Luxury home nestled in the heart of Jacksonville | $999,000 | MLS# 220104422 | Luxury home nestled in the heart of Jacksonville! This custom built home is filled with amenities and designer touches. The 3,515-square foot floor plan encompasses 5 bedrooms and 3 bathrooms. The master suite on the main floor includes two walk in closets, its own balcony, and cozy gas fireplace. The master bathroom is optimal for relaxation with a large walk in shower and a bubble jet tub. The dream chef’s kitchen includes peregrine granite countertops, top of the line Miele kitchen appliances and knotty alder cabinetry. Enjoy views of the Rogue Valley from the living room with plenty of natural light and french doors leading to a balcony. Entertain guests with a full bar downstairs and a 2,000 bottle wine cellar. The outdoor space includes a fire pit, raised garden beds and exquisite landscaping. This home is within close proximity to downtown Jacksonville, the Britt Festival and local wineries. Schedule your own private tour today to see this stunning home!
With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers are actively entering the housing market this summer. Today, housing is truly driving the U.S. economy forward. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios. Danielle Hale, Chief Economist at realtor.com explains:
According to the recent Realtors Confidence Index (RCI) survey conducted by the National Association of Realtors (NAR), this trend is growing:
HousingWire also indicates:
With more people returning to work we’ll continue to see the number of interested buyers increase. So, if you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow.
1. Hire a Trusted Local Expert
A trusted local real estate professional matters more than ever right now, as noted in a recent survey shared by NAR. In fact, according to respondents, 54% of buyers and 62% of sellers indicated that Particularly during the pandemic, a real estate agent’s guidance is especially valued.
2. Get Pre-Approved for a Mortgage
When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search. With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top.
If this is the year you’re ready to buy, let’s connect to get the process started so you can make sure your offer is a strong one when the competition heats up.
Need an Expert to help you navigate this crazy market? Let us know.
Renovated Jacksonville Home with Double Decker Valley Views | $620,000 | MLS# 220102223 |This is a must see home with incredible views and nature seemingly all around you. Walk into the beautiful front entry where you can go directly into a large living room with giant windows to give you a look at Mt Mcloughlin, the Table Rocks and surrounding mountains all while sitting next your double sided fireplace. Family room leads into a gorgeous newly renovated kitchen dripping in granite and beautiful cabinetry – excellent for entertaining. Workspace/Office off the kitchen. Also on the main floor is a large master with a jaw dropping master bathroom. If you’re not much for the indoors that’s ok, the master bedroom and living room have easy access to a large second story deck where you can entertain and just enjoy your coffee with nature. Downstairs you will find 3 more bedrooms – one bedroom is in a small mother-in-law suite with a kitchen and its own family room and fireplace with easy access to the downstairs bathroom.
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The economy is shrinking, businesses are closing and jobs are disappearing due to the coronavirus pandemic. But in the housing market, prices keep climbing higher.
Home prices plunged during the last recession after the 2007 housing crash caused millions of families to lose their homes, but that hasn’t been the case this time. The median home price nationwide rose 8% year-over-year to $280,600 in March, according to the National Association of Realtors. In the same period, in Jackson County, the median home price rose 11.5% to $310,000. While buyer demand has softened during the pandemic, the number of homes sold has fallen by over 30% in Jackson County; but the supply of homes on the market is contracting even faster. Demand is outstripping supply, causing prices to rise. Homes priced under $350,000 are often seeing multiple offers and selling in a few days. Higher-end homes, over $600,000, are still waiting for more out-of-state buyers to arrive. Here in Jacksonville, it’s another story. Even though active listings are down by 27%, we have seen the number of homes sold increase by 84% year-to-date.
For the first time in my career, I’m seeing out-of-state buyers purchasing homes without seeing the home in person. They are making offers on homes after viewing the listing online and viewing a walk-through video. In one case, a retiring couple had their brother, who lives in Jacksonville, walk through a home and make a final decision for them. Many others are calling to inquire on homes but waiting for stay-at-home orders to ease before deciding whether to make the trip to buy. Once the states lift their stay-at-home orders, we will see how home sales are affected. It’s hard to say what the world will look like post-pandemic, but it will change many people’s’ behavior.
On one hand, the cancellation of the Oregon Shakespeare Festival and the Britt Festival will mean the loss of thousands of monthly tourists who often decide at the end of their vacation to move to our area. But, on the other hand, thousands of families and retirees will most likely decide to move out of crowed metropolitan areas in favor of smaller, safer communities like ours. Southern Oregon lacks job opportunities, but many employers may be more open to their employees working from home after favorable experiences during the pandemic.
Bottom line: the housing market has been under-supplied for years and during the pandemic it has gotten worse. We are currently facing lots of demand for housing which will increase as the pandemic subsides. Unless we see a drastic increase in the number of homes that come on the market for sale, we will certainly see home prices continue to rise throughout 2020.