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The Numbers are in: April 2014

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Good Monday Morning!

The Eugene and Springfield Real Estate market has cooled down some and the statistics for April 2014 indicate that the market could be headed on a downward trend.  New listing were up at the same time that sales have slowed.  The average sales price also continues to increase.  More inventory of homes on the market, heavier competition and longer number of days on the market are danger signs for a slowing market.  Time will tell, but don't look for 2014 to be the robust market that we saw in 2013.  This means that if you are selling a home,  you need to be very conservative with your home pricing.

April Residential Highlights

April continued to see a seasonal increase in real estate activity in Lane County. The 594 new listings this April represented a 9.2% increase from last April’s 544, and a 14.2% increase from March’s 520. It was the best April for new listings in Lane County since 2010, when there were 691. Closed sales (294) were up 12.2% compared to March but down 4.9% when compared to April 2013. Pending sales, at 356, fell 3.0% from March’s 367 and 12.1% compared to last April.

Total market time increased to 115 days in April, and inventory stayed steady at 4.9 months.

Year to Date Summary

Lane County’s real estate activity has cooled slightly in the first four months this year compared to 2013.

New listings (1,893) have increased by 3.0% over 2013, but pending sales (1,234) and closed sales (960) have decreased 5.3% and 5.6%, respectively, from the first four months of 2013.

Average and Median Sale Prices

The average price so far in 2014 was $225,200, up 6.3% from the same period of 2013, when the average was $211,900. In the same comparison, the median has risen 8.0% from $188,000 to $203,100. 

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

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141 KOURT DR
Price: $247,500 Beds: 3 Baths: 2 Sq Ft: 1846
Beautiful energy star rated home! New laminate floors and carpet, interior sprinklers, vaulted ceiling, skylights & architectural ledges. Living room with gas fireplace, kitchen with eating bar opens to dining room with slider to back. Master suite ...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Are you actively looking for a home?

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VideoVideo

Good Monday Morning!

If you are actively looking for a home to purchase in the Eugene and Springfield area, you may have noticed that the inventory of available homes can be quite low, depending on the area and price range that you are looking in.  We have hundreds of buyers now receiving listed homes that meet their search criteria as they hit the market.  Our e-mail home search system is state of the art and is a tremendous tool if you are searching for a home to purchase   Just log onto www.forhomeinfo.com. We are also selling many of the best homes even before they hit the market.  Many times we have the buyer for one of our newly listed homes immediately upon listing it.  If you would like to be included in the group of buyers that we are activley watching for the perfect home, please hit reply and we will get back to you right away for details as to how this works.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-April-2014-US

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1560 CREST DR
Price: $685,000 Beds: 4 Baths: 3 Sq Ft: 3139
Secluded 3 Acre Estate offering beautiful valley views! High ceilings, granite counters, maple cabinets, oak floors, heated tile floor in baths, 2 gas fireplaces, solar tubes, wide halls, numerous windows & french doors, 2 large patios. Situated up ...



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

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Home Seller: How to Determine Equity

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Good Monday Morning!

Most homeowners today are curious about their home's current value.  Our changing market caused many of us to lose a great deal of our home's value during the down turn.  Now that the housing market in the Eugene and Springfield area is rebounding, home values are back on the rise.  Keeping up with your home's current value is important.  One quick way to obtain this information easily is by going to the website www.forhomeinfo.com.  This site offers you an automated look at your home's value with monthly updates.  This method is quick, but for the most accuracy, it is important to have a Real Estate agent actually visit your home and furnish you with this information.

Here is an informative article on determining home equity from Realty Times!

As a homeowner, you probably think you know all about what your home is worth, what your interest rate really means, what you are paying out every month, and how to access your equity if you needed to.

But do you really? If your home is worth $20,000 more today that it was when you purchased it, does that mean you are entitled to all 20,000 of those dollars? Does having equity in your home automatically mean you can sell for a profit? Would you know what your best option would be if you needed some equity in a pinch? Check out the scenarios below for a quick equity tune-up.

Scenario One

Your neighbors just sold their home for a pretty decent amount. That must mean your house is worth at least as much as theirs. I mean, your kitchen hasn't been redone like theirs, but your exterior is prettier, so that's probably a wash. Score! Honey, call the bank and get us some cash. We're going on vacation!

