Market Talk! S.Oregon Real Estate for Sept 27
This past week saw a reduction across the board in mortgage interest rates. We focus a lot on that topic today. We have entered the Fall Selling Cycle as the weekly stats show below but focus down further, median prices are up, even pending sales are up. It’s new listings that are down overall. Mortgage Interest Rates are the topic of this week’s Real Estate Show, Saturday, 10 am KCMX AM 880. Guy Giles, Mutual of Omaha Mortgage, joins us to breakdown what is happening with rates this week and what means for buyers. L-R Alice Lema, Guy Giles, Pete Belcastro at KCMX.
One thing we learn from this show is that many homeowners are refinancing right now into these rates. This is causing a backlog in the appraising of properties. We have both experienced this, so beware to give yourself enough time to close a transaction knowing that appraisers may slow things down. Check out this week’s mortgage range gauge below.
How do we compare with other areas of the USA in terms of median-priced housing? The last three-month rolling quarter (July, August September) showed Median price in Jackson County at $300,000; in Josephine County, Median price was $277,000.
Josephine County is almost identical to the national average, but look how far behind we are locally compared to the rest of the West which far outpaces our prices. You can see that it’s the California market, Seattle, Portland, places in Idaho that dominate the West Coast price market. Finally, we talk a lot about Realtors doing things for the community. The phots below are from fellow John L Scott agents who participated in our offices’ Build project for Habitat for Humanity. Realtors are building a new home during the next few months.
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Have a great week!