Real Estate Information Archive

Good Monday Morning!

Nationally, home sales continue their upward trend and home prices continue to climb as well. 

Locally, our home sales remain strong as well, but as I have been saying, change is in the air.  The numbers don't show it yet, but right around mid June I feel the Real Estate market in the Eugene and Springfiel made a change.  I am watching homes that were selling in days with multiple offers now sit for weeks without an offer and I am seeing fewer new buyers entering the market.  The inventory of homes in many areas and price ranges is also creeping up.  This could be seasonal, but I think that it is more than that.  Mortgage interest rates have actually decreased over the past seveal weeks, so the change most likely is the result of home prices increasing.  Price resistance can put the dampers on a market just as fast as interest rate hikes. 

In the Eugene and Springfied area we have watched home prices increase steadily now for several years and now affordability is again becoming a factor.  Two years ago, when home prices were down from the recession and mortgage interest rates were at historic low levels the market here was perfect for buyers and many took advantage of the situation, which caused more demand, lower home inventories and competition.  As the price of homes increased the attractiveness of our local market has changed and now buyers are having a harder time quailifying for loans and dealing with the higher mortgage payments.  It's all a cycle.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

1615 Taney St

Price: $299,000    Beds: 4    Baths: 2    Partial Baths: 1    Sq Ft: 1913

Brand new home! Great quality construction with plaster finished walls, maple hardwood & porcelain tile floor, hickory cabinets, granite counters, 9 ft ceiling, LED dimming lights, 3 skylights one of which opens. Great room layout with gas fireplace...View Home for Sale >>

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Good Morning!

Over the last few days I have been asked frequently about what effect the economic situation in Europe is going to have on the U.S. housing market.  The gut reaction of the UK leaving the EU is that the stock market here in the U.S. has responded negatively.  This in turn puts pressure on the Fed to continue the current pattern of holding low interest rates and to put any near future rate increases on the back burner.  We may see some immediate reductions in mortgage interest rates as a result, but the sure thing for now is that mortgage rates most likley will not change much until the dust settles in Europe and the economy picks up some momentum here at home.  If other European countries follow the UK, then it could all change.  The reality is that we still have a a economy here at home and with worldwide economic turmoil, mortgage rates may remain low longer than anyone anticipated.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1615 Taney St

Price: $299,000    Beds: 4    Baths: 2    ｽ Baths: 1    Sq Ft: 1913

Brand new home! Great quality construction with plaster finished walls, maple hardwood & porcelain tile floor, hickory cabinets, granite counters, 9 ft ceiling, LED dimming lights, 3 skylights one of which opens. Great room layout with gas fireplace...View Home for Sale >>

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Good Monday Morning!

The good times just keep rolling!  Yes, the home sales market in the Eugene and Springfield area remains hot and at this point in time there is no sign of change.  For those of us who have been involved in the Real Estate world for a number of years, we know that change is on the way.  We just don't know when.  As I told a client last week, in the Eugene and Springfield area you can go to bed one night and the market is hot and wake up the next morning to a cold market.  It sometimes is like somebody just turned off the switch.  This is why I am still advising anyone who is considering the sale of their home to do it now and don't wait until we hit a downturn.  The inventory of homes remains low and there are plenty of buyers out there looking and ready to buy.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2484 Crowther Drive

Price: $310,000    Beds: 3    Baths: 2    Partial Baths: 1    Sq Ft: 1911

This Heitman Custom Home has been beautifully maintained and offers wonderful amenities and details. Some of the features include crown molding, tray and vaulted ceilings, wainscoting, custom cabinets, hardwood and tile floors, granite and abundant ...
View Home for Sale >>

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Good Monday Morning!

Nationally, home sales  dipped in March of this year slightly. Could this be the beginning of a down turn in the national housing market? Economic numbers for the first quarter did not look great and this could be having some effect on home sales. Most likely we will not be seeing any huge swings in regards to home sales nationally unless there is a sharp increase in mortgage interest rates. For now, I would think that the overall market may flatten out some, but  remain strong. 

One of the largest problems effecting the housing market in many areas is lack of inventory of homes for sale.  This is especailly true with homes in the price ranges that attract first time home buyers. Locally, in the Eugene and Springfield area, we are seeing very low inventories of homes in the lower and middle price ranges.  Buyers are struggling to find homes and many times when they do, there are multiple offers.  It is a great time to be a home seller as homes are selling quickly and prices are beginng to escalate.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

28135 Spencer Creek Rd

Price: $1,250,000    Beds: 4    Baths: 4    Partial Baths: 2    Sq Ft: 6143

Just minutes from town! This gated country estate is spectacular with an exquisite manor featuring grand staircase, 4 bedroom suites, office, theater room, gourmet kitchen and more. Great shop for RV and storage, creek, waterfall pool, ponds for fis...
View Home for Sale >>

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Good Monday Morning!

