Low Inventory Causes Home Prices to Maintain Fast Growth

The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.

Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:

“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to outbid others in order to close on a home. The end result was a slowdown in sales from earlier in the year, steadfast price growth and weakening affordability conditions.”

What this means to sellers

Rising prices are a homeowner’s best friend. As reported by the Washington Post in a recent article post:

“The rise in median sales prices has made current homeowners much more willing to sell their home, and that willingness is one of the main drivers behind the inventory that does make it on to the market. While it hasn’t been enough to meet demand, it has made the situation much better, compared with even three or four years ago.”

What this means to buyers

In a market where prices are rising, buyers should take into account the cost of waiting. Obviously, they will pay more for the same house later this year or next year. However, as Construction Dive reported, the amount of cash needed to purchase that home will also increase.

“These factors have created a situation where the market keeps moving the goalposts in terms of the down payment necessary for first-time homebuyers to get into a home.”

Bottom Line 

If you’re thinking of selling and moving down, waiting might make sense. If you are a first-time buyer or a seller thinking of moving up, waiting probably doesn’t make sense. 

Let's get together to discuss your options! 971.208.5093 or mcleodgroupoffice@gmail.com

 

By: KCM Crew

Exploring Salem Oregon: Salem Station Transportation Exhibit

Beginning November 3, 2017

Visitors will recognize Salem landmarks, such as the Union Street bridge, as they enjoy an interactive tablescape, construction with magnetic blocks, and a child-size bus.

Gilbert House Children’s Museum116 Marion St NE
Salem, Oregon

Phone: 503-371-3631

Tuesday – Sunday: 10 a.m. – 5 p.m.

Admission:
Members: Free
General (ages 3-59): $8
Seniors (60+): $6
Toddlers (ages 1 & 2): $4
Children under 1: Free

Courtesy of Amy McLeod, The McLeod Group Network

Don't Let Fear Stop You from Applying for a Mortgage

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.

Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:

1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO® Score of all closed loans in September was 724, according to Ellie Mae.
2. Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
3. Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.
4. Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.
5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!

Bottom Line

Do your research, reach out to the professionals at The McLeod Group Network, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner. 971.208.5093 or mcleodgroupoffice@gmail.com

By: KCM Crew

Happy Halloween!

Courtesy of Amy McLeod, The McLeod Group Network

Buying a Home Can Be Scary... Unless You Know the Facts

Some Highlights:

Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:

• 40% of millennials who purchased homes this year have put down less than 10%.
• 76.4% of loan applications were approved last month.
• The average credit score of approved loans was 724 in September.

Buying a house with McLeod Group Network isn't scary! Contact us today to start your search! 971.208.5093 or mcleodgroupoffice@gmail.com. 

By: KCM Crew

Salem-Keizer OR Home For Sale: 1462 Tripp St SE, Salem, OR 97302

Salem-Keizer OR Home For Sale
1462 Tripp St SE, Salem, OR  97302

Welcome home to 1462 Tripp St SE, a fully remodeled darling cottage that just shines! A charming front porch invites you in. The open floor plan features a living/dining room combo opening to the kitchen creating the perfect space for entertaining and family function! Preparing a meal will be a delight in the updated kitchen with stainless steel appliances and granite countertops. Three generously sized bedrooms provide plenty of space for a growing family and overnight guests, plus the bathroom has been fully remodeled. The large, fully fenced yard offers plenty of room to run, play and BBQ. Make your appointment today to this this charming Salem OR home!

The McLeod Group Network has distinguished themselves as a leader in the Salem Oregon real estate market. As a full service, real estate team - focused on working with our Seller and Buyer clients to help achieve their real estate goals!

We bring a keen eye for the details of buying or selling a Salem Oregon home and seemingly boundless determination and energy, which is why our clients benefit from our unique brand of real estate service. Rooted in Tradition, focused on the Future –The McLeod Group Network will help make the most of your Salem Oregon real estate experience. With over 40 years of combined experience, you can rest assured that your real estate transaction will be handled and cared for with the utmost respect and attention to detail. Give us a call today 503-798-4001 and discover the difference we can make during your family's move.

Exploring Salem Oregon: Deepwood Children’s Halloween Party

Deepwood Children’s Halloween Party

Saturday, October 28, 2017
12:00 PM to 3:00 PM

Annual Children’s Halloween Party on the beautiful historic grounds of Deepwood Museum & Gardens. Crafts, activities, and treats. Register online.

$5 admission.

Deepwood Museum & Gardens
1116 Mission St. SE
Salem, OR 97302

503-363-1825

www.deepwoodmuseum.org/event-calendar/event/98/2017-10-28

Courtesy of Amy McLeod, The McLeod Group Network