Market Talk! S.Oregon Real Estate for June 5.
Buying and Selling real estate is an art form all its own. Balancing the needs of both parties is key to a successful closing. In today’s market, supply and demand, plus interest rates are driving activity. Check out last week’s MLS stats and while closed sales remain about 45% below last year’s level, pending sales are up across all three counties. The standout item of the stats is the number of pending sales in Josephine County last week — 57. I don’t ever remember seeing that many pending sales in one week before.
Speaking of mortgage interest rates, Guy Giles of Mutual of Omaha Mortgage joins Alice Lema and me on this week’s Real Estate Show to discuss the impact of historic interest rates that show 30-year fixed at 3%, VA and USDA loans at 2.75%. Hear about efforts in lending during this hectic environment which includes refinancing of existing homes.
The show airs Saturday, June 6, 10 am KCMX AM 880 and again on Sunday, June 7, at 6 pm. YouTube youtube.com/realestateshoworegon. Check out current rates below which show for buyers, this is a unique opportunity to purchase property at rates unheard of.
This weekend our three Southern Oregon counties are entering Phase two of economic recovery amidst the COVID pandemic. notice that economists predict the third quarter of 2020 is when things turn around big time.
Do you agree with that? I do, and for real state sales, expect the Fall to be a very busy time. The one exception is new listings are which are down over a year ago. That means there is more demand than supply in most price categories. John L Scott is putting this to the test with a new media campaign. One such example is below.
We love talking real estate with you anytime. Call or text.
Pete Belcastro, 541 621 7036.
Alice Lema, 51 301 7980
Have a great week!