Real Estate Information Archive

Good Monday Morning!

It's that exciting time of year again as we get ready for Christmas and everything that it means!  For many of us, the tradition of Christmas means decorating our homes both on the inside and out. One of the little know advantages of decorating our homes is the fact that we get to look more closely at parts of our home that we typically are not in touch with.  The following article talks about how you can inspect portions of your home as you decorate and uncover some issues or potential home issues.

Holiday decorating is in full swing, and as homeowners deck their halls, they may want to also use the festivities as an excuse to inspect several out-of-sight ares of their home.

Groundworks, a basement and foundations firm, offers up tips to spot needed repairs in the home while also hanging your holiday decor. Here are the top seven home issues they suggest looking for:

Electrical outlets 

Is a plug no longer working? Outdoor outlets are exposed to the elements and can become damaged. A ground fault circuit interrupter may have been tripped. Take precautions if you find any loose connections or exposed wiring.

Circuit breakers

While installing an outdoor light display, homeowners may discover problems with the home’s electrical system or circuit breaker box. “Some homeowners may only check out their electrical panel if they accidentally throw a breaker,” GroundWorks says. “However, proactive homeowners may want to look at their breaker box before installing holiday lights. You may discover that you need a diagram of which circuits are connected to which outlets or appliances. This can help you avoid overloading a single circuit.” LED Christmas lights tend to use less electricity and may help avoid blown fuses.

Overgrown shrubs

Plants should be about two feet from your house to protect your foundation. Tend to any overgrown plants while hanging holiday lights, or make a note on your calendar to do so in March or April. “If you have overgrown evergreens, you can also give them a light trim around the holidays and use that greenery for home decorations,” Groundworks says.

The roof or gutters

If you’re on a ladder to hang Christmas lights, be sure to take a look at the roof and gutters. Are the gutters clogged? Is rainwater pooling right next to the foundation? Are any shingles missing on your roof? Spot existing damage and avoid creating more problems by using light clips on the edge of your gutter while hanging Christmas lights, GroundWorks suggests.

Chimney

Take a close look at the chimney. Does it look like it’s tilting or starting to separate from the house? This could be a sign of foundation issues. To test it, Groundworks suggests, hold a string with a small weight from the top edge of the house. The string will always fall straight down. Compare that to the structure to determine whether there is a tilt to any portion of the home, including the chimney. A tilting chimney may show a visible gap where it is pulling away from the remainder of the house, Groundworks says. A foundation expert may need to identify the problems and explore the best ways to fix them.

Pest damage

You may also spot damage from pests. “Along the eaves, you could find woodpecker holes or wasp nests,” Groundworks says. “Where the house meets the ground, you could find signs of termites or ants.”

Siding damage or wood rot

Look for any signs of deterioration, damage, or wood rot on your siding or window frames. If you find any, your home could be vulnerable to water damage. “In the warmer months, your home could be unprotected from heavy rains, resulting in flooding or moisture in your basement or crawl space,” Groundworks warns. “As the weather turns cold, the damaged siding could allow water inside the walls, cracking the concrete when it freezes.”

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2947 Dry Creek Rd, Eugene, OR 

Price: $465,000    Beds: 3    Baths: 2.0    Sq Ft: 1609

Gorgeous and completely updated one level home. Granite counters, stainless appliances and very open kitchen family room. Large landscaped and fenced backyard with 400 sq foot + shop storage building. Beautiful fully covered patio, large RV parking...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

If you are considering building a new home or even a remodel of your existing home, it can be challenging right now. Supply chain disruptions have created huge shortgages of building supplies such as tile, paint, hardwood flooring, lighting fixtures, plumbing fixtures, appliances and much more.  Don't expect that you won't deal with many long delays and in some cases the inablity to get the products you want.  I know of remodels that should have taken 2-3 months that are taking over a year to complete.  Also, look for prices on all of these building supplies to continue to escalate as scarcity drives prices higher.  All of this is putting pressure on an already highly inflated new home industry.  It's a much different world for new construction that we live in today and it has all happened within the last year.  Here is an article from "Realtor.com" that speaks to this issue.

New home construction ebbed in October, but permitting activity continued at a steady clip, pointing to the challenges builders are facing in starting and completing projects.

U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.52 million in October, representing a 0.7% decrease from the previous month, the U.S. Census Bureau reported Wednesday. Compared with October 2020, housing starts were up 0.4%.

The pace of permitting for new housing units increased in October, however. Permitting for new homes occurred at a seasonally-adjusted annual rate of 1.65 million, up 4% from September and 3.4% from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.63 million and building permits to come in at a median pace of 1.58 million.

What happened

The overall pace of housing projects being completed remained unchanged between September and October, but the rate at which builders finished work on single-family homes declined roughly 1.7% over that period.

Every region nationally saw an increase in permitting activity, led by an 8.3% uptick in the Midwest. Permits rose for all building types as well. Single-family permits increased 2.7%, whereas permits for buildings with two to four units lifted 8.2% between September and October. Multifamily permits increased 6.5% on a monthly basis.

