Eugene Oregon Real Estate Blog

Good Monday Morning!

Real Estate activity in the Eugene and Springfield market area changed only slightly in from May to June 2019.  All categories were slightly down in June, including sales, pending sales and new listings.  What was not down was the fact that home prices in Eugene and Springfield continue to climb.  The inventory of homes for sale continues to be extremely low and is now at 1.6 months of inventory.  The market remains very attractive for anyone considering the sale of a home.  Here are the home sales numbers for June 2019 in the Eugene and Springfield market areas.

Lane County saw some cooler numbers this June. There were 471 closed sales, falling 1.7% short of the 479 closings recorded last year in June 2018 and 1.5% short of the 478 recorded last month in May 2019.

Pending sales, at 540, similarly ended 3.7% cooler than in June 2018 (561) and fell 1.6% short of the 549 offers accepted last month in May2019.

New listings, at 623, decreased 15.0% from June 2018 (733) and10.4% from May 2019 (695). The prior June with fewer new listings was in 2013, when 602 were offered.

Total market time decreased to 38 days in June, with inventory increasing slightly to 1.6 months.

Year to Date Summary

Activity is cooler so far in 2019 compared with 2018. Comparing the first six months of each, closed sales (2,251) have decreased 7.7%, pending sales (2,558) have decreased 8.2%, and new listings (3,077) have decreased 8.7%.

Average and Median Sale Prices

Comparing 2019 to 2018 through June, the average sale price has increased 4.5% from $302,500 to $316,200. In the same comparison, the median sale price has increased 4.3% from $277,000 to $289,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2230 Comstock Ave  

Price: $555,000    Beds: 4    Baths: 3.5    Sq Ft: 2904

Quiet park-like backyard. Master with his/hers sinks, jetted tub, large dual head shower, private camode, walk-in closet, two sided/see-through fireplace. Upstairs hall closet laundry plus a full laundry room area. Guest bedroom with murphy bed set...View this property >> 

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Good Monday Morning!

As we move towards mid Summer 2019, the trend for home price increases continues nationally.  We continually think that we are at or near the peak of where home prices are going to go and the market just keeps being strong enough that the price of homes continues to spiral upwards.  This is great news for anyone considering a home sale.  My word of advice is that if you are thinking about selling your home, do it now.  The price increases will have to end sometime soon and as usual, most sellers will wait and miss the upwards trending market and hit a flat or downward price trend.  With mortgage interest rates continuing their downward trend, the housing market should remain hot for sellers for the rest of the Summer months and possibly into early Fall.

Have An Awesome Week!

Video Link: http://eugeneoregonhomesforsale.com/video/This-Month-in-Real-Estate-July-2019

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $414,900    Beds: 3    Baths: 2.0    Sq Ft: 2150

Home sits off of Norkenzie on a Shared Driveway. RV parking space and additional guest parking area. Updated and spacious kitchen, living, office and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

I am often asked the question, "is this a good time to purchase a larger and more expensive home?"  Market conditions can really change the way I would answer this question.  Some markets are great for move up buyers and some are not.  Currently though, in the Eugene/Springfield area the time is perfect for move up buyers.  There are several reasons for this beginning with the fact that lower and mid range homes are in high deman and are selling at a premium.  Higher priced homes do not currently have the high demand and are selling at more competitive prices.  The other reason for this being a great ove up market is interest rates.  Currently mortgage interest rates are extrmely attractive and have dropped considerably over the past several months.  The following article will give you more insight into why now is a good time to move into a more expensive home.

Homes priced at the top 25% of the price range for a particular area of the country are considered “premium homes.” In today’s real estate market, there are deals to be had at the higher end! This is great news for homeowners wanting to upgrade from their current house.

Much of the demand for housing over the past couple of years has come from first-time buyers looking for their starter home. Many of the more expensive homes listed for sale have not seen as much interest.

