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!

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
March 4, 2020

Why You Should Sell Your Home in 2020

 
The housing market may not be as hot as in previous years, but selling now could be your best bet.
Few people are predicting that 2020 will be a record-breaking year for home sale prices.
But relatively speaking, 2020 might be the best time to put your house on the market especially if you’re on the fence about selling this year or next. It may be better to sell in an environment that's more predictable, as it’s an election year which are typically stable, rather than wait for time to pass and circumstances to change.
The National Association of Realtors has predicted the housing market will slow around 2%. This means home prices will continue to rise, but at a moderate pace.
Four Reasons to Sell Your Home or Investment Property in 2020:
Articles Sighted: US News: Why You Should Sell Your Home
New Buyers are Still Entering the Market
The biggest wave of new homebuyers will continue to be millennials, who are mostly first-time homebuyers. However, depending on where you live, you may see the youngest generation of adults breaking into homeownership as well. Members of Generation Z, make up a significant portion of the homebuyer market.
Interest Rates are Expected to Remain Low
Interest rates are expected to remain low throughout 2020, which will help new buyers obtain financing for their first home purchase. The Federal Reserve left interest rates unchanged in December 2019 with the target range of 1.5% to 1.75% and noted its intention to keep rates as-is throughout 2020.
Washington Post Business 2020: Thinking of buying a home here’s what you need to know about market conditions.
You Have High Equity
If you’ve been in your home for more than a couple years, you’ve been building equity as the property value increases and you make consistent mortgage payments. The more equity you have in your home, the more profit you'll likely see when you sell the property. That, in turn, can be used for a larger down payment on your next house, other expenses or savings.
There’s No Telling What 2021 Holds
According to the National Association for Business Economics Outlook Survey for December 2019, none of the 53 professional forecasters surveyed expect a recession in 2020, though GDP growth is expected to slow. On the other hand, 2021 is a different story: Respondents estimate a 66% chance of a recession starting by mid-2021.
Posted in Market Updates
Jan. 16, 2020

Household Resolutions for 2020

 
It is said that hindsight is 2020, yet we feel confident that with these resolutions you can walk into the New Year with 2020 vision in the foresight. Happy 2020! 
Resolution 1: Pay Down Principal if it Makes Sense
Private Mortgage Insurance (PMI) is expensive over the life of one’s loan. Therefore, paying down principal enough to either refinance your way out of PMI or where the bank can effectively cancel it for you will make your monthly payment significantly smaller, saving you several thousand’s over time.
Resolution 2: Don’t Neglect Minor Repairs
Minor repairs should be taken care of immediately to save big costs down the road. Addressing those repairs while they are still manageable, making it possible to do the work yourself will save you time, energy and money in the future.
Resolution 3: Start an Emergency Fund
You will be surprised the extra cash you’ll be able to accumulate by just putting a small amount away each paycheck. The key is to be consistent about it, and track your progress. Looking into an online savings account or shopping for the best interest rates on your savings account will add to your funds.
Resolution 4: Declutter Your Home
Some of the benefits of decluttering your home are obvious and immediate. The top contenders are saving time, avoiding the stress of hunting for misplaced items, saving money by not purchasing duplicates of items, and overall physical and mental health. Lastly, if you donate your unwanted items you are not only being environmentally conscious but also giving back.
Resolution 5: Assess the Value of Your Home
Be sure to contact your real estate agent for an up to date market analysis. Over the last year, average home prices have increased over 5% in the Lane Country Market, even more in many areas. With inventory remaining historically low, buyers are placing a premium on location and move in ready properties. Let an expert share with you what your property is worth, and unleash your new found equity in this sellers’ market.
Posted in Home Maintenance
Dec. 11, 2019

How Does the Real Estate Market Look for 2020!

Oregon Prediction for the 2020 Real Estate Year
Inventory will also remain lower than historical averages with the lack of available land for new construction (Inventory is currently and has been around 2 months and a “stable” market is typically 5 months). 2020 will continue to remain a seller’s market with the limited number of options for buyers to purchase compared the number of buyers wanting to purchase because of the low interest rates.  
The higher end market ($600,00 and above) has cooled slightly, but those looking to purchase or sell average priced homes (around $300,000) should expect much of the same we have seen in Lane County over the last few years.
Tyler Demers
R&R Properties of Eugene
Licensed Oregon Principal Broker
Cell: 541-912-1112
It looks as though 2020, will be an interesting year in the residential real estate market in Lane County. With it being an election year interest rates should remain relatively stable, which will be advantageous for buyers. Prices should continue to appreciate, albeit at a lower rate than previous years 5-7% annual gains. The appreciation will continue to put a strain on many first-time home buyers as they are often competing with investors, or those downsizing.
Interested in hearing more about the current market or investigating more about your local area or neighborhood. Follow the links below or give us a call!
(541) 505-9907
Kelly Chin
R&R Properties of Eugene
Acting Principal Broker
Cell: 541-337-9904
Arizona Prediction for the 2020 Real Estate Year
There are many people speculating on the housing market and when the next recession will hit. Although nobody can predict the future here is what I do know. The market in Arizona is still strong. We have over 200 people moving here daily and we have seen a steady increase in new jobs. What does this mean to you? Although the housing market may slow down and turn into a more evenly balanced market , I do not see the crash that we experienced in 2008. We do not have the adjustable interest rate loans coming due nor have we seen buyers being qualified with bad to no credit. We may see a small dip in prices but I believe we will continue to have a strong housing market for the foreseeable future. Arizona is a great place to invest in Real Estate for rentals, second homes or your primary resident. Call me for your Real estate needs.
Bill Nelson
Realtor
HomeSmart Elite
Cell: 602-653-0995
Information taken from Home Buying Institute
National prediction for the 2020 Real Estate year shows signs that the housing market will not slow.  According to Freddie Mac we can expect continued appreciation in the housing market for 2020 of about 3% on average. Interest rates are not expected to rise much with just a slight uptick according to the Freddie Mac. 2020 is expected to look a lot like 2019 with short supply and increased demand especially in the lower price point. Buyers seeking an entry level starter home may be in for a long wait which is why choosing the right Real Estate agent who knows how to negotiate is so critical.
Dec. 11, 2019

Tis the Season of Giving: Give Yourself the Gifts of Time, Freedom, and Peace

Tis the Season of Giving!
Tis the season of giving! Owning a rental property can be a rewarding experience, but using a professional property management company makes that experience even more enjoyable. We encourage you to give yourself the most value gifts of all Freedom, Time and Peace of Mind.
The Gift of Freedom & Time
A good property management company handles the day to day process with your property. Screening for quality tenants, facilitating maintenance repairs, any legal issues, collecting of rent and deposits, turnovers, marketing, annual tax reports, etc. You aren’t tied down and are able to focus on the more important things in your life!
The gift of Peace of Mind
No more late-night phone calls from tenants with maintenance emergencies! We use licensed and bonded contractors and vendors to ensure all repairs are handled the right way the first time and fast! Property management companies offer peace of mind, the assurance that you can go on with your life without having to worry about your property. That is priceless.
The gift of Money & Relaxation
We understand that your investment is you future and we want to maximize it any way we can. We will enforce the terms of the lease which results in a tighter rent collection. Renewing the lease in a timely manner instead of allowing it to go month-to-month allows for an adjustment of the rent rate. If you charge less than market value for the property, you aren’t collecting what you should be for rent, and you are losing money. Let us help!

As always, we look forward to speaking with you regarding any questions or concerns you may have! Don’t hesitate to call us today!