S. Oregon Real Estate Forum, May 8, 2018

ByPete

by Pete Belcastro….

Problems with Permitting
How do you know when you need a permit to build or remodel a property?  What do I do if I have an unpermitted part of my residence? These are common questions that consumers need to know, especially if you find yourself in a position to ask the questions.  That means you’re thinking about buying or selling.  The Rogue Valley Association of Realtors also thinks its a big enough issue that Kimberly London, city of Medford Building Department, answers those questions and more on this Saturday’s Real Estate Show on KCMX radio AM 880.  I guarantee you’ll learn something you didn’t know as we do every time Kimberly joins us.  She is an expert in this area and can help you avoid problems going forward that you don’t want to deal with.
What’s the Market Doing This Week?
Realtors have been busy:  From April 30-through May 7 – Jackson and Josephine counties.

New listings on the market – 162
New Pending sales               –  149       Range:  $89,000 in Central Pt. to $1,295M, Ashland Mine Rd.
Closed/Sold Properties       –  107       Low: $139,000, Cottage St. E Medford, to $945,000 Corp Ranch Rd,                                                                        Ashland

We talk about more listings coming on in the spring.
In Jackson County there 930 homes on the market, up 26% from a year ago.
In Josephine County there are 514 listings up 41% from a year ago.  All holding true to form.

New Home Construction
Jackson County had 85 new homes sales between Feb 1, and April 30.  With Eagle Point, E Medford and SW Medford accounting for 75% of all new homes sold.
In Josephine County, only 6 new homes sold in the period 33% coming in NW Grants Pass.

Finally, rural properties took a dive in the last three months.
Jackson County saw 98 rural home/property sales, dwom from 125 a year ago. Median price rose 9%.
Josephine County saw a drop as well from 125 to 107, more than in Jackson County. Median price held at 0%,

Changes in USDA Rural Home Loan Eligibility
After the Great Recession, it seemed like USDA Rural Development Loans saved the local real estate market in many communities including Grants Pass, Roseburg, K Falls, Central Pt. but no longer.  The U.S. Department of Agriculture identified newly ineligible area maps for its Rural Development single-family housing and multifamily housing programs. In some cases, previously ineligible rural areas will now become eligible rural areas. The new maps take effect June 4. Unfortunately, both Grants Pass and Central Point are now going to be ineligible areas. RVAR submitted a letter requesting additional evaluation, but it is unlikely to have any impact as the USDA has a prescribed evaluation formula they have to follow. In other words, we’re growing and our largest central cities and are no longer eligible for rural USDA loans.

 

Market Snapshot Shows Market Variations
Buying or Selling? Look at the April Market Snapshot for Jackson County and Ashland markets.
For example, the luxury market now has an 18 months supply of inventory, the highest we’ve seen in years, while the price range $150,000 to $350,000 collectively has a one month supply of inventory.  Check where your home would be and you can see where pricing comes into play and the amount of time your home may stay on the market.  Fascinating data, provided by Barbara Brown, at John L Scott Medford office.
                                                        Last Week’s Real Estate Show
If you get a chance watch last week’s show and you’ll meet Deidra and Nick Ripsom, a young real estate couple who share their success story with us.  Deidra is a broker with John L Scott Medford, and Nick is a contractor.  Both are SOU grads and today are developing, with a partner, a 21 – unit planned development in W Medford.  They have a great story to tell of working together as a couple and traversing the spirit of hard work, determinate and planning for success.  You can catch this show at www.realestateshoworegon.com or on our You Tube Channel – Real Estate Show Oregon.
Have a great week!

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