Southern Oregon Real Estate News

April 8, 2022

Do You Know How Much Equity You Have in Your Home? [INFOGRAPHIC]

Do You Know How Much Equity You Have in Your Home? [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • If you’re a homeowner, your net worth has gotten a big boost. That’s because recent home price appreciation has increased your equity.
  • Your equity grows as you pay down your loan and as your home increases in value. Over the past year, the average homeowner’s equity grew by $55,300.
  • Ready to sell? Reach out to a local real estate professional to talk about how you can use that equity to fuel your next move.
Posted in Home Ownership
March 22, 2022

The Many Benefits of Homeownership

The Many Benefits of Homeownership

The past two years have taught us the true value of homeownership, especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial and financial benefits of owning a home. If you’re looking to buy a home today, think about all the ways homeownership can impact your life.

Homeownership Has Impactful Personal and Emotional Benefits

Owning your home gives you a significant sense of pride because it’s a space that is truly yours. And as a homeowner, you can customize your home to your heart’s desire. Having a space you’ve put your stamp on enhances the pride and sense of ownership you may feel.

And that sense of ownership can extend beyond your shelter to help create social, community, and civic benefits as well. That’s because the average homeowner stays in their home for longer than just a few years. That means you’ll naturally feel a stronger connection to the community around you the longer you live there. This can help you experience a greater sense of belonging and a greater stake in your community as a whole. As the National Association of Realtors (NAR) says:

Living in one place for a longer amount of time creates an obvious sense of community pride, which may lead to more investment in said community.”

Owning a Home Is a Significant Step Toward Financial Stability

In a financial sense, homeowners benefit from home price appreciationequity gains, and having a shield against some of the effects of inflation. These benefits can have a big impact on your life. As you gain equity through home price appreciation and paying down your mortgage, you build your net worth. And in times of inflation, your 30-year fixed-rate mortgage can help you stabilize one of your largest monthly expenses for the duration of your loan.

Lawrence Yun, Chief Economist for NAR, explains how you can start to see these lasting effects of homeownership as soon as you make your purchase:

Owning a home continues to be a proven method for building long-term wealth. . . . Home values generally grow over time, so homeowners begin the wealth-building process as soon as they make a down payment and move to pay down their mortgage.

Knowing you’ve made a good investment soon after your purchase is powerful. And that may give you confidence in your decision to buy a home.

Bottom Line

The benefits of owning a home are foundational. As a homeowner, you can feel proud of the space you call home and know you’ve made a sound financial investment. To learn how homeownership can help you, contact a local real estate advisor to start the conversation today.

Posted in Home Ownership
March 16, 2022

Are You Wondering if This Is the Year To Buy a Home?

 

Are You Wondering if This Is the Year To Buy a Home?

Every year, many renters ask themselves the same question: Should I continue renting, or is it time to buy a home? If you’re a renter, chances are you’ve asked yourself that question at least once, and it’s likely because you’ve faced an increase in your monthly housing costs over time. After all, according to Census data, rents have risen consistently for decades.

To make an informed and powerful decision, the first step is understanding what’s happening in today’s housing market so you can determine which option is the better long-term financial decision for you.

Rents Are Going Up Again This Year

Rents are skyrocketing right now. Data from realtor.com shows just how much rental prices are surging throughout the country. The graph below highlights rental unit price increases over the past year:

Are You Wondering if This Is the Year To Buy a Home? | Keeping Current Matters

If you’re a renter and plan on signing a new lease, your monthly costs are likely to go up when you do. Those rising costs can have a big impact on your financial goals, including any plans you’re making to save for a home purchase.

Homeownership Offers Stable Monthly Costs

Of course, one of the key benefits of owning your home is that you’re able to lock in and stabilize your payments for the duration of your loan. That’s not the case when you rent.

While rents are already on the rise, there’s a good chance many people will see their rental costs increase even more this year. As Danielle Hale, Chief Economist at realtor.comsays:

With rents already at a high and expected to keep going up, rental affordability will increasingly challenge many Americans in 2022. For those thinking about making the transition from renting to buying their first home, rising rents will remain a motivating factor. . . .”

So, if you’re ready to become a homeowner, waiting any longer may not make financial sense. Instead, escape the cycle of rising rents and enjoy the many benefits that come with homeownership today.

Bottom Line

Starting your journey toward homeownership can pay off significantly this year. If you’re financially ready today, work with a local real estate professional to discuss your options.

Posted in Home Ownership
March 7, 2022

Southern Oregon Market StatsMarch 2022

Southern Oregon Market Stats

Dec 1st 2021 - Feb 28th 2022

 

By Jake Rockwell

Looking at the numbers a few items really seem to stick out. The first being that two areas have witnessed significant growth. Ashland has gone up 25% in median value in 5 years but just in the last year has gone up over 30% in number of homes sold in just the last year. From 2021 at 75 homes to 112 in 2022, that's a large jump in such a small almost micro market as it steadily maintains a higher price point than everywhere else in the valley even amongst affordable college housing. Secondly, a nearly 90% 5 year change in median value for Northwest Medford going from $179,000 to $338,000. The valley is shifting as the affordability index goes up and continues to follow the growing trend of new people relocating to the area. It's a welcomed increase which will definitely continue to diversify the valley. 

