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Pending Home Sales Continue To Decline For Seventh Month In A Row

by Galand Haas

Good Morning!

Nationally, pending home sales continue to decline for the seventh month in a row. As the video explains, this is primarily due to home affordability, low inventory and also to a lesser degree, rising mortgage interest rates. This trend could begin the shift to softer home prices down the road. View video HERE.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

6997 GLACIER DR

Price: $369,900     Beds: 4     Baths: 2.5    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 >>

 

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This Month In Real Estate August 2018

by Galand Haas

Good Morning!

Nationally, homes sales dipped slightly in July, but home prices continue their upward trend.  It is my guess that we may have reached the peak in home prices and home prices will either remain flat, or possibly even start a decline soon.  Both locally and nationally, homes are becoming less affordable with higher prices and higher mortgage interest rates.  There is a point where the market will flatten due to this and home prices will begin the decline.  We are either there or it is close.

View video here

Have an awesome week!

 

THIS WEEK'S HOME HOME LISTING!

 

253 WEDGEWOOD DR

Price: $320,000    Beds: 3    Baths: 2.5    Sq Ft: 1855

Fabulous one-level home in desirable Santa Clara neighborhood! Spacious 0.22 acre lot on lovely low-traffic street. Living room w/ fireplace. Large galley kitchen w/ pantry. Dining/Family room combination w/ fireplace. Large private master suite w/ ... View this property

 

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Morning!

 

Rents have crept up in most communities just as home prices have.  In fact in many areas rents have increased at a higher rate than home prices.  I find today that many of the renters are paying more money to rent than they would be spending on a home payment.  By renting they are also losing out on some great opportunities such as depreciation and interest tax deductions.  Renters are also just making the landlords payments and not building equity.  Long term the buidling of equity in a home is one of the greatest wealth building opportunities for most people.  The followng is an article from "Realtor.com" on a recent study of the current trend towards renting.

 

A growing percentage of apartment renters aren’t interested in buying a home as affordability challenges take a bigger toll on American aspirations of homeownership.

 

In all, 20% of renters said they have no interest in owning a home, up from 17% in August and 13% in 2016, according to results of a semiannual survey of renters by mortgage company Freddie Mac in January.

 

Two-thirds of renters who plan to continue renting said they are doing so for financial reasons, up from 59% two years ago, according to the survey. 

 

“Housing is becoming less and less affordable. Renting is perceived to be the more affordable housing option,” said David Brickman, an executive vice president at Freddie Mac and head of its multifamily division.

 

The growing preference for renting comes even as the economy has strengthened and credit has loosened, in theory making homeownership possible for more people. Renters generally report being better off financially, with some 39% saying they have money to take them beyond the next payday, up from 34% in August, according to Freddie.

 

But home prices have risen strongly in recent years while rent increases have slowed, especially for luxury buildings in urban centers. The S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in January from the same month a year earlier, while the average apartment rent increased a more manageable 3.9% in the first quarter from a year earlier, according to real-estate research firm Reis Inc.

 

The preference for renting is being driven in part by baby boomers, who are more likely to have experienced some of the pitfalls of homeownership. Some 35% of baby boomers said they have no interest in owning a home, up from 31% in August and 23% two years ago, according to the Freddie Mac survey.

 

At the same time, concerns about affordability are most prevalent among younger renters. Nearly three-quarters of millennials said they are renting for financial reasons, up from 59% two years ago.

 

The survey was taken in late January, so it likely doesn’t reflect the full impact of the tax bill that passed in late December and shifted the equation in favor of renting for many households.

 

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

88107 Keola Ln

Price: $595,000   Beds: 3   Baths: 3   Sq. Ft.: 3,488

Luxurious rural living! Serene tree views surround 1.79 acres. Every room has been updated! Tubular skylights, recessed LED lights, quartz and granite counters, solid oak floors, new tile floors and carpet, fresh interior paint and more. Master suite on main level. Large kitchen, formal dining, living plus family room, vaulted bonus room, laundry/mud room, 3 fireplaces. 4-car garage, RV parking, greenhouse, orchard...View property

 

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

2018 Housing Forecast

by Galand Haas

Good Monday Morning!

2018 has started out to be a challenging year for homebuyers in the Eugene and Springfield market area.  The issue with the current market is certainly not demand.  Our current home market problem stems from lack of inventory of homes for sale.  This is especially true in the price ranges of below $300,000, where the high demand for housing exists.  With a current inventory of less that 1.6 months, this shortage has left hundreds of would-be home buyers out in the dark.  The lack of inventory and high demand has created such a shortage that when a home comes on the market that is priced well in the price range of high demand, there is typically a bidding war taking place.  This of course is leading to the situation where many homes are now selling for above asking price.  If this trend continues in 2018, it could be a challenging market for buyers.

For anyone thinking about selling a home, this is a dream market.  In close to 30 years of selling homes in the Eugene/Springfield market area, I have never witnessed this strong of a sellers market.  This is a market that clearly has demand outpacing supply.  My suggestion to anyone in the Eugene/Springfield area who is considering the sale of their home is to get it on the market now.  January through April should be the kind of market that home sellers of the past could only dream about.

