Southern Oregon Real Estate BlogRecently posted or modified blog postshttps://www.alicelema.com/blog/Copyright AliceLema.com2024-03-18T15:12:31-07:00tag:alicelema.com,2012-09-20:33456865 Reese Creek, Eagle Pt, Oregon865 Reese Creek, Eagle Pt, Oregon
Incredible sweeping views including Mt McLaughlin! Flat fully fenced 16 acres, beautiful single story home, covered wrapped porch, 4-Bay sized detached shop, Large Barn, 2 tax lots, EPID & a pond! 1st lot is 8.8 acres has 2280sf home, shop, barn, covered RV, & paved driveway. 2nd lot is 7.2 acres has homesite approved but no utilities or road access yet. Recent kitchen & Main-bath updated with gorgeous granite & stunning walk-in shower! 2 of 3 bedrooms have roomy walk-in closets! Current EFU zoning for animals or crops, but property in 50-year Growth Plan for City of Eagle Point according to Jackson County Planning. Newer Septic is IVAC has yearly maintenance. Well tested in 2020 14gpm. Irrigation from EPID only, as Pond not natural & has no water rights. Both lots share pond.2024-03-13T15:15:00-07:002024-03-18T15:12:31-07:00Alice Lematag:alicelema.com,2012-09-20:33387Housing Price Forecast Spring 2024Housing Price Forecast Spring 2024
Full Video Transcript Below
Spring 2024 Home Price Forecast
Alice Lema: [00:00:00] Welcome back to the weekly podcast. I'm Alice Lema. I'm a broker with John L. Scott real estate here in beautiful Southern Oregon, best place to live in the whole world, I think. And this week we're going to talk about our 2024 price spring market price forecast. And the reason we're doing this is because all the forecasts have been adjusted up. We had a super hard year, last year at the November 2023 forecast. Let's put the chart up. You can see that we had an anemic prediction for 2024, but we were so happy. Remember, we were so happy to have this. Any bump up projected for 2024 at all. That's how hard 2023 was.
So back in November 2023, the forecast for 2024 were on the positive, but just barely. So now here we are in March 2024 and all of the forecasts have been adjusted up. So this [00:01:00] puts us at an almost normal appreciation market predicted for 2024 spring. And even the pessimistic National Association of Realtors doubled their prediction.
So it's best for our economy and our communities if we have a sustainable appreciation that looks like three to 6 percent Southern Oregon and that'd be 3% Three to 6 percent appreciation annually. Southern Oregon often carries a premium because we're a lifestyle destination with all this beautiful open space, farmland rivers, the outdoors, the mountains.
So our properties carry a premium, but these forecasts are more in the normal, normal market appreciation percentage. So what does this mean to buyers and sellers? For spring 2024 in Southern Oregon sellers, let me address you first, cause you're going to immediately want to raise your prices 50, 000 or [00:02:00] more.
Do not do that. Our market is predicted to possibly have this bump up, but remember how weird the world is and look at where we are now. We never would have imagined all the crazy things that are happening. And that creates fear and a lack of, a lack of decision making sometimes with buyers and sellers because they're just worried about the world.
They're worried about the economy, stuff like that. So if we're starting to get some hopefulness, which is what these home price forecasts are saying, there's a little bit more buoyancy. Then look at your particular property sellers. If you're past the 30 day mark, You need to understand why, because even in a down market, you should still be getting offers and showings in your first 30 days, even if they're stinky ones.
So sellers listen up. Pay attention to the feedback from your showings. Pay attention to the feedback from your open houses. And if you're not in escrow and you're not getting any [00:03:00] offers, then really look at what's going on with your property and fix it, lower the price or both. Okay. Or if you want to experiment with waiting it out and you have the money and the mental fortitude to do that, because it's very stressful to be a seller.
Every time your phone ping is like, Oh, is it a showing? Is it an offer? You know, it's, it's very stressful to be, to be a seller, but you could have that option of waiting it out and seeing if the prices come up to me where you are. You can also take it off the market. If this isn't just working for you, wait another cycle and see what happens.
Buyers. I'm so happy to still have you in the market. We do have a little more inventory than we did last year, but we still have a shortage. So it's hard, but the advantage to be in a buyer right now with all the chaos and the high interest rates, is you have a little more, a little more flexibility with the sellers.
Now, if the prices do go up the sellers are [00:04:00] going to respond because that's what everybody does. So you may want to try buyers. You may want to try getting your offers accepted now, while there's still a little bit more uncertainty. And before, if these prices, price increases get legs, you want to be in front of that.
If you can find a property that you could live with, that's in your budget, et cetera, et cetera. But thank you buyers for staying in the market. If you're a buyer and you're not in the market, let's get you pre approved and get you out there because having flexibility from sellers means you get a little bit better price.
You might get your closing costs paid for. You might get beautiful brand new appliances or that lawnmower especially if it's a rider lawnmower. You might get the hot tub. So I think it's a little more fun for buyers, even though it's hard and the mortgages are high because the interest rates are high.
I think it's a little more fun in this kind of a market to be a buyer buyers that are waiting for another crash. I wouldn't do that. [00:05:00] I'm only saying that because we just don't seem to have the economic conditions for a real big turndown. Okay. And part of it is because buyers, we still have low inventory. Better than it was this time last year, but still low inventory. So having said that, I want to show you this other chart here. We have an updated five year appreciation price price forecast from 2024 to 2029. So look at this. If you start with a home in 2024 and the low four hundreds by 2029, you could be almost in the 500, 000 mark.
So that's mind blowing, right? So sellers, if you really want another a hundred thousand out of your house, you're, you may have to wait, according to these projections, you may have to wait five years. So think long and hard about that. If it's going to be worth it buyers. Look at the prices. This is what they're projected to do, and especially in [00:06:00] southern Oregon.
Again, because we are a lifestyle destination, we get top dollar even for the stuff in town. So keep that in mind. Write moderate offers. Sellers, I'm encouraging, encouraging you to be moderate with your pricing and be flexible with the buyers that do come to you with offers and let's all have a good spring housing market this season, 2024.
If you've got any questions give me a jingle 541-301-7980. I want to be your agent. I'm a great listing agent, great buyers agent, work with first timers. downsizers, upsizers, riverfront, rural property, great with investments.
Have a great Southern Oregon weekend. Hug those you love. Bye now.2024-03-11T16:28:16-07:002024-03-11T16:32:38-07:00Alice Lematag:alicelema.com,2012-09-20:33382Market Update March 2024Market Update March 2024
Full Video Transcript Below
Market Update March 4 2024
Alice Lema: [00:00:00] Hey, everybody, this is the weekly housing statistical update for Southern Oregon, and this is for the week ending March 4th, 2024. I'm Alice Lema. I am a broker here in Southern Oregon with John L. Scott real estate as you can see the sign behind me. And we do all three counties every week.
And this week we're going to start with Klamath County because we have quite a bit of good news there. Klamath County year to date prices are up 16 percent in the residential market this week. The average single family home selling for 327, 786. The number of sold year over year are also up in Klamath County this week, year over year. There are 14 Closings on S. O. M. L. S. and Klamath County residential. The number of listings year over year in Klamath County, we're about dead even. There are 224 active listings in the residential market in Klamath County on S. O. M. L. S. This week. We had one foreclosure close [00:01:00] in Klamath County this week. It was in Klamath Falls and it sold for 375, 000. There were zero short sales closing this week in Klamath County in the residential market. And zero million dollar closings in Klamath County in the residential market this week.
Josephine County is prices year over year were down 4%. The average single family home in Josephine County this week, selling for $424,978. The number of sold year over year in Josephine County were down. 15%. There were only 16 closings in Josephine County this week on, SO MLS in the residential market. The number of listings in Josephine County, however, were up 3%. Yay. There were 266 active residential listings in Josephine County on so MLS this week. There were, there were one foreclosure closed in Josephine County, [00:02:00] and surprisingly, it was a newer construction. It was 20 2007 built. It was a single family, a single story home, and it sold for 351, 000 in grants pass. There were zero short sale closings in Josephine County this week and zero million dollar closings in Josephine County.
In the residential market this week, Jackson County prices were up 19 percent year over year in Jackson County residential. Congratulations. The prices this week were now 546, 788 residential for Jackson County this week. Congratulations. The number of solds in Jackson County this week year over year however, we're down 12%. There were only 41 closings in the residential market on SO MLS in Jackson County this week. We're still having inventory problems in all three counties. Number of listings year over year in Jackson County were down 1%, not [00:03:00] too bad. There were 579 active listings on SOMLS in Jackson County residential market this week. We had zero foreclosures closed in Jackson County this week, zero short sales closed in Jackson County this week.
But we had 3 million sales closed in Jackson County in the residential market this week. We had one in Eagle Point for 1. 2 million. It was riverfront on the Rogue River, always carries a premium. We had another one in Eagle Point, closed for 1. 1 million, and it was 77 acres with a nice house. And we had One in Jacksonville closed for 1.04 million. Congratulations to all those folks that had their million dollar closings.
So interesting market statistics. This week we're seeing a little more buoyancy in the prices year over year. We're also getting into our spring market. If you wanna check out the podcast this week we're gonna be [00:04:00] talking about the spring forecast 2024 crisis specifically. But some people are still priced too high and they're getting showings but not offers.
Some people are priced too high, not getting showings at all, or there's something about the house or the neighborhood that's impacting their showings. If you're buying, then you're in the, Six to seven point something interest rate, unless you're buying for cash. And that's a different podcast, but if you're getting a mortgage, then don't be afraid to ask for help with your closing costs.
Don't be afraid to ask for a little bit of contribution from the seller to help buy down your interest rate. Also, you know, the sellers are a little bit more flexible right now about. The move out date about maybe throwing in extra appliances or extra equipment. If it's a real property, they're also a little more flexible about doing [00:05:00] repairs.
It's not always like that. And the predictions are that if the interest rates do go down that the prices will respond by going up. None of us are fortune tellers. We're not psychics, but we do have some cause and effect in our markets right now. The interest rates are hovering in the high sixes for the most part.
So we're all getting a little used to that. But if you're buying, don't be afraid to ask for a few more things. And if you're selling, listen to what the feedback is from your showings and your open houses and make your adjustments accordingly. In the meantime, I would love to be your agent. Give me a call or a text 541-301-7980 be happy to help you out. Have a beautiful Southern Oregon weekend. We'll talk to you next week. Bye now.2024-03-11T13:00:00-07:002024-03-11T13:54:18-07:00Alice Lematag:alicelema.com,2012-09-20:3335112588 and 12566 Highway 238 Jacksonville, Oregon 9753012588 and 12566 Highway 238 Jacksonville, Oregon 97530
Amazing opportunity to have 2 homes on an expansive 40-acre property in desirable Applegate area outside of Historic Jacksonville! Absolutely beautiful setting, homes have separate access. Upper home is 3 bedroom/1 bath stick built, single story 1030sf cottage, potential ADU. Lower home is 2 bedroom/1 bath 1968 built Singlewide, 947sf, & leased to property caretaker. Some acreage was cannibus farm and is being removed to comply with County to be completed before close of escrow. 1 well serves both homes, however there is a well at each home site. Addit;ional information, virtual tour and aerial video below.
Call Alice Lema 541-301-7980
2024-03-08T14:00:43-07:002024-03-11T13:55:08-07:00Alice Lematag:alicelema.com,2012-09-20:33137Interest Rate Interruptions?Interest Rate Interruptions?
Full Video Transcript Below
Interest Rate Interruptions - Strategies
Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to the weekly podcast. Southern Oregon housing. I'm Alice Lema broker at John L. Scott here in Southern Oregon. And today we're going to talk about what is interrupting the rebound of the housing market. I don't know anybody else is feeling the sluggishness, but it's the interest rates.
They snuck back up again. So today's episode is things buyers and sellers need to know they can work through this. And again. We work with all markets. In my opinion, there's no such thing as a bad market or a good market. They're all just different. But but here we go.
So number one, mortgage rates are getting close to 7 percent again. And I bet a lot of people didn't know that. So we're going to put up a graph here. This is from investopedia and it's showing the interest rates in the last 90 days. And even in just the last couple of weeks, you can see it's, it's going right around 7 percent and that does [00:01:00] cause havoc with our buyers. And then it impacts the sellers.
So number two, the buyers are pulling back and they're pulling back on writing offers at all. They're pulling back on writing reasonable offers and they're pulling back on accepting properties that are either not updated, not in good repair. And they're just asking for a lot more stuff.
I do want to dive a little deeper into, into the underlying conditions here. So even the refinance people and the 15 year mortgage people are experiencing higher interest rates. And those are two categories of mortgages that normally get a little better deal in the interest rate department. And right now, even the refinance and 15 year mortgage folks, those rates are hovering around 6. 88 to 7. 68. That's higher for sure.
And I also want to caution [00:02:00] people who are buying and selling or considering buyer buying and selling in the future, and are thinking of waiting. Sellers are thinking of waiting because they think the interest rates are going to go down. Buyers are thinking of waiting because they think the market's going to get worse. Heads up, folks, the Federal Reserve Bank is making noises that they're not going to lower the rates. That's one of the key mechanisms that makes prices go, go higher. So sellers, I wouldn't bet the farm on the rates going down this year because, first of all, the feds they don't always do what they say.
And then buyers. I don't know that it's going to get worse. We're in still such a low inventory situation and yeah, it's a smidge better than it was last year, but it's still not enough. And so buyers, I don't want you betting the farm that the market's going to get worse. So here's my advice sellers. I think if your property is not in contract or about to be in contract, you need to make [00:03:00] some hard decisions like lower the price, improve the condition, offer better terms publicly, put it in the listing, but act fast because this is the end of February. We're about sellers, we're about to go into the spring market and in our area, because we're seasonal, at least in normal times, we're seasonal. So act fast so that you can. Still be part of this more low inventory situation and get on with your life because you put your house on the market because you wanted to do something else with your life. Act fast, get the house in better condition, get it in better repair, make it more modern, offer more goodies to the buyer, lower the price or all three. That's my advice to sellers or take it off the market or rent it out.
Buyers. The world is not coming to an end. It's just fluctuating with micro movements. The goal for you buyers was to secure an [00:04:00] asset, especially if you're a first time home buyer, don't mess around. You've got a little softness right now. You're probably not Warren Buffett. I'm just guessing. So don't over negotiate buyers, write a reasonable offer. You can ask for a little more stuff because we're getting it from the sellers. But I do suggest you write reasonable offers or at least more reasonable offers in order to get into contract because the goal is to get into contract and close.
And then you have your own home or your next home or another home or another rental or whatever it is, your life has moved on and whatever happens the rest of the year, you can weather it because you've got that asset in your portfolio, and that is the goal. The goal is not to squeeze the seller to the point where they won't do the deal with you. And I see a lot of that happening right now. So, the goal is to secure an asset, even if you're an investor, don't over [00:05:00] negotiate. That is my advice.
In the meantime. Subscribe to this channel, give us a thumbs up, share it with your friends and family. A lot of people don't know what it's really like week to week out there, and we do. So so make sure you get it out there to your friends and family so they could be good consumers too. And make decisions with the most up to date information. I'd also love it if you'd call me because I'm aware of all this stuff.
I can help you make a good buying or selling decision. My number is 541 301 7980. That's 541 301 7980. I want to be your agent. I'm a great buyer's agent, great listing agent, do a ton of. First time homebuyers, downsizers, elderly people. I can even help elderly people not sell their house by changing the condition of their house so they can stay. There's a little tangent that people [00:06:00] don't know. But great with renters getting them into home ownership riverfront, rural property investors. Yeah, real estate's my bag and I want to be your agent and help you with the next step of your real estate life.
If you're curious about the week to week movements in Southern Oregon, Jackson County, Josephine County, and Klamath County, I have weekly market statistics videos. They're super short. They're super to the point and we're tracking the for sale and short sale activity in all three counties because that is a leading indicator of market movement for Southern Oregon. So thanks for joining. We'll see you next week. Hug those you love. Bye now.2024-02-26T16:00:00-07:002024-02-26T15:50:03-07:00Alice Lematag:alicelema.com,2012-09-20:33132Market Updates Feb 19 2024Market Updates Feb 19 2024
Full Video Transcript Below
Market Update Feb 19 2024
Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to the weekly market update for housing, Southern Oregon. I'm Alice Lema, a real estate broker in Southern Oregon for John L. Scott. And this week things are a little bit on the downside, but that's our ongoing volatility. For more details about what's happening and cause and effect you can watch the broadcast for this week. We're going to dive deep into some of the underlying conditions, but let's just talk numbers.
Okay, we do this every week. And yes, they are micro movements, but that's how we know when a trend is starting. So this week, we're going to talk about Jackson County first. This is year over year residential, so Jackson County prices year over year up 1%. The average single family home in Jackson County this week now costing 465, 710. The number of sold year over year in Jackson County [00:01:00] residential were down 60%. We closed 17 this week. The number of listings year over year in Jackson County were also down, but only 1%. That's about you know, neutral, at five hundred and fifty eight active listings on S. O. M. L. S. We had zero foreclosures closing in Jackson County this week. We had zero short sales closing in Jackson County this week and we had zero million dollar closings in Jackson County this week in the residential markets.
Josephine County prices year over year in the residential market this week, we're down 12%. The average single family home in Josephine County this week costing 441, 202. The number of sold year over year and Josephine County were up 27%. We had 14 residential closings in so MLS this week, number of listings year over year and Josephine [00:02:00] County were neutral. We had 258 active listings on S. O. M. L. S. This week in Josephine County in the residential market.
Klamath County year over year prices this week were down 13%. The average single family residential home this week and climate county costing 278, 750. The number of sold year over year and Klamath county were up 25%. We had 10 closings in the residential market. In Klamath County this week on S. O. M. L. S. The number of listings in Klamath County are down 13%. We had 199 active listings in the residential market on S. O. M. L. S. We did have one foreclosure in Klamath County, it was in Bonanza, and it was 150, 000 at closing. We had zero short sales in Klamath County and zero million dollar closings in Klamath County this week in [00:03:00] the residential market.
Now, looking at these numbers, you might say that's not so bad. But we were on more of an upward trend and we were starting to build some consistency with that trajectory. And as I mentioned the podcast is going to dive deeper. It has to do with interest rates going up and hovering right around the 7 percent range again. And the reason I'm bummed is because you can feel it in the market, if you're out there buying and selling. There's there's a sluggishness again, and I'm not surprised to look at these numbers. We're going to watch these trends week to week.
And it's all going to be fine folks because real estate marches on, whether the markets up markets down market stable, we're always able to get through it and that's why I do these little educational videos every week. It's so that we can have some strategy and [00:04:00] also be prepared because knowing what's going on is, is really your best weapon.
And yes, people still buy and sell no matter what, remember back when the world fell apart in 2009. We still did transactions. So I don't want to cause alarm. We always have a way of getting through it. And that's why you should call me at 541 301 7980. That's 541 301 7980. And that's why. I should be your agent.
I'm great in these situations. I'm good with changing markets. Always wonderful to help first time homebuyers, downsizers, upsizers, people who want to live in the country or on the river, people that want to buy investments. There's always opportunity and chaos. So give me a call, give me a text and let's get ready to take advantage of what opportunities are out there right now.
Okay. In the meantime, have a beautiful Southern. Oregon weekend. We'll see you next week. [00:05:00] Bye now.
2024-02-26T12:45:00-07:002024-02-26T12:43:37-07:00Alice Lematag:alicelema.com,2012-09-20:33041Selling Your Home VS Renting It OutSelling Your Home VS Renting It Out
Full Video Transcript Below
Selling Your Home VS Renting It Out
Alice Lema: [00:00:00] Well, Hey, real estate fans, Alice Lema, broker, John L Scott back with another podcast. And today we're going to talk about a question that just came up on a phone call, but it's also on a lot of people's minds. I've actually had a lot of these conversations about. Should you sell your home or should you rent it out?
And here in our area, in Southern Oregon, we have both a lot of equity and medium high prices, not as high as they were like a year or two ago, but still way up from where they were before COVID. And then we have these high rents. And a real crisis in our rental market where we just don't have enough inventory.
You'd think we, we have a shortage of purchase inventory, dive into the rental market and it's really sad. I tell you, it's really sad. And also just if you don't know, the state of Oregon is a rent control state. But you gotta know that if you're considering being a landlord, there's a lot, a lot of rules.
[00:01:00] But that's a different podcast. So today we're going to compare the two ideas of selling and buying a different home or keeping the home and using it as a rental. So I've got five things for you to consider before you do that. And thanks to Mike for the phone call because he was like number four this week. And so tipping tipping point, it got on the podcast.
So number one, look at the property. And look at it with very clear eyes, no emotion. You know, no fondness, no resentment, because sometimes we have resentment for our real estate, but look at it with a real clear, clear thinking and ask yourself this question, would I have purchased this property as a rental back when I bought it? A lot of people don't do that. A lot of people just can see how much it's worth now on the rental market. And also how much it's worth now on the for sale market. [00:02:00] And I want you to take a step back and be real neutral and ask yourself back, back in the day, would I have purchased this if I was planning on being a landlord? Yes or no. And if it's in the maybe column, then that's fine too, but you just got to have real honest talk with yourself.
Number two, how much net profit. If you're going to have it be a rental, how much net profit are you really going to get every month and you got to work in a couple of things to your business model that people forget, you need a savings every month you need to budget for damage. Even if the damage isn't right, then it might be later but you got to have a savings for damage and you have to have a savings for vacancy. Now we don't usually have vacancies anymore. And if we do, then not for very long, but you need to put that in your business model because just like all markets, they ebb and flow and the rental market right now is super tight and [00:03:00] more in the landlord's favor, at least on the demand side more in the tenant's favor on the law side. But you got a budget for that and people don't. So budget that have a, have a big buffer. If you're going to have it be managed, then plan on adding that in and then calculate your actual net profit.
Okay. Number three, if you decide to sell the property, how much net profit are you going to get from that? Have a real honest conversation and run the numbers and run the numbers for what if you end up giving your buyer, you know, closing costs, cause that's super common right now. Where are you going to go and what is that going to cost? How much are you going to need to repair or prepare your home to get ready for market? Cause even though we have a shortage of inventory on the purchase market, that's what we call it or resale market. The buyers are still feeling [00:04:00] more in charge than they were. They're not in charge in charge, but it's still a balance. You know, we're trying to stabilize, so it's still a balance. And the buyers are nervous, you know, they're nervous about interest rates and you got to, as a seller, keep that in mind and you want to have your home in tip top shape so that you get top dollar.
And also so that it just happens. You really want those offers to come in in your first two to three weeks. Ideally. Okay. So number three, if you sell, be honest about the net profit, be honest about all the expenses, be honest about preparing, moving if you're going to have help, what that's going to look like and how much is it going to cost in total, for where you're going to go. So that's number three.
Number four, what are the tax implications of either decision? Because there are some, if you've got profit in your home and you're moving it into another asset. I mean, I'm not a tax person, but a lot of times that's fine. There are no tax implications, but there [00:05:00] might be maybe you've moved out of your property and it's empty and that's why you're thinking I can have it be a rental, but go talk to a really smart financial person and run the numbers on both scenarios and put them side by side.
Okay. Number five, if being a landlord is really what your next step is, then there's a lot of ways to do that. What if you don't have to sell the house at all? What if you could take a smidge out of that equity if you have it and use that as a down payment for the rental? What's the other possibility? What if you sold your house? And purchased a different home to live in, but smaller and took the extra money and use that for the rental. And that's just two ideas off the top of my head. If I had more time, I could probably come up with more ideas, but you get the drift. So use these five questions [00:06:00] to really analyze your situation unemotionally, and then you can put the emotion back in and make your final decision.
But it's a great idea to be a landlord. I'm a big fan, especially in the state of Oregon, even though it's hard, and there's a lot of rules, and a lot of the rules are weird. It's, it's something that we desperately need. We desperately need good landlords and we need more landlords. So I would definitely make a pitch for you to consider doing that.
But I don't want you to sacrifice a beautiful property that is not a good fit for being a rental and unless you know, the person sometimes even when we know the person, it doesn't end up well. But really look through these 5 questions and look at the answers. And then it'll be easier to make the decision.
And you can always call me and text me and I want you to call me and text me. I want to be your agent. My number is [00:07:00] 541-301-7980 and we can talk about all the different scenarios and the possibilities for the next step of your real estate life. Have a beautiful Southern Oregon weekend.
Hug those you love. Bye now.2024-02-20T15:45:00-07:002024-02-20T15:41:50-07:00Alice Lematag:alicelema.com,2012-09-20:33036Market Update Feb. 12 2024Market Update Feb. 12 2024
Full Video Transcript Below<br /><br />
Market Update Feb 12 2024
Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to Southern Oregon's market statistics. The weekly podcast we do. I'm Alice Lema. I'm a real estate broker here in Southern Oregon with John L Scott. And we've got some changes brewing in our three counties. So we've been waiting for for this. Let's start this week with Jackson County.
Jackson County prices year over year are up 1%. The average single family home costing $437, 600. Number of sold year over year in Jackson County this week we're up 47%. We had 31 closings on SOMLS this week in our residential market in Jackson County. The number of listings year over year were down in Jackson County by 3 percent this week, we had 550 active listings in S. O. M. [00:01:00] L. S. Residential market this week, the number of foreclosures in Jackson County this week that closed, one in Phoenix $112,000. No short sales closing this week in Jackson County and 1 million closing in Ashland in the residential market. And it was beautiful. I tried to sell it twice. It was on acreage and it sold for 1. 2 million.
Josephine County this week is our big winner. Josephine County prices year over year are up 13 percent in the residential market, averaging 386, 635. In the residential market in Josephine County this week, the number of solds year over year in Josephine County were up 8%. There were 13 residential closings in, so in Josephine County on, so MLS this week. [00:02:00] The number of listings year over year in Josephine County were up 1%, 285 active residential listings on, so MLS there were zero foreclosures this week in Josephine County. There were zero short sale closings in Josephine County this week. And there were 0 million closings in the residential market in Josephine County this week, but kudos to Josephine County for having prices be up 13%. Number of solds be up 8 percent and the number of listings be up 1%. Congratulations. We're hoping that's the beginning of a trend.
Let's get to Klamath County. The news was not so good this week in Klamath County. Prices are down 3 percent year over year in Klamath County with the average residential Home costing $349,676. The number of solds are also down in Klamath County year over year this week, and they [00:03:00] were down 25%. There were nine residential closings on S-O-M-L-S in Klamath County this week. The number of listings in Klamath County were down 14 percent year over year this week, 197 active listings on SOMLS in the residential market. We had one foreclosure in Bonanza this week. We had zero short sales closed and we had zero million dollar residential closings in Klamath County this week. And the Bonanza foreclosure sold for $324,000.
And so we can see that Klamath County, all three categories that we're tracking year over year were down. Josephine County. All three categories were up and Jackson County. had prices up, number of solds up, but number of listings down. [00:04:00] So what does this all mean?
We're going to track it week to week like we always do, but it could be that we're starting to see some stability and gentle increases in prices. Although all of this can change. If the interest rates go down, all of this could change if the interest rates go up. So what is, what is a person to do?
Well, buyers, you need to secure what you can, if it fits your needs and your budget at a time when it's good for you to move. That is the general principle with real estate is do what you can, when you can within your budget. Please don't try to time the market. Sellers, a little different story, sellers that have a lot of equity, which many, many do, can play a little bit more of a game, but it's really not advisable unless you've got another place to go and something else [00:05:00] to do with the money.
Real estate is still an amazing, amazing investment. Sellers that are thinking of going on the market in may or June would do better right now because as I keep saying every week right now, we still don't have enough listings to meet the housing needs. Now, having said that, we have more listings than we did last year. For the most part, but it's still not enough. So we're making some strides. People are starting to put their homes on the market and getting them sold.
Please be aware that buyers are price sensitive and condition sensitive more so than usual right now. Why? Because. Their budgets are smaller due to the interest rates. They're so nervous about something changing in the world, something changing with the Federal Reserve Bank. They're just jittery, but they want a home or they want a different home. [00:06:00] So sellers just know that if somebody writes you an offer, they're nervous, to take it seriously, negotiate if you need to, because you got to do what's best for you too, but it's not the strong market that it was.
And if you lose a buyer, Sellers, I'm talking to you right now. If you lose a buyer and you have to go back on market the conditions could be different than they were when you went into escrow. Our we still have some volatility. It's not as bad as it was maybe last summer, but we still have volatility.
So it's still a great time to be a buyer and a seller. But you just need to be realistic. Okay. So having said that, I want you to call me to be your agent. I'm a great listing agent. I'm a great buyer's agent. Do a lot of work with ranches, rural property. I'm very familiar with the waterways and Waterfront property. Do a lot of work with tenants to get them into the home ownership position, downsizing with elders, upsizing with [00:07:00] people who just want bigger and a lot of investments.
