Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 1, 2020

Market Report: Residential Review of Lane County, Oregon

 
The real estate market in Lane County continues to be very active as interest rates are at all time lows. The average sales price comparing the first seven months of 2020 vs 2019 has increased an average of 9% from $320,900 to $349,700 and many properties are getting multiple offers. During this same period, listings (-7.9%), pendings (-5.0%), and sales (-8.8%) are all down. This most likely can be attributed to COVID-19 and our current economic environment.  Inventory levels, the amount of time it would theoretically take to sell all homes on the market, are down approximately 40% year to date, from 1.5 months to 0.9 months.
 For a seller, it’s the perfect time to sell if you are considering it as many homes are selling for above their listed price. Although this may seem not advantageous to buyers, the low interest rates are allowing them to purchase homes in higher price points than previously, still making it affordable. If you considering either selling or purchasing now may be the time and a great opportunity.

 

Posted in Market Updates
June 30, 2020

How Does the Market Look for May 2020

Currently there is approximately 2 months of inventory on the market. All sale categories have decreased in year to date 2019 vs 2020 with listings down 6.2%, pending sales down 10.1%, & sales down 13.1%. If you are just comparing the month of May in each year those stats are then 30.2%, 15.3%, & 34.9%.

However, listings and pending sales in May 2020 compared to April 2020 have increased quite a bit, which demonstrates more activity in the market as we get to the summer selling season.   Prices also continue to increase with the average sales price up 8.9% from last year with an average of $340,700.

Interest rates remain at all time levels, with many buyers getting rates in the low 3%’s so although prices have gone up the lower interest rates still make it viable for many borrows to purchase a home.

Posted in Market Updates
June 30, 2020

Do You Manage Your Own Rental?

Want to enjoy your summer and actually get out into the sun and relax or check off some items on your bucket list?
  • Quality cleaning and maintenance from our large network of experienced vendors.
Summer is often when leases expire, so there is a higher amount of turnover and application screening. We are experienced at reducing the turnover to a very brief time interval.
  • Full applicant screening process.
  • Competitive pricing on rent and deposits.
  • Cutting edge marketing and online application make it easy for tenants to view your rental and apply.
There are summer hazards that you may be unaware of. We take the investment of our homeowners very seriously.
  • We inspect the property every 3-4 months and check the filters in the cooling and heating systems, dryers and refrigerators.
  • We check window screens and all window and door locks, as well as removing debris, mulch, and weeds from near the house. This helps prevent pest issues from arising.
  • Inspections will make sure all grilling equipment for barbecues are situated a safe distance from the house or decks/patios.
  • An emergency phone number for after-hours emergencies.
You can still be kept in the loop while you are on that deserted beach or at the top of that mountain:
  • Friendly and professional employees available for communication during office hours.
  • An owner portal through our software program that allows 24/7 access to statements and cash flow reports.
  • Impeccable customer service with knowledge and resources to handle the situation at hand.
June 30, 2020

Home Improvements to Do this Summer!

 

Summertime, and the livin’ is easy! But don't let the days just drift by. Now that the sun is shining, home improvement projects beckon. How many of these tasks and upgrades will you check off your list this summer?

 

Cleaning the Grill

The grill gets a real workout in the warmer months, with quick weekday meals, holiday cookouts, and all the outdoor entertaining that summertime brings. Take the opportunity to thoroughly clean the grill from top to bottom at the beginning of the season, and be vigilant about burning off old grease and removing food residue.

 

Sealing the Driveway and Deck

Constant exposure to sun and rain takes a toll on your deck’s and driveways appearance and life. By making any necessary repairs, giving it a good cleaning, and sealing it, your deck and driveway will not only look new but also last longer.

When you factor in curing time, this project takes three to four days, so check the forecast before you begin to make sure you'll have a few consecutive days of good weather.

 

Greasing the Garage Door & Hinges

 You may not give much thought to your automatic garage door—until it stops working, that is. To keep it running properly, make sure everything is tight and lubricate the hinges, rollers, and other moving parts at least once a year.

 

Check the Chimney

Regular chimney inspections and cleanings help prevent fires and keep your home safe. Schedule some time each summer to have your chimney inspected so you can complete any required repairs before cool weather arrives in the fall.

 

Block Air Leaks

Cooled air just as easily escapes through air leaks found around windows and doors as warm air. One way to slow down these drafts as well as save energy is to install or replace weatherstripping. It’s a good idea to inspect the caulk around the outdoor trim of your house every year and do repairs as needed.

