Uncategorized February 13, 2013

Real Estate Market Conditions

Current Market Conditions

In 2011 and 2012, the Lane County real estate market began to stabilize. The rate of residential foreclosure appears to be decreasing and there are proportionally less foreclosed properties on the market. Closed sales within the Regional Multiple Listing Service rose over 13%. The availability and ease of residential and investment loans has increased and is expected to improve, possibly even to again provide sub-prime loans. Many experts predict 2013 will be a "flat" interest rate year with "Short-term interest rates not budging much above the 3.25 percent prime rate in place since late 2008." Unemployment is reported as "stabilizing", the stock market is hitting new highs, and the nation's economic forecast has brightened a bit.

Our gut feeling, bolstered by 65 years of combined real estate experience in Lane County, is that buyers should be bolder to take advantage of what could be the last year of really low interest rates and that there will be comparatively reduced on-the-market real estate surplus. Considering the low interest rates, the distinct increase in real estate sales, and the improvement of the overall economy, we're encouraging our potential home and property purchasers to "Buy now"!

Patty and Roy Keene