Real Estate Information Archive

Good Monday Morning!

There is increasing evidence that we are entering a shift in the housing market. With inventories of homes for sale rising each month, it is very likely that the market will become more favorable to homebuyers. If the Fed were to drop interest rates and mortgage rates declined as a result, I think the housing market would take off. Here is a recent article from the National Association of REALTORS (NAR) that explores the current housing market trend in more detail:

First-time buyers show signs of re-emerging as inventory climbs, but high prices and cautious sentiment keep sales subdued.

Sales of existing homes slowed last month, dimming hopes for a robust spring selling season. Despite the highest number of listings in years, buyers remain cautious.

The decline was slight: Existing-home sales—a measurement of completed transactions on single-family homes, townhomes, condos and co-ops—dropped by 0.5% in April compared to March. April sales were down 2% compared to a year ago, the National Association of REALTORS® reported Thursday.

“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with 7 million jobs added to the economy,” says Lawrence Yun, NAR’s chief economist. “Pent-up housing demand continues to grow. Any meaningful decline in mortgage rates will help release this demand.”

One encouraging sign: First-time home buyers are beginning to reemerge. They accounted for 34% of existing-home sales last month—their highest share since July 2020, according to NAR.

It’s Still a Seller’s Market

Higher inventory and more housing choices may be pulling some buyers off the sidelines, but many may remain hesitant due to elevated home prices and mortgage rates. In April, the median existing-home price was $414,000, according to NAR. While prices are still rising, the pace has slowed, with a 1.8% year-over-year increase in April.

Home sellers continue to hold pricing power, but that could change. “At the macro level, we are still in a mild seller’s market,” Yun says. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate for better deals.”

Inventory Is Improving, But Not Out of the Woods

Housing inventory has improved significantly in recent months, rising 20.8% from a year ago, according to NAR. House hunters are finding more options, creating more competition among sellers.

However, according to a newly released NAR report, the uptick in housing inventories hasn’t been evenly distributed. In particular, the supply of affordable homes for low- and middle-income buyers remains well below demand. (Find out which price points may be struggling the most: Inventory Is Rising But Not Enough, a New NAR Report Warns.)

Buyers Should Still Expect Competition

House hunters shouldn’t be too excited by the prospect of a shifting market, however. In some markets, multiple offers and bidding wars remain common. Last month, 18% of homes sold above list price last month, and 60% of properties sold in under a month, according to the latest REALTORS® Confidence Index Survey, based on feedback from about 1,500 real estate professionals on their May transactions. On average, homes for sale received 2.4 offers. To gain an edge, 20% of buyers waived the inspection contingency and 20% of buyers also waived the appraisal contingency, the report notes.

All-cash buyers also continue to drive competition, making up 25% of transactions last month, according to NAR’s report.

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Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

32225 Bush Garden Dr. Harrisburg, OR 97446

Price: $625,000    Beds: 3    Baths: 2.0    Sq Ft: 2000

Located in the coveted Bush Garden neighborhood, this mini ranch on nearly 3 acres will not disappoint. A cozy sunroom welcomes you to this spacious light-fill... View this property >> 

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Good Monday Morning!

There is some good news for homebuyers who have been struggling to find homes! The inventory of homes for sale across the country is beginning to increase. Any rise in home inventory is a welcome sight after years of extremely low supply. The biggest challenge we face—both nationally and locally—is home affordability. In some areas of the country, home values have decreased, but in places like Eugene and Springfield, prices continue to rise. Affordable homes for first-time buyers in Eugene and Springfield are almost non-existent. This presents a serious issue, as the gap between income growth and housing costs continues to widen. A continued increase in housing inventory may begin to put downward pressure on home prices due to growing competition. A healthy housing market needs that competition to help regulate pricing. An increase in the number of homes for sale, along with a decrease in mortgage interest rates, is urgently needed to improve housing affordability. The following is a recent article from the National Association of Realtors (NAR) that addresses these recent changes.

Home buyers are finally finding more options of homes for sale as housing inventory rebounds in many markets across the country—but supply is still largely falling short, according to the newly released report, “Housing Affordability and Supply,” produced by the National Association of REALTORS® and realtor.com®.

Rising inventory may even be masking a deepening crisis for lower-income buyers. As the report notes, “when viewed through the lens of income and purchasing power, it becomes clear that access to affordable homes remains out of reach for many buyers.”

