Market Talk! S Oregon Real Estate for March 27
I feel like a cable TV show host this week. We have so much information to share with you, we don’t have enough time or space. This week we’ll update you on mortgage interest rate; the latest market news, and some terrific Real Estate Shows you don’t want to miss. Why such optimism in real estate right now? What’s going on? Who better to answer that then Laurence Yuan, the great NAR Economist. He paints a bright picture for the 2019 market with sales up significantly.
This information flows nicely into last week’s Real Estate Market Results which show quite a bit of activity taking place in both counties, all levels.
Last Week’s Real Estate Show centered on pending legislation that would affect our entire industry. We’re pretty fortunate to have Greg Addington, RVAR’s Government Affairs director and RVAR Legislative Committee co chair Stacey Boals. They’re pictured below.
This is a fast-paced show that covers a lot of ground and the reasons Realtors support and oppose certain bills affecting everything from independent contractor status to mortgage interest deduction changes.
This week’s show centers on mortgage interest rates with Guy Giles from Bank 34 Mortgage. Look at the latest mortgage rate ranges below. This bodes well for the spring and summer selling season with interest rates lower than one year ago.
These interest rates mean a lot more buyers can center the market, especially first time homebuyers. Remember a first-time homebuyer is anyone is who not owned a home the previous three years. They make up about 44% of the whole market. Note the chart below that shows Medford’s average rental rate. Compare 2019 to 2015 and see how much rents have gone up in Medford. We are above the national rental average of $1,472.
It remains to be seen what Oregon’s new rent control laws will do to future rents and future availability of units. We haven’t heard the last of this important issue affecting so many of our friends.
Finally this week, look at the average tax refund people receive in the USA. Oregon’s average is a lot lower than the states around us but if you take the refund and purchase an median priced home in Jackson County, the refund would represent 25% of the down payment of 3%. Not bad.
Have a great rest of Spring Break week. We’re happy to assist in any real estate related information you may need.
taxt or call 541 621 7036
email petebelcastro@johnlscott.com