Market Talk! S Oregon Real Estate for Feb. 7
It’s been quite a Real Estate Week in Southern Oregon. Interest rates have fallen to the mid-3% range opening up opportunities for buyers across all price ranges. The problem is that inventory levels have fallen to the point where sellers have an edge in negotiations with buyers. Take a look at last week’s MLS stats which verify our market condition.
Note that in Jackson County 115 homes sold or went pending and were replaced by 41 new listings. The same for the other two counties. Overall the market is up over January of 2019.
Interest Rates are the main topic of this week’s Real Estate Show on KCMX AM 880, Saturday, February 8, at 10 am. Guy Giles, Mutual of Omaha Mortgage share what are amazingly low rates in the mid 3% range for 30 year fixed and less for other government loans. Guy is joined by Brad Bennington, Executive of the Builders Association of Southern Oregon, who share the latest local construction news and of the upcoming Southern Oregon Home Show scheduled for next weekend at the Expo Grounds.
Above: Brad Bennington, Guy Giles, Alice Lema, Pete Belcastro at KCMX Studio.
Interest rates continue to be the fuel of the local housing market. Take a look at this week’s sample rates, of course, they vary on your particular situation.
Among other Real Estate News, this week includes Governor Kate Brown announcing her intention to force a vote to amend the Oregon Constitution allowing for Real Estate Transfer Taxes to be implemented in our state. Voters said “No” to a similar tax years ago and you can expect the Oregon Association of Realtors, Builders and many others to oppose this regressive real estate tax plan. Such a transfer tax would be paid by the seller at closing. Also, Pacific Retirement Services announced the beginning of their project to develop housing units around the Centennial Golf Course. We could spend hours on these two subjects alone and we will in the coming months. As both would have a profound effect on our local market.
Finally this week, fears of a slowdown or recession in 2020 appear to be waining according to economists on chart below. Right now the economy if fueling our housing market which remains severely short of inventory, especially in the lower price areas, below $500,000.We love talking Real Estate with you. Call or text anytime:
Pete Belcastro 541 621 7036
Alice Lema 541 301 7890.
Have a Great Week, Friends.
Watch our interview with John L Scott Managing Principal Broker Jim Remley. He is a nationally known and recognized Real Estate Coach and successful manager running the region’s largest offices in Medford, Ashland and Eugene.