The increase in overall listings—up nearly 20% compared to a year ago—is a hopeful sign for a housing market that has long been starved for inventory for a decade. It may also bring relief to some buyers, with price pressures beginning to ease in markets where inventory is rising most.

“Shoppers see more homes for sale today than one year ago, and encouragingly, many of these homes have been added at moderate income price points,” says Danielle Hale, realtor.com®’s chief economist. “But as this report shows, we still don’t have an abundance of homes that are affordable to low- and moderate-income households, and the progress that we’ve seen is not happening everywhere. It’s been concentrated in the Midwest and the South.”

Who’s Struggling the Most With Inventory Shortages?

Higher-income households—those earning $200,000 or more—have access to roughly 80% to 100% of for-sale listings nationwide (though not necessarily 80%–100% of the listings in their own market). For those earning less, affordability drops off sharply. According to the report, two main groups are facing the most severe inventory shortages:

• Lower-Income Buyers: Households earning under $50,000 per year and who are looking for homes priced below $170,000 have even fewer affordable options than they did a year ago, according to the report. As of this spring, buyers in this group could only afford 8.7% of active listings. A more balanced market would mean they could afford about one-third of listings, reflecting their share of U.S. households.
 
• Middle-Income Buyers: Buyers earning between $75,000 and $100,000 annually have seen the greatest improvements in the affordable housing supply when compared to all income groups. About 21% of listings are within reach for these households. But a gap still persists. Consider, in 2019, these middle-income buyers could afford nearly half of all listings, a level considered more balanced for the market. This suggests a shortage of more than 400,000 listings priced below $255,000, which would be affordable to this income group, according to the report. 

Have An Awesome Week!

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THIS WEEKS HOT HOME LISTING!

1952 Minda Dr, Eugene, OR 

Price: $479,999    Beds: 3    Baths: 2.0    Sq Ft: 1353

Welcome to this beautifully maintained 3 bedroom, 2 bath home nestled within a quiet cul-de-sac in the desirable Ferry Street Bridge area. Inside you'll find great separation of space between the main living areas and bedrooms. Cozy up to the gas f... View this property >> 

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Good Monday Morning!

Is the Eugene and Springfield area at the beginning of a market shift?
Our area has been in a strong seller's market for years. A seller’s market is defined as a housing market with less than 6 months of inventory available. A very strong seller's market is where there are 3 months or less of home inventory.

Currently, we remain in a seller's market with only 2.9 months of active inventory. Things are beginning to change, though. The home inventory numbers are creeping up slowly, there seems to be less buyer interest, and price reductions are coming back.

All of this is taking place at a time of year when our local market typically begins to heat up. The fact that home prices continue to rise and mortgage interest rates have remained high is just another part of what we are seeing in the market today.

It's too early to say whether we are seeing a true market shift or not, but the next few months will tell the story.

Here are the home sales numbers for Lane County (Eugene, Springfield, and surrounding areas) for April 2025:

New Listings

New listings (556) increased 21.7% from the 457 listed in April 2024, and increased 35.3% from the 411 listed in March 2025.

Pending Sales

Pending sales (372) decreased 1.8% from the 379 offers accepted in April 2024, and decreased 2.4% from the 381 offers accepted in March 2025.

Closed Sales

Closed sales (295) increased 5.0% from the 281 closings in April 2024, and increased 17.1% from the 252 closings in March 2025.

Inventory and Time on Market

Inventory increased to 2.9 months in April. Total market time decreased to 54 days.

Year-to-Date Summary

Comparing the first four months of 2025 to the same period in 2024, new listings (1,661) increased 9.3%, pending sales (1,265) decreased 0.6%, and closed sales (1,044) increased 2.1%.

Average and Median Sale Prices

Comparing 2025 to 2024 through April, the average sale price has increased 1.0% from $466,000 to $470,800. In the same comparison, the median sale price has increased 0.7% from $431,500 to $434,500.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2250 Turnberry Ct, Eugene, OR 97401

Price: $1,195,000    Beds: 5    Baths: 3.5    Sq Ft: 4053

Nestled in the highly desirable Oakway neighborhood of Eugene, Oregon, this beautifully updated single-family home offers the perfect blend of modern upgrades and timeless charm. Featuring... View this property >> 

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Good Monday Morning!