According to ILHM’s Luxury Report, this mismatch in demand and inventory of luxury and premium homes has created a Buyer’s Market. For the purpose of the report, a luxury home was defined as one that costs $600,000 or more.

“A Buyer’s Market indicates that buyers have greater control over the price point. This market type is demonstrated by a substantial number of homes on the market and few sales, suggesting demand for residential properties is slow for that market and/or price point.”

The authors of the report were quick to point out that current conditions at the higher end of the market are no cause for concern.

“While luxury homes may take longer to sell than in previous years, the slower pace, increased inventory levels and larger differences between list and sold prices, represent a normalization of the market, not a downturn.”

Luxury can mean different things to different people. To one person, luxury is a secluded home with plenty of property and privacy. To another, it could be a penthouse at the center of a bustling city. Knowing what characteristics mean luxury to you will help your agent find you the home of your dreams.

Bottom Line

If you are debating upgrading your current house to a premium or luxury home, now is the time!

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Road  

Price: $785,000    Beds: 4    Baths: 3.0    Sq Ft: 3035

Quiet And Private House on 20.59 secluded acres with gorgeous valley and mountain views. 15+ acres second growth Fir with significant market value and 2+ acres of pasture. Gorgeous custom interior with hardwood floors, vault ceilings, views. 4 bay s...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Right now is the perfect time to take advantage of mortgage rates that are at an extremely favorable level. Just when we thought that we would never see mortgage rates at the near historic low levels again, rates started a spiral downwards.  If you are considering a home purchase, right now may be the time to take advantage of these current low rates.  

For the seventh time in the last nine weeks, the 30-year fixed-rate mortgage dropped, reaching the lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey.

“While the industrial- and trade-related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market,” says Sam Khater, Freddie Mac’s chief economist. “Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near term, we expect the housing market to continue to improve from both a sales and price perspective.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 27:

• 30-year fixed-rate mortgages: averaged 3.73%, with an average 0.5 point, falling from last week’s 3.84% average. Last year at this time, 30-year rates averaged 4.55%
• 15-year fixed-rate mortgages: averaged 3.16%, with an average 0.5 point, falling from last week’s 3.25% average. A year ago, 15-year rates averaged 4.04%.
• 5-year hybrid adjustable-rate mortgages: averaged 3.39%, with an average 0.4 point, falling from last week’s 3.48% average. A year ago, 5-year ARMs averaged 3.87%.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $414,900    Beds: 3    Baths: 2.0    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Home prices are on the rise again.  This is taking place nationally and also in the Eugene and Springfield area.  With demand remaining high and prices up, right now may be your best opportunity to sell a home this year! The following is a recent article form "Realtor.com" that talks about the recent home price increases.

National home prices notched a stronger annual gain in April than in March, marking the first time in over a year that prices have accelerated from one month to the next.

That data comes from a report out Tuesday from CoreLogic, a national real estate information services provider. Prices were up 3.6% for the year and 1% for the month in March.

Annual price gains in CoreLogic’s national index have been flat or declined every month since April 2018. The company believes that “the pickup in sales between March and April” helped soften some of the slower growth in prices.

But sales as reported by the National Association of Realtors were slower in April than in March: they ran at a 5.19 million seasonally adjusted annual pace in April, down from a 5.21 million pace in March.

CoreLogic expects home prices to keep powering higher, and forecasts a 4.7% rise over the coming 12 months. The company also analyzes housing stock in major metro areas for their values compared to their “long-term, sustainable level.” By these measurements, markets including Las Vegas were overvalued, while San Francisco was undervalued.

