Eugene-Springfield Market Update 2/2/2016
In a nutshell, it’s gangbusters! Now is a great time to both buy and sell.
The long anticipated influx of the newly retired persons seeking a better quality of life is in full swing as measured by the number of out of state drivers licenses being surrendered. Additionally, employment is picking up and drawing more working age persons to the state.
From the selling side we are feeling some inventory pinch which enables you sellers to allow fewer concessions to buyers and firm up asking prices.
For buyers it’s still a good time for several reasons. First is that prices still have not fully recovered pre-recession lows so there is upside potential. Secondly, with the Fed raising rates there is a good chance interest rates will rise from current levels. On a 30 year $250,000 loan the monthly payment at 3.75% is $1,160. At 4% it is $1,195, or $35 more a month. That’s $420 more a year or $12,600 over the 30 year life of the loan. And that’s just the result of a ¼% increase. A 1% increase would be over $50,000! That’s the price of dawdling!
If you have any interest at all in learning more about the market and/or buying or selling, please contact us!