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Mortgage Interest Rates Holding Steady and May Even Decline

by Galand Haas

Good Monday Morning!

Finally, some bright news for would-be homebuyers. Mortgage interest rates are holding steady and may even see a decline. This trend may help take heat off of a housing market that continues to be over priced for many buyers.

Borrowers saw a slight cool down in mortgage rates this week following last week’s seven-year high. The 30-year fixed-rate mortgage dipped for the first time after five consecutive weeks of increases, averaging 4.71 percent.

But the higher rates may be deterring some would-be home buyers. “The strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchase applications, which are down from a year ago,” says Sam Khater, Freddie Mac’s chief economist. “With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 4:
(Scroll over interactive data chart)

30-year fixed-rate mortgages: averaged 4.71 percent, with an average 0.4 point, falling slightly from last week’s 4.72 percent average. Last year at this time, 30-year rates averaged 3.85 percent.

15-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.4 point, decreasing from last week’s 4.16 percent average. A year ago, 15-year rates averaged 3.15 percent.

5-year hybrid adjustable-rate mortgages: averaged 4.01 percent, with an average 0.3 point, rising from last week’s 3.97 percent average. A year ago, 5-year ARMs averaged 3.18 percent.

Have an awesome week!

 

THIS WEEK'S HOT HOME LISTING!

6997 GLACIER DR

Price: $359,900    Beds: 4    Baths: 2 ½   Sq Ft: 2406

Completely remodeled! Fresh interior & exterior paint. All new carpet, vinyl wood floors, LED lights w/ Decora switches, heat pump, furnace, hot water heater. Large lower level bonus space (not included in SF) w/ lots of potential; could make a grea... View this property >>

 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Mortgage Applications Down 2.5% vs. Previous Week

by Galand Haas

Good Monday Morning!


 

The combination of rising home prices and slightly higher mortgage interest rates is beginning to have an impact on the housing market.  It is clear that we are now seeing fewer buyers entering the market due to home affordability.  This may be the beginning of an end to the heated homes sales market that we have been in for several years.  A slow down in buyer numbers is usually the first indication of a shifting market.


Have an awesome week!

 

THIS WEEK'S HOT HOME LISTING 

6997 Glacier Drive

Price: $375,000    Beds: 4    Baths: 2.5   Sq.Ft.: 2,406

Completely remodeled! Fresh interior and exterior paint. All new: carpet, vinyl wood floors, LED lighting with Decora switches, heat pump, furnace, hot water heater. Large lower level bonus space (not included in SF) with lots of potential; it could make a great mother-in-law suite. Private master suite...View this property>>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Simple Home Selling Tips To Attract Buyers

by Galand Haas

Good Morning!

Even in the strong sellers market that we are currently experiencing in the Eugene and Springfield area, there are always a few homes that just don't sell.  9 times out of 10, the issue is price.  We find that even during hot markets, overpriced homes may get looked at, but they just do not attract offers.  Pricing with the market is crucial with any kind of market and today, we find that competitive pricing often brings in multiple offers and the purchase war begins.  This strategy will bring about a sale for top dollar value in any market.  Along with this, there are a few things that homeowners can do to make their home more attractive to potential buyers.  The following are a few tips that just might help you if you have a home on the market or if you are considering the sale of your home.


If your home is in pretty good shape (i.e. it's decently updated and not in need of a total overhaul), you might think it's ready to go on the market as is. But little things you wouldn't expect can end up being deal breakers. And, when you've got competition, you need your home to stand out for all the right reasons. Give your home a good look and address the little things now before they become big problems when buyers are balking.

 

Cords hanging from your mounted TV

This is one of those things that tends to fade into the background in a home we live in every day. But don't be surprised if new eyes go right to those dangling cords and wonder why you didn't take the next step and hide them in the wall. Anything that makes a potential buyer question whether you cut corners or were lazy elsewhere could spell bad news for your home sale.

 

An unkempt yard

So, you had your landscapers out to clean out your flower beds, trim the bushes, plant colorful new blooms and mulch everything. And then, the night before a showing, a storm blew a whole mess of leaves into your yard. Grab that rake and make it a family affair out on the lawn at dawn. You know what they say about first impressions. Buyers likely won't be forgiving of a messy lawn, and your house may stand out if they can see the effort made to clean it up when the neighbors' yards are still 15-deep in leaves.

 

A dingy front door

Again with the first impressions. Your home may look great inside, but if the front door is chipped or faded, or the hardware is worn, your potential buyers may never get past it. This is an easy fix, and one that consistently rates high on the ROI scale.

