S Oregon Real Estate Forum, October 3, 2018
Were you ever so happy to see it in rain in the Rogue Valley as we experienced last week? It was enough to cool things off and hopefully help put out the final wildfires remaining. Southern Oregon’s Real Estate market continues its adjustments.
INSURANCE ISSUES AFTER WILDFIRES. We learned an awful lot about fire insurance issues when Greg White, owner, Reinholdt and O’Harra Insurance, joined us on the Real Estate Show. Fire insurance is not affected in urban areas like Medford or Central Point, but come in to play in areas built up within the forest interface. We learned the cost of fire insurance is certainly going up, and some insurers are not re writing policies due to the risk involved. But importantly, it appears according to White, that future fire policies will be written as endorsements or attachments to general insurance policies. In other words, a separate and more costly fire policy lies ahead if you want to live in the forest. Contact Gregg for more information. Watch the show on You Tube.
Greg White and Pete Belcastro at KCMX Radio Studio.
RENTAL RELIEF! After a run up beginning in 2008, residential rental rates have finally begun to level off and actually fall. The graphic below shows the latest USA total single-family rentals. Landlords who have been enjoying raising rental rates will have a much more difficult time doing that now. Our market is paralleling this national stat.
LAST WEEK IN REAL ESTATE……..So far the beginning of Fall has seen a pretty consistent market. Listings are up slights from a week ago, as are pending sales and solds. Check the latest information below.
DID YOU KNOW: A number of companies provide statistics which we use to share with you. Zillow, Realtor.com; National Association of Realtors are three of the best. Therefore, I thought you might like to know what current buyers and sellers are doing.
1. 52% of buyers put less than 20% as a down payment.
2. 82% of sellers made some buyer concessions, and 41% of them had at least one offer fall through.
3. Millennials ages 24-38, make up 42% of the home buying public, as well as providing 61% of first time homebuyers.
4. 45% of all homeowners live in the first home they purchased.
5. Median time living in same house is 16 years. It used to be seven years, then twelve years and now sixteen. People staying in their homes longer.
6. 83% of homeowners have no plans to sell their home in the next three, but 17% say they plan on selling. Meaning one in every six homes could be sold in the next three years. That’s millions of homes nationwide and several thousand in S Oregon markets.
Finally, home ownership in the USA hit an all time high in 2007. It then fell and is now on the rise again with all age groups seeking home ownership. The chart below shows ownership rate at 64.3%, but look where it stood before the Great Recession.
and to coincide with those statistics, how does that 64.3% breakdown by ethnic groups in the USA. The next chart indicates home ownership by race. We need and can do better is securing home ownership for many minority communities because that is a direct way to create wealth for your yourself is by owning a home, not renting one.
REAL ESTATE SHOW.
This week’s Real Estate Show features new construction taking place in East Medford. It’s a John L Scott Market Watch Show with Meggie Mahar joins us for the show.
Join us KCMX AM 880 Saturday
, October 6, 10 am.
Any comments or questions always welcome.
Real Estate advice always welcome to share with you. Please contact
Pete Belcastro
at
541 621 7036
petebelcastro@johnlscott.com
HAVE A GREAT WEEK!