Market Talk! S.Oregon Real Estate for May 29.

It’s official, the Summer vacation season has begun and with Phase 1 reopening people are returning to S. Oregon. Some are here to purchase real estate.  And why not, mortgage interest rates are hoving around 3% for a 30-year conventional loan. Overall, sold properties are down about 40% from a year ago this week, but pending sales in all three counties are up one year ago.
At some point in your life, you may come across the need to know something about a septic system.  Could be your own, a friend’s your child’s or someone else.  There are thousands of septics out there with tons of rules overseen by the Oregon Department of Environmental Quality, the DEQ. You won’t believe the rules, the issues, and especially what buyers and sellers need to know about septic systems in a real estate transaction.  Marty Easterly and Dylan Darling join me and Alice Lema for this episode. Join us Saturday, May 30, 10 am, Sunday, May 31, at 6 pm KCMX AM 880 radio.  YouTube video to0.
I am also thrilled to see that First Time Buyers are increasing while investor-owned properties are on the decline nationwide. Check the graph below, investor properties makeup only 10% of buyers and trending downward.  More homeownership creates more wealth for these buyers.
We began this week’s page talking about mortgage interest rates. Note, over the last 50 years rates today are the lowest ever and it remains the fuel driving our market even today amidst a pandemic.
Check out our weekly mortgage rate chart. Note we have hit below 3% of some.  This is quite remarkable.  Lenders are swamped with new loan applications and also refinances which are also being sought after.
Overall our market is suffering from a lack of inventory to sell especially in the lower price ranges.  We are seeing multiple offers are many sales.  Pending sales are up over last year; closed sales are down from a year ago, but new listings still are not keeping up.  It’s going to make for an interesting summer selling season.
We love talking real estate with you. Call or text anytime to
Pete Belcastro  541 621 7036
Alice Lema  541 301 7980
Have a great week ahead!