Have An Awesome Week!



AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Latest Market Activity for December 2017

by Galand Haas

Good Monday Morning,

As you can see from the following statistics, the Real Estate market in the Eugene and Springfield area remains very strong.  The largest obstacle at this time is that there is only 1.7 months of active inventory of homes for sale. This is critically low number and it is creating a shortage of affordable homes for would-be buyers.  For anyone considering the sale of their home, there just could not be a better market.  If you are considering the sale of your home, don't wait, get your home on the market "NOW" and take advantage of this very strong sellers market. Here are December's Lane County home sales numbers.

December Residential Highlights

Lane County saw increases across the board this December compared to 2016 despite some cooling from last month. New listings (223) ended 3.7% ahead of December 2016 (215) but fell 35.4% sort of the 345 new listings o ered last month in November 2017.

Pending sales (309) fared similarly, increasing 24.1% from the accepted o ers recorded in December 2016 (249) but falling 15.6% short of the 366 offers accepted last month in November 2017.

Closed sales (371) ended one ahead of the 370 sales recorded last year in December 2016 (0.3%) but were 5.8% short of the 394 closings recorded last month in November 2017.

Year to Date Summary

Activity ended slightly ahead in 2017 compared to 2016. Comparing the entirety of each year, new listings (6,390) increased 3.5%, closed sales (5,204) increased 0.8%, and pending sales (5,254) increased 0.2%.

Average and Median Sale Prices

Comparing all of 2017 to 2016, the average sale price rose 9.2% from $263,700 to $287,900. In the same comparison, the median sale price rose 9.7% from $237,000 to $260,000.


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AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Latest Market Activity for November 2017

by Galand Haas

Good Monday Morning!

The month of November saw another strong showing for home sales in the Eugene and Springfield area.  The inventory of homes for sale remained very low with just two months of inventory.  Remember, 6 months of inventory is considered a very healthy market situation.  Here are the November 2017 home sales statistics for Lane County from RMLS.

November Residential Highlights

Lane County saw gains this November compared to November 2016, despite some cooling from last month. New listings, at 345, ended 25.0% ahead of November 2016 (276) and were the best November for new listings in the county since 2009, when 355 were recorded.


Pending sales, at 366, outpaced November 2016 (327) by 11.9% despite a 23.3% decrease from October 2017 (477). Similarly, closed sales (394) saw a 4.8% increase over November 2016 (376) but a 7.9% decrease compared to last month in October 2017 (428).

Inventory in Lane County held steady in November at 2.0 months, with total market time increasing slightly to 45 days.

Year to Date Summary

Comparing the first eleven months in 2017 to the same period in 2016, new listings (6,142) have increased 3.4% and closed sales (4,808) have increased 0.8%, while pending sales (4,968) have decreased 0.9%.

Average and Median Sale Prices

Comparing 2017 to 2016 through November of each year, the average sale price rose 9.4% from $263,500 to $288,300. In the same comparison, the median sale price rose 9.9% from $236,500 to $260,000. 


Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

Image Unavailable
Price: $379,000 Beds: 3 Baths: 1 ½ Baths: 1 Sq Ft: 1890
Rustic Tuscan country-style charm! Terra Cotta tile, wood flr, rustic dr & window wood trim, steel beams, large windows. Remodeled kitchen w/ ship lap feature wall, galvanized metal backsplash, butchers block countertop & eating bar. Kitchen opens t...View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Latest Market Activity for October 2017

by Galand Haas

Good Monday Morning!

October home sales in the Eugene and Springfield are were down seasonally, but remain strong and above October 2016 home sales.  Here are the October 2017 statistics.

October Residential Highlights

Lane County saw some mixed activity in October, but numbers are up across the board compared to October 2016. Pending sales (477) showed a 14.4% increase over October 2016 (417) and a 3.7% increase compared to last month in September 2017 (460). It was the strongest October for pending sales in Lane County since at least 2001!

New listings, at 446, increased 23.5% compared to October 2016 (361) but fell 14.9% short of the 524 new listings entered just last month in September 2017.

Closed sales fared similarly—at 428 in October, closings increased 6.5% from October 2016 but decreased 7.6% from last month in September 2017.

Year to Date Summary

Comparing the first ten months in 2017 to the same period in 2016, new listings (5,782) have increased 2.3%, closed sales (4,368) have remained steady, and pending sales (4,629) have decreased 1.9%.

Average and Median Sale Prices

Comparing 2017 to 2016 through October of each year, the average sale price rose 9.5% from $263,200 to $288,200. In the same comparison, the median sale price rose 10.6% from $235,000 to $260,000. 


HAVE AN AWESOME WEEK!

Image Unavailable
Price: $595,000 Beds: 3 Baths: 2 Sq Ft: 2000
Horse property only 5 mins from town! Nearly 6 level acres, backs up to canal & great for trail riding along Amazon. Wonderfully updated home with 2-car garage. 1 bedroom guest house w/ carport has income producing potential. 2 barns w/ 11 stalls, i...View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Displaying blog entries 1-7 of 7

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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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