Like the Sleeping Giant in countless fairy tales, the Southern Oregon real estate market is finally awakening from its deep slumber and regaining consciousness. And like the Sleeping Giant that awakens, the Southern Oregon real estate market must rub the sleep out of its eyes, yawn, scratch, and stretch before finally struggling to its feet. Then, once upon its feet, it will no doubt require several cups of coffee as it bumbles around shaking off the sleepy-time grogs.

Intoxicated and seduced by the greed of the sub-prime market, the Sleeping Giant has been in a near-comatose siesta since real estate’s high water mark of May, 2005. That’s been 4 years ago and the Southern Oregon real estate market is just now awakening and struggling to regain consciousness.

But to overwork the metaphor, like a Sleeping Giant nursing a horrific hangover, the temptation to return to bed, pull the covers overhead, and fall back into a deep slumber remains a possibility, one that we hope does not occur.

Instead, it is our hope that Continue reading The Sleeping Giant Awakens In The Southern Oregon Real Estate Market

Recent statistics for July point to a national increase in new home construction nationwide and this is good news for every builder who has been waiting to return to work. Here in the Southern Oregon real estate market, most builders now accept the new reality of going green as the future of new home construction. Breaking out of a comfort zone has always been a challenge and going green is no exception.

From a pragmatic stand point, for builders going green means learning about new building technologies and then applying them to the trade. For buyers in search of a new home, going green means digging a little deeper into the pocket book. Fortunately, recent surveys are encouraging. Buyers are willing to pay more for the long-term money-saving advantages of going green. With the tighter framing envelopes of new home construction, power bills will go down for the life of the home and this is a feature worth investing in.

The Southern Oregon real estate market reflects the nationwide trend as developers explore the trend of going green. For example, the Summer Field subdivision in Grants Pass will be a subdivision of new homes with a green component that includes increased state-of-the-art insulation and a solar-power generation component.

Yes, the last year for the housing sector has been challenging, but the future of new home construction has never looked better. No one ever said change would be easy… that is, until it’s behind us.

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

Take it from me, there’s nothing like summertime in the Rogue Valley. Between the great weather and the long list of activities, there’s never a dull moment. And real estate activity always picks up as visitors from out-of-town make the decision to search for property. Once they begin the search, it doesn’t take long for visitors to discover that summertime in the Rogue Valley can easily become a year-round adventure as they lay claim to property in the Southern Oregon real estate market.

And at the moment, the Southern Oregon real estate market is loaded with buyer bargains for anyone who wants to move to the Rogue Valley. Not long ago, Grants Pass celebrated “Hot Summer Nights” and hosted hundreds Continue reading Summertime in the Rogue Valley and the Southern Oregon Real Estate Market

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

With a few exceptions, whether your primary residence is located in the Southern Oregon real estate market or just about anywhere else in the United States, you are probably wondering just how long it’s going to take to attain an unquestioned real estate recovery let alone a real estate rebound.

Ever since the market began its slide into the land of plummeting prices, Optimists have been predicting the repair of the market and a return to growing equity, but with every passing month, then quarter, and now every passing year, sellers desiring to move on must calm their anxiety and instead seek Continue reading The Southern Oregon Real Estate Market Recovery and the Real Estate Rebound

There it was in black and white, above-the-fold on the front page of the Grants Pass Daily Courier: Building Activity Picking Up. Did this article about an increase in the number of building permits issued in Josephine County signal the beginning of a return to work for builders or is it just an anomaly in the Southern Oregon real estate market? Or maybe it’s just a little bit of both.

April, 2009, marks the all-time low for the issuance of building permits in Josephine County. All total, April brought in less than $23,000 in permit fees. In response to the low number of permits issued, the county officials announced a reduction in permit fees to builders for the months of May and June. Presto! The number of permits issued promptly jumped in May to 132 permits that brought in $40,400. June showed a near-identical increase in permit revenue to $40,500, and so far July is following the trend even though permit fees have returned to previous levels. It would seem the Southern Oregon real estate market is encouraging builders to return to the job of new construction and remodeling.

Following in the county’s footsteps, the city of Grants Pass Continue reading Builders, Permits, and the Southern Oregon Real Estate Market

Using 20-20 hindsight to look back into the recent history of the Southern Oregon Real Estate market, we now see that starting around 2002, Southern Oregon real estate went on a remarkable 4 year run that ignored the internet crash and saw prices nearly triple. A home that sold for $60,000 in 2002 was up to $180,000 (and beyond) by 2005, securing lofty retirement goals through home equity more than just a dream. After a 5 year run like that, a real estate market correction shouldn’t have been surprising… but it was, catching not only home owners and investors off guard, but also the global financial community.

But ever optimistic I press on with the good news. Overall, the U.S. economy remains as one of the best global bets for investment, and the Southern Oregon real estate market continues to be one of the top retirement destinations with positive projections for home equity growth in the coming years. If you had been planning on a comfortable retirement before the financial meltdown upset your nest egg, Continue reading Home Equity, Retirement, and the Southern Oregon Real Estate Market