In February of this year I sent out some information regarding accessory dwelling units to a huge list of past clients. I have attached that flyer below so that you may learn more about what an accessory dwelling unit is. Since last February, I have had several people ask me questions about how to get started with an ADU (accessory dwelling unit) in Lane County.
Today I found this information on the www.eugene-or.gov website and felt it worthy of sharing for anyone who might be interested in building an ADU on their Eugene, Oregon property.
Maybe this will help generate an additional income stream for you as you consider moving to the Eugene area? Possibly you live in Eugene or the surrounding area and are interested in providing additional housing to a loved one? I know that Springfield, Oregon and many other cities throughout Oregon are now implementing similar ADU plans to assist with our housing shortage. In the near future I believe we will see more and more individuals looking at this building option. Eugene is currently offering seven different pre designed floorpans to choose from and has started a 10 year loan program for SDC (Standard Development Charges) that can deter many owners from moving forward based on costs.
Below is a link to information o approved accessory dwelling unit floorpans and various information regarding building an ADU on your Eugene property.
Below please find some general information/ facts about building an ADU (accessory dwelling unit) on your Eugene property.
If you are looking to purchase a home in Eugene, Oregon or need real estate assistance, please feel free to call Song Real Estate today. We can be reached at 541-935-8855.
Based on the latest findings from ATTOM, October remains a favorable month for U.S. homebuyers, but the single most advantageous day to make a home purchase is in January.
In an in-depth analysis of over 47 million single-family home and condo sales spanning the last decade, ATTOM reveals that those closing on a home on January 9th enjoy the smallest premium above the automated valuation model (AVM). While the premium still hovers above market value, it's a modest 3.8 percent, significantly lower than the 14.4 percent premium observed on May 28th.
Several other days throughout the year also offer attractive premiums for prospective homebuyers. Notable dates include December 4th (4.4 percent above market value), October 9th (4.4 percent), October 2nd (4.5 percent), October 10th (4.5 percent), and September 7th (4.6 percent).
When considering the best months to buy a home nationwide, the study highlights October as the most advantageous, with a 6.2 percent premium above market value. Following closely are September (6.8 percent), November (6.8 percent), December (6.9 percent), and August (7.6 percent).
The analysis also breaks down the best months to buy by state, revealing the states where homebuyers can secure the most significant discounts below full market value. Michigan takes the lead with a remarkable -2.6 percent in October, followed by New Hampshire (-2.1 percent in December), Hawaii (-1.8 percent in June), New Jersey (-1.7 percent in February), and Illinois (-1.6 percent in October). These insights provide valuable information for those considering a home purchase, allowing them to strategically plan their buying decisions for optimal financial benefits.
Accessory Dwellings Units can be a great Real Estate Opportunity. Whether they are used for family members or an office space, they add value to your property! Just by adding an ADU, your properties value could increase tremendously, allowing you to get more out of your home if you decide to sell. Song Real Estate is here to help with all of your Real Estate needs. We have many other blogs on our website that can give you lots of information that can be of great use to you. Call our office anytime and connect with a great agent who is ready to help!
If you’ve been thinking about buying a home, you likely have one question on the top of your mind: should I buy right now, or should I wait? While no one can answer that question for you, here’s some information that could help you make your decision.
Each quarter, Pulsenomics surveys a national panel of over 100 economists, real estate experts, and investment and market strategists to compile projections for the future of home price appreciation. The output is the Home Price Expectation Survey. In the latest release, it forecasts home prices will continue appreciating over the next five years (see graph below):
As the graph shows, the rate of appreciation will moderate over the next few years as the market shifts away from the unsustainable pace it saw during the pandemic. After this year, experts project home price appreciation will continue, but at levels that are more typical for the market. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“People should not anticipate another double-digit price appreciation. Those days are over. . . . We may return to more normal price appreciation of 4%, 5% a year.”
For you, that ongoing appreciation should give you peace of mind your investment in homeownership is worthwhile because you’re buying an asset that’s projected to grow in value in the years ahead.
To give you an idea of how this could impact your net worth, here’s how a typical home could grow in value over the next few years using the expert price appreciation projections from the Pulsenomics survey mentioned above (see graph below):
As the graph conveys, even at a more typical pace of appreciation, you still stand to make significant equity gains as your home grows in value. That’s what’s at stake if you delay your plans.
If you’re ready to become a homeowner, know that buying today can set you up for long-term success as your asset’s value (and your own net worth) is projected to grow with the ongoing home price appreciation. Let’s connect to begin your homebuying process today.
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.
The supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance and will causes prices to depreciate. Anything less than that is a shortage and will lead to continued price appreciation.
For historical context, there were too many homes for sale during the housing crisis (many of which were short sales and foreclosures), and that caused prices to tumble. Today, supply is growing, but there’s still a shortage of inventory available.
The graph below uses data from the National Association of Realtors (NAR) to show how this time compares to the crash. Today, unsold inventory sits at just a 3.0-months’ supply at the current sales pace.
One of the reasons inventory is still low is because of sustained underbuilding. When you couple that with ongoing buyer demand as millennials age into their peak homebuying years, it continues to put upward pressure on home prices. That limited supply compared to buyer demand is why experts forecast home prices won’t fall this time.
During the lead-up to the housing crisis, it was much easier to get a home loan than it is today. The graph below showcases data on the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA). The higher the number, the easier it is to get a mortgage.
Running up to 2006, banks were creating artificial demand by lowering lending standards and making it easy for just about anyone to qualify for a home loan or refinance their current home. Back then, lending institutions took on much greater risk in both the person and the mortgage products offered. That led to mass defaults, foreclosures, and falling prices.
Today, things are different, and purchasers face much higher standards from mortgage companies. Mark Fleming, Chief Economist at First American, says:
“Credit standards tightened in recent months due to increasing economic uncertainty and monetary policy tightening.”
Stricter standards, like there are today, help prevent a risk of a rash of foreclosures like there was last time.
The most obvious difference is the number of homeowners that were facing foreclosure after the housing bubble burst. Foreclosure activity has been on the way down since the crash because buyers today are more qualified and less likely to default on their loans. The graph below uses data from ATTOM Data Solutions to help tell the story:
If rising home prices leave you wondering if it makes more sense to rent or buy a home in today’s housing market, consider this. It’s not just home prices that have risen in recent years – rental prices have skyrocketed as well. As a recent article from realtor.com says:
“The median rent across the 50 largest US metropolitan areas reached $1,876 in June, a new record level for Realtor.com data for the 16th consecutive month.”
What you may not realize is that, according to the latest data from realtor.com and the National Association of Realtors (NAR), it may actually be more affordable to buy than rent depending on how many bedrooms you need. The graph below uses the median rental payment and median mortgage payment across the country to show why.