Market Update - State of Your Estate

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Alice's Analysis - What's the State of Your Estate?

Well, good afternoon Real Estate fans, Alice Lema, here, Broker John L. Scott here in lovely Southern Oregon with another podcast market update about our housing in Jackson County, Josephine County and Klamath counties. We lovingly call ourselves Southern Oregon. One of the things I do want to mention this week is that as the holiday weekend is coming, a lot of us are going to be spending time with our relatives. And it's a great time to talk about your own estate planning, even if you're not a million years old yet. Even if you're in your sixties, like I am or younger, it's a good time to start making plans.

[00:00:39] If you've bought a house, sold a house, bought a car sold a car, brought somebody new into your life, signed a lease with somebody, you know, all those little life changes need to be documented and accounted for in case there's an emergency. And I am a huge fan of planning things out ahead of time only because life is short.

[00:00:59] And we don't really know what's going to happen. And I don't want to sound like a Debbie downer, but it doesn't hurt to have conversations with your family, let them know what you would like to happen to you. Or how you would like things to be handled and write it down. And if you need some help, we have some wonderful estate attorneys in Southern Oregon.

[00:01:16] We can refer you to, if you're from somewhere else, we can still find somebody good down there too. And one of this was brought home so hard this week. One of the new listings we're taking, has an elder who, unfortunately, wasn't quite ready for her golden years and now there's another set of issues.

[00:01:35] And now what happens to mom? And so some of this can be prevented or at least, softened with planning, investing, and just making some decisions earlier on and you don't, it's not too late. You know, you don't have to say to yourself, oh my gosh, I'm, I'm 60, I'm 50, I'm I'm 70. It's never too late to try to make some kind of a plan for additional income, for caretaking, for what kind of resuscitation or life support or not.  I there's an emergency and just who, who gets what?  And, and I think holidays are a great time to have those conversations with our loved ones. The other thing I wanted to mention is that if you are, even adding somebody new in your life in a romantic sense, and you just signed a rental agreement together.

[00:02:31] You need to have some other conversations about what happens to their stuff in an emergency, blah, blah, blah. And do you have more insurance? You know, we just had those fires like six, seven months ago. So I just love opportunities when groups of our loved ones can be together because you can really have some nuts and bolts conversations instead of waiting until there's a disaster or a crisis, or quite frankly, it's just too late.

[00:02:58] So, just let me know if you need some help with your estate planning with your investing. If, if you need some referrals, we'll get that to you. And along those lines on the radio show this week, we have cherished Tucker from Tucker estate sales . And she and her mom are just really an amazing force in the estate sale, a world where they can come in and just do a great job with your stuff, with your parents' stuff. However, whatever relative it is. And it's, I think it's really a, uh, an interesting episode to listen to. And that'll be airing tomorrow, Saturday, 10 o'clock on a KCM X radio, 880

[00:03:40] So tune in, if you want some good advice about what to do with all the things. My personal opinion is do that early. We don't wait till, you know, there's 40 years collected. but if you find yourself in that boat, you know, the Tucker Estates, people can absolutely help you. Okay, so this week in Southern Oregon, we still have fits and starts, depending on which neighborhood you're in, which County you're in.

[00:04:08] Some of the prices are stabilizing a little, we're even seeing quite a few, price reductions now. And I'm watching new properties come on the market in all three counties, slightly under what you would expect. Some of that has to do with lower appraisals coming in. Some of it has to do with people just don't want to wait around for four months to sell their property.

[00:04:27] Uh, they might need an escrow on something else and just don't want to jinx it. But also there's slowly and surely more properties coming on the market in all the counties and all the neighborhoods. And phew, we're so glad. And I think it's really going to be a much more enjoyable process this summer because the market will even out .

[00:04:47] And just a reminder. What a normal market looks like a normal market is somewhere between four and six months to sell a property. And so, if you see days on market under 30 days, that's extremely seller market oriented. But I don't want the sellers to get a big head about all this.

[00:05:07] We've been saying this for months as the market changes. You're not in as much power as you think.

[00:05:13] And we can tell because the buyers are just pushing back and getting away with it. They're writing lower offers. They're changing their mind. They're falling out of escrow.

[00:05:22] For example, in Josephine County we had 44 new listings, and 49 pending and 32 closed sales, but we had six. Oh, I'm sorry. We had 17 back on the market. So 17 back on the market with basically 50. Pending sales. That's a pretty big ratio.

[00:05:46] So the buyers are definitely being more picky and they're not afraid to get out of a deal after they're in escrow. And then the seller has been off the market for one to three weeks when that happens.

[00:05:56] So Josephine County had 44 new listings, 49 pending sales. 39 closed sale, 17 back on market and their median average day on market is six. So that's still pretty quick. Jackson County, we've got 120 new listings, 121 pendings 91 closed sales and 27 back on market. So if you look at 27 back on market with 121 pendings.

[00:06:27] That in my opinion is still kind of high. It's not as high as in Josephine County, but, but it's definitely up there. And then, we also just like Josephine County have a median day on market of six, which again is pretty quick, but don't let that fool you.

[00:06:42] And then Jackson County, the median sales price, and this is for residential is 395k. So Jackson County, 395k, Josephine County 343k. So that's because people are leaving Jackson County and going to Josephine County they are also going to Klamath County. But Klamath County is a completely separate market. I mean, Josephine County is too, but we're watching a lot more crossover between Jackson and Josephine County than we used to have before.

[00:07:09] Then we also have people just leaving the area. Because as we've been talking, you know, for well, since the shutdown started a year ago, that people are just leaving the area, they're taking their job with them. And Sianora so Klamath County, the median sales price in residential is 125. Isn't that great?

[00:07:29] That is so great. And it's still a good rental market up there because if I remember correctly, a little over 50% of the population in Klamath, are tenants. Part of that is because of the school OIT, Oregon Institute of technology. There's an airbase up there. Yeah, so there's just, you know, a little more, transitory lifestyle.

[00:07:52] And so, the rental market is really good. If you want to talk about that this weekend, just give me a jingle. Cause I think. Klamath County is a great investment opportunity, but anyway, back to the stats. So, Klamath County, $125,000 average 81 new listings, 76 pending sales, 42 closed sales 13 back on market.

[00:08:15] So if you have 76 pending and 13 back on market, that's a little better ratio. Um, maybe, maybe more normal. But, yeah. And then the  median days on market and Klamath County is 11. So that's still, still pretty quick. Anyway. So just, remember what I said about thinking of your estate in your golden years?

[00:08:40] It's never too early to plan. If you're a younger person, you could at least do a medical directive. And if you own even a car and maybe your grandfather's watch, you know, somebody's going to have to do something with that, if the unexpected happens. So it doesn't hurt you write it down. You can write it down with, a couple of family members.

[00:09:01] If you want to have them witness it. I prefer people do it with a notary and a lawyer and all that stuff is my recommendation. But if you just want to do something quick, then do it, you know, while you're thinking about it. Cause that's what really counts. So this is Alice Lema broker John L. Scott, Southern Oregon real estate.

[00:09:22] Give me a call, give me a text this weekend. If you want to chat. My number is (541) 301-7980 We always have your best interests at heart. Have a beautiful holiday with your loved ones. We'll talk to you next week. Bye now.