by Pete Belcastro, Principal Broker, John L Scott Southern Oregon
When is a Building Permit Needed?
Kimberly London, is an expert on building permits thru the City of Medford’s Building Department. If you watch last week’s show she explains when and for what purposes you would need to obtain a building permit from the city or county. Last month Medford issued 644 permits total. The number of new home permits was 22, and it takes 5-6 permits for a new home that still leaves more than 500 other permits for remodeling, and other improvements to property. That just in the city.
That is a lot of permits. Watch the remainder of the show for more. Kimberly is also a history buff of sorts. For example Medford began building permit requirements in 1913. They cost $1.50. A lot has changed since then, but the history of permits is quite interesting to understand. Kimberly is also an instructor for the Rogue Valley Association of Realtors, who sponsored this show.
Stats of the Week!
May 7-14, the Southern Oregon MLS reports the following activity last week.
Jackson County:
SOLDS – 58 closings, Range$139,000 on Cottage St. Medford
to $1.35M at 975 Walker in Ashland.
PENDING SALES: total of 116 properties went pending last week.
Ranges from $130,000 on Kingston Ct. White City
to $900,000 on Satellite in E Medford.
NEW LISTINGS: 106 new properties came on the market last week.
ranging in price from $129,000 to $3.2M.
Five new luxury properties also were listed last week.
TIPS FOR SELLING YOUR HOME.
May and June are the best months to sell your home according to NAR statistics.
However, to get the price you want here are some tips preparing your home to sell. If the seller doesn’t do any of this, I guarantee you, the buyer will notice and your sale price will fall. Take a look at the list, its easy to do and much of this doesn’t cost a lost of money.
WHAT’S HOT, WHAT’S NOT April to April
New Listings are up 27% from a year ago, 309 to 394
But they were down in Phoenix, Jacksonville and White City.
Pending Sales up 10% from a year ago. 292 to 324.
Pending sales were up 41% in Eagle Point and 44% in Phoenix the two busiest areas. They were down, however, in East Medford and White City.
Average Days on the Market – 28, down 24%
Months supply inventory is up 27% from 1.9 to 2.4 months supply.
Available Homes per Buyer, now at 3.8 up 20%. White City has the least at 1.8; while Jacksonville has the most at 8.
What’s the Latest with Mortgage Interest Rates?
Rates last week for a 30 year conventional mortgage ranged from 4.5% to 5.5% depending on credit scores and other information. This Saturday, 10 am KCMX AM 880, Guy Giles from Bank 343 Mortgage and the Real Estate Show’s resident expert joins us to update the latest rate information for 30 year fixed, to VA, FHA, and other lending. Always informative, join us on this week’s Real Estate Show.
Building Department Open House
Join the building department as they celebrate Building Safety Month
Tuesday, May 20, 2-4 pm at the Prescott Room at Medford Police Headquarters.
Public Welcome. Goodies provided along with information on permitting, prizes, etc.
For information contact Kimberly at building@cityofmedford.org
Have a great week. If you seek Real Estate information or advice. We love talking with you and helping you be a smart real estate consumer. Call anytime 621 7036 or email pete@realestateshoworegon.com
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