Real Estate Information Archive

Good Monday Morning!

The National Association of Realtors has just released their predictions for the 2016 national Real Estate market.  As you will read in the following NAR article, the market will continue to grow, but at a different pace than it did in 2015.  Here is the article.

WASHINGTON (January 12, 2016) — Following the housing market's best year in nearly a decade, existing-home sales are forecasted to expand in 2016 at a more moderate pace as pent-up buyer demand combats affordability pressures and meager economic growth, according to National Association of Realtors® Chief Economist Lawrence Yun in a newly-released video on his 2016 housing market expectations.

In the NAR-published video, Yun discusses his expectations for the U.S. economy and housing market in 2016 and points to pent-up demand, sustained job growth and improving inventory conditions as his reasons for an expected gain (from 2015) in new and existing-home sales (view infographic).

Despite his forecasted increase in sales, Yun cites rising mortgage rates, home prices still outpacing wages and shaky global economic conditions as headwinds that will likely hold back a stronger pace of sales.

"This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates," Yun says in the video. "Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we'll begin to feel that again."

With one month of data remaining for 20151, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million —the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million). The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2014. In 2016, existing sales are expected to grow between 1 and 2 percent (5.30 to 5.40 million) and prices between 5 and 6 percent.

Have and Awesome Week!

THIS WEEKS HOT HOME LISTING!

3628 Westleigh St

Price: $160,000    Beds: 3    Baths: 2    Half Baths: 1    Sq Ft: 1442

Warm and homely townhouse! Updated condo with garage and yard. Cozy living room, formal dining room with slider to back. Kitchen with granite counters and new floor. Very spacious master suite with two closets. Fenced back area with patio, deck, gar...
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Good Morning!

Year end home sales numbers are in for Lane County and it was another great month for home sales.  Sales continue to be strong at the same time that home inventory levels decline.  This makes for a very strong sellers market.  Here is the December report.

Closed sales ended on a strong note this December in Lane County. Closings, at 394 for the month, were 36.3% ahead of the 289 closings posted in December 2014—this was the strongest December for closings in Lane County on the RMLSTM record.

Pending sales (276) fared well in December, ending 20.5% ahead of December 2014, although 21.4% behind the 351 offers accepted last month in November 2015. New listings (211) ended 3.7% cooler than the 219 new listings offered in December 2014 and 33.2% cooler than last month in November 2015 (316). Inventory decreased to 2.2 months in December.

Year to Date Summary

Activity ended ahead this year compared to last year. Pending sales (5,071) rose 28.3%, closed sales (4,864) rose 27.2%, and new listings (6,385) rose 10.0% this year compared to 2014.

Average and Median Sale Prices

Comparing 2015 to 2014 through the end of each year, the average sale price increased 3.4% from $235,600 to $243,500. In the same comparison, the median sale price increased 3.8% from $212,000 to $220,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

6964 Bluebelle Way

Price: $255,000    Beds: 3    Baths: 2    ｽ Baths: 1    Sq Ft: 1912

Wonderful house to call home! Located in Thurston hills, enjoy great views of the Coburg hills to the North. Airy and spacious with high ceilings, arched doorways and large windows throughout. Beautiful hardwood floor in formal dining room and kitch...
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Good Monday Morning!

It is commonly thought that mortgage interest rates are up.  This assumption comes from the fact that the Fed recently raised their rates by a quarter of a percent.  The truth is that mortgage interest rates have actually declined and remain well below 4% for conventional 30 year fixed rate mortgages.  Last week rates continued to decline and I saw rates as low as 3.68%. Yes, rates may increase over time, but right now mortgage rates remain at historic low levels and there has never been a better time to purchase a home.  

If you are considering a home purchase the first step is to talk with a lender.  There are many very qualified mortgage specialists in the Eugene and Springfield area and my advice is to connect with one of them rather than using an online company.  If you would like a list of the mortgage professionals that we have found to be excellent with both rates and service, please get in touch.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-January-2016

 

THIS WEEKS HOT HOME LISTING!

2231 Sandy Drive

Price: $320,000    Beds: 3    Baths: 3    Sq Ft: 2720

In highly desirable Ferry St Bridge area! Delightful 0.21 acre property on quiet street. Features recessed lights, skylights, vaulted ceiling and Pergo wood floor. Huge master suite with 3 closets and 5-piece bath. 3 bedrooms plus additional room th...
View this property >>

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Good Morning!

Homeownership has always been the "great American dream". Here is an article from "Realty Times", that talks about some real monetary advantages of home ownership.

To foster and encourage this dream, Congress has consistently enacted tax legislation which favors homeowners. Indeed, much has been written that our tax laws discriminate against renters, by giving unfair and unequal tax benefits to those who own homes.