The Real Estate market in the Eugene/Springfield area remains strong as evidenced by the following report.  The interesting fact is that inventories of new homes hitting the market remain low and homes prices remain steady.  This could point to a flattening market for the remainder of the year. Here is the February 2016 report.

February Residential Highlights

February brought strong numbers to pending and closed sales in Lane County. Closings (284) rose 37.9% above the 206 closings posted last year in February 2015 and 9.2% above the 260 closings posted last month in January 2016. The last February that saw stronger closings in Lane County was in 2007, when 305 closings were posted for the month.

Pending sales (420) rose 14.1% over the 368 offers accepted in February 2015 and 27.3% over the 330 offers accepted in January 2015. This is the strongest February for pendings in Lane County since at least 2001! The February with the previous record was in 2006, with 408 offers accepted for the month.

New listings (416) decreased 10.9% from February 2015 (467) and fell short (-1.0%) of the 420 new listings offered in January 2016.

Average and Median Sale Prices

Comparing the average price of homes in the twelve months ending February 29th of this year ($244,200) with the average price of homes sold in the twelve months ending February 2015 ($235,700) shows an increase of 3.6%. The same comparison of the median shows an increase of 4.2% over that same period.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2685 Valley Forge Dr

Price: $509,900    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 home for sale >>

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Good Monday Morning!

Nationally, the Real Estate market has cooled off a bit.  Even though mortgage rates have continued to decline and and for the most part remain sub 4%, fewer homes were sold in February and home prices tapered off a bit.  Here in the Eugene and Springfield area, the housing market remains robust, but inventories in the price ranges below $300,000 are still in short supply.  As we approach Spring and Summer it will be interesting to see if both the national and local housing markets take off like they did last year. My prediction for the remainder of 2016 is a fairly flat market with little change.  Time will tell this story.

Have An Awesome Week!

Video Link Here

 

THIS MONTHS HOT HOME LISTING!

83821 N Enterprise Rd

Price: $399,000    Beds: 3    Baths: 2    Sq Ft: 2332

Beautiful country living! Gorgeous 18.62 acres primarily fenced pasture land. Mountain views, large metal barn, detached garage, roof certification in place. Home is somewhat of a cosmetic fixer. Located within 3 miles of stores and school....
View Home for Sale >>

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Good Morning!

 Many would-be homeowners are still choosing to rent instead of buying a home.  Home buyer confidence remains low nationally, even though mortgage interest rates are at historic low levels.  Here is an article from Realtor.com that gives some ideas as to why consumer confidence remains low among potential home buyers.

National optimism? What national optimism? Fewer Americans think it’s a good time right now to buy a home, according to a report released on Monday.

Stagnant wages and climbing housing prices led to a 1.7-point drop last month in consumer optimism toward owning a home, according to Fannie Mae’s monthly Home Purchase Sentiment Index. The index dipped from 83.2 points in December to 81.5 points in January. It ranges from -36.5 to 163.5 points.

“People need to see bigger wage increases to be able to afford a home and collect the down payment,” said Steve Deggendorf, director of strategic research at Fannie Mae.

Just 31% of the survey’s 1,000 participants said it was a good time to buy last month. And only 12% of respondents said their household income was significantly higher than it was a year ago—down 3% from December.

“Jobs are increasing, but wages really haven’t caught up,” said Jonathan Bowles, executive director of the Center for an Urban Future, a New York City–based think tank. He added that it’s become harder for aspiring homeowners to save up for a down payment than it was for previous generations. “It certainly puts homeownership out of reach for a lot of Americans.”

This could lead to a smaller share of Americans who own property, as fewer first-time home buyers have the resources to break into the market, warned Mark Willis, a senior policy fellow at the Furman Center for Real Estate and Urban Policy at New York University.

The bright side was that mortgage rates fell slightly for the fifth week in a row, according to Freddie Mac. The average rate for a 30-year fixed mortgage dipped from 3.79% to 3.72%, and the 15-year fixed mortgage dropped from 3.07% to 3.01%. Five-year Treasury-indexed hybrid adjustable-rate mortgages dropped from 2.9% to 2.85%.

Lower mortgage rates can make buying more affordable, said Jonathan Smoke, chief economist at realtor.com®. And more potential buyers may be motivated to buy, as rents are also steadily heading up.

“The alternative to buying a home [renting] isn’t more attractive—especially for the longer term,” Smoke said. “Rents already in most places [exceed] what it costs to buy a home with a mortgage.”