Key Take-Aways:

  • area with highest number sold units East Medford with 206 in 2022
  • residential inventory went up just slightly from 324 to 345 in all of Jackson County
  • residential inventory went up in Josephine County from just 114 to 210 and change of nearly 85% in just one year

 

 

 

Links to Stats:

 

Create a custom market report catered to your neighborhood or any specific area and criteria.

Want an instant market valuation for you property?

 

Feb. 28, 2022

Millennials: Do You Need a Home with More Space?

Millennials: Do You Need a Home with More Space?

If you’re a millennial, homebuying might be top of mind for you. Your generation is the largest group of homebuyers in the market today and has been since 2014, according to the National Association of Realtors (NAR). And while other millennials are looking to buy for the first time, you may be one of the many who are now discovering you’ve outgrown your home.

If that’s the case, you’re not alone. The past two years brought about significant changes for many people, and today, homeowners are reevaluating what they truly need in a home. As a recent report from the Wall Street Journal states:

“They say the pandemic and the emergence of remote work accelerated millennial home-buying trends already under way. . . . Millennials who already owned homes traded up for more space.”

So, if you’re working remotely now or simply have a growing need for additional space, it may be time to move. And even if you purchased your current home sometime over the last few years, you can still move into a different one that has the space and features you’re looking for. That’s because there’s a good chance you have more equity than you realize. As Diana Olick, Real Estate Correspondent for CNBCnotes:

The stunning jump in home values over the course of the Covid-19 pandemic has given U.S. homeowners record amounts of housing wealth. . . . Even homeowners who weren’t listing their properties for sale were gaining equity. About 42% of homeowners were considered equity-rich at the end of last year, meaning their mortgages were half or less than half the value of their home.”

Growing equity can be the key you need to fuel your next move, especially if you’re looking to purchase a larger home. When you sell your current house, the equity that comes back to you in the sale can be used toward the down payment on your next home.

In other words, your purchasing power may be greater than you realize, making a move to a larger home a realistic option. That, plus your changing needs, might make moving now more desirable than ever.

Bottom Line

If you’re a millennial thinking about moving this year, you’re not alone. Contact a local real estate professional to discuss the equity you have in your current home and the opportunities it can create.

Posted in Home Ownership
Feb. 17, 2022

More People Are Planning To Buy a Home Soon

More People Are Planning To Buy a Home Soon

While some homeowners may be tempted to hold off until spring to list their houses, you should know – homebuyers aren’t waiting. Demand is high today as more people are trying to beat rising mortgage rates. As a result, eager buyers are entering the market or moving their plans up so they can make their purchases as soon as possible.

The most recent Consumer Confidence Survey finds that, of those surveyed, the percentage of people planning to buy over the next six months has increased substantially since last fall (see graph below):

More People Are Planning To Buy a Home Soon | Keeping Current Matters

As the graph shows, the number of consumers fast-tracking their plans to purchase a home has crept up over the past three months. That indicates many buyers are evaluating their strategy and realizing they should act sooner rather than later. And for homeowners planning to sell, it’s a signal that now may be the time to list.

While more people are moving their plans up, others are actively putting theirs in motion. Time on the market is a great indication that homebuyers are motivated and moving quickly. According to a recent realtor.com reportthe average home sold faster this January than any January on record.

Danielle Hale, Chief Economist at realtor.com, notes:

“Homes sold at a record-fast January pace, suggesting that buyers are more active than usual for this time of year.”

What Does That Mean for You?

Homebuyers are rethinking their strategies and moving their plans forward. Others are making their moves today. That means demand for your house isn’t just increasing – it’s high right now.

And because there are so few homes available for determined purchasers to choose from, if you’re planning to sell your house this year, doing so sooner means you can take advantage of high buyer demand before more houses are listed in your neighborhood. Why is this important? Because as more houses are put up for sale, buyers will have more options. But until then, your house will be in the spotlight.

Bottom Line

With so many buyers eager to make a purchase, you could benefit from listing your house soon. To understand how strong buyer demand is in your area, connect with a local real estate advisor and start making your plans today.

Posted in Home Ownership
Feb. 8, 2022

Southern Oregon Market Stats Feb 2022

Southern Oregon Market Stats

October 1, 2021- December 31, 2021

 

By Jake Rockwell

As we start to look at number for the areas in the Rogue Valley we like to be very succinct with applying consideration to specific areas and those changing numbers. For example a number may be screwed considering the pool amount from which that came, such as Jacksonville may seem upon first glance to have peaked incredibly, since it shows a 5 year trend up 81.9%. But this is die to the pool being a sample size of JUST 12 sold in the Nov 2021 to Jan 2022 time frame. Comparatively the notable number here is the 5 year growth of West Medford growing by 62.9% with a sample size 64 homes during that same time period. 