 

Animals

While homebuyers in general may not mind if animals live in the home they are considering purchasing (unless there are severe allergy issues), they don't want to see - and, especially, smell - evidence of them. You have probably gathered up and stowed away the overflowing box of toys and balls. But have you considered the smell? You might not notice it, but first-time visitors likely will.

You don't have to rehome your pets; Use these tips from petMD to make your home smell pet-free.

 

Cobwebs

Even if you keep a pretty clean home, there may be areas that need attention, like ceiling fans or windowsills that are out of reach. You may not have a housekeeper on a regular basis, but doing a one-time, super deep clean before your home hits the market is a good way to make sure potential buyers don't nitpick and find a reason to question the home's condition.

 

Poor furniture arrangement

If you're rolling your eyes at the idea that the way you have your living room laid out could make a difference in whether or not your home sells, remember back to when you saw the home for the first time. Were you picturing your own furniture in the space? That's what real buyers do, and if they can't picture how it will work because you have too much stuff in the space or it's oddly configured - blocking a fireplace or doorway, for instance - you're keeping them from doing the thing that could make them buy the home.

 

"Square footage is important to homebuyers, so when you're selling a house it's important to maximize the space to appear bigger and highlight each room's dual functionality to enhance buyer appeal," said U.S. News & World Report. "A home seller can do this by decluttering, lighting up the room and especially by having your furniture strategically placed to show off the square footage. The layout will determine the visual size and flow of the room." You can learn more staging tips for arranging your furniture here.

 

Junk drawers and crammed cabinets

Buyers who are genuinely interested in your home are likely going to open everything and look everywhere. It's not snooping (at least, we hope it's not snooping!) - it's an interest in how much storage there is in the home. You may be forgiven for one "junk drawer," but the neater and cleaner you can make everything else, the better. You want people to see the space, not your stuff.

 

Overfilled closets

The need to showcase the space, not the stuff, goes double for closets. "Whether it's a hallway coat closet or a master suite walk-in, your home's closets will have a major big impact on prospective buyers," said Apartment Therapy. "Box up off-season apparel - or better yet, donate it - and remove extra hangers so yours looks spacious and streamlined."

 

Cluttered countertops

Eliminating, or at least cutting down on, clutter in your home is key to getting it sale-ready, and this is especially important in kitchens and bathrooms. While people may be impressed by your professional mixer and juicer, they're much more interested in knowing they have ample countertop space for their own stuff.

 

Have An Awesome Week!

 

THIS WEEK'S HOT HOME LISTING!

1670 Ridgley Blvd

Price: $415,000   Beds: 3   Baths: 2 full, 1 half   Sq. Ft: 1,951

Terrific two-story in highly desirable area! Features vaulted ceiling, skylights, bay windows, recessed lights and hardwood floor. Gas fireplace in living room. Kitchen with eating bar opens to dining room. Family room with closet and slider to back. Master suite with...View this property>>

 


AND HERE'S YOUR MONDAY MORNING COFFEE!! 

New Homes Built Lag While Demand Rises

by Galand Haas

Good Monday Morning!

Sales of new homes have lagged over the recent upswing in home sales not only locally, but nationally.  In the Eugene and Springfield area the problem is simply that we are out of affordable land for home sites.  The local government has put a halt on expansion of the urban growth boundary and the amount of land that is available for building has all but gone away.  This has not only driven up building lot prices, but it has made it difficult for home builders to find lots suitable for buidling new homes.  Also the recession has not been forgotten by many builders and they are wary of building spec homes.  This also has created a decrease in the numbers of news home being built and on the market.  Here is an article from Realtor.com that addresses this situation nationally.

Despite the hordes of frenzied home buyers hoping to take advantage of very low mortgage interest rates and sign on the dotted lines for their dream homes, builders still aren’t putting up nearly enough residences to appease the rising demand.

There was no monthly change in the number of newly constructed homes that went under contract—54,000, to be exact—from May to June, according to a new residential construction report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. But compared with June 2015, sales of the brand-new properties were up 22.7%.

The numbers were not seasonally adjusted, which means they weren’t smoothed out over a 12-month period to account for the ups and downs of home buying at different times of the year.

“[Builders aren’t] taking any risks. They aren’t starting homes without buyers,” says Jonathan Smoke, chief economist of realtor.com®. Builders are taking orders for the bulk of new abodes, he says, instead of building them on spec. And “they’re not offering homes in more affordable price points.”

New homes, complete with brand-new appliances, typically cost more than existing residences. For example, the median price of the new homes was $306,700 in June, according to the report. That was up nearly 6.2% from May and almost 6.1% from the same month a year earlier.

Meanwhile, the median price of an existing home reached an all-time high of $247,700 in June—still a relative bargain selling for a whopping 23.8% less than a new home, according to National Association of Realtors® data.

