Medford Real Estate and Community News

Feb. 12, 2019

An Exciting Conversation With Jim Remley

Serving my clients to the best of my ability is always my No. 1 goal. The results speak for themselves. 

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Today I’m excited to be joined by a very special guest: Jim Remley, a principal broker with erealestatecoach.com. He has been coaching agents and brokers for as long as I’ve been in the business—almost 30 years.


The first reason he’s here is to announce that I’ve been recognized as being among the top 1% of agents in John L. Scott Real Estate and one of the top real estate agents in all of Oregon. It’s an honor and a privilege to be part of the John L. Scott network, and I’m humbled to be recognized.



"I take things one transaction at a time."



This is an amazing accomplishment, but I couldn’t have done it without all of the support from my clients. It’s always my goal to take care of my clients so that they will tell their friends and family about the support I give them. It also helps me sleep better at night. I take things one transaction at a time and have brought my son Austin on the team to carry on this tradition.

 

In about a week, I’m headed down to San Diego to sit under the tutelage of Brian Buffini, who is known as a coach to some of the top producers in the area. I need a little tune-up to refocus on what really matters in taking care of clients. I’m excited to refine our thinking on how to best help our clients.

 

In the meantime, if you have any questions for me about buying a home, selling a home, or anything else real estate-related, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Real Estate Tips
Jan. 16, 2019

Today’s Market vs. Our Last Market Crash

With the huge flood of buyers in our market, things are really working together to keep the market stable. 

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Many people are concerned that the market is repeating patterns that we saw just before the last market crash. However, I don’t think that we’re headed to that same fate. There were a few key things that were happening at that time that made it different from what we’re seeing today:


1. People were pulling the equity out of their homes for things that lost value. This includes boats, cars, and certain updates on the home.


2. There were poor lending practices in play. People with low or no credit were getting ridiculous home loans for homes they couldn’t afford in the first place.

3. There was a crazy amount of inventory in the market. Right now, we’re seeing about four or five months of inventory in the Rogue Valley. Back then, there was close to 10 months of inventory. A healthy market tends to hover right around five or six months of inventory, meaning we’re on the low side right now.



"With the huge flood of buyers in our market, things are really working together to keep the market stable."



4. There was a high percentage of foreclosures. Right now, we’re not seeing an issue with foreclosures.

 

5. There was a high appreciation rate. Back then, people were buying homes for the sake of appreciation. They didn’t even need the homes; they already had a primary home, but were just buying another to turn around and resell it a few months down the line. We’re not seeing that sort of appreciation at the moment. Right now, the rate of appreciation is about 4.8%, which is still higher than the historical average of 3.6%. Back around the time of the last market crash, the rate was 20% at times.

 

Our current market also has something that the crash-time market didn’t have: a huge influx of millennial buyers. Millennials are the biggest portion of buyers in the market. With the huge flood of buyers in our market, things are really working together to keep the market stable, keep it honest, and keep the people working in the industry. The lenders that were throwing their money out the window before aren’t making that same mistake again.

 

Overall, the market is in the process of stabilizing. We’re not seeing the rate of appreciation that we used to, which is a good thing. The projected rate of appreciation for 2019 is about 4.8%, meaning that on a $300,000 house, it would appreciation about $15,000 in a year.

 

If you have any questions about the market or where it’s headed, please reach out to us. We’d love to help you.

Nov. 16, 2018

Meet Our Director of Marketing: Tiffany Wilkerson

What does our director of marketing, Tiffany Wilkerson, bring to our team? Find out in today’s message. 

Buying in the Southern Oregon area? Click here to get a Full Home Search
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Today I’ve brought on a very special member of our team: Director of Marketing Tiffany Wilkerson.


Tiffany was born and raised in Ashland, then moved to Eugene in 2005 to study multimedia design, digital arts, and marketing at the University of Oregon. Then, after graduation, Tiffany secured a job as the art director at Dutch Bros Coffee.


Thanks to that opportunity, Tiffany was eventually able to move on and work for a company in the Netherlands. There, she focused on trade shows and learned a lot about adapting to different cultures on a personal and professional level.



"It isn’t hard to see why our team trusts Tiffany’s design expertise."