The company’s chief economist points out that price growth nationally is strongest for lower-priced homes, keeping buying conditions challenging for first-timers.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

93048 Templeton Road  

Price: $785,000    Beds: 4    Baths: 3.0    Sq Ft: 3035

Quiet And Private House on 20.59 secluded acres with gorgeous valley and mountain views. 15+ acres second growth Fir with significant market value and 2+ acres of pasture. Gorgeous custom interior with hardwood floors, vault ceilings, views. 4 bay s...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Mortgage interest rates have continued to decline and this opens up a window of opportunity for home buyers in the Eugene and Springfield area. Any decrease in mortgage interest rates makes housing more affordable and that is just what we need in our current market.  The improved rates means that there will be more home buyers ready to buy over the Summer months and this means that there will be increased demand for houses in our area.  June, July, August and September may be a hot housing market and this means its an excellent opportunity to sell your home at top dollar value.  Here are just a few great reason to sell your home now.

Here are 5 compelling reasons listing your home for sale this summer makes sense.

1. Demand Is Strong

The latest Buyer Traffic Index from the National Association of Realtors (NAR) shows that buyer demand remains strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other for the same home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in most of the country, there are not enough homes for sale to satisfy the number of buyers.

Historically, the average number of years a homeowner stayed in his or her home was six, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move, as they were unable to sell over the last few years due to a negative equity situation. As home values continue to appreciate, more and more homeowners are granted the freedom to move.

Many homeowners were reluctant to list their home over the last couple of years for fear that they would not find a home to move in to. That is all changing now as more homes come to market at the higher end. The choices buyers have will continue to increase. Don’t wait until additional inventory comes to market before you to decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. Buyers know exactly what they can afford before home shopping. This makes the entire selling process much faster and simpler. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days. (Last numbers available.)

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has created a buyer’s market. This means that if you are planning on selling a starter or trade-up home, it will sell quickly, AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 4.8% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to these questions. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to start living the life you desire.

That is what is truly important.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

812 Leigh Street  

Price: $290,000    Beds: 3    Baths: 1.5    Sq Ft: 1311

Wonderful classic home on large private lot. Newer roof and heating system. RV Parking and storage shelter in backyard. Hardwood flooring under most of carpeted areas. Updated windows throughout...View this property >> 

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Good Monday Morning!

Nationally home sales have dipped slightly, but the interesting fact is that at the same time home prices have continued to climb.  With mortgage interest rates continuing to decline, this could be a great opportunity for those who are considering selling their home.  Any drop in interest rates will bring new buyers into the market and also increase the buying power of those already in the market.  Predictions are now looking for a continuation of the decline in mortgage interest rates.  If you are considering selling your home, don't wait. This current period of opportunity may not last long.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. this home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

Mortgage interest rates are very favorable at this time and have been steadily decreasing for weeks.  This has helped take the sting from both a national and local housing market that has continued to have escalating home prices.  If Mortgage rates continue to decline it could help our local housing market improve.  Some predictions are for mortgage interest rates to fall to levels that we have not seen in years.  Time will tell.  Here is an article from "Realtor.com" that gives further details on the current mortgage conditions.

Rates for home loans fell for the fourth straight week, and the benchmark mortgage product matched its low for 2019, as financial market turmoil offered a reprieve for house hunters.

The 30-year fixed-rate mortgage averaged 4.06% in the May 23 week, Freddie Mac said Thursday. That was down just 1 basis point, but brought the popular loan product to its lowest in two months. So far this year, the 30-year-fixed has risen in only six weeks.

The 15-year fixed-rate mortgage averaged 3.51%, down from 3.53%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%, up from 3.66%.

The 10-year yield is at its lowest in 18 months, thanks mostly to the escalating U.S.-China trade war, and increasing signs of slowing domestic growth. Data released Thursday saw a May manufacturing survey at the lowest level in nearly a decade.

The housing market has pushed through the soft spot it encountered in 2018, but some old familiar headwinds are capping growth now. Sales of previously-owned homes have risen in only one month so far in 2019, the National Association of Realtors said Tuesday, but homes are flying off the market — a sign that more inventory would likely result in higher sales volume.

