Market Talk! S.Oregon Real Estate for April 17.
For most of March, it seemed Southern Oregon’s Real Estate market was immune from aftereffects of COVID-19. March was a very good real estate month, then April came around. We are now entering uncharted territory as the virus has caught up with real estate. Last week’s stats below, show the beginnings of the changing market.
The 28 sold properties in Jackson County was the lowest total in many years. Note that sellers are receiving nearly 100% of their final list price. We will see what the second week of April looks like next Friday. People need to buy or sell for many reasons, even during this pandemic. So activity taking place in showings and new listings is proof of that.
Hear more about the market when Rick Harris of the Harris Group of John L Scott, Ashland joins Alice Lema and me on the Real Estate Show. Saturday, April 18, 10 am KCXM AM 880.
We keep property physical distancing by using Zoom to record our show on radio and YouTube video.
One bright spot in the market remains low mortgage interest rates. After bumping a bit upward they took a lower turn and settled into the lower 3% range. Check out some of last week’s rates below.
One note, higher credit scores will be needed for loans upcoming. Chase, Wells Fargo and Bank of America all announced minimum credit scores of 700 will be needed in the future.
Each month we show you Jackson County’s Market Snapshot. Look at the difference in months supply of inventory above and below the $500,000 price range. Most popular price range is $250,000 to $350,000. These are residential properties only.
With Real Estate having to conduct business virtually today instead of in-person, John L Scott is holding is first-ever Virtual Open House this Sunday, April 19. 1 pm on Facebook.
With so much bad news out there we’ll leave you this week with the belief that Real Estate is going lead us out of this recession when business returns to former levels. Look below at how hoem prices changed during each of the last five recessions. Reason for optimism, Real Estate did not cause our current situation as it did in 2008. As a result real estate is posed to lead the country out of its current economic mess.
We’re still selling homes. We love talking Real Estate with you.
Call or text anytime: Pete Belcastro 541 621 7036
Alice Lema 541 301 7980.
Stay Safe. Have a great week!
