When Southern Oregon’s Real Estate Market talks, we need to listen and she is talking to us a lot over the Labor Day Holiday Weekend. What is the market telling us? How about four quick things; 1) interest rates under 3% are driving more buyers into the market; 2) low inventory of available housing is driving a slight uptick in home prices; 3) higher-priced properties make up over half of housing sales, and 4) the demand for housing is exceeding the supply and that may continue for some time. Look at last week’s activity and note triple-digit numbers for closed and pending sales. That has not happened before. All three counties saw increases in both categories too.
The top reason for this demand is obviously low-interest rates. On this week’s Real Estate Show, KCMX AM 880 Saturday, 10 am, Sunday, 6 pm, we discuss how buyers and sellers are adapting to this situation. Guy Giles of Mutual of Omaha Mortgage joins me and Alice Lema for a look at rates today and what it takes to get one of them.
Even across the county existing home sales are rising and have reached pre-COVID levels. Note the huge V shape of sales which dropped like a rock, hitting the bottom in early May. The rebound we are experiencing now can be attributed to low-interest rates, maybe more than anything else. If rates are the fuel driving the market, then last week’s rates won’t dampen the enthusiasm for buyers. Note, rates did tick
up about an eighth from the previous week.
With lots of buyers out there looking, many times you’ll face a multiple offer situation. What are your options at that point especially if you really want the property. Here are the 10 ways you can win multiple offer situations.
Finally, our picture of the week comes from a place in the Southern Cascades. Its not a natura lake, but a great place to fish and swim. Its waters eventually make it into Emigrant Lake and Bear Creek. What is this place called?
Its the Labor Day Holiday weekend and will be like no other Labor Day we will experience in our lives. Still, there are many things to be grateful for despite social distancing and mask wearing.
Anytime you’d like to talk real estate please call or text 541 621 7036 or send an email along to firstname.lastname@example.org Easy to do. Have a fun and safe Labor Day Weekend!