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National Mortgage interest rates reamin at historic lows

by Galand Haas

Good Monday Morning!

What gorgeous weather we are having here in the Eugene and Springfield area.  The cold is going to continue, but the sunshine is very welcome!

With mortgage interest rates continuing to be at historically low levels the chance for homeowners to refinance and reduce their interest rate and their payments has never been better.  I continually speak with homeowners who have mortgage loan rates that are well above todays low rates.  For this reason I asked one of the top Mortgage loan officers in our area to give me some ideas as to when a refinance makes sense.

Here is that information. 

“Interest rates remain historically low.  If your current interest rate is over 6.0%, now would be a great time to consider looking into a refinance loan.  Many homeowners that have seen their home values decline or lack equity in their homes are finding relief under President Obama’s Home Affordability Program which allows lenders to refinance a mortgage, even if the homeowner has little to no equity.  If you have been thinking about a refinance, now is the time to act.  Most experts agree that interest rates will rise as the economy continues to recover.  So what are you waiting for?  To schedule a free consultation, please contact David Doak with OMT Mortgage at 541-913-9362 or email at davidd@omtmortgage.com

Let me know if this is okay…

I am not the best at stuff like this.  I hope you like it.

And again, thank you very much.

David E. Doak
Certified Mortgage Planner
OMT Mortgage
2644 Suzanne Way, Suite 110
Eugene, OR 97408
Office 541-242-8080
Cell 541-913-9362
Fax 541-242-0855
DavidD@omtmortgage.com
http://www.mortgageupdate.biz/DavidDoaksMondayMortgageUpdate.htm

 HAVE AN AWESOME WEEK!

 THIS WEEKS HOT HOME LISTING!

3511 RIVER POINTE DR
Price: $575,000 Beds: 4 Baths: 3 Sq Ft: 3726
Large, goregous home with lots of room & lots of options set in a quiet neighborhood. Featuring a spacious living room, wonderful formal dining rm with French doors that open to patio, large kitchen with island, pantry, breakfast bar & nook. Open fa...View this property >>


AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Sincerely,
Galand

Post Title

by Galand Haas

Galand,

Good Monday Morning!

It was the perfect 4th of July.  There were lots of events taking place in the Eugene and Springfield area along with perfect weather.  It just does not get any better!

If you are considering a home purchase whether it is for your personal residence or for investment, you have another golden opportunity in front of you right now.  Mortgage interest rates have taken a large dip again.  Following several weeks of much higher rates, the trend is now looking good again.  The question is the same as before. How long willthe low rates stay around?  It is obvious that that rates will need to come up in the future, but right now with extremely low home prices coupled with the new low mortgage interest rates the climate for purchasing a home has never been better.

Get in touch if you wish to receive further information on looking at homes or if you want help in connecting with the lowest mortgage rates in our market.

You can also visit the web site www.forhomeinfo.com if you would like to search for homes for sale in our area and receive daily e-mail updates on homes that match your search criteria as they hit the market. You can also sign up at the web site www.eugenebankowned.com if you would like to receive a weekly e-mail list of area bank foreclosed homes.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable

83005 FLORENCE AVE, CRESWELL, Oregon

Price: $335,000.00

Beds: 3

Baths: 2

Sq Ft: 2080

Description: Fantastic 2-story home with a wrap-around porch set in the country on a spacious lot with a garden, pasture & lucious lawn. Great floor plan includes a cozy living room & dining area, a k ....

View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

New Momentum in The Local Market

by Galand Haas

Good Monday Morning!

The weekend weather was interesting.  I don't know if I have ever seen it rain as hard as it did during the thunder shower on Saturday.

The Real Estate Market in the Eugene and Springfield area continues to pick up momentum.  The question is, have we hit bottom and are we heading out of this or is this just a short upswing before the bottom really falls out?  I wish I had the anwers to that question.  My suggestion right now would be that if you are wanting to buy, jump in now.  You can't go wrong.  If you are selling or need to sell, sell now and price your home to move fast.  If this is a short upswing then you don't want to miss your chance to sell now during an upswing.  How long of a window might we have?  this is another question that is tough to answer.  I would guess that we might see a better market for atleast the next 60 days.  The problem longer term could be interest rates increases or the increase in inventory of foreclosed homes.  Either of these could have a negative impact.  My suggestion is to don't watch national trends, but focus mostly on what you see taking place in our community.  This will certainly give you the best perspective on our market. 

