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Market Trends Newsletter

Central Oregon Real Estate News and Market Update April 2018

I hope you are having a great Spring so far. Home sales remain strong with more inventory needed as buyers continue their search for a new home. This is the time of year when we typically see a significant rise in inventory, and to a certain degree, we have. But not enough to keep up with the current demand. If you or someone you know needs an updated market evaluation on your home or land, be sure to give me a call. Now could be the time!
 
Below are comments from the Beacon Appraisal group regarding the current local trends followed by the April 2018 Beacon Appraisal Report.
 
If you have any questions or need any assistance, please let me know.
 
Median sale prices are trending upwards and inventory is low.  The number of new detached Single Family Residential permits in Bend declined significantly from 73 permits in February to 32 permits in March.  Redmond had record number of new detached SFR permits in January and February this year.
     The Central Oregon SFR market is off to a good start.
 
The link to the most recent Beacon Report is below.  Included in the report, are the first quarter statistics for the smaller SFR market areas in Central Oregon. 
 
 

Link to Beacon Report.

Information received from the Central Oregon MLS and Beacon Appraisal Group, is deemed reliable, but not guaranteed.

Mortgage Rates & Sales Rates: Ups and Downs

After nine weeks in a row of mortgage rate increases, borrowers recently got some relief with mortgage rates. The 30-year fixed-rate mortgage posted its first weekly decrease of 2018 in mid-March.

Freddie Mac reported the following national averages with mortgage rates for the week ending March 15:

  • 30-year fixed-rate mortgages: averaged 4.44%, with an average 0.5 point, dropping from last week’s 4.46% average. Last year at this time, 30-year rates averaged 4.30%.   
  • 15-year fixed-rate mortgages: averaged 3.90% , with an average 0.5 point, dropping from last week’s 3.94% average. A year ago, 15-year rates averaged 3.50%.   
  • 5-year hybrid adjustable-rate mortgages: averaged 3.67% , with an average 0.4 point, increasing from last week’s 3.63% average. A year ago, 5-year ARMs averaged 3.28%.
  • The average commitment rate for all of 2017 was 3.99%.

Home Sales Rates

Despite ongoing low inventory levels and upticks in prices, sales of existing homes rebounded in February after a couple of consecutive months of declines, according to the National Association of Realtors® (NAR). Notable sales increases in the South and West offset declines in the Northeast and Midwest.

Nationally, total existing-home sales (completed transactions for single-family homes, townhomes, condominiums and co-ops) increased 3.0% to 5.54 million in February from 5.38 million in January. Sales now sit 1.1% above a year ago.

Lawrence Yun, NAR's chief economist, indicated that sales were uneven across the country in February but did jump nicely overall. “A big jump in existing sales in the South and West last month helped the housing market recover from a two-month sales slump,” he said. The economist continued, “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018. However, even as seasonal inventory gains helped boost sales last month, home prices – especially in the West – shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

The Best Mortgage

Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today.

Take advantage of our experience! Contact us for a list of preferred mortgage professionals in our area -- pros we know will serve your interests well. Our experience can really help when it comes to finding the right mortgage professional and then getting the right mortgage for your situation.