The real estate market is in flux. Last month’s media headlines read, “The Market is Heating Up,” and this month they read, “The Market is Cooling.” Most Realtors have their trusted sources that they heed as the basis for their business decisions. However, many of our usual indicators are muddled and are not sending clear forecasts upon which we can base our decisions. Recent unexpected influences seem to also have caused a ripple of uncertainty in consumers. For example, the possibly significant impact of the upcoming U.S. presidential election nationally and Brexit internationally; due to the unclear future, consumers are acting unpredictably.
Realtor’s Counsel In Tumultuous Times
“Grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference.” These words offered by American theologian Reinhold Niebuhr provide wise direction when applied to today’s economy. As I counsel people in this economic climate, I offer a basis for sound decisions as people buy and sell their homes in Lane County. Each decision must be intentional and well-researched. Broad generalizations based upon global activity do not serve my clients well. Remember, every market offers opportunity and this one is no exception. The Eugene-Springfield real estate market is an excellent long-term investment. We are on the I-5 Corridor with a solid employment base. Our state has experienced the highest in-migration over the rest of the country for the past two years.
While we are bombarded with visual displays of global tragedies and challenges, we have very little influence on these events, if any. On the other hand, we have significant influence within our own portfolios. For example, buyers can review mortgage payments and decide whether it is time to consider refinancing their home while interest rates are low. With low inventory in the area, it may be time to “right-size” and simplify their lifestyle, as well as lower financial obligations.
Housing Markets in Eugene and Springfield, Oregon
Key indicators of how consumers are moving in the Eugene-Springfield real estate today include data on how far off the list price homes are selling and how many days on the market it takes for the successful sales to procure a buyer. I advise buyers to review the current pending sales, not sold homes from months ago. As the Realtor, I must study the current competition to a seller’s home and assist sellers in competing on price as well as condition in order to appeal to the optimum pool of buyers.
We need to seek an understanding of the market in order to move smart. I encourage trusted sources to resist forecasting the future based upon the recent past and for consumers to focus on what they can directly influence.