During March it seemed the COVID-19 virus didn’t affect Southern Oregon’s Real Estate market much as sales activity, while down from a year ago, remained pretty active. Now it seems as April begins, we may have entered the beginning of the virus-caused Real Estate downturn. This also creates opportunities for both buyers and sellers. The Market is Talking to us again so check out the March comparisons between 2019 and 2020 below.
Even last week’s SOMLS stats show a decreased number of new listings, pending sales and solds in all three Southern counties.
Part of the reason we know this is the number of lockbox openings is down considerably as real estate activity has gone mostly virtual.
Be sure to join us Saturday, April 11, at 10 am KCMX AM 880 radio for the Real Estate Show. Harry Weise, executive director of the Medford Urban Renewal Agency joins us to discuss current MURA projects in downtown Medford. You’ll be surprised to hear plans for Central Ave., efforts to create more downtown housing and development of additional downtown properties.
Mortgage Interest Rates took a dive this past week dropping to the low 3% range for 30 year fixed mortgages. As long as rates remain in this range, it remains the fuel for home buying. Check out the latest rates from Guild Mortgage.
We are hoping to see restrictions begin to be loosened around the end of May into early June. Once that happens economists around the USA are predicting that economic recovery and growth will occur for the remainder of 2020. Let’s hope they are correct. The chart below shows how far our economy is falling and where it might end up. A lot of that increase is going to come from Real Estate sales and activity.
And how long will it take to get back to business as usual? Check the responses by US businesses. Most are optimistic this can happen quickly.
Remember, there are new protocols in place for Real Estate Agents and the public to follow. Please respect our new way of conducting real estate in a pandemic. We’re all adjusting to a virtual business model, at least for now.
We love talking Real Estate with you especially during these times. There are opportunities for buyers and sellers and we can help sort that out. Call or text us anytime:
Pete Belcastro 541 621 7036
Alice Lema 541 301 7892.
Have a Great Week ahead!