It’s often been said that the only thing holding us back is our own individual fear of success. Fear can catch us in our own trap. Fear can hold back Buyers and Sellers in the Southern Oregon real estate market from making the right decisions. Fear is our own worst enemy. But control over our fears can establish confidence in those around us and in the long run, help to jump-start the real estate recovery.

As a Socially Conscious real estate consultant, I often counsel real estate agents in the Southern Oregon real estate market about Continue reading Fear of the Future and the Southern Oregon Real Estate Market

So what’s wrong with the Southern Oregon real estate market and what can we do to fix it? Recently, the stock market rallied to 10,000 only to dip back down and regress due to a loss of confidence for a sustainable economic recovery over a lot of things, from unemployment to inflation. Meanwhile, the stability of the Housing Sector may have strengthened, but only incrementally. The overall road to recovery for the Housing Sector continues to be road-blocked by foreclosures and short sales.

Like communities nationwide, the Southern Oregon real estate market is undergoing a profound increase in the overall numbers of Continue reading Foreclosures, Short Sales, and the Southern Oregon Real Estate Market – Part I

Remarkably, after a year of intense rafting on the river of financial crisis we’ve somehow managed to avoid either a complete collapse of our economic system or a slide into another Great Depression. But in the process of surviving the current crisis that has come to be known as the Great Recession (we have survived, haven’t we?) we are now coming to grips with the bitter reality that the financial security we had all become accustomed to will take much longer to return to that warm and fuzzy place we call a financial comfort zone here in the Southern Oregon Real Estate Market.

Knowledgeable economists now inform us that the worst recession Continue reading The Great Depression, Recessions, and the Southern Oregon Real Estate Market

As a real estate professional specializing in consultations pertaining to the Southern Oregon real estate market, it is my job to keep track of statistical data in order to better inform my clients and the readers of this blog. For the last few years, paramount in the minds of everyone involved in the real estate industry is the need to know when market conditions will begin to improve and when prices will be hitting the bottom. In order to address these concerns, part of my research means keeping up-to-date on the latest trends and market activity. Recently one of those trends now clearly indicates a statistical rise in prices for the last three months in a row, and June, 2009, may well become the statistical bottom of market prices.

The thing to remember and to take into any calculation when trying to make predictions based on trends is that data always is a step behind reality. Or put another way, data is behind the curve while reality is in front of it. It is now safe to say that we are beyond hitting the bottom for the Southern Oregon real estate market and we are now bouncing off the bottom. So if you are a buyer, do not hold any great expectations that prices will continue to drop any lower. Yes, there will be specific properties that for unusual reasons become bargains and drop significantly in price. But these price drops are anomalies that are to be expected in a normal real estate market. Suffice to say, prices are stabilizing and they will now, with time, begin to trend upward.

Once again, I offer this friendly reminder… buy low if you anticipate selling high at anytime in the future, and guess what… it’s low.

Michael Masters

A Socially Conscious Real Estate Consultant

From my perspective as a real estate professional in the Southern Oregon real estate market, I’ve been dealing with the human complexities of economic recovery for a market turned upside down since 2006. I can accurately report that economic recovery has been making incremental forward progress over the last year as the foreclosure market evolves. For over two years, the growing number of foreclosures was traceable to the increased payment load for borrowers stuck with variable sub-prime loans converting to higher interest rates, and the accompanying increased payment load broke the back of many home owners.

But lately, borrowers with fixed rate mortgages are joining the ranks of the distressed as foreclosures proceedings respond to the fresh fuel of unemployment. Even the affordable 30 year fixed rate mortgage payment can become a home wrecker when a borrower can’t find work. Before the economy can begin to truly heal, recovery for the Southern Oregon real estate market means enduring the hardship that comes from unemployment. And amid this bleak reality stands the good news that while the numbers of foreclosures are still cause for alarm, at least the numbers are diminishing.

Meanwhile, milling in the darkness are the forecasts of many experts that point to an end of the Great Recession as financial declines grind to a halt and the indicators for growth begin to point to an impending economic recovery. With a little luck and a lot of patience, the U.S. and global economies at large will begin to correct themselves, employment will rise, and distressed borrowers will find a way to stay in their homes.

