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Home Prices On The Rise Again

by Galand Haas

Good Monday Morning!

Home prices are on the rise again.  This is taking place nationally and also in the Eugene and Springfield area.  With demand remaining high and prices up, right now may be your best opportunity to sell a home this year! The following is a recent article form "Realtor.com" that talks about the recent home price increases.

National home prices notched a stronger annual gain in April than in March, marking the first time in over a year that prices have accelerated from one month to the next.

That data comes from a report out Tuesday from CoreLogic, a national real estate information services provider. Prices were up 3.6% for the year and 1% for the month in March.

Annual price gains in CoreLogic’s national index have been flat or declined every month since April 2018. The company believes that “the pickup in sales between March and April” helped soften some of the slower growth in prices.

But sales as reported by the National Association of Realtors were slower in April than in March: they ran at a 5.19 million seasonally adjusted annual pace in April, down from a 5.21 million pace in March.

CoreLogic expects home prices to keep powering higher, and forecasts a 4.7% rise over the coming 12 months. The company also analyzes housing stock in major metro areas for their values compared to their “long-term, sustainable level.” By these measurements, markets including Las Vegas were overvalued, while San Francisco was undervalued.

The company’s chief economist points out that price growth nationally is strongest for lower-priced homes, keeping buying conditions challenging for first-timers.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Road  

Price: $785,000    Beds: 4    Baths: 3.0    Sq Ft: 3035

Quiet And Private House on 20.59 secluded acres with gorgeous valley and mountain views. 15+ acres second growth Fir with significant market value and 2+ acres of pasture. Gorgeous custom interior with hardwood floors, vault ceilings, views. 4 bay s...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

A Window Of Opportunity For Home Buyers

by Galand Haas

Good Monday Morning!

Mortgage interest rates have continued to decline and this opens up a window of opportunity for home buyers in the Eugene and Springfield area. Any decrease in mortgage interest rates makes housing more affordable and that is just what we need in our current market.  The improved rates means that there will be more home buyers ready to buy over the Summer months and this means that there will be increased demand for houses in our area.  June, July, August and September may be a hot housing market and this means its an excellent opportunity to sell your home at top dollar value.  Here are just a few great reason to sell your home now.

Here are 5 compelling reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

That is what is truly important.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

812 Leigh Street  

Price: $290,000    Beds: 3    Baths: 1.5    Sq Ft: 1311

Wonderful classic home on large private lot. Newer roof and heating system. RV Parking and storage shelter in backyard. Hardwood flooring under most of carpeted areas. Updated windows throughout...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Nationally home sales have dipped slightly, but the interesting fact is that at the same time home prices have continued to climb.  With mortgage interest rates continuing to decline, this could be a great opportunity for those who are considering selling their home.  Any drop in interest rates will bring new buyers into the market and also increase the buying power of those already in the market.  Predictions are now looking for a continuation of the decline in mortgage interest rates.  If you are considering selling your home, don't wait. This current period of opportunity may not last long.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. this home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Dropping Mortgage Rates Could Help Our Housing Market

by Galand Haas

Good Monday Morning!

Mortgage interest rates are very favorable at this time and have been steadily decreasing for weeks.  This has helped take the sting from both a national and local housing market that has continued to have escalating home prices.  If Mortgage rates continue to decline it could help our local housing market improve.  Some predictions are for mortgage interest rates to fall to levels that we have not seen in years.  Time will tell.  Here is an article from "Realtor.com" that gives further details on the current mortgage conditions.

Rates for home loans fell for the fourth straight week, and the benchmark mortgage product matched its low for 2019, as financial market turmoil offered a reprieve for house hunters.

The 30-year fixed-rate mortgage averaged 4.06% in the May 23 week, Freddie Mac said Thursday. That was down just 1 basis point, but brought the popular loan product to its lowest in two months. So far this year, the 30-year-fixed has risen in only six weeks.

The 15-year fixed-rate mortgage averaged 3.51%, down from 3.53%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%, up from 3.66%.

The 10-year yield is at its lowest in 18 months, thanks mostly to the escalating U.S.-China trade war, and increasing signs of slowing domestic growth. Data released Thursday saw a May manufacturing survey at the lowest level in nearly a decade.

The housing market has pushed through the soft spot it encountered in 2018, but some old familiar headwinds are capping growth now. Sales of previously-owned homes have risen in only one month so far in 2019, the National Association of Realtors said Tuesday, but homes are flying off the market — a sign that more inventory would likely result in higher sales volume.

And despite an overall strong economy, Americans aren’t exactly flush. A recent survey from debt settlement provider Freedom Debt Relief found consumers see many barriers to home buying this year. The biggest one, with 28% of respondents flagging it, was the cost of the down payment, but 26% said the monthly payment was a concern. About 11% said there was a lack of homes that fit my needs, and 14% said they were unsure about the economy.

One small perk of lower rates: a resurgence in rate refinancings. According to the Mortgage Bankers Association, refinances increased 8% in the most recent week to the highest level in over a month. Purchase mortgage applications dipped, even as rates fell, however. “We’re keeping a close eye on whether there may be some adverse effects of the ongoing global trade disputes on overall demand,” the group said Wednesday. “Some potential homebuyers may be delaying their home search until there’s more certainty.”

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Displaying blog entries 1-4 of 4

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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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