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Monday Morning Real Estate Update 4/16/07

by Galand Haas

Good Monday Morning!

Well, for the most part this past weekend showed us some wonderful Spring weather.  Compared to other parts of the country our weather looks pretty nice.

Compared to other parts of the country, our Real Estate market here in the Eugene and Springfield area also looks pretty nice.  It is taking longer to sell a home, home prices are slightly softer, but overall we are continuing to have a fairly good Real Estate market here.  Many part of the country are seeing a slow down that is much more severe. The one factor that is somewhat concerning here is that the cost of development land, building lots and new construction continues to soar.  If this trend continues it could quickly put the brakes on our good market.

Have An Awesome Week!



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Monday Morning Real Estate Update 4/9/07

by Galand Haas

Good Monday Morning!

After a cool and breezy Easter weekend it looks like more of the same for the balance of the week.  Oh well!  Spring will return!!

Home sale statistics are in for February and there was a slight improvement.  The home inventory level dropped from 5.6 months to 5.3 months.  This is good news for home sellers if this trend continues.  The same time period for 2006 saw an inventory of 3.4 months.  The dividing line between a buyers and sellers market is 6 months of inventory.  The market here is continuing to hover very closely to becoming a true buyers market.  The average time on the market for a single family residence is now 74 days and that is in contrast to 58 days for last year.  Interestingly enough, the average home price continues to increase and it was $253,800 which is up from $242,700 last February.  Pending sales, which are the homes currently under a sales contract declined 2.7%, while new listings on the market increased by 16.4%.

Don't look for any significant changes over the next few months other than the inventory of homes should steadily increase as we move towards Summer. It is a wonderful time to purchase a new home.

Have An Awesome Week!

 



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Market Trends 4/11/07

by Galand Haas
Presented by: Galand Haas Team

 

Lane County Real Estate


 RMLS February 2007 Reporting Period 

 February Residential Highlights

Comparing February 2007 to February 2006 closed sales increased 7.4%. Further, new listings increased 24.8%. However, pending sales decreased 2.2%. The 1,508 active residential listings at month's end would last approximately 4.9 months given the month's rate of sales.

 

Year-to-Date

Comparing market activity for January-February 2007 to the same time period in 2006, closed sales increased 4.2%. Further, new listings were up 16.4%. Meanwhile, pending sales decreased 2.7%

 

Appreciation

Comparing the 12 months ending with February 2007 to the 12 immediately prior, the average sale price climbed 11.3% ($256,000 v. $230,000). Using the same formula we can see that the median sale price increased 13.4% ($225,200 v. $198,600). 

 

 

 

To-do list for spring, summer home sellers.

If you plan to sell your house in 2007, in most communities the peak sales months are April, May, June and July. The reason is the largest number of prospective buyers are in the market during this time of the year. That means now is the time to get your home ready for sale. If you want to earn top dollar, careful preparation and planning are essential. The four key steps are:

1. GET YOUR HOME INTO "MODEL HOME" CONDITION.

The best way to get your house ready for sale is to take a critical look at it. Pretend you are a critical buyer. Ask yourself, "Would I buy this home?" If your honest answer is "no," then do your best to correct its deficiencies. Getting your home into "model home" condition doesn’t mean making major renovations, such as installing a new kitchen or new bathrooms. That is usually a waste of money because buyers might not like your tastes.

Instead, cleaning, repairing and painting are all that is usually needed. Inexpensive cosmetic improvements usually pay off handsomely.Even if your home really doesn’t need it, fresh paint is the most profitable improvement you can make. It gives that "new feeling" to even old houses. For every $1 spent painting the interior and exterior, the return in the form of a higher sales price is often 10 times its cost. Other profitable improvements that usually return more than their modest costs include new light fixtures, new floor coverings (carpets, kitchen and bathroom tile or vinyl, refinishing wood floors, etc.) and a landscaping spruce-up with colorful flowering plants.

Pretend you are a photographer from one of the home magazines, such as House Beautiful or Sunset. Aim to make your house worthy of a low-cost home makeover feature article.

 2. HAVE YOUR HOME PROFESSIONALLY INSPECTED.

Another alternative is to repair or replace the deficient item, such as a bad furnace, but ask the supplier to delay payment until the sale closes. Most suppliers are eager to make sales and will readily agree to delayed payment without extra cost.

The reason a pre-listing professional inspection is so vital is that most of today’s savvy buyers insist on these inspections. By having your own pre-listing inspection, you will already be aware of any serious drawbacks. In addition, wise home sellers have customary local inspections such as for termites, energy efficiency, radon and building code compliance. Such inspections avoid later surprises. Smart sellers have repairs made before putting their home on the market, thus thwarting buyer objections.3. ESTIMATE YOUR HOME’S MARKET VALUE.

Home sales prices are based on the recent sales (not asking) prices of nearby similar houses within the last three months. A good place to start is on the Internet to determine your home’s approximate market value. For a FREE, no obligation, current market analysis of your home, log onto www.forhomesellers-nonSmartZip.com, fill out the form and a current market analysis of your home will be emailed directly to your inbox.

To find out the asking prices of similar homes listed for sale in your community, the best source is www.forhomeinfo.com. This Web site searches homes directly from the Multiple Listing Service. It is also FREE to sign up for and homes will be emailed directly to your inbox that meet your specific criteria. It will give you a good idea of comparable nearby houses now listed for sale. Please remember these are asking price, not sales prices. You can also obtain a home value analysis by email by logging onto www.forhomesellers-nonSmartZip.com. Here, you simply enter in the information pertaining to your home and within about 24 to 48 hours you will receive this analysis by email.