Mortgage interest rates have been on a roller coaster ride lately, and this may continue for a while. The good news is that rates have dipped slightly and remain lower than they were at this time last year. One observation I've made recently is that we're seeing very active web traffic on our home search website. This suggests a large number of potential buyers are browsing homes for sale. However, home sales remain sluggish. This likely indicates that while many people are interested in buying or selling, they don’t yet feel that now is the right time to make a move. That said, I don’t think it will take much to shift these would-be buyers into action. The most likely catalyst would be a further decline in mortgage rates—perhaps triggered by a Fed rate cut. Keep your fingers crossed!

The following article from the National Association of REALTORS® (NAR) provides an update on the current housing market and mortgage rates:

Although rates have fallen below their first quarter averages, buyers remain cautious.

Home buyers this spring are locking in lower mortgage rates than they could a year ago, when rates pushed above 7%. But even with the latest decline—bringing 30-year fixed rates to a 6.76% average—many prospective buyers aren’t ready to take action.

Purchase mortgage applications—a gauge of future buying activity—fell 4% last week compared to the previous week, the Mortgage Bankers Association reported April 30. For conventional loans, the decline was 6%.

“Mortgage application activity, particularly for home purchases, continues to be subdued by broader economic uncertainty,” says Joel Kan, MBA’s Vice President and Deputy Chief Economist.

Economists point to mortgage rate sensitivity as one culprit. But declining rates could build momentum and unlock some pent-up demand in the coming weeks.

On a positive note, pending home sales—reflecting recent contract signings—posted the largest month-to-month increase in March since December 2023, the National Association of REALTORS® reported on April 30. NAR Chief Economist Lawrence Yun credited the bump to a 20 to 30 basis-point dip in mortgage rates compared to the first two months of the year.

Buyers May Find More Negotiating Power

While mortgage rates continue to be elevated when observed within a five-year timespan, home buyers may find a different incentive to ease into the market: More inventory. “Home buyers have more negotiating power than they did over the last several years,” says Jessica Lautz, NAR’s deputy chief economist. Housing inventory in March was up nearly 20% compared to a year ago.

Further, “repeat buyers have reaped stacks of cash from housing equity, allowing for all-cash purchases and hefty down payments, offsetting higher rates,” Lautz says. All-cash buyers remain a force in the spring housing market, comprising 26% of existing-home sale transactions in March, according to NAR’s latest housing data.

Mortgage Rate Averages This Week

For home buyers who are focused on locking in a lower mortgage rate, borrowing costs have dropped slightly. “In recent weeks, rates for the 30-year fixed-rate mortgage have fallen even lower than the first quarter average,” says Sam Khater, Freddie Mac’s chief economist.

At this week’s 6.83% mortgage rate average, home buyers with a 20% down payment on a home priced at $400,000 would face a monthly mortgage payment of about $2,078, Lautz says. With a 10% down payment, the monthly mortgage payment would rise to $2,337.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 1:

• 30-year fixed-rate mortgages: averaged 6.76%, dropping from last week’s 6.81% average. A year ago, rates averaged 7.22%.
• 15-year fixed-rate mortgages: averaged 5.92%, falling from last week’s 5.94% average. Last year at this time, rates averaged 6.47%.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

35 Almond Way, Creswell, OR 97426

Price: $424,000    Beds: 3    Baths: 2    Sq Ft: 1312

Wonderful home in private setting. This well-built, energy-efficient home in a quiet neighborhood features an open floo... View this property >> 

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Good Monday Morning!

What is really wrong with the Eugene area housing market? One of the largest issues Eugene faces with housing is both availability and affordability. The truth is that Eugene has a housing inventory issue that is creating major problems. The lack of available and affordable single-family building sites has reached a critical stage. In the past, large pieces of land within the urban growth boundary allowed hundreds of new homes to be built. This kept home prices down and provided buyers with many options. Those days are gone, as Eugene has completely run out of large areas for new subdivisions, leaving the housing market almost entirely dependent on the sale of existing homes. Don't expect this situation to change anytime soon. Eugene has not brought any new areas into the urban growth boundary for years, and to my knowledge, there are no immediate plans for boundary expansion. This leaves Eugene with a housing market that has little competition and low availability. Home affordability will continue to suffer as a result. For a healthy housing market, Eugene needs new single-family home developments. The following is an article from "NAR" that addresses this very issue.

Home buyer demand appears strong. So, why did existing-home sales falter last month?

Existing-home sales have lagged over the past two years, while new-home sales have surged—highlighting a key dynamic: Buyer demand remains strong when inventory is available.