The drop in housing starts was caused by a 3.9% decline in new construction for single-family homes. Multifamily starts actually rose 6.8% between September and October. Regionally, every part of the country recorded a downturn in housing starts except for the Midwest.

The big picture

The mixed message from the Census Bureau’s new home construction report points to the supply chain-related challenges home builders are facing.

Building materials are still harder to come by than they were before the COVID-19 pandemic, and labor shortages continue to plague the construction sector. Both these factors have hampered home builders’ ability to scale up the pace of construction.

That said, the demand for new homes remains elevated. “September new home sales figures were strong which reflects market optimism, and indicates that once materials and labor become readily available we are likely to see a similar surge in starts,” said Kelly Mangold, a principal with RCLCO Real Estate Consulting.

What they’re saying

“In September, homes under construction hit a 47-year high. With builders’ resources so stretched, starting new constructions is being held back,” Benjamin Reitzes, macro strategist at BMO Capital Markets said in a note, citing research from his colleague, BMO senior economist Sal Guatieri.

“With demand still strong and inventories low, the backdrop for building activity should improve as supply constraints gradually ease,” Rubeela Farooqi, chief U.S. economist for High Frequency Economics, said in a research note.

“With one-in-four homeowners reporting that they aren’t selling this year because they can’t find a next home to buy in their price range, existing homeowners are facing a bit of a catch-22. For many markets, new construction is the solution,” said Danielle Hale, chief economist at Realtor.com.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2548 35th Place, Springfield, OR 

Price: $439,000    Beds: 3    Baths: 2.0    Sq Ft: 1524

Beautifully updated home in desirable Hayden Bridge area. Almost everything is brand new inside! New kitchen cabinets w/granite counters & breakfast nook, beautiful tile flooring in entry & bathrooms. New Carpet and paint inside and out. Seller spar...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

The Real Estate market in the Eugene and Springfield area seems to be slowing a bit.  I am not sure if this is purely seasonal or if the higher prices paid for homes and the lack of inventory of homes for sale is causing most of the slow down.  Currently there is .9 months of home inventory on the market in Lane County.  A healthy Real Estate market will have around 4-6 months of inventory.  With inflation hitting hard over the past several months and reaching 6.2% last month, it could eventually hit mortgage interest rates hard as the Fed will begin raising rates in an attempt to curb inflation.  At this time, mortgage interest rates remain extremely attractive.  If you are sitting on the fence about purchasing or selling a home, my suggestion is to take advantage of this current market.  The market that we have down the road may look quite different. Here are the home sales numbers in Lane County for October of 2021.

New listings (482) decreased 5.7% from the 511 listed in October 2020, and decreased 3.2% from the 498 listed in September 2021.

Pending sales (461) decreased 5.9% from the 490 offers accepted in October 2020, and increased 1.8% from the 453 offers accepted in September 2021.

Closed sales (455) decreased 6.0% from the 484 closings in October 2020, and decreased 0.9% from the 459 closings in September 2021.

Inventory and Market Time

Inventory decreased to 0.9 months in October. Total market time increased to 22 days.

Year-To-Date Summary

Comparing the first ten months of 2021 to the same period in 2020, new listings (5,245) increased 4.7%, pending sales (4,506) increased 4.2%, and closed sales (4,259) increased 7.0%.

Average and Median Sale Prices

Comparing 2021 to 2020 through October, the average sale price has increased 19.3% from $361,700 to $431,400. In the same comparison, the median sale price has increased 18.2% from $334,300 to $395,000.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

1609 NW Oceanic Loop, Waldport, OR 

Price: $449,900    Beds: 2    Baths: 2.0    Sq Ft: 1228

BEAUTIFUL BEACH HOUSE located in Bayshore Beach Club in Waldport. One short block from the beach & club house. Decks w/ wind protection glass panels. Open floor plan w/ sliding doors in the living room, kitchen & primary bedroom. Den can be used as...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Mortgage interest rates have declined slightly, but this could be one of the last drops in rates we see for a while.  With inflation raging in our country and now with the passage of the infrastructure bill by Congress that will fuel further inflation, rates may begin to rise soon in an an attempt to curb the inflation rise. Inflation at levels this country has never seen is on the horizon due to reckless spending by the governement and poor money management policy.  Yes, this is soon to have a huge impact on homebuyers. As of right now, mortgage rates have declined some and this offers what many think will be your last shot at these incredible rates.  Here is an article that speaks to our current mortgage rate situation.

Offering slight relief to home buyers this week, the 30-year fixed-rate mortgage fell to a 3.09% average. But rates may rise again soon.

Housing analysts largely expect mortgage rates to increase in the following months due to the Federal Reserve’s announcement this week that it will slowly reduce its monthly bond purchases.

