Market Talk! S.Oregon Real Estate for August 24.
This past week’s rain showers were a nice relief to Summer’s heat across S. Oregon. Yet, our Real Estate market shows that rain showers can’t dampen enthusiasm for buying and selling across the region. Take a look at last week’s sales stats and note activity overall has fallen in recent weeks as the Summer Selling Cycle is coming to an end. We have also added Klamath County to our weekly stats page to show that area’s activity as well. Note the differences between the counties.
We cover topics like mortgage interest rates with Guy Giles, Mutual of Omaha Mortgage, to cannabis and hemp issues surrounding real estate with Jackson County Sheriff Nate Sickler on this week’s Real Estate Show. Join Alice Lema and me as talk at length with these gentlemen about how issues like a new jail affects real estate value and a lot more.
Nate Sickler, Alice Lema, Guy Giles, Pete Belcastro at KCMX.
Show runs tomorrow, Saturday, August 25, at 10 am AM 880 radio and of course its available on YouTube anytime.
We want to give a big shout out to Dale Bernards and Brandt Bernards, the owners of the Medford Elks Building. They purchased the historic landmark a few years ago in downtown. I was the listing agent on that sale, so I know the building well. It was a mess inside with over 100 years worth of remodels and you name it.
Recently Alice and I visit with the father and son team, and you won’t believe how far they have come in bringing the grand lady back to life. Brand and Dale pictured below are standing in the former Billiard Room, a wind that was added in 1924, which has been totally changed and quite lovely. There is a private fitness center in the basement now and slowly the Medford Elks Building is returning to a place that people can enjoy again. Its quite a project and we wish the Bernards well in their efforts.
Why do we have a housing shortage? There are many answers to that questions but the most telling is that we haven’t kept up with population changes. The chart below shows that housing starts in the USA are the same as they were in 1994. That’s 25 years ago. No wonder we find ourselves facing this crises in so many communities.
One of the big reasons home sales remain active as Fall approaches is that Mortgage Interest Rates remain so low. Check out last week’s rate range and while most stayed the same, only one dropped, and none rose.
That’s it for this week. Be sure to catch a past Real Estate Show and if you have any questions, please get a hold of either one of us.
Pete Belcastro: email petebelcastro@johnlscott.com
call or text 541 621 7036
or Alice Lema at alicelema@alicelema.com
call or text to 541 301 7980
HAVE A GREAT WEEK!