It was after that job that Tiffany ultimately came to join our team. Here, she helps individual agents develop their branding and campaigns, while also working to promote and design the larger John L. Scott brand, as well.

 

Tiffany is always seeking to hone her skill set. As part of this pursuit, she recently attended the Adobe MAX conference in Los Angeles—an event that was, in Tiffany’s words, “focused on the future of design.”

 

It isn’t hard to see why our team trusts Tiffany’s design expertise. She does so much for our team, and for our clients, and we’re thrilled to have her with us.

 

If you have any other questions, would like more information, or are curious how our team can help you meet your real estate needs, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Posted in Real Estate News
Oct. 15, 2018

3 Home Improvement Projects That Buyers Will Love

To increase your odds of selling in this market, you might want to look at completing a few home improvement projects. These are the three that we recommend. 

Buying in the Southern Oregon area? Click here to get a Full Home Search
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As we see changes in the market, it’s time to make some adjustments. For one thing, it's worth looking at some simple home improvement projects that can help ensure you sell your home quickly and at a top price.

The thing is, when it comes to selling your home, not all home improvements are created equal. That's why I've collected the three top home improvement projects that homebuyers love, according to a report by the National Association of Home Builders:

1. A laundry room. More than anything, homebuyers currently want a separate room for washing, folding, and ironing clothes so they can keep the mess out of their living space. If you have an unused basement, it makes a lot of sense to put the laundry room there because all of the utility lines will be accessible and you probably won't have to demolish anything. A new laundry room could cost as little as $1,000 and could contribute a lot more than that when you look to sell your home.



"90% of buyers want energy-efficient windows in their home."



2. Exterior lighting. Exterior lighting is the most desired outdoor feature by homebuyers, appearing on the wish list of 92% of them. Your options for exterior lighting include spotlights, walkway lights, and pendant lights. Fixtures range in price between $65 to $132. Exterior lighting will present your home in the best possible light, impressing these potential buyers and increasing overall interest in your home.

3. Energy-efficient windows. Most homebuyers today care about energy efficiency. Specifically, 90% of them want energy-efficient windows in their new home. A set of energy-efficient windows will drive down the costs for your utilities, improve comfort inside your home, and increase your home's curb appeal.

That's why, whether you are planning on staying in your home for a while or are looking to sell quickly, energy-efficient windows are worth considering. In fact, that's true for all of the above projects. If you have any questions about any of these projects or what else you can do to add value to your home before selling, don’t hesitate to reach out and give me a call or send me an email. I’d love to hear from you.

Posted in Selling Your Home
July 17, 2018

What to Expect From the Coming Market Correction

Are we headed for another crash? Today I’ve brought on a special guest to discuss this crucial question. 

Buying in the Southern Oregon area? Click here to get a Full Home Search
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Today I’m joined by John L. Scott Real Estate’s director of business development, James Colburn, who will be answering a few questions about our market and how it’s faring on a corporate level.

 

The first thing I wanted to know was whether our market is about to crash. There have been some rumors that we’re in for a repeat of what we saw in 2007, so I wanted to ask James whether he thinks this is set to come true.

 

According to James, the primary difference between today’s market and what we saw back then is that buyers must now be truly qualified before making a home purchase. Back in 2007, almost anyone could get qualified. James was involved in new construction at the time, and remembers the builder he worked with saying, “Someone’s going to pay for this.”

 

And this builder was right, because as James put it, “Everyone ended up paying.”



"The primary difference between today’s market and what we saw back then is that buyers must now be truly qualified before making a home purchase."



However, things since the Great Recession have changed. Instead of a crash, we’re simply on our way toward a natural correction. These kinds of corrections tend to happen every decade on the decade. So in a couple of years, we can expect one to occur.

 

Depending on the price range, premium pricing will likely experience a 5% to 10% dip. Following that, we can expect a 30% to 40% increase over the next decade. If anything, this correction will look a lot like a buyer’s market. And after the nine months or so that it will last, things will take off once more.

 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Real Estate Tips
July 11, 2018

A Conversation With the Great-Grandson of a Real Estate Legend

Lennox Scott, great-grandson of John L. Scott and president of John L. Scott Real Estate, is here to discuss the market here in the Northwest. 

