S Oregon Market Talk for January 24, 2019

People ask me all the time about Real Estate information, the latest stats and advice on related matters.  So I hope this weekly column serves at least part of that purpose. I enjoy putting it together because you get a ground level look at the real estate market from an active Realtor  I hope you find it valuable and return each week to visit and learn something you didn’t know before.
For example, take a look at last week’s Real Estate’s Weekly Stats of new listings, pending sales and closed transactions.  January is off to a solid start.
On this week’s Real Estate Show, we talk mortgage interest rates with Guy Giles, Bank 34 Mortgage and Pat Hurley, Hurley’s Tax Service and former IRS auditor.
(L-R) Pat Hurley, Guy Giles and Pete Belcastro at KCMX Studio.
We cover topics like the latest mortgage plans and rates, plus what the 2018 tax reform package means when filing your returns.
Here is a question for you.  At what age did you buy your first home?  See the national breakdown below.
Why is this important?  The longer you own a home the more equity you will build and thus earn more for you investment.  What do you fall into this category?  The chart below show the average across the country.

As our market continues to normalize, we’re seeing price reductions, especially in new construction. Why? New construction is usually the last component of real estate to feel the changing market.  In fact, a number of major metro areas saw 25% of new construction with a price reduction last quarter.
Chart below explains why this is happening as markets normalize.

Note that home values are at the highest in history.  We have come a long way since the 2008 housing meltdown.
Contact me anytime
Call or text to 541 621 7036
email to petebelcastro@johnlscott.com
We leave you with the Market is Talking Stats so you know firsthand our market situation year to year.Have a great week.  God Bless You All.
Pete

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