Thank you for taking a few minutes to peruse my newsletter. If anything here interests you, contact me and we’ll talk in more detail over coffee!
Housing Market Updates
It’s fall. It’s the 4th quarter. If you’re like me, you’re starting to look ahead to 2023. The big question on everyone’s mind concerning the housing market is how prices will fare. No question that rising interest rates have cooled the market some. Will that trend continue? In spite of a concerted effort to avoid them, I see a lot of fear-mongering headlines in the ethos. Last month we dispelled the myth that another housing crash is on the horizon.
Leading economists differ in their projections for 2023. Interestingly, only one of the six shown in this comparison is expecting a decline. The other five expect appreciation at lower rates than we’ve recently experienced. The truth is that no one knows the future. I can promise you that whatever it holds for you, I’ll be here to help you navigate it.
Unbelievably, our son turns one this month. I’ve heard parenting described as “long days, fast years,” but I never understood the expression until now. I can’t believe how much he’s learned in just a year. JoJo can walk, has six teeth, can sign four words, can say 3, and understands WAY more (especially the ones related to food) and is the absolute light of our lives. I can’t wait to celebrate his first birthday this weekend.
On another subject, Lindsay and I got dolled up and went on our first date in about a year! Dinner at Lion and Owl was impressive. Getting to see Hamilton live was incredible. What a night! It was a powerful reminder of how lucky we are to have been born into this little shire we call home. It made me proud of my friend and his community of people doing what they can to help people in need.
Oh, and the tree work came out looking like a million bucks. Thanks, Ray & Team! When we needed some trees removed, I called Ray Schafer, owner of Axe & Saw. When he showed up to work, he brought a couple of helpers with him that had an incredible story to tell.
Value Of Homeownership
I was recently reminded of an incredible statistic from the U.S. Census Bureau. In 2015 they released a study that “the median net worth of homeowners is 80 times larger than the median net worth of renters.” I believe in many other kinds of wealth besides material wealth, but life experience has taught me that most things feel a little easier when you have money in your pocket. If you don’t own your home and can’t even imagine how you can get in a position to do so, give me a call, and let me buy you lunch. We can make a plan for how you can get there!
On the national level, there has been a clear shift in supply and demand dynamics. The graph at left shows that demand (measured by the number of showings) has decreased while supply has increased. This differs from what we’ve seen for the last couple of years. If this trend keeps up, we expect a more balanced market, perhaps even a swing to the buyer side.
The changes in Eugene-Springfield have not followed the same path. Locally, we are seeing a smaller decrease in buyer demand than the national average. Additionally, we have fewer homes for sale than we did a year ago.
Thinking back to the projections for next year’s market from the first page of the newsletter gives me a reason to believe that home prices here may fair better in 2023 than the national average.
The onset of fall, coinciding with our son’s first birthday, has me in an incredibly reflective state of mind. The overwhelming sentiment for me is gratitude.
I am grateful to live in a community with many thoughtful, loyal, kind souls. I am thankful to have found a partner who makes life more fun and fills our son’s life with love, creativity, and laughter. I am grateful to have a career that puts me in the service of other people. I am thankful for the running group at Run Hub NW. I am grateful to live in an area with an abundance of natural beauty.
I feel lucky to have the life I have, and I am glad to get to share it with you.