So give me a call. Give me a text. My number is 541-301-7980 and let's get you going in the next step in your real estate life. In the meantime, have a beautiful rest of the week. Bye now.2024-02-20T13:00:00-07:002024-02-20T12:56:45-07:00Alice Lematag:alicelema.com,2012-09-20:32838Home Equity 7 Ways to Use itHome Equity 7 Ways to Use it
Full Video Transcript Below
Home Equity Can Be a Game Changer in 7 Ways
Alice Lema: [00:00:00] Well, Hey, real estate fans. Welcome back to the weekly podcast. I'm Alice Lema. I'm a real estate broker in Southern Oregon with John L Scott real estate. And today on our podcast, we're going to talk about seven ways your home equity can be a game changer when you sell. This very exciting topic. And we're starting to have more market activity with people selling and buying because we have a few more houses for sale now and the people selling are more comfortable buying.
So we're going to talk about the seven ways that the equity in your home can be a game changer this real estate season. Okay, first of all, let's talk about what home equity is. Home equity is the difference between the value of your home right now and the amount you still owe on your mortgage. And if you paid your house off, then it's 100 percent equity.
So it represents the paid off portion and a lot of folks right now, especially since the last few years, they have a lot of equity. The value of their, their properties have gone up a lot. So it's really just a [00:01:00] simple math equation. So I've got seven ideas of what you can do with that equity.
The first is you can take that equity and use it when you sell your home to pay cash for the next purchase. And a lot of downsizers do this. But you can do it at any age for any reason. You're just going to be getting a smaller smaller property because most of us don't have our properties paid off. But if you have it paid off, then you can use all of that and pay cash. So that's number one.
Number two, make a bigger down payment and get a mortgage. That makes your dollar go farther and you could get a bigger property. And maybe have the payment be about what it was when you had a lower interest rate. Cause we do have a higher interest rate environment now, but the percentages have come down from their highs of last year. So that's number two. Make a larger down payment.
Number three, buy a second home or a vacation property. Those markets in a lot of parts of the United [00:02:00] States are really soft right now. The vacation market and the second home market really thrive and are more popular when the economy is good for everybody. So right now our economy is good for some, not for others.The stress is showing a little bit, not only in the vacation market and second home market, but also the commercial market. But that's a different podcast. But number three, think about getting a second home or vacation property, because the prices are a little bit soft right now in a lot of our resort, you know, destination lifestyle destination areas.
Number four, and my personal favorite buy an investment property. Who has enough passive income in their life, right? And if you're older or looking at your older future this could be a great time to get into an investment property, especially if it is the down payment that you have, makes it pencil. So you have more profit. That could just be great. So think about [00:03:00] buying an investment property. That's our number four idea.
Number five, use the money to partner with your kids your adult kids or other trusted close people in your life that you love and trust. Partner with these people in a larger multi generational purchase. So these are usually on acreage or they're at least bigger houses, bigger lots, some of them have pools but that is an excellent way to take this giant amount of equity that you have in the property you're living in now. When you sell it and put it into a multi generational lifestyle. We have a lot of folks doing that. It's a great, great strategy.
Number six, give some of the money as a down payment to a well deserving person in your life that you love and trust. And I have some other videos, if you're going to go down this path of partnering or gifting, some ideas of, of criteria to have in your mind [00:04:00] when you're picking this person. But it could also just be one of your adult children, or in some cases we have adult children gifting these down payments to their elderly parents who are not in a position to purchase something. So that's our number six is considered gifting a down payment.
Number seven, do nothing, do nothing. Don't sell. Just enjoy that you rock, that you made some great decisions and you're sitting on a pile of cash or at least a pile of value. So that's our, our seven ideas. For using the home equity that you have when you sell a property right now.
Please click to subscribe on this channel. If you enjoyed the information, feel free to send it to your friends and family. And also give me a call or text. I want to be your agent. I am a great listing agent, great buyers agent, great with investments work with a lot of rural property, waterfront. [00:05:00] Also multi generational purchases, partnerships, investments. So give me a call. Give me a text. My number is 541-301-7980. I want to work for you, but I also want you to be an educated consumer. And that's why we do these podcasts every week. So have a beautiful rest of your weekend and we'll see you next time. Bye now.2024-02-12T15:31:35-07:002024-02-12T17:13:40-07:00Alice Lematag:alicelema.com,2012-09-20:32834Market Update Feb 5 2024Market Update Feb 5 2024
Full Video Transcription Below
Market Update Feb 5 2024
[00:00:00] Hey, real estate fans. Welcome back to market statistics, Southern Oregon. I'm Alice Lema I'm a broker here in Southern Oregon with John L. Scott real estate. This is the week ending February 5th, 2024. And let's get started with Jackson County.
Jackson County year over year, residential prices are down 9 percent. The average single family home this week costing 498, 222 the number of sold year over year this week in Jackson County are up 19 .Percent Congratulations Jackson County there were 43 residential closings this week on S. O. M. L. S. The number of listings year over year in Jackson County are down 5%. We have 556 residential listings active on SOMLS this week. The foreclosures closed this week in Jackson County were zero. The short sales [00:01:00] closed in Jackson County were also zero and the million dollar closings in Jackson County in the residential market were two. We had one in Ashland for 1. 7 million, and we had one in Jacksonville for a million dollars. So congratulations to those folks and and please make note. We did not have any foreclosures or short sales, but we continue to have million dollar closings.
So that's part of what we're tracking in our data points. Let's move on to Josephine County prices this year. Prices this week year over year in Josephine County were down 33%. The average single family home in Josephine County this week, costing $456, 679. The number of solds year over year in Josephine County were up 133 percent this week. Congratulations to Josephine County for that. There were 14 closings in the [00:02:00] residential market in Josephine County on SOMLS this week. The number of listings year over year in Josephine County this week were down only 2%. There are 267 active listings in the residential market on S. O. M. L. S. in Josephine County this week. The foreclosures closed in Josephine County this week were 0, also 0 short sale closings in Josephine County this week, and 0 million residential closings in Josephine County.
This week, Klamath County prices year over year are up 12%. Congratulations. The average single family home in Klamath County now costing this week, $266, 500. Number of solds year over year in Klamath County are also up, but they're up 33 percent this week. There were eight residential closings in Klamath County on S. O. [00:03:00] M. L. S. Congratulations, Klamath County. The number of listings year over year in Klamath County this week are down 12%. There are 198 active residential listings on S. O. M. L. S. in Klamath County. Foreclosures closing this week in Klamath County, there were 1. It was in Klamath Falls and it was for 195, 000. There were zero short sale closings in Klamath County this week and zero million dollar closings in the residential market in Klamath County this week.
So we continue to stabilize. We are seeing week to week, some of our counties are up, some are down, but not quite as much. And I do want to point out that from the first of the year jackson County listings are down, Josephine County listings are down, and Klamath County listings are down. So that is a trend that we have where we still do not have as many [00:04:00] listings as we need.
So again, I want to impress upon folks that are considering selling their properties in any of our three counties that we still do not have enough homes on the market. Now we do have quite a few people gearing up. We have signed listings. We're doing photos. We're doing inspections. We're getting ads ready and it's not just me. It's lots of agents. So if you're watching what's coming on the market, you are noticing that there are more listings.
They're not all coming on at once, but they're coming on in a pretty steady stream. So if you wanted to sell your house, this might be better than waiting till May. But if you wait till May, yes, the weather will be better and all the flowers will be out and everybody else will be selling their house too. So double edged [00:05:00] sword, but sellers, you know, you gotta you got to make your decisions yourself.
Buyers, I want to speak to you directly. If you're actively looking or thinking of jumping in the market, I can make a case for right now as well, and here's why. Yes, the interest rates are still high, but they're lower than they were even six months ago. And what you will find in the market right now is yes, low inventory. But more motivated sellers. We have sellers that are more often giving closing costs or at least half of the closing costs. We are more often having sellers dickering, at least a little on the price. And the prices are a little lower in general than they were for sure a year or two ago.
So buyers think about it. It, it is not pretty and your pickings are low as they say, but there, there is something to be said for getting something now, while the prices are a little lower. [00:06:00] You can refinance later when the, when the interest rates go down and you don't have to have all the arm wrestling with the other buyers, because when the interest rates do go down they're predicted up to as many as 500, 000 more buyers coming into the market if the interest rates go down. So keep that in mind.
In the meantime, I would like to be your agent. I'm a great buyers agent, great investment consultant and great listing agent. So give me a call, give me a text 541 301 7980. That's 541 301 7980. So please reach out by by phone, text or email. And let's talk about what you're going to do with the rest of your real estate life.
And finally, subscribe to the channel. If you're getting something out of it, send it to your friends and family. But did you click the subscribe button? We are actively trying to increase our [00:07:00] subscription. So that's all for now. I'm Alice Lema broker, John L. Scott, Southern Oregon. Have a beautiful rest of the weekend and we'll see you next week. Bye now.2024-02-12T11:30:00-07:002024-02-12T17:14:01-07:00Alice Lematag:alicelema.com,2012-09-20:327792252 Table Rock Rd. #218, Medford, Oregon2252 Table Rock Rd. #218, Medford, Oregon
Beautiful, move-in ready, & includes appliances !! This 3 bed/2 bath doublewide home in desirable 55+ Aspen's On The Creek Park. Home features a primary suite, double pane vinyl windows, central heat/air, & tons of natural light! The large enclosed patio can be enjoyed all year long & low-maintenance landscaping surrounds the home in front and back. Covered parking & storage shed are conveniently located alongside the home. Park has 2 pet policy, cats must be indoors, & dogs must be 25 lbs or less & full grown. Park requires 3X the monthly space rent to qualify for park application. Includes shed, washer, dryer, & refrigerator. See Virtual Tour, Drone video and additional info below.
Call Alice Lema: 541-301-7980
2024-02-08T12:45:00-07:002024-02-08T12:48:01-07:00Alice Lematag:alicelema.com,2012-09-20:326772583 Newmar Ln, Medford, Oregon2583 Newmar Ln, Medford, Oregon
Gorgeous 2021 construction in the E. Medford Cedar's Landing subdivision! This 1800+ SqFt home has 3 beds/2 baths, spacious 2 car garage, covered front porch & a fully-fenced, private back yard with patio. The common area is warm and open with tons of natural light & classic-modern finishes like the stunning granite countertops and gas fireplace. The elegant primary suite has a spacious bathroom including a dressing area, double vanities, beautiful tile shower, separate toilet room & a large walk-in closet. The 3rd bedroom has french doors.
Alice Lema 541-301-79802024-02-02T16:00:00-07:002024-02-02T16:03:24-07:00Alice Lematag:alicelema.com,2012-09-20:326124624 Glen Echo Way, Central Point, Oregon 975024624 Glen Echo Way, Central Point, Oregon 97502
Beautiful country setting with incredible views, move in ready single story home on beautiful 5.13 acres of flat & rolling land, plus a small barn, and gated access! The 3 bed/2.5 bath ranch-style home has a spacious eat-in kitchen, separate dining room with patio access, attached 2 car garage, and large living area with pellet stove. The primary bedroom has en suite bath with dressing area. The large covered patio features beautiful pavers & opens into a lovely, low-maintenance yard.
See below for Matterport Virtual Tour and Aerial Video<br /><br />Call Alice Lema 541-301-7980
2024-01-30T15:15:00-07:002024-01-30T15:20:09-07:00Alice Lematag:alicelema.com,2012-09-20:32589Market Update Jan 22 2024Market Update Jan 22 2024
Full Video Transcript Below
Market Update Jan 22 2024
Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to Southern Oregon's Housing Market Statistics. I'm Alice Lema, a broker in beautiful southern Oregon with John L. Scott Real Estate, and this week we're gonna start with Jackson County. Prices year over year in Jackson County are neutral. We have an average single family residential price of $487,405.
Prices are neutral, which is good. We're bottoming. I'm telling you we're bottoming. The number of solds year over year in Jackson County are up 17%. We had 34 closings on our MLS this week in the residential market. Number of listings year over year are down 2 percent which is not that much lately. We had 568 active residential listings on SO MLS this week. We had zero foreclosures closing in Jackson County this week, zero short sales and [00:01:00] 0 million residential properties closing in Jackson County this week.
Josephine County year over year residential prices were down 15 percent the average single family residential home in Josephine County, costing $430, 250. The number of solds were also down in Josephine County year over year this week, and they were down 47 percent from this time last year. We only had nine closings on SOMLS in Josephine County this week. The number of listings were down in Josephine County but only by one percent. We had 274 active listings in the residential market on SOMLS this week. We had one foreclosure close in Grants Pass this week, 205, 000. We had zero short sales and 0 million residential properties closed in [00:02:00] Josephine County this week.
So let's talk about Klamath County, our sister to the north. The prices in Klamath County year over year in the residential market were up 3%. We had an average single family residential price of $279,856. The number of solds in Klamath County year over year were up 28%. Congratulations. Klamath County. They had nine closings on S-O-M-L-S this week. Number of listings in Klamath County were down 13% year over year. This week we have an 196 active residential listings on SOMLS this week in Klamath County. We had two foreclosures close in Klamath County this week. One in Klamath Falls for 158, 000 and one in Chiloquin for 90, 000. We had zero short sales and zero million dollar [00:03:00] residential properties close in Klamath County this week. So we're still bottoming.
We have a lot more inventory coming on the market in part because people feel a sense of predictability a little more than this time last year, but also our spring selling market is coming and we have a lot more listings coming. But the problem if you're selling is you're going to have a lot more competition.
So yeah, sound like a broken record, but if you can get your property on the market before March or April, you'll have more buyers for sure and less competition if you're buying. The problem with waiting is that we don't know how the interest rates are going to go. So right now we have a little bit of predictability just not enough choices.
If you want a lot of choices as a buyer, you should wait until the until the spring market comes. The sellers are not as amenable. They're not [00:04:00] as cooperative in the beginning of as they are kind of at the end. And I know the predictions are for the interest rates to continue to go down, but we haven't really been able to count on the Federal Reserve Bank very much because they do change their mind all the time.
So I don't want to sound like a Debbie Downer and no offense to anybody named Debbie, just, I don't want to sound like a downer, but every market has its pluses and minuses. And so for a seller right now, definitely is the way to go, if you can physically manage to get your house on the market, get your house ready and get it on the market.
If you're buying, there's still more inventory coming up. We have a lot of sellers rising to the occasion right now, even though it's January. So I'm thinking this is kind of the sweet spot. It is this time, January, February, March, but we'll see. And that's why we track these numbers every week.
In the meantime, give me a call. Give me a text. I want to be your agent. 541 301 7980. Would love to [00:05:00] talk to you about what you want to do next. Every market has its pluses and minuses, so it's not necessarily a bad time to buy and not a bad time to sell. And if you want to do some investing, we can talk about that too. Have a beautiful Southern Oregon week.
We'll see you next time. Bye now.2024-01-29T16:45:00-07:002024-02-12T17:14:24-07:00Alice Lematag:alicelema.com,2012-09-20:32586National Pending Home Sales up Record High for Dec. 2023National Pending Home Sales up Record High for Dec. 2023
National Pending Home Sales
Alice Lema: [00:00:00] Well, hey, real estate fans. Welcome back to the Southern Oregon real estate podcast. I'm Alice Lema. I'm a broker here at John L. Scott, and we've got some good news. The National Association of Realtors said that they have pending home sales in December, a record 8. 3%. And the reason this is a big deal is because usually nobody buys anything unless they absolutely have to.
They went on to interview Dr. Lawrence Yoon, who's Chief economist for the National Association of Realtors and I'm a big fan because he is just data, data, data. So he goes on to say that the housing market is off to a good start this year as consumers benefit from the falling mortgage rates and stabilizing home prices.
He also goes on to say that job additions and income growth will further help with the housing affordability, but increased supply will be essential to satisfying all the demand. NAR [00:01:00] also went on to say that they're projecting a 13 percent increase in existing home sales in 2024 and in 2025, a 15 percent increase.
So the National Association of Realtors has a lot of great data. If you want to go dive deeper, you can. But listen up. This is what this means to us. And this is what we've been experiencing anyway, is that we kind of bottomed out. We're starting to look for at least a normalizing market, which I know we keep saying that's going to happen, but I think this time it really is.
So if you're in the middle of a transaction right now and you like the house, this is probably a good time to stay in the deal. We're thinking that as the market gets a little bit more normal, the sellers are not going to be as quick to, to dicker with you. It is, have anybody ever used that, that word anymore? They're also probably going to start [00:02:00] looking for higher prices.
So here we are kind of the end of January. I always say this is a great time to buy because you're, if you're buying, then you're dealing with the people who were probably trying to get their get their house sold during the winter. Or they just went on the market because they want to get it done before having all the competition.
If you're selling. I sound like a broken record. I still think this is a great time to to sell. But if you really can't get your house sold or get it ready to sell right now, that's okay. It's more important that you do what makes sense for you and your family. But if you have some, some leeway, then getting your house on the market now would not be a bad idea. But anyway, I'm just so glad that at least the the National Association of Realtors feels like, like things are kind of perking up so yay, yay for us and we've been kind of tracking this every week anyway.
So, in the [00:03:00] meantime, I would love to talk to you, I think we can get ready for having some good real estate stuff happening for you. Let's talk about it. My number is 5 4 1- 3 0 1 - 7 9 8 0. And let's talk about what we're going to do with your real estate life. And in the meantime, if you don't want to buy yourself, at least know that maybe the worst is over, right? Have a great Southern Oregon weekend.
We'll see you next time. Bye now.
2024-01-29T16:15:00-07:002024-01-29T16:10:26-07:00Alice Lematag:alicelema.com,2012-09-20:32432Sell a Home to Buy a HomeSell a Home to Buy a Home'
Full Video Transcript Below
Sell a Home to Buy a Home
[00:00:00] Well, hey, real estate fans, Alice Lema here from John L. Scott in Southern Oregon with another edition of the weekly podcast. And today we're going to talk about how to buy and sell in a low inventory market, and we're speaking specifically to people who have a house to sell so that they can move into another house. So buying and selling in the same low inventory market.
So why is this coming up? Let's do a little mini historical. Look here, we just got the, all the data published from 2023 for. S. O. M. L. S. Our local Southern Oregon MLS. And I want to put this graph up and there's a whole bunch of charts. We're only going to look at the data for this podcast.
We're going to be talking about listing inventory, and you can see that top line that we're at, fairly consistent level all year. There's a little bit of up and then it kind of [00:01:00] levels off. And this is what we were experiencing, that we still didn't have enough inventory, but it was higher than it had been in the last couple of years.
So, with that in mind, there is a trend now and we've been watching it all year for all three counties to have a little bit more inventory. And so that starts to spark people's imaginations. They get excited when they see the house of their dreams come up, but they may not be ready because they didn't do what they needed to do to their house that they have now.
So here's four things that we can do to help facilitate buying and selling in the same low inventory market. And we're doing this podcast specifically because the inventory is getting better, still not good enough, but it is getting better. So we're watching more people wanting to do this.
So the first thing [00:02:00] you should do is get your house show ready, even though you're not going to keep it perfect every single day because you're not going to be on the market. This is idea, number one is you get your photographs, your videos and all your inspections and kind of get the house ready and then just hang on to it. So you're not going to go on the market.
This is idea. Number one, you're not going to go on the market, but you have everything ready to go on the market. You've done all your analysis, you know, what price you're going out. You're getting a monthly updates, maybe twice a month, if the market's volatile, where you are, but you're ready to go. And that way, when you do find the home of your dreams, you can put in the offer that you're going to be Live on the MLS in one day, or you actually sneak your listing on the MLS and then submit your offer.
It depends on the timing for the neighborhood you're buying and selling in, but that's idea. Number [00:03:00] one is you just get the house ready, you get the property ready, you get all your pictures taken, all your inspections done, and then you wait until you find the house what you want. And you can be on the market the day you put your offer in or the day after something like that. But none of this, I want a week or two to get my house ready and my photos and all that, that doesn't fly. Usually doesn't fly in in most markets.
Number two, we call this a soft opening. Now this is where you have all of step number one done. You got all of your inspections and photos and videos done. But you don't go on the MLS. You may just let the neighbors know, you might let the database of the agent know, and if you're going to do this, every MLS has different rules. A lot of other places in the United States are way more lenient with the coming soon idea or the off [00:04:00] market kind of solicitations.
But the idea is that whatever the rules are in your MLS, follow them but still find out how you can get the word out, even if it's just privately, or sometimes the agent can do it privately. So this idea of having just kind of a very quiet yeah, communication with people as long as it's following the rules.
Number three, and this is pretty common. You see this in the MLS frequently. You do all your videos and pictures and inspections and you actually go on the market that you say right in the ad in the public part, you say, I don't have a house yet. And the words we use are contingent upon locating a suitable replacement dwelling or something to that effect.
And that means you're just putting it out there. I want to move. I don't have a house yet. I need a buyer that's going to tolerate my looking and that can be limited [00:05:00] by a certain number of months. Or it could be just you know, if you're going to do open ended, then that's, that's a little you might, the buyers might be gun shy of you, but at least you're out there and you're trying.
Okay. So that's number three, as you go on the MLS with a disclaimer that your sale. You're not moving out of your house until you find another one. And you're going to have to negotiate with different kinds of buyers how that looks to all of you. So as long as all the parties agree, you're golden. And that's go on MLS, go on the MLS with the contingent to locate a suitable property. That's number three.
Now, number four is what a lot of people try to avoid, but it's actually your most powerful stance in the market. If you can stand moving twice, and this is idea number four, if you just plan on moving twice, you have some kind of a temporary housing or you go live in your RV [00:06:00] or you stay with friends or family, but you plan on moving twice.
This is actually my personal favorite, because you get the best business deal, selling the house. You get the best business deal buying the house because you don't have all that pressure of timing. So if you take timing out of the picture then you end up with a very calm, well, as calm as moving can be, you end up with a very a much more calm and controlled circumstance because you're doing it twice.
So those are my four ideas. And even though we still don't have enough inventory for all the buyers that want to move, we're doing way better now than we were even 18 months ago. So we're going to start seeing a lot more people dip their toe in the water that weren't planning on moving because they saw something online that got them excited.
And it would be worth it for them to go through all of the [00:07:00] hullabaloo to go ahead and move if they could get that particular house. So watch for more of that. Let me know if you've got any questions about doing this, which one might be best for you buying and selling. You know, you can do it together. We can separate them. We could try some of these other ideas, but either way, give me a call and give me a text because we do want more listings. We do want more buyers and we want everybody to get where they want to be on time for their new new house.
So give me a call. Give me a text 541-301-7980. Have a great Southern Oregon week. We'll see you next time. Bye now.
2024-01-22T16:00:00-07:002024-01-22T15:34:43-07:00Alice Lematag:alicelema.com,2012-09-20:32431Market Update Jan 15 2024Market Update Jan 15 2024 Southern Oregon
Full Video Transcript Below
Market Update Jan 15 2024
[00:00:00] Well, hey, real estate fans. Welcome back to market statistics for Southern Oregon's for the week ending January 15th. And we're going to start with Josephine County today. The prices in Josephine County this week, year over year, were up 15 percent. The average single family residential home now costing $471, 990. Josephine County number of solds year over year were up 25 percent this week with 10 residential closings. The number of listings in Josephine County this week year over year, we're only down 1%. Basically, even there were 269 active listings on S. O. M. L. S. this week.
The number of foreclosures in Josephine County this week, there were two that closed. We had one for 169, 000 in Merlin and [00:01:00] another one in Cape Junction for 140, 000. There were no short sales this week that closed, and there were no million dollar residential sales that closed in Josephine County this week.
Jackson County had a little different picture for their year to date this week. Jackson County prices year over year are down this week. The average single family residential home costing $437, 323. The number of solds in Jackson County year over year were down 17 percent in the residential market. There were 24 closings this week in Jackson County. The number of listings in Jackson County were down only 1 percent year over year. Again, that's basically even. There were 579. Active listings on SOMLS this week. There were zero foreclosures that closed in Jackson County, [00:02:00] but there was a short sale that closed. We hardly ever see those anymore. It was in East Medford and it closed for $513, 000. In the million dollar residential closings there were zero in Jackson County this week.
Klamath Falls prices year over year were down 16 percent. The average single family residential home in Klamath County costing $259, 227 this week. The number of solds in Klamath County are up 175%. There were 11 closings on SOMLS in Klamath County this week. Those kind of spikes are just from the year over year comparison. This week was really slow this time last year. The number of listings in Klamath County are down 12%. There were 197 active listings on SOMLS in Klamath Falls this week. There were two [00:03:00] foreclosures in Klamath County this week. There was one, oh and they were both in Klamath County. One was for 319, 000 and one was for 105, 000. There were zero short sale closings in Klamath County and zero Million dollar residential closings in Klamath County this week.
So as we start winding down our January, we're going to see our year over year comparisons start to change because of what happened this time last year with all of the interest rates increases. And we'll start seeing those as the months come come to pass. Now, we're still needing more listings, and we're coming up with some really interesting ideas for people who have a house to sell in this kind of a low inventory market, as well as if you're actually just downsizing and renting or you're leaving the area.
So look for some of the podcasts coming, not only this week, but [00:04:00] the weeks in the future, because we're going to start addressing a year of low inventory and what we've learned from that and how to, how to still move forward with your real estate dreams. If you have a house to sell and not sure where you're going.
So look for that coming up. We also have some great radio show episodes that are being filmed, recorded on our new radio home, the ACE. AM 1300. So lots and lots of good things happening. We're winding up our January pretty soon and would love for you to give me a call. Give me a text. I want to be your agent.
I'm a great listing agent, great buyer's agent. Great with consultations. Do a lot of work with attorneys. I bet a lot of people don't know that I do a ton of divorce, probate, end of life planning. So yeah, give me a call. Give me a text 541 301 7980 and tune back into another week of market statistics and see how things [00:05:00] change as our spring market takes hold.
Have a beautiful weekend and we'll see you next time. Bye now.
2024-01-22T15:30:00-07:002024-01-22T15:29:29-07:00Alice Lematag:alicelema.com,2012-09-20:32349Count Down to ClosingCount Down to Closing
Full Video Transcript Below
Count Down to Closing
[00:00:00] Hey, real estate fans. Welcome back to the weekly podcast today. We're going to talk about the countdown to closing. There's five things that buyers and sellers can do to avoid unnecessary stress. It's a stressful and exciting situation by itself, but I want to talk about the five things that not everybody thinks about. And I watch every week.
So the first thing is don't give your notice to vacate or plan on moving out on the closing day. Give yourself at least 3 days, both directions, closing times are very fluid, especially if there's a mortgage involved. But even if there's cash and it's a little simpler, you just can't foresee the weird things that happen when you've got lots and lots of logistics. It's an exercise in logistics. So do not plan on leaving or having [00:01:00] to be out or having to be moved in on a particular day, but especially don't plan on the day of closing escrow. Give yourself plenty of time. If you're selling, make sure your next house, those people are kept informed of changes because sometimes things are happening so fast. We forget to pass on the information to the next people.
And the same thing for the buyers, especially if you're renting. Make arrangements with whoever you need to when you're buying that you might have a six day swing, three days early, three days late. Mostly they need to know if you're not going to be out on time. Usually if you're early, everybody's thrilled. Okay. So don't give you a notice to vacate. Don't make it a hard number. Make it a little bit fluid.
Number two, and a lot of people don't like this idea, but once you're in the middle of the move, everybody's so happy, arrange for a professional [00:02:00] cleaner. If you're selling your house. Getting all that stuff out, getting the truck loaded and everything, and then having to go back, your body's tired you also have an unload to go. So if you're selling, plus it's a real treat for the new owner if you're buying. And you're not sure that it's going to be clean, or if you're like some of us even if somebody's cleaned, we want to clean again, and it's the best money ever to spend.
And if you're if you're buying, you want to be unpacking and you have to be helping direct where stuff is supposed to be unloaded you don't want to have to stop everything and then go wipe the floor because the seller or whoever didn't do it the way you like it. So arrange for professional cleaners. That is one of my best kept. It's not a secret, but it's one of my best kept suggestions. So that's number two.
Number three, excuse me, internet and cable are so important to us these days. And they [00:03:00] are sometimes booked out longer than you realize. So get the phone number to the internet and cable people that you plan on using. And again, you have to keep in mind, you don't know exactly what day everything's going to happen, but keep in communication with them and try to get those installed first. If you've got Wi Fi up, or you could get a portable hotspot or take something with you so that you can keep communication going at the end of a transaction.
There's still notices coming every once in a while. The real estate company or the escrow company or the lender, if there's a lender involved, they might need another initial. So, so try to get your internet and cable up early as early as you can. And you do that by contacting them as much as two weeks, 10 days to two weeks before closing and find out what their arrangements are. So that's number three.
