Market Talk! S Oregon Real Estate for March 20.

To say these are uncertain times may be the understatement of the year.  Each of us has been affected in one way or another with no end in sight the result of COVID-19 virus.  Real Estate is no different.  We are taking precautions to make sure our client/friend is served and we do it in a way that protects buyers, sellers and everyone involved in a transaction.  It certainly is not business as usual, those who adapt and change with it will survive.   Having said that, let’s take a look at last week’s real estate activity in Southern Oregon.  Activity remains consistent across all three counties.
Josephine County had a week with median price totaling $372,000, the highest since we began keeping tabs on it.
This week’s Real Estate Show features a look at how Real Estate is responding to the COVID-19 crises.  Doug Morse of JLS and Susan LaDue of RVAR join Pete Belcastro and Alice Lema for a look at changes the Real Estate industry is making in response to the crises. You’ll be surprised at the type of changes in place now.
One thing to debunk is any comparison of the housing crises in 2008 vs what might happen in 2020. The good news is that the charts below show that contributing factors in 2008 like high home price appreciation and the amount of cash homeowners took out in equity (cash) prior to the crash vs today.  This information should keep homeowners confident our industry remains strong despite headwinds coming our way.Buyers and sellers are asking questions about COVID-19 and how we should treat open houses or showings by buyers. Here are some guidelines John L Scott agents are using to lower the level of uncomfortableness on both sides.
And we will end this week’s report with some levity.  We need it too.  With much of America sheltering at home the following statement seems to bring the whole thing into perspective.
Please be safe and remember we cannot get through this unless we cooperate with each other, be kind to each other, don’t horde items from stores and don’t take unnecessary risk.  We will get through this current crisis together and move on to greater things ahead.
We are available to talk Real Estate with you anytime.  Call or text us anytime.
Pete Belcastro   541 621 7036
Alice Lema  541 301 7980