Today’s Expert Insight on the Housing Market [INFOGRAPHIC]

Some Highlights

• According to Lawrence Yun, Chief Economist at NAR, home prices are forecasted to rise.
• Results from the Existing Home Sales Report note that home sales declined in March due to the coronavirus, but prices are still strong.
• Let’s connect so you can better understand your home’s value today.

What will economic recover look like? It could go a few different ways, but we will recover once this is over....

Will This Economic Crisis Have a V, U, or L-Shaped Recovery?Click here to see the article!

Here's a little video on house values and recessions...

I wish I had a little crystal ball so I could tell exactly will happen to home values over the next few months, but it may not be anything like the price drops back in 2008.  In three of the last 5 recessions home prices actually went up.

Coming into 2008 there were plenty of homes on the market and plenty of new homes being built, the home equity loan market was much more active than it is now, and there were lots of BAD loans out there. After that crisis loan programs tightened up, new housing starts dropped to realistic and now there's actually less inventory homes out there for sale. Hopefully home values will continue to grow into the future.




If you have any questions about real estate, feel free to get in touch with me, I'm always happy to talk shop and give out free information.  www.propertybysteve.com

Homes are still selling in Corvallis and Albany....

Today’s Homebuyers Want Lower Prices. Sellers Disagree.

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis. 

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.

What We Do Know  

In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.

Bottom Line

If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, let’s connect today to discuss your real estate needs and next steps.

Fitton Green Natural Area on the edge of Corvallis is still open for now....

  

I decided to get out of the house (social distancing means working from home for the most part) and go for a short walk today, wanted to get in 15 minutes or so of uphill walking.  I decided to check out the Fitton Green Natura Area to see if it is still open and how many people were out and about.  It's been kind of wet so when I arrived there were no other cars in the lot, there was one car there when I finished my little walk.

It was spitting a little of slush when I went and was basically quite foggy so I didn't take any landscape style photos.  I haven't been there very many times so I don't really know the trails, but the one I've been on, the Allen Throop Loop, provides great open views of the area on most days, visibility was limited today. Hopefully the county will be able to continue to make places like this available to people as long as they continue practicing social distancing. It's nice to have the option to get out in a more natural setting.

Stay healthy,

    Steve