The existing-home market continues to face a short supply of homes for sale, despite the latest progress of a 20% annual uptick in inventory. With just a 4 months’ supply of inventory, existing-home sales fell nearly 6% in March compared to February. Sales were down 2.4% from a year ago, the National Association of REALTORS® reported Thursday.

That may begin to shift,” says Lawrence Yun, NAR’s chief economist. “As time passes, life events—such as job changes, family transitions or financial needs—could prompt more homeowners to sell, even if it means giving up their low locked-in mortgage rates.”

As it stands now, about 44 million homeowners have a mortgage rate below 6%, according to an NAR analysis. That’s lower than the current 30-year fixed-rate mortgage, which has been averaging in the mid- to high 6% range. Buyers with financial wherewithal are bypassing mortgages altogether: All-cash buyers continue to make up a sizable share of the market, comprising 26% of existing-home sales transactions in March, according to NAR’s data.

Proof Buyers Are Still Out There

Even with last month’s slide in existing-home sales, buyers could still face some competition. Twenty-one percent of homes sold above list price in March, and 57% of real estate pros report that properties typically sold in just over a month, according to the March REALTORS® Confidence Index Survey, reflecting results from a survey of more than 1,500 real estate pros about their latest transactions. Homes listed received an average of 2.4 offers. What’s more, 22% of buyers waived the inspection contingency and 19% waived their appraisal contingency in competing in a home sale last month.

Home prices also are still climbing: The median existing-home sales price in March reached an all-time high of $403,700, NAR reports.

Contrasting housing prices with recent stock market declines, Yun says, “Household wealth in residential real estate continues to reach new heights. With mortgage delinquencies at near-historical lows, the housing market is on solid footing.”

Signaling further potential buyer interest, mortgage applications for home purchases are up 4.3% year-to-date. “Aside from inventory growth, lower mortgage rates will be needed to get homeowners to move,” Yun says. “A small deceleration in home price gains, which was slightly below wage-growth increases in March, would be a welcome improvement for affordability.”

Builders Capitalize on Demand but Face Headwinds

Meanwhile, homebuilders have plenty of inventory—and in some cases, lower mortgage rates—to meet some of that pent-up buyer demand. Sales of newly built homes climbed 7% in March compared to the previous month and are up 6% from a year ago, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported on Wednesday.

“A wide inventory availability—at eight months’ supply—is helping newly constructed home sales to move forward,” Yun says. “The homebuilders’ focus on smaller-sized homes is also attracting buyers.” New home sales are up 33% year-to-date for homes priced below $300,000 and up by 28% year-to-date for new homes priced between $300,000 and $400,000, NAHB reports.

In March, the median price of newly constructed homes was $403,600, well-below the $435,000 price from three years ago when builders were more focused on larger-sized homes, Yun adds.

Builder incentives also could be drawing buyers in. About 30% of builders say they cut their home prices in April, with the average price reduction at 5%, according to the NAHB and Wells Fargo Housing Market Index. About 61% of builders say they also used sales incentives this month, like with mortgage rate buy downs or upgrades.

“The new home sales data shows that demand continues to be present in the market, provided affordability conditions permit a purchase,” says Buddy Hughes, NAHB’s chairman. “An increase in economic certainty would be a big boost to future sales conditions.” 

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2181 Turning Oak Pl Eugene, OR 97408

Price: $808,000    Beds: 4    Baths: 3.0    Sq Ft: 2269

Welcome to one of the most sought-after neighborhoods off N. Gilham! This stunning home offers the perfect blend of comfort, style and quality. Thoughtfully designed with attention to every detail, it features light engineered hardwood floo... View this property >> 

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Good Monday Morning!

Mortgage interest rates went on a wild ride last week, fluctuating up and down several times. The good news is that rates ended the week on a downward trend. Much of this volatility is tied to the bond market, which also experienced significant swings. We are currently in the midst of an economic makeover—a necessary transition. What we’re seeing now is likely temporary, and the benefits of new economic policies should begin to take shape in the near future. One key event to watch is the ongoing tension between the White House and the Federal Reserve. The White House is pushing for rate cuts now that inflation appears to be under control, while the Fed is resisting. If the White House prevails and the Fed initiates a series of rate reductions, we could see immediate improvements in mortgage interest rates. The following is a recent article from "Realtor.com".

Mortgage rates jumped 20 basis points over the last week, but by the end of the week, rates were back below 7%. New tariff policies and stock market fluctuations prompted some economic turmoil last week. So, what should buyers be paying attention to as they contemplate applying for a mortgage?

