgages is also what makes them less attractive for certain homebuyers: a larger monthly payment.

Going back to the previous example of a 15- vs. 30-year loan, the mortgage payment for the 15-year option is $704 higher. A $2,000-plus monthly mortgage payment may not be realistic for every budget. 

"A lot of people are more concerned with ensuring that their monthly payment is manageable than the total interest paid over the life of the loan," says Anthony Sherman, co-founder and CEO of Simplist, a digital mortgage marketplace. "Paying off your mortgage over a longer period of time can free up cash to do other important things, like investing, saving for college or retirement, and paying for renovations." 

Another reason to reconsider a shorter loan term is how long you plan to stay in the home. If you plan to move within the next five years, for example, then being able to build equity faster or get a lower interest rate on the loan may not be as important in your decision-making about which kind of mortgage to get.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3220 Tilden St  

Price: $385,000    Beds: 3    Baths: 2    Sq Ft: 1894

Updated home in a quiet Santa Clara neighborhood. Newer roof, vinyl windows,hardwood flooring and granite in the kitchen & bathroom. Kitchen w/ eating area leads to a cozy family room w/ gas fireplace & sliding door to the backyard. Separate living...View this property >> 

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Home Sales Soften

by Galand Haas

Good Monday Morning!

The housing market in the Eugene/Springfield area slowed slightly in September, but as you will see it remains strong.  Here are the numbers for September 2019.

Closed sales had the sole gain this month in Lane County, relative to September of 2018. At 429, closings ended 7.5% ahead of September 2018 (399) but fell 17.5% short of the 520 closings recorded last month in August 2019.

Pending sales, at 420, fell 2.1% short of September 2018 when 429 offers were accepted, at 16.3% short of August 2019 when 502 offers were accepted.

There were 446 new listings, ending 7.7% below the 483 newlistings offered back in September 2018 and 30.4% below the 641 offered just last month in August 2019.

Inventory increased slightly to 1.8 months in September. Total market time increased by a week to end at 37 days.

Year to Date Summary

Activity is cooler so far in 2019 compared with 2018. Comparing the first nine months of each, pending sales (3,949) have decreased 5.6%, closed sales (3,747) have decreased 6.2%, and new listings (4,817) have decreased 8.4%.

Average and Median Sale Prices

Comparing 2019 to 2018 through September, the average sale price has increased 5.7% from $307,300 to $324,900. In the same comparison, the median sale price has increased 5.0% from $281,000 to $295,000

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93048 Templeton Rd  

Price: $750,000    Beds: 4    Baths: 3    Sq Ft: 3035

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Home Sales Across The Country Remain Strong

by Galand Haas

Good Monday Morning,

Home sales across the country remain strong as interest rates remain extremely attractive. Most of the country continues to enjoy a robust Real Estate market that is being fueled by low mortgage interest rates and a strong economy.  The only black cloud looming is the fact that home prices in most areas continue to climb.  Home affordability could be the primary factor that begins a downturn in home sales.  At this point it appears that there should be little change in housing through 2019.  A strong 2020 housing market will depend upon many factors, includiing the U.S. economy!!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-October-2019

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1921 S 57th Pl  

Price: $240,000    Beds: 2    Baths: 1    Sq Ft: 832

Beautifully maintained home. Open concept throughout. Jack & Jill bathroom door off master bedroom. Indoor laundry room with back yard access. Custom updates added throughout. This corner lot provides gated RV parking, and outdoor entertaining patio...View this property >> 

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Remodeling or Improvements?

by Galand Haas

Good Monday Morning!

Remodeling your home or dooing some home improvement can greatly increase both the value of your home and improve the pleasure of living in your home.  The following artice takes some of the most common home improvement projects and gives you feedback on the benefits.

Certain home remodeling projects are making homeowners happier and proving to be well worth the cost and time when they sell their properties, according to a new survey from the National Association of REALTORS®, which includes insights from the National Association of the Remodeling Industry.

After completing a home remodeling project, 74% of more than 2,100 consumers surveyed reported having a greater desire to be in their home, 65% say they experienced increased enjoyment, and 77% felt a major source of accomplishment, the 2019 Remodeling Impact Report shows. Researchers examined 20 projects and surveyed REALTORS® and consumers on home renovation projects.

