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Right Now Could Be The Best Time Of The Year To Purchase A Home

by Galand Haas

Good Monday Morning!

Right now could be the best time of the year to purchase a home.  With Fall and Winter setting in the demand for houses in the Eugene and Springfield area will start to decline.  This means more homes to choose from and less competition.  With mortgage interest rates extremely low again, this just could be a huge window of opportunity for Eugene and Springfield home buyers.  The following article is from "NAR" and discusses this opportunity further.

WASHINGTON (September 23, 2019) – New consumer findings from a National Association of Realtors® survey show that more than half of polled Americans believe that now is a good time to buy a home.

Optimism fared well in the third quarter of 2019 as 63% of people said they believe that now is a good time for a home purchase, with 34% of those respondents saying they believe that strongly.

NAR’s chief economist Lawrence Yun said the favorable outlook also contains a degree of caution. “Mortgage rates are at historically low levels, so I see no sign of the optimism about home buying fading,” he said. “However, the fact that slightly fewer are expressing strong intensity compared to recent prior quarters is implying some would-be buyers have concerns about the direction of the economy.”

Among those that stated that now is a good time to purchase a home, the silent generation (those born between 1925 and 1945) were most likely to express that belief. Seventy-five percent from that demographic said that now is a good time to buy. They were closely followed by older boomers (those born between 1946 and 1954), as 72% from that age group agreed that now is a good time to purchase a home. 

When NAR’s third quarter Housing Opportunities and Market Experience (HOME) survey1 asked whether now is a good time to purchase a home, of those who have an income under $50,000, 54% answered “yes.” Answers in the affirmative increased as household incomes increased. In the $50,000 to $100,000 bracket, 64% said now is a good time to buy a home, and among those polled who have an income of $100,000, 72% said that it is currently a good time to buy.

“Not surprisingly, as incomes increase, the process of buying a home is less of a strain,” said Yun. “This has always been the case, but in this third quarter survey, we see it to an even greater extent – high earners are more open to buying a home.”

The NAR survey also asked respondents about their thoughts on selling a home in the current market. Seventy-four percent of those polled said that now is a good time to sell a home – a modest increase over 73% last quarter. Of those respondents, 45% said they “strongly” believe now is a good time for selling a home, while the remaining 29% said they hold that belief “moderately.”

Those in the West region were most likely to hold this sentiment, as 81% of the region’s respondents said “now is a good time to sell.” In comparison, in the Northeast, 67% said now is a good time to sell a home. 

In regard to household income and thoughts on selling a home, the poll found that those in the higher wage brackets were more likely to state a belief in favor of now being a good time to sell a home. Among the surveyed who answered that now is a good time to sell, 82% of them earn more than $100,000. However, of those who earn less than $50,000, only 64% said now is a good time to sell.

Respondents were also questioned about their outlook toward the U.S. economy. Fifty-two percent of those surveyed said they believe the U.S. economy is improving. This is a decrease from the second quarter of 2019, when 55% said they believed the economy is improving.

Millennials (those born between 1980 and 1998) were the most pessimistic, only 49% said the economy is improving and 51% said it is not improving. Fifty-four percent of the silent generation – in this case, the most optimistic group – said the economy is improving. Forty percent of those in urban areas also believe the economy is improving, compared to 62% in rural areas.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

796 Skipper Ave  

Price: $425,000    Beds: 3    Baths: 3    Sq Ft: 2540

Beautifully updated home with an 850 sq ft second dwelling. Newly refinished wood flooring, new carpets, new vinyl plank flooring. New HVAC, wiring panel, new roof. Stainless steel appliances/Island. Granite countertops in kitchen and bathrooms. Sof...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Home Sales Are Up

by Galand Haas

Good Monday Morning!

Nationally, home sales were up in August of 2019 as mortgage interest rates remain fairly steady at well below 4% for 30 year fixed financing.  Here locally in the Eugene and Springfield area the market was also up in August as home prices here also continue to increase.  Look for both the national and local housing markets to remain fairly steady through the remainder of this year. It is still a great time to sell your home. By selling now, you are selling at the top of a strong market.  Don't wait until the market dips and losing our on one of the best markets in history.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-September-2019

THIS WEEKS HOT HOME LISTING!

3201 Kentwood Dr  

Price: $384,900    Beds: 3    Baths: 2    Sq Ft: 1508

This is a light & bright, beautifully updated home in a convenient Ferry St. Bridge neighborhood. Open floor plan w/ vaulted ceilings, spacious kitchen w/ granite counters, new hickory wood flooring, fresh interior & exterior paint. New deck & fenci...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Historic Low Mortgage Interest Rates

by Galand Haas

Good Monday Morning!

Just when we thought that we would never again see the super low rates of 2016 and 2017, here they come again.  Historic low mortgage interest rates are upon us once again and we should expect another strong surge in home sales as a result.  Here is an article from "Realtor.com" that describes the current mortgage loan market.

Mortgage rates dropped to their lowest level since October 2016 due to weaker economic data over the past week.

The 30-year fixed-rate mortgage averaged 3.49% during the week ending Sept. 5, down 9 basis points from the previous week, Freddie Mac reported Thursday.

Rates for 30-year home loans have only increased nine times so far this year — otherwise, they have dropped or remained flat from week to week.

The 15-year fixed-rate mortgage moved down 6 basis points to an average of 3.00%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.30%, falling 1 basis point.

Mortgage rates roughly track the direction of the 10-year Treasury note. The yield on the 10-year note has generally fallen since mid-August, though this week it began to show signs of a rebound amid growing optimism sparked by planned trade talks between the U.S. and China.

“Mortgage rates continued the summer swoon due to weaker economic data,” Freddie Mac wrote. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers.”

‘Mortgage rates continued the summer swoon due to weaker economic data. While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers.’

Freddie Mac

The Federal Reserve released its latest edition of the Beige Book, its periodic commentary on the state of the economy, on Wednesday. Although the Fed’s language painted a fairly rosy picture of the economy, most downside risks persist. As a result, many analysts expect the Fed to cut interest rates by 25 basis points when it meets later this month.

“If there were some sense among Fed staffers that the rate cut should be postponed, they certainly did not establish a defense of that position in this Beige Book,” Ward McCarthy and Thomas Simons, Jeffries’ chief financial economist and senior money market economist, wrote in a research note Wednesday.

St. Louis Federal Reserve President James Bullard has gone further than some of his other colleagues, arguing that a 50-basis-point trimming may be what’s needed to keep the Fed ahead of the curve on international trade’s effect on the U.S. economy.

Moves by the Fed don’t directly trigger moves in the mortgage markets, since the Fed manipulates short-term interest rates and not long-term rates like those on mortgages.

However, the Fed’s signals are typically baked into mortgage rates in advance of an expected cut to short-term rates. Therefore, people looking to take out a new home loan can reasonably expect mortgage rates to move downward in the coming weeks as long as the Fed is expected to cut rates.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

440 Autumn Ave  

Price: $295,000    Beds: 3    Baths: 2    Sq Ft: 1236

Gorgeous 1-level home in a close-in Santa Clara neighborhood. Updates include new roof in 2016, high efficiency furnace, laminate flooring & 2nd full bath. Large family room w/ vaulted ceiling & updated kitchen w/ newer appliances & w/in pantry. Ove...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

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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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