Real Estate Information

Although we are still seeing a decline in the market...to the tune of 8% depreciation county wide...this is actually good news.  We have seen depreciation in the 12-16% range.  What does this mean??  Well...yes, our values have still gone down....but at a slower rate.  

Another good thing:  Check out East Medford....0% change since last year....and West Medford and NW Medford have actually increased in values.  If you are an investor...looking for a rental, the vacancy rates are pretty low right now.   The sweet spot for a rental is the $1000/per month range and it seems like there are SO MANY renters out there that are looking for a decent place to call home.  

Rumors are that there is going to be an increase of the number of foreclosures coming out this first quarter.  We have seen some activity in that sector the past two months.  So if you're a buyer, get your cash ready or get prequalified at today's low interest rates today.  

As always, if you'd like to sit down for a consult appointment...please let us know. We'd love to help you achieve your goals.  Our Profession is YOU!!  

Call Ellie George with Team Home Source, Keller Williams TODAY at 541.612.4623

If this is not clear enough....please click HERE to download your own copy for review!!

FHA loan limits are changing!

In March of 2008, the Economic Stimulus Act of 2008 temporarily increased FHA loan limits.  The extensions for the higher limits are set to expire SEPT 30, 2011.  

For our local areas Jackson County FHA Loan Limits will reset to $279,450 and Josephine County will reset to $271,050. 

Lending is constantly changing.  If you have any questions, please give us a call!

Distressed Properties Continue Strong Influence

      The sales of distressed homes in Jackson County continued at almost 60% of market share for the second month in succession. This is comprised of 45.4% foreclosed homes and 13.7% short sales. It continues to have a downward pressure on median pricing, which now sits at $152,000 for the month of February, down from $169,500 for the same month last year.
      Sales continue to be relatively strong, with an increase in volume over the same period last year from 378 units sold in 2010 to 401 units in 2011, this is more significant in light of the fact that there is no federal tax incentive in place this year, as there was last year.
      Jackson county continues to have different cities and areas with varying levels of distressed sales, with the highest levels in Phoenix and White city, with excess of 80% of all homes sold being distressed, to Ashland and Jacksonville with closer to 25% of those homes being distressed. The largest number of sales occurs in East and West Medford, where Distressed sales make up 48% and 69% of sales respectively.
      Sales Statistics provided by the Southern Oregon Multiple Listing Service for December 1, 2010 through February 28, 2011, show that the number of homes on the market is at record lows. With sales remaining steady and inventories falling, there is hope that this may bring more stabilization to our housing market.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.