“REALTORS® and homeowners alike recognize the value of taking on a major home remodeling project,” says NAR President John Smaby. “While these tasks can be time-consuming and costly, the projects are well worth the temporary inconveniences, as this report shows, and the final products ultimately reward us with feelings of accomplishment, satisfaction, and higher home values.”

NAR calculated a “joy score” for each home remodeling project studied. The score, a scale from one to 10, is based on homeowners’ overall perceived happiness with their renovations. The higher the joy score for the project, the more homeowners felt satisfaction from it.

Some of the highest joy scores for interior projects centered on complete kitchen renovations, closet renovations, full interior and interior room paint jobs, kitchen upgrades, and basement conversions to living areas.

The exterior jobs with the highest joy scores were new fiberglass or steel front doors, new vinyl and wood windows, and new roofing.

The Resale Benefit

Remodeling can be money well spent at times of resale. Overall, the top remodeling projects for recovering costs at resale were from new roofing, hardwood floor refinishing, and new hardwood floor installation.

NARI remodelers say that homeowners spend on average about $7,500 for new roofing, but real estate pros estimate that sellers will recover $8,000 at resale—an estimated 107% of the value recovered.

On new wood flooring, the average cost homeowners spend on an update is $4,700, but a 106% potential return is possible at resale (real estate pros estimate $5,000).

The Happiest Home Projects

But remodels aren’t just for the potential payback at resale. “The NAR report shows us that people often remodel for resale purposes, but it also reminds us that homeowners remodel too, with the desire to make a home their own,” notes Lawrence Yun, NAR’s chief economist.

Here’s a closer look at the study results on the home improvement projects that made homeowners the happiest:

Kitchen renovation

Joy score: 10

Ninety-three percent of consumers said they had a greater desire to be at home since the completion of their kitchen remodel; 95% said it’s increased their sense of enjoyment when at home. “The kitchen is a space homeowners frequent regularly throughout the course of the day,” Yun says. “So when that area is remodeled to owners’ exact preferences—as they enter and exit the room—they continually experience the satisfaction of a job well done.”

The biggest reason behind a kitchen renovation was to improve functionality and livability, according to 46% of respondents. Also, 24% said they wanted to upgrade worn-out surfaces and materials, while another 20% said they had recently moved into their home and wanted to customize the kitchen to fit their particular tastes. “Kitchens serve as the ‘heart of the home’ for many, and whether you like to entertain or cook, updating a kitchen ensures greater access and use as homeowners age, especially when the upgrades take accessibility into account,” says Robert Kirsic, a certified kitchen and bath remodeler and also NARI’s 2019–2020 president.

Closet renovation

Joy score: 10

Upgrading home closets also made for instantly happier homeowners. Sixty-eight percent of consumers surveyed say they feel a major sense of accomplishment when they think about a completed closet renovation project. More than half say the most important result is improved functionality and livability.

Full interior paint job

Joy score: 9.8

A fresh coat of paint can do wonders for improving the look of a house—but it also improves the mood of those living there. Eighty-eight percent of respondents reported a greater desire to be home since having their home freshly painted.

New fiberglass front door

Joy score: 9.7

The installation of fiberglass front doors can also help for resale and happiness, the survey found. Seventy-nine percent of respondents said that they’ve had a greater desire to be home, thanks to their new front door. Sixty-seven percent say they have an increased sense of enjoyment when they’re home.

New vinyl windows

Joy score: 9.6

The happiness around new windows mostly comes from the result of improved functionality and livability. Forty-seven percent of respondents said they were motivated to update their windows to improve their home’s energy efficiency, and 23% want to upgrade worn-out surfaces, finishes, and materials.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3201 Kentwood Dr  

Price: $374,900    Beds: 3    Baths: 2    Sq Ft: 1508

This is a light & bright, beautifully updated home in a convenient Ferry St. Bridge neighborhood. Open floor plan w/ vaulted ceilings, spacious kitchen w/ granite counters, new hickory wood flooring, fresh interior & exterior paint. New deck & fenci...View this property >> 

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Right Now Could Be The Best Time Of The Year To Purchase A Home

by Galand Haas

Good Monday Morning!