“While mortgage rates fell after several weeks on the rise, we expect future upticks due to strong economic data and as the Federal Reserve pulls back on its stimulus,” says Sam Khater, Freddie Mac’s chief economist. “That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”

The National Association of REALTORS® forecasts the 30-year fixed-rate mortgage to average 3.5% by the second quarter of 2022.

How Will Higher Mortgage Rates Impact Home Buying?

Freddie Initiative Adds Rent Payments to Credit Reports

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 4:

• 30-year fixed-rate mortgages: averaged 3.09%, with an average 0.7 points, falling from last week’s 3.14% average. Last year at this time, 30-year rates averaged 2.78%.
• 15-year fixed-rate mortgages: averaged 2.35%, with an average 0.6 points, decreasing from last week’s 2.37% average. A year ago, 15-year rates averaged 2.32%.
• 5-year Treasury-indexed hybrid adjustable-rate mortgages: averaged 2.54%, with an average 0.3 points, dropping from last week’s 2.56% average. A year ago, 5-year ARMs averaged 2.89%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2947 Dry Creek Rd, Eugene, OR 

Price: $465,000    Beds: 3    Baths: 2.0    Sq Ft: 1609

Gorgeous and completely updated one level home. Granite counters, stainless appliances and very open kitchen family room. Large landscaped and fenced backyard with 400 sq foot + shop storage building. Beautiful fully covered patio, large RV parking...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

There certainly is no stopping the escalating home prices in the Eugene and Springfield area.  Even though the numbers of home buyers may be decreasing slightly, a shortage of homes for sale in our area is keeping home prices high and even increasing. The market of $400,000 homes and below remains tough and bidding wars may still take place.  Nationwide, this trend seems to be taking place as well.  How long this market will continue is anyones guess at this time.  If inflation continues to roar and interest rates rise as a result, the current market we are experiencing could come to a screeching halt.  Here is an article from "Realtor.com" that addresses to national housing market trends.

The numbers: Home prices maintain record levels

The pace of home-price growth slowed slightly in August, though buying a home remained more expensive.

The latest edition of the S&P CoreLogic Case-Shiller Home Price Index showed that home prices increased nationally 19.8% from a year ago in August, roughly in line with the previous month’s increase. The separate 20-city index, which measures price appreciation among a group of major metropolitan areas across the country, notched a 19.7% year-over-year gain, down from a revised 20% annual gain the month before.

“Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels,” Craig J. Lazzara, managing director and global head of index investment strategy at S&P DJI, said in the report.

What happened

The top two cities to see the largest annual gains remained the same—Phoenix (33.3%) and San Diego (26.2%). But Tampa, Fla., edged out cities like Dallas and Seattle to record the third-largest gain in home prices nationwide, with a 25.9% increase.

All 20 of the major cities that the index tracks saw increases in home prices in August, but in most cases it was at a slower pace than in July.

The big picture

A separate report from the Federal Housing Finance Agency found that prices had risen 18.5% between August 2020 and August 2021. Regionally, there were significant variations in the direction of home prices.

The FHFA reported that home prices decreased very slightly in New England on a monthly basis between July and August, whereas they rose by nearly 2% over that same time frame in the South Atlantic region, which includes Delaware, Maryland, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.

“Annual house price gains remained extremely high in August but the pace of month-over-month gains continues to decelerate,” Lynn Fisher, the deputy director of the division of research and statistics at the FHFA, said in the report. “This does not mean house prices are at risk of declining—far from it, they continue to climb at a double-digit pace in all regions—but it does suggest we may have seen the peak in annual gains for the time being.”

What they’re saying

“Going forward, the conditions buyers face are primarily dependent on two things: mortgage rates and housing supply. The average mortgage rate for a 30-year fixed-rate loan rose 10 basis points from 2.77% to 2.87% in August and has breached 3.0% with no sign of slowing since then, limiting some buyers’ ability to push home prices higher.

Furthermore, the availability of homes for sale remains low as new construction climbs out of a decade-long deficit and the inventory of existing home listings continues to fall short from 2020 levels,” said Danielle Hale, chief economist at Realtor.com.

“Persistently strong demand among traditional homebuyers has been amplified by an increase in demand among investors this summer. Together, demand pressures continue to drive home-price growth higher, despite some early signs of buyer fatigue and slight improvements in the availability of for-sale homes,” said CoreLogic deputy chief economist Selma Hepp.

“And while strong home-price appreciation rates are narrowing the pool of buyers, particularly first-time buyers, the depth of the supply and demand imbalance and robust demand among higher-income earners will continue to push prices higher,” she added.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

1609 NW Oceanic Loop, Waldport, OR 

Price: $449,900    Beds: 2    Baths: 2.0    Sq Ft: 1228

BEAUTIFUL BEACH HOUSE located in Bayshore Beach Club in Waldport. One short block from the beach & club house. Decks w/ wind protection glass panels. Open floor plan w/ sliding doors in the living room, kitchen & primary bedroom. Den can be used as...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!