Southern Oregon Real Estate News

May 28, 2020

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

Experts Predict Economic Recovery Should Begin in the Second Half of the Year

One of the biggest questions we all seem to be asking these days is: When are we going to start to see an economic recovery? As the country begins to slowly reopen, moving forward in strategic phases, business activity will help bring our nation back to life. Many economists indicate a recovery should begin to happen in the second half of this year. Here’s a look at what some of the experts have to say.

Jerome Powell, Federal Reserve Chairman

“I think there’s a good chance that there’ll be positive growth in the third quarter. And I think it’s a reasonable expectation that there’ll be growth in the second half of the year…

So, in the long run, I would say the U.S. economy will recover. We’ll get back to the place we were in February; we’ll get to an even better place than that. I’m highly confident of that. And it won’t take that long to get there.”

Nonpartisan Analysis for the U.S Congress

“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease stay-at-home orders, bans on public gatherings, and other measures. The labor market is projected to materially improve after the third quarter; hiring will rebound and job losses will drop significantly as the degree of social distancing diminishes.”

Neel Kashkari, President, Minneapolis Federal Reserve Bank

“I think we need to prepare for a more gradual recovery while we hope for that quicker rebound.”

We’re certainly not out of the woods yet, but clearly many experts anticipate we’ll see a recovery starting this year. It may be a bumpy ride for the next few months, but most agree that a turnaround will begin sooner rather than later.

During the planned shutdown, as the economic slowdown pressed pause on the nation, many potential buyers and sellers put their real estate plans on hold. That time coincided with the traditionally busy spring real estate season. As we look ahead at this economic recovery and we begin to emerge back into our communities over the coming weeks and months, perhaps it’s time to think about putting your real estate plans back into play.

Bottom Line

The experts note a turnaround is on the horizon, starting as early as later this year. If you paused your 2020 real estate plans, reach out to a local real estate professional today to determine how you can re-engage in the process as the country reopens and the economy begins a much-anticipated rebound.

Posted in Home Ownership
May 19, 2020

Housing Market Positioned to Bring Back the Economy?

 


Housing Market Positioned to Bring Back the Economy

All eyes are on the American economy. As it goes, so does the world economy. With states beginning to reopen, the question becomes: which sectors of the economy will drive its recovery? There seems to be a growing consensus that the housing market is positioned to be that driving force, the tailwind that is necessary.

Some may question that assertion as they look back on the last recession in 2008 when housing was the anchor to the economy – holding it back from sailing forward. But even then, the overall economy did not begin to recover until the real estate market started to regain its strength. This time, the housing market was in great shape when the virus hit.

As Mark Fleming, Chief Economist of First Americanrecently explained:

“Many still bear scars from the Great Recession and may expect the housing market to follow a similar trajectory in response to the coronavirus outbreak. But, there are distinct differences that indicate the housing market may follow a much different path. While housing led the recession in 2008-2009, this time it may be poised to bring us out of it.”

Fleming is not the only economist who believes this. Last week, Dr. Frank Nothaft, Chief Economist for CoreLogic, (@DrFrankNothaft) tweeted:

“For the first 6 decades after WWII, the housing sector led the rest of the economy out of each recession. Expect it to do so this time as well.”

And, Robert Dietz, Chief Economist for the National Association of Home Builders, in an economic update last week explained:

“As the economy begins a recovery later in 2020, we expect housing to play a leading role. Housing enters this recession underbuilt, not overbuilt…Based on demographics and current vacancy rates, the U.S. may have a housing deficit of up to one million units.”

Bottom Line

Every time a home is sold it has a tremendous financial impact on local economies. As the real estate market continues its recovery, it will act as a strong tailwind to the overall national economy.

 

Posted in Home Ownership
May 14, 2020

Tips and Tricks from a Real Estate Professional

Never get beat out of an offer again... 

If you've ever been beat out on a home that you fell in love with, you know it feels awful. To search endlessly to find the right one, combing through house after house, only to find it, submit an offer and have to watch it slip away. 

Don't let it happen again... here's a great tool to keep in your pocket... 

but don't forget, the best tool to have is ALWAYS a good Realtor! 

 

Posted in Home Ownership
May 13, 2020

U.S. Homeownership Rate Rises to Highest Point in 8 Years?

 


U.S. Homeownership Rate Rises to Highest Point in 8 Years

For nearly two months, most of us have been following strict stay-at-home orders from our state and local governments. It is a whole new way of life that has put our daily lives on pause. On the other hand, many of us have also found a sense of comfort by slowing down and spending time at home, highlighting the feeling of security that comes with having a much-needed safe place for our families to live.

The latest results of the Housing Vacancy Survey (HVS) provided by the U.S. Census Bureau shows how Americans place immense value in homeownership, and it is continuing to grow in the United States. The results indicate that the homeownership rate increased to 65.3% for the first quarter of 2020, a number that has been rising since 2016 and is the highest we’ve seen in eight years (see graph below):U.S. Homeownership Rate Rises to Highest Point in 8 Years | Keeping Current MattersWhy is the rate increasing? The National Association of Home Builders (NAHB) explained:

“Strong owner household formation with around 2.7 million homeowners added in the first quarter has driven up the homeownership rate, especially under the decreasing mortgage interest rates and strong new home sales and existing home sales in the first two months before the COVID-19 pandemic hit the economy.”

