Market Talk, Real Estate for January 31, 2019

Welcome to this week’s Market Talk — a gathering of information about Southern Oregon’s Real Estate Market.
Here at the end of January we’re beginning to see a bit more available inventory coming on the market.  Interest rates have remained steady over the last few weeks leaving opportunities for both buyers and sellers.
HISTORIC PRESERVATION:  Do you recognize this historic home?  Preserving these landmarks is the passion of our guests on this week’s Real Estate Show, Saturday, February 2, KCMX AM 880.  George Kramer, a consultant on historic preservation and Realtor Staci Boals, who specializes in selling historic homes share what is happening in this important area of resl estate.

Did you recognize this home?  Its a Frank C Clark designed home at 1018 S Oakdale.
REAL ESTATE MARKET:  Take a look at last week’s Real Estate stats. While its not a high mark of the last six months these stats show a steady market for January.  Sales and activity in all price categories.
We have discussed increasing inventory levels ahead in 2019. The chart below shows these levels last year.  Its predicted to be similar this year.  More inventory means more competition for sellers and more choice of available homes for buyers.

If you own rental property then read what the Oregon Association of Realtors thinks about Senate Bill 608, statewide rent control.
We’re less than a month into the 2019 Legislative session and one of the most controversial bills introduced has been scheduled for a public hearing and work session. The Oregon Senate is about to take an unprecedented action by passing this well-intentioned, but ill-conceived legislation out of committee without entertaining a single reasonable amendment! This bill was drafted in secret by a small group of legislators and radical activists. Aside from our rational objections to rent control policies, the bill has numerous errors that must be addressed though amendments.
Together, we must:
Address the root cause of the housing shortage rather passing the entire economic burden to property owners.

• Address the provision mandating relocation payments for departing tenants, particularly at the end of a fixed-term tenancy.
• Eliminate the unworkable timelines for purchasers of single-family homes who intend to live in the home: Mortgage lending timelines require occupancy by the purchaser within 30 days. The bill pushes all vacancy timelines out to 90 days and exposes new homeowners to significantly higher interest rates and refinancing fees within the first three months of purchasing a home.
• Remove provisions that implement vacancy control.
• Modify the bill so that it addresses the “bad actors” and not the majority of property owners that have excellent relationships with their renters.
• If enacted by the Governor, the “Emergency Clause” [read: immediate inaction of the law upon signature] will expose numerous property owners to significant legal liability with no time to learn how to comply with the new law.
  Together, we can beat this poorly conceived legislation! Please help us take action and tell your Senator your opposition on Senate Bill 608!
  Latest Interest Rates are below:

Event coming up in March.  RVAR Food and Wine Classic.

Have a great week!
Please contact me for any real estate information or advice.
email:  petebelcastro@johnlscott.com
call or text    541 621 7036