Market Talk! S.Oregon Real Estate for August 16.
Things change in Real Estate it seems weekly. For example this past week saw interest rates take a small rise and the Federal Housing Authority, the FHA announced new condo-rules that will ease the restrictions on the number of properties that could receive a loan. That means more home ownership opportunities for people. The latest SOMLS stats below compare July 2018 vs July 2019 for Jackson County. Notice anything significant?
Note, pending sales were up year-over-year, while new listings stayed even. That indicates there has been a backlog of listings that are being sold.
Every mortgage loan requires an appraisal. Do you know how and what goes into creating such a document? We do — on this week’s Real Estate Show. Expert appraiser and RVAR instructor Danee Fry joins us to explain the fine points of appraising as well as the latest trends in private appraisals.
Alice Lema, Danee Fry and Pete Belcastro at KCMX. Next week’s show features Jackson County Sheriff Nate Sickler.
If appraising is tricky, try to figure out the way mortgage interest rates work. Each week we share the latest rates and remember red means an increase in rates, green a decrease. No green this week.
In the last MLS reporting period, May thru July 2019, the average home equity gain in Jackson County was 2.3%. Josephine County homeowners saw a 5.5% increase on average. Of course percentages differ by community and location. Not too long ago these figures were rising by double digits, which is not sustainable. What do future gains look like. According the a survey of top USA economists, they projected overall percentage home price increases over the next five years. Do you agree with them. To me, these figures indicate a nationwide slow down in housing prices in 2020.
We have been taking a closer look at the best and worst use of color in a home. This week, taupe. What do you think of it?Finally, our picture of the week. I recently sold a property to a couple from Reno, NV outside Shady Cove. I love travelling Highway 62 and stopped at Casey State Park and this photo is a favorite of mine. The empty picnic table just calls to you, “come it here, have a picnic, and watch the river go by.”
We’re still in the high Summer selling cycle which means buying and selling will remain robust as our market continues its slow march to normal.
Have a great week! For information or advise on Real Estate, please contact us. We love your comments as well.
Pete: email email@example.com
text/cell 541 621 7036
Alice Lema email. firstname.lastname@example.org
text/cell 541 301 7980.