Market Talk! S.Oregon Real Estate for September 18.
This should be a joyous time of the year, with football, school starting and fall festivals all over Southern Oregon. But not this year. Our Rogue Valley is in mourning after wildfires destroyed more than 2,500 homes on Sept. My own personal home in Phoenix was one of those thousands lost. Neighborhoods have disappeared as have the people who once lived there. Many are in shelters, and many are the most vulnerable among us. This photograph taken from the Rogue Valley Manor shows the extent the fire took through Phoenix Sept. 8. We still can’t believe it happened here to us.
It’s amazing to watch our community come together to help those who lost their homes. Many groups are involved and it will take years to return to normalcy for Phoenix and Talent especially. Tina Grimes is Executive Director of the Rogue Valley Association of Realtors. She joins myself and Alice Lema on Southern Oregon’s Real Estate Show this weekend to share what Realtors are doing to support these efforts. Learn about a $1000 OAR grant available to homeowners and renters who lost homes. Check out oregonrealtors.org to apply.
This show airs KCMX AM 880, Saturday, 10 am and Sunday 6 pm.
Also on our YouTube channel. What are your thoughts on how we can re-imagine new housing that will be built. And your thoughts on how we can lesson the impact of undergrowth along the Bear Creek Greenway that contributed to the intensity and spread of the fire? Lots of questions? Darn few answers so don’t miss this episode.
Home sales did not stop because of wildfires near Medford, Shady Cove and Cave Junction. In fact, the monthly stats show a Sold Out inventory in lower price bands.
The months supply of inventory below $500,000, is the lowest we have ever seen. This only makes our housing situation worse, especially since we have lost so much inventory to fire. We will keep a close watch on trends developing as rebuilding begins and what it will do the market and prices people will have to pay.
Despite the fires, mortgage rates remained steady this past week. They remain below 3% for many buyers w good credit. This is also causing multiple offer situations for many. This is where a good Realtor can help you in a market like this. Finally, this week, we note a shift is taking place nationwide called urban flight. People want more space since COVID 19 hit us and by the stats below, this will effect Southern Oregon’s Real Estate Market as well. Its actually happening now all around us.
Since the Almeda fire destroyed my home, I have relocated to Klamath Falls and living with my son Mark and his family at our family farm. I am blessed to say the least as I had some place to go. I am back working so look forward to talking with you about your Real Estate Plans. Things have changed in our market big time and were about to experience something we have never done. Don’t think this will be easy, but we can Rebuild and Reimagine our communities. We can only do this, together!
Call or text, Pete 541 621 7036.
petebelcastro@johnlscott.com
Hope you’re week ahead is a good one.