How’s the market? Well, that always depends. Are you buying? Selling? Both? Neither? What’s your price point? Where are you looking? These all play into the answer that’s most meaningful for this question.
Since we love our town we keep the focus on Oregon and the unique aspects of our local market. Here’s the current state of the market in Oregon as we begin the 2019 market year.
1. Rates have dropped back to less than 4.5%. We haven’t seen this in the last few months as they recently jumped to over 5%. This is a welcome change for home shoppers and should continue to spur a large buyer pool.
2. Oregon had 24 active single family homes at the end of December 2018. This is down over 40% from both November of this year and the same time last year. There is little competition for homeowners looking to sell today but this will change quickly as we head closer to our spring market.
3. Only 2 properties are available in the $400,000-$500,000 range and both are new construction. Homeowners looking to sell in this price point should be in a great spot provided their home is still priced appropriately.
Remember each situation is unique. This means even though there’s little competition it doesn’t necessarily mean your home will sell quickly. Likewise, just because there are few options to choose from doesn’t mean you won’t see your dream home pop on the market in the next few days so make sure you’re ready.
Is it time to let go of that lease and move into the world of home ownership?
Every first time home buyer has to address this question at some point in life. Home ownership is connected to ideals of the American Dream, provides a sense of stability, and can make a lot of financial sense. But is it best for YOU?
You May Want to Buy if:
You’re ready to build wealth. As a tenant you are paying your landlords mortgage and therefore increasing someone else’s wealth. Home ownership allows you to pay yourself as each payment increase the equity you have in your home. Studies show the average home owner has over 30 times the net worth of the average renter. Locally we tend to see fairly steady price gains on an annual basis. As a renter appreciation and inflation will leadto higher monthly payments while home ownership allows you to keep your monthly payment steady while gaining value in your biggest asset. (more…)
With rates STILL at historic lows and continued economic growth it remains to be a great time to consider buying a home.
According to the most recent edition of The Stark Company’s Real Estate Market Resource the US economy is in its best shape since the recession “officially” ended in 2009. Job growth is strong, consumer confidence is up, and the stock market continues to reach new heights. With inflation remaining low we are continuing to pick up economic steam.
Also affecting opportunities for homebuyers are the low interest rates. No one predicted we’d still be under 4% but they still are. In fact, a year ago at this time many experts were predicting rates to be hovering around the 5% mark by now. With rates low that means most consumers can afford roughly 10% more home than if rates had risen to (more…)
We get it, contracts are scary. Who wants to commit themselves to a long range relationship with someone they just met? That can be overwhelming for anyone and it’s why we prefer not to press the agency relationship as we get to know our potential clients.
Check out the following video for a few reasons you may want to transition the relationship with your agent from that of a customer to a client and make sure your best interests are always front and center in your transaction. (more…)
Whether you are a first-time home buyer or a veteran, the home buying process can create challenges while adding stress to an already busy life. There are a number of decisions to make, and even if you’ve been there before markets and regulations change so it can be challenging to stay on top of current trends and rules. Here are a few common mistakes home buyers run into along with simple ways to avoid them.
1. Not Getting Pre-Approved
If you haven’t been pre-qualified, this is your first step. In fact, take it a step farther and ask your lender for a full on pre-approval. This will ensure that you are shopping for the right homes (more…)
As we near the end of the year the picture of the market tends to get a little murkier for home buyers and potential sellers. Buyers and sellers alike have numerous questions about timing, competition, and negotiation around this season. Courtesy of the latest edition of the Stark Real Estate Market Source Newsletter, here is our advice to buyers and sellers at the end of 2014.
Advice for Buyers
If you aren’t much for competition, and are ready to make a move now, then this winter is probably a good time to do so. With uncertainty over interest rates, and continued low inventory, we expect to see a fairly competitive spring for home buyers including multiple offers, sales at or above asking price, and (more…)
After a banner year in 2013 the 2014 real estate campaign limped out to a slow start. Media jumped on the chance to remind consumers that housing sales were down in year over year sales and activity was noticeably different than the previous year for those of us involved in the business.
However, while there is a definite purpose to comparing year over year sales, the numbers themselves hold little meaning unless they are placed into context. In comparing 2013 to 2014 regarding the housing market it is true that most months showed a decrease in sales from year to year. Yet when we look at 2014 compared to the last 10 years we can see that single family home sales are on pace to be greater than any year since 2006, median price has matched it’s historical peak at $218,000, and interest rates (more…)
The story of our market during the last few years is one of few homes available for homebuyers to choose from and the best homes selling quickly, often at escalating prices. In markets like this it is more important than ever to make sure you can put your best foot forward when you find a house that fits your goals. Today’s buyers should consider the following 5 steps towards putting together their winning offer.
Homebuyers must get pre-approved before beginning the home buying process. Not only will this ensure the buyer is shopping for the correct homes, but today’s seller is not interested in a buyer that cannot produce a solid pre-approval letter. Many lenders vary in their procedures so buyers should talk to their lender to see how far into the approval process they can get before they have selected a home. A more involved lending process will allow for a quicker closing time and will stand out among other buyers. Likewise ensuring you have a respected and trusted lender will benefit you if you end up competing against other offers. With many offers coming down to the little details a pre-approval from a reputable lender may be the tipping point for the sellers to favor your offer.
In a recent article published in the Wisconsin State Journal the question is raised about the financial impact and risk of purchasing a home in today’s market.
While nationally we are seeing double digit appreciation it’s important that in our area we keep in mind that we have historically seen a much more steady market than the rest of the nation.
If you read into the article, and look beyond the scary headline, you will note the author addressing one key factor of all real estate news that consumers should always keep in mind: Real estate is local.
If you are considering a move in the near future you may want to look into the following: (more…)
2013 was a whirlwind year in the recovery of the housing market. Inventory dropped while sales and prices rose, buyers were in competition with many homes seeing multiple offers, and new construction boomed.
What does last year tell us about the future? Keep an eye on the following trends as we head into 2014.
With Dane County currently sitting at 4.3 months of inventory it’s evident that the inventory drop off we saw at the end of 2013 never fully caught up to pace of sales. (more…)
You’ve heard the media reports, your friends are all moving, and your own life changes have all lead you to one logical conclusion…it’s time to buy a new home.
Given that a home is likely the most expensive purchase you will ever make, it’s no wonder many new buyers can be overwhelmed by the process. However, if you take a little time upfront to develop a game plan you can easily streamline and focus the process. (more…)
The neighborhood you choose to move to will have a major impact on your lifestyle. Your neighbors, area amenities, and convenience of location will all affect how you feel in your new home. Before you make your move, be sure to cover the following steps to make sure you land in the neighborhood that’s right for you. (more…)