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1014 Yew St

Price: $238,400    Beds: 3    Baths: 2    Sq Ft: 1466

Super Good Sense & quality built! Energy efficient forced air heating & cooling. Hardi plank siding, plaster finished walls, finished garage with sink, and RV parking. Great Room layout, vaulted ceilings, recessed lights, maple cabinets, tile floors...
View Home for Sale >>

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Good Monday Morning!

The Real Estate market in the Eugene and Springfield area has started off 2016 by being a strong sellers market.  There is significant demand for homes, but home inventories remain at extremely low levels.  Less than 3 months of active home inventory in our market area means that if no new homes were to go on the market, the existing inventory of homes for sale would be exhausted in less than 3 months.  For anyone wanting to sell their home, this is as good as it gets.  The competition level is very low and the demand is high.  As long as we continue to have extremely low mortgage interest rates, this market will most likley continue.

As I have stated in previous reports, if you are considering the sale of your home soon or in the near future, now is the time to act.  Don't wait for Spring, act now! If you would like to explore what your home is currently worth in todays market, contact me and I can furnish you with a FREE market analysis.  Or if you are are wanting a quick and easy look at your homes value, you can also visit the website www.forhomesellers.com.  This site wil give you a fairly accurate look at your homes current value and is much more accurate and reliable than a Zillow report.

Have An Awesome Week!

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

THIS WEEKS HOT HOME LISTING!

2685 Valley Forge Dr

Price: $509,900    Beds: 3    Baths: 2    Partial 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!

I am asked frequently these days about mortgage rates jumping due to the Feds recent increase in their rates.  The fact is that the Fed's increase had little effect on mortgage rates and in fact mortgage rates have continued to decline since the Fed increase.  If you want to purchase a home, now is the time.  Our current low mortgage rate situation is not here to stay, but you need to take advantage of it.  Here is an article from "Realtor.com" that explains our current situation with mortgage rates.  It is an interesting read.

The Federal Reserve recently raised interest rates, U.S. stocks are tumbling and new worries about the Chinese economy seem to emerge daily. So go ahead and buy that house you’ve been looking at.

Well, not necessarily. But consider: all the worries about China that have battered the U.S. stock market in early 2016 have done the opposite for bonds. More money pouring into Treasurys has driven mortgage rates to a two-month low. A 30-year mortgage slipped to 3.92% in mid-January.

The housing market had already been steadily gaining ground even before the latest drop in rates. Indeed, it’s been one of the strongest parts of the economy over the past year. Sales of new and previously owned homes are likely to finish 2015 at the highest level since before the Great Recession.

What’s more, the number of permits to build additional homes is on track to reach an eight-year high.

The final housing numbers for 2015 will start to trickle in this week.

Work on new construction, known as housing starts, is forecast to rise to a 1.19 million annual rate in December from 1.17 million in the prior month. Starts will top the 1 million mark for the second straight year.

Six years ago, builders were producing fewer than 600,000 new homes a year.

Sales of existing homes, meanwhile, are expected to hit a 5.15 million annual rate in December and finish the year about 25% higher compared to the post-recession low.

Most economists predict new construction and sales will increase again in 2016, aided by a much improved labor market. Barring, of course, China bringing the rest of the world to a crashing halt.

“The U.S. economy added more than 200,000 jobs per month on average in 2015, and wage growth is picking up,” noted Stuart Hoffman, chief economist of PNC Financial Services.

In the past three years, the U.S. has produced 8.2 million new jobs to give more people entering their prime earning years the ability to buy a home.

The big wild cards are mortgage rates and home prices, both of which could deter buyers.

The Fed raised a key short-term rate in December for the first time in nearly a decade, and the central bank is widely expected to push rates even higher in 2016. Yet so far that hasn’t translated into upward pressure on long-term Treasurys or home mortgages. Right now investors are more worried about whether a slowing Chinese economy will hurt the rest of the world.

The higher cost of buying a home could act as another repellent. Prices rose in 2015 to levels last seen shortly before the onset of the Great Recession in late 2007.

An expected increase in home construction could make it easier for buyers, though. Permits for new construction in November, for instance, were almost 20% higher compared to the same month in 2014. A greater supply of homes for sale would help hold the line on prices.

While home builders remain optimistic, the same can’t be said for American manufacturers. Sales and profits have softened over the past year because of a strong dollar, weak global economy and a slump among energy firms that are among the biggest buyers of manufactured goods.

A monthly Philadelphia Federal Reserve report on the state of manufacturing is likely to show an industry still under siege in January.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

3759 Westleigh St

Price: $185,000    Beds: 4    Baths: 2    Sq Ft: 1645

Great townhouse! Townhouse with garage and yard. Four bedrooms and 2 bathrooms. Large kitchen, window shelves and seating. Fenced patio. Located one block from shops, school, park....
View this property >>

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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...
View this property >>

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