Happy New Year Friends. Were you as glad as I was when 2009 was over? Like all good Americans, though, we always take an opportunity in the New Year to look forward with renewed hope and expectation. And that's the position I'm taking this year.
But before we look forward, lets take a quick review of real estate in the Willamette Valley for 2009.
One bit of good news is that sales basically stabilized from 2008 to 2009. There were 5954 sales in 2008 and 5869 in 2009. That represents a drop of only -1.43%....really very small, all things considered.
Inventory also seems to be stabilizing, although it had a larger % change at -8.64%. There were 6760 listings in 2008 and 6176 in 2009....a slight float down.
But our average sales price has continued to move in the wrong direction. If you were selling in 2008, the average homes was sold at $240,780. In 2009 that price moved to $214,219. OUCH! Them there's some real hurtin' dollars at an approximate overall drop of 10%!
That's very reflective of what happens, though, when there's a First Time Homebuyer Tax Credit. Hey, guess what? The First Time Homebuyers came out and bought! So that may be more reflective of a market that has 50% of the sales attributed to those buyers.
Hardest hit for price drops were Keizer (12%), Northeast Salem (10%), Southeast Salem (12%), and South Salem (10%).
On the upside....Interest is phenomenal. Whether you're buying or refinancing, there couldn't be a better time, as interest rates hover around the 5% mark (+/-). And it is expected to stay low at least for the better part of 2010.
First Time Homebuyers got a little bonus time toward qualifying for the $8000 First Time Homebuyer Tax Credit. But they must have their homes under contract by April 30, 2010 and closed by June 30, 2010.
But before we look forward, lets take a quick review of real estate in the Willamette Valley for 2009.
One bit of good news is that sales basically stabilized from 2008 to 2009. There were 5954 sales in 2008 and 5869 in 2009. That represents a drop of only -1.43%....really very small, all things considered.
Inventory also seems to be stabilizing, although it had a larger % change at -8.64%. There were 6760 listings in 2008 and 6176 in 2009....a slight float down.
But our average sales price has continued to move in the wrong direction. If you were selling in 2008, the average homes was sold at $240,780. In 2009 that price moved to $214,219. OUCH! Them there's some real hurtin' dollars at an approximate overall drop of 10%!
That's very reflective of what happens, though, when there's a First Time Homebuyer Tax Credit. Hey, guess what? The First Time Homebuyers came out and bought! So that may be more reflective of a market that has 50% of the sales attributed to those buyers.
Hardest hit for price drops were Keizer (12%), Northeast Salem (10%), Southeast Salem (12%), and South Salem (10%).
On the upside....Interest is phenomenal. Whether you're buying or refinancing, there couldn't be a better time, as interest rates hover around the 5% mark (+/-). And it is expected to stay low at least for the better part of 2010.
First Time Homebuyers got a little bonus time toward qualifying for the $8000 First Time Homebuyer Tax Credit. But they must have their homes under contract by April 30, 2010 and closed by June 30, 2010.
During the first program, we saw a lot of Buyers procrastinating until October (with a deadline of 11/30/2009). Encourage your friends and family - who want to take advantage of this program NOT to wait. Those buyers who did, ended up competing for homes -and probably paying a higher price than if they'd have come in earlier.
Move-up Buyers also got a little $6500 bonus. Main critieria is that you have lived in your primary residence for 5 years and are moving up. What a deal!
As always, please call us if you need a referral to a Mortgage Professional.
Well that's it.....2009 in review. Thank Heaven.
As I look back, I'm reminded that what's important, bottom-line, is our family, our friends, our health, and knowing that Annie was right....."The Sun Will Come Out Tomorrow!"
See you soon!
Move-up Buyers also got a little $6500 bonus. Main critieria is that you have lived in your primary residence for 5 years and are moving up. What a deal!
As always, please call us if you need a referral to a Mortgage Professional.
Well that's it.....2009 in review. Thank Heaven.
As I look back, I'm reminded that what's important, bottom-line, is our family, our friends, our health, and knowing that Annie was right....."The Sun Will Come Out Tomorrow!"
See you soon!
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