Right now could be the best time of the year to purchase a home.  With Fall and Winter setting in the demand for houses in the Eugene and Springfield area will start to decline.  This means more homes to choose from and less competition.  With mortgage interest rates extremely low again, this just could be a huge window of opportunity for Eugene and Springfield home buyers.  The following article is from "NAR" and discusses this opportunity further.

WASHINGTON (September 23, 2019) – New consumer findings from a National Association of Realtors® survey show that more than half of polled Americans believe that now is a good time to buy a home.

Optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase, with 34% of those respondents saying they believe that strongly.

NAR’s chief economist Lawrence Yun said the favorable outlook also contains a degree of caution. “Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading,” he said. “However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy.”

Among those that stated that now is a good time to purchase a home, the silent generation (those born between 1925 and 1945) were most likely to express that belief. Seventy-five percent from that demographic said that now is a good time to buy. They were closely followed by older boomers (those born between 1946 and 1954), as 72% from that age group agreed that now is a good time to purchase a home. 

When NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey1 asked whether now is a good time to purchase a home, of those who have an income under $50,000, 54% answered “yes.” Answers in the affirmative increased as household incomes increased. In the $50,000 to $100,000 bracket, 64% said now is a good time to buy a home, and among those polled who have an income of $100,000, 72% said that it is currently a good time to buy.

“Not surprisingly, as incomes increase, the process of buying a home is less of a strain,” said Yun. “This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home.”

The NAR survey also asked respondents about their thoughts on selling a home in the current market. Seventy-four percent of those polled said that now is a good time to sell a home – a modest increase over 73% last quarter. Of those respondents, 45% said they “strongly” believe now is a good time for selling a home, while the remaining 29% said they hold that belief “moderately.”

Those in the West region were most likely to hold this sentiment, as 81% of the region’s respondents said “now is a good time to sell.” In comparison, in the Northeast, 67% said now is a good time to sell a home. 

In regard to household income and thoughts on selling a home, the poll found that those in the higher wage brackets were more likely to state a belief in favor of now being a good time to sell a home. Among the surveyed who answered that now is a good time to sell, 82% of them earn more than $100,000. However, of those who earn less than $50,000, only 64% said now is a good time to sell.

Respondents were also questioned about their outlook toward the U.S. economy. Fifty-two percent of those surveyed said they believe the U.S. economy is improving. This is a decrease from the second quarter of 2019, when 55% said they believed the economy is improving.

Millennials (those born between 1980 and 1998) were the most pessimistic, only 49% said the economy is improving and 51% said it is not improving. Fifty-four percent of the silent generation – in this case, the most optimistic group – said the economy is improving. Forty percent of those in urban areas also believe the economy is improving, compared to 62% in rural areas.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

796 Skipper Ave  

Price: $425,000    Beds: 3    Baths: 3    Sq Ft: 2540

Beautifully updated home with an 850 sq ft second dwelling. Newly refinished wood flooring, new carpets, new vinyl plank flooring. New HVAC, wiring panel, new roof. Stainless steel appliances/Island. Granite countertops in kitchen and bathrooms. Sof...View this property >> 

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Home Sales Are Up

by Galand Haas

Good Monday Morning!

Nationally, home sales were up in August of 2019 as mortgage interest rates remain fairly steady at well below 4% for 30 year fixed financing.  Here locally in the Eugene and Springfield area the market was also up in August as home prices here also continue to increase.  Look for both the national and local housing markets to remain fairly steady through the remainder of this year. It is still a great time to sell your home. By selling now, you are selling at the top of a strong market.  Don't wait until the market dips and losing our on one of the best markets in history.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-September-2019

THIS WEEKS HOT HOME LISTING!

3201 Kentwood Dr  

Price: $384,900    Beds: 3    Baths: 2    Sq Ft: 1508

This is a light & bright, beautifully updated home in a convenient Ferry St. Bridge neighborhood. Open floor plan w/ vaulted ceilings, spacious kitchen w/ granite counters, new hickory wood flooring, fresh interior & exterior paint. New deck & fenci...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Historic Low Mortgage Interest Rates

by Galand Haas

Good Monday Morning!

Just when we thought that we would never again see the super low rates of 2016 and 2017, here they come again.  Historic low mortgage interest rates are upon us once again and we should expect another strong surge in home sales as a result.  Here is an article from "Realtor.com" that describes the current mortgage loan market.

Mortgage rates dropped to their lowest level since October 2016 due to weaker economic data over the past week.