“Economists are currently eyeing any potential changes in the bond market that would impact the mortgage market,” says Jessica Lautz, deputy chief economist at the National Association of REALTORS®. “China holds about $760 billion in U.S. bonds, raising eyebrows given the trade war. Japan is currently the largest holder of U.S. bonds.”

When bond prices fall, it can lead to higher mortgage rates.

Economic uncertainty “is likely to make at least some prospective buyers more hesitant to move forward with a purchase,” says Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association. Reflecting that, mortgage applications for home purchases—a gauge of future home buying activity—fell 5% last week. But MBA’s index notes: Loan applications for home purchases are still 13% higher compared to the same week a year ago.

Some Buyers Quickly Spring Back In

Considering mortgage applications for home purchases are posting double-digit percentage annual increases, “it’s a clear sign that this year’s spring home buying season is off to a stronger start” than last year, says Sam Khater, Freddie Mac’s chief economist.

“The 30-year fixed settled some from the bounce-house activity in the week prior,” and housing inventory is on the rise, says Lautz. NAR’s data shows that unsold inventory is up by double digit percentages compared to a year ago, offering prospective home buyers more choices of homes for-sale than they’ve had in years. “Spring buyers are in a better position with more inventory in many markets,” Lautz says. So “while some are cautious in the face of uncertainty, others will jump at better opportunities.”

To offset higher rates last week, more prospective home buyers reached for the ARMs—adjustable-rate mortgages. The share of ARM applications was up a full percentage point in just one week, MBA reported. ARMs offer an initial fixed rate—lately closer to 6%, lower than 30-year fixed rate average—before adjusting to current rates in five or seven years. Given the jump in rates last week, “more borrowers are opting for the lower initial [payments] that come with an ARM,” Fratantoni says. The ARM share of mortgage applications reached about 10%, the highest since November 2023. “On a dollar basis, almost a quarter of the application volume last week was for ARMs, as borrowers with larger loans are even more likely to opt for an ARM,” he adds.

A Close Watch on Mortgage Rates

At this week’s 30-year average of 6.83%, home buyers would likely have a monthly mortgage payment of $2,093 for a home priced at $400,000, assuming a 20% down payment, Lautz says. With a 10% down payment, the typical monthly payment would be $2,354.

Freddie Mac reports the following mortgage rate averages for the week ending April 17:

• 30-year fixed-rate mortgages: averaged 6.83%, rising from last week’s 6.62% average. A year ago, 30-year rates averaged 7.1%.
• 15-year fixed-rate mortgages: averaged 6.03%, up from last week’s 5.82% average. Last year at this time, 15-year rates averaged 6.39%.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

32568 Deberry Rd, Creswell, OR 

Price: $2,670,000    Beds: 4    Baths: 3.0    Sq Ft: 5433

Welcome to one of Lane County's finest estate homes! Every detail of this exquisite residence has been thoughtfully crafted to create an unparalleled living experience. Bathed in natural light, this unique home boasts soaring ceilings and premium ma... View this property >> 

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Good Monday Morning!

As our homes get older and the styles and colors of the original build begin to feel dated, many of us start dreaming about what a facelift could do for our space. Remodeling your home may be one of the most expensive ventures you ever take on. Material and labor costs have risen significantly over time, and depending on the extent of the remodel, expenses could reach into the hundreds of thousands of dollars. If you are considering selling your home—whether soon or sometime down the road—keep in mind that dated homes typically sell for less and are more difficult to sell than updated ones. If this sounds like your situation, proceed with caution. It’s easy to spend more on a remodel than you’ll gain from the sale. Keeping your remodel focused on increasing value and putting more money in your pocket at the time of sale should be the goal. The following article from NAR (National Association of Realtors) offers helpful ideas and guidelines if you're remodeling with the intent to sell.

A new NAR report reveals which projects homeowners may want to prioritize if they plan to sell within the next year or two.

The home remodeling boom continues, as homeowners leverage their equity to take on a range of house projects, large and small. But are they choosing the best projects to help boost their home’s resale value?  

A fancy kitchen upgrade or bathroom renovation may have a significant impact on potential buyers. But for projects that recoup most or all of their cost, owners should think smaller, according to the newly released 2025 Remodeling Impact Report, conducted by the National Association of REALTORS® and the National Association of the Remodeling Industry. Swapping out the front door for steel, for example, is likely to get the most bang for the buck.