Realty Check

Not so fast. Your neighbor's home sale might give you an idea of what your house is worth, but there's a lot more to it. Your home's age and condition, the square footage, the location on the street—all of this factors in to determining your sales price. And don't forget to add in closing costs and Realtor fees and the price of moving. You also have to take into account your credit and payment history. Straight equity is only one part of a more complicated equation. Before you book that African safari, you might want to check your credit and talk to your lender.

And, by the way, your "prettier" exterior will probably not wipe away the memory of your ugly kitchen if you do go to sell. The old adage about kitchens and bathrooms selling home: still true.

Scenario Two

You've been living in your house and paying the mortgage for 15 years without refinancing. You must be sitting on a goldmine! Time for a cash-out refinance. First you'll pay off your credit card bills and then you'll buy all-new living room furniture. Then there's this yacht you've had your eye on…

Reality Check

A cash-out refinance, which allows you to "refinance your mortgage for more than you currently owe, then pocket the difference," said Bankrate, can be a great option, depending on your financial condition and what you plan to do with the money. "Remember the Mother Goose rhyme about the old woman who lived in a shoe? That is so 18th century. Today, she would live in a piggy bank, and so would her neighbors. Homeowners today treat their houses like piggy banks, readily transforming their equity into cash and credit."

Different from a home equity loan, a cash-out refinance replaces your existing first mortgage. You may have lower rates than with a home equity loan but you pay closing costs, just like you would on any refinance, and you'll have to pay private mortgage insurance "if you end up borrowing more than 80 percent of your home's value." If your interest rate is much higher than going rates and you know you have a good amount of equity, it might make sense to go for it. But if you have terrible credit, your rate might not get much better. And, you'll have to determine whether refinancing and going back to square one with a mortgage is worth it.

"If you're going to make payments for 15 or 30 years, it makes sense to spend the money on something enduring: an addition to the house that will increase its value, potentially lifesaving experimental medical treatment that your health insurance won't pay for or to start a business," said Bankrate. "Do you want to spend 15 years paying for your month-long dream vacation? Do you want to spend 30 years paying for that Porsche? The car might be on the junk heap by the time it's paid for."

Scenario Three

It's hot outside. And it's hot in the real estate market. It's time to take advantage of both and build that pool you've always wanted. You'll just get a home equity loan or a line of credit. What's another couple bucks a month?

Reality Check

A home equity loan is a separate loan on top of your first mortgage that's paid out in a lump-sum and is paid back in fixed monthly installments. An equity line of credit is a specific amount you can borrow against your home. Both will require you to have sufficient equity in the home, which will be determined by the bank.

The home equity loan is a fixed rate, while a home equity line of credit "typically fluctuates with the prime rate," said US News. "Remember that with a home equity loan, you are paying interest on the entire amount of the loan, whether or not you are using the proceeds. With a home equity line of credit, you only pay interest on the amount you borrow."

The loan usually has higher rates than a cash-out refinance, but interest is a tax write off and may be a good option for someone whose "current mortgage is at a lower interest rate than you could get now by refinancing," said Bankrate.

And if the money loaned is being used to improve the home and not improve your wardrobe, your passport stamps, and your close personal knowledge of caviars of the world, all the better. "The best use for home equity is to buy things that will contribute to your home's value, like a needed remodel, or your family's future income, like a college education," said Houselogic. "Consider carefully before you cash in home equity to spend on consumer goods like clothing, furniture, or vacations.

Scenario Four

You check Zillow and see that houses in your area have appreciated by 20 percent in the past year. You are ROLLIN' IN IT! Time to take that money and go buy a house to flip. You're gonna be a mogul!

Realty Check

Before you quit your job and start researching property auctions in your area, take a beat. In many states, home sales are not reported. That means online real estate sites may be using limited listing info and sometimes even outdated tax records to determine home values. The only way to get a true picture of your home's value is to have an agent prepare a competitive market analysis or hire an appraiser. Armed with this information, you can act on those real estate mogul dreams if you still want, Mr. Trump.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
4390 BERRY LN
Price: $288,000 Beds: 3 Baths: 2 ½ Baths: 1 Sq Ft: 2146
Peaceful Retreat! Enjoy Awbrey Farm subdivision with private driveway in quiet, friendly neighborhood. Property features large deck overlooking spring creek, pond, wonderful gardens, and views of wood Ducks and owls in the trees. Sunken living room ...



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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