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!

Oct. 1, 2020

Last Minute Preparations for Winter!

Fall is here and winter is right around the corner. Now is a great time to care for some of those last minute outdoor preparations before winter hits. As always it's important to enjoy the beauties of each changing season. With fall there are a lot of attractive décor and tasty harvest recipes you don’t want to “fall” behind on. If you are a gardener, there are some new growing options that will improve your yards beauty and your appetite to boot!
Changing Temperature
Weather in November is far from predictable, especially here in the greater Eugene-Springfield area. It may say Autumn on the calendar, but the weather gets increasingly chilly as the days go by. The date of the first frost is almost upon us, and there will be more and more nights below freezing and possible snow forecasts as winter approaches.
Repairs
Days are getting shorter, so try to plan for free time earlier in the day in case you need to do some maintenance or repair work. It’s a good time of year to clean out the gutters, and bring in outdoor furniture that isn’t rain-resistant. Daylight savings (November 1, 2020), is a great reminder to remember to check the batteries in your smoke and carbon detectors. Don't forget to set your clocks back!
Flowers
Don’t be afraid to plant some flowers too. Spring-flowering bulbs, like tulips, alliums, and lilies can be planted now to start growing throughout the winter. And flowers like nasturtiums, marigold, lavender, chamomile, and calendula are currently blooming. Check out the seed packets and flower pots available at the store and choose something that will lighten the mood and add some color for these darker months.
Vegetables Gardens
Some vegetables can be planted right now, like kale, broccoli, beets, garlic, onions, and cabbage. Just make sure to be aware of soil and pH needs in case you need to change out the substrate for best results. The Pacific North West is generally mild enough in weather to keep a garden all your long. One only has to keep the ground free of standing water and garden covered so the elements do not freeze the harvest.
Pruning
Once all the leaves drop, trees and shrubbery can be pruned and cut back to promote healthy growth and vitality. That way the tree is dormant and won’t be poorly affected. Late fall is an excellent time to prune most fruit trees. Roses are best if pruned pruned between November and March to increase flower budding. As always if you are unsure on how to properly prune your trees or bushes it's best to consult a professional.
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Sept. 1, 2020

Winterizing Your Home This Fall!

Summer is now over, so temperatures are going to start dropping. Here are some pointers on how to keep your house safe from upcoming winter hazards.
R&R Properties of Eugene has been helping owners to manage their rental properties for many years and we have learned many helpful practices that have kept our homes well maintained and continuing to bring in top market rent prices. One of those is to do some Winter weatherization in advance to avoid any unnecessary and costly repairs, while keeping everything running smoothly during the months, we most need reliable heating and hot water.
COVER ALL FOUNDATION VENTS
These are the holes around the perimeter of the house. They should be blocked off to stop vermin and other creatures from getting under your house and doing damage to insulation, wiring, piping, etc. Snug-fitting screen works very well for this.
DISCONNECT ALL OUTSIDE HOSES, HOSE SPLINTERS, AND WATER FEATURES
All should be disconnected and drained before winter/freezing temperatures begin. This allows proper draining of the pipes and prevents freeze damage. It is also a good idea to purchase a cold weather faucet cover or wrap the faucet.
LOCATE YOUR WATER METER
It is a good idea to know the specific locations well in advance of severe weather. The water meter is generally in the front of your home close to the sidewalk or road. If you cannot locate it, contact your utility company. Flag meters during a snow period for easy location.
KEEP ALL WATER INSIDE THE BUILDING RUNNING
It is important to keep water moving in all of the water pipes to prevent freezing. It requires more than just a drop – keep the stream approximately the width of a pencil lead (both hot and cold water) from every faucet when outside temperatures are 25 degrees Fahrenheit and below.
LEAVE THE HEAT ON
Heat should be kept at a minimum of 62 degrees Fahrenheit. Open cupboard doors under sinks and leave them open as long as the temperature is below freezing. This allows some heat near the pipes. If you pipes do freeze, get heat on them to speed up the thawing process.
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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.

 

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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.

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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.
Posted in Property Management Services
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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.

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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
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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.
Posted in Property Management Services
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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
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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.
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