In June, just 3,000 new homes costing less than $150,000 were sold, according to the government report. Buyers closed on an additional 12,000 selling for between $150,000 and $199,999. But the bulk of sales were in the $200,000 to $499,999 range. About 33% of the sales were in the $200,000 range, 21% were in the $300,000 range, and 18% were in the $400,000 range.

“[Builders either aren’t] trying or they’re not capable, in this environment, of offering lower price points,” Smoke says.

Across the country, monthly sales of new homes remained virtually unchanged from May to June, according to the report.

The West was the only region to see a monthly uptick as buyers signed on the dotted line on 14,000 new residences—up nearly 7.7% from 13,000 the previous month. They were also up almost 27.3% from the same time a year earlier.

Sales were up annually 50% in the Northeast, with 3,000 homes purchased in June. They rose 33.3% year over year in the Midwest, with 8,000 sales, and 20.8% year over year in the South, with 29,000 sales.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1471 Barrington Ave

Price: $549,900    Beds: 5    Baths: 3    Sq Ft: 3756

Luxurious and grand! Great room with surround sound speakers, Brazilian cherry hardwood floor & gas fireplace. Huge theater/bonus room prewired for surround sound. Open kitchen with cherry stained cabinets, island, LED under & above cabinets & toe k...View Home for Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Eugene-Springfield Homes Sales Continue to Climb

by Galand Haas

Good Monday Morning!

It is Spring in the Eugene and Springfield area and this time of year typically brings higher interest by buyers looking to purchase a home. This year is certainly no exception as home sales in the Eugene and Springfield area continue to climb. In fact at this time I believe that there may be more buyers out there in certain price ranges than there are homes for sale. We are currently seeing multiple offers on many homes and this is especially true in price ranges under $300,000.  Our overall inventory of homes for sale is quite low and buyers are scurrying to make offers as soon as many homes hit the market.

For home buyers wishing to purchase a home right now, this can be a challenge and having a top buyers agent who firmly understands the market can make all the difference in the world with regards to being successful in finding a home. Also, a word of caution to home buyers is that there are bidding wars taking place, so be cautious not to over-pay for a home. Again a professional buyers agent can help you here.

For home sellers, if you are going to sell this year, don't hesitate another day in getting your home on the market. Your chances for a quick sale at top market value are better now than at any time I have seen in years. There are lots of home buyers out there looking and struggling to find a home to buy.

This is a true sellers market and one thing that has always been true is that strong markets like the current Eugene-Springfield real estate market one don't last forever. 

If you are thinking about selling and want an easy and accurate look at your homes aproximate market value, don't trust Zillow.  Go to www.forhomesellers-nonSmartZip.com.  At this site, you just enter in a few details about your home and it will generate an in depth market report on your home. You might be pleasantly surprised as to how much the value of your home has increased!

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1058 E 19th Ave

Price: $472,000    Beds: 5    Baths: 3    Sq Ft: 3034

Tudor-style home in sought after University of Oregon neighborhood! Living room with wood-burning fireplace. Formal dining with built-ins adjacent to kitchen. Five bedrooms with huge master suite on main level. Plus a sunroom. Wheelchair access. Pri...
View Home For Sale >>


AND HERE'S YOUR MONDAY MORNING COFFEE!!

Smart Phones and Real Estate

by Galand Haas

Good Monday Morning!

It has certainly become the age of the Smartphone.  A recent national survey indicates that the use of Smartphone's has increased dramatically over the past several years and that all indications are the this trend will continue and even pick up steam.  Both personal and business Smartphone use is skyrocketing.  As this takes place  providers of Smartphone"s are scurrying to secure market share. Along with this thousands of business's are also working hard to develop apps for their services and products that can be used on the Smartphone devices.  This is a billion dollar industry that really is in it's infancy.  Not to be left out, the Real Estate industry is joining in with a variety of apps offered by many company's that help consumers locate homes for sale and receive helpful information for both home buyers and sellers.  There are many great apps available today and look for many more in the days ahead.

If you are a Smartphone user, check out our home search app at www.eugeneoregonhomesforsale.com.  Our app will be very useful if you are looking at homes for sale in the Eugene and Springfield areas.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable
1499 Larkspur Avenue
Price: $180,000 Beds: 3 Baths: 1 ∏ Baths: 1 Sq Ft: 960
Charming, ranch-style home with modern feel and centrally located. Featuring rich hardwood floors, newer roof, countertops and vinyl windows. Other special features include a cozy living rm with wood-burning fireplace, a large bath, laundry area & c...



AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand

The Fed Has Struck Again

by Galand Haas

Good Monday Morning!

