Market Talk, S. Oregon Real Estate for Feb. 28

Thank you for spending some time with us this week.  We hope you learn something about the local market that helps you be a smart Real Estate consumer.
We are approaching some of the busiest real estate months of the year. In Oregon, the next few months look promising  for property sales as our state remains one of the top destinations across America where people are moving. See chart below.  This 2018 mover study, shows Vermont, Oregon, Idaho, Nevada and Arizona in that order had the most move-ins.  New Jersey, Illinois, Connecticut and New York led the states with move-outs.
How did we do last week? See the latest MLS stats for Feb. 17-23? Note the drop off in new listings and closed sales.
For February and with the severe winter weather we experienced last week, I would say the market was pretty steady.
On last Week’s Real Estate Show, we met Brock Scott, owner of Elite Developers. Brock shared his insights on starting his own business and what buyers of new construction are seeking. Guy Giles shares the latest information on mortgage interest rates.

L-R  Brock Scott & Guy Giles at KCMX Studio.
Statewide rent control will be a reality in Oregon in a few days after Gov. Brown signs the new legislation.  If you’re a landlord or investor, then this will affect you.  OAR was opposed to it but lobbyists were unsuccessful in stopping it.  It’s called Senate Bill 608 and among somes of its new rules 

are the following:
1.  Eliminates No-cause evictions are one year.
2.  Adds new landlord-based for-cause reasons to evict tenant.
3.  90-day notice to evict and relocation expenses of one months rent.
4. Rent increases no more than 7% plus consumer price index
along with 90 day notice of increase.
5. In first 12 months of occupancy, landlord may terminate with 30 day notice without cause.
Stay tuned how landlords and tenants respond to this new law.  Will it help or hurt landlords?  Will it help or hurt tenants? We’ll find out over the next few years.  Still as the chart below shows, why do Americans buy homes? Smart answers as the chart indicates.
Finally, mortgage interest rates this past week continue their steady to downward trend.  Note a 30-year fixed rate on FHA loans are now 4.375%.  These rates will help keep our market
robust as more people can afford these rates. Finally on this week’s Real Estate Show, we’ll be learning about the Rogue Valley’s Short Term Vacational Rental Market with Daniel Perry, the owner of Book Air Hop dot.com.
This will be Daniel and Jeffrey Nagel’s third appearance with us and they have lots of new information to share. Join in, Saturday, March 2, at 10 am KCMX AM 880 and on line at our website.
Have a Great Week!
contact me anytime with Real Estate questions or comments.
call or text  541 621 7036
email:  petebelcastro@johnlscott.com