Many of you have heard that Eugene is in a housing crisis, so what exactly does that mean from a consumers point of view? Well, to break it down there simply aren’t enough houses on the market. To put it into perspective, of all the homes in the Eugene/Springfield area only .6% of them are available to purchase at the moment. Between investors holding onto their property, the city not expanding the urban growth boundary, and native Eugenians not wanting to move, we essentially have the biggest shortage of property on the market in our city’s history. In 2016 we actually saw the number of houses available for sale dive down below 600 homes at one point.
What Does That Mean if I’m a Buyer?
Basically what this means if you are a buyer is you have to now, more than ever, be proactive and even aggressive in certain buying situations. when looking for a home you need to have your preapproval letter in hand, down payment funds readily available, and find a Realtor to begin working with. Once you have determined your search parameters with your Realtor (price, location, number of bedrooms, etc) they can begin an RMLS search for you and send you emails each time a house meeting your criteria comes on the market. Make it a daily routine to check your emails first thing in the morning with your cup of coffee. Once you see something you like, call your Realtor to view the property that same day. If you feel a property is the right one do not hesitate to submit an offer as soon as you can. Some properties are in more demand than others, and there could be other buyers submitting offers as well. Be prepared to put your best foot forward with your Realtor to structure your offer to be as appealing as possible.
(Pro Tip: Include a note as to why you love the seller’s home in the offer. Many sellers are attached to their home. If they can relate to why you love their property as well it may give you a slight emotional advantage over someone who wants it strictly for investment purposes)
What Does This Mean if I’m a Seller?
If you are selling your home this may be the most your home has ever been worth. In the past year, prices in the Eugene market increased on average 8.1%. To put that increase in terms of value a $230,000 home that increased 8.1% last year would now be worth $248,630. If you would like to know the current value of your home, reach out to a local Realtor and ask for a comparative market analysis. This is a process that compares a list of homes recently sold in your area and gives you a rough estimate as to what the total value of your home is. Once you know the estimated value of your property you will then be able to decide if selling is right for you at this time.
Is Now a Good Time to Make a Move?
Whether you are buying or selling right now is a good time to make a move . Especially with the Annual Percentage Rates starting to trend upwards, it is a good idea to get your rate locked in as soon as you can. I promise you this is not a scare tactic, it is just simply the way things are. As your friend in the real estate business I want you to always be ahead of the curve. That way you can always make the right decision at the right time. Always feel free to reach out to me with any questions, I promise to shoot straight with you in layman’s terms you can understand.
Your friend in the real estate business, Vince Casey
RMLS- Regional Multiple Listing Service
Larry Kendall- Author of “Ninja Selling”
Elliott Wood- President of Eugene Association of Realtors, Owner/Principal Broker at Windermere Real Estate/Lane County
Dave Kammerer- Branch Manager at Summit Funding
Contact me at email@example.com
or by phone at (541)868-4559
visit my website http://vincecasey.com