The Fed has struck again!  This time the government has introduced a program to purchase $750 billion in mortgage backed securities.  The idea behind this is to lower mortgage interest rates. The program was announced last week and the immediate action has been favorable.  Wall Street responded favorably and 30 year conventional fixed rate mortgages also dropped to a level below 5%.  This rate is the lowest level in over 30 years.  For homebuyers this is even more favorable news. For those of you who read my e-mails, you know that I have been stating that this current market may be the best home purchase opportuity in most of our lifetimes.  I am now taking that statement to a new and higher level.  With the combination of extraordinary home pricing and historically low interest rates the situation for homebuyers may never be better.

Over the past several months I have been able to help many homebuyers who wanted to upgrade their home.  This is called a move up buyer.  This market is extremely favorable for move up buyers right now.  Yes, your home is not worth what it was a couple of years ago, but if you are upgrading to a more expensive home, that homes value has declined even more than your current home has.  In this kind of market move up buyers can achieve the purchase of the home of their dreams and earn some serious home equity at the same time.  If this is something you are interested in, please get in touch and I can help you with an assessment as to whether this would be a good move for you.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable

92850 RIVER RD, Junction City, Oregon

Price: $495,000.00

Beds: 4

Baths: 2

Sq Ft: 2580

Description: This secluded country home on a private drive has a modern open floor plan that features skylights, wood floors, custom lighting, spa room, soap stone wood stove and solar hot water. The spacious kitc ....

View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

The Fed Has Struck Again

by Galand Haas

Good Monday Morning!

The Fed has struck again!  This time the government has introduced a program to purchase $750 billion in mortgage backed securities.  The idea behind this is to lower mortgage interest rates. The program was announced last week and the immediate action has been favorable.  Wall Street responded favorably and 30 year conventional fixed rate mortgages also dropped to a level below 5%.  This rate is the lowest level in over 30 years.  For homebuyers this is even more favorable news. For those of you who read my e-mails, you know that I have been stating that this current market may be the best home purchase opportuity in most of our lifetimes.  I am now taking that statement to a new and higher level.  With the combination of extraordinary home pricing and historically low interest rates the situation for homebuyers may never be better.

Over the past several months I have been able to help many homebuyers who wanted to upgrade their home.  This is called a move up buyer.  This market is extremely favorable for move up buyers right now.  Yes, your home is not worth what it was a couple of years ago, but if you are upgrading to a more expensive home, that homes value has declined even more than your current home has.  In this kind of market move up buyers can achieve the purchase of the home of their dreams and earn some serious home equity at the same time.  If this is something you are interested in, please get in touch and I can help you with an assessment as to whether this would be a good move for you.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable

92850 RIVER RD, Junction City, Oregon

Price: $495,000.00

Beds: 4

Baths: 2

Sq Ft: 2580

Description: This secluded country home on a private drive has a modern open floor plan that features skylights, wood floors, custom lighting, spa room, soap stone wood stove and solar hot water. The spacious kitc ....

View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Monday Morning Real Estate Update 6/09/08

by Galand Haas

Galand Haas,

Good Monday Morning!

We are very clearly well into a buyers Real Estate market  with inventory of available homes for sale at 9.5 months.  6 months of inventory is the break off point between a sellers market and buyers market.

One thing that holds true for sellers in this current market is the fact that the agent you choose to represent your property can have an enormous effect on how long your home is on the market and the price it sells for.  This is certainly not the kind of market that you want to choose a Real Estate professional based on the price they say your home is worth.  When interviewing agents always look at the agents track record over the past 5 years.  Agents who have been in the business 10 years or longer have weathered slow markets before and have some experience with them.  Look at the agents statistics compared to the MLS averages.  The agent you speak with should know these statistics very well.  Make sure that your agent has an aggressive home marketing plan and that it focuses heavily on Internet marketing.  Discount brokers may struggle in this current market, so beware. 

An experienced agent can help you get top dollar for your property, even in this market.

Have An Awesome Week! 



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

Monday Morning Real Estate update 11/19/07

by Galand Haas

Happy Thanksgiving!

Recently, our local press has given some very biased views concerning our Real Estate market.  The truth is that our local market is fairing much better than many other parts of the country.  It is true that we are no longer in the hot Sellers market of 2006, but we are in the midst of one of the best opportunities for home buyers that our market has had in many years.  The local press has confused our local market with the national market and has not done a good job of giving a true picture of our local Real Estate market.  This kind of reporting can significantly influence a market.  The truth is that right now home buyers can easily get a home loan at a very attractive interest rate.  Home buyers also have the opportunity to choose from a greatly expanded inventory of homes for sale that are at more attractive prices than over the past several years.  The real truth is that we should now be in the hot Buyers market of 2007.

Have An Awesome Week!



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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