S. Oregon Real Estate Forum, May 30, 2018
FAIR HOUSING TURNS 50
The Fair Housing Act in the United States intended to protect the buyer or renter of a dwelling from seller or landlord discrimination. Its primary prohibition makes it unlawful to refuse to sell, rent to, or negotiate with any person because of that person’s inclusion in a protected class.
Is Fair Housing Act still needed in 2018. Rick Harris, Past President of the Oregon Association of Realtors sure thinks so and he joins us on this week’s Real Estate Show to explain why. In a nutshell Fair Housing Act outlaws:
- Refusal to sell or rent a dwelling to any person because of race, color, disability, religion, sex, familial status, or national origin.
- Discrimination based on race, color, religion, sex, disability, familial status, or national origin in the terms, conditions or privileges of sale or rental of a dwelling.
- Advertising the sale or rental of a dwelling indicating preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, disability or national origin.
- Coercing, threatening, intimidating, or interfering with a person’s enjoyment or exercise of housing rights based on discriminatory reasons or retaliating against a person or organization that aids or encourages the exercise or enjoyment of fair housing rights.
REAL ESTATE WEEK IN REVIEW
Inventory levels continues to rise with nearly 1,000 properties on the market. That’s a jump of 26% from a year ago. New MLS stats are due out next week which will give us a picture of overall May activity.
Activity during the last week in Jackson County
* New Listings: 91, Range from $195,000 Brentcrest in SW Medford to $1.6M, on Dead Indian Memorial Rd.
* Pending Sales: 108, Range from $$81000 on Mill Creek Rd, Prospect to $839,000 on Hillcrest in E Medford.
* Closed Transactions: 69, Range from $130000 Kingston Circle in White City to $1.97M at 239 Terri Dr in Medford.
BEST MONTHS TO SELL YOUR HOME
The Summer Selling Season has officially begun now that Memorial Day Holiday has passed.
According to the National Association of Realtors, NOW, is the time when sellers receive the most money for their homes. See the graphic below, showing May and June, right now, sellers receive their highest average percentage of above market prices.
RURAL PROPERTY SALES DECLINE, BUT NOT PRICE
A few years ago rural property sales went through the roof after Oregon legalized the recreational sale of marijuana. But it appears the gold rush to buy rural land is over. The latest MLS stats show that in Jackson County in the last three months, rural sales dropped by nearly 30% from a year ago. Average days on the market increased to nearly 100, while pricing increased by 9.6% for a median price of $393,500. That is far above the county’s overall median price of $269,000.
We are seeing marijuana grow sites now for sale for the first time. They aren’t selling either. Are we seeing a shift in attitude and popularity in such properties? It appears so.
And if you’re interested, the most popular rural properties sought after are in the 5-10 acre range.
Despite the changes that have occured recently, rural property sales continue to play an important role in real estate sales.
END OF THE SHORT SALE
Did you know in the previous three months there was only 1, Short Sale transaction in Jackson County. A few years ago Short Sales and Foreclosures dominated our market. February – April, saw one Short Sale and 43 foreclosed properties sell. East Medford and Central Point accounted for 40% of distressed sales.
While foreclosed properties make their way to the market, don’t expect a return of Short Sales anytime soon. A Short Sale took place when the seller owed more than the house was worth. Valuations have risen,and many would-be short sales evaporated with it. That’s a good thing.
REAL ESTATE SHOW LAST WEEK
In case you missed it, check out the show with Craig Blazinski. He is a long time agent in the valley and shares his insights into the current real estate market and tips for both buyers and sellers on how to make things easier for both. Craig is pictured right, at KCMX Studio.
Upcoming Real Estate Show include
June 9, Rental Market with Sterling West Property Management
June 16, Rogue Valley Association of Realtors and Service Master. Cleaning up messes.
June 23, Mortgage Interest Rate w Guy Giles Bank 34 Mortgage
June 30, Glenn Cunningham CPA on New Tax Laws and Real Estate
July 7, A real treat with Lennox Scott, owner of John L Scott Corporate and Jim Remley of JLS Medford/Ashland as they talk real estate.
Have a Great Week. If you need any real estate advice, please contact us, we’re always available to help.