Number four, plan on keeping extra cash on [00:04:00] hand have, have room on your credit card and have some green docs. And here's why, because there's unexpected stuff that happens. You might break something, the heat might not be on. You might want to buy pizza for your moving crew, or you might just need extra supplies for the house. You know, sometimes the trucks don't get there in time or they're a few days behind you by design. So I have some extra money. It's so expensive to move on both parts, whether you're buying or selling. And a lot of people feel like they, they don't want to have extra money for these incidentals, but you're really going to be glad that you did.
You can also get gift cards for lunches, sandwich shops, things like that. So that's number four is just plan on keeping a little extra cash, if you break a TV or the heat's not on or something like that. And it's just a reminder of how substantial the project is for moving. Sometimes if we [00:05:00] haven't done it in a long time, we discount the amount of effort the amount of time, and we just count the, the problems with our bodies, even if you're young, it's, it's hard on your body to move. It's a lot of walking. It's a lot of lifting. And if you're older, that is the time when we sometimes hurt our backs or our knees or, you know, aggravate older injuries. So I do get some help, do make a good plan.
If you want to talk about the logistics of your move, I'm happy to do it. We actually are creating a checklist and also a spreadsheet and it can start as early as three months before you're moving. You can start getting ready. So yeah, we're just trying to help provide materials to help make moving easier because it is, it is a drag, but it's also super exciting. It's how we get on to the next step of our real estate life.
So with that in mind, give me a call. Give me a text 541 301 [00:06:00] 7980. I want to be your agent. I'm a great listing agent, great buyer's agent. So please give me a call, give me a text and let's see what we can talk about to make something happen in your world. Also please subscribe to the channel. We are trying to build our subscription.
And look for the radio interview this week on our new radio station home, the ACE. It's 13 AM at Megan McPherson from farmer's insurance talking about the 2023 fire map and what's happening going into 2024. And also some other really interesting tips for consumers for insurance. So please look at that. And then also our market statistics every week. Here's our Southern Oregon market is starting to settle.
So that's it for now. Have a great Southern Oregon week. We'll see you next time. Bye now.
2024-01-16T12:30:00-07:002024-01-16T12:18:53-07:00Alice Lematag:alicelema.com,2012-09-20:32322Market Update Jan 8 2024Market Update Jan 8 2024 for Southern Oregon Residential Homes Sold
Full Video Transcript Below
Market Update Jan 8 2024
[00:00:00] Alice Lema here with John L. Scott Real Estate in Southern Oregon with another edition of our market update. We do this every week. This is for year over year residential, finishing January 8th, 2024, and it compares to this week from 2023. So you're going to see some, some spikes and some valleys because of the holiday. But as we're coming out of the holiday, we're also starting to see some trends forming here.
It looks like we're bottoming out and getting ready to start going back up again. Let's start with Klamath County. Klamath County year over year this week in residential, prices were down 11% from last year. The average single family residential home in Klamath County this week costing 356, 778. The number of sold year over year in Klamath County are up 133 percent with 14 residential [00:01:00] closings in Klamath County this week on SOMLS. The number of listings are down seven percent in Klamath County. There were 212 active listings on SOMLS this week. There were zero foreclosures, zero short sales, and zero million dollar residential sales closed in Klamath County this week.
Josephine County prices year over year are down 15 percent this week. The average single family residential home in Josephine County now costing 394, 844. The number of solds year over year in Josephine County are up 800 percent with 18 closings SOMLS on the residential market. And that is again, because of the compared closings in 2022 this week. The number of listings year over year in Josephine County are down 3% with 268 active listings in so MLS. This week there were zero [00:02:00] foreclosures, zero short sales, and zero million dollar closings in Josephine County this week.
Jackson County prices were up 45 percent year over year. Again, this is because of the comparison to the holiday week last year, but prices at 45 percent in Jackson County year over year, the average single family residential home now costing $686, 298. The number of solds in Jackson County year over year up 3 percent with 29 closings on S. O. M. L. S. This week. The number of listings in Jackson County are down 1 percent year over year. We had 593 active listings on S. O. M. L. S this week in Jackson County.
We did have two foreclosures closed this week, one in central point for 256, 000. It was a double wide manufacturer on land for 256, 000. And then we also [00:03:00] had a foreclosure in central point that closed at 585, 000. It was 20 acres with a 500, no 5, 000, over 5, 000 square foot house that foreclosed in Central Point this week for 585, 000. There was zero short sales that closed in Jackson County this week. But we also had 2 million closings in Jackson County this week. One was part of the Patrick Duffy estate in Eagle point. It's sold for 5, 750, 000 which was almost 2 million over asking for that particular parcel. Then we also had a million dollar full price in Ashland for $1 million even. So it's interesting that we'd have two foreclosures and $2 million sales in the same week.
But that is again, why I'm pretty convinced that our [00:04:00] market is leveling off and trying to get its sea legs and start moving into more of an a more normal market. So more normal market will start to show a few short sales, a few foreclosures, and maybe not as many million dollar sales, but a stable market would be really great.
In the meantime, I'd love for you to give me a call or give me a text. Let's talk about what you want to sell or you want to buy. My number is 541 301 7980. That's 541 301 7980. Also invite you to check out the podcast this week. It's going to be talking about the countdown to closing and how buyers and sellers can have a smoother end of the transaction and also the radio show this week. We interviewed Megan McPherson of farmers insurance talking about some of what happened with the fire map in 2023 and how insurance is going to be moving forward in Southern [00:05:00] Oregon. Very, very interested, very interesting interview with Megan McPherson. So lots and lots of educational information. Please subscribe. Bye now.
2024-01-16T12:15:00-07:002024-01-16T12:15:24-07:00Alice Lematag:alicelema.com,2012-09-20:32184Experts Predict 30% Increase in ListingsExperts Predict 30% Increase in Listings
Full Video Transcript Below<br /><br />
Experts Predict 30% Increase in Listings
Alice Lema: [00:00:00] Well, hey, real estate fans, welcome back to the weekly podcast. Today, we're going to talk about expert predictions in 2024. And it's kind of exciting because they're saying we bottomed in late 2023, which is kind of what we've been saying in our weekly market stats video. And also in our podcast that it felt like that's what was happening, but we don't ever know until it's behind us, right? It's a backward looking thing. So super excited to be showing a chart. This is from the St. Louis federal reserve. And it shows that from 1963 to 2023, look at the prices, even through all the gyrations and, and all the things that happened in the world during all those years, prices still went up with homes.
So now that we have a snapshot of that, I wanna quote a bank rate.com article that was published December 27th, 2023, written by Eric J. Martin [00:01:00] and quoting the National Association of Realtors. Chief Economist, Dr. Lawrence Yoon, one of my favorite sources. And Dr. Lawrence Yoon is quoted as saying that home sales have likely bottomed out in 2023 and are due to improve slightly in 2024.
So that is really what we've been experiencing here in Southern Oregon these last few months is that even though we still have some volatility, it feels like it's bottoming and maybe even coming back a little bit. And again, we'll have more numbers for Southern Oregon and also nationally, but not till a little later in January because everything takes time. But I want to go on to finish the quote with Dr. Yoon that he's predicting that the worst of the housing shortage is over and he's predicting a 30 percent higher inventory, 30%. So he's saying that's more choices for buyers. I am saying sellers heads up. If you're [00:02:00] buying and selling in the same market, then that's going to be good news for you.
Cause even though you're going to have 30 percent more competition, you're going to have 30 percent more choices for a replacement dwelling. But those 30 percent more listings are your competition in some respects. Now, we're talking about 30 percent nationally. We're talking about all different kinds of residential homes. But, the takeaway here is that especially if the interest rates go down, there's going to be a lot more buyers. So buyers are going to have competition with each other. And then sellers are going to have more competition with more listings. Now, having said all that, this is not a bad thing.
It is the beginning of a normal market, please. It is the beginning of a normalizing market. So I'm really excited because it would be nice to have a normal something for a change. But either way. We're having some national experts say we've already [00:03:00] bottomed out and we're, we're on our way to better things, maybe even 30 percent better.
So that's the podcast for this week. Give me a call. Give me a text. If you want more information about your specific property, Or what you're wanting to do with your real estate life next. I want to be your agent. I'm a great listing agent, great buyers agent. So give me a call. Give me a text 541-301-7980. And let me give you a hand. It's what I do have a beautiful rest of the week. We'll see you next time. Bye now.
2024-01-08T15:15:00-07:002024-01-08T15:10:12-07:00Alice Lematag:alicelema.com,2012-09-20:32183Market Update Jan 1 2024Market Update Jan 1 2024 for Southern Oregon
Full Video Transcript Below
Market Update Jan 1 2023
[00:00:00] Hey, real estate fans, welcome to market statistics for Southern Oregon housing. This is a year to date end of 2023. This is for ending Monday, January 1st, 2024. It's just the way the dates worked out. What a, what a wild year we've had. Just a reminder, we're going to have a lot of analytics and data presentations in the next couple of weeks as the numbers for 2023 come out.
But because we've been watching every week, I feel like we're way on top of it, but we do have some interesting numbers. This is year over year this week in Klamath County, we're going to start there because the prices year over year in residential this week were up 13%. The average single family residential home this week in Klamath County now costing 382, 136. The number of sold year over year in Klamath County were up 175%. There were 11 closings in the residential market in Klamath County this week. So a hundred and [00:01:00] 175% increased. That's because the year before was so low. The number of listings in Klamath County year over year are down 6%. We had 211 active listings on so MLS this week in Klamath County. We had zero foreclosures closed this week in Klamath County, zero short sales and zero million dollar residential closings in Klamath County.
This week, Josephine County prices year over year were down 13 percent this week. The average single family home costing 385, 938 in Josephine County. The number of sold year over year were down 46 percent this week. Again, because of the slow week last year there were eight residential closings in josephine county this week. The number of listings year over year are down this week 7% in josephine county. We had 275 active listings on [00:02:00] SOMLS. Foreclosures were zero. The short sales were zero and million dollar residential closings in josephine county this week all zero.
Jackson County prices year over year this week we're up 2%. The average single family home costing 513, 333. The number of sold year over year this week in Jackson County were down 58 percent, again because it was a slow week the year before. Number of residential closings in Jackson County were 15. Number of listings year over year in Jackson County were down 5%. There were 594 active listings on SOMLS this week. Number of foreclosures were zero, number of short sales were zero. But there was one residential million dollar sale closing in Jackson County this week. It was for 1. 3 million dollars and it was in Ashland.
So we're going to do like we talked about [00:03:00] in a couple of weeks, some general 2023 numbers. It's going to be very interesting. We'll try to track it by quarter as well. And then we'll compare what we've been looking at for our own numbers to what we find in the local market reportings and also national. So it's going to be very interesting towards the mid end of January.
In the meantime, we still have a pretty active market, especially for winter, a little unusual. So give me a call. Give me a text. Let's talk about what you want to do with your real estate. My number is 541-301-7980.
We should have a pretty nice year for 2024. We're predicting a lot more listings and maybe, maybe a normal neutral market by the middle of the year. So maybe by June, July, we'll see. But for right now, we still have a shortage. We still need more listings. And if you're buying, the rates have come down a little bit and the prices are still a [00:04:00] little bit soft.
So it's that perfect storm if you're a buyer and if you're a seller, you won't have very much competition and we still have a lot of buyers out there. So think about it. Okay. Give me a call. Give me a text. Have a great rest of the week and we'll look forward to seeing you next time. Bye now.2024-01-08T13:30:00-07:002024-01-08T13:31:52-07:00Alice Lematag:alicelema.com,2012-09-20:32101How Healthy Is the Housing Market?How Healthy Is the Housing Market?
Full Transcript Below
How Healthy is the Housing Market?
Alice Lema: [00:00:00] Hey, real estate fans. Welcome back to the weekly podcast. I'm Alice Lema, a broker at John O. Scott real estate in Southern Oregon. And this week we're going to talk about how the market is shockingly better than a lot of people realize why, because the data is showing us. So so here we have the median days on market fewer than right before the pandemic.
Why is that? Significant because in 2018 and 2019, the days on market nationally were right around one month. And if you remember the average days on market for a normal neutral market, which we have not seen in like forever, a normal neutral market is what? Four to six months. That's 120 days to 180 days. That means in that normal neutral market of 120, 180 days, the buyers are not in charge. The [00:01:00] sellers are not in charge. Everybody's even. Okay it's about four to six months to sell a home. That's the normal average. So before the pandemic, 2018, 2019, we were coming out of a hyper acceleration as part of the recovery from the crash.
So we've got like all these dominoes going way back to 2005 leading up to the crash in 2007, 2009, depending on what neighborhood you were in when you crashed. So anyway, fast forwarding 2018, 2019, we were going into recovery, finishing recovery, and then the pandemic hit. So right before the pandemic the market was cycling pretty fast at about one month and Southern Oregon during the pandemic became one of the it girls.
It was one of the places when people were Googling showed up as a great place, great lifestyle, international airport to amazingly huge [00:02:00] hospitals and the I 5 corridor. All of a sudden everybody came. Well, and if you were from a big city, you thought our prices were like really, really low. So 2020, 2021, and here's the chart. You can see these are the days on market. So we went from about a month to below a month.
And here we are now, 2022, 2023, we're right around 3 weeks again. So there's a lot of bad news going on and in the, all the different financial markets and and regular newscasts. And you got to be careful because you got to listen to exactly what data they're reporting on. And I'm not saying that they're blowing it out of proportion. I'm just saying you have to listen carefully. So here's a chart from this is National Association of Realtors. So that is a very good source. And we can see that the trend is shorter days on market. So what does this mean to buyers and sellers in Southern Oregon?
[00:03:00] Well, here you go. If you're a seller, this is ever the more reason to put your house on the market. And if you can do it between now, which is kind of the end of 2023 and the beginning of 2024, you will not have very much competition. Why? Because a lot of sellers are waiting until April, May, June. If you don't have to wait for that timing, now is better.
Traditionally you grab the, the winter buyers that are still looking for something and you just don't have as many people to compete with. The buyers have fewer selection and they're, they're more serious. I'm telling you buyers that are out stumping for a house in southern Oregon, whether this time of year, they really want to buy something.
So I'm still making a case to to be a seller right now and into 2024. If you're a buyer heads up, the market's not as soft as everybody's saying. And this idea that there might be a big crash coming, I don't know. We're going to end [00:04:00] 2023 with a little, up in appreciation. We didn't have as big of a price decline as we thought we were going to when we did our predictions this time last year.
So heads up if you're buying. I'm not going to say don't be too picky, but the prices are a little bit soft right now, but they're not super, super soft. And with these kinds of days on market numbers, they're bound, the prices are bound to go up. Plus there's the temptation that the Federal Reserve Bank really might reduce the interest rates.
They've come down a little bit, but again, I'm not Nostradamus. I don't know. And the feds mess with us all the time. So, but I'm just really concerned about the buyers. Cause I, I have quite a few buyers and they, they seem to be dragging their feet because they're waiting for another dip in the market.
Here you go, folks. I'm just not sure. I'm just not sure there's going to be one. And I've been calling bottom for a few months, but you know, [00:05:00] I'm basing it on the data and I think we have stabilized at least in Southern Oregon. So there you go. That's my podcast for the week. I'd really love it, if you would subscribe, not only is it great to get this automatically, so you don't have to go back in and click.
But we're we're trying to up our subscriber rate. So if you have subscribed, thank you. Appreciate it. And thanks to all of you for your support this year. We all really appreciate you. My team and I appreciate you. My family and I appreciate you. They are a lot of my team, but yeah. And I hope you have as wonderful of a holiday as possible and stick with us for 2024 because we've got some really interesting real estate stuff coming. And we will be reporting on it every week.
In the meantime, give me a call. Give me a text. I'm actually out showing houses and taking listings over the holidays. My number is 541-301-7980.
And thank you again for all your support this year. We'll see you next week. Bye now.
[00:06:00]
2024-01-02T16:30:00-07:002024-01-02T16:12:32-07:00Alice Lematag:alicelema.com,2012-09-20:32099Market Update Dec 25 2023Market Update Dec 25 2023
Full Video Transcript Below
Market Update 12_25_2023
[00:00:00] Real estate fans. Welcome back to marketing statistics for Southern Oregon housing. I'm Alice Lema. I'm a broker at John L. Scott real estate, and this is for the week ending December 25th. So we're winding down 2023, and we've got some great news in two of our counties for our year over year prices.
So let's start with Josephine County this time, because it has the best news. Josephine County prices year over year for a single family residential are 34 percent this week, the average home now costing 532, 266. Congratulations, Josephine County. The number of solds in Josephine County year over year are down 33 percent. We had eight closings in the residential market this week. The number of listings in Josephine County are down five percent. We had 286 active listings on MLS this week. We had zero foreclosures, [00:01:00] zero short sales, and zero million dollar sales in the residential market in Josephine County this week. So still pretty good in the price department. Still short of inventory in Josephine County.
Let's look at Klamath County next. Prices year over year in Klamath County are up 31%. The average single family residential home now costing 376, 786 this week. The number of solds in Klamath County are down 12%. We had seven residential closings. In Klamath County this week the number of listings year over year in Klamath County were down six percent. There were 215 active listings on MLS this week. Klamath County had zero foreclosure, zero short sales, and zero million dollar residential closings this week.
Jackson County slightly different than the other two counties. Prices year over year in Jackson County this week we're down 6 percent the average single family [00:02:00] residential home costing 483, 142 this week, the number of solds year over year in Jackson County were down 68 percent this week with 12 residential homes closings. The number of listings year over year in Jackson County were down 4%. We had 609 active residential listings on SMLS this week. There were zero foreclosures, zero short sales, and zero million dollar residential closings in Jackson County this week. So congratulations, Klamath and Josephine County and Jackson County is still holding its own.
Just a reminder, this is normally a slow week in Southern Oregon for real estate and the showing numbers are up. The number of offers we're all writing are up. We're taking more listings. The trend lines are quite a bit higher than normal. So I'm telling you folks, things are changing [00:03:00] even as we speak. It's why we do these broadcasts every single week, because we're tracking the micro motions so that we can watch them turn into macro trends.
I encourage you to listen to my podcast this week, because we have some more data showing that the market is different than what you might be hearing in the some of the bad news broadcast. So we're really here just to track the data. We're not emotionally attached to the results. We just want to be as accurate as possible.
So with that in mind we still have low inventory, even though we have more listings coming on by my calculations and in talking to other agents, it's still not going to be enough to meet the demand of the buyers. And we just had a big new surge of buyers jump in in the last two weeks. Why? Because of the indications that the Federal Reserve Bank gave, thinking that the interest rates might go down in 2024.
We don't really want to plan our life [00:04:00] around those guys because It doesn't always go down that way, but here we are. And the fact of the matter is there's way more buyers then there were. There's way more sellers coming on the market, but it's still not enough. So give me a call. Give me a text. Let's talk about what we're going to do with your real estate in 2024.
And on my number is 541 301 7980. That's 541 301 7980. I want to be your agent. I'm a great buyer's agent. I'm a great listing agent. And I've got a lot of good advice, a lot of years of experience. Not only in my own real estate life, but in helping other people. So have a good rest of the week.
We've got one more for 2023 coming up next week. And then it's on to the recap when the actual numbers come out from S O M L S have a beautiful Southern Oregon weekend. Hug those you love. Bye now.
[00:05:00]2024-01-02T15:00:00-07:002024-01-02T15:00:51-07:00Alice Lematag:alicelema.com,2012-09-20:32015Oregon Housing Trends 5 Yrs.Oregon Housing Trends Last 5 Yrs.
Full Video Transcript Below
Housing Market Trends 5 yrs.
Alice Lema: [00:00:00] Well, Hey, real estate fans. Welcome back to the weekly podcast today. We're going to look at the state of Oregon housing market. Cause we don't ever really do that. We usually focus, you know, super hyper local and also a national, but Oregon itself has some interesting statistics. And I want to show you this. This, this graph, this is from Redfin, and it shows five years worth of housing data, residential housing data for the state of Oregon, but check out the prices in 2019 and look at them now. This is as of the end of November, 2023. This is just a few weeks after that but it's just incredible that Oregon itself has done really, really well in the housing, in the housing market.
So in as of November, 2023, the prices in Oregon were up almost a percent. And that's compared to last year. So they're doing a November to November the median sales [00:01:00] price in the state of Oregon, $490, 000 and some change. But if you look at Jackson County on my stats video, you'll see Jackson County is higher.
And Josephine County is not that far behind. So this is something I keep trying to drill into people's heads is Southern Oregon carries a little bit of a premium in the price department because of our desirability, because of our destination location. We've got the beautiful agriculture, but we, but we have an international airport.
We've got all of this wild land around us, but we have two incredibly huge hospitals, oversized for our area because we are medical facilities for just hundreds of miles. And plus everybody in the most part is pretty nice. So I think Southern Oregon and looking at the state of Oregon it's kind of interesting how our prices are a little bit higher, but I did want to say that in the state [00:02:00] of Oregon, the number of homes sold November, 2023 to November, 2022 year to date, it was down 13. 8%.
But that's because of inventory. And then there were a little over 3000 homes sold in Oregon in November 2023. And that's down about 500 homes from 2022. So we're still struggling with inventory. But we have a trend coming right now in winter, which is unusual, a trend coming with more listings on the market. Still not enough. But more coming.
So what does this mean to buyers and sellers? If you're a seller or if you want to sell and buy, you might want to get a jump on it before March 1st because you'll still have very little competition. A lot of people purposely wait to put their house on the market in April, May and June [00:03:00] because they want flowers or they're timing some other event.
But I'm telling you, it's always better to sell your house in the winter, into early spring because of competition. And you grab those starving buyers from leftover from, from the winter. If you're buying, look at these numbers from 2019 to 2023. Is it ever a bad time to buy a house or a property in southern Oregon?
I say get when you're buying, get something that fits you that is a reasonably good investment. But it's really, you know, a lot of us are buying homes to live in not investment property, but you still want to keep resale in the back of your mind. I get something that fits you, get something that's in your budget and then just do it, especially if you don't own any real estate at all.
Listen to your auntie Alice, get something because you'll have a place to live. It's really hard to be a tenant in Oregon because of all the landlord tenant laws, different video. [00:04:00] But and if you want to get something bigger or something smaller, it looks like we've got like a 60 to 90 day window here where we can kind of use the economic conditions that we are aware of right now. We think we know what's happening in 2024, but as we've seen in the last few years, the world is full of surprises. So there is something to be said for dealing with the market that we know.
But in the meantime, I would still love to hear from you. I'm around a lot of the week, a lot of the holiday. My number is 541 301 7980. Give me a text. Give me a call. I want to be your agent. I'm a great listing agent, great buyers agent, good with all demographic of people. Really just a big fan of wealth building through real estate and open to all kinds of conversations. If you've got questions, you're not ready, but you want a little bit of information to get ready let's talk about it. It'll be fun and getting ready and being prepared is very smart, right? [00:05:00] Right.
So have a beautiful week. Give me a call, give me a text, hug those you love, and we'll see you next time. Bye now.
2023-12-26T16:45:00-07:002023-12-26T16:44:37-07:00Alice Lematag:alicelema.com,2012-09-20:32009Market Update Dec 18 2023Market Update Data Dec 18 2023
Market Update Dec 18 2023
[00:00:00] Hey, real estate fans. Welcome back to the market statistics for Southern Oregon. This is for the week ending Monday December 18th, 2023 winding down the year. We've got a lot of good news this week, and then a little bit of bad news, but overall I think you're going to be happy with the trends.
So let's start with Jackson County first and this is year over year residential only because different kinds of real estate have different kinds of numbers. We're just doing a residential. So Jackson County residential year to date is at 4%. Congratulations. The average single family home in Jackson County this week sold for 515, 904. The number of solds year over year are up 90%. We had 57 residential closings this week in Jackson County alone. So that is great news. The number of listings active on the MLS year [00:01:00] over year are still down 6 percent in Jackson County. We had 626 residential properties actively listed on the MLS this week.
Foreclosures. We did have three foreclosures in Jackson County this week. One was in White City for 293, 000. One was in Eagle Point for 284, 000. And one was in East Medford, 306, 000. And if you want more information about those or you want to talk about short sales and, and foreclosures just. Hit me up. My number will be at the end of the video. We had zero short sales in Jackson County this week, and we had 1, 000, 000 closing in the residential market in Jackson County this week for 1. 49 million. And that was in Ashland. So, like, you can see it's a little bit of a mixed bag but predominantly good news.
Josephine County is next. Josephine County [00:02:00] prices year over year this week are up 15%. Congratulations, Josephine County. The average single family residential home now costing 452, 290. The number of sold this week year over year in Josephine County are up 15%. We had 15 closings in Josephine County in the residential market. And then the number of listings year over year in Josephine County were down 3%. We had 297 residential listings active in Josephine County on MLS this week. Zero foreclosures. In Josephine County this week, zero short sales and zero million dollar residential closing. So Jackson and Josephine County kind of showing similar trends.
Let's jump over to Klamath County. Prices Klamath County year over year this week are up 34 [00:03:00] percent. The average single family home in Klamath County costing 338, 162. So All three counties year over year prices are up. Congratulations to all three counties. Let's go back to Klamath County. The number of solds year over year in Klamath County were up 85%. There were 13 closings in the residential market in Klamath County and the number of listings in Klamath County year over year this week were down 4%.
There are 220 active listings in Klamath County year over year. On MLS in Klamath County this week only one foreclosure in Klamath County this week, and it was in Bonanza for 160, 000. There were no short sales closing in Klamath County, and there were no million dollar closings in Klamath County. So overall, here we are almost at the end of the year.
We thought it was going to be a downturn in prices, and we're seeing a little bit of an uptick. [00:04:00] We've got Jackson county, 4 percent up Josephine county, 15 percent up and Klamath county, 30 percent up 34 percent up. We still need more listings. You can see on the chart. There's a smidge shortage from this time last year, but overall, we still have more buyers than sellers, but just by a little bit.
So that trend is continuing. So what does that mean to Southern Oregon? What it means is that we are looking for A stabilization in at least 1st quarter of next year, and maybe on to 2nd quarter. We're looking for appreciation this is what we've been saying in the last few weeks, maybe in that 1 to 5%.
And that will be for closing out 2023 and starting 2024. So practically speaking, not a bad time to sell because there's still lower inventory. In fact, if we're right about our predictions into 2024, [00:05:00] You're going to have a lot more competition on the listing side. So keep that in mind. If you can get your house on the market between now and maybe March 1st, you could maybe scoop up the starving buyers that are still left.
And there's more buyers getting pre approved because rumor has it the interest rates are going to go down. So a lot of strategic thinking to do over this holiday. In the meantime, give me a call. Give me a text numbers. 541-301-7980. I want to be your agent, a great listing agent, great buyer's agent. Work with all, all walks of life, all categories of real estate. And yeah, this is my bag.
So we track these numbers every week. We're going to put some of our own analytics out just for Southern Oregon. Specific that'll be early January. We'll also have our local MLS published their 2023 closing numbers and then the national stats. So it's going to be a pretty exciting couple of weeks, [00:06:00] but as you can see, our little Southern Oregon is recovering.
Yay for us. I have a beautiful weekend. See you next time. Bye now..2023-12-26T12:30:00-07:002023-12-26T12:36:30-07:00Alice Lematag:alicelema.com,2012-09-20:31929New Housing Trends 2023New Housing Trends 2023
Video Transcript Below
Market Update Dec 11 2023
Alice Lema: [00:00:00] Well, hey, real estate fans, welcome back to market statistics for housing, southern Oregon. This is for the weekend being Monday, December 11th, 2023. We're going to do all three counties, just like we do. And we're going to start with Josephine.
These are a year over year residential only. Prices year over year in Josephine County are down this week 4%. The average single family home costing $454,222,000. The number of sold year over year in Josephine County were down 55% with nine closings in Josephine County for residential. The number of listings year over year are down 3% in Josephine County with 306 listings on MLS. We had zero foreclosures closed this week, zero short sales closed this week, and zero million dollar closed in the residential market in Josephine County this week.
Jackson [00:01:00] County, a little bit of a different story. The prices year over year this week were neutral, so no change. The average single family home costing 478, 077. The number of sold year over year for residential in Jackson County are up 15 percent from last year. We have 37 closings this week. The number of listings year over year in Jackson County are down 5%. We had 641 listings on MLS in Jackson County in the residential market. We had zero closings for foreclosures, zero short sales this week in Jackson County. We did have 1- 1, 000, 000 sale for 1, 000, 000 even and that was in Phoenix.
