Home Prices Creeping Up

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Buyers Beware Home Prices Going Up

[00:00:00] Well, Hey everybody. Welcome back to the weekly podcast. I'm Alice Lema. I'm a broker in beautiful Southern Oregon with John L. Scott real estate. And today our title for the podcast is buyers beware. Prices are starting to creep up. Now I'm going to show you some national statistics and then we're going to talk about our local market because our market is a little bit differently timed than the national, but we've got, this is a graph from KCM, keeping current matters.

And you can see that we have three national housing industry tracker companies case Schiller, FHFA and Core Logic. And they're all showing a similar trough in prices starting about a year ago in the summer of 2022. And then you can see going into early 2023, the prices are starting to creep up. Now they're creeping up incrementally.

It's a very, very small amount, but it just makes me want to [00:01:00] wave the flag for all of the buyers to be careful because some people are still waiting for a big crash, either in the economy or in the housing industry or both. And I'm not Nostradamus, I don't know, but this is why I track the data vigilantly every single week.

And here in Southern Oregon, we don't have this kind of recovery yet for our prices, but we're starting to see little tiny spikes here and there. We're also starting to see our number of listings go up in all 3 counties and we're tracking Jackson County, Josephine County and Klamath County. So we're still showing year over year shortages.

We're still showing shortages and prices in inventory and in closings. But as I keep saying on the market watch, I've got market statistics also every week, if you want to check those, we're starting to see some of our million dollar properties start to [00:02:00] sell, even though that market is bonafide buyers market, they're starting to sell.

That's noteworthy because they're starting to sell in all 3 counties here and there. We're also starting to see more people put their house on the market, which will even out some of the pricing. But if nationally, we have a trend up Southern Oregon. We can be anywhere from three months to nine months behind national averages for trends.

I just want to wave the flag, buyers pay attention. It might be a better time to put your offer in now than to wait unless of course you've got some real financial issues or you're going to get a raise next year and that's going to make your qualification better or you need to move to another location.

Well, then that's a game changer right there. But if you're going to be in one place for a while, and you're ready to move up to a bigger house, or this is your first time, you might want to think about getting your ducks in a row. And with that in mind, give me a call. I can give you some great [00:03:00] ideas. I've got a lot of team members that can help. We have great lenders. We have great contractors. You're looking at doing some kind of a purchase with something that needs some work.

So yeah, just give me a jingle 541 301 7980. I want to be your agent. I'm a great listing agent. If you want to sell, great buyers agent and work with a lot of investors, riverfront, rural property. And plenty of stuff in town. And if you're elderly and you want to downsize, that's a whole thing on itself, but we should talk because it's a very doable situation right now, especially in Southern Oregon. So that's our podcast for the week. We'll see you next time. Have a great week. Bye now.