Market Talk! S. Oregon Real Estate for May 2.
May is generally the single busiest Real Estate month of the year. The previous four months have given us an indication that we should prepare for an active month of Real Estate activity across the spectrum.
In checking last week’s activity we saw nearly 100 pending sales in Jackson
County. Isn’t it amazing how steady this activity has been. See info below.One item to note. New listings are outpacing closed sales, meaning inventory continues to increase in both counties. That gives Buyers more choice and more negotiating power with a Seller.
On last week’s Real Estate Show, we talked about opportunities to purchase things like self-storage units, manufactured home parks and multi-family housing. Gary Stamps and Cheryl Malone of Windermere Real Estate shared their experiences in these areas. We learned there are hundreds of these businesses out there, but to purchase one you need to be prepared and ready to go.
We also talked about current market conditions and the latest interest rates. This week, Alice Lema joins us on a John L Scott Marketwatch Show. KCMX AM 880, Saturday, May 4, at 10 am.
Mortgage Interest Rates are certainly a major player in buying new homes. As you can see on the chart, these rates are steady and even falling. In October rates ranged from 5.2 to 5.75%, while today, look at the difference since then.
These amazing rates also brings up an interesting topic. If you go back to 2005 and compare the percentage of change, rents on average have gone up, while typical mortgage payments has gone down. Why? You guessed it — interest rates.
Next week we will have the latest SOMLS monthly statistics and we will share them with you. Last week we told you the top two reasons people sell a home are 1) home is to small and 2) job relocation. The chart below shows this breakdown even further by age group.
The third most popular reason people sell a home is be closer to family. Not surprising the results show younger age people don’t want to be close to their family, but when they get older they sure do. See the results below.
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Have an amazing week!