Don & Gwen DeGroote Keller Williams Realty Eugene/Springfield 541-431-6490 541-915-5473 Fax: 541-302-7623 2644 Suzanne Way EugeneOR97408
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Presented by: Don & Gwen DeGroote
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"Chalk Talk" by Don and Gwen
The only market that matters is yours!
Recently on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!”
Concerned that remarks such as these from so-called experts might be pushing potential buyers to the sidelines?
Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market:
First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.
Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.
Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not a good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.
The Best Time to Sell Real Estate is NOW!!
REMEMBER: A Seller is someone who sells!!! & a Buyer is someone who buys!! Sounds simple, huh? Are you a buyer or a seller-if you are, you NEED us. Call Today!!
National Market Update
According to a late April report by the National Association of REALTORS (NAR), housing inventories are up, making this spring an opportune buyers' market. Existing homes sales were down 2 percent from February. NAR is projecting a seasonally adjusted annual rate of 4.93 million housing units sold for 2008. Existing-home sales include single family homes, townhomes, condos, and co-ops.
Higher sales were seen in the Northeast and West regions, while sales slowed in the Midwest and South. NAR reports that the sales slowdown is greater in high cost areas. According to Lawrence Yunn, NAR chief economist, "Though mortgage rates are at historically low levels, some borrowers are facing restrictive lending practices in declining markets." Yun exhorted the Federal Reserve to maintain rates and proceed cautiously with additional rate cuts.
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Average (Mean) Sales Price of Existing Homes by Region
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Date
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U.S.
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Northeast
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Midwest
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South
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West
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2006
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268,200
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299,700
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205,300
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230,000
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371,300
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2007
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266,000
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307,100
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200,500
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225,600
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365,900
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11/07
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255,700
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289,800
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191,900
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217,400
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357,200
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12/07
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254,000
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291,100
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193,400
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216,700
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347,700
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01/08
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245,500
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298,400
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178,800
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206,500
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335,600
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02/08
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242,000
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292,700
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175,100
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204,600
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333,100
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03/08
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247,700
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311,100
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185,300
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209,400
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325,400
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Statistics from the National Association of REALTORS®
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Good news on the mortgage front as Freddie Mac reported the national average 30-year, conventional, fixed-rate mortgage at 5.97 percent in March, down from the 6.16 percent reported in March 2007. Total housing inventory in March was reported at 4.06 million existing homes for sale. This represents a 9.9-month supply.
Several areas from around the country are actually reporting price increases including Des Moines, Iowa; Austin, Texas; and Durham, North Carolina.
Opportunity Knocks!
Markets across the country have larger inventories to choose from, and a many great homes are available at very reasonable prices. Factor in the recent interest rates drop over the last several months, and we have one of the best buyers markets in recent history. Since many experts believe that interest rates will rise over the next year, now is a great time to lock in today's low interest rates and save on your next purchase. Home buyers who take advantage of these low rates can save tens of thousands of dollars over the life of their loan!
U of O Graduation
Don and I offer our most heart felt congratualtions to "our" 2008 graduates and their parents. We remember back to when Tim graduated and relive the sense of pride and over whelming sense of relief-knowing we just gave ourselves about a $1000.00 per month pay increase. Colleen, majoring in architecture, is a wonderful example of the best The University of Oregon's long list of very succesful students. She will be a true assett to any community in which she chooses to practice. Morgan West just graduated from Law School and will be taking her Bar Examine in July. We know Morgan will be very successful and wish her all the best. Elizabeth McGuire, will be moving to New York City after graduation to begin her career in the sports managemet field. Congratulations on a fabulous opportunity Elizabeth. Cameron Davenport, a born businessman, is busy sharpening the pencil in order to make a decision as to which of several opportunities to take advantage of...what a great time in life!
Now it is time to welcome the class of 2012! In just 4 short years we will be congratulating you! Fun at "Sunset View Ranch" in Lowell, Oregon
 From Our House to Yours! "Duck Spirit"
Don and I were thrilled to welcome our son Tim and his boys a few weeks ago (Mandy, Tim's wife, had to stay home to finish course requirements for her degree from Cal State Riverside). The boys are so much fun and ready to take on the world. Tim works in the fishing industry for Ocuma Products so it is natural that the boys are fast becoming really good fishermen. They made these catches while visiting Lowell. We took them up to see our new housing development "Sunset View Ranch" . The first 4 homes are sold with 28 more to be constructed in the next year or two. The Grand Opening Celebration was a huge success, fun for everyone and free tacos and pop too! If you have a few minutes and want to spend some time in Oregon's recreational wonderland, just take a 20 minute ride out to Lowell-just across Dexter Lake off Hwy 58.
Fishing in the Lowell area is always great! |
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Keller Williams Realty Eugene/Springfield, 2644 Suzanne Way, Eugene, OR, 97408
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