Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

2016 National Real Estate Market Predictions

by Galand Haas

Good Monday Morning!

The National Association of Realtors has just released their predictions for the 2016 national Real Estate market.  As you will read in the following NAR article, the market will continue to grow, but at a different pace than it did in 2015.  Here is the article.

WASHINGTON (January 12, 2016) — Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations.

In the NAR-published video, Yun discusses his expectations for the U.S. economy and housing market in 2016 and points to pent-up demand, sustained job growth and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales (view infographic).

Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices still outpacing wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales.

"This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates," Yun says in the video. "Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we'll begin to feel that again."

With one month of data remaining for 20151, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million —the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million). The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2014. In 2016, existing sales are expected to grow between 1 and 2 percent (5.30 to 5.40 million) and prices between 5 and 6 percent.

Have and Awesome Week!

THIS WEEKS HOT HOME LISTING!

3628 Westleigh St

Price: $160,000    Beds: 3    Baths: 2    Half Baths: 1    Sq Ft: 1442

Warm and homely townhouse! Updated condo with garage and yard. Cozy living room, formal dining room with slider to back. Kitchen with granite counters and new floor. Very spacious master suite with two closets. Fenced back area with patio, deck, gar...
View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Market Activity for December 2015

by Galand Haas

Good Morning!

Year end home sales numbers are in for Lane County and it was another great month for home sales.  Sales continue to be strong at the same time that home inventory levels decline.  This makes for a very strong sellers market.  Here is the December report.

Closed sales ended on a strong note this December in Lane County. Closings, at 394 for the month, were 36.3% ahead of the 289 closings posted in December 2014—this was the strongest December for closings in Lane County on the RMLSTM record.

Pending sales (276) fared well in December, ending 20.5% ahead of December 2014, although 21.4% behind the 351 offers accepted last month in November 2015. New listings (211) ended 3.7% cooler than the 219 new listings offered in December 2014 and 33.2% cooler than last month in November 2015 (316). Inventory decreased to 2.2 months in December.

Year to Date Summary

Activity ended ahead this year compared to last year. Pending sales (5,071) rose 28.3%, closed sales (4,864) rose 27.2%, and new listings (6,385) rose 10.0% this year compared to 2014.

Average and Median Sale Prices

Comparing 2015 to 2014 through the end of each year, the average sale price increased 3.4% from $235,600 to $243,500. In the same comparison, the median sale price increased 3.8% from $212,000 to $220,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

6964 Bluebelle Way

Price: $255,000    Beds: 3    Baths: 2    ス Baths: 1    Sq Ft: 1912

Wonderful house to call home! Located in Thurston hills, enjoy great views of the Coburg hills to the North. Airy and spacious with high ceilings, arched doorways and large windows throughout. Beautiful hardwood floor in formal dining room and kitch...
View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

This Month in Real Estate January 2016

by Galand Haas

Good Monday Morning!

It is commonly thought that mortgage interest rates are up.  This assumption comes from the fact that the Fed recently raised their rates by a quarter of a percent.  The truth is that mortgage interest rates have actually declined and remain well below 4% for conventional 30 year fixed rate mortgages.  Last week rates continued to decline and I saw rates as low as 3.68%. Yes, rates may increase over time, but right now mortgage rates remain at historic low levels and there has never been a better time to purchase a home.  

If you are considering a home purchase the first step is to talk with a lender.  There are many very qualified mortgage specialists in the Eugene and Springfield area and my advice is to connect with one of them rather than using an online company.  If you would like a list of the mortgage professionals that we have found to be excellent with both rates and service, please get in touch.

Have An Awesome Week!

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

 

THIS WEEKS HOT HOME LISTING!



2231 Sandy Drive

Price: $320,000    Beds: 3    Baths: 3    Sq Ft: 2720

In highly desirable Ferry St Bridge area! Delightful 0.21 acre property on quiet street. Features recessed lights, skylights, vaulted ceiling and Pergo wood floor. Huge master suite with 3 closets and 5-piece bath. 3 bedrooms plus additional room th...
View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Real Monetary Advantages of Home Ownership

by Galand Haas

Good Morning!

Homeownership has always been the "great American dream". Here is an article from "Realty Times", that talks about some real monetary advantages of home ownership.