Klamath County prices were up 24%. Congratulations, Klamath County. The average single family residential home now costing 361, 277 in Klamath County this [00:02:00] week. The number of sold year over year in Klamath County were down 55%. There were nine closings in the residential market in Klamath County this week. The number of listings year over year were down 2% with 229 listings on MLS in the residential market in Klamath County. This week we had zero foreclosures, zero short sales, and zero million dollar residential closings in Klamath County this week.
So we did have one week not that long ago where we had an increase in price in each of the counties. You can see we still have a little bit of volatility, but for the most part, the listing shortage is changing. And I want to encourage you to listen to the podcast this week, because there is a very interesting trend brewing this winter.
And I've been talking about it to the clients when we're out looking, but I want you to listen to the podcast because it got verified by KCM, Keeping Current Matters today. So super [00:03:00] exciting always nice to be on top of the trends, even if they're micro trends that we're watching every week, because that's how we build into the macro trends. And then we're just more prepared. We're better consumers. And that's the whole reason we do these.
I want to be your agent. I want to be your listing agent, your buyer's agent. Great with rural property, riverfront, work with first time homebuyers. If you are worried about losing your home in a short sale or foreclosure, very experienced with that as well.
And yeah, just ready to bring in 2024 and let's talk about what we're going to do for your next real estate situation. My number is 541-301-7980 Make it a great day. And we'll see you next week. Bye now.2023-12-18T14:30:00-07:002023-12-18T14:16:41-07:00Alice Lematag:alicelema.com,2012-09-20:31928Market Update Dec 11 2023Market Update Dec 11 2023
Full Video Transcript Below<br /><br />
Market Update Dec 11 2023
Alice Lema: [00:00:00] Well, hey, real estate fans, welcome back to market statistics for housing, southern Oregon. This is for the weekend being Monday, December 11th, 2023. We're going to do all three counties, just like we do. And we're going to start with Josephine.
These are a year over year residential only. Prices year over year in Josephine County are down this week 4%. The average single family home costing $454,222,000. The number of sold year over year in Josephine County were down 55% with nine closings in Josephine County for residential. The number of listings year over year are down 3% in Josephine County with 306 listings on MLS. We had zero foreclosures closed this week, zero short sales closed this week, and zero million dollar closed in the residential market in Josephine County this week.
Jackson [00:01:00] County, a little bit of a different story. The prices year over year this week were neutral, so no change. The average single family home costing 478, 077. The number of sold year over year for residential in Jackson County are up 15 percent from last year. We have 37 closings this week. The number of listings year over year in Jackson County are down 5%. We had 641 listings on MLS in Jackson County in the residential market. We had zero closings for foreclosures, zero short sales this week in Jackson County. We did have 1- 1, 000, 000 sale for 1, 000, 000 even and that was in Phoenix.
Klamath County prices were up 24%. Congratulations, Klamath County. The average single family residential home now costing 361, 277 in Klamath County this [00:02:00] week. The number of sold year over year in Klamath County were down 55%. There were nine closings in the residential market in Klamath County this week. The number of listings year over year were down 2% with 229 listings on MLS in the residential market in Klamath County. This week we had zero foreclosures, zero short sales, and zero million dollar residential closings in Klamath County this week.
So we did have one week not that long ago where we had an increase in price in each of the counties. You can see we still have a little bit of volatility, but for the most part, the listing shortage is changing. And I want to encourage you to listen to the podcast this week, because there is a very interesting trend brewing this winter.
And I've been talking about it to the clients when we're out looking, but I want you to listen to the podcast because it got verified by KCM, Keeping Current Matters today. So super [00:03:00] exciting always nice to be on top of the trends, even if they're micro trends that we're watching every week, because that's how we build into the macro trends. And then we're just more prepared. We're better consumers. And that's the whole reason we do these.
I want to be your agent. I want to be your listing agent, your buyer's agent. Great with rural property, riverfront, work with first time homebuyers. If you are worried about losing your home in a short sale or foreclosure, very experienced with that as well.
And yeah, just ready to bring in 2024 and let's talk about what we're going to do for your next real estate situation. My number is 541-301-7980 Make it a great day. And we'll see you next week. Bye now.
2023-12-18T14:15:00-07:002023-12-18T14:13:19-07:00Alice Lematag:alicelema.com,2012-09-20:31776RE 5 Yr Wealth ForecastReal Estate 5 Yr Wealth Forecast
Full Video Transcript Below
5 Year Wealth Predictions
Alice Lema: [00:00:00] Well, hey, everybody. Welcome back to the podcast. This week we're going to be talking about some home price appreciation surveys that were published in KCM Keeping Current Matters, showing homeowner equity growth from. 2023 to 2028 and we have kind of a jaw dropping number, was super exciting.
And then we're going to drill down into Southern Oregon because just this week on the market statistics that I, that I do on YouTube, we have for the first time in a long time, all three counties showing a year to date growth. Some of it's big, some of it's not. But here we are at the end of this really hard year, hard financially a lot of uncertainty, a lot of tragedy in the world. And that all affects how people make decisions about buying and selling. And so I'm just so happy that we're starting to get a little bit of good news.
But I want to show you this chart that [00:01:00] was done by KCM and they were using the Home Price Expectation Survey data. You know how we love data. And so if you purchased a home in 2023 for 400, 000, which here, that's, you know, the, the new normal, we still do sell properties below that, but that's, you know, kind of an average. And then check it out going out to 2028. We're looking at an appreciation of 71, more than 71, 000. So a five year appreciation of 71, 000 is great.
Those are optimistic and sustainable growth. You know, when we had the COVID, when we had the fires, our prices spiked way up and that's not sustainable. What we want is a little bit every year and with homeownership, like with a lot of investments, it's cumulative. So if you get 2 or 3 percent one year, then you get 3%, the next year that adds on. So it grows [00:02:00] exponentially. And speaking of which, I do want to show this other chart, which shows the estimated home price performance from December to December, starting with 2023. And this is what we're talking about the predicting nationally. 3 percent for 2023, a little over two in 2024, and then going on out to 2027. And so those are the percentages of appreciation that are being forecasted.
And so that's healthy, that's sustainable. And it's also optimistic at a, at a time when we don't have a ton of good news. So as promised, I want to just point out that our local market, and this is year over year, and you can go to the market statistics video for this week. It'd be this week ending December 4th.
But Jackson County year over year had a 28 percent increase in prices. Josephine County also had a 28 [00:03:00] percent increase in price. And Klamath Falls had an 8 percent increase in price. And those are some of the trends that I look for and wait for, because when you have volatility, it's not only different every week, it's different county to county and everything's kind of all over the board, but we've watched it, try to solidify, I think in the last 90 days. And we have a really active market right now.
And it's the holidays. Usually Southern Oregon housing market is, you know, kind of slow around the holidays in the winter and it picks up again in the spring. But we didn't really have that, that big spring market. I think we're kind of having it now. And also, the buyers are just sick of waiting. You know, if we're not going to have a big crash, which there wasn't enough supply to support a crash.
And whatever you think of the employment numbers, if they're right, wrong or indifferent, people still have jobs. And that's usually where the housing market gets its strength is from wages. So here we go. And we do have a lot [00:04:00] more people putting their house on the market. And I think that's bringing us that upward spiral because when you have houses on the market, then people feel like it's okay to sell their house and buy another one, or it's okay to sell their house period. So again, don't want to make it sound better than it is. We don't want to be overly optimistic, but boy, it was a great week for the data. And so just had to share.
In the meantime, I'm around all weekend. I want to be your agent. My number is 541 301 7980. Give me a call. Give me a text. Let's talk about what we're going to do, the next step of your real estate life. And also just a reminder, this end of the year holiday time is great to rethink your life goals. It's great to rethink your will and your estates, especially if you bought or sold something this year. You want to get all that updated, and financial directives.
And just hit me up if you need some estate attorneys, we've got a bunch of great ones. [00:05:00] Okay. Well, that's it for this week. Hug those you love. We'll see you next time. Bye now.2023-12-11T15:30:00-07:002023-12-11T14:59:40-07:00Alice Lematag:alicelema.com,2012-09-20:31772Market Update Dec 5 2023Market Update Dec 5 2023
Full Video Update Below
December 4th, 2023 Southern Oregon Housing Market Update
[00:00:00] Well, hey, real estate fans. Welcome back to the Weekly Market Statistics for Southern Oregon Housing. I'm Alice Lema, broker at John L. Scott here in Southern Oregon. And this is for the week ending Monday, December 4th, 2023. Now we're starting to see some changes and little by little, we keep talking about that.
And here we are headed into the holidays and Jackson County prices year over year are up 28% from this time last year. Now, keep in mind, this is a residential single family homes only. But the average Jackson County single family home is now selling for 510, 099. So way to go. Jackson County. The number of solds in Jackson County here over a year this week were up 2%. There were 39 residential closings in Jackson County. Number of listings year over year are only down 8 percent. In the residential market we had 658 [00:01:00] properties on MLS this week. We had zero foreclosures in Jackson County in the residential market, zero short sales.
But we did have three more million dollar closings. One in Ashland for 1.5 million. One in Eagle Point for 1.1 million, and another one in Ashland for 1.0 million.
Josephine County prices are also up, year over year this week, 28%. With an average single family home selling for $558,456. So kudos to josephine County for that. The number of sold year over year only 4 percent in Josephine County. And we had 23 closings in Josephine County this week. The number of listings year over year are down only 5%. We had 322 on the market in Josephine County this week. We had zero real[00:02:00] foreclosures closing. We had zero short sales in Josephine County close. We had 1 million property in Grants Pass so this week for 1. 1 million. So look at that two counties in a row.
Let's look and see what's going on with Klamath County. Klamath County this week, year over year, prices are up 8%. The average residential home selling for . Sorry about that. And so that's all three counties are up year over year this week. So we've been waiting for that. The number of solds this week, year over year in Klamath County are neutral. It's the same as it was this time last year with 13 residential closings in Klamath County. Number of listings is also neutral year over year this week in Klamath County at 240 active listings on the MLS. And Klamath County and zero short sales, zero foreclosures and zero million dollar closings in Klamath County.
So we're starting to [00:03:00] get some traction. It's very, very busy right now. We have a lot of people buying. A lot of people putting their house on the market, but we're still short of what we really need to meet the buyers, the number of buyers that we have out. So, once again, another plea going out. You're thinking of selling anytime in the next two years. Think about doing it now. You still have less competition. The interest rates, we're just dealing with it. The buyers are dealing with it. They're figuring out and there's been a little bit of reduction in the rate since A few months ago.
So with that in mind, I'm around all weekend. Give me a call. Give me a text. My number is 541 301 7980. Great listing agent. Great buyers agent, on top of the market in three counties and great with rural property. First time home buyers, people downsizing, upsizing, whatever you need. Give me a call. We can take care of it.
And also want to remind everybody this [00:04:00] is a great time of year to start talking to your family members about updating estates, wills, medical directives, things like that. Not to be a Debbie Downer, but you're all going to be together likely, or at least talking to each other on the phone. So start having those conversations. If you have not done any of that, get on it. And if you have done it, but it's been a long time, get it updated. If you need some help or you need some greatest state attorneys, I've got a bunch of them. So that's it for now. Have a beautiful rest of the Southern Oregon weekend. Hug those you love. Bye now.
2023-12-11T14:45:00-07:002023-12-11T14:54:48-07:00Alice Lematag:alicelema.com,2012-09-20:31741Central Point Homes Sold 3rd Qtr 2023Central Point Homes Sold 3rd Qtr 2023
<br />There were 83 single family homes sold in Central Point Oregon in the third quarter of 2023. Prices ranged from $163,000 (lot value) up to $1,300,000. Average price per square foot was $258 and average days on the market were a little over 37 days. Below are sample homes that sold in different price ranges, followed by the listings for the properties so you can see photos and more detail. <br /><br />6285 Foley Lane, Central Point, OR 97502
SqFt: 1512<br />Lot: 2.14 acres<br />Bedrooms/Bathrooms: 3/2<br />List/Close Price: $265,000 / $256,104<br />DOM: 7<br />Year Built: 1994<br />Remarks: A fixer-upper opportunity on a sloped land, offering low down payment and seller carry terms. A chance to restore a manufactured home to its former glory. You can't get better financing with thie owner carry at 4%
<br /><br />555 Freeman Road UNIT 72, Central Point, OR 97502<br />SqFt: 1640<br />Lot: 0.12 acres<br />Bedrooms/Bathrooms: 3/2<br />List/Close Price: $335,000 / $325,000<br />DOM: 12<br />Year Built: 1998<br />Remarks: A triple wide manufactured home in a 55+ park with a great floor plan. Features include a Jack and Jill bathroom, a large living space, and a walk-in closet. The property offers community amenities and a covered patio with heritage grapes. You own your own lot in this very popular park. <br /><br /><br /><br />
166 Alta Lane, Central Point, OR 97502<br />SqFt: 1765<br />Lot: 0.14 acres<br />Bedrooms/Bathrooms: 3/3 (2 Full, 1 Half)<br />List/Close Price: $405,000 / $405,000<br />DOM: 15<br />Year Built: 2003<br />Remarks: A perfect family home with a master on the main floor, large living space, huge kitchen, and two bedrooms upstairs. Includes a detached two-car garage and a cozy courtyard and on a corner lot! <br /><br /><br />533 Buck Point Street, Central Point, OR 97502<br />SqFt: 1689<br />Lot: 0.1 acres<br />Bedrooms/Bathrooms: 3/3 (2 Full, 1 Half)<br />List/Close Price: $450,000 / $460,000<br />DOM: 63<br />Year Built: 2014<br />Remarks: An immaculate home in popular Twin Creeks neighborhood, featuring a spacious living room, gourmet kitchen, a primary bedroom with en-suite bathroom, and a garden with a covered patio for outdoor entertaining. Across the street from greenspace and park.<br /><br /><br />3286 Snowy Butte Lane, Central Point, OR 97502<br />SqFt: 2593<br />Lot: 0.13 acres<br />Bedrooms/Bathrooms: 3/3 (2 Full, 1 Half)<br />List/Close Price: $525,000 / $525,000<br />DOM: 15<br />Year Built: 2007<br />Remarks: A beautifully designed and spacious home with a recently updated interior located in a cul de sac and it backs onto a park. Features an oversized kitchen, formal and casual dining areas, a low maintenance backyard with a BBQ area and a screened-in patio and an inground pool. Two living spaces good for extended family.<br /><br /><br />149 Josephine Court, Central Point, OR 97502<br />SqFt: 2542<br />Lot: 0.33 acres<br />Bedrooms/Bathrooms: 4/3 (2 Full, 1 Half)<br />List/Close Price: $619,000 / $619,000<br />DOM: 2<br />Year Built: 1992<br />Remarks: A 2-story home at the end of a cul-de-sac, backing onto a park. Features include a chef's dream kitchen, two living spaces, an inground pool, and a detached pool house or game room.<br /><br /><br /><br />4951 Glen Echo Way, Central Point, OR 97502<br />SqFt: 1760<br />Lot: 10.18 acres<br />Bedrooms/Bathrooms: 3/2<br />List/Close Price: $735,000 / $735,000<br />DOM: 6<br />Year Built: 1962<br />Remarks: A single-story home on a little over 10 acres of pastureland. Stay warm with upgrades like a geothermal HVAC system and an ozone water treatment system. Includes a modern shop with guest quarters and a riding arena. Has back up 5000 gallons gravity flow water tank. <br /><br /><br />4225 Livingston Road, Central Point, OR 97502<br />SqFt: 3926<br />Lot: 6.17 acres<br />Bedrooms/Bathrooms: 4/3<br />List/Close Price:$950,000<br />Year Built: 1982<br />Remarks:Quiet country living but less than 5 minutes from town. Two ponds with Koi fish, great views, county kitchen, lots of updates, solarium, finished basement and much, much more!<br /><br /> 2023-12-08T16:00:00-07:002023-12-08T15:56:47-07:00Alice Lematag:alicelema.com,2012-09-20:31726460 Sams Creek Rd, Gold Hill, OR460 Sams Creek Rd, Gold Hill, OR
Lovely home on almost 10 acres with pool, spa, guest house. Beautiful views of Table Rock and Mt McLaughlin. House is move in ready! Virtual tour and more info below.<br /><br />Call Alice Lema: 541-301-7980
2023-12-07T16:15:00-07:002023-12-07T16:02:00-07:00Alice Lematag:alicelema.com,2012-09-20:31637Medford, Oregon Homes Sold 3rd Qtr 2023Medford, Oregon Homes Sold 3rd Qtr 2023
There were 277 single family home that sold in Medford, Oregon in the third quarter of 2023. Prices ranged from $210,000 up to $2,850,000. Below are some of the houses that sold in different price ranges, followed by the listings so you can see the photos and more detail.
1078 Stewart Avenue, Medford, OR 97501
Bedrooms: 2<br />Bathrooms: 1<br />Square Feet: 795<br />Lot Size: 0.19 acres (8,276 sq ft)<br />List Price: $212,000<br />Sale Price: $210,000<br />Days on Market: 40<br />Year Built: 1950<br />Remarks: A single-level fixer-upper with a very large backyard, a 1-car garage, and tax annual amount of $1,386.71 2.<br /><br />
102 Mistletoe Street, Medford, OR 97501<br /><br />Bedrooms: 2<br />Bathrooms: 2<br />Square Feet: 1,074<br />Lot Size: 0.12 acres (5,227 sq ft)<br />List Price: $279,000<br />Sale Price: $260,000<br />Days on Market: 80<br />Year Built: 1890
Remarks: Updated Craftsman style, suitable for residential or business use, with many recent updates including heat, A/C, windows, kitchen, and bathrooms
1550 Johnson Street, Medford, OR 97504<br /><br />Bedrooms: 3<br />Bathrooms: 1<br />Square Feet: 1,194<br />Lot Size: 0.18 acres (7,841 sq ft)<br />List Price: $339,999<br />Sale Price: $339,999<br />Days on Market: 211<br />Year Built: 1962
Remarks: Features new roof, paint, carpet, appliances, large backyard, and a covered back porch<br /><br />
1844 Aster Street #26, Medford, OR 97501<br /><br />Bedrooms: 3<br />Bathrooms: 2<br />Square Feet: 1,403<br />Lot Size: 0.12 acres (5,227 sq ft)<br />List Price: $380,000<br />Sale Price: $380,000<br />Days on Market: 0<br />Year Built: 2023
Remarks: New home with vaulted ceilings, modern features, fenced yard, landscaping, and smart home technology<br /><br />
1749 Willow Glen Way, Medford, OR 97504<br /><br />Bedrooms: 3<br />Bathrooms: 2<br />Square Feet: 1,814<br />Lot Size: 0.18 acres (7,841 sq ft)<br />List Price: $415,000<br />Sale Price: $415,000<br />Days on Market: 4<br />Year Built: 1989
Remarks: Located in a desirable area, offers a functional floor plan, large primary suite, covered deck, and ample parking including RV space<br /><br />
1909 Regal Avenue, Medford, OR 97501<br /><br />Bedrooms: 3<br />Bathrooms: 4<br />Square Feet: 1,570<br />Lot Size: 0.15 acres (6,534 sq ft)<br />List Price: $449,000<br />Sale Price: $449,000<br />Days on Market: 54<br />Year Built: 1997
Remarks: Custom-built home with luxury features, spacious rooms, a large fenced yard, patio, detached shop, and RV parking<br /><br />
3660 Dodson Road, Medford, OR 97504<br /><br />Bedrooms: 5<br />Bathrooms: 4<br />Square Feet: 3,632<br />Lot Size: 1.21 acres (52,708 sq ft)<br />List Price: $599,900<br />Sale Price: $562,500<br />Days on Market: 14<br />Year Built: 1955
Remarks: Artistic home with separate living quarters, a workshop, large open floor plan, vaulted ceilings, and outdoor entertaining areas<br /><br />4266 Tamarack Drive, Medford, OR 97504<br /><br />Bedrooms: 3<br />Bathrooms: 3<br />Square Feet: 2,348<br />Lot Size: 0.49 acres (21,344 sq ft)<br />List Price: $614,500<br />Sale Price: $612,500<br />Days on Market: 39<br />Year Built: 1997<br />Remarks: Near Prescott Park, offers natural light, a bright kitchen, spacious primary suite, mature landscaping, and room for RV parking<br /><br />
314 Cliffwood Court, Medford, OR 97504<br /><br />Bedrooms: 5<br />Bathrooms: 4<br />Square Feet: 3,307<br />Lot Size: 0.25 acres (10,890 sq ft)<br />List Price: $995,000<br />Sale Price: $995,000<br />Days on Market: 14<br />Year Built: 2018
Remarks: Panoramic views, home theater, open floorplan, luxury kitchen, and outdoor areas with orchard and decks<br /><br />
1013 Roxy Ann Road, Medford, OR 97504<br /><br />List Price: $1,249,000<br />Sale Price: $1,249,000<br />Bedrooms: 4<br />Bathrooms: 4<br />Square Feet: 3,922<br />Lot Size: 0.34 acres (14,810 sq ft)<br />Days on Market: 14<br />Year Built: 2005
Remarks: Contemporary design with custom millwork, high ceilings, gourmet kitchen, master suite with fireplace, heated saltwater pool, and RV parking<br /><br />2023-11-30T15:45:00-07:002023-11-30T15:20:20-07:00Alice Lematag:alicelema.com,2012-09-20:31615Real Estate Radio Show with Lennox ScottSouthern Oregon Real Estate Radio Show with Lennox Scott
Full Video Transcript Below
Real Estate Show with Lennox Scott
Alice Lema: [00:00:00] Well, hey, Southern Oregon, welcome back to the real estate show. I'm Alice Lema. I'm a broker at John L. Scott real estate here in Southern Oregon. And today we are welcoming, the amazing Lennox Scott. He is the CEO of John L. Scott corporation, and he is also third generation, real estate person in his family.
We're so excited to have Lennox. He comes on the show a couple of times a year, and we're going to talk to him about what's happened in 2023. We're going to recap. We're going to talk about what it's like to buy and sell during the winter sessions. And also we're going to talk a lot about 2024. So it's going to be a great, great chat with Lennox Scott.
He's going to be here in just a quick minute. While we're waiting, let's check briefly on our local statistics. Let's start with Klamath County this week. This is for single family residential only. Prices in Klamath County year over year are down 22 percent this week. The [00:01:00] average single family residential home costing 364, 751 in Klamath County this week. The number of solds year over year in Klamath County are up 90%. We had 19 closings in the residential area this week. The number of listings year over year in Klamath County are up 11%. Yay at 20, I'm sorry, with, 272 active listings in Klamath County this week.
Josephine County prices are up year over year 8 percent this week. Yay for that. The average single family residential home in Josephine County this week costing 500, 533. The number of sold year over year in Josephine County this week are down 4%. We had 22 closings in the residential single family area. The number of listings in Josephine County this week year over year are down 7%. With 352 active listings in Josephine [00:02:00] County this week.
Jackson County prices were up 2 percent year over year, the average now being 535, 909. The number of solds year over year in Jackson County were up 6% this week with 51 closings in the residential single family home market. And the number of listings year over year in Jackson County this week were down 8%. We had 711, active listings in the residential single family home market. So still some volatility, but still some signs of, of, optimism.
We're going to welcome Lennox Scott as our guest this week. he'll be on right after this quick break. We're going to be brought to you by John L scott, Ashland Medford, Guy Giles, Mutual Mortgage, and our local Rogue Valley Association of Realtors. We'll be right back with Lennox Scott. Don't go away.
Well, good morning, Southern Oregon and welcome back to the real estate show. We are delighted to welcome Mr. Lennox Scott on the [00:03:00] show today. Thank you so much Lennox.
Lennox Scott: Well, thank you Alice.
Alice Lema: This is always such a treat, and here we are almost at the end of 2023 and what a year we've had. Oh my gosh.
Lennox Scott: Well, it's, such a unique, time in the real estate industry and, and so I know we're gonna have a chance to go through that today, and I do appreciate being invited back onto your show.
Alice Lema: Well, Southern Oregon loves you and we always learn a lot and, also feel very motivated, with your words.
Lennox Scott: Well, thank you.
Alice Lema: So would you like to start maybe with the first part of 2023? Maybe recap what's happened?
Lennox Scott: Well this is a unique market. I've been in the industry 47 years. This is probably my fourth or fifth, adjusting market, cycle to go through. And this one is unique because, there's a, shortage of new resale listings coming on the market in the normal sequence. So what with higher interest rates, there's fewer buyers in the market and 70 percent [00:04:00] of them have a home to sell. So there's just fewer homes coming on the market that way. Then on the other side, a lot of homeowners refinanced at very low interest rates and they're staying put right now instead of, not quite as many doing that local repositioning move in in the in the community.
And so who's moving in today's market? That's one thing we, you know, should take a look at. And those there's 2 big areas. 1 is life events, and that would be household formation, change, change, job transition, estates. Those items life events and then there's those with major equity and that's probably 50 percent 50 percent of the market right now.
Those seniors, retirees with 100 percent equity and in many cases, and then others who have been in their home for 5 years may have 50 percent equity. And that's [00:05:00] also driving the market today because they're able to reposition. The interest rates are not as much of a factor in those, instances. So, with that as a backdrop, with fewer homes coming on the market, we still have buyers, especially below 750 in Southern Oregon, coming into the marketplace.
And then, and the luxury price points, those that are positioning their home to get sold, because you can buy and sell within same market timing, it's okay to do that. You buy and sell maybe in the spring up here, you buy and sell right now, just a little bit lower, but you're sitting, basically with the same net seller asset equity.
So that, that's what we're, seeing, taking place in the market that's keeping the market in motion. And the other statement I want to say is, what you see is what you get. So in 2024, we don't see that much of a change in the marketplace. but, we can chat about that in a second, [00:06:00] of, of the economist forecast.
Alice Lema: So, that's really, really interesting. One of the things we've noticed in Southern Oregon, we've, we haven't had as much of a price decline as was predicted at the end of 2022. It's really quite shocking.
Lennox Scott: Well, I did some quick calculations for Southern Oregon and 88 percent of the transactions are taking place below 750, 000. And there's price support because we're at a low, low inventory of unsold properties.
And now we're into the winter cycle, and that's a whole nother discussion. So there's fewer homes coming on the market over the winter. September is usually the high point of unsold inventory. January 1st is the low point. And so with that taking place, that's price support. And, and, there's just higher intensity, right after the first of the year, for homes going under contract within the first 30 [00:07:00] days.
It's lower right now, a couple levels of hotness from, the spring of this year. Because interest rates did go up and it, it, paused some buyers from, moving forward and purchasing. Below, but below 750, we have price support and there's a possibility of price increases in the spring.
Alice Lema: Wow. Now that would be something. What would, would it be, what would be generating those, price increases do you think?
Lennox Scott: Well, we're starting the first of the year at the low point of unsold inventory. Very few listings come on in January and February, not until March. And then you get April, May, June, July, August, where you get the majority of, new listings coming on the high point, on a monthly basis, but we're heading into winter.
We've started the winter cleanup right now with the inventory, right after the first year or snow event or whatever, right after the first year, the buyers come out of the woodwork after the holidays. But there's [00:08:00] just not the inventory present, and there's, just, there's fewer listings.
So we, in the wintertime, we always get the, about the same number of homes going under contract as new listings coming on the market. In the summer, there's more new listings that come on the market above the number of homes going under contract. So prices mellow a little bit. The intensity mellows during the May, June, August time frame.
But in the first of the year, it's right, it's right there. The home's under contract to new listings. And that's where price support and the possibility In the spring. Real estate follows a pretty normal pattern. And although the numbers of transactions are lower right now, because of those reasons I gave at the beginning here, we're, we're to the normal seasonal pattern of when homes come on the market and when homes go under contract.
I got it. They're at a lower level, but because of the [00:09:00] unique situation of the market, there's no oversupply in the more affordable and mid price ranges, where 88 percent of the transactions are taking place.
Alice Lema: Yes, it really is a dire straits for inventory in those lower, lower price points for sure. And we do seem to have a few more buyers than sellers still. What advice would you give a winter, winter sellers right now? People who maybe who don't want to wait until next year.
Lennox Scott: Well, it's part of that is taking a look at your area and price range and what your objectives are. We always get the question, when's the best time to sell your home? And the answer is when the, when the timing's right for you, because it's okay to buy and sell within same market timing.
So taking a look at where do you want to reposition? Where are you moving forward? That's the number one indicator, and what's your time frame to accomplish that. And if you're, [00:10:00] going to bring it on over the winter time or right after the first of the year, now's the time to talk to your broker associate, because, as a seller, you want to get market ready, day one, because it's all about, bringing the home on the market.
It's about the, buyers who are currently in the marketplace. That's your, and the best opportunity to sell your home at the best price is the first 30 days that it's on the market. So, it, it does come down to what you want to accomplish, and then looking at the local market, what is the peer group of homes that you're, competing against?