Buying in the Southern Oregon area? Click here to get a Full Home Search
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Today I have a special guest with me: president of John L. Scott Real Estate and great-grandson of John L. Scott himself, Lennox Scott. Lennox is here to discuss what he’s been seeing across the broad market in the Pacific Northwest.


The Northwest U.S. market has been fantastic, particularly in the major cities like Seattle, Portland, and San Francisco. When the major Metropolitan market heats up, then the market also heats up in the resort and destination communities like here in Southern Oregon.



"Overall, it’s an extremely strong market."



The Oregon market is fabulous, according to Lennox. The affordable and mid-price ranges have seen phenomenal sales activity. Above the $750,000 range, there are some selective buyers, but overall, it’s an extremely strong market.

 

If you have any questions about real estate or the market, feel free to reach out to the Rasmussen Group. We’d love to help with your real estate needs.

Posted in Real Estate News
June 20, 2018

Now May Be the Perfect Time to Trade to a Luxury Home

If you've been thinking about trading up to a luxury home, now might be the perfect time to do so. Here’s why.

Buying in the Southern Oregon area? Click here to get a Full Home Search
Selling in the Southern Oregon area? Get a FREE Home Price Evaluation

 

The real estate market remains red-hot. Zillow estimates that homes sold more quickly in 2017 than ever before, and 2018 seems to me to be on pace to beat 2017.


However, one segment of the real estate market seems to be lagging. I’m talking about luxury homes. Prices at the top 5% of the real estate market increased just 5.1% in 2017, almost 2% lower than the rest of the market.


What's going on?


Affordability does not seem to be an issue. More Americans can afford a top-level home than ever before. Instead, it might come down to one simple factor: There is simply a greater supply of luxury homes compared to other types of homes.



"The limited price growth and greater inventory at the luxury end means you could have your pick of luxury homes."


 

In fact, 53% of the available housing inventory is in the premium segment (compared to 23% for starter homes and 24% for trade-up homes). In other words, demand and supply are more evenly matched at the top of the market, while in other segments, demand far outstrips supply.

 

What does this mean for you?

 

If you've been thinking about trading up to a luxury home, now might be the perfect time to do so. The red-hot demand for starter and trade-up homes means you could sell your home for top dollar and at record speed. And the limited price growth and greater inventory at the luxury end means you could have your pick, and find a special, unique, and customized home that perfectly suits your preferences.


If this sound appealing to you, you can get started by letting us give your home an accurate valuation. You can also view all the latest luxury homes in Southern Oregon on our website.

If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Posted in Real Estate News
June 7, 2018

Looking for a Lender? Hire Someone Local

Which is better: Working with a local lender or trusting your transaction to an online company? Let’s discuss this question today.

Buying in the Southern Oregon area? Click here to get a Full Home Search
Selling in the Southern Oregon area? Get a FREE Home Price Evaluation

 

Why is it important to use a local lender? Today I’m joined by special guest and lending expert Tamara Rodgers of Willamette Valley Bank. Tamara has been doing mortgage lending for 15 years, and before that she was working in the escrow business. Having experience in two facets of our industry has really propelled Tamara into a deeper understanding of what she does today.


And it’s exactly this kind of first-hand experience that makes working with high-quality professionals like Tamara so worthwhile. Sure, there are online options available. But is that really the route you want to take? Should you choose a local lender or work with an online mortgage company?


This question actually reminded me of a scenario my family and I found ourselves in not too long ago. We were shopping for a new television at a retail store when one of my kids pulled out his phone and did some comparison shopping online.


The model he found was the exact one we were looking at in the store, and it was listed online for $400 less. But while this sounds like a great deal, I was uneasy at the prospect of how things would go if something went wrong. I thought to myself, “Handling a return or getting a refund would be a lot harder to deal with online.” At the end of the day, the lower price wasn’t worth the hassle of handling all the business online. I would much rather have had a face-to-face conversation.



"Why wait to resolve issues with a hard-to-reach online lender when you could simply partner with a local lender who you know will be available to you at any time?"


 

And this is exactly the attitude you should approach hiring a lender with. Working face-to-face with a local lender will get things done more quickly.

 

Online lenders, on the other hand, seem never to pick up their phones when a problem arises. This makes for a very difficult transaction. Why wait to resolve issues with a hard-to-reach online lender when you could simply partner with a local lender who you know will be available to you at any time?