To foster and encourage this dream, Congress has consistently enacted tax legislation which favors homeowners. Indeed, much has been written that our tax laws discriminate against renters, by giving unfair and unequal tax benefits to those who own homes.

Every four years, some candidate for high political office tries to focus our attention on equalizing the tax laws, and repealing the homeowner benefits, but these arguments have consistently fallen on deaf ears. And this coming election year is no different.

For those of us who own homes, here is a list of the itemized tax deductions available to the average homeowner. Every year, you are permitted to deduct the following expenses:

TAXES. Real property taxes, both state and local, can be deducted. However, it should be noted that real estate taxes are only deductible in the year they are actually paid to the government. Thus, if in year 2015, your lender held in escrow moneys for taxes due in 2016, you cannot take a deduction for these taxes when you file your 2015 tax return.

Mortgage lenders are required to send an annual statement to borrowers by the end of January of each year, reflecting the amount of mortgage interest and real estate taxes the homeowner paid during the previous year.

MORTGAGE INTEREST. Interest on mortgage loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. If you are married, but file separately, these limits are split in half.

You must understand the concept of an acquisition loan. To qualify for such a loan, you must buy, construct or substantially improve your home. If you refinance for more than the outstanding indebtedness, the excess amount does not qualify as an acquisition loan unless you use all of the excess to improve your home. However, any other excess may qualify as a home equity loan.

Let us look at this example: Several years ago, you purchased your house for $150,000 and obtained a mortgage in the amount of $100,000. Last year, your mortgage indebtedness had been reduced to $95,000, but your house was worth $300,000.

Because rates were low last year, you refinanced and were able to get a new mortgage of $175,000. Your acquisition indebtedness is $95,000. The additional $80,000 that you took out of your equity does not qualify as acquisition indebtedness, but since it is under $100,000, it qualifies as if it was a home equity loan.

Several years ago, the Internal Revenue Service ruled that one does not have to take out a separate home equity loan to qualify for this aspect of the tax deduction. However, if you had borrowed $200,000, you would only be able to deduct interest on $195,000 of your loan -- the $95,000 acquisition indebtedness, plus the $100,000 home equity.

The remaining interest is treated as personal interest, and is not deductible.

POINTS. When you obtain a mortgage loan, some lenders will allow you to pay one or more points to get that loan. The more points you pay, the lower your mortgage interest rate should be. Whether referred to as "loan origination fees," "premium charges," or "discounts," these are still points. Each point is one percent of the amount borrowed; if you obtain a loan of $170,000, each point will cost you $1,700.

The IRS has also ruled that even if points are paid by sellers, they are still deductible by the homebuyer. Points paid to a lender when you refinance your current mortgage are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan. For example, you paid $1700 in points for a 30 year loan. Each year you are permitted to deduct only $56.66 ($1700 divided by 30); however, when you pay off this new loan, any remaining portion of the points you have not deducted are then deductible in full.

Needless to say, if you have any questions about these tax benefits, discuss them with your financial and legal advisors.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

5151 & 5153 Trevon St

Price: $235,000    Beds: 4    Baths: 2    Sq Ft: 1879

Wonderful updated duplex! Each unit has 2 bedrooms and 1 bath, vinyl windows, garage with roll-up door and large fenced backyard with patio. This 0.23 acre lot located on the corner of a culdesac is within 2 miles of schools, shopping and bus route....
View this property >>

 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Happy New Year!

by Galand Haas

HAPPY NEW YEAR!

 

Video Link: http://eugeneoregonhomesforsale.com/video/Happy-New-Year-2016



none2685 Valley Forge Dr

Price: $524,900    Beds: 3    Baths: 2    Partial Baths: 1    Sq Ft: 2302

Anslow & DeGeneault 2015 Tour of Homes model home. Gas forced air 92% efficiency, exquisite single level, located in beautiful Hawthorne Estates. Easily entertain in Great Rm overlooking backyard. Escape to luxurious owner’s ste w/ tray ceilin...
View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Displaying blog entries 1-5 of 5

Syndication

Categories

Archives

Share This Page

Contact Information

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

Find Your Next Home

Homes for sale in the Eugene area are only a click away!