Some other area of note with higher inventory pools are Ashland 113, and East Medford 226 homes and even Central Point with 79 sold during that time. Which shows a lot of turnover in ownership and potential growth in the community. As a buyer this might be an area with more availability and something to consider when the buyer market is so aggressive. This might mean less competition and more likelihood of acceptance. 

 

Key Take-Aways:

  • East Medford has had the most number of homes SOLD in 2022 so far with 226
  • Inventory for all of Jackson county has increased from 639 to 701 
  • The median home price went up by $25,000 from $349,550 to $374,750

 

 

 

Links to Stats:

 

Create a custom market report catered to your neighborhood or any specific area and criteria.

Want an instant market valuation for you property?

 

Feb. 4, 2022

How Remote Work Impacts Your Home Search [INFOGRAPHIC]

How Remote Work Impacts Your Home Search [INFOGRAPHIC] | Keeping Current Matters

Some Highlights

  • If your workplace is delaying its return to office plans or is allowing permanent work from home options, that may open up new possibilities for your home search.
  • Ongoing remote work could give you the chance for a change in scenery, a move to an area with a lower cost of living, or finding a home with more home office space.
  • If you want to learn about how remote work can give you more options, partner with a local real estate professional to discuss your situation and priorities for your home search.
Posted in Home Ownership
Jan. 31, 2022

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers

Demand Is Very Strong

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), 6.18 million homes were sold in 2021. This was the largest number of home sales in 15 years. Lawrence Yun, Chief Economist for NAR, explains:

“Sales for the entire year finished strong, reaching the highest annual level since 2006. . . . With mortgage rates expected to rise in 2022, it’s likely that a portion of December buyers were intent on avoiding the inevitable rate increases.”

Demand isn’t expected to weaken this year, either. In addition, the Mortgage Finance Forecast, published last week by the Mortgage Bankers’ Association (MBA), calls for existing-home sales to reach 6.4 million homes this year.

Supply Is Very Limited

The same sales report from NAR also reveals the months’ supply of inventory just hit the lowest number of the century. It notes:

“Total housing inventory at the end of December amounted to 910,000 units, down 18% from November and down 14.2% from one year ago (1.06 million). Unsold inventory sits at a 1.8-month supply at the present sales pace, down from 2.1 months in November and from 1.9 months in December 2020.”

The reality is, inventory decreases every year in December. That’s just how the typical seasonal trend goes in real estate. However, the following graph emphasizes how this December was lower than any other December going all the way back to 1999.

Why Right Now Is a Once-in-a-Lifetime Opportunity for Sellers | Keeping Current Matters

Right Now, Sellers Have Maximum Leverage

As mentioned above, when there’s strong demand for an item and a limited supply of it available, the seller has maximum leverage in the negotiation. In the case of homeowners who are thinking about selling, there may never be a better time than right now. While demand is this high and inventory is this low, you’ll have leverage in all aspects of the sale of your house.

Today’s buyers know they need to be flexible negotiators that make very competitive offers, so here are a few areas that could tip in your favor when your house goes on the market:

  • Competitive sales price
  • Flexible closing date
  • Potential for a leaseback to allow you more time to find a home
  • Minimal offer contingencies

Bottom Line

If you’re thinking of selling your house this year, now is the optimal time to list it. Contact a local real estate professional to learn more about putting your house on the market today.

Posted in Home Ownership
Jan. 18, 2022

Southern Oregon Market Stats Jan

Southern Oregon Market Stats

October 1, 2021- December 31, 2021

 

By Jake Rockwell

Its all about spotting the subtle market shifts... we're seeing a few areas that make us critically about the numbers and the market. Days on market seems to shift up and down along with the months of available inventory, while still remaining at some historically low thresholds. However, it seems that the median sales prices might be showing signs of coming back down just slightly in some areas and inventory seems to improve. As more people are bouncing back from the COVID era economy they are returning to typical spring fever for real estate sales. More homes are coming on the market, yet the trend from out of state buyers remains as the work from home stipulations and long term work force flexibility has changed the workplace dynamic allowing so many to move to more affordable areas, in our case Californians to Oregon. This means that those higher price points will most likely remain as the demand calls for it where as days on market may begin to go back up and months of inventory moves along-side it. 

 

Key Take-Aways:

  • Josephine County Inventory went up by 62.6% from this same time in 2020
  • Jackson County Inventory went up by only 9.4% from this same time in 2020
  • Months of inventory fell from 2+ to just 1.4
  • Days on market in Jackson County dropped from 36 to 27

 

 

Links to Stats:

 

Create a custom market report catered to your neighborhood or any specific area and criteria.

Want an instant market valuation for you property?