And despite an overall strong economy, Americans aren’t exactly flush. A recent survey from debt settlement provider Freedom Debt Relief found consumers see many barriers to home buying this year. The biggest one, with 28% of respondents flagging it, was the cost of the down payment, but 26% said the monthly payment was a concern. About 11% said there was a lack of homes that fit my needs, and 14% said they were unsure about the economy.

One small perk of lower rates: a resurgence in rate refinancings. According to the Mortgage Bankers Association, refinances increased 8% in the most recent week to the highest level in over a month. Purchase mortgage applications dipped, even as rates fell, however. “We’re keeping a close eye on whether there may be some adverse effects of the ongoing global trade disputes on overall demand,” the group said Wednesday. “Some potential homebuyers may be delaying their home search until there’s more certainty.”

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

April saw little change in the Eugene and Springfield area Real Estate market from March 2019.  The statistics do show that we have had a slight decline in home sales from April of 2018.  The largest issue for the lane County housing market is the continued lack of inventory of homes for sale. This is particularly true in the price ranges of below $350,000 where the majority of the buyer demand is. Here are the numbers for April 2019.

New listings in Lane County saw an increase this April, with other numbers mixed. There were 578 new listings, a 1.2% increase over the 571 offered back in April 2018, and a 30.2% increase over the 444 offered last month in March 2019.

Closed sales, at 364, fell 7.1% short of the 392 closings recorded in April 2018 but rose 15.9% from the 314 recorded last month in March 2019.

Pending sales (466) fared similarly, cooling 9.7% from the 516 offers accepted in April 2018 but edging 2.9% over the 453 offers accepted last month in March 2019.

Total market time decreased in April to 48 days, and inventory decreased very slightly to 1.7 months during the same period. There were 634 active residential listings in Lane County this April.

Average and Median Sale Prices

Comparing 2019 to 2018 through April, the average sale price has increased 4.1% from $294,600 to $306,600. In the same comparison, the median sale price has increased 3.4% from $270,700 to $280,000.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

1441 Norkenzie Road  

Price: $440,000    Beds: 3    Baths: 2.5    Sq Ft: 2150

Private house on a Shared Private Driveway. RV parking space. Spacious kitchen, living, and dining with hardwood floors. Carpet in all bedrooms. Master bedroom has a large walk-in closet, roomy shower and jacuzzi tub. Fully fenced with a gorgeous and...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!

Good Monday Morning!

We are in mid Spring and the home buying/selling season is upon us in the Eugene and Springfield areas.  The good news is that there are plenty of new home listings hitting the market right now.  This is welcome news after months of extremely low inventories of homes for buyers to look at.  Along with more homes to look at, home buyers are also enjoying the fact that mortgage interest rates continue to decline.  We may have a window here that is very favorable for home buyers and this will also become an opportunity for home sellers. Right now, just might be the best time this year to purchase or sell a home.  

The following is an article from "Forbes" that gives you information on what has been taking place with home mortgages.  I am not sure as to how long these favorable rates are going to last, but for right now, buyers are able to take advantage of some really good rates.

Mortgage rates are showing signs of moderating this month, following increases in April. Borrowers are discovering much lower rates compared to a year ago.

“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

• 30-year fixed-rate mortgages: averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average. Last year at this time, 30-year rates averaged 4.55%.
• 15-year fixed-rate mortgages: averaged 3.57%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 15-year rates averaged 4.01%.

5-year hybrid adjustable-rate mortgages: averaged 3.63%, with an average 0.4 point, falling from last week’s 3.68% average. A year ago, 5-year ARMs averaged 3.77%.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2945 Ava Street  

Price: $325,000    Beds: 3    Baths: 2.0    Sq Ft: 1570

New Construction. This home is sure to impress. Open Living, Dining, & Kitchen. Great for entertaining. Master suite with walk-in closet and master bath. Two additional bedrooms are on opposite side of house. This home includes a Laundry room and a...View this property >> 

AND HERE'S YOUR MONDAY MORNING COFFEE!!