Posted in Home Maintenance
May 12, 2020

How Did the April Market Compare to Last Year?

In spite of the current coronavirus pandemic, the real estate market in the Eugene/Springfield and outlying communities (excluding the Florence coastal area) continues to move forward during the spring season. Although newly listed properties are down 31% from April 2020 compared to April 2019, pending and closed sales during the same period are only down 20%. The average price of a residential home is up 16% and homes are only taking an average of 36 days to sell.
When looking at the median sales price, You’ll find that it is up 16% and the median days on market are 13, meaning there are outliers that have caused the average to go up and homes are still selling fairly quickly. Interests rates remain strong in the low to mid 3% range depending on loan type, so buyers are still looking to purchase. All these factors make it a great time to sell right now.
Average Sold price in 2020: $360,000
Average Days on Market: 30
Median Sold price in 2020: $330,000
Median Days on Market: 6
Average Sold price in 2019: $308,000
Average Days on Market: 38
Median Sold price in 2019: $283,500
Median Days on Market: 13
Posted in Market Updates
April 29, 2020

5 Myths About Property Management

Using a property management company to manage your property can be very useful. It can be challenging to manage one's property solely, which is why hiring a third-party company to help maintain and manage their property can be such a beneficial decision. Below are some common myths about property managers:
Property Managers Don’t Care About Your Rental Property as You Would:
This is absolutely untrue! At R&R Properties we pride ourselves in our extensive customer service and a huge part of that is treating your valued investment as it were our own. We have the best interests of our clients in mind, and are very mindful of retaining the value and returns for their property. Don't take our word for it. Check out some of our customer reviews.
Property Managers Take Full Control of Your Rental Property:
The reality is that you and R&R Properties will collaborate to maintain the property and keep the rental income coming in. We are experts at what we do and you'll gain more control when you are working with an experienced agent. We take the hassle out of the day to day aspects.
Hiring a Property Manager is Expensive:
While one does pay for the services of a property manager, it turns out to be a
long-term investment. Once you assign the responsibility of managing their property to us they instantly begin to save time, and time is money. Also, property management fees are tax-deductible and we make a point to increase the revenue for you by fine-tuning the rental pricing from time to time.
Property Managers Simply Complicate Things:
Some property owners believe that gaining assistance from a property management company will only make things complicated, but this is untrue. We execute a stringent tenant screening process to ensure your property is occupied by trustworthy tenants. We also handle all the day to day calls, collect rents, complete needed repairs and provided all needed tax documentation.
Everyone Fits in the Same Box:
At R&R Properties, we customize management to meet your individual needs and are experienced in working with unique and sometimes difficult circumstances. Our customer service is second to none and we are available to talk to owners whenever they have questions or concerns. We take pride in our work and it shows.
April 21, 2020

Need to Defer Your Mortgage Payment due to Coronavirus? Here’s How:

As the economic impacts of the coronavirus pandemic begin to hit home, many Americans are worried about how they’ll make their mortgage payments, particularly for those laid off or have lost their jobs.
Fannie Mae and Freddie Mac, the government-sponsored enterprises that back millions of mortgages, this week said loan servicers could suspend payments for up to 12 months for homeowners experiencing a loss of income due to the outbreak of COVID-19.
Other mortgage lenders are likely to follow suit eventually. But if your lender hasn’t set new policies yet and you’re facing an immediate mortgage crisis, there are steps you can take.
First off, and most important, don’t just stop paying your mortgage. Reach out to your lender and work with them to create a payment plan. That’s as easy as making a phone call.
Mortgage Forbearance
The forbearance period excuses any penalties or late fees against borrowers, and the delays in payment would not be reported to credit agencies, according to Fannie and Freddie.
Most lenders will offer a forbearance. Yet, be aware that a forbearance often only kicks payments down the road. So while you might not be able to pay a mortgage for several months, when that time period is over, you could be expected to deliver all the missed payments as well as the current one in a lump sum. For many people, that could be a devastating blow.
Mortgage Modification
A better bet is to request a mortgage modification. This enables you to skip payments for a set period, then pay them back in a variety of different ways.
Some mortgage companies will spread the missed payments out over several months. Others, in the best-case scenario, will add the missed months to the end of your mortgage, extending the life of the loan, but not creating a financial hardship for you.
In the meantime, foreclosure sales and evictions in Freddie Mac– and Fannie Mae–owned homes have been halted until at least May 17. And delinquent payments will not be reported to credit bureaus.
Lender Mortgage Deferment Plans
Major mortgage lenders are handling deferment requests in different ways. The best idea is to reach out to your lender directly. Their mortgage-assistance websites can also offer some basic information.
Chase says it will review your loan for options including a repayment plan, forbearance, or a loan modification.
Bank of America has paused foreclosure sales, evictions, and repossessions and says it is working with customers.
Wells Fargo Customers can call 800-869-3557 to discuss their options.
TD Bank has specialists standing by at 800-222-5522.
Of Course we are always here to help with any Real Estate or Property Management needs, questions or concerns you may have. Please don't hesitate to contact us. We hope this finds you happy, healthy and well.
Team Eugene
(541)505-9907
References sited: Fortune Yahoo Money
Posted in Market Updates
April 21, 2020