Where, and what I meant by that is, what are the other homes that buyers that look at your home would also look at. And then checking out what's going on in your peer group. You know, last week or last month, how many went under contract in your peer group? How many price reductions? How many new listings?
Those are the type of information you want to take a look at [00:11:00] to, to, figure out, how do I position my home? What is the right pricing? What is my, timetable? but we, right now we're, we're, at a, coming into a good place where the number of pendings match up really well with the number of homes coming on the market.
Alice Lema: Yeah, it really is a surprisingly strong and we're super grateful for that. What about interest rates, you know, we've had some surprisingly high number of increases more than we thought we were going to. Where, what are your personal thoughts on where those interest rate numbers are going next.
Lennox Scott: Well, Alice, that has been a surprise. Hasn't it? Yeah. Wow. They were not forecasting this a couple of years ago, but inflation got out of hand. They had to raise the rates up because the only tool they've had to cool inflation is to cool the economy. And in fact, it's in process. So, there's a couple of things [00:12:00] I, look at, looking ahead.
Job growth is the number one indicator to a strong market. And not only local job growth, but job growth in the major metro areas of where buyers also come from to Southern Oregon, from San Francisco, from Portland, from Seattle, and, and elsewhere. but those, Los Angeles, those are the big metro market areas for that.
So, job growth is slowing in the major metro market areas. there's actually, it's, it was doing really well until a couple months ago and now there's a couple yellow flags up, that the job growth is slowing and that's good for interest rates. And I think that's what, the interest rates went up to approximately 8%, but now they're back off about a half a point.
And part of that is that the, international investors realize, we're putting in a pricing premium on interest rates, not knowing if they're going to continue to go up. Well, [00:13:00] when that, when they saw that the Fed Reserve, paused in doing their rate increases. The international investors brought down some of that premium of expected increase in continual increase in rates.
There's another inflection point that's coming up and that's the appropriation bills in Congress. So right now we're going to be coming up against another debt ceiling limit, a national debt ceiling limit. and they'll probably postpone it one more time just because I don't think they're going to be able to get their work done, but they're going to try to get the spending in alignment in our nation because right now we're running a 2 trillion deficit just in day to day spending.
That's too much money. and that would keep rates higher or, you know, world investors looking at you got to get your financial house in order. So hopefully we get that more in alignment that will send a signal to the international investors that buy mortgage backed securities and other [00:14:00] bonds that we don't need to have that premium.
like we've been getting this last couple years asking for and so that itself could bring rates down. So two two good items, they're the pause and the Fed Fed reserve interest rates and hopefully the spending bills get in alignment so that we can reduce our need for selling bonds in our nation year over year. And so the economists, I read, many, many economists, what they're projecting forward, and they're projecting interest rates, into the upper sixes next year, maybe the second quarter, particularly Lawrence Yoon, the chief economist of the National Association of Realtors, he's, they're also predicting 6. 3 by the end of next year. And some are predicting, maybe, at 6 percent or so, in 2025.
So it's still not going to change the, that much, the amount of listings coming on the market, although, when rates do [00:15:00] come down, more buyers will come into the market. So there were, there will be some more listings cause, they have homes to sell, but at the same time, the intensity is going to go up.
Because there's going to be more buyers than new listings coming on, than new, new resale listing, additional listings coming on. So the intensity is going to go up, especially below 750, in Southern Oregon. that, that's going to take place. The big question comes in, you know, you're probably ready to ask it.
Alice Lema: Well, but we've got to take a quick break and I'm so sorry, this is so exciting. We're talking to Lennox Scott, the CEO and a leader of, John L. Scott corporation. We're going to take a quick break and say thank you to our sponsors, John L. Scott, Ashland and Medford, Guy Giles Mutual Mortgage, and our local Rogue Valley Association of Realtors.
We'll be right back with more Lennox Scott. Well, welcome back real estate fans. We've got Lennox Scott on the show today. And, right before the break, we were talking about predictions and some of the things that have happened in [00:16:00] 2023. And we were about to ask the big question Lennox, is it good to buy and sell now, or should you wait?
Lennox Scott: Well, yeah, that is the question that we get asked frequently, isn't it? Should we, should I buy now or should I wait until interest rates come down? And it depends. It depends, what you want to accomplish. You know, we help you move forward in life. So, what your timetable is, it's, it's okay to buy and sell now, especially when they're more affordable in mid price ranges.
We know there's price support. We know there's a potential that prices may go up in the spring. Even if they just went up 5%, on a 500, on a 400, 000 home, that would be 20, 000. Well, if you purchase today, there's a certain interest rate that you're paying right now, and if the rates come down, there is a monthly payment differential. But that monthly payment differential might only be 300, 400 in over 12 months. That would be [00:17:00] 4, 800. Well, if the price of the home goes up 20, 000 and you're saving 4, 800 by waiting, you need to take a look at the math.
So it really depends on the price range you're feeling about where interest rates are going to go. There's also, we see homebuyers looking at the possibility of buying down the interest rate being bought down the first year or two. They call it a 2 -1 buy down or a 1 percent buy down to bridge that monthly payment, a little bit lower monthly payment for a period of time. So we know buyers are looking at that and some sellers are offering that. So that, that comes into play, to, about where we're going in the future. But with a, those few indicators, going our way with the Fed Reserve, we're kind of at the pinnacle, it feels like.
I can't say it's, it's, it's an absolute. I'm not an economist, but it feels like we're at the pinnacle on rates and all the economists are forecasting lower rates. [00:18:00] So I, I can purchase today if I found the right home and potentially refinance down the road when the rates, rates come down. So that's, that's, that's the, the big question, for that.
Alice Lema: Well, and it's interesting because some of the buyers that waited out because of the volatility in 2023, we had the surprising support in the prices because of low inventory. And then they missed out. They missed out on having a home. They missed out on the little bit of appreciation. So timing the market is, is hard to do even for experts, right?
Lennox Scott: Well, it sure is. And I I've always had the statement over the probably the last 35 years. Prices are only going to go up and traffic's never going to get better, especially in the metro areas, the traffic will never get better. But in the more affordable and mid price ranges, there's just not enough homes being built.
And, the appreciation will, it tends to go up 2 to 3 percent on a yearly average over a 10 year cycle. So we're just at the, beginning [00:19:00] stages of the next 10 year cycle. Last year, 2022 was the major adjustment year. So we're just at the beginning of the next 10 year cycle. This year and next year the market will solidify and then we'll get back into a nice growth phase for the 10 year cycle.
So that that's how real estate goes and that's what I've experienced is this is my sixth 10 year cycle. I caught the tail end of the first one and then four in between and now this is the start of my sixth cycle.
Alice Lema: And they've all been 10 year cycles and there's always, a predictability to it. Is that what you're saying?
Lennox Scott: Yes. the very real estate is very predictable. We have a phrase in within John L. Scott, the 6 phases of the yearly housing cycle. So predictable. They go in 2 month phases. Then you have the 10 year cycle and then you have, items that come up on occasion. You'll like, and during that 10 year cycle, you know, anytime you really get oil prices going up, you get inflation and then the economy has to, [00:20:00] they have to cool the, the economy just, cools down on its own at that time. And so those things do, do take place.
Alice Lema: So what words do you have for people that are waiting for the crash to happen again? Because we still have quite a bit of, of that rumor going around that there's going to be a huge housing correction.
Lennox Scott: Well, what we're looking at, so the one, one segment that there's where we have good selection and good pricing also at the same time as the luxury price points. In southern Oregon above 750, there, there is inventory available. We are going to go through the winter cleanup, the luxury cleanup is what we call it, where listings expire or luxury homeowners that are selling their property take their home off the market and then reposition in the spring happens this way every year.
So we do get to a low point of luxury inventory. The 1st of the year the, the season luxury season really kicks into bigger numbers in March 1st. But you'll see some homes [00:21:00] coming on in February or so to, jump in, jump the market. And then we'll, so there, so in the luxury price points, what I really want to look at is again, where are you moving, your reason for moving, probably closer to family and friends, lifestyle, just downsizing, just repositioning for the environment. All those things come into play. Just like people move into your area in southern Oregon, it's paradise and people want to live in paradise. Well, that happens everywhere and there's different reasons for moving, especially those with major equity that we tend to see in the luxury price points.
So if I were selling a luxury property, I'd really want to know what's going on in my peer group. The other homes that buyers are looking at in my geographical area and price range, what's going on each week or and if I'm going to talk to a broker about selling my property, I want to know what happened last month and maybe the month before [00:22:00] that in my peer group. So how many went under contract? How many price reductions? How many new listings? So I can make an informed decision about pricing.
Because and then I'm going to look at, if I'm going out of area, I'm going to want to talk to the broker in the other area. Because the markets are the same almost everywhere in the nation that, is taking place right now. So what can I buy there? What's going on for appreciation and, all those sorts of things for where the destination where I'm going to, because that will inspire me locally. Well, if I buy here and, buy here and sell here, I'm okay. It's within same market timing. So how do I position myself to be the next home to sell in my peer group, if that's important to me. We already reached virtually 100 percent of all buyers in the marketplace, you know, through the internet, they everyone sees it all the, all the, Brokers, buyer broker representatives that are representing buyers. [00:23:00] They see the home in the marketplace. So, now it's just positioning for both a condition and price to be the next property to sell.
Alice Lema: You know, the market has been, interesting enough. We have quite a few for sale by owners, especially in the luxury market. It's, it's kind of interesting. what, what advice, would you give just in general why it's important to use a broker, especially in troubling times?
Lennox Scott: Well, when you use a broker, you, put that information out to all the other buyer broker representatives, representing buyers that the home is available for sale. You bring all that energy to your property. And, and that's why, homes sell. because you have, multiple sources of buyers coming in. You're just not advertising yourself. And and for for sale by owners. Yeah. Yes on occasion, they work out. But more than not, they end up, getting [00:24:00] representation to sell their property. Because many buyers just, there's conflict. Because buyers know that the seller is doing for sale by owner, so they discount the price right there.
And in certain circumstances, there's sometimes tension can happen. You know, when I have a neighbor telling me they're going to buy, or a friend telling me they're going to buy their neighbor's home, the first thing I say is, you better get a broker to be able to get this transaction together. I see too many instances where emotions get in the way and, and maybe it's, they're asking a little bit higher than where the market is.
Well, they're, on their price, you're, you're thinking it's too high, but if you have a broker, they can get the, comps in there. They can have a conversation to figure out what is the right price, for the buyer and for the seller, in negotiations to get to.
Well, that's the same thing, for sale by owners, but, but using a broker [00:25:00] to be able to, get that transaction moving forward. And it's, it's, the market knowledge, it's negotiation, you know, for buyers, it's, market knowledge, negotiations, helping them package themselves to get buyer ready to create certainty with sellers, that they are a legitimate buyer and ready to go. Because that helps in pricing. It's knowing the market, market timing, strategies of, purchasing a home, all those things come into play on the buyer side.
And of course, on the seller side, it's about, showcasing their home in the best light to get the best price. Yeah, it is definitely a much better experience for both the buyer and seller if a broker is involved. And there's a lot of good technical reasons for that too. And Alice, I just want to say, you know, when my wife and I, when we purchase a home, we get a broker to represent us.
Alice Lema: Oh, you do?
Lennox Scott: Yeah. I, I, you know, me, I have a license and I can probably go in and try and negotiate. I don't know the nuances. [00:26:00] The, the consultation, the being able to communicate, and represent, to have representation is so key. I would never purchase a home without a buyer. I mean, without a buyer representative, representing us.
Alice Lema: Well, look at that folks. Lennox gets a broker. That's how important it is. Speaking of getting a broker, there's been a lot in the news lately about, NAR and buyer agency agreements and, some shifts in the industry, would you be able to speak to some of those trends that are coming up?
Lennox Scott: Yeah, sure. so the buyer representation agreements are, are, coming into, play and, and it's, a, understanding between the buyer broker representative and their client. And this is a good thing, because what it does is it, it goes over our, we can, we go over our services and, our representation, because, you know, being a buyer representative, we partner [00:27:00] with our client as their personal representative.
That's what the buyer representation agreement goes over, and it goes over the compensation that we will receive. So there's total transparency of what's taking place. We believe in personal representation. That's the key of representing a seller, but also in this case, representing a buyer. And so it's an, it's an understanding, it's a commitment level, it's being their advocate, the experience level. The, the trust involved and it's, it's not only negotiations, but it's also, networking with other brokers to find out, the nuances to the transaction. So we can get it, you know, that we can move forward and get it, get a house for someone. And, and so that's a big part of a buyer representation.
Alice Lema: So, we just want to prepare people, that that's another piece of paper that's going to be presented, on the buyer side.
Lennox Scott: Yes, and, some states, it's already a state law. [00:28:00] Others, it's being, proposed to their, legislation, for within the state and, and we'll be seeing more and more of this, coming forward.
Alice Lema: So, so don't be surprised if that, that piece of paper gets brought up. Folks, we're talking to Lennox Scott, CEO and, head of John L Scott Corporation. We're going to take a quick break and take a word from our sponsors, which we're very grateful for. And we also want to remind you that this show is going to be broadcast again tomorrow, Sunday at 6pm. And you can catch everything Linux has to say one more time. We'll be right back.
Well, welcome back to the real estate show folks. we're talking to Lennox Scott, CEO and head of John L. Scott corporation. Thank you so much again, Lennox for your time.
Lennox Scott: Well, thank you.
Alice Lema: Right before the break, we were talking about, the new trend of buyer representation agreements and some of, the reason it's great that this is happening in our industry. Can we, finish that? [00:29:00]
Yes. So in buyer representation, our job is to help our buyer client buy the right home at the right price. And that starts from the buyer consultation that we have. So we can go over what's, what, what's important to them. What are the nuances of, of, their desires within the home?
Because many times, we're near a hundred percent of buyers look at the internet during the home search and they introduce homes to us. And we need to take it through our filter also. Is this truly the right home? Or are there other homes available? That they really, we, we think that would be good for them to take a look at so they can make that decision in looking for a home.
So it starts out with that buyer consultation. Of course, if they need financing, but we have many buyers that have a lot of equity, but financing is still a situation that we really want to help our buyers get packaged, so that there's that certainty for, for the sellers and then, the right [00:30:00] home. It's, walking throughs, it's, just experienced eyes wide open, and, and in talking about the inspection, the, you know, what, what, the review of the inspection, the purchase agreement, all those items that we get involved with. And then the close working with the closing service providers to to manage our way through. There's title reports. There's getting the timing down, right. All those things, again, come into play as the property transfer then happens down the road.
So, we help you buy right at the right price. That's a John L. Scott phrase that we, we've been using. It really is kind of a complex, process on the buyer's side. I think people don't quite understand. So, buyer representation agreement, is a good thing. And, we're kind of glad it's coming, coming down the pike.
We've got lots more and not much time. How about, 2024? We started to touch on that, [00:31:00] in the earlier segment. Let's, let's go back and flesh that out a little bit. What do you see happening?
Lennox Scott: Well, we're at the low point for numbers of transactions right now, just because of the reasons we brought up earlier. But with interest rates coming down, I was taking a look at Lawrence Yoon's forecast. I'm going to call it a forecast, not a prediction, but a forecast for the numbers of transactions. And the forecast right now is that the second half of next year, 2024, the number of transactions will be up 20 percent above what they are this year. For because interest rates are coming down more buyers in the marketplace, a few more listings that just gets you 20 percent more transactions. And then it will carry forward a year, year, forward the whole complete year after that in 2025. So, that will just bring more intensity, into the market as we, chatted, with earlier.
Alice Lema: So, increase a number of transactions. What do you think about [00:32:00] prices? What do you think will happen with prices?
Lennox Scott: Well, with more, intensity, the interest, the spring, this spring is going to be really, the intensity always goes up one to two levels of hotness in the spring, and then it mellows out in the summer. So this coming year, we're going to have that intensity increase in the spring, one to two levels. But then as rates come down there will be more listings than homes going under contract. But it may only come down one level of hotness in the in the summer, even though the summer is the highest number of transactions on a monthly basis. it's just the intensity comes off ever so slightly. But and then we'll go into the fall again. And in the spring of 2025 will be could be very, very intense.
Alice Lema: So when, when will we have normal, it's been such a long time. Do you, do you want to speak to that?
Lennox Scott: Yes. So, so, normalcy looks like, in many markets year 2018 and 2019, [00:33:00] that would be the normal sequence of when homes come on the market and there's enough, the interest rates, were lower than where they are right now but, there, there was no, real, restriction of, transactions or listings coming on the market. It was a normal flow. And we're running below normalcy right now, mainly because of the higher interest rates and just fewer homes coming on the market, fewer buyers into the marketplace, fewer sellers in the marketplace.
So, what will happen is even if rates do come down to a six and a half towards a mid next year, we're still going to have, a shorty of listings coming on the market because of the interest rate differential. And it's mainly local homeowners not repositioning on a local basis because they already have their home at a very low interest rate.
So they're just not coming on in the normal sequence or buying in the normal sequence. And so that's going to extend for [00:34:00] sure in 2024. And then to some degree, years ahead. And then it will even itself out as life events happen and people, move forward, in life. And, you know, so those things will, take place over the years ahead, but, we're, we're going to be in this situation for a while.
Alice Lema: Well, but it's not forever. And that's, that's the hopeful hopefulness. And speaking of hopefulness, John L. Scott has a community contribution as part of its corporate motto. and you, do a lot of, giving, just as a corporation. Can we talk a little bit about that with a couple of minutes we have left?
Lennox Scott: Oh, sure. So thank you. So at John L. Scott, we have a John L. Scott Foundation and then our local offices also get involved with community service of being a contribution. And what this is about is, you know, we sell tens of thousands of homes each year, but as a company, our higher purpose is living [00:35:00] life as a contribution. And that's one of the great joys in life is being a contribution to others. And we do that Within our work of being a contribution to our clients, supporting our teammates and then supporting the community. And we, we get involved with several projects that way. And then experientially, we take this home to a family and friends community in place of faith.
And so this, this is a, our core value. it's a, true joy. All of us together in the company, give out of our commissions to, to, to a foundation and to our causes. And locally, you've got some big projects.
Alice Lema: We do, and it's coming up. Our Earth Angels Foundation, which a lot of our local agents at John L Scott contribute their commissions to, puts together food baskets, for needy families. And, it's quite a huge, huge project. In fact, it takes over our entire office. And if anybody's ever seen our office, it's huge. And we're very, very [00:36:00] excited to be offering that, coming up here for the holidays. We're very, very proud of that. earth angels, food basket drive.
Lennox Scott: Well, and I know there's just such great energy in the office and joy, being a contribution to others. So, thank you on behalf of the community. And I just want to acknowledge, what you're doing.
Alice Lema: Well, it really is, a pride, to be, associated with John L Scott and, Lennox we thank you so much. We only have a few minutes left. Do you have any other words that you'd like to leave?
Lennox Scott: Well, it's what's going on the market. This is a moment in time. It's a time to reposition and we really see those in motion are those with major equity. They're they're moving forward in today's market. They've been waiting through the, the pandemic during that ultra frenzy market. There may be some weren't able to move right there because you couldn't find a house. Well, right now you can get a house in [00:37:00] that destination area or reposition locally to move at this time. So that that's a real blessing. And then we will, as the market unfolds and comes back together, this year's ahead. It's just very, very, exciting time. So what we do is we focus on each individual client. It's one client at a time. What's important to them, because, because that's where, you know, the, the, the trust and the business, takes place.
And, you know, about 80 percent of our business is repeat and referral business from the people that, that we know that we've, really taken on to be our clients. It's not a customer relationship. It's a client relationship. And, and that's what, drives our business just as we, use their services, when it's appropriate for us or refer people to them.
And, and it's just all of us, we're all connected. We want all of us to help uplift each other, in the community. And you just have that taking place in Southern Oregon.
Alice Lema: Well, thank you again, Lennox. [00:38:00] That's just wonderful. And, maybe we'll get to speak with you again in 2024. Thank you. All right, folks, that's it.
Have a beautiful Southern Oregon week. We'll talk to you next time. Bye now.2023-11-29T13:15:00-07:002023-11-29T13:11:18-07:00Alice Lematag:alicelema.com,2012-09-20:31573Housing Market Predictions 2024Housing Market Predictions 2024
Full Video Transcript Below
2024 Housing Market Predictions...Are There More Listings Already_
[00:00:00] Hey everybody, welcome back to the weekly podcast. We've got a great topic this week. We're going to talk about 2024 predictions. You know how I love predictions and we're specifically going to focus on, are there already a few more homes on the market than there were before? We're going to talk nationally and then drill down, locally. Cause that's what we do.
So nationally, I want to show you this, map of the United States. This was done by realtor. com and overall nationally, they're saying we have a 5 percent increase in the number of homes on the market. If you, if you go to Oregon, it shows a slight decline, but we're just talking nationally right now.
And then we're going to go down to Southern Oregon before we do that, I want to show the forecast for 2024. And this is again, nationally, and this is a chart put together by KCM, Keeping Current Matters. And they're checking with Fannie Mae the Mortgage Brokers of America and National Association of Realtors.
[00:01:00] And you can see that they are predicting either completely stable like Fannie Mae is doing, or a slight bump up of Home sale forecast. So we're comparing home sale to number of homes on the market because that's a direct impact of number of listings. The more listings we have, the more opportunity buyers and sellers have of making a deal. And they're looking at home sales predicting going up in 2024.
So what does that mean here? So we track the local market in all three counties every single week. It's on my market statistics update on YouTube, but just to get ready for this podcast, I wanted to backtrack a little bit because just six months ago all three counties that's Klamath Falls, Jackson County, and Josephine County, All three counties regularly weekly were showing a decline in the number of listings compared to year over year.
Fast forward [00:02:00] lately we have some volatility but we're starting to see an uptick not only in number of listings in all three counties. Some weeks are different but overall we're seeing that trend, but we're also seeing an uptick in price. So we're going to have to deal with the price in a different podcast because that's a whole nother thing.
But locally just this week, I market statistics in Klamath Falls, the prices are up. And the number of listings are up now. Jackson and Josephine County prices were volatile. Josephine County price was down. Listings were down. Jackson County prices were up. Listings were down. That's volatility, but it's, it's evening off and it's exciting.
And also we don't really know what to look for in the coming months because of the world economy and world events and stuff, but the predictions are that we're going to have a slight buoyancy in prices. And we're going to have a little more inventory on the market. So if you're in decision making mode about what to [00:03:00] do in your real estate life, if you're a seller, especially if you want to sell and buy something else, this could be perfect opportunity because the buyers that are out there right now, especially with these high interest rates, they really want to make a deal.
So you could get a really strong buyer, a really motivated buyer right now, if you're selling and put you in a position to buy again, or maybe take a little break and then reenter the buying market later in the in the year. There's pros and cons to that. Again, different podcasts. So if you're selling, then you don't have very much competition right now.
And the buyers that are out there are super serious. If you're buying, the sellers that are out there are super serious. It's the same market and the same opportunity. So buyers even though the the interest rates are high, that could change. We don't know when. Some people think it's going to be next year.
I [00:04:00] don't know. I'm not Nostradamus, but and we've been predicting, you know, a little dip in the interest rates for a long time. And, and the interest rates are a little bit volatile, but mostly they're high. So again, if you're buying you could get a lot more cooperation from sellers right now, because they know that it's hard. And so they're more accommodating. We're seeing sellers make adjustments on prices. They're making adjustments on terms, especially kicking in for maybe some money to bring the buyer's interest rate down or closing costs or more repairs. You know, in a seller's market, they're not very accommodating.
So if you're buying, this could be a golden opportunity, especially in Southern Oregon. So it's all very exciting. We have to, we have to track it because we're looking for micro trends to turn into macro trends and get some legs. But it does seem like there's more activity, there's more to choose from [00:05:00] for the buyers and the sellers are more quick to get their negotiations done, not only in price, but on terms like repairs and closing costs.
So yeah, it's super busy for being winter. Winter is usually a little sleepier time in Southern Oregon. Not so much right now. We have a lot, a lot of transactions going on. So stay tuned. We'll have another podcast for you next week. In the meantime, give me a call. Give me a text. Let me know what you want to do next.
Let's have a consultation. Let's run some numbers and see what we need to do in your real estate life. I'm a great listing agent. Work well with new, new people, old timers but I'm an old timer too. So I can say that. And also great with first timers, great with downsizers, group purchases, investment, great listing agent work well with stuff in town and also rural property, riverfront, whatever you need. I'm your gal. So give me a call. Give me a text [00:06:00] 541-301-7980. Have a great rest of the holiday weekend. We'll see you next week. Bye now.2023-11-27T17:15:00-07:002023-11-27T16:54:25-07:00Alice Lematag:alicelema.com,2012-09-20:31570Market Update Nov 20 2023Market Update Nov 20 2023
Full Video Transcript Below
Market Update Nov 20 2023
[00:00:00] Real estate fans, welcome back to Southern Oregon market statistics for our local housing, all three counties, Klamath, Josephine, and Jackson. This is for the week ending Monday, November 20th, 2023. And just a reminder, these are numbers for single family residential only.
Klamath County prices year over year are up 31% this week, great news. The average single family residential home now costing $303,263 in Klamath County. A number of sold year over year are up 35%. Again, great news for Klamath County. There were 19 residential homes closed this week up, up in Klamath Falls. Number of listings year over year are up 7 percent and you can see it's getting scooped up. That's why the sales numbers are up. Klamath County number of listings year over year. This week are up 7%. There were 248 [00:01:00] residential homes on the market in Klamath County this week. We had in the foreclosure market. We had zero closed short sales, zero. And million dollar residential in Klamath County. Klamath County. Zero this week.
Josephine County, little different story this week. Prices year over year in Josephine County are down this week. 13 percent the average single family home costing 445, 500 in Josephine County this week. Number of solds year over year are down 36 percent in Josephine County. There are only 12 residential closings this week in Josephine County. Number of new listings are down 3 percent in Josephine County, there were 300 and excuse me, 349 residential homes on the market, Josephine County. Foreclosures closed for zero, short sales closed for 0, million residential in Josephine County, all zero this week. [00:02:00]
Jackson County, Jackson County, little Perkier prices year over year in Jackson County are up 17% this week averaging $552,729. Number of solds year over year in Jackson County are up 11%. There were 50 residential closings in Jackson County this week. Number of listings in Jackson County are down 10%. There were 672 residential residential listings in Jackson County on the market this week. Foreclosures were zero. Short sales closing in Jackson County were zero, but we did have four more million dollar residential sales closed in Jackson County this week. We had, we had a 1. 85 million dollar closing in Jacksonville. We had a 1. 12 million dollar closing in East Medford. We had a 1. 0 million dollar [00:03:00] closing in East Medford, and we had a 1. 0 closing in Central Point this week, and those are all residential sales.
So we're starting to see some signs of life, a little bit of price buoyancy. Again, we still have volatility. We still can't predict too closely what's going to happen in the future. But if you, uh, go to my podcast for this week, we are going to do some, projections for 2024 from some of the housing experts, not just me.
And also want to say, please check us out on our, new radio show. We got picked up by a bigger station. It's going to be, The ACE 1300 AM radio. It's a local station. It's a sports station. They're also going to do high school sports events. And we're one of the local content creators. So we're super happy. And that's hosted by Joe Brett and Pete Belcaster. You may remember them. From the [00:04:00] original, real estate show. So I want to say thank you to them. Hope you have a beautiful rest of the Thanksgiving weekend.
Give me a call. Give me a text. I am working this weekend doing open houses and showing property and listing properties. And we still need listings. So give me a call, give me a text 541 301 7980. And look for our, radio show on, the ACE. 1300 a. m. and we'll be broadcasting 10 a. m. on Saturdays.
Have a beautiful Southern Oregon weekend. Hug those you love. Bye.2023-11-27T15:06:12-07:002023-11-27T16:50:43-07:00Alice Lematag:alicelema.com,2012-09-20:31477Waterfront Homes Sold 3rd Qtr 2023Waterfront Homes Sold 3rd Qtr 2023 in Jackson County Oregon
There were 63 waterfront properties that sold in Jackson County the 3rd Qtr of 2023. Prices ranged from $275,000 up to $2,100,000. Below are some sample properties in different price ranges that sold in this time period. Followed by the listings with photos.
