Eugene, OR real estate news – The Regional Multiple Listing Service (RMLS™) has released the market Action real estate activity report for February 2013Posted: April 10, 2013
Eugene, OR real estate news – The Regional Multiple Listing Service (RMLS™) has released the market Action real estate activity report for February 2013. Below are some highlights from this months Lane County Real Estate Market Action Report. “Lane County continues to see a healthy real estate market” -RMLS 1. Closed residential sales in Lane County were 216, the best since February 2007. this represents a 24% increase year over year, and an 18.7% increase over January. 2. There were 455 new listings in Lane County in February ‘13, up from 344 in January ‘13, and 370 from the previous February. 3. The average sales price in lane County was $202,100, and the median price was $177,300. For Sale housing Inventory is at 5.7 months of supply for February ‘13. This compares to 8.8 months supply for February 2012, and 11.9 months supply for February 2012*. 4. Ferry Street Bridge had 90 active listings in February ‘13, 35 new. Pending sales were up 43.8% year over year, and 17 homes closed in February ‘13. The average sales price fell 1.1% year over year in February ‘13. 5. SW Eugene had 123 active listings in February ‘13, 43 new. Pending sales were up 75.0% year over year, and 19 homes closed in February ‘13. The average sales price rose 2.1% year over year in February ‘13. 6. North Gilham had 30 active listings in February ‘13, 12 new. Pending sales were down 20.0% year over year, and 9 homes closed in February ‘13. The average sales price fell 4.9% year over year in February ‘13. 7. Springfield had 76 active listings in February ‘13, 35 new. Pending sales were up 10.0% year over year, and 13 homes closed in February ‘13. The average sales price rose 0.7% year over year in February ‘13. 8. South Lane had 162 active listings in February ‘13, 57 new. Pending sales were up 39.1% year over year, and 25 homes closed in February ‘13. The average sales price rose 3.1% year over year in February ‘13. The Regional Multiple Listing Service (RMLS™) is the Northwest’s largest REALTOR®-owned multiple listing service, serving approximately 10,200 real estate professionals in over 2,300 offices throughout Oregon and Southern Washington. *This indicates a slight Seller’s Market, as 6.0 months indicate a balanced market, and anything over 6.0 months supply indicates a Buyer’s Market. Thinking of buying or selling in Eugene, OR or anywhere in Lane County? Contact Bryon Crosby for more information on how to reach get the latest information on Eugene, OR real estate. Search for homes in Eugene, OR. Find out what your home is worth in Eugene, OR. firstname.lastname@example.org 541-937-5305 http://www.lanehomesearch.com
Know What the Property is Worth
Don’t be Afraid to Ask
Offer a Quick Close
Make an As-Is Offer and Ask for the Furniture
Ask the Home Seller to Cover Closing Costs
Be Willing to Walk Away
First up is some positive breaking news for the housing market. Shadow inventory of homes is declining, providing a dose of good news for the glum housing market. Shadow inventory, or homes on the verge of foreclosure, fell to 1.6 million units representing a five-months supply in July compared to 1.9 million units representing a six-months supply a year ago, according to CoreLogic. It’s a good sign that troubled homes, normally headed toward foreclosures, are getting sold faster. Lesser inventory will help stabilize falling prices on homes for sale. Of course we won’t be seeing a drastic change in numbers, but even a small percentage of troubled homes off the market is a blessing for sellers and the industry as a whole.
“The steady improvement in the shadow inventory is a positive development for the housing market,” CoreLogic Chief Economist Mark Gleming said in a press release. “However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”
Housing Prices Increase, but not Enough
Some more indication of baby steps toward a market recovery. For the fourth consecutive month, home prices were on the upswing in July compared to the previous month. But the bump wasn’t good enough to give the market a clean bill of health, yet. According to data released by S&P/Case-Shiller Home Price Indices, home prices across 20 major urban areas in July remained flat when adjusted seasonally, and down 4.1 percent compared to a year earlier, despite showing a 0.9 percent gain. The trend of prices rising is a good sign, analysts said.
“With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” said S&P’s David Blitzer, according to an AFP story. However, he said, “if you look at the state of the overall economy and, in particular, the recent large decline in consumer confidence, these combined statistics continue to indicate that the housing market is still bottoming and has not turned around.” Prices across the country were at the level of 2003, according to the report.