Prioritizing Home Remodeling Projects

Being able to help sellers prioritize home improvements and maximize their net on the sale is a key value real estate agents offer. For a range of home improvement projects, the Remodeling Impact Report compares estimated cost (estimates are from a NARI member survey) with real estate professionals’ estimates of the likely dollar value at resale.

The report revealed the following home remodeling projects may offer the highest returns, based on their estimated cost recovery at resale:  

• New steel front door: 100% (estimated return based on upfront cost)
• Closet renovation: 83%
• New fiberglass front door: 80%
• New vinyl windows: 74%
• New wood windows: 71%
• Basement conversion to living area: 71%
• Attic conversion to living area: 67%
• Complete kitchen renovation: 60%
• Minor kitchen upgrade: 60%
• Bathroom addition: 56%
• New primary suite: 54%
• bathroom renovation 52% 

A Balancing Act

Because owners often plan to stay in the home and enjoy the improvements for a few years before selling, the report also assigns a “joy score” to each project. The score is derived from a survey of homeowners conducted by NAR’s consumer website HouseLogic.

“Homeowners undertake remodeling projects for numerous reasons, but what remains intriguing is the disparity between the joy experienced post-remodel and the actual cost recovery,” says Jessica Lautz, NAR’s deputy chief economist. “While homeowners take pride in seeing their personal tastes and design choices come to life, [real estate professionals who are] REALTORS® may recommend different strategies to enhance the property’s resale value.”

Americans spent an estimated $603 billion last year on remodeling their homes, according to the report. With the average home of the U.S. now older than 40 years old, home remodeling may be growing more important as homeowners try to ensure their home ages well—with its value, too.

Consumers surveyed for the report said their top motivations for undergoing a home remodel were:

• To upgrade the home’s worn-out surface finishes and materials (27%)
• To improve energy efficiency (19%)
• A desire for a change (18%), or
• Because they plan to sell their home within the next two years (18%).

Because every home and every neighborhood are different, a presale project that’s right for one home won’t benefit another. But for those who do plan to sell within the next couple of years, the Remodeling Impact Report offers agents a starting point for a discussion.

How Real Estate Pros Are Helping

Forty-three percent of homeowners say home remodeling, repairs and maintenance stresses them out, according to Angi’s State of Home Spending report.  

Real estate pros are finding themselves an important ally in helping to guide remodeling decisions to help ease some of that stress. Clients turn to them for reputable contractors, as well as for guidance in prioritizing remodeling decisions.

“A real estate professional absolutely can help clients with remodeling,” says Angie Hicks, co-founder of the home services site Angi, formerly known as Angie’s List. “I always like to say, ‘You want to keep up with the Joneses, but you don’t want to beat the Joneses.’ If you have three bathrooms when everyone else has two, you won’t be getting the return on that. In thinking of the resale on your house, a real estate agent is going to be a great person to talk to.”

According to NAR’s Remodeling Impact Report, the top agent-recommended projects were painting—either the entire home or at least one room—as well as installing a new roof, if necessary, to make a home more marketable.

Real estate professionals also reported that over the last two years they’ve noticed an uptick in the number of homeowners who’ve had an increased desire to tackle kitchen upgrades, install a new roof or complete a bathroom renovation, the Remodeling Impact Report finds. These can be key areas in a home for buyers, as well as among the most expensive house projects. Nearly half—or 46%—of home buyers say they’re less willing to compromise on the condition of the home they purchase. As such, homeowners prioritizing such projects may help make their properties more move-in ready to home buyers and justify recent home price growth.

Homeowners who don’t intend to sell soon may be motivated by recent home appreciation to undertake house projects. “The substantial housing equity that homeowners have built up over time enables them to invest in transforming their homes,” Lautz says.

“This report demonstrates that demand for remodeling remains robust,” as remodeling contractors continue to report an uptick in projects as well as larger scope projects over the last two years, says Jason Hensler, president of NARI. “Homeowners are discovering significant value and joy in these investments—from smaller upgrades, such as front doors and windows, to major renovations like kitchens and primary suites,” he says.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

4342 Cloudview Dr S, Salem, OR 

Price: $599,900    Beds: 4    Baths: 2.5    Sq Ft: 2105

This beautifully maintained two-story home blends comfort, function, and charm in one of South Salem’s most desirable neighborhoods. With a spacious floor plan featuring four bedrooms and two and a half bathrooms, it offers a thoughtful layout... View this property >> 

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Good Monday Morning!