Spring Into Action this Time of Year!

 
Transitional Temperatures
Weather in March is so unpredictable, especially here in Lane County, Oregon. It may say Spring on the calendar, but the weather rarely cooperates completely. In Zones 8 and higher, including Lane County, the average dates of the last killing frost occur throughout March. Therefore April is a great month to start planting!
Repairs
Make the repairs to fences and arbors now so they will be ready when the weather settles down. Clean out bird houses, feeders and potted planters, if you dare. Watch out for wintering mice as well as those birds that sought refuge in your decking or attice during the winter months.
Seedlings
April is the perfect time for starting summer blooming seedlings indoors and some outdoor. By now, seed packets are available everywhere. It usually takes about four to six weeks for seeds to become strong enough to be planted in planters or garden beds.
Vegetables
Some vegetables can be planted right now in Zones 8. Vegetable seeds may be started in prepared starter pots made of compressed peat and filled with a proper soil mixture. It's a good time to test the pH of your garden soil. You can add whatever you need as soon as the soil is dry; not wet and clumpy.
Pruning and Fertilizer
Roses, in particular, can be pruned and fed this month. Cut roses back sharply for more compact bushes and long, slender stems. Cut honeysuckle vines back to three feet. Prune the fruit trees before the buds appear.
Trees and shrubs can still fertilize and some pruned. Acidic fertilization is needed for azaleas, rhododendrons, evergreens, and conifers.
Posted in Home Maintenance
March 4, 2020

Why Work With R&R Properties of Eugene Property Management Team?

Looking Out for Your Clients Best Interests
  • We stay up to date on the latest landlord-tenant laws.
  • Goal development for owners regarding finances, preventative maintenance, winterization, modernizing/improving the property’s look.
  • Creative advertising and marketing solutions.
 Experienced and Professional
  • Professional and friendly Property Management and rental housing services.
  • Experienced property manager that knows current industry rates and trends.
  • Kind and efficient personnel able to deal with unexpected issues diplomatically and legally.
Security and Confidence
  • Full tenant screening including background, criminal, and credit checks.
  • Frequent housing inspections.
  • Monthly and annual cash flow report that is accessible through our online portal 24/7.
Rentals and Locations
  • Good history renting all types of units: houses, townhomes, apartments, condos, multi-plex units in both urban and rural areas.
  • Fast turn-around for vacant units.
  • Online portals for tenants include online rent-pay options.
Unexpected Snags and Upkeep
  • 24-hour on call/emergency maintenance for maintenance issues that spring up overnight or on holidays/weekends.
  • We work with large networks of licensed and bonded contractors who do a great job at fair prices.
  • Competitive pricing on repairs and maintenance: choosing high-quality but low-cost workers.

Just mention this Newsletter and get your first months management fee free!

March 4, 2020

2019 Market Report Courtesy of RMLS

 

Year to Date Summary
Comparing the twelve months of 2019 to the same period in 2018, new listings (5,748) have decreased 10.1%, pending sales (4,849) have decreased 7.5%, and closed sales (4,872) have decreased 6.4%.
Average and Median Sale Prices
Comparing 2019 to 2018 through December, the average sale price has increased 5.4% from $309,000 to $325,700. In the same comparison, the median sale price has increased 5.1% from $282,600 to $296,900.
*Inventory in Months is calculated by dividing the Active Residential Listings at the end of the month in question by the number of closed sales for that month. This number includes proposed and under construction homes.
Posted in Market Updates