Mortgage Rates Continue to Slide
Here’s more music for the ears of potential homebuyers. Nudged by the Federal Reserve’s proposal to reduce borrowing costs, mortgage rates fell to the lowest in Freddie Mac’s recorded history this week. Rates on a 30-year-fixed loan hit an unimaginable 4.01 percent, down from 4.09 percent. On a 15-year loan rates dropped to 3.27 percent. The lucrative rates are aimed to lure consumers toward buying and refinancing their existing mortgages. Many are taking the bait. According to the Mortgage Bankers Association, there was a 9.7 percent rise in loan applications last week. However, a good section of consumers have not been able to take advantage of the rates because of stricter lending standards.
Existing Home Sales Drop
Some good news for buyers which turns out to be not-so-good news for sellers. Sale of existing homes dropped 1.2 percent in August, according to an index by the National Association of Realtors. The measure shows that sales dipped to 88.6 percent in August from 88.7 percent the prior month. The data, which takes into consideration signed contracts but unclosed deals, shows that the numbers are higher when compared to the same period last year, but that’s hardly a consolation since last year’s showing was affected by the expiration of a federal tax credit for homebuyers. Lawrence Yun, NAR chief economist in a press release blamed the numbers on an uneven market.
“The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August,” he said. “But broadly speaking, contract signing activity has been holding in a narrow range for many months.” If you are looking to buy, now may be a time to get involved in the market, Paul Dales, senior U.S. economist for Capital Economics, told the Wall Street Journal. But, a lot of people have been unable to cash in on the situation, he said. Some analysts blame the job market and slipping consumer confidence. In these shaky times, many people prefer to rent than invest their savings on a new home.
A stranger is about to move into what very likely used to be your home. And you’re busy. You don’t have time to manage the details of your own household much less fix broken toilet handles at your rental property. Enter property management companies. For those of you who enjoy finding renters, running background checks and putting up with service calls from your residential tenants, have fun. If you’d rather not deal with the grit, grime and daily responsibility of renting out a residential property, here are some tips on finding a property manager who will find a responsible tenant and give you comfort that your property is well-leased and is being properly maintained.
Do your own research
Research local rents by checking out rental listings on craigslist.org, and check zillow.com rent Zestimates for homes in your area with similar features and square footage. Property managers are motivated to rent your home for the maximum that they can get since they typically take a percentage of the rent as their fee, but they might not be tuned into values for your type of home in your particular neighborhood. Also, laws differ from state to state. Do your due diligence on the tenant-landlord laws for the state that you live in to understand your rights as a landlord before you enter into conversations with property management companies.
Never hire a property management company without a recommendation or two that you trust. If you can, try to find both a realtor and a landlord who have worked directly with a given company. Get local recommendations and keep in mind that performance of a national company can vary from market to market.
Explore your options
Some companies offer leasing services only, which can be cheaper than leasing and maintenance. It really depends on how much time you have to dedicate to the rental. Make sure you understand the tenant-landlord laws in your state so that you know how long you have to respond to a tenant request – and whether you want to deal with that.
Tune into their communication processes
Interview a few different companies and see how they respond to your inquiries. If they get back to you immediately, that’s agood sign. If it takes a few days, weeks or months to connect – not so good. If they’re late to appointments, don’t show up or don’t call, also not so good. Take this as a sign of how they’ll work with you throughout your relationship.
Read the leasing agreement
Ensure that you’re covered and have the power to remove a tenant who doesn’t pay the contractual rent and that property damages are covered by an extra month’s rent and security deposit. Also make sure that, based on the laws in your state, the leasing agreement allows you to release yourself from the relationship with the property management company if they do not hold up their part of the agreement.
Gut check their process
Ask your property management company representative about tenant approval process. Find out how they market properties, what kinds of tenants they install, and what a typical lease period looks like at their company. Also make sure that you understand their background checking process to ensure that both credit and criminal background checks are performed, as well as character references.
Expect to pay for it
Most property management companies charge one month’s rent plus 10 percent of the monthly rent, which normalizes out to an 8.5 percent fee. You have to decide if this is worth it to you. Choosing to go with a property management company can make your life easier since all you have to do is wait for the direct deposit. Just make sure that you understand what you’re getting into before you sign up.
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