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Market Activity for October 2015

by Galand Haas

Good Monday Morning!

As usual the Real Estate market in the Eugene and Springfield area slowed slightly coming into October.  The real news though is that the market here continues to improve over the market we had in 2014.  All signs are that this improving Real Estate market should continue right into next year.  Here are the highlights for October 2015.

October Residential Highlights

October brought a little seasonal cooling to Lane County, but all measures are still ahead compared to October 2014. Pending sales (436) ended 17.8% ahead of the 370 offers accepted in October 2014, although 5.4% lower than the 461 offers accepted last month in September 2015. Closed sales (441) fared similarly, cooling 0.5% from 443 in September 2015 but 9.2% ahead of the 404 closings posted in October 2014. New listings (418) cooled 14.0% from September (486) but were still 6.1% ahead of October 2014 (394).

Total market time remained steady in October at 71 days, and inventory fell to 2.7 months during the same period.

Year to Date Summary

Activity was up during the first ten months of this year compared to the same period last year. Pending sales (4,491) were up 28.2%, closed sales (4,114) were up 26.2%, and new listings (5,829) were up 9.8% this year compared to the first ten months of 2014.

Average and Median Sale Prices

Comparing 2015 to 2014 through October of each year, the average sale price rose 3.1% from $236,000 to $243,200. In the same comparison, the median sale price rose 4.5% from $211,000 to $220,500.

Have an Awesome Week!

THIS WEEKS HOT HOME LISTING!


 

2685 Valley Forge Dr

Price: $524,900     Beds: 3     Baths: 2    Half 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...
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This Month in Real Estate November 2015

by Galand Haas

Good Monday Morning!

Nationally, home sales were up slightly for October of this year as home prices declined slightly.  Mortgage interest rates for 30 year conventional financing actually dropped slightly and rates remain well below 4%.  I can't stress enough to anyone who is thinking about purchasing their first home, thinking about purchasing a larger home or a smaller home that time is running out to take advantage of this favorable market.  The Feds continue to artificially manipulate rates to help bolster a sluggish economy.  This can't last forever and when rates do start to rise, there may be no end in site for a while.  The mortgage rate that you can obtain today is going to make you very happy down the road.  

If you are contemplating a home purchase and you would like to just explore how this all might look for you, please call me for a no obligstion consultation.  I have helped thousands of Eugene and Springfield residents with their home purchase and I can give you the exact information you need to make the best decision.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-November-2015

THIS WEEKS HOT HOME LISTING!





 

2231 Sandy Drive

Price: $330,000     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...
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National Housing Market Update

by Galand Haas

Good Monday Morning!

Homes sales dipped in October and first time buyers sales were a big part of this slump.  Competition caused by low inventories of homes in first time buyer price ranges was the primary cause.  Here is information on our current national housing market with statistics from the National Association of Realtors.

A month-over-month dip in home sales last month caused real estate watchers to ponder—gasp—a potential cooling of the market. But on Thursday the National Association of Realtors® reported that sales are up again.

Existing-home sales—completed sales of single-family homes, townhomes, condominiums, and co-ops—rose 4.7% from August to September, reaching 5.55 million. That’s the 12th consecutive month to see year-over-year growth, and the second-highest peak since February 2007, when sales totaled 5.79 million.

The median existing-home price for all housing types was $221,900 in September, 6.1% more than September 2014. This is the 43rd consecutive month that we’ve had year-over-year gains. Single-family home sales increased 5.3%, with a median price of $223,500, while condo and co-op sales remained unchanged, with a median existing-condo price of $209,200.

All-cash sales rose, too: They represented 24% of transactions in September, up from 22% in August. Short sales stayed on the market for an average of 135 days, but short sales and foreclosures are still down from a year ago—7% now and 10% then.

Why the reversal on sales in general? These are seasonally adjusted numbers, so they don’t reflect the typical fall slowdown. August sales, however, were affected by the stock market dips that shook buyers’ confidence.

“Sales are impacted by major stock market declines, since at least one in five buyers funds at least a portion of their purchase with stock or retirement funds,” said realtor.com® chief economist Jonathan Smoke. “But barring stock corrections that reflect real economic downturns—which we are not experiencing—homes sales typically return to the prior trend after stock values stabilize.”

But not all numbers were up: Inventory decreased 2.6% and is 3.1% lower than a year go. There’s a 4.8-month supply of unsold housing—in August, it was 5.1 months.

Maybe it’s counterintuitive—how can there be more sales when there’s less inventory?

It’s all that pent-up demand. Unfortunately for first-time buyers, all that competition has driven house prices up; you’re more likely to buy a home if you already have one.

“First-time buyers fell to 29% of sales in September after climbing to their highest share of the year in August (32%),” according to the NAR. “A year ago, first-time buyers represented 29% of all buyers.”

That’s the biggest surprise, Smoke said, but “despite that decline, we estimate from the monthly sales data this year that first-time buyers have been responsible for 45% of the growth in sales over last year.”

Whether the rise in existing-home sales continues depends on one thing: jobs. The 6% rise in prices is just about double the pace of wages. We need more, and better-paying, employment to keep sales up. That’s complicated by the fact that most future job growth is rooted in the relatively low-paying service sector. Sales may be up, but we’ll need inventory to rise with them.

Regional breakdown

Northeast: September existing-home sales rose 8.6% to an annual rate of 760,000, 11.8% above a year ago. The Northeastern median price was $256,500, 4% above September 2014.

Midwest: September existing-home sales rose 2.3% to an annual rate of 1.31 million, 12% above a year ago. The Midwestern median price was $174,400, 5.4% above September 2014.

South: September existing-home sales rose 3.8% to an annual rate of 2.21 million, 5.7% above a year ago. The Southern median price was $191,500, 6.2% above September 2014.