Real estate markets have historically been a roller coaster, shifting from strong, active home sales to sluggish and challenging conditions. Rarely do we see rapid changes in the real estate market. Recovery from slow markets can be painfully gradual, often marked by ups and downs, but with an overall upward trend. This is exactly the kind of market we find ourselves in today. The days of 2.5% and 3% mortgage interest rates are gone—and most likely won’t return anytime soon, if ever. As we all adjust to the new norm of higher mortgage interest rates, we can expect more ups and downs. However, the overall market is expected to trend upward as the economy adapts to these new rates. As our economy improves over the next several years, we can look forward to a robust housing market returning, with interest rates that may resemble what we’re seeing today. The following is an update from the National Association of Realtors (NAR) on how our current housing market is responding to recent mortgage rate trends.

Over the last month, mortgage rates have seen only slight moves, but that could be enough to give prospective buyers the confidence to make a move.

The signs of a livelier market may be starting to pop up. The number of mortgage applications for purchase rose last week to its highest level since the end of January—and the number has climbed from levels a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

Less volatility in mortgage rates—which have settled in the mid-6% range—may be helping home buyers feel more comfortable planning ahead for a purchase. “Over the last month, the 30-year fixed-rate has settled in, making only slight moves in either direction,” says Sam Khater, Freddie Mac’s chief economist. “This stability is reassuring, and borrowers have responded with purchase application demand rising to the highest growth rate since late last year.”

Mortgage applications for a home purchase—a gauge of future home buying activity—ticked up by 2% in the latest week and are up by 9% compared to a year ago, according to the MBA.

“Overall purchase activity has shown year-over-year growth for more than two months as the inventory of existing homes for sale continues to increase, a positive development for the housing market despite the uncertain near-term outlook,” says Joel Kan, MBA’s deputy chief economist.

Mortgage Rate Averages This Week

Freddie Mac reports the following national average mortgage rates for the week ending April 3:

• 30-year fixed-rate mortgages: averaged 6.64% this week, falling slightly from last week’s 6.65% average. A year ago, 30-year rates averaged 6.82%.

15-year fixed-rate mortgages: averaged 5.82%, dropping from last week’s 5.89% average. Last year at this time, 15-year rates averaged 6.06%.

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Good Monday Morning!

It seems that maybe we are entering into a trend of improving home sales. The inventory of homes for sale also seems to be improving. The increase in the number of homes for sale could help keep the increase of home prices in check. If home inventories continue their upward trend, and at the same time mortgage interest rates continue to decline, the result should be an improving housing market nationwide. Efforts to control inflation could also begin to take effect, and this may also put more money in homebuyers' pockets. Look for a slow but steadily improving housing market over the next six months. The following is an article from "NAR".

Home sales are down from a year ago, but moderately lower mortgage rates this year could accelerate the market, says NAR Chief Economist Lawrence Yun.

The real estate market thawed in February after home sales froze during a frigid January. Contract signings, a gauge of future homebuying activity, jumped 2%last month, the National Association of REALTORS® reported Thursday. That follows an NAR report last week showing a 4.2% gain in existing-home sales in February.

The South, which bore the brunt of lower pending home sales in January, saw the strongest hike in February at 6.2%. Contract signings rose a modest 0.7% in the Midwest but fell 3% in the West and 0.9% in the Northeast.

Market dynamics are still regaining their footing, says NAR Chief Economist Lawrence Yun. “Despite the modest monthly increase, contract signings remain well below normal historical levels,” he says. “A meaningful decline in mortgage rates would help both demand and supply—demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect.”

NAR projects mortgage rates to fall moderately this year, averaging 6.4% in 2025 and 6.1% in 2026, as the Federal Reserve forecasts slower economic growth. “The current high national debt will prevent mortgage rates from falling drastically—and certainly not to the 4%-to-5% range seen during President Donald Trump’s first term,” Yun says.

If that’s not enough to get your clients off the sidelines, try talking about soaring home equity. Yun said at NAR’s Real Estate Forecast Summit last week that sharing with clients the disparity in median net worth between homeowners and renters—$400,000 versus $10,000, respectively, according to NAR data—can be a strong motivator.

Inventory also is rising, which is another motivating factor for home buyers. NAR predicts existing-home sales will rise 6% in 2025 and 11% in 2026. And the new-home market continues to offer robust inventory—and savings in the form of builder incentives; NAR predicts new-home sales will rise 10% in 2025 and 5% in 2026. The association expects the national median home price to increase 3% in 2025 and 4% in 2026.

