Market Talk! S Oregon Real Estate for Nov 22.

As the Holiday’s approach, Southern Oregon’s Real Estate Market continues to stabilize as Fall turns into the Winter Selling Cycle.  Look at last week’s stats across the three-county area, and the trend of shrinking inventory continues as buyers are scrambling for remaining properties.
Two notes, Josephine County’s sellers received 99.21% of their final list price, which is extremely high.  Last week, 218 pending and closed sales recorded.  They were replaced on the market with only 72 new listings.
Mortgage Interest Rates are playing a major role in the housing market as they hover in the mid to high 3% range for some borrowers.  Guy Giles of Mutual of Omaha Mortgage joins us on this week’s Real Estate Show to explain why borrowers are getting such good rates.   Also, new construction is doing well with 107 new units added in Jackson County the past three months.  Brad Bennington, Homebuilders Association of Southern Oregon Executive Director, teams up with Guy to share their market knowledge as the end of the year approaches.   Real Estate Show, Saturday, November 23, 10 am KCMX AM 880 radio, YouTube as well.
LR Guy Giles, Alice Lema, Brad Bennington, Pete Belcastro at KCXM Studio.
Not too long ago, the rate of homeownership in the USA was falling. Not any longer.  Younger people are buying and ownership rates have reversed since their low in 2016.   See the chart below and note the ownership high mark was 2006.

The age-old question of should I buy or rent comes into focus with the chart.  Simply put, today it takes more of your monthly income rent than to purchase a median-priced house. In Jackson County, a median-priced home is $300,00.  Renters here, also pay more than the 27.7% national average on housing.  At this stage in the market cycle, buying is a much better option than renting.

Speaking of Interest Rates, check the rate range below.  The national FHA and VA loans have the best rates at the moment.  Check with your lender for more specifics.  The lower rates allow more people to enter the housing market, many for the first time.

The rain was a welcome sight this week, that’s for sure.  We need and want more of it.  In the meantime, we hope your Holiday plans are set and you’re ready for the big day.  Our show next week will focus on Home Warranties and when or how buyers and sellers and use them.
Have a Great Week !
We love talking Real Estate anytime.
Pete Belcastro     petebelcastro@johnlscott.com
call or text   541 621 7036
Alice Lema    alicelema@alicelema.com
call or text  541 301 7980.

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