Southern Oregon’s Real Estate Market has something for everyone and that is quite an unusual situation to be in. Sellers are finding low inventory levels mean quick sales and nearly their full asking price. Buyers, while finding fewer available homes, are now paying interest rates right at 3% or even below. Opportunities exist on all levels like we’ve never seen before and may not see again. Here we go. Last week sales activity continues at a steady pace with pending sales exceeding 2019 levels at this time of the year.
As fas as inventory levels go — last May there was over a thousand listings in Jackson County. This year there are only 686, down 35%. If you love hearing about the market then join us for this weekend’s Real Estate Show. Saturday, 10 am, Sunday 6 pm on KCMX AM 880 and of YouTube Video. Don McCoy, local real estate broker and author of the book “Practical Ways to Sell Your Home” joins me and Alice Lema for the show. Hear what agents in the field are saying about the market, the inventory dilemma, interest rates, showing properties in the age of COVID-19, and more. Speaking of interest rates – check out the latest rates buyers are looking at as summer selling season in underway. Note, for the first time we are seeing 30-year fixed rates under 3%. While VA and USDA Rural Development Loans are even lower than that.
These interest rates will continue to be the driving factor in our market allowing buyers to purchase a larger home than before with higher rates. All this means that owning a home remains American’s top choice for a long-term investment. See the chart below comparing real estate with stocks, savings accounts, and metals.
Finally this week, we’ve all heard about the number of people who work from home. How much we return to pre-COVID-19 work levels remains to be seen. However, recent research show that working from home may be the new normal for working men and women. As a result, the quest for larger homes, more social distancing space, and away from dense cities are going to change the real estate landscape across the country as Barron’s reports below.
Enjoy the Summer Solstice this Sunday. I love the longest day of the year, there is something special about it. We also love talking real estate with you anytime. Call or text.
Pete Belcastro 541 621 7036.
Don’t miss out on this unique market with something for buyers and something for sellers that we may never experience again.