West: September existing-home sales rose 6.7% to an annual rate of 1.27 million, 9.5% above a year ago. The Western median price was $318,100, 8% above September 2014.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

 

52494 McKenzie Hwy

Price: $280,000     Beds: 3     Baths: 2    ∏ Baths: 1     Sq Ft: 1945

Riverfront retreat with many upgrades! Relax on over half an acre and 200ft of river frontage on a large partially covered deck overlooking the McKenzie with no neighbors across. Fenced with yard, garden and 2 driveways with room for RV/toy parking,...
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7 Insights into Successful Home Buying

by Galand Haas

Good Morning!

For many new home buyers, the task of trying to find and purchase a new home can seem very complex.  The truth is that if you have good leadership and advice along the way from a Real Estate professional and mortgage lender, the process can be very easy and you can achieve home ownership very quickly and efficiently.  Here is an article from Realty Times that gives some insight into the process of home buying.

Home-buying is multi-tasking on steroids. Are you up for the challenge?


On the surface, buying a home seems simple: find your dream home and buy it.

In reality, this seemingly-simple task requires buyers to make a continuous stream of under-pressure decisions, often concerning issues and consequences they do not fully understand. Instead of one task, buyers are faced with hundreds of tasks many of which must be decided on simultaneously, on very short deadlines. This makes decision-making a challenge, but it's the knowledge gaps and "I've never thought about this before" perspectives revealed in smart home buying that add the real pressure. At its best, purchasing real estate is an exhilarating race through a labyrinth of snap decisions ending with the purchase of real estate. At its worst, home buying can become a multi-tasking nightmare culminating in the purchase of the wrong property, in spending too much, or in no purchase at all.

To swing the outcome in your favor, one key task is choosing the "best fit" real estate professional to guide you through the home-buying process. This real estate expert will keep you fully informed, so that even snap decisions are solid choices you will thrive on.

Face the complexity of successful home buying head on and it will not overwhelm you.

Purchasing real estate involves making a series of decisions which combine to address the essentials of successful real estate ownership. The "I've never thought about that before" perspectives that challenge decision making, especially for first-time buyers, can be categorized by the specialized knowledge required.

Here are Seven Insights into Successful Multi-Tasking:

#1. Investment: What is the value-appreciation potential of the property?

Does it seem strange to think about resale value when you haven't even purchased yet? This perspective is important since it reveals current value deficits. In addition, after paying off the mortgage (and many thousands in interest), and maintaining and improving the property over the years ahead, you'll want to recover these costs and make a profit to finance the next phase of your life. Even a "forever home" should be purchased with investment in mind since the future is full of surprises. Location is key to resale value. The best strategy is to buy the least property in the best neighborhood you can afford.

#2. Lifestyle: Which lifestyle values should the chosen property reinforce?

Are you determined to spend your time, money, and effort on accumulating "stuff" and teaching your children to do the same? If so, square-footage, lots of storage, and a bedroom each may be essential. If your values go beyond materialism, the size of the building may not be as important as highly-functional interior design, the surrounding community, and local amenities and green spaces. Shop neighborhood before you start looking at individual homes.

#3. Benefits: How do you expect ownership to benefit you and your family?

We addressed investment and its links to your financial future in #1. How else do you expect the home and neighborhood to benefit your family? For instance, locating near select schools has taken priority over locating adjacent to work for many buyers, but make sure the school in question is not so over-populated that its standards are slipping. Compare the cost of alternatives schools to the premium that real estate in "star school" neighborhoods demands. If a private school or home schooling is intended, "star" amenities may take priority over neighborhood schools.

#4. Time Management: How should your real estate support income earning?

Jobs tend to be more plentiful in urban areas. Real estate prices are usually lower and appreciation slower further away from urban centers. The expense of commuting to work goes up the further away you live. Do the math to determine what you'll net in salary after deducting the cost of commuting. Add a calculation of how many extra hours the distance will take from your family, interests, health, and fun. Only you can determine what this time is worth when you evaluate the value of buying a larger home further from city center.

#5. Property Management: How much time and money will maintaining and regularly modernizing your property require?

Gardening can be a great joy, but mowing a large lawn can be a great responsibility—and an expense if you pay someone else to mow. The larger the house, the higher the taxes, the bigger the roof, the more plumbing and wiring involved, more windows to decorate, more furniture to buy, and more space to heat and cool…. The costs attached to maintenance are annual, increasing expenses and should be considered when setting the budget for a purchase.

#6. Borrowing: How much will the cost of borrowing add to the overall cost of home ownership?

Mortgage interest and related costs are not the cost of real estate since not everyone needs a mortgage. These expenses relate to borrowing, but they can be large enough to make you house rich and cash poor. Financially stretching for a dream home, may be your choice knowing your earning power is on the rise.

#7. Backup: How will I find reliable, accurate, unbiased answers to my questions during the buying process?

GoogleTM should not be your "go-to" resource during home buying because it holds no liability if you get the wrong information or if you don't know what you don't know and should know about a topic. Settle on a real estate professional with the knowledge and experience relevant to the locations and type of real estate you are interested in. When you ask this local expert a question, they will know the complete answer or know how to get it. Real estate professionals understand that they carry fiduciary responsibilities to provide the right information at the right time, so their client (that's you) can consistently make confident decisions to achieve their stated goals.

The more you understand the home-buying process before you start, the better prepared you'll be for a multi-tasking decision-making marathon. The many small decisions about style of home, mortgage term, closing date, garbage and mail services, side of the street, distance to medical services and the firehall etc... will be manageable. You'll be ready to confidently make significant decisions about which property, how much to spend, and which responsibilities to commit to in the offer to purchase.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!



5151 & 5153 Trevon St

Price: $239,000     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....
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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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