175 Edgewood Park Drive, Shady Cove, OR 97539
List Price: $325,000<br />Close Price: $275,000<br />Days on Market: 5<br />Bedrooms: 3<br />Bathrooms: 2 (1 Full, 1 Half)<br />Square Footage: 1,560<br />Lot Size: 2.57 Acres
Remarks: Beautiful property along the Rogue River with irrigation water rights for an acre. The home includes three bedrooms and one and a half bathrooms, needs some refurbishment. It's connected to the city's sewer system<br /><br />25383 Highway 62, Trail, OR 97541
List Price: $335,000<br />Close Price: $334,000<br />Days on Market: 190<br />Bedrooms: 2<br />Bathrooms: 2 (1 Full, 1 Half)<br />Square Footage: 1,300<br />Lot Size: 1.93 Acres
Remarks: A charming cottage with a beautiful view of the Rogue River, enjoy the wonderful view or maybe a short term rental (check if allowed) Includes four tax lots, an RV shed with a septic system, additional income potential.
89 Queens Branch Road, Rogue River, OR 97537
List Price: $389,000<br />Close Price: $385,000<br />Days on Market: 27<br />Bedrooms: 4<br />Bathrooms: 3 (3 Full)<br />Square Footage: 2,201<br />Lot Size: 1.05 Acres
Remarks: Located in Evans Valley, this home has a 3-bed/2-bath main house and an additional dwelling unit. It's set in a peaceful locat location with access to a private swimming hole on Pleasant Creek
1280 Burbridge Drive, Rogue River, OR 97537
List Price: $434,500<br />Close Price: $400,000<br />Days on Market: 185<br />Bedrooms: 2<br />Bathrooms: 2 (2 Full)<br />Square Footage: 1,686<br />Lot Size: 0.69 Acres
Remarks: A lovely single-level home close to the Rogue River. Features include two bedrooms, two bonus rooms, an inground pool, and a creekfront setting with views of the mountains.<br /><br />
22090 Highway 62, Shady Cove, OR 97539
List Price: $459,000<br />Close Price: $425,000<br />Days on Market: 10<br />Bedrooms: 3<br />Bathrooms: 3 (2 Full, 1 Half)<br />Square Footage: 2,408<br />Lot Size: 0.29 Acres
Remarks: A unique property on the Rogue River with a spacious interior and ample storage. The home is great for entertaining and has both seclusion and easy access to local amenities<br /><br />
5980 Highway 238, Jacksonville, OR 97530
List Price: $449,000<br />Close Price: $455,000<br />Days on Market: 88<br />Bedrooms: 3<br />Bathrooms: 2 (2 Full)<br />Square Footage: 1,496<br />Lot Size: 4.79 Acres
Remarks: Tucked away on 4.79 acres, this quaint home offers a blend of meadows and trees with a seasonal creek. Includes a small barn, and peaceful country living. <br /><br /><br />
2433 Greenbrook Drive, Medford, OR 97504
List Price: $489,500<br />Close Price: $485,250<br />Days on Market: 26<br />Bedrooms: 4<br />Bathrooms: 2 (2 Full)<br />Square Footage: 2,052<br />Lot Size: 0.16 Acres
Remarks: A modern home in East Medford featuring a split floor plan with updated finishes and backyard access to Lazy Creek. The house is close to RVMC and has a primary suite with private access
2092 Second Avenue, Gold Hill, OR 97525
List Price: $699,000<br />Close Price: $650,000<br />Days on Market: 106<br />Bedrooms: 3<br />Bathrooms: 2 (2 Full)<br />Square Footage: 1,850<br />Lot Size: 0.57 Acres
Remarks: A peaceful retreat with a primary suite, secondary living space, and a well-equipped kitchen. Also has a large carport, workshop, and a rare dock on the Rogue River.<br /><br />123 Rogue Boulevard, Grants Pass, OR 97526
List Price: $999,000<br />Close Price: $862,500<br />Days on Market: 84<br />Bedrooms: 4<br />Bathrooms: 3 (3 Full)<br />Square Footage: 4,454<br />Lot Size: 1.15 Acres
Remarks: A spacious property great for entertaining, with beautiful Rogue River views, a large kitchen, and an open floor plan. It also has a loft and deck, giving you great views of the river.
3828 Upper Applegate Road, Jacksonville, OR 97530
List Price: $987,500<br />Close Price: $967,500<br />Days on Market: 159<br />Bedrooms: 3<br />Bathrooms: 4 (4 Full)<br />Square Footage: 2,837<br />Lot Size: 2.96 Acres
Remarks: Great riverfront property also near wineries, single-level home with 3 bedrooms, each with a private bath, on nearly 3 acres along the Applegate River<br /><br />
17911 N Applegate Road, Jacksonville, OR 97530
List Price: $1,699,500<br />Close Price: $1,525,000<br />Days on Market: 7<br />Bedrooms: 3<br />Bathrooms: 4 (4 Full)<br />Square Footage: 4,235<br />Lot Size: 52.27 Acres
Remarks: This is the River Bend Ranch, a 52-acre, riverfront estate set along the Applegate wine trail. This property, has not been on the market for nearly two decades, has over 3100 feet of private river frontage. It's a wonderful location for fishing, waterfowl, upland bird, black bear, and blacktail deer. The estate has two homes, 38 irrigated acres, a barn, and a shop. The second home has a older home with separate utilities. This property is one of a kind, peaceful setting and not far from town.<br /><br />3446 Rogue River Drive, Eagle Point, OR 97524
List Price: $2,195,000<br />Close Price: $2,100,000<br />Days on Market: 23<br />Bedrooms: 4<br />Bathrooms: 4 (3 Full, 1 Half)<br />Square Footage: 3,514<br />Lot Size: 6.45 Acres
Remarks: This stunning Rogue River Estate, gives you a beautiful riverfront view along the Rogue River. The main house has a coffered ceiling, tall windows, and dual primary suites. The kitchen has granite countertops and high-end appliances. It also includes a guest house with three bedrooms and a bath. You have easy low bank river access, a gated entrance, and irrigation rights. The property is a landscaped has a fenced garden, fruit trees, and a lawn rolling down to the river. It also hasa detached garage, an all-blacktop driveway, and amenities too numerous to list.<br /><br /><br />
2023-11-20T16:45:00-07:002023-11-30T12:10:38-07:00Alice Lematag:alicelema.com,2012-09-20:313725 Reasons 22.5 Million Americans Moved in Last 2 Years5 Reasons 22.5 Million Americans Moved in Last 2 Years>
Full Video Transcript below. <br /><br />
5 Reasons 22.5 million Americans Moved
Alice Lema: [00:00:00] Hey everybody. Welcome back to the weekly podcast today. We're going to be talking about how in spite of all the volatility and all the weirdness in the world in the last two years, we still had 22. 5 million Americans move for the same five reasons. And I think you'll find this interesting.
1. 3 million move because they got married.
2. We had 1. 5 million because they got divorced.
3. We had 7 million because they had a birth or a new child in their life.
4. 4,000, 000 passed away
5. 7,000, 000 reached 65 years old, which is about a retirement age.
So these 5 life events are really what's spurring the buyers in the market, even though the market is volatile and the interest rates have gone up dramatically.
There are other reasons as well, but these are enormously big numbers and they're somewhat predictable. [00:01:00] So the reason we're talking about it this week, because we want to give you some confidence, whether you're buying or selling that there is a predictable real estate undercurrent of need. And those needs are usually life event based, people need more space. People need less space. People want different space. And then you add on some of the things that are not on here, like remote working is, is so much more doable and attractive. Investing is still pretty popular in a lot of parts of the country.
Then that explains why we still have the buyers that we do. And it's interesting in Southern Oregon, we still have a few more buyers. I know I sound like a broken record, but I check it every week and it's still true. We have the market statistics little clip that I do every week. That's on my YouTube. We also have the radio show. We had Lennox Scott on this week and he gave a very interesting recap of 2023 and then started [00:02:00] talking about 2024 and he also reiterated that there is some predictability to real estate. But he was talking more about cycles. It was great interview.
So anyway, I didn't mean to digress, but if you're selling, then this should give you some confidence that there's still going to be people needing to move and that there will be buyers. And if you have a lot of equity, because you've owned your home for more than, I don't know, three years here in Southern Oregon. If you've owned a home for more than three years, you probably have a pretty good chunk. And if you've owned it more than that five or 10 years and you have a big chunk, then the higher interest rate won't really be an issue because you have such a big down payment or you might even be able to pay cash for your next purchase.
Or some people are leaving the area. And they're going to lower cost areas. So that's another that's another benefit as well. But I found this report very, very interesting and just wanted to bring it to you this week that in spite of everything people are getting [00:03:00] married, getting divorced, getting born, passing away and getting old.
And that is what drives a lot of our real estate deals. So that's our podcast for today. Give me a call. Give me a text 541 301 7980. Want to be your agent. I'm a great listing agent. It's a great time to sell because we still have a few more buyers than sellers. And we, we are probably close to half of the inventory that we're supposed to have when, and we're comparing that to 2019, 2018, 2019 is kind of our, our our benchmark for normal last time we had normal.
So 2018, 2019 is kind of our benchmark. So yeah, but give me a call, give me a text and let's see what you want to do with the next step of your real estate life. Have a beautiful weekend. We'll see you next time. Bye now.2023-11-15T12:00:00-07:002023-11-15T11:50:03-07:00Alice Lematag:alicelema.com,2012-09-20:31362Market Update Nov 6 2023Market Update Nov 6 2023 for Southern Oregon
Full Video Transcript Below
Market Update Nov 6 2023
[00:00:00] Well, hey, everybody. Welcome back to the market statistics for Southern Oregon housing. This is for the week ending Monday, November 6th, 2023.
Let's start with Klamath County this week. Klamath County, this is a residential single family homes only. And our prices year over year in Klamath County were down 22%. The average single family residential home costing $364,751 this week. The number of solds in Klamath County are up 90 percent. We had 19 closings in the residential market in Klamath County this week and the number of listings year over year in Klamath County were up 11 percent with 272 active residential listings on the market in Klamath County. We had zero foreclosures this week in Klamath County, zero short sales, and zero million dollar residential closings [00:01:00] in Klamath County this week.
Josephine County this week prices, year over year were up eight percent with the average single family residential home costing $500,533 in Josephine County. The number of solds year over year in Josephine County were down 4%. We had 22 closings in the residential single family home market in Josephine County this week. The number of listings in Josephine County were down 7 percent with 352 active listings on the residential market in Josephine County this week. We did have one foreclosure closed in Josephine County. It was in Grants Pass for 242, 000, it was over full price and it was closed with a private hard money loan. There were zero short sale closings in Josephine County this week, and there was a million dollars sale closed in Josephine County this week for [00:02:00] 2. 5 million. It was cash but not full price and it was a rogue riverfront property.
Jackson County this week prices year over year were up 2%. The average single family residential home costing 535, 909 this week. The number of sold year over year in Jackson County were up 6%. We had 51 closings this week in the residential single family home market. The number of listings year over year in Jackson County this week were down 8 percent with 711 active listings. This week on MLS in Jackson County we had zero foreclosures close this week, zero short sales but we had 4 - million closings in Jackson County again. See our our market is volatile, but it's it's trying to come back.
We had one in Central Point for 1. 1 million. It was below ask. We had [00:03:00] one, two in Ashland, one for 1. 3 million, both for 1. 3 million each and one in East Medford for 1. 4 million. And so congratulations to all those people who had closings this week and stay in touch because every week the market changes a little bit.
It is stabilizing. We think the worst is over. But but it's been such a weird year, gosh. In the meantime, give me a call. Give me a text. My number is 541 301 7980. Let's talk about what you're going to do with the next step of your real estate life. And you want to get ready for 2024. We can talk about that too.
But as you can see from these numbers, we still have a shortage of inventory. So again, I'm going to put it out there. If you're thinking of selling in the next year or two call me and let's talk about getting on the market right now. I can have a house on the market in as little as one week if we have to.
And there's still more buyers out there than sellers, but not by very [00:04:00] much. So again, the market is, is really trying to normalize and yay for us for getting through 2023, all those interest rates increases. Yay to the buyers. Yay to the sellers. Quick shout out to Lennox Scott the CEO of our company.
He's on the radio show this week. So do listen to that and give me a jingle, give me a text and let's talk about real estate for your life. Have a great week. We'll see you next time. Bye now.2023-11-14T16:15:00-07:002023-11-14T16:01:46-07:00Alice Lematag:alicelema.com,2012-09-20:289202833 Rosemont Ave, Medford, Oregon2833 Rosemont Ave, Medford, Oregon
Rare East Medford home with 2 primary suites, in-ground pool, 3 outdoor decks, 2 common areas, 3 bedrooms total, 3 full baths, single-story, & just a few blocks from Asante Hospital! In ground pool!
See below for virtual tours, drone aerial video and more details!
Call Alice Lema: 541-301-79802023-11-14T12:15:00-07:002023-11-15T14:28:34-07:00Alice Lematag:alicelema.com,2012-09-20:31211Winter Buying and Selling - 6 TipsWinter Buying and Selling - 6 Tips
Full Video Transcript Below
Winter Home Buying and Selling - Six Tips
[00:00:00] Hey, real estate fans. Welcome back to the weekly podcast this week. We're going to talk about six strategies for winter buying and selling. We're specifically addressing the 2023, 2024, but a lot of these could be used, any winter or fall this particular winter. We have a few more buyers than sellers and, the prices have come down, but not a ton. But if you've got people out there looking at houses, they're really serious about getting one, especially this year when they've gone through so many interest rate rate changes.
So because we have a few more buyers and sellers, I want to address them first. Number one, tour houses that are priced a little over what you were looking at, because any seller that's on the market right now is really serious about doing a deal as well. So tour higher prices. Also look for longer days on market, that little DOM thing that you see on the websites, that's days on market. A normal [00:01:00] market is four to six months. So that would be 120 days, 180 days, but we're used to people getting their offers in 30 days.
And John L. Scott Lennox, Scott has done studies showing that the first 30 days is super important. So if you want to tour houses, they're a little over your price range and on the market longer, those are people that might be ready to make a deal. So that's number one.
Number two, buyers make offers that include some goodies like closing costs, home warranties, maybe ask for money to buy down your interest rate because interest rates are just so much higher than what we're used to. Be bold, make some offers. Try to be reasonable. Don't make super lowball offers. We've gotten some really crazy offers in the last 90 days. And then the buyers are upset that they don't either get a response or they get a rejection or they, you know, go work with a different buyer. So try to be reasonable.
Every situation is different. Every seller is different. Every buyer is [00:02:00] different. I want to include, these opportunities to get some goodies like closing costs or buying down your interest rate, getting a home warranty. Something like that, but, but also be within reason. Okay. Cause the goal is to get a house. All right. Get a house. Okay so that's number two.
Number three buyers, this is just in the health category, cold and flu season, carry sanitizer in your car, wear gloves, do something. Don't wipe your nose. Don't touch your face. You're in and out of people's houses. And a lot of us have company during this time. So they'll do showings, they'll leave. You know, you may have had higher number of humans than normal in those dwellings. Sorry to be Aunti Alice, but we want everybody to be healthy through the season. Okay, so those are actually my three for the buyers.
For the sellers this is a great time to really go all out and decorate your house. You still want to leave room for the humans to walk around. But boy, the [00:03:00] properties look amazing, during the holidays. So really, you know, use that opportunity. So that's number one, have some drama when the buyers walk in and, that'll just touch their heart and it'll also help sell the house.
Number two, sellers. Review all the offers seriously. Any buyer that's out walking around in the cold and the rain is serious about buying a house as well. Treat that with respect. We've had some sellers recently who have completely blown off some of the offers they've gotten and got come back and just over negotiated and then And then they're upset when the deal doesn't come together or the buyer goes somewhere else.
We do have a few more buyers right now than sellers, but not that many more. So sellers just take a breath, celebrate that you get an offer and then treat it with respect and treat it with some seriousness. Okay. So that's number two.
Number three, this is just the reverse of what [00:04:00] I said to the buyers, include some perks. It can help sell your home, especially if you put it in the listing. If you already know you're willing to help give some money to buy down the rate or give some money to help them with their closing costs, or give them the washer and dryer or give them the lawnmower or something. Put that in the listing and put it where the general public can read it. Don't just put it where the agents can read it. I don't know if everybody knows there's a little secret place on the listing that the agents can talk to each other, we can write things to each other. But if you put it in the public, I think that that'll help get people more excited and they'll pick your house again.
The market is changing. We do have prices going up in some weeks and then going down and others that's volatility that we've been talking about. But sellers, it's a great time we're still in a housing shortage, and I can't plead enough. Anybody who's thinking of selling their house, even in the next two years you might want to think about doing it now because bada boom you [00:05:00] can be off in the next stage of your life.
So those are my six things to suggest for winter buying and selling this year in particular because of the market dynamics and the weirdness of the world. I think it's a great time to get out there and buy. It's also a great time to sell. And if you're moving up, if you're buying a bigger house, or if you're buying another house at all, whether it's bigger or smaller, the buyers are, they seem to be accommodating that, that time, that stretch for the seller to find another house.
So, sellers, I guess I just throw that in as a bonus tip. That don't be afraid to, to ask the buyer to tell the market that you still need a place to go. Cause if they really love your house, they'll hang in there. All right. So that's, my six tips for winter buying and selling 2023, 2024.
Love for you to give me a call. Give me a text. I want to be your agent. Great listing agent, great buyers agent. Do a lot with a real property [00:06:00] investing, first time home buyers, elders, investors do it all. It's, it's my bag. So give me a call. Give me a text 541-301-7980. We do not have enough houses to sell. So let's fix that. Okay. In the meantime, have a great, great weekend and we'll see you next time.
Bye now.2023-11-06T16:00:00-07:002023-11-06T15:51:31-07:00Alice Lematag:alicelema.com,2012-09-20:31108Are Home Prices Normalizing?Are Home Prices Normalizing?
Full Video Transcript Below
Are Home Prices Normalizing?
Alice Lema: [00:00:00] Well, Hey, real estate fans. Welcome back to the weekly podcast today. We're going to talk about price movement because 2023 has been brutal. And we have had a little bit of softening, at least in our market and other markets across the United States. But I want to point out a chart that we got from, KCM, keeping current matters, one of our favorite websites.
And it's, talking about the 2023 price changes. And I want to show you the 49 year average compared to what's happening here. We are at the end of 2023. You can see in this first chart that home prices usually go up in the spring. That's a cyclical thing, especially in Southern Oregon, cause we're very seasonal.
And so you can see that that is about how the prices move up during the spring and then down. In the fall and winter as inventory gets lower, but we've had low [00:01:00] inventory like, all year, so here, let's compare the 49 year seasonal average with 2023. And I want to point out right around July the market starts evening out and this is what we experienced this summer that it, it started, leveling off.
And in fact, I think we were talking about how I thought the market was bottoming out. And I think here we are now, October, early November, that this is, this is where we're gonna be. And we'll gently go up into 2024 with a very sustainable, maybe 3 percent appreciation, maybe as much as five, but I'm thinking it's going to be under five, but we'll see.
So we're looking to finish 2023 with a little bit of about, and then on into 2024 with a sustainable growth rate, at least in Southern Oregon. But this chart is super revealing because it, [00:02:00] it kind of explains what we were experiencing during the summer. And then, as the numbers come out for the end of the summer and early fall, I bet we see that we're at a normal growth. Period.
We've been waiting for that to happen. We have to wait and then look behind because all these charts and numbers are backward looking, but we do have a very interesting phenomena happening right now where we're doing CMAs and updating people's valuations as they get ready to put their houses on the market in early next year.
And we're noticing that not only they're not very many homes available on the market, there's a bunch that are pending and even more that have closed just in the last three or four months. So whatever happened during the summer, I think it's bringing us back into more normal numbers for the end of the year, but we'll wait and see cause we're still a month away from that in [00:03:00] the meantime, if you've got some questions or curiosity about what's going on in your neighborhood or your real estate life, give me a call. Give me a text. My number is 541-301-7980.
Let's talk about what we're going to do with your real estate and look at this chart and you can send this to some of your friends because I think it explains what it's been feeling like out there for most of the summer. And that the prices have not gone down very much and that people are scooping up these properties and Moving. We have a lot of people moving and not very many people on the market.
So sellers think about going now, you won't have any competition, but you would be on during the holidays. But there's some, some good points about that too your house will look great, right? So in the meantime, give me a call. Give me a text. Have a great week. Bye now.2023-10-31T11:15:00-07:002023-10-31T10:49:10-07:00Alice Lematag:alicelema.com,2012-09-20:30950Fairway Mortgage Manager Tu PhanFairway Mortgage Manager Tu Phan
Full Video Transcript Below<br /><br />
Fairway Mortgage Manager Tu Phan and Host Alice Lema
Alice Lema: [00:00:00] Well, Hey, real estate fans. Welcome back to the weekly podcast. And today I have my friend, Tu Phan, from Fairway Mortgage. He's going to join us cause there's a lot of new cool stuff happening. Isn't there in the lender world.
Tu Phan: Well, thanks for having me, Alice. Excited to be here. Yes, a lot is going on. It's a crazy time in the market. It depends on your, your observation and your purview, but thanks for having me on. How can, what can I do for you today?
Alice Lema: Well, you, I know you're super busy, so thanks for jumping in. But I think all of our listeners are going to really groove on this. There's some fun stuff happening with the multifamily world, and that's a big part of what we're doing down here in. Southern Oregon. How about you speak to that?
Tu Phan: Wow. Thanks. Thanks for bringing that up. Yes. Fannie Mae beginning, with our next release or their update, as they say in mid November, I'm going to say shortly after the 18th or 20 of November, Fannie Mae is updating their primary residence, owner occupied as we call it [00:01:00] multi unit purchases where you can put as little as five percent down on a multi unit purchase up to four unit property.
So if you're looking at a fourplex you can actually buy it with five percent down and what's even more crazy People don't, you know, and we'll get into the loan limits, but this is the exciting piece. The the loan limit on a four unit property, nationally is 1. 4 million, 1. 442, 600.
Alice Lema: What does that mean exactly?
Tu Phan: So basically that is a conforming loan amount. If you're buying a fourplex.
Alice Lema: You can spend that much money.
Tu Phan: If you qualify, obviously it's if you qualify. So traditionally when we talk about loan limits, let's just dive into it. Fairway just recently increased their loan limits to 750, 000 in line with a couple of the lenders locally in the or nationally in the industry. And what that means is The current loan limit is [00:02:00] 726, 200. We've increased it to 750, 000 in anticipation of the loan limits going up. So what that means to our buyers is they're buying a home and instead of borrowing 726, 200, they actually can borrow 750, 000 and still be considered a conventional loan.
Alice Lema: Wow. So what you're talking about, I don't think people realize there's two ceilings. There's the personal finance ceiling and then the lender ceiling. That's what you're talking about.
Tu Phan: Correct. So you hit it on the nose, the loan limit ceiling. So with each unit property, you know, single family lending, there's one unit duplexes, two unit, triplex, three unit, fourplex. So with that said, each of them has their own loan limit tier and a lot of people get or miss it and think, oh, it's the 726 or the 750 number, the new number and without realizing if they are in fact, let's just say buying a, looking at a four plex for 1. 5 [00:03:00] million, they, they only have to put down 62, 000 or 5 percent of that.
Alice Lema: That's shocking.
Tu Phan: And still have a conventional loan.
Alice Lema: Wow. And so what happens if, if it's not a conventional loan, like we're saying you'll still have a conventional loan. Otherwise it would be what?
Tu Phan: It would be a jumbo and basically what we call a nonconforming loan. So anything above conventional loan limits.
Alice Lema: Okay. Okay. So wow. those are so many zeros.
Tu Phan: Yes, it is.
Alice Lema: So is that an Oregon thing? Is that a regional thing?
Tu Phan: No, it's a national thing. So Nationally, these are the new loan limits. And once again, you know, let me put in an asterisk, you know, shortly after Thanksgiving, the FHFA will formally increase rates or excuse me, increase loan limits.
And, and keep in mind that 750 number could be higher. It could be lower. But based on everything we understand in the marketplace, it will be probably slightly higher. So [00:04:00] this adjustment upward by, by a few lenders is anticipation of that mortgage or loan limit increases.
Alice Lema: Wow. That is, exciting and scary at the same time. So I bet a lot of people's, neighborhoods in the United States do have that many zeros for their multifamily.
Tu Phan: You are correct. and I believe in, in, in Medford as well that you're in the, depending what, what's the multi unit average, multi unit sales price.
Alice Lema: There are, if you can find one, see, that's the thing. So we've got, probably 200 a door, maybe more. So that would put duplexes at like 450 sometimes 500 if they're newer construction. And so that would put a fourplex, yeah, I guess so because it'd be 800 to a million. So, and then how do you qualify the rents for that. So let's say you have somebody wants to live in one. Then what.
Tu Phan: So basically, let's use the fourplex as [00:05:00] the example, rule of thumb is based on the proposed rents existing rents, is what we look at first. And then, if they're not in place, then the appraiser will provide us, proposed rents on each unit. And then we'll take, 75 percent of that, that, that proposed rent amount, factoring in maintenance and, and vacancies.
Alice Lema: And that's part of your qualification.
Tu Phan: Correct. So basically that 75% in income can further help qualify the borrower purchasing.
Alice Lema: Wow. That's what they call looking good on paper. How fun. So, that's pretty exciting news and that's a big, big change.
Tu Phan: It's a big jump. I, you know, a significant jump, you know, you know, if, if people been around, they understand that the rule of thumb for four plexus or multi units has always been at least.
15 to, you know, for a duplex to 25 percent for a four plex. So this is a significant move on behalf of Fannie Mae to bring in more buyers into owner occupied buyers, [00:06:00] have you, into the multi unit space.
Alice Lema: Because they don't want to support investors. Well, okay, we understand that's where the 20 to 25 percent comes in, right? Not going to live there. So, , so, let's talk about renovation because Fairway is great at renovation loans.
Tu Phan: Well, thank you. Yes. We have a fantastic renovation program. Let me lend to you first that it is our own program. It's in house and it is basically based off of Fannie and Freddie's.
Alice Lema: Oh, I didn't know that. That's in house.
Tu Phan: So, you know, Fairway actually closes it, and processes it. We're not outsourcing it. We're managing it. So it is our own, you know, in this case, conventional F you know, Fannie Mae's home style, Freddie Mac's, choice renovation, as well as FHA's 203K. We do the, the limited [00:07:00] is what they used to call it.
And the full full renovation loans as well. We do provide one thing to keep in mind that a lot of people don't realize is we do have a VA renovation.
Alice Lema: Really? Okay. Well, let's, let's go there. Cause that's super exciting. What, what does that look like to the buyer? Yeah. What can you do with it?
Tu Phan: It's, it's very similar to, and I would equate it to more of a, an FHA limited type renovation loan. So nothing major, but more cosmetic and energy efficient repairs. The key here with the VA piece is it it's 50, it's capped at 50, 000 for the renovation. So at the borrower only has about 50, 000 in a renovation cost. You can go the VA route.
Alice Lema: So if you have more than 50, 000, then you just look at a different program or a different house.
Tu Phan: A combination of both, or yes, you're right. And renovation, conventional or FHA, but if they're a veteran and a they just need some, you know, up to, in this [00:08:00] case, 50,000 in, in cosmetic repairs. That would be a great program for them.
Alice Lema: So, does that renovation program work? We have a lot of double wides on land in southern Oregon. It's real common. Is that a program that would work on a double wide if it was on land, not in a park?
Tu Phan: Great question. We do offer it on, on manufactured homes. I'm not even gonna say it's a case by case basis. It's something that we need to look at. Hopefully what, what they're asking to do is nothing you're not altering the, the structure itself.
Alice Lema: So like windows and a roof.
Tu Phan: Yeah. There's it's, it's very limited. You, if you think about it, you know, from an engineering standpoint on a manufactured home, you probably don't want to alter a manufactured home too much.
Alice Lema: No, no. Could you, could you, build a shop?
Tu Phan: An ADU or a shop?
Alice Lema: Yes. So, so you could use the VA. Wait a minute, the VA renovation loan, you could use that to build another [00:09:00] building?
Tu Phan: We might want to strike that. I need to confirm that. I think it's mainly just, on the VA renovation loan, it's just mainly cosmetic renovations.
Alice Lema: Okay. Okay. But the other renovation loans you can build. Right. You can build garages and shops and yeah, yeah. Let's talk about the conventional renovation. Cause that's more fun. So, yeah. And what kind of buildings can you add with that?
Tu Phan: So my experience we've added ADU's and, and we're talking detached aDUs as well, depending on, you know, the question is how big can you build? It really depends on the local jurisdiction and the requirements for ADUs, in your respective city municipalities, et cetera.
But for the purpose of the renovation loan, yes, you can add an ADU, a full blown, you know, detached ADU that you, some people want to Airbnb. Absolutely.
Alice Lema: Wow. So how do you qualify for that? Is that different?