The 30-year fixed-rate mortgage averaged 3.49% during the week ending Sept. 5, down 9 basis points from the previous week, Freddie Mac reported Thursday.

Rates for 30-year home loans have only increased nine times so far this year — otherwise, they have dropped or remained flat from week to week.

The 15-year fixed-rate mortgage moved down 6 basis points to an average of 3.00%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.30%, falling 1 basis point.

Mortgage rates roughly track the direction of the 10-year Treasury note. The yield on the 10-year note has generally fallen since mid-August, though this week it began to show signs of a rebound amid growing optimism sparked by planned trade talks between the U.S. and China.

“Mortgage rates continued the summer swoon due to weaker economic data,” Freddie Mac wrote. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers.”

‘Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers.’

Freddie Mac

The Federal Reserve released its latest edition of the Beige Book, its periodic commentary on the state of the economy, on Wednesday. Although the Fed’s language painted a fairly rosy picture of the economy, most downside risks persist. As a result, many analysts expect the Fed to cut interest rates by 25 basis points when it meets later this month.

“If there were some sense among Fed staffers that the rate cut should be postponed, they certainly did not establish a defense of that position in this Beige Book,” Ward McCarthy and Thomas Simons, Jeffries’ chief financial economist and senior money market economist, wrote in a research note Wednesday.

St. Louis Federal Reserve President James Bullard has gone further than some of his other colleagues, arguing that a 50-basis-point trimming may be what’s needed to keep the Fed ahead of the curve on international trade’s effect on the U.S. economy.

Moves by the Fed don’t directly trigger moves in the mortgage markets, since the Fed manipulates short-term interest rates and not long-term rates like those on mortgages.

However, the Fed’s signals are typically baked into mortgage rates in advance of an expected cut to short-term rates. Therefore, people looking to take out a new home loan can reasonably expect mortgage rates to move downward in the coming weeks as long as the Fed is expected to cut rates.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

440 Autumn Ave  

Price: $295,000    Beds: 3    Baths: 2    Sq Ft: 1236

Gorgeous 1-level home in a close-in Santa Clara neighborhood. Updates include new roof in 2016, high efficiency furnace, laminate flooring & 2nd full bath. Large family room w/ vaulted ceiling & updated kitchen w/ newer appliances & w/in pantry. Ove...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

July of 2019 saw home sales in the Eugene and Springfield area take off.  Sales were up in July and actually set a sales record.  This is strong evidence that even with the continued increase in home price, the low mortgage interest rates are having a very positive impact.  Here are the home sales numbers for July 2019 in Lane County.

July Residential Highlights

Pending sales had the strongest numbers this month in Lane County. There were 554 accepted offers, a 1.5% increase from July 2018 (546) and a 2.6% increase from last month in June 2019 (540). This was still the strongest July for pending sales on the RMLSTM record, dating to 2001.

Closed sales (492) edged one ahead of July 2018 (0.2%) and rose 4.5% over the 471 closings recorded last month in June 2019.

New listings, at 612, fell 5.8% short of July 2018 (650) and 1.8% short of June 2019 (623).

Inventory decreased slightly in July to 1.5 months, with total market time increasing by one day to 39 days.

Year to Date Summary

Activity is cooler so far in 2019 compared with 2018. Comparing the first seven months of each, pending sales (3,090) have decreased 6.3%, closed sales (2,756) have decreased 7.0%, and new listings (3,702) have decreased 8.4%.

Average and Median Sale Prices

Comparing 2019 to 2018 through July, the average sale price has increased 5.2% from $304,900 to $320,900. In the same comparison,the median sale price has increased 3.6% from $280,000 to $290,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2425 Lenore Dr  

Price: $420,000    Beds: 3    Baths: 2.5    Sq Ft: 2042

Beautiful and Spacious. High Vaulted ceilings. Beautiful Hardwood floors in Living Room and hallways. Granite counter and island in Kitchen. Walk-in pantry. Master and 2nd bedrooms have walk-in closets. 3rd bedroom with balcony. Master bathroom has...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

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Photo of Galand Haas Team  Real Estate
Galand Haas Team
Keller Williams Realty Eugene and Springfield
2644 Suzanne Way
Eugene OR 97408
Direct: (541) 349-2620
Fax: 541-687-6411

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