 4. INTERVIEWING A REAL ESTATE AGENT.

1. Ask how long the agent has been in the business.

2. How many homes they list and sell annually? (more is good).

3. What kind of marketing do they provide? (extensive Internet is good).

4. Get at least 3 references.

6. How long is the listing period?

7. How long do they follow up on showings?

8. What systems do they have for regular communication?

9. Are they a single agent or do they have a team? Teams are typically better.

Never, never choose an agent solely based on the fee they charge or on a potentially inflated sales price. Follow these simple suggestions and you should maximize on your homes sale price and have a great selling experience.

 

For Sale: $260000
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Keller Williams Realty Eugene and Springfield, 242 Country Club Road, Eugene, OR, 97401

Monday Morning Real Estate Update 4/2/07

by Galand Haas

Good Monday Morning!

As Spring arrives in the Eugene and Springfield area it reminds us as to how fortunate we are to live in such a gorgeous area.  Spring is truly a wonderful time of year in  Eugene and Springfiled.

The number of homes for sale at this time has hit a higher level.  The increase in home prices has stabilized and there has been little change over the last several months.  This indicates a stable market and one that should be very good for home buyers over the next quarter. With the continuation of very attractive mortgage interest rates, perpective home buyers should pay attention.

You can view all home listed for sale in the Eugene and Springfield area by visiting www.eugeneoregonhomesforsale.com.

Have An Awesome Week!

Home Mortgage Trends 3/12/07

by Galand Haas
The Mortgage Bankers Association
According to the MBA's statistics approximately 11% of subprime loans are used by first-time homebuyers.
Last week MBA stated that "Today, homeownership stands at 69 percent because many people not able to get credit in the past have gotten the opportunity to borrow money. And, our data demonstrates that 87 percent of borrowers with subprime loans are paying their mortgages on time and enjoy the benefits of homeownership." MBA tracks 43.5 million loan database, including subprime, to track industry trends and statistics.
The Center for Responsible Lending
The Center for Responsible Lending points out that this means "loans in the subprime market are typically debt consolidation refinance loans and do not create new homeownership opportunities.
Loans that borrowers cannot afford do not lead to lasting homeownership. Comparing an 11% increase in homeownership with projected default rates of 19.4% for recent subprime loans; subprime lending appears to result in a NET LOSS of homeownership in its current form.
In addition, most borrowers who get subprime loans later refinance into new subprime loans, and many of these will also be foreclosed upon. Following the borrower through subsequent loans rather than just looking at that first loan, CRL roughly estimates in Losing Ground that actual subprime borrower foreclosure rates will be over 35%." CRL's research is based on the performance of more than six million subprime loans originated over a seven-year period.
Most sobering is the CRL prediction that "... one out of five (19 percent) subprime mortgages originated during the past two years will end in foreclosure. This rate is nearly double the projected rate of subprime loans made in 2002, and it exceeds the worst foreclosure experience in the modern mortgage market, which occurred during the 'Oil Patch' disaster of the 1980s."
Suggested Corrective Action
This past week, in testimony before the House, MBA Chairman John M. Robbins stated that "Working together, I suggest we must accomplish three things. (1) We must stabilize the subprime mortgage credit system; (2) provide assistance for homeowners facing foreclosure; and (3) finally prevent this from ever occurring again. Sound perspective and a prudent regulatory hand will soothe investors, calm editorial writers and help consumers."

Key Economic Reports Released This Week

RELEASE
DATE
ECONOMIC
INDICATORS
RELEASED
BY
CONSENSUS Wt. INFLUENCE ON
INTEREST RATES
Mon 04/02
10:00 am et
ISM (NAPM) Index
for March '07
National Association of Purchasing Mgt.

51.2%

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Mon 04/02
1:00 pm et
Weekly Bill Auction
Dept. of the Treasury

N/A

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Tue 04/03
Motor Vehicle Sales
for March '07
Automobile Manufacturers

Vehicles 16.5M

** Undetermined
Wed 04/04
7:00 am et
MBA Mtg Apps Survey
for week ending 03/30
Mortgage Bankers Association of America

N/A

* Undetermined
Wed 04/04
10:00 am et
Factory Orders
for February '07
Bureau of the Census
Dept. of Commerce

2.0%

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Wed 04/04
10:00 am et
ISM Index (Non-Mfg)
for March '07
National Association of Purchasing Mgt.

55.0%

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Thu 04/05
8:30 am et
Jobless Claims
for week ending 03/31
Bur. of Labor Statistics
Department of Labor

320K

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Fri 04/06
8:30 am et
Employment Report
for March '07
Bur. of Labor Statistics
Department of Labor

Payrolls 120K
Unemp 4.6%

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Fri 04/06
10:00 am et
Wholesale Trade
for February '07
Bureau of the Census
Dept. of Commerce

0.4%

** Undetermined
Fri 04/06
3:00 pm et
Consumer Credit
for February ' 07
Federal Reserve Board

$5.0B

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* Low Importance ** Moderate Importance *** Important **** Very Important

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This Economic Report was sent to: galand@galandhaas.com

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Monday Morning Real Estate Update 3/12/07

by Galand Haas

Good Monday Morning!

Wow! 75 degrees on Sunday. It was a new record high temperature for that date! Congratulations to the Oregon ducks men's basketball team for winning the Pac 1o tournament and now moving on to the NCAA tournament.

The home sales statistics are in for last month.  There were 558 new homes hitting the market.  This was in comparison to 510 for the same month in 2006.  There were 257 closed sales, which was the exact same number as February of 2006.  The average time on the market increased to 76 days.  This is compared to 55 days during the same month of last year.  The average sales price was $243,700, which is up from $236,600 for February of 2006.

As you can see the largest difference from a year ago is the time it takes a home to sell and the average sales price. So there goes the thought that we have a bad RealEstate market here in the Eugene and Springfield area.

Have An Awesome Week!

 

 



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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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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