Tu Phan: No, the qualification process is exactly the [00:10:00] same as any other loan. The difference here is remember with a renovation loan, you have whatever you qualify for that inclusive of that dollar amount is what what you can build into your renovation costs. Good example, if you're qualified for a 500, 000 loan, all right, and you purchase a home for 400, 000. Potentially, there's 100, 000 in renovations you can build into that loan because you qualify for that 500, 000 loan or loan amount.
Alice Lema: That's pretty cool. That's pretty cool. So if you can build an ADU, then you could certainly build a shop with that money.
Tu Phan: Yeah. Absolutely. Absolutely.
Alice Lema: Wow. Wow. That is super cool. So, yeah, I think renovation is the way to go, but hardly anybody agrees with me.
Tu Phan: They're great for this current market. If you have properties that have sat on the market for a long time, if agents are trying to find ways to sell their properties or they're just not very desirable, if you can, you know, [00:11:00] basically paint the you know, as some painting painters do paint the picture for the buyer, what it might look like if they added 50, 000 in renovation, perhaps that would work, that would convince a buyer. Our first time home buyer that to, to go all in on a renovation.
Alice Lema: Yeah. My first introduction to renovation was during the crash. The big one, like the 08 - 09. And I watched one of my clients do it, a new roof And a central, , heating system and it was quite remarkable and they got theirs done in like two or three months. And they weren't nervous at all, but everybody after that, it was like, Oh, I don't know if I want to do that.
Tu Phan: I can't dismiss the, the, the stress and anxiety behind the whole process of, of renovating or building. We, we know that exists, but for the most part, it's a great tool potentially to build equity. Yeah. And make the home the way you want it to be, have it [00:12:00] move in with the nice amenities. A lot of buyers homebuyers who, I would say, who have some imagination and look at an older home and say, Hey, I want all those fine finishes or fancy finishes. They can do that. That's fine. The right home and pair it with a with a renovation loan and boom.
Alice Lema: And I should knock wood, but every time I watched one of these or done one of these, 100 percent so far knock wood that the properties then worth more than what it appraised for when we started. So it's, it's been pretty lucrative, but it is market specific, isn't it?
Tu Phan: But there there's homes in every single market that, that would fit nicely into a renovation loan.
Alice Lema: So what about this, this new multifamily, owner occupied thing?
Tu Phan: Yes, you can do those on a renovation loan as well.
Alice Lema: Can you really? Wow. Wow.
Tu Phan: Waiting until [00:13:00] the, that, that, that Fannie Mae updates their guidelines, but yes,
Alice Lema: Well, that's just a few weeks. You won't have to wait long. How exciting. We'll have to have you back and see how many people did it this winter. So what do you think is going to happen with our market? We're asking everybody this time of year. We're getting into the, you know, third quarter, first quarter 24. What do you think is going to happen with the housing market?
Tu Phan: The housing market is resilient. Overall, as we know, you've been in a long time. I think this is certainly a season as someone would call it. Interest rates are a little bit higher. And so with that said, the buyers are a little bit less and far in between. But, there is a lack of inventory as well. So with that said, I don't believe home prices, you know, the fear has been said, you know, home prices are going down. As you noted, you know, do you think there's a crash? I don't believe there's a crash. I mean, I believe, the market will be resilient. You know, we're [00:14:00] facing a downtime right now. Home prices are probably flat. If anything, statistics actually show that they're increasing year over year, about 3 or 4%.
If interest rates continue to go up, we might see that decrease just a little bit, but for the most part, what's, what's keeping it right at those levels is the lack of inventory Nationally and in, in specific markets. So I don't, I don't see the market doing anything crazy. I believe homeowners and homebuyers who want to buy right now are buying, regardless of interest rates.
And, and some of them have unique situations that, that they're in as well. And they're having to buy or having to sell. So, Based on that, I'm optimistic that the market will be fine. Hopeful that the spring market brings, you know, cross your fingers, you know, reprieve in interest rates so that, you know, we see more homebuyers. Yeah. Even just a little bit.
Alice Lema: So are the number of people getting qualified, cause that's something that gets tracked nationally, the you have a name [00:15:00] for it. The, is it applications? Yeah. How's that going?
Tu Phan: They're certainly down, you know, obviously driven by interest rates, but there is a, a sector of the market that is actively still wanting to buy, still wanting to apply, and finding out what they qualify for. And a lot of them, you know, over the past several years, starting with the pandemic, a lot of them were priced out of the market because of the increase in home prices. So, you know, You're asking me questions. What do you think will happen based on the current market will home affordability return based on interest rates going up?
Alice Lema: So I think about that a , and I think that if the interest rates go down too much or go down too much too fast, then that's the, feeding frenzy, the price thing is going to go up at least in our area, because we're kind of this lifestyle destination. And so we have all this open space.[00:16:00]
And as the world gets weirder we get more of the world. Because they feel comfortable, safe and, and that, but if it turns out that it only goes down a little bit, I think we just get normalcy. Like maybe we would actually see that four to six month turnover for people selling their houses. And maybe we would see more listings. I think people are nervous right now.
Tu Phan: I, it's natural. A lot of people in our market, I'm going to say this, cause I say this a lot to a lot of borrowers is as well as agents is that we've been spoiled the last three, really the last 10 years, interest rates have been historically low. And since they've gone up and since the fed has adjusted upwards, people are like, Oh my gosh, you know, this has, this has never been the case.
I'm like, yes, this, this is just you know, direction to a normal market that we were accustomed to prior to all [00:17:00] these years of low interest rates. As well as what the Fed would say is quantitative, easing.
Alice Lema: Yeah, yeah, yeah. They do like their big words. So how are you and your buyers adjusting to the interest rate? Like if, if, if somebody came into the housing market in May or June and got qualified and they still haven't found a house, how are they adjusting and how are you guys adjusting?
Tu Phan: Here's the thing, everybody's adjusting based on their purview. Do they want to buy now or wait? My experience so far with homebuyers is that a lot of them have the interest rate shock and continue to have the interest rate shock.
It's, it's a, I wouldn't call it a tough hurdle it's more of back to the conversation. What can you afford? What do you want your payment to be? And based on that work backwards and say, okay, this is what we need to look at to keep your payment in this in this category, this loan amount or this [00:18:00] purchase price.
Alice Lema: So are they deciding to pull the trigger or are they waiting?
Tu Phan: They are, they are. A lot of them have decided, you know what, the rates are the rates. They, you know, their situations unique, either they've been renting, they want to be at, they want out, certain parts of my, you know, my location up here in the Northwest, you know, certain people want out of certain neighborhoods. And so they will make the adjustments sooner than later.
Alice Lema: It's very diplomatic. So, the other thing is, how many of the buyers that are working with you guys understanding the equity opportunity that if you buy now on this little dip, when things do turn around, you're going to have a nice little wealth building exercise there.
Tu Phan: That's a great point. I bring that up to all the buyers that are getting pre approved. You know, my response to them with the interest rate conversation, you know, early on when the rate, fed started increasing rates, you [00:19:00] know, many lenders inclusive of myself, you know, we could, we would interject, oh, you can refinance. But as the year has drawn on and rates have continued to go up, I've really gone away from that conversation of refinancing. Yes, they, a borrower can always refinance when they want to, or when the rates come down, but the reality is, and we're in the current market.
Let's look at some of the things that we can control in this case, if you can control what your payment can be, that will be the response to what your actual, you know, amount that you can qualify for.
Alice Lema: So, and I think that's a really good point that gets overlooked because this idea of you're going to refinance in the future you're assuming that your financials will be such that even with lower interest rate you can refinance life can be somewhat, you know, surprising.
Tu Phan: I as optimistic as I usually am, I I'd love to see the market change. And I love to see a lot of lenders and banks would love to see the refinance, [00:20:00] refinances come in with lower interest rates, but we're in the current market. And like to answer your question about homebuyers, the ones that want to buy, like you said, the when they are ready to refinance, you're right, that's when they can realize the equity they have. But if they're not in the game, you know, to kind of come full circle on the question, they're not in the game and they don't own a home there's nothing to refinance.
Alice Lema: Some buyers that have been waiting for a crash for five years. So COVID was what three years ago. So they started waiting right before COVID, then COVID and they're still waiting. They're still renting and and anybody who pulled the trigger five years ago, at least in our neighborhood, they have like 50 to 100, 000 in equity. We, we don't, we don't always see that, but, yeah, just it's, and, and we're not pushy people, right. We're not going to make, you know, a big argument for somebody to buy something if, if they don't feel ready. But boy, I mean the prices, they're [00:21:00] just a little bit down and it's super exciting because it makes it a lot more, available to other buyers.
Tu Phan: Yeah, the affordability factor starting to come back a little bit. I'm not saying it's back by any means, but there are pockets just in Oregon where you can, you can purchase a home and it still be affordable to the monthly payment. And, and, you know, that, like I said, one of the things I concentrate with buyers is what are you comfortable in paying first? Cause that that's what they're stuck with paying.
And obviously the other plug is, you know, if some of them know they have jobs where they'll get pay increases or life circumstances change in a year or two years, we can also look at, a one 0, buy down, two, one, buy down or or a three, one.
Alice Lema: What does that mean?
Tu Phan: Basically, you know, in, in turn, you're basically lowering your payment for the respective first 12 months, 24 months, or three years of a mortgage, typically funded by hopefully a seller buy down. So really so, so [00:22:00] basically a simple two, one buy down is let's say the start rate of the actual rate is 8%. You're buying the first year's rate down to 6%. So your payment for the first 12 months, Is based on an interest rate of 6%.
And the second year, the interest rates based on interest rate of 7%. That's your principal interest payment. And so what what's collected up front in the form of an escrow account is the buy down, which is covering the difference between, in this case, the actual interest payment between 6 percent and 8 percent the first 12 months and the respective 7 and 8% the next 12 months.
And in this case, if we ask the seller to fund the buydown, that buydown gets set aside in an escrow account. And each month as the buyer makes their payment, they make the smaller payment at the 6%. And that difference from 8 percent to 6 percent is deducted from the escrow account.
Alice Lema: Well, that's cool. So, but they're qualified at the higher rate. [00:23:00] Is that right? Yeah. Okay.
Tu Phan: So this is really just giving relief to the buyer temporarily.
Alice Lema: But it's that first year that's the hardest. Right.
Tu Phan: It usually for first time homebuyers. Yeah. It. But one of the things I at least like to remind buyers is whether we do a 2- 1 or a 1- 0 buy down, will you be comfortable with a payment when the rate's fully at 8%? Whether the seller, because in that instance, I also let the borrower know, maybe we also look at a permanent buy down as opposed to just a 2- 1 buy down. But the more options the borrower has, or the buyer has in this market, or more information helps them say, okay, I can afford this.
Alice Lema: Well, I think Fairways been really great about having programs as quickly as possible and being creative. So it's one of the reasons we love you guys. . Yeah, that and renovation.
Tu Phan: We are, you know, obviously we were, we want to cater to the [00:24:00] buyers and provide as many products as possible. Obviously, closing is essential for us and ensuring that everybody's super happy in the process as well.
Alice Lema: Well, and all that great news about the multifamily down payment and the loan limits. That's, that's great. So I so appreciate you talking to us today. How do people get ahold of you? They want to talk more.
Tu Phan: They can find me on the web at TuPhan.com or they can call me at (503) 780-6872. You can cut that out.
Alice Lema: And he answers his phone.
Tu Phan: Yes. Available. I'm not going to say 24 seven.
Alice Lema: No, no I think your family would have a cow as they should. But and you can text, right?
Tu Phan: Yes. Call, text or email.
Alice Lema: Great. Well, I hope you'll come back on again in a few months and give us another update on kind of what's going on in, in all those different categories.
Tu Phan: Well, thanks for having me, Alice. Hopefully this was helpful for at least one person. [00:25:00]
Alice Lema: Well, I'm sure it was for everybody. So thanks again. Have a beautiful week, everybody. Thanks, Alice. Bye bye.2023-10-23T16:00:00-07:002023-10-23T16:27:09-07:00Alice Lematag:alicelema.com,2012-09-20:30944Market Update Oct 17 2023Market Update Oct 17 2023
Full Video Transcript Below
Market Update Oct 17 2023 - for the Counties of Jackson, Josephine and Klamath
[00:00:00] Hey, everybody, welcome back to the market statistics for Southern Oregon. This is for the week ending October 17th, 2023 for the residential single family home market, all three counties. Let's start with Klamath Falls, Klamath Falls Klamath County.
Prices year over year are up 9%. Congratulations, Klamath Falls, the average single family residential home now costing $362,592. The number of sold year over year in Klamath County is down 30%. There were 16 closings in the residential market in Klamath County this week, and the number of listings year over year this week in Klamath County are up 14%. Good for you, Klamath County. There's 281 active listings this week. In the residential area in Klamath County. There were no foreclosures in Klamath County this week. No short sales and no million dollar [00:01:00] properties closed in the residential area in Klamath County this week.
Josephine County prices year over year this week were down 1%, so just about dead even. This is making Josephine County residential properties average $449,747. The number of sold year over year in Josephine County this week were down 60 percent. Another inventory problem. There were 15 closings in the residential area this week in Josephine County. The number of listings were down year over year in Josephine County nine percent. There were 355 residential listings active this week in Josephine County, there were zero foreclosures, zero short sales and 0, 000, 000 closings in the residential area in Josephine County this week.
Now, Jackson County has a little different story this week. Prices were up. Year over year this week in Jackson County up [00:02:00] 6%. Congratulations, that's a big deal. The average single family residential home now costing 520, 772. The number of sold year over year in Jackson County were down 6%. There were 55 closings in the residential area this week.
The number of listings year over year in Jackson County were down 10%. There were 744 active residential listings in Jackson County this week. There were no foreclosures. There were no short sales closing this week in Jackson County, but there were 4 Million dollar sales. We had two in East Medford, one in Ashland and one in Jacksonville. Interestingly enough, three of those 1, 000, 000 sales were cash. Isn't that interesting?
So our little market in fits and starts, I'm starting to sound like a broken record, but we do have something of a recovery. We [00:03:00] do have other market people watching. People from NAR, people from different websites, people from the government, and we're starting to see a little more encouragement that the market may finish in 2023 with a little tiny bit of up, when this time last year we were bracing for a little bit of down so super exciting.
We're still struggling with not enough listings. And if anybody is thinking of putting their house on the market next year, you might want to consider putting it on now. And we also have people making decisions this time of year if they've been on the market, and they're not getting the showings they want, or they're not getting the offers they want, they're doing some kind of price change. They're doing some kind of gussying up with the property.
Some people are putting in a tenant and some people are going off market. So I still look for a pretty strong fall and a pretty strong winter, which normally in Southern Oregon, we have a little bit of [00:04:00] a sag a little bit of a slowdown. But I'm looking to see some pent up demand from the buyers that waited all year as they were struggling with the interest rate increases and having to get pre approved over and over again.
And then also just not having enough houses to choose from. So it looks like we are, inventory is trying to go up. I know that a lot of the lenders are having a really big October. A lot of the real estate agents are having a really big October. There's a lot of pending signs all around the Valley.
So with that in mind, if you've got any questions or you want to talk about your real estate life, give me a call. Give me a text 541-301-7980 and let's talk about what we're going to do with your next real estate move. Have a beautiful rest of the weekend. Talk to you next week.
Bye now.2023-10-23T11:15:00-07:002023-10-23T11:25:56-07:00Alice Lematag:alicelema.com,2012-09-20:308785 Yr House Predictions by NARNAR 5 Yr House Predictions
<br />Full Video Transcription Below
NAR 5 Year Home Price Predictions
[00:00:00] Well, Hey, real estate fans. Welcome back to the podcast for Southern Oregon housing. I'm Alice Lema, a broker at John L. Scott real estate. And today we're going to talk about the next five year predictions for home prices because the national association of realtors chief economist, Dr. Lawrence Yun weighs in on what's going to happen in the next five years.
And the reason I wanted to bring this now is because it's very tumultuous right now out there in real estate land. We're still in a seller's market, even though some sellers don't feel like it. There's still a few more buyers than sellers. But it's tough going for those buyers because of the interest rates.
And then there's also low inventory and that low inventory is what is giving us the sellers, the seller's edge, if you will. So despite the interest rates, we still have a fairly good market for home sales, even though the number [00:01:00] of transactions is lower. And again, that's because of inventory.
But Dr. Lawrence Yun, who is the chief economist of National Association of Realtors, data driven. He's an economist. We really like listening to him. He's saying that he's expecting there to be a more normalized market with some appreciation between now, which is kind of the end of 2023. 2023 is wrapping up and 2028.
And we're looking at more of a balanced market five years out. And we're also looking at appreciation growing in homeownership between now and 2028. There could be some price declines between now and maybe 2025, but not a crash. Again, it has to do with the supply and demand. There's just not enough supply.
So we're seeing some small price drops in our market here in Southern Oregon. [00:02:00] But we're also watching some of the neighborhoods start to buoy back, start to come, come back up. If you're in escrow right now, or you're on the market right now, you may have to do another, if you haven't done any price changes, then consider one.
If you've done one or two, you might need another 1 percent to 3% price change to get a buyer into escrow and to close in the next 30 to 60 days. Other than that, we're looking at anybody who's making purchases during this time in the high interest rate era. We're looking for some lowering of the interest rates.
Maybe now it's going to be another year or 2 out, but we'll have to see, you know, the world, the world is a weird place. There's a lot of stuff going on and. The things that are happening overseas and the things that are happening in our economy here do [00:03:00] affect the housing market. So, if you're on the market as a seller right now, look at your price changes. Look at your timing.
Winter's coming. Southern Oregon is kind of a seasonal market. If you can wait and you, and you want to do that, then take your house off the market. You can, you can just still live in it. You can close it up and go somewhere warm for the winter. You could put in a tenant. If you still want to get your transaction done, then listen to the feedback that you're getting from your showings.
Consider doing a little bit of a price adjustment and just get it done and be somewhere else for the holidays. If you're buying, then Yes, I know, there's not as many choices as we're used to, but it's better than it was. And again, looking at the 5 year forecast for housing from Dr. Lawrence, we still look at a [00:04:00] positive growth, even though it will be slower and more sustainable over the next 5 years.
So it still looks like a good time to buy. Plus you get to live in a house. If you're not owning a house right now, then you get to own a house. And if you own a house right now and you're selling and buying something else, then you get to, to be in more of the, the property that fits you right now and fits your lifestyle.
And that's really what home ownership does for us. It gives us the room that we need. It gives us the neighborhood we need. And it gives us wealth building because real estate is a wealth building activity. So that's our podcast for the week. Give me a call, give me a text 541-301-7980. And let's talk about what we're going to do with your next real estate step.
Okay. Have a great week. We'll talk to you next time. Bye now.2023-10-18T13:30:00-07:002023-10-23T15:53:49-07:00Alice Lematag:alicelema.com,2012-09-20:30837Market Update Oct 10 2023Market Update Oct 10 2023
Full video transcript below
Market update Oct 10 2023
[00:00:00] Well, hey, real estate fans. Welcome back to the market statistics for Southern Oregon housing. I'm Alice Lema. I'm a broker at John L. Scott real estate here in Southern Oregon. And I'm so excited this week because we have the beginning of an uptick in all three counties. So we've been waiting for that. And it's not like super strong, but I want to share with you the tiny bit of good news at a week when we could show you some good news, right?
Okay, let's start with Josephine County. 1st, Josephine County prices year over year this week are up 19 percent congratulations. Josephine County. This is residential single family home only. Just a reminder, the average single family home residential property now costing an average of 488, 905 in Josephine County this week. Way to go. The number of properties [00:01:00] sold year over year in Josephine County are down 45 percent this week. We've got 11 that were sold, again, single family residential in Josephine County. The number of listings year over year are down this week, 11 percent in Josephine County. We had 345 residential properties on the market. We had zero foreclosures closed this week in Josephine County, zero short sales and 0, million dollar residential properties close in Josephine County this week, but they were up 19 percent year over year. Very, very good.
More good news, Klamath County prices year over year this week were also up 18%. Yay. Got two counties in a row. The average single family home in Klamath County now costing 397, 540. [00:02:00] The number of sold year over year, this is residential Klamath County were down year over year this week, 46%. We had 14 closings in the residential market in Klamath County. The number of listings year over year in Klamath County are up 20%. Yay. And we had 285 active listings in the residential market in Klamath County.
Jackson County prices year over year were stable, so it was zero, but. I'm so happy and I want to say yay. We had two counties up quite a bit and one county stable. This could be the beginning of something, but that's why we watch it every week. Okay. Okay. Back to Jackson County prices year over year are stable. The average single family home in Jackson County costing an average of 507, 473, which is what it was this time [00:03:00] last year. The number of solds year over year in Jackson County are down 22%. We had 46 residential homes closed in Jackson County this week. The number of listings year over year are down 10%. See, we had 743 active residential listings in Jackson County. We did have a foreclosure that closed in Jackson County this week. It was in Eagle Point. It was for $235,000, which was full price. It was a cash buyer. The house itself was 968 square feet. So tiny cottage, but it was on 1.45 acres in Eagle Point. So somebody got a good deal on that one. Short sales in Jackson County closed zero.
But we did have a million dollar sale, and that was in east Medford. And again, this is a residential only. So I have one residential million dollar property [00:04:00] East Medford. It closed at 1. 1 million, which was below below asking. It was a house that was 4098 square feet and it was on 1. 49 acres in East Medford, so I don't want to make things sound better than they are because I don't do that.
I, I'm a data person, but I'm really happy to see that we're getting some stability in the price. It's a little bit up compared to last year. Now it's a, it's a volatile market. There's an awful lot going on and the interest rates went up again a little bit. So it's tough out there, but what's interesting is people are still buying houses, but the prices are a little bit soft. The prices are not as soft as we thought they were going to be.
In fact, on the radio show this week, we had the tax assessor for Jackson County, David Arrosmith. He's on the [00:05:00] show and that's a really good episode because he's talking about the market and also historic data for Jackson County. And I think that we're going to finish the year with a little bit of appreciation in all of our counties. But we're gonna have to wait and see. This is only October, but we're starting to get a little bit of steam as long as the weirdness of the world and the trauma of the world and the interest rates, you know, don't cut us off at the knees, so to speak but we're going to watch it every week and see what happens.
In the meantime, if you're buying right now Then you want to definitely have a good strategy, maybe a plan B. And if you're selling, there's not enough listings on the market even though we're getting more people putting their homes on the market and all of the price points, we still don't have enough.
We're down in some cases. 10 percent 20 percent or more in some, in some weeks we're [00:06:00] down like 50%. So if you're thinking of selling early next week, you have an opportunity right now. I sound like a broken record, don't I? But here's the thing. The weather's still mostly good. We have our, our sunny warm times in the afternoon like we do in the fall of Southern Oregon.
And we still have some buyers out there. They're still slugging it out with the lenders with the with the closing costs with the fact that there's some real estate changes possibly coming down the pike where buyers may be having to either pay for their own real estate commission, their own real estate agent, you know.
Or it's going to be documented differently. It's going to be separated. There's a lot of legal stuff going on in the United States right now in the next couple of weeks. So there'll be more podcasts on that and more information, but the point is for the market statistics and for buying and selling right now, there's still some great opportunities.
And [00:07:00] opportunity is what we get when we have. Weird markets, volatility does breed opportunity if you can stomach it. So if it's not a cool time for you, then that's fine. Sit it out, wait, wait till another cycle. But if you're thinking of selling, you might want to get it on the market right now, or at least get your photographs done.
And if you're buying, just hang in there. It's going to happen and be bold. You know, if there's a house you like, write an offer and see what happens. Okay. And in the meantime, call me, text me. I want to be your agent. Want to help you buy, sell, invest, great with Riverfront, great with downsizers, upsizers, first time home buyers.
It's all my bag. So please call me, text me 541-301-7980 so have a great Southern Oregon weekend and we'll see you again next week. Bye now.2023-10-16T14:30:00-07:002023-10-16T15:14:06-07:00Alice Lematag:alicelema.com,2012-09-20:30838Real Estate Show with David Arrasmith Jackson County Tax Assessor Real Estate Show with David Arrasmith Jackson County Tax Assessor
Full Video Transcript Below<br /><br />
Real Estate Show County Tax Assessor
Alice Lema: [00:00:00] Well, Hey, Southern Oregon, welcome back to the real estate show. So glad you could join us today. We have Dave Arrasmith from Jackson County tax assessor's office coming on the show, because you know what it is tax time. We're so happy he could join us. He's going to talk to us, not only about what's going on in the market he's going to talk a little bit about how taxes are calculated and maybe give us some historic perspective about property taxes in Jackson County. Dave Arrasmith from Jackson County Tax Assessor is going to be joining us here in just a quick minute.
In the meantime, I want to touch on the local statistics for all three counties because we have a tiny bit of good news. Are you ready? Let's start with Josephine County. This is single family home residential only. Prices year over year in Josephine County are up 19 percent. Congratulations. Josephine County, the average residential home, now costing 488, [00:01:00] 905. That's for residential in Josephine County, the number of homes sold in Josephine County year over year are down 45%. And that means we had 11 home sell in Josephine County this week, compared to year over year, a number of listings year over year in Josephine County are down 11%. We had 345. Residential homes on the market this week in Josephine County.
Now, Klamath County was also up this week. Prices year over year, that's two in a row. Year over year in Klamath County are up 18%. The average residential home now costing 397, 540. The number of sold year over year in Klamath County are down 46%. Thank you for watching. We had 14 closings in Klamath County this week for [00:02:00] residential. The number of listings in Klamath County are up 20%. We had 285 active listings in Klamath County this this week.
Jackson County prices were stable. They weren't up. They weren't down. So folks, that means we had two counties up and one county stable. We've been waiting. We've been waiting for this. So year over year prices, Jackson County are the same as they were this time last year.
The average single family home now costing 507, 473.
Jackson County number of solds a year over year are down 22%. We had 46 closings in Jackson County and the number of listings in Jackson County are down 10% year over year. We had 743 active listings. Stay tuned. We have a quick break and we're going to have Dave Arrasmith from Jackson County Assessor on next.
Well, top of [00:03:00] the morning, Southern Oregon, and welcome back to the real estate show. Boy, we have an exciting show for you today. We have Dave Arrasmith, our Jackson County assessor on with us today to talk about Jackson County, Taxes. Welcome, Dave.
David Arrasmith: Well, good morning. Thank you. And welcome to you.
Alice Lema: This is a very interesting topic. Taxes are people ask questions about them all the time, especially with real estate. And then our county has a different way of calculating. And that's a common question with people, whether they own homes already or they're just purchasing. How does all of that work?
David Arrasmith: Well obvious, you know, the simple math is it's the assessed value times the tax rate. And depending on where people live in the county, they could have a tax rate different than than some someone in another part of [00:04:00] accounting. The tax rate is a composite, a total of, of, individual taxing districts within that area. So in Medford, you'll have the Medford school district.
You're not so the people in Medford aren't going to pay a tax rate to this Ashland school district. So in Medford, we would look at what what services are available in that in the area they live in, there would be, you know, there would be a city tax and a county tax road Valley transportation tax and a numerous, individual taxing entities and we add them all up and you get a tax rate of, you know, say 12 per thousand or something. And then when you multiply that total tax rate times the assessed value.
Alice Lema: Okay. And so it's very hyper local. I think a lot of people don't realize what you just that comment you just made about the different school districts.
David Arrasmith: Exactly. So[00:05:00] you know, people on out in the outlying areas may not be in so many, you know, like, like way out in the boondocks may not may not be in so many taxing districts. They wouldn't be in any city taxing district. So that wouldn't be in their bill and they would be in the county. They may not be in a vector control or Rogue Valley Transportation District. So their, their rates could be less than what you might find in downtown, people who live in downtown Central Point or Ashland or Medford.
Alice Lema: Well, that's really interesting. So is that why the taxes in the county and the outlying countryside are less than in town?
David Arrasmith: I, yeah, I, I would suspect you know, mathematically, if you had a 100, 000 property in Medford, and you had one out in the boondocks, if the Medford rate was [00:06:00] say 15 per 1000, then you take 15 times 100 and you get a tax bill of, let's say, 1500 where if they're out in the boondocks and they're not paying to the city of Medford and maybe they're not paying to the Rogue Valley Transportation District or Vector Control or something. Then maybe their rate is 12 per thousand.
So in Medford, the rate, they would come up with a 1, 200 tax where that same 100, 000 value in Medford would have a 1, 500 tax. Well, that's really, really fair, isn't it? That's, that's really, I think people don't realize how how detailed the assessments are.
Well, that makes it pretty fair that the the arguments that we hear where it's not fair is the assessed value in most cases is based on not the value that the property would sell for but it's based on another number called maximum assessed value.
Alice Lema: [00:07:00] And what is that?
David Arrasmith: And that's a number that was created in 1997 when measure 50 passed. And it, for those of you who were around, you were probably remember during the nineties, there was a kind of a taxpayer revolt in Oregon that would kind of follow what was happening in California during the seventies and eighties.