If you are interested in wanting information on foreclosed homes currently for sale in our local area,we have put up a new web site that will give you the ability to get a weekly list of all local foreclosed homes on the market for sale.  You can sign up for this e-mail service at www.eugenebankowned.com

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

Image Unavailable

1929 L ST, Springfield, Oregon

Price: $145,000.00

Beds: 2

Baths: 1

Sq Ft: 858

Description: This is a very cute home with lots of potential inside & out. It features awesome hardwood floors, a spacious living room & well-sized bedrooms, each w/ ceiling fans. The dining room & kit ....

View this property >>



AND HERE'S YOUR MONDAY MORNING COFFEE!!

Sincerely,
Galand

January Home Sales Improve Nationally

by Galand Haas
 
Existing-Home Sales Improve in January
WASHINGTON, February 27, 2007 - 

Sales of existing homes rose in January, reaching the highest level in seven months, according to the National Association of Realtors®.

Total existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 3.0 percent to a seasonally adjusted annual rate1 of 6.46 million units in January from an upwardly revised pace of 6.27 million in December.  Sales were 4.3 percent below the 6.75 million-unit level in January 2006.

David Lereah, NAR’s chief economist, said observers shouldn’t overreact to the sales gain, or to other short-term effects.  “Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January,” he said.  “On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market.

“Although the data is seasonally adjusted, these weather events are unusually large – many transaction closings were postponed in February, and home shopping was essentially shut down for about a week in many areas,” he said.  “We shouldn’t be surprised to see a near-term sales dip, but that will be followed by a continuing recovery in home sales.”

Total housing inventory levels rose 2.9 percent at the end of January to 3.55 million existing homes available for sale, which represents a 6.6-month supply at the current sales pace – unchanged from the revised December level.  Supplies peaked at 7.4 months in October.  “Inventories are looking better, but price softness should continue until spring when the market is expected to become more balanced,” Lereah said.

The national median existing-home price2 for all housing types was $210,600 in January, down 3.1 percent from January 2006 when the median was $217,400.  The median is a typical market price where half of the homes sold for more and half sold for less.

NAR President Pat Vredevoogd Combs, from Grand Rapids, Mich., and vice president of Coldwell Banker-AJS-Schmidt, said a broader view shows the housing market stabilizing.  “The market is trending up from its low last fall, and that is important in restoring confidence to buyers who’ve been on the sidelines,” said Combs.  “Since buyers can find more favorable terms, and they are looking for a place to call home for some years to come, getting into the market now make sense because it’s a choice many didn’t have during the boom period of bidding wars in much of the country.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.22 percent in January, up from 6.14 percent in December; the rate was 6.15 percent in January 2006.

Single-family home sales rose 3.5 percent to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.50 million in December, but were 4.2 percent below the 5.94 million-unit level in January 2006.  The median existing single-family home price was $209,200 in January, down 3.5 percent from a year earlier.

Existing condominium and cooperative housing sales slipped 0.1 percent to a seasonally adjusted annual rate of 767,000 units in January from a downwardly revised pace of 768,000 in December.  Last month’s sales activity was 5.7 percent below the 813,000-unit pace in January 2006.  The median existing condo price3 was $222,200 in January, up 0.5 percent from a year ago.

Regionally, existing-home sales in the West rose 5.6 percent to an annual pace of 1.32 million in January but were 9.6 percent lower than a year ago.  The median price in the West was $321,300, down 4.6 percent from January 2006.

In the Midwest, existing-home sales increased 4.8 percent in January to a level of 1.53 million, and were 0.6 percent lower than January 2006.  The median price in the Midwest was $162,600, which is 3.5 percent below a year ago.

Existing-home sales in the South rose 2.0 percent to an annual sales rate of 2.54 million in January, but were 7.3 percent below a year ago.  The median price in the South was $174,600, which is 1.7 percent below January 2006.

Existing-home sales in the Northeast were at a level of 1.07 million in January, unchanged from December, and were 5.9 percent higher than January 2006.  The median existing-home price in the Northeast was $260,700, down 1.2 percent from a year earlier.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

1 The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months.  Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity.  For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns.

Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the previous three years based on the most recent findings.  Revisions have been made to monthly seasonally adjusted annual sales rates for 2004 through 2006, as well as the inventory month's supply data.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings.  This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit.  Because of these differences, it is not uncommon for each series to move in different directions in the same month.  In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

2 The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns.  Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

Existing-home sales for February will be released March 23.  The next Pending Home Sales Index will be on March 6 and the forecast will be revised March 13.

3 Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price.  In a given market area, condos typically cost less than single-family homes.

Statistical data, charts and surveys also may be found by clicking on Research

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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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