As we struggle for economic recovery on the national, global, and local level, I am drawn to the good news for young, trustworthy Buyers: take advantage of the low prices, excellent interest rates, and an $8000 tax credit to make your dreams for home ownership come true. The window of buying opportunity is currently wide open but it will be closing soon. And this could be the best time to get up off your hands and sign on the line that is dotted.

Michael Masters

A Socially Conscious Real Estate Consultant

These days, sellers in Grants Pass all seem to be asking the same question. Has the Grants Pass housing recovery started yet? They ask this question because for a lot of sellers in the Southern Oregon real estate market, they’d love to sell their home for a fair price and move forward with other life choices, like relocating for a better job or moving into larger or smaller digs. Unfortunately, the answer continues to be “maybe.”

Statistically, after three years of intense price declines, the nationwide recovery for the housing sector appears to have begun. The Case-Shiller housing index for the top twenty cities in America reported Continue reading The Grants Pass Housing Recovery and the Southern Oregon Real Estate Market

While there seem to be plenty of headlines being made about the beginning of the end of the Great Recession, there are still a great many homeowners nationwide and in the Southern Oregon real estate market, that need a mortgage modification in order to avoid losing their home to foreclosure because they can no longer afford to make their full mortgage payments. If you are seeking a mortgage modification, here’s what you can expect.

To qualify for the “Making Homes Affordable” program set up by the government to assist you with a mortgage modification, the mortgage in question must be on your primary residence, it be worth less that $729,750, and it must have been written before January 1st, 2009. Additionally, you will have to show proof that you’re a having difficulty making your payments and that your current payment is more than 31% of your gross income. And if that’s not enough, if you owe more than your house is worth, your lender will be reluctant to accept anything less than the full amount due.

But don’t despair. There is help out there for homeowners Continue reading Mortgage Modification and the Southern Oregon Real Estate Market

As the temperatures in the Southern Oregon real estate market approach triple digits, it always reminds me why people who live, work, and play in Southern Oregon love to call it home. The hotter it gets, the more we head for Southern Oregon’s rivers, ponds, creeks, and lakes for water sports, recreation, and just plain cooling off.

Southern Oregon real estate is blessed with three magnificent rivers and an assortment of creeks and lakes that impress visitors with their beauty, accessibility, and grandeur. The mighty Rogue River is well known for its recreation value to rafters and fishermen (and women) and for its offering of various water sports from jet boats to water skiing. The Applegate and the Illinois Rivers also enjoy great reputations as waterways to visit for recreation and water sports.

And if you prefer to enjoy the comfort of a lake for fishing, water skiing, or pleasure boating, consider Continue reading Water Sports, Recreation, and the Southern Oregon Real Estate Market

The stats are in. Sales activity for June, 2009, suggests that while its pulse rate may be low, the real estate market is still alive and its condition is stabilizing. Housing recovery for the national and Southern Oregon real estate market is bouncing off the bottom. For the last two months, consumer confidence rose, but in June consumer confidence took a slight dip.

Meanwhile, the number of homes listed in June on our local MLS has fallen to 1,142 from one year ago where the number of homes on the market was at 1,409. Additionally, Josephine County is working its way through its distressed property inventory as evidenced by the number of foreclosures on the market, down to 156 from a month ago where the number of distressed properties was at 165. Anyway you interpret the statistics, it seems the housing recovery for both the Southern Oregon real estate market and the national real estate market points to a reduction in value by 1/3 compared with the real estate market’s peak in the second quarter of 2006. The good news is that the values are unlikely to drop any further. Continue reading Housing Recovery and the Southern Oregon Real Estate Market

These days, the sale of vacation homes in the Southern Oregon real estate market has slowed considerably given the overall difficulties in the real estate market at large. Second homes, Investment homes, and Vacation homes have primarily been considered a “discretionary” purchase and when the belt tightens, the vacation home is one of the first purchases to fall by the way side. Yet despite the slide in the number of second home purchases, economists continue to believe that projected demographic trends for the future point to increased sales in the coming years. And for Baby Boomers who are fast approaching retirement age, a vacation home in the Southern Oregon real estate market is a powerful lure.

As the market recovers, the demand for a vacation home will increase as the Baby Boomers choose to spend their accumulated wealth in the pursuit of the good life in their golden years. One of the major questions the Boomers will ask themselves is Continue reading Vacation Homes and the Southern Oregon Real Estate Market