The NAHB also emphasizes the year-over-year increase in each generational group:

“The homeownership rates among all age groups increased in the first quarter 2020. Households under 35, mostly first-time homebuyers, registered the largest gains, with the homeownership rate up 1.9 percentage points from a year ago. Households ages 35-44 experienced a 1.2 percentage points gain, followed by the 55-64 age group (a 0.9 percentage point increase), the 45-54 age group (a 0.8 percentage point gain), and the 65+ group age (up by 0.2 percentage point).” (See chart below):

U.S. Homeownership Rate Rises to Highest Point in 8 Years | Keeping Current MattersHomeownership is an important part of the American dream, especially in moments like this when many are feeling incredibly grateful for the home they have to shelter in place with their families. COVID-19 may be slowing our lives down, but it is showing us the emotional value of homeownership too.

Bottom Line

If you’re considering buying a home this year, contact a local real estate professional to set a plan that will help you get one step closer to achieving your dream.

Posted in Home Ownership
May 8, 2020

Re-opening Guidelines for Oregon + Medford Small Business Support Program

If you did not have an opportunity to listen to Gov. Brown’s press conference this morning, Oregon counties can submit a plan to the Oregon Health Authority (OHA) to re-open as early as Friday, May 15th, within a “Phased” approach.

 

The final guidelines for Phase One reopening (except for child care) are now on OHA’s website.

 

Guidelines Regarding Face Covering Use in Public:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2288K.pdf

 

Phase One Reopening Guidance for the Public:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342D.pdf

 

Sector Guidance: RETAIL:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342A.pdf

 

Sector Guidance: RESTAURANTS/BARS/BREWERIES/TASTING ROOMS/DISTILLERIES:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342B.pdf

 

Sector Guidance: OUTDOOR RECREATION:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342E.pdf

 

Sector Guidance: PERSONAL SERVICES:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342F.pdf

 

General Guidance for Employers:

https://sharedsystems.dhsoha.state.or.us/DHSForms/Served/le2342C.pdf

 

NOW would be a good time to plan for your business re-opening, including workforce return measures as indicated by the attached Employer Guidance e.g. employee health and safety, workplace safety, and employee schedule/travel modifications.

 

Additionally, See the press release from the City of Medford regarding a Small Business Assistance Grant Program.

According to the release, "The objective of this program is to offer immediate financial assistance to small businesses in the City of Medford to aid in maintaining their business and workforce. Awards will be made on a first come, first served basis. Applications will be accepted after 10 a.m. PST on Monday, May 11, 2020."

To find out more information about the grant and to access the online application, visit cityofmedford.org.

 

        

Posted in News
May 7, 2020

Projections for the Economy

Unemployment: Hope on the Horizon

Unemployment: Hope on the Horizon

Tomorrow, the unemployment rate for April 2020 will be released by the U.S. Bureau of Labor Statistics. It will hit a peak this country has never seen before, with data representing real families and lives affected by this economic slowdown. The numbers will alarm us. There will be headlines and doomsday scenarios in the media. There is hope, though, that as businesses reopen, most people will become employed again soon.

Last month’s report indicated we initially lost over 700,000 jobs in this country, and the unemployment rate quickly rose to 4.4%. With the release of the new data, that number will climb even higher. Experts forecast this report will show somewhere between a 15% – 20% national unemployment rate, and some anticipate that number to be even greater (see graph below):Unemployment: Hope on the Horizon | Keeping Current Matters

What’s happened over the last several weeks? 

Here’s a breakdown of this spring’s weekly unemployment filings:Unemployment: Hope on the Horizon | Keeping Current MattersThe good news shown here indicates the number of additional unemployment claims has decreased week over week since the beginning of April. Carlos Rodriguez, CEO of Automatic Data Processing (ADP) says based on what he’s seeing:

“It’s possible that companies are already anticipating some kind of normalization, opening in certain states and starting to post jobs.” 

He goes on to say that this doesn’t mean all companies are hiring, but it could mean they are at the point where they’re not cutting jobs anymore. Let’s hope this trend continues.

What will the future bring?

Most experts predict that while unemployment is high right now, it won’t be that way for long. The length of unemployment during this crisis is projected to be significantly shorter than the duration seen in the Great Recession and the Great Depression.Unemployment: Hope on the Horizon | Keeping Current MattersWhile forecasts may be high, the numbers are trending down and the length of time isn’t expected to last forever.

Bottom Line

Don’t let the headlines rattle you. There’s hope coming as we start to safely reopen businesses throughout the country. Unemployment affects our families, our businesses, and our country. Our job is to rally around those impacted and do our part to support them through this time.