 

Professionals like Tamara are truly motivated in helping their clients. And with rates currently around 4.87% on a 30-year conventional mortgage, now is the time to reach out and make your move.

 

To get in touch with Tamara, you can give her a call at (541) 622-6565 or email her at Tamara.Rodgers@wvbk.com.

 

And, as always, if you have any other questions for me or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Posted in Real Estate Tips
May 23, 2018

A Look at the Market’s Health

Jim Remley, principal broker and author of three real estate books, is here today to discuss the state of the Southern Oregon market.

Buying in the Southern Oregon area? Click here to get a Full Home Search
Selling in the Southern Oregon area? Get a FREE Home Price Evaluation

 

Today I’ve invited Jim Remley, our principal broker, to have a discussion with me about the state of the market. Jim is the author of three books: “Real Estate Presentations That Make Millions,” “Sell Your Home in Any Market: 50 Surprisingly Simple Strategies for Getting Top Dollar Fast,” and “Make Millions Selling Real Estate: Earning Secrets of Top Agents.”


So how does the market look?


The market is still very strong. After going through the market stats yesterday, we’ve noticed a 10% surge in pending sales. Comparing this April to April 2017, we’ve had 100 more listings this year than last, going from 300 to 400. I believe that the surge in sales is caused by an increase in available inventory.



"Pulse Economics is predicting that the market will remain strong for one to two years."


 

How long can we expect this to continue?

 

I think the market is going to stay strong for a while. Pulse Economics is predicting that the market will remain strong for one to two years. The only thing that will change our market is supply, and as you know, we’ve been suffering from low supply for several years. As more supply comes online it’ll actually help us to satisfy demand. Right now in our market, we have about two months’ worth of supply, where in a healthy market we’d have about six months’ worth.

 

I’m excited that Jim came in to chat with us today. If you have any questions about buying or selling, or if you need a market analysis for your area, feel free to reach out to us at the Rasmussen Group at John L. Scott Real Estate. We’d be happy to help you.

Posted in Market Updates
May 14, 2018

Should Buyers and Sellers Worry About Shrinking Affordability?

Home affordability is shrinking nationally, but there is no need to panic. Here’s why.

Buying in the Southern Oregon area? Click here to get a Full Home Search
Selling in the Southern Oregon area? Get a FREE Home Price Evaluation

 

Some potentially worrying news came out this month:

 

Home affordability is shrinking rapidly, according to research by Arch Mortgage Insurance.

 

In the first quarter, affordability (defined as the size of the monthly mortgage payment needed to buy a home) dropped by 5%. This was mainly due to the increase in mortgage rates, and, to a lesser extent, an increase in home prices.

 

As a consequence, more people are now stretched and taking on greater debt relative to their income. Other buyers are being pushed out of the market altogether.

 

And that's not all. Affordability is expected to drop another 15% to 20% by the end of the year. That's because home prices continue to rise, and the Federal Reserve is expected to ratchet up its reference interest rate, which often leads mortgage rates, three more times this year.

 

What does this mean for you?


Well, if you're looking to sell, you won't have a hard time finding a buyer. Even with decreasing affordability, demand for homes still far outstrips supply.



"While affordability is dropping, it is still well above historical averages"


 

However, it's certain that buyers will look to take advantage of current conditions before affordability drops further.

 

That means that this spring and summer might see an additional rush on the real estate market. It also means that right now might be a very good time to list your home if you've been thinking about selling for a while.

 

On the other hand, if you are thinking of buying a home, you might think this news spells doom for you.

 

However, there's no need to panic.

 

While affordability is dropping, it is still well above historical averages (just like current mortgage rates). In fact, Arch Mortgage Insurance estimates that homes are now 15% to 20% more affordable than they have been in the period from 1987 to 2004.

 

At the same time, it's certainly true that mortgage rates are going up, and this will affect what your monthly payments will be on a new home. From this perspective, it makes sense to move now in case you've been looking to buy before rates rise further.

 

So what's the next step?

 

If you are thinking of selling, you can get started by finding out what your home might be worth in the current environment. If you are looking to buy, check out all the great Southern Oregon area homes that have recently come on the market:

 

Whether you’re buying or selling, give me a call or message me on my website so I can help you get started. I’d love to help.

Posted in Market Updates