And we passed two measures in the 90s, one around 1995, a measure 5, where they capped, tax rates were capped so much, like 10 per thousand for cities and 5 per thousand for schools, and that, and that law was, taxpayers didn't get enough relief out of that, so then they passed a measure measure 50 was passed.
And so we calculate the tax. Really, you know, they don't see it on their bill, but we are we calculate a tax based on measure five. And we also calculate a tax based on measure [00:08:00] 50 and whichever the two is the lowest is what shows on the tax statement.
Alice Lema: Oh, that's awesome. Yeah. Yeah. I don't think people realize that either. We usually just hear a lot of griping about taxes, but that's why it's so good that you're here today. So when, when those measures passed were, were there any repercussions profit wise for the counties? Like, do you guys did you have enough money when that passed? And then do we now, you know, decades later, do we have enough funding for what we need to do?
David Arrasmith: You know, my memory doesn't go back that far. I was around then. But when Measure 50 passed, they they, they permanent rate was created based on I think what the, what the taxing districts were getting at that time. So, whatever rate they were getting at that time, they were, it, it became their rate going [00:09:00] forward.
And then, as property, as assessed value goes up, that fixed rate is multiplied times a number that's climbing every year. And, and maximum assessed value was created then to make that climb about 3 percent a year. So if the tax rate is fixed and property the assessed value in general is going up 3 percent a year, then there, people could calculate a 3 percent increase in taxes and I think, you know, that that formula pretty much stabilized tax the taxes that were, could be received by the districts.
And, but it also limited their growth potential to 3%. And that's the theory. It, I don't know that it always works that precise, but, so I'm, you know, Jackson County, for instance, we get they [00:10:00] get a lot of public recognition. I, Yeah. That we're in very good financial shape. I don't know that we were in that good of financial shape back in 1997. And the, the I think the, I think the cities and other districts are, are doing okay. Maybe school districts aren't, but I don't believe they get most of their funding from property tax. They get some state grants and stuff like that.
Alice Lema: Yeah. They have a little different mix, but that the word you use stabilizing, stabilizing the tax base that, that does seem to, to be what we have here in Jackson County, some predictability.
David Arrasmith: Exactly. And the other, the taxpayer revoked going back in the seventies and, and, and eighties. I think 19 78 California passed for your viewers who come up from California, they might remember measure 13 was passed.
Alice Lema: Yep. Proposition 13
David Arrasmith: power property tax[00:11:00] constitutional change that limited assessed value to a 2 percent growth. Well, in Oregon, we we were having the same revolt, and in This is where I'll say it's our property tax system I think it's pretty fair and and at least acceptable compared to before measure 50. In 1997 and up until then, this office was handling about 2200. Petitions appeals every year, keep property owners would file an appeal to get their property yeah. And then after map was created and limited the property assessed value, basically, to about a 3 percent growth is made a drastic drop in appeals. And this, like, the last few years, we've been averaging like 30 a year.
Alice Lema: That's wow. County wide?
David Arrasmith: [00:12:00] Countywide, but the bop, the board only basically opens up for partial for 1 day and maybe not even for the whole day and they're done. They can hear all they can, you know, all those maybe 2 days. They can hear all those cases. 1997 when we had 2221, 2200 appeals the Board of Equal the Board of Property Tax Appeals, they, they would open somewhere in, say, mid February, go Monday through Friday for eight hours, all the way to, like, May.
So we don't have a lot of frustration, a lot of anger out there, like we did. And that's good news. I think our property tax system does some people as well received around here. Not I'm sure they'd like it better, but they're not appealing like they used to.
Alice Lema: Yeah, well, and nothings for free and we have a lot of really great services in Jackson County. For folks that don't know what the appeals [00:13:00] process is we in a couple of minutes we have left before a break. Can you speak to what that is and what it looks like?
David Arrasmith: I will, you know, back before 1984, 1997, it was called the Board of Equalization because real tax bills were based on a real market value. And it was very important to have, you're if you're on the same street with me and you have the same house, except and the same floor plan and everything you would expect are our real market value to be the same.
In other words, both properties would sell for the same amount. So equalization went out the window in 1997 with measure 50. Because R and V no longer is the drives the tax bill. It's the MAV number and the MAV number can deviate from your, you could be across the street from me and have a different MAV number then.
Alice Lema: And what's MAV again?
David Arrasmith: Maximum Assessed Value and it's abbreviated M A V for Maximum Assessed Value. So the [00:14:00] board they changed the appeal board from board of equalization, the board of property tax appeals. And just this last legislative cycle, they changed that name again. And next year we'll be calling it something else.
But when the tax bill comes out, the appeal process is spelled out on the on with the tax bill and the county clerk Jackson County clerk, chris Walker's office is the access the secretary for the I'll say secretary, but or the administrator for the board property tax appeals. And Actual petitions appeals are filed with the county clerk's office and then the county clerk contacts the people who are appealing and sets up a hearing and hearings are usually very informal and lately they've been the last couple of years since Covid they've been done over by phone. So you don't even have to show up.
Alice Lema: Oh, interesting.
David Arrasmith: Do it right from your house. Yeah, it's no attorney required. [00:15:00] And it's real. And it's made the board members or three members made up out of the public usually.
Alice Lema: So we got to take a quick break. I'm sorry, Dave, hold that thought. This is really, really amazing stuff. We'll be right back after a quick word.
Well, hey, Southern Oregon. Welcome back to the Real Estate Show. I'm Alice Lema. I'm a broker here in Southern Oregon with John L. Scott Real Estate, and we're talking to one of my favorite people, Dave Arrasmith from Jackson County Assessor. He is the Jackson County Assessor, and we had to take a break just a quick second ago, and we want to go back and finish talking about the appeals process for your property taxes. You were just beginning to, to say about the the commission and that they're, they're local people.
David Arrasmith: Right? The board members, there's three that set and at the hearing. And then there's a couple of some one or two alternates that can fill in. But they need a three person quorum and the board. So then when they they'll hear, they'll take [00:16:00] testimony, they'll take evidence. And then they'll, they'll vote on how to, how to, how to address, how to solve whether they should sustain the county value, whether it should be reduced.
They, they have no authority to raise it. The county assessor can't come in and ask for a higher value.
Alice Lema: Oh, that's good to know.
David Arrasmith: Yeah and the the board is not made up of anybody out of the assessor's office or counties or staff member. It's made, it's volunteers like yourself. And as far back as I can remember, they've been all 3 of every year have been realtors or retired realtors.
Alice Lema: Oh, really?
David Arrasmith: Yeah. So they know, or maybe once in a while, we'll get an appraiser in there who just wants to yeah. You know, do a civic duty and, and and, and help out. So they people who are appealing, they're coming in, they're getting a hearing from, from a realtor, somebody who knows this area, who knows, who's worked in it a long time, probably [00:17:00] even knows their property. And they get a very fair hearing.
Alice Lema: So I've, I've been to some of those hearings and they're really quite interesting. Are there standard reasons to lower somebody's taxes or how, how individual is it? Like, what would a reason be?
David Arrasmith: Good evidence, good market evidence. If You know, we have 100, 000 accounts and every year we have to change the value. We have to update those values every year, so maybe 4 or 5, 000 of those values come from new construction, so appraisers, our appraisers, go out and and visit that new construction, measure up the square footage and set a value for it. Now, the other 95, 000 accounts that aren't new construction, we, we have to change, update their value too.
And we do that by trending. We do a statistical analysis of [00:18:00] what properties were selling for last year in the year 2022. And compare those sales values with our 2022 tax role. And if those sales are higher, then we, we realize we need to bring them we need to bring the tax role values up. If the sales prices are below the individual sales below their tax role value, then that's an indication that maybe the that their neighborhood needs to trend down. So that trending process allows us to do mass appraising. But with mass appraising, it's not it, it can have some issues where maybe we would come up with a different value if we, we actually had a few sales on that street and compared it to the property we were appraising to those sales.
So. So what could happen at an appeal that the taxpayer, the property owner could come in with [00:19:00] and say, look, here's 3 sales of similar homes on my in my neighborhood. And so that that would indicate that my value should be more like their value and their value is less. So my property should have a reduced value and staff would agree with that.
Our staff would look at that. So that's really good evidence that tech that appraisal technique is better than a mass appraising trending technique. And we won't fight it. We, you know, it's good evidence. If a, if a property owner comes in with no evidence and their, their argument is simply their taxes too much and, and they can't afford it you know, we, the, we, the board can sympathize with that, but that's not evidence of what the real, what the value should be. And, yeah. So ethically, they have to set a value, adjudicate a value of what the property would sell for, not what they think a reasonable [00:20:00] tax should be.
Alice Lema: And it's interesting because people want their value lower. When they're living in their home, but then they want it higher when they sell it, you can't have it both ways. But it brings another question that the real estate agents get asked all the time is when they're buying houses that have features like extra rooms or more square footage or a little bit better upgrade, but it's not documented in the taxes. Should they go and have the assessor come out and authenticate that it's different than what it says? Because it causes a problem if you don't when you sell it.
David Arrasmith: Well, really they if our value is not right we all want to get that correct. So if they, if they think our value that it would sell for less than what we have it on the [00:21:00] tax roll, then I mean, even though, even if they might've added square footage, even if they might've made some improvements. If after all of that work, the values less than what we have on the role, we, you know, they stand a chance to have it reduced.
Alice Lema: Yeah. Well, and that and that makes sense. It was the opposite. Yeah. Like, added a room and didn't tell anybody.
David Arrasmith: It depends on how you add, or I'll say it depends on how how a person adds a room if they, if they took a large living area. And and make two rooms out of it, or took a large bedroom and made two rooms out of it. I guess you could say they added a room. But, and that wouldn't, that wouldn't probably change the value. But if they add square footage obviously a bigger house usually sells for more. So whether they added a room or, or if, or if our square footage is in there [00:22:00] and they tell us that it's their house is bigger, well then what that would tend to cause a bigger value.
Alice Lema: And it only causes a problem for the real estate agents later when they go to sell.
David Arrasmith: But let me throw this in there. Because I said, and I, and I think this is a general statement that's true. And you know, I'll just throw out a high number, like 99%, but maybe it's 98, but it's still a high number. The tax is not based on real market value. It's based on maximum assessed. So if someone added a room and the cost of the, like say a laundry room or a deck or a mudroom in the back or something, I guess kind of a low cost addition. Yeah. Okay. Then that would up their real market value. The property would sell for more because that's [00:23:00] an added feature.
I guess like adding a fireplace or something, however, probably wouldn't change MAV and because their tax bills based on MAV, there'd be no increase in MAV beyond the normal 3%. Yeah, the one of those, one of the nice things about MAV when I created it, they said, Oh, new construction, new additions, new remodel, anything, anything like that, that adds value because it's new.
If it's under 10, 000, we don't increase, that's not a reason to increase MAV. And I can't and so, but it can't be like, 10, 000 every year. They put up, they put another limit on it. It can't 10, 000 per year or 25, 000 in a 3 year period. so [00:24:00] 3 years, if you did 10, 000 each year. The first 10, 000 wouldn't go on, wouldn't be in addition to the MAV.
The second year, that 10, 000 wouldn't be in addition to MAV. The third year, you did 10, 000. Well, half of that, five, would be in addition to MAV because they're limited to 25, 000 over a three year period. So basically, if someone wanted to take a real, you know, they had a long time ahead of them to build their house, as long as they didn't have more than 25, 000 in a three year period, they could put that house up and not have a tax bill.
Alice Lema: Well, yeah, if you do the math, but goodness, that's a long time to stay with your in law.
David Arrasmith: But I have, you know, I've had... I can, you know, I generally, I get questions like and, you know, and not the the lady of the house will say, you know. I want my I want some landscaping put in or I want a fence or [00:25:00] put up, but my husband won't let me.
I mean, it could work the other way. It could be the husband wanting to do it. Want the landscaping and and the missus doesn't has the argument against it. But 1 of them will argue against it because it will raise their property tax. Okay, well, if they keep that fence addition or the landscaping under 10, 000, it it won't if we raise their real market value and said, yes, so property should sell for more now. But if they kept , all those additions under 10, 000, it wouldn't be added. That value wouldn't be added to MAV maximum. So there'd be no increase in tax.
Alice Lema: Wow, that's I didn't know that. That's really interesting.
David Arrasmith: The lady of the house will say. Oh, wait a minute. Wait a minute. We're having a discussion.
Alice Lema: Honey, we're getting a new pool. 10, 000 at a time. No water the first year. No [00:26:00] water the first year. That's so funny. So we only have a couple minutes left before our break. And I wanted to kind of circle back to appeals. Cause you were talking about if neighborhoods went down and the last time neighborhoods went down significantly was during the housing crash. 07 to 09, depending on your neighborhood. So how did the taxes work during that time, because we did have a decline in value.
David Arrasmith: Yes. And it was very confusing to the public and to realtors and to you know, real estate professionals, even attorneys. We got, we took took a lot of field, a lot of calls because remember the assessed value is the smaller of real market value or maximum assess, whichever those 2 numbers is the smallest. So from 1997 until say, 2008, real market value was growing, let's say. 5 to 10 percent a year [00:27:00] or or more, but the maximum assessed value was only growing at 3%. They're every year the spread got bigger and bigger between Max real market value and maximum assess.
So, for instance, you have 100, 000 value in 1997 if the real market went up 10 percent that real market the next year would would go from 100, 000 to 110 and maximum assess value was set at 90 90% Of the real market value at 1997. So if you had a hundred thousand dollar house at 90 percent is 90, 000. So MAV started at 90, 000 and would grow to a hundred, like 96, 000 the next year where real market value went up.
Alice Lema: Well, hold that thought. Dave Aerosmith, Jackson County assessor. Great, great info. We'll be right back. Do not go away.
Well, good morning again, everybody. Welcome back to the Real Estate Show. We're talking to [00:28:00] Dave Arrasmith Jackson County Assessor, and we just can't get enough of this information. We had to go to a break again. So let's have you finish your thought about how things were transitioned during the housing crisis of 07, 08, 09.
David Arrasmith: I think that's interesting because if we get out in the future, if we had another housing crash it would, this would repeat itself. So, in 1997, Mav was created at 90 percent of real market value.
So, if real market value was 100, 000, say, a piece, a bare lot or some, MAV would have been created at 90, 000. That's 90 percent of real market value. 100, 000. The next year, that 100, 000 real market value could go up 10 percent to 110. The 90, 000 MAV value could only go up 3%. So it would climb the next year from [00:29:00] 90, 000 to about 93, 000.
Excuse me. Not quite 93, 000, but somewhere if you did the 3 percent it to it go up 2700. I think not 3, 000. So it would be from 90, 000 to 92, 700. So the spread between real market, the second year is not went from the difference between 90 and 100. The second year. Now the difference is between 93 and 110.
The next year, the difference would be from 96 to 120. So that difference between real market value and maximum assessed value was growing. That spread was really growing, but in 2000, and so for all of those years, the tax bill was based on on MAV maximum assessed value because. That number was smaller.
In 2008 the market started crashing. Real market values started dropping. However, that MAV number [00:30:00] kept going up 3%. So people would call in and say, why is my tax bill going up when property values are falling? And that that continued to happen for for several years, 3 maybe 3, 4 years, maybe until real market value fell below MAV.
And when that happened, then the tax bills were based on real market value not MAV. And that could happen again if we had a, a crash. And, of course, when the market recovered, if real market value was down considerably below MAV, Because there's no restriction on real market say in 2012 real market could start climbing at 10 percent again.
Well, then they can see a 10 percent increase in their tax bill because their real market that their, their assessed values net has is based on our envy as long as it's below the MAV number. And there's no limit on, how, how much RMB can [00:31:00] change. From one year to the other was it was confusing, and we tried to put a graph out with the tax bills that showed how real market value drops and how MAV value keeps going up and during a recession.
Alice Lema: Yeah, it's a very interesting economical anomaly and we hadn't had it before and I thought you guys responded well, it was a confusing situation and now we have precedent. So right now in 2023, some people think that we've had some decline in values. The tax bills are coming out. Do you have any comments about values in Jackson County for this, this tax year?
David Arrasmith: I, you know, we have about 110 I'll say neighborhoods. We divide the county up into areas that are kind of homogeneous and figured that those areas will rise or fall at about the same rate. And a good example, if an area, if we just had 6, [00:32:00] you know, if we just included like the cities, we'd have a Medford area and a Butte Falls area and a and we wouldn't think those areas would climb or would appreciate or decline at the same rate, you know, as each other.
Yeah, they're different neighborhoods. So we get, we try to fine tune it a little more. We have about 110 neighborhoods. And we analyze the sales in every one of those. And I think this, I think it averages out this year that on average, the trend will be around 5%.
Alice Lema: 5%. Which way?
David Arrasmith: High, high higher than the previous year. I said, that's an average because it keeps, I, I get you, I get 10%, one area and zero on another, and you'd have an average of five.
Alice Lema: But the fact that we have an average of plus anything is different than what a lot of us were thinking december of 2022. A lot of us were looking at 2023 ahead thinking we were gonna have a decline.[00:33:00]
David Arrasmith: Well, you know what our, our our analysis really falls behind lags what's happening in the marketplace. Because we're looking, you know, realtors are looking at today's sales and comparing them to last year's sales. Well, I can't use this year's sales to set a January. First 2003 value and that's the value that's going on the road right now.
We're looking to set a value hypothetical value of that if if your property, my property sold on January 1st, 10 months ago, what would its value be? Well, to set that sale, I mean, to set that opinion of value. We have to look at sales maybe during the last half of 2021 and through 2022. I and then we don't compare those to other house sales. So a sale to a sale, which is what you look at. [00:34:00] We're arc our trend is a comparison of a sales price that could have happened a year ago to a tax roll value, not a previous sales price. So we're looking at how the tax, how to increase the tax roll value where realtors look more at what was, you know, ideally the same house sold this year as last year, and we can compare those two sales.
Well, we're comparing a year old sale to a tax roll value. Which is different. Yeah. Yeah. But that's not apples to apples.
Alice Lema: Yeah. Now I understand. And I really like how you explain and you're really good at this, Dave, of, of taking these complicated concepts and articulating them in a easy to understand way. And we we really appreciate that. We only have a couple of minutes left and I still have a lot of questions. Can we just zip back to the fire? The fires like how, how is all that going? A lot of the [00:35:00] rebuild is done. I think.
David Arrasmith: Oh, I, I agree. I think there's been a lot of rebuilding, but I think there's still a lot of vacant land out there. And again, we you know, we have, we'll have, we'll have to get some sales before we can something. The property that didn't say didn't have fire damage and they're in that area. Is that good? Is that fire going to affect them? I don't, you know, I don't know. We have to have more sales, current sales, to see how that's going to go.
And then for new property, new construction well the, the old value goes away. You know, the house value that was on there before goes away on the A new improvement, a new, goes on the tax roll, so there's really no way to, how many people would expect an increase.
Alice Lema: I think, well, and this is why we should have you on more often. So we could talk about this. Dave Arrasmith, Jackson County Assessor. Thank you so much for your time. It was so educational.
David Arrasmith: [00:36:00] Well, I appreciate being on and I enjoy talking to you and. And any of the public that's listening.
Thank you. Yeah, you guys are always great. They answer their phone. You can call.
Alice Lema: You can ask questions. You can go in. Excuse me. So that's all we have time for today, folks. Have a beautiful Southern Oregon weekend. This broadcast will repeat tomorrow on this same station, KCMX 99. 5 FM. And it'll be at six o'clock tomorrow. Have a great rest of the weekend. Bye now.2023-10-16T12:00:00-07:002023-10-16T15:14:47-07:00Alice Lematag:alicelema.com,2012-09-20:30717Big Changes for Buyers CommissionsBig Changes for Buyers Commissions
<br />Full Video Transcript Below<br /><br />
Big Changes for Buyer Commissions
[00:00:00] Well, Hey, real estate fans. Welcome back to the weekly podcast. So glad you could join us today. There is a really big lawsuit brewing in the courts involving the real estate companies, a couple of big ones, and also the national association of realtors. And what are they fighting about? They're fighting about money.
There's a movement to separate the payment of the buyer's agent from the seller side of the transaction. Let me dive into that just a little bit. What happens now, you know, at least in Oregon and a lot of other places that when you buy a house, your real estate agent on the buyer's side gets paid from the seller.
And so there's a little bit of a fuss, maybe a big fuss in the courts if that's fair or not. And also if the buyer's agent is really working for the seller. So they're, they're working that all out. But in the meantime, it's making the news and it's making the news to the [00:01:00] point where some of the real estate agencies are starting to prepare their agents.
If this works out to where buyers will be paying for their own real estate agent. Now, before we panic, let me first of all say, no matter what happens in the real estate world, we always adjust. It's not always pretty. It's not always fun, but people still get their stuff done. Now, this would be a really big shift, but we've had big shifts in the real estate world before.
And we don't know 100 percent if it's going to come down the pike, but it's, it's gotten far enough along. I thought I should tell you about it because a lot of you folks track the trends in the United States and worldwide, and this is definitely getting some airtime. So what this means, and I've already talked to several of my favorite lenders in case it does happen, what this means is that instead of the seller[00:02:00] having both commissions taken out of their side, the buyer would now be responsible for paying their own agent. We're talking about anywhere from five, 10, 15, 000 on the buyer's side that now the buyers themselves would be paying for. So my first phone call to all the lenders was, are you guys going to change the pre approvals?
Is this going to lower the prices now because the buyers can't come up with closing costs, and a down payment and now commission. So that was a big question and some of the lenders are off working on that. There's also the possibility that the home price would come down. So in theory, in theory, but markets do what markets want to do.
But in theory, if you're a seller and now you're only paying one commission, theoretically, there's money in the deal. For the buyer, the price to come down and then the buyer would be able to [00:03:00] still afford quote unquote still for the house. So we don't really know what's going to happen. And if this comes into play in 2024, when we still have a housing shortage and the prices are high.
How is that, how is that gonna affect the transactions. But again, it's not 100%, but it's far enough along. I wanted you guys to have a heads up in case you hear something about it. That's what it is. It looks like there was the beginning of a settlement with one of the parties just this week.
And that's again, why I decided to bring it up. There is a trial coming up. So far it's set for October 16th, which is October 16th pretty soon. And we'll bring you an update from there. In the meantime, Southern Oregon is still hopping. We have quite a, quite a lot of activity. If you look at the market trends analysis that's on my YouTube every week, we post the activity for all three counties, Jackson, Josephine, and [00:04:00] Klamath County.
And not to do a spoiler alert, but Jackson County prices were up year over year this week. 6%. We don't see that every week, but, but we are seeing the, each of the three counties jockey for stability, which is what we have been watching all summer. It's still a great time to sell. So I'm going to plant that seed.
You can call me this weekend or next week and we can talk about putting your house on the market. We still have a few more buyers then sellers. And we're starting to see some multi offer situations again in the lower price ranges. So I'm not trying to make it sound better than it is, but I am trying to tell you that it's still a good time to buy.
And if and whenever the Federal Reserve decides to lower the interest rates and all that changes, if you get a good price right now, and we look for some appreciation, small amount of appreciation, even in the next year or 2, you're still making money. All right. So give me a [00:05:00] call. Give me a text 541 301 7980.
We can get your house on the market in as quick as a week if we have to. And we can have open houses again because the COVID rules are relaxed and, and there's enough buyers out there that that you could get your house sold and get on to the next step of your life. If you're buying please be aware that this potential lawsuit that we were just talking about could be a game changer in your qualification.
There's a reason to maybe get into escrow before something gets decided, but again, we don't want to panic. We just want to be aware. All right, so that's it for this week. Give me a call. Give me a text. Have a beautiful Southern Oregon weekend. We'll talk to you next week. Bye now.
2023-10-09T15:45:00-07:002023-10-09T15:37:52-07:00Alice Lematag:alicelema.com,2012-09-20:30707Market Update Oct 8 2023Market Update Oct 8 2023
Full Video Transcript Below
Market Update Oct 8 2023
[00:00:00] Welcome back to market statistics for Southern Oregon. This is for the week ending October 3rd, 2023. It was a little bit of a traumatic week in the financial markets, but we still have people buying houses. In fact, we have a little bit of good news. Let's start with Jackson County. This is single family residential only. Jackson County year over year prices are up 6 percent this week. Congratulations Jackson County. The average residential home now costing 515, 995 in Jackson County. The number of sold homes Year over year this week down 22%. Again, it's an inventory issue. We had 245 sales in residential in Jackson County this week. The number of listings in Jackson County only down 12%. I know we just say only now. And again, this is A great time for people [00:01:00] to put their house on the market.
But Jackson County listings year over year, this week, we're down 12%. We had 960 residential homes active. We had zero foreclosures close this week. We had zero short sales close this week in Jackson County, but we did have a million dollar plus sale in Jackson County, hold onto your hats. Everybody. It was 2, 850, 000. It was below asking. It was in Southwest Medford and it was 4, 308 square feet home on 6. 92 acres. Congratulations. And every time we have one of those big sales in any of the counties, it's another indication that the market is stabilizing, getting better. We could be at our bottom. It's what we've been saying for months. Now all that is predicated on the world not getting any more weird, but so [00:02:00] far our little Southern Oregon is holding its own.
Let's go to Josephine County now. This week, Josephine County year over year prices are down two percent. So, stabilizing average single family home in Josephine County now costing 455, 334. The number of solds year over year this week in Josephine County are down 7%. Again, not that much. We had 92 sales of residential in Josephine County this week. Number of listings in Josephine County year over year this week are down 9%. We had 460 active residential properties on the market in Josephine County.
The foreclosure market this week there were zero closings in Josephine County, zero short sale closings in Josephine County, and zero million dollar residential homes closing in Josephine County this week.
Klamath County prices At a little bit of a [00:03:00] dip they were down year over year this week, 8%. The average residential home in Klamath County now costing 321, 155. The number of sold year over year in Klamath County were down 14%. This week with 89 closings in the residential market number of listings year over year this week we're up 19 percent in Klamath County. We've had kind of a consistent buoyancy of people putting their homes on the market in Klamath County, which is great.
Try to even out the market a little bit. This week we had 368 active listings in Klamath County this week, and we had zero foreclosures, zero short sales and zero residential million dollar plus sales in Klamath County. So, every week, one of the counties does well sometimes two, we're still waiting for that perfect everybody's up all in the same week in the same category. But [00:04:00] we're seeing again. I don't mean to sound like a broken record, fits and starts, fits and starts. In the meantime, we still have a lot more buyers than sellers. Not so much in the lower price ranges, but definitely in the five to million dollar price range and the lower price ranges, we're starting to see multiple offers again.
We had several situations where this would be, I would say under 400, we are getting multiple offer situations. Again, if you have a house on the market and it's not selling listen to the feedback, do something inexpensive to bring the house a little more up to snuff or perhaps lower the price price frequently fixes a lot of things.
If you don't want to lower the price, then consider going off the market for the rest of the winter and trying again next season. Now we don't really know what the world is going to be like, could very easily be in a different market [00:05:00] next spring. So you can put that in the mix with your decision making.
We hate to see anybody go off the market because we still have more buyers than sellers by a little bit, and it's still a great time to sell and perhaps buy the The next property that's better for you than the one you're in now. So that's it for now. Please give me a call. Give me a text. Let's see if we can get your property on the market.
Let's see if we can get another rental or a better property for you for your next step in life. My number is 541-301-7980. Give me a shout and let's help you make the next step in your real estate life. Bye now.2023-10-09T11:00:00-07:002023-10-09T15:38:19-07:00Alice Lematag:alicelema.com,2012-09-20:306602798 Stillwater Ct., Medford, Oregon 975042798 Stillwater Ct., Medford, Oregon 97504
Elegantly home with lots of updates, natural light, ready for you to move in to this E Medford single story home. Updated with new floors, remodeled kitchen and fresh paint! The fully fenced back yard is beautifully landscaped and perfect for entertaining or just relaxing at day's end! 3 full bedrooms and 2 full bathrooms with an attached 2 car garage in a great neighborhood near schools, shopping, and restaurants! Don't wait to tour this gorgeous home!
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Alice Lema (541) 301-79802023-10-06T15:00:00-07:002023-10-09T15:38:43-07:00Alice Lematag:alicelema.com,2012-09-20:306113750 Ave G, White City, OR 975033750 Ave G, White City, OR 97503
Suncrest Mobile Homes - all age park in White City, OR. All ages welcome, 3 bedroom, 2 bath1200 sq ft., multiple off street parking, 29 covered decks, fenced, landscaper. See Virtual Tour and more info below.
Alice Lema: 541-301-79802023-10-04T14:00:00-07:002023-10-04T13:48:56-07:00Alice Lema