 

Posted in News
May 5, 2020

Market Stats April 2020

Southern Oregon Market Stats

Jan. 1, 2020- March 31, 2020

By Jake Rockwell

Homes in Jackson County are selling quicker and for more money then they were this time last year. Of course, these numbers only reflect until the end of March which saw the biggest National impact from the COVID-19 virus. One thing to consider is that although we haven't yet seen the housing stats for April, which may reflect the true impact more, it is evident that at least thru the end of March the housing market remained STRONG. This is also true for the South East and West sides of Grants Pass in Josephine County as well. 

Key Takeaways: 

  • With the exception of Ashland and Jacksonville, every designated area of Jackson County has had an increase in median sales prices. 
  • Notably Eagle Point, Shady Cove and Rogue River and Gold Hill have all seen an annual increase of 20% or more. Indicating if a current home owner in these areas is thinking of selling, now may be a great time to get more for an asking price than in previous years. 
  • This trend can also be seen in the Residential Market Trends as the average days on market has also decreased as homes are selling quicker and the Listing (or asking) Price vs Selling Price has also gone up. 
  • Josephine County in Grants Pass the South east and west sides are experiencing an uptick as well, with median home prices up and days on market down. 

 

 

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

Want an instant market valuation for you property?

April 27, 2020

Spring Cleaning

With so many of us stuck in the house, right now might be a great time to start some spring cleaning and finalize some of those lingering projects that you haven't had time for! 

Here's a great checklist for your spring cleaning to get you started. Click the image for a printable version! 

Posted in Home Ownership
April 17, 2020

Rockwell Group and Sign Dude Partner to Create Motivational Signage

 

“We’ve Got This” #strongertogether

 

Medford, OR- April 17th, 2020

Rockwell Group is continuing to provide strength during the COVID-19 outbreak and an economic shutdown. Having previously dedicated $5000 in restaurant gift certificates and held an Easter coloring contest for prizes, Rockwell Group is now partnering with Sign Dude of Medford to create inspirational signage for anyone that requests one. Carrying a message of solidarity and perseverance with the slogan “We’ve Got This” Rockwell Group is hoping that Medford residents show up and show their signs!

They will be taking requests from anyone that would like a sign to display in their yards or business windows, and signs will be either made available or hand delivered (6ft apart of course) for those that want to participate. These signs are at no cost to those requesting them and are encouraged to be displayed, while photo’d and posted on social media with the hashtag #strongertogether, to create a sincere unity amongst the Rogue Valley Community.

Rockwell Group and Sign Dude are confident in this community and it’s resilience, and are striving to create programs that reaffirm these feelings throughout Southern Oregon and continue to make this community stronger than ever. Believing that sometimes it just takes a few words of encouragement to bring us all together!

If you or anyone would like a sign to be displayed in your yard or business please contact Rockwell Group for drop off arrangements via form or social media or text below.

 

Form: https://bit.ly/2wLRDCz

Phone: 541-292-4444

Social: https://www.facebook.com/rockwellgrouprealestate/?ref=bookmarks

Rockwell Real Estate Group | eXp Realty LLC 

 

Posted in News
April 8, 2020

Easter Coloring Contest

 

Rockwell Group | eXp Realty Hosts Easter Coloring Contest 

Helping find creative ways to stay busy for Easters Holiday while kids are at home.

 

While families are all seemingly going stir crazy and parents alike are desperately trying to find things to occupy their kids' time while keeping them safe, the Rockwell Group has thought of some clever ways to stay safe, stay healthy and stay happy. With the upcoming Easter holiday quickly approaching children will most likely not be able to do the regular Easter egg hunts as usual, celebrating with family and friends and often in large community groups. 

 

In lieu of this, Rockwell Group | eXp Realty is holding an Easter Coloring Contest! We are asking the community to use the templates provided on the website, the Rockwell Group social media and through email to color their hearts out! They ask that participants get as creative as possible since this won't just be for the sake of coloring but the Rockwell Group will be giving out prizes for best contest submission. 

 

How it works: Participants will download and print the same template provided. Once participants have colored/decorated their templates they will need to simply hang it in their windows for all the neighborhood to see. Then take a picture of their masterpiece displayed in their windows and post the image to the Rockwell Group facebook page. 

 

Picking the winner… winners will be judged on creativity paired with whomever's creation receives the most “Likes” with PRIZES AWARDED! 

 

1st Place - $100

 

2nd Place - $50

 

3rd Place - $25

 

Winners will be announced on Easter at 5pm on the Rockwell Facebook page and will be direct messaged to claim their prize! Participants are encouraged to walk the neighborhood with their families to see how many Rockwell Group Colored Easter Eggs they can spot in their windows! Make sure to take pictures and post to the Rockwell Group Page! 

 

Rockwell Group | eXp realty is dedicated to providing support to our community and loved ones afflicted by the Coronavirus outbreak. We will continue to provide innovative ways to help,  through both news updates, monetary support through the gift card programs launched last month and coming up with creative ideas to keep our community engaged and moving forward! Please follow the Rockwell Group on Facebook for more info! 

 

https://www.facebook.com/rockwellgrouprealestate/?ref=bookmarks

Click the image below for the downloadable template to enter the contest! 


Posted in News