Every four years, some candidate for high political office tries to focus our attention on equalizing the tax laws, and repealing the homeowner benefits, but these arguments have consistently fallen on deaf ears. And this coming election year is no different.

For those of us who own homes, here is a list of the itemized tax deductions available to the average homeowner. Every year, you are permitted to deduct the following expenses:

TAXES. Real property taxes, both state and local, can be deducted. However, it should be noted that real estate taxes are only deductible in the year they are actually paid to the government. Thus, if in year 2015, your lender held in escrow moneys for taxes due in 2016, you cannot take a deduction for these taxes when you file your 2015 tax return.

Mortgage lenders are required to send an annual statement to borrowers by the end of January of each year, reflecting the amount of mortgage interest and real estate taxes the homeowner paid during the previous year.

MORTGAGE INTEREST. Interest on mortgage loans on a first or second home is fully deductible, subject to the following limitations: acquisition loans up to $1 million, and home equity loans up to $100,000. If you are married, but file separately, these limits are split in half.

You must understand the concept of an acquisition loan. To qualify for such a loan, you must buy, construct or substantially improve your home. If you refinance for more than the outstanding indebtedness, the excess amount does not qualify as an acquisition loan unless you use all of the excess to improve your home. However, any other excess may qualify as a home equity loan.

Let us look at this example: Several years ago, you purchased your house for $150,000 and obtained a mortgage in the amount of $100,000. Last year, your mortgage indebtedness had been reduced to $95,000, but your house was worth $300,000.

Because rates were low last year, you refinanced and were able to get a new mortgage of $175,000. Your acquisition indebtedness is $95,000. The additional $80,000 that you took out of your equity does not qualify as acquisition indebtedness, but since it is under $100,000, it qualifies as if it was a home equity loan.

Several years ago, the Internal Revenue Service ruled that one does not have to take out a separate home equity loan to qualify for this aspect of the tax deduction. However, if you had borrowed $200,000, you would only be able to deduct interest on $195,000 of your loan -- the $95,000 acquisition indebtedness, plus the $100,000 home equity.

The remaining interest is treated as personal interest, and is not deductible.

POINTS. When you obtain a mortgage loan, some lenders will allow you to pay one or more points to get that loan. The more points you pay, the lower your mortgage interest rate should be. Whether referred to as "loan origination fees," "premium charges," or "discounts," these are still points. Each point is one percent of the amount borrowed; if you obtain a loan of $170,000, each point will cost you $1,700.

The IRS has also ruled that even if points are paid by sellers, they are still deductible by the homebuyer. Points paid to a lender when you refinance your current mortgage are not fully deductible in the year they are paid; you have to allocate the amount over the life of the loan. For example, you paid $1700 in points for a 30 year loan. Each year you are permitted to deduct only $56.66 ($1700 divided by 30); however, when you pay off this new loan, any remaining portion of the points you have not deducted are then deductible in full.

Needless to say, if you have any questions about these tax benefits, discuss them with your financial and legal advisors.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

5151 & 5153 Trevon St

Price: $235,000    Beds: 4    Baths: 2    Sq Ft: 1879

Wonderful updated duplex! Each unit has 2 bedrooms and 1 bath, vinyl windows, garage with roll-up door and large fenced backyard with patio. This 0.23 acre lot located on the corner of a culdesac is within 2 miles of schools, shopping and bus route....
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HAVE A VERY MERRY CHRISTMAS!!

Video Link: http://eugeneoregonhomesforsale.com/video/Merry-Christmas-and-A-Happy-New-Year

2231 Sandy Drive

Price: $320,000    Beds: 3    Baths: 3    Sq Ft: 2720

In highly desirable Ferry St Bridge area! Delightful 0.21 acre property on quiet street. Features recessed lights, skylights, vaulted ceiling and Pergo wood floor. Huge master suite with 3 closets and 5-piece bath. 3 bedrooms plus additional room th...
View this property >>

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Good Monday Morning!

Even during this time of a strong Real Estate market in the Eugene and Springfield area, there are homes that hit the market and fail to sell.  The primary reason for homes not selling in any market is pricing.  Homes that are priced above their competition will sit and be looked at, but may not get offers and typically will not sell.  One of the primary factors that effects the value of a home is it's condition.  Here are some ideas as to how to upgrade the condition of your home to get a higher sales price.

When it comes to looking at houses, we do tend to judge a book by its cover. That’s why it’s so important to make sure your home looks as appealing as possible, both inside and out, if you want to get top dollar when you sell. U.S. News & World Report talked to real estate experts, who said these home improvements will help boost your selling price.

Improve your landscape. Keep your lawn neat, trim the bushes, clear out any old or tired-looking shrubbery and replace with new ones, add color with potted plants or garden beds, and top everything off with a fresh layer of mulch or rock.

