Greetings: The Oregon housing market continues to be tight in terms of supply and our demand continues to be high.  With limited supply, we still find ourselves in a sellers’ market.  In January 2024, home prices rose 3.4% in Oregon with the average sales price in the state of Oregon at $482,800.  With the continued pressure from lack of housing, the recent legislative session passed SB 1537 and 1530 along with House bill 4134, which will appropriate $376 million toward boosting housing production, funding for infrastructure and land acquisition, and support for renters.  Being the most comprehensive housing bill ever, it will help boost the housing production goal of over 36,000.   The city of Sutherlin, recognizing the need for housing, created ...

Greetings: 2023 was the slowest year for US Home sales in nearly 30 years according to an article by Alex Veiga from the Associated Press.  Key factors that contributed to this were the higher mortgage rates, rising prices, and low inventory of homes to buy.  The National Association of Realtors reported that existing U.S. home sales nationwide totaled 4.09 million in 2023 which is a 18.7% decline from 2022.  This is the weakest year for home sales since 1995. However, the median price for homes edged up to $389,800. There is a prediction for lower interest rates in 2024.  That coupled with baby boomers beginning to sell their homes, should help drive inventory upward.  If rates continue to decline, many economists expect ...

Greetings: There is good news for new Housing in Douglas County!  Umpqua Valley Habitat for Humanity, which helps individuals and families that qualify build their own homes, has recently been awarded more than a Million Dollars in state funding to help build around 20 new homes in Riddle.  Be sure and submit your application to the Umpqua Valley Habitat for Humanity to see if you qualify.  This is a wonderful opportunity for households to own a home.  The former President Jimmy Carter and his late wife Roselyn were huge supporters of this organization and participated in the many projects nationwide.  Also, the city of Sutherlin recently announced a Commission on Housing to investigate and study the need for increased housing.  With ...

Greetings: Nationally total existing home sales continue to drop.  In November of 2021 sales reached 6,330,000 compared to 3,790,000 through October 2023.  There are several reasons for this trend, but the most predominant are the higher interest rates and affordability.  Most households are having more trouble making ends meet and they are spending over 35% on house payments. The Fed’s war on inflation going into 2024 could end but it will take some time.  While the Feds don’t set mortgage rates, lenders do, and they keep an eye on what the Federal Reserve Board is doing with rates.  However, it is predicted rates will stay in the 7-8% range for the early part of 2024 but are expected to drop lower ...

Greetings: WINCO OPENS…… in Roseburg! Large crowds showed up on November 6th at 8:30 am at the Grand Opening and were greeted to new grocery experience in Roseburg.  WinCo is based in Idaho and is employee owned.  The best part, in addition to offering a variety of food items, they will employ over 190 employees, which will help our local employment picture as well as our economy.  We are happy that WinCo chose Roseburg and that they will grow with our community.  The store is located off Stewart Parkway across from Mercy Medical Center. Plans for a new housing subdivision in Sutherlin have won preliminary approval from the city officials, which will help meet our need for housing in our communities.  The ...

Greetings: ACROSS THE NATION, HOME SALES HAVE PLUMMETEDD TO THEIR LOWEST IN 13 YEARS AS 8% MORTGAGE RATES BATTER HOUSING MARKET, according to the latest news from National Association of Realtors.  Existing home sales slid 15% nationwide over the past year, slumping to seasonal adjusted annual rate of 3.96 million, the NAR reported.  That’s the lowest number of existing sales since 2010. “As has been the case throughout 2023, limited inventory and low housing affordability continue to hamper home sales,” NAR Chief Economist, Lawrence Yun, said in a statement.  Also interest rates of 8% on a 30-year fixed rate mortgage represent the highest level since 2000, which adds to sagging sales.  Mortgage rates are likely to stay elevated over the near ...

Greetings:Existing home sales dropped 2.2% nationally to an adjusted annual rate of 4.07 million sales.  However, the Western United States continues to increase in sales while the Northeast, Midwest, and South registered declines.  As the population ages, people are seeking out areas that have mild weather and affordability in home prices.  Real Estate sales in Oregon remain steady; although, there are some areas where the market has slowed.  Douglas County has been identified as one of the areas in Oregon that will see continued growth.  It comes down to affordability issues.  The average sales price in Oregon is $496,690 vs $340,000+ in Douglas County.  Our area continues to be a very desirable place to live.   Ultimately, whether the Oregon housing ...

Greetings: AS MORTGAGE RATES NEAR A 23 YEAR HIGH, IS THERE ANY HOPE? According to Curt Sandfort, from GoPrime Mortgage in Roseburg, “rising rates are particularly aggressive because the Feds are trying to catch up!” He went on to say, “The Fed Fund Rate doesn’t dictate mortgage rates, but in general, tighter Fed policies put pressure on rates across the Board.  Mortgages are not immune.”  Nationwide, the average mortgage rate for home loans is close to 7% and it seems high compared to 2 years ago when it was under 3%.  However, most of us knew those rates were not sustainable.   In our local market, rates are very erratic and fluctuate depending on the lender.  It can mean a difference of 25-50 ...

Greetings: The housing market continues to lose its value nationwide.  In fact, many reports suggest that the housing market downturn could wipe out $2.3 trillion in value over the next 5 years.  The US housing market is expected to continue to cool off in 2023 after a 40% boom during the COVID pandemic, according to the National Association of Realtors (NAR).  Rising interest rates, the lack of inventory, and the rising affordability index are pricing most buyers out of the market.  Nationwide, there is close to a 6-year lag in affordable housing units.  Despite this, the housing market will remain robust because people still need a place to live. THE REAL ESTATE MARKET IN OUR AREA CONTINUES TO REMAIN STRONG, EVEN THOUGH ...