Home price growth will moderate due to more supply coming onto the market,” Yun says.

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Good Monday Morning!

One of the largest obstacles that home buyers have dealt with for several years is the lack of inventory of homes for sale. A typical healthy home sales market for both home buyers and sellers will have from 5 to 6 months of home inventory. We have not had anything close to that kind of inventory both locally and nationally for many years. A recent bright spot in both the local and national housing markets is that the inventory of homes has started to increase. The current inventory of homes for sale in Lane County now stands at 3.1 months, and this is the highest home inventory we have seen in over a year. Part of the issue with our local inventory is the lack of new homes on the market. A decade ago, Eugene alone would see the number of building permits issued be near a thousand per year. Last year it stood at just over 100 new home building permits. This level of new home construction cripples any housing market. Even without many new homes, our local home inventory could continue to climb. We can only hope that the recent trend continues. The following is a recent article from NAR that talks about the recent increase in homes for sale on a national scale.

As the spring thaw sets in, new housing momentum is “flashing encouraging signs” for the market, says NAR Chief Economist Lawrence Yun.

A notable uptick in housing inventory nationwide may be pulling the real estate market out of a long winter hibernation.

Total existing-home sales, which account for completed transactions for single-family homes, townhomes, condos and co-ops, rose 4.2% month over month in February, the National Association of REALTORS® reported Thursday.

“Home buyers are slowly entering the market,” even as mortgage rates and home prices appear frozen at elevated levels, says NAR Chief Economist Lawrence Yun. “More inventory and choices are releasing pent-up housing demand.” 

Existing-home inventory climbed 5.1% month over month in February and is up 17% from a year ago, NAR reports. Also adding to the housing supply, single-family construction rose 11.4% last month, reaching the highest pace in a year, the Commerce Department reports.

It was a frigid winter for the U.S., which helped soften foot traffic among home buyers. But as the spring thaw begins, “the momentum for home sales is flashing encouraging signs,” Yun adds.

Home Prices Remain Strong

The median price for an existing home increased 3.8% to $398,400 in February, NAR data shows. All four major regions of the U.S. recorded price gains last month, led by a 10.4% annual increase in the Northeast.

“Each one percentage point gain in home price translates into an approximately $350 billion increase in housing equity for American property owners,” Yun says. “That means a gain of nearly $1.3 trillion in home value appreciation at a time when the stock market is undergoing a correction.”

He adds that the recent uptick in inventory shouldn’t dampen home prices. “The ongoing housing shortage, coupled with historically low mortgage default rates, implies a solid foundation for home values,” Yun says.

Some home sellers may be leveraging their equity in the next home purchase. Cash sales comprised about a third of home sales in February, continuing to command a historically high share of the market. Individual investors and second-home buyers comprise a sizable portion of cash sales, purchasing 16% of homes in February, which is down from 21% a year ago, NAR reports.

Housing Affordability Headwinds Continue

With high home prices and mortgage rates in the mid-6% range, home buyers may need to dig deeper in their pockets to complete a home purchase. Despite affordability challenges, first-time home buyers comprised 31% of existing-home sales in February, up from 24% a year earlier, according to NAR. As housing inventory rises, so is the share of first-time home buyers.

Overall, buyer demand remains strong despite cost pressure. Twenty-one percent of homes sold above list price last month, according to the REALTORS® Confidence Index, which is based on NAR members’ most recent transactions. The average home on the market received 2.3 offers in February, and about 50% of agents say their listings sold in less than a month.

For buyers facing budget concerns, home builders are offering incentives to compete: Nearly 60% of builders in March used sales incentives, such as covering closing costs, design credits or mortgage-rate buydowns, the National Association of Home Builders reports. Also, 29% of builders cut their prices in March, with an average 5% price reduction.  

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Stay Healthy! Stay Safe! Remain Positive! Trust in God!

THIS WEEKS HOT HOME LISTING!

2250 Turnberry Ct, Eugene, OR 

Price: $1,250,000    Beds: 5    Baths: 3.5    Sq Ft: 4053

Nestled in the highly desirable Oakway neighborhood of Eugene, Oregon, this beautifully updated single-family home offers the perfect blend of modern upgrades and timeless charm. Featuring an open floor plan with abundant natural light from expansiv... View this property >> 

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