Spruce up your entryway. Paint the front door or replace it, and update your house numbers and mailbox.

Change out light fixtures and plumbing fixtures. Replacing outdated fixtures with more modern ones gives your house an instant lift.

Return rooms to their original uses. If you use the extra bedroom as an office, turn it back into a bedroom.

Replace dirty or worn carpet. Prospective buyers can tell the difference between new carpet and cleaned carpet, and often, cleaning it just isn’t enough. If you have hardwood floors underneath the carpet, your best bet might be to refinish them and forego carpet completely.

Remove window treatments, unless they are current and high-end. Your window treatments probably won’t match a prospective buyer’s décor, so you’re better off removing them. Plus, uncovered windows let in more light.

Depersonalize. House hunters want to imagine themselves in your home, so remove obvious and identifying personal items, like photos and knick-knacks.

Clean thoroughly. Make every inch of the house sparkle and shine by deep cleaning it. And then think about hiring a house-cleaning service to do it, too.

Paint every room. A fresh coat of paint in a neutral color appeals to everyone. It freshens up the house, making it look newer and more modern.

Consider replacing textured ceilings. For some buyers, popcorn ceilings are a deal-breaker. If your home was built before 1979, the ceilings could contain asbestos, so you would need to hire a professional to remove the texture. If it’s a newer house, you can scrape the ceilings yourself or, if your ceilings are high enough, you could just install drywall over them to create new ceilings

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2685 Valley Forge Dr

Price: $524,900    Beds: 3    Baths: 2    ½ Baths: 1    Sq Ft: 2302

Anslow & DeGeneault 2015 Tour of Homes model home. Gas forced air 92% efficiency, exquisite single level, located in beautiful Hawthorne Estates. Easily entertain in Great Rm overlooking backyard. Escape to luxurious owner’s ste w/ tray ceilin...
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Good Morning!

As I have mentioned previously, one thing that you can bet on is that things are not going to stay the same in the world of Real Estate for any long period.  Our extended run of historically low mortgage interest rates could be close to ending.  It now appears that the Fed will soon begin raising interest rates.  This could indicate that the Fed is putting the steps into place which will eventually normalize interest rates in this country.  How fast this all takes place is anybody's guess, but it has to happen and it now looks like this is the scenario that is rapidly approaching.

What does this mean for home buyers and home sellers?  Our long run of low mortgage rates has heated up a Real Estate market that otherwise would have been flat.  Low rates have kept buyers very active and this has created high demand, which in turn has created low inventories of homes from sale.  This situation has lead to home price increases across the country.  Higher mortgage interest rates will decrease buyer demand, allowing invetories to rise and this will in turn put pressure on home pricing.  This will not happen over night, but it will happen.  Also, remember that this country has struggled to fully recover from the recession and household incomes have not really increased in a long time.  All of this points towards a much slower housing market in the months ahead. A market that may not be nearly as attractive to buyers and sellers as the one we are currently enjoying.

If you are considering a home purchase or a home sale, don't hold off.  Don't wait for Spring.  This could be a very costly mistake.  Mortgage interest rates remain low at this time and buyer demand is high.  For sellers, this may be the be time to sell your home that you will see for years.  For buyers, home affordabilty may suffer when rates climb as well as your ability to qualify for financing.  Don't wait, as I mentioned above, the current mortgage rate situation is about to change and we may never see mortgage rates back at the levels they are today.

If you would like some information on buying or selling a home in this market, get in touch.  I would love to assist you.  As always there is no obligation, just good, honest information that will help you make the right decision.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2231 Sandy Drive

Price: $330,000    Beds: 3    Baths: 3    Sq Ft: 2720

In highly desirable Ferry St Bridge area! Delightful 0.21 acre property on quiet street. Features recessed lights, skylights, vaulted ceiling and Pergo wood floor. Huge master suite with 3 closets and 5-piece bath. 3 bedrooms plus additional room th...
View this property >>

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Good Monday Morning!

If you are considering the sale of your home, then the following article from Realty Times is a must read.  Selling your home for top dollar and in the shortest period of time is not always easy if you miss the market.  This article will give you some good guidelines for home sale success.

A Comparable Market Analysis (CMA) can tell you what buyers recently paid for homes similar to yours, but that's not all you need to know to choose the right listing price. You need to know the market's appetite for your home, and that can only come from an overview of your community's current market conditions.

Market conditions are like a weather report; it helps you predict what the current crop of buyers will do. Using this knowledge, you can price your home to sell quickly, and for the most money possible.

Why is a quick sale important? The right price generates a bumper crop of buyers. If you price your home too high compared to other similar homes, you'll appear to be testing the market. Buyers will assume that you're going to be too difficult in negotiations.

Here's what you need to know - what kind of a market are you in? Market conditions are formed by buyer attitudes, made sunny or cloudy by jobs, incomes, mortgage interest rates, and overall consumer confidence.

It's possible that your community could have buyer's and seller's markets simultaneously. For example, your neighborhood may be hot, while the subdivision a mile away is stone cold.

A seller's market is characterized by confident buyers, short "days on market" and low inventory levels of less than six months on hand. This usually results in rising prices.

A buyer's market is characterized by longer "days on market," and high inventory levels of seven months' supply or more. To get buyers to come in from out of the storm, sellers must offer incentives such as seller-paid closing costs or lower prices.

The market conditions will tell you the long and short-term trends. If the market is heating up, you can ask a little more for your home. If the market is cooling, you may need to price your home slightly under the market in order to attract more buyers.

One thing you absolutely should never do is ignore market conditions. It's said the market is always right. If you price your home too high, you'll know when you get few to no showings.

That's why it's important to ask your real estate agent for occasional market updates as well as a fresh CMA. You'll get a better idea of what your home will sell for and how long it will take to sell.

If you would like an idea as to what your home would be worth on the market today, go to the web site www.forhomesellers.com.  This web site you give you an in depth look at your homes current market value.  Unlike Zillow, this information will be accurate and based on the Eugene/Springfield home market area.  Once you have signed up, it will also send you a revised analysis monthly.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2279 Blackburn St

Price: $325,000    Beds: 4    Baths: 3    ½ Baths: 1    Sq Ft: 2212

One-of-a-kind! Spacious & airy renovation with Alterna vinyl tile floor, bedroom suite on each level, master bath with dual shower heads, large kitchen opens to dining area, living room with bay window plus family room/den with french doors. On 0.27...
View this property >>

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Good Monday Morning!

As usual the Real Estate market in the Eugene and Springfield area slowed slightly coming into October.  The real news though is that the market here continues to improve over the market we had in 2014.  All signs are that this improving Real Estate market should continue right into next year.  Here are the highlights for October 2015.

October Residential Highlights

October brought a little seasonal cooling to Lane County, but all measures are still ahead compared to October 2014. Pending sales (436) ended 17.8% ahead of the 370 offers accepted in October 2014, although 5.4% lower than the 461 offers accepted last month in September 2015. Closed sales (441) fared similarly, cooling 0.5% from 443 in September 2015 but 9.2% ahead of the 404 closings posted in October 2014. New listings (418) cooled 14.0% from September (486) but were still 6.1% ahead of October 2014 (394).

Total market time remained steady in October at 71 days, and inventory fell to 2.7 months during the same period.

Year to Date Summary

Activity was up during the first ten months of this year compared to the same period last year. Pending sales (4,491) were up 28.2%, closed sales (4,114) were up 26.2%, and new listings (5,829) were up 9.8% this year compared to the first ten months of 2014.

Average and Median Sale Prices

Comparing 2015 to 2014 through October of each year, the average sale price rose 3.1% from $236,000 to $243,200. In the same comparison, the median sale price rose 4.5% from $211,000 to $220,500.

Have an Awesome Week!

THIS WEEKS HOT HOME LISTING!


 

2685 Valley Forge Dr

Price: $524,900     Beds: 3     Baths: 2    Half Baths: 1     Sq Ft: 2302

Anslow & DeGeneault 2015 Tour of Homes model home. Gas forced air 92% efficiency, exquisite single level, located in beautiful Hawthorne Estates. Easily entertain in Great Rm overlooking backyard. Escape to luxurious owner's ste w/ tray ceilin...
View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Nationally, home sales were up slightly for October of this year as home prices declined slightly.  Mortgage interest rates for 30 year conventional financing actually dropped slightly and rates remain well below 4%.  I can't stress enough to anyone who is thinking about purchasing their first home, thinking about purchasing a larger home or a smaller home that time is running out to take advantage of this favorable market.  The Feds continue to artificially manipulate rates to help bolster a sluggish economy.  This can't last forever and when rates do start to rise, there may be no end in site for a while.  The mortgage rate that you can obtain today is going to make you very happy down the road.  

If you are contemplating a home purchase and you would like to just explore how this all might look for you, please call me for a no obligstion consultation.  I have helped thousands of Eugene and Springfield residents with their home purchase and I can give you the exact information you need to make the best decision.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-November-2015

THIS WEEKS HOT HOME LISTING!





 

2231 Sandy Drive

Price: $330,000     Beds: 3     Baths: 3     Sq Ft: 2720

In highly desirable Ferry St Bridge area! Delightful 0.21 acre property on quiet street. Features recessed lights, skylights, vaulted ceiling and Pergo wood floor. Huge master suite with 3 closets and 5-piece bath. 3 bedrooms plus additional room th...
View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!!