October 2018 e-NEWS Dear Friends and Clients,As you know, I am the eternal optimist, but here is a little reality check…I believe that we are going to experience a stronger that usual “withdrawal” from our Summer Real Estate Selling Season for various reasons… No, the sky isn’t falling, but here is some important information to help with your Real Estate planning…~The “End of Summer” effect – The syndicator that I use to push out my active Listings, including all of the pictures to (currently) 73 different websites just put out their monthly report – in August, my full page view (includes full spec and photographs) count was 2389, and September was only 1001… The Market-in-General Slowdown effect – the nationwide residential market sales volume slowdown is being felt and businesses are adjusting:Wells Fargo, in August laid off 650 mortgage origination related staff, now JP Morgan Chase has announced a reduction of 400, Movement Mortgage just laid off another 180 in addition to their June layoff of 100, Capital One shed 286 as they continue to exit the mortgage lending space… The reasons most cited are rising interest rates and declining affordability caused in a large part by lack of available inventory – which as I have been reporting seems to be effected mainly by: A. potential Sellers holding off from either not being confident in being able to find a suitable replacement property or, B. potential Sellers holding off trying to maximize their gains from the rapid appreciation. C. to a lesser extent, rising interest rates – a 1% increase for a $300,000 loan equates roughly to an additional $180 monthly payment. Or looked at from “Buying Power” – the same payment that bought a $300,000 home loan at 4% is now buying only a $267,000 home loan at 5%… ~Our local Southern Oregon MLS’ Residential Statistics from July 1st through September 30th are available for you to download and see what has been happening in areas of specific concern to You:https://myrvar.net/sharing/DkMfh4pK3 Of note: Existing homes sales volume was down almost 15% and new home sales were down approximately 40%, while available inventory was still only up to 1227 homes… A balanced market in our Valley is closer to 1800 homes, so there is still “availability” upward pressure… Feel free to forward this if you know someone would benefit from it… Sincerely,Bob Seldon, ABR, CRS, GRIOwner/Broker since 1997541-944-2100bob@seldon.com www.BobSeldon.com October 2018 e-NEWS Dear Friends and Clients,As you know, I am the eternal optimist, but here is a little reality check…I believe that we are going to experience a stronger that usual “withdrawal” from our Summer Real Estate Selling Season for various reasons… No, the sky isn’t falling, but here is some important information to help with your Real Estate planning…~The “End of Summer” effect – The syndicator that I use to push out my active Listings, including all of the pictures to (currently) 73 different websites just put out their monthly report – in August, my full page view (includes full spec and photographs) count was 2389, and September was only 1001… The Market-in-General Slowdown effect – the nationwide residential market sales volume slowdown is being felt and businesses are adjusting:Wells Fargo, in August laid off 650 mortgage origination related staff, now JP Morgan Chase has announced a reduction of 400, Movement Mortgage just laid off another 180 in addition to their June layoff of 100, Capital One shed 286 as they continue to exit the mortgage lending space… The reasons most cited are rising interest rates and declining affordability caused in a large part by lack of available inventory – which as I have been reporting seems to be effected mainly by: A. potential Sellers holding off from either not being confident in being able to find a suitable replacement property or, B. potential Sellers holding off trying to maximize their gains from the rapid appreciation. C. to a lesser extent, rising interest rates – a 1% increase for a $300,000 loan equates roughly to an additional $180 monthly payment. Or looked at from “Buying Power” – the same payment that bought a $300,000 home loan at 4% is now buying only a $267,000 home loan at 5%… ~Our local Southern Oregon MLS’ Residential Statistics from July 1st through September 30th are available for you to download and see what has been happening in areas of specific concern to You:https://myrvar.net/sharing/DkMfh4pK3 Of note: Existing homes sales volume was down almost 15% and new home sales were down approximately 40%, while available inventory was still only up to 1227 homes… A balanced market in our Valley is closer to 1800 homes, so there is still “availability” upward pressure… Feel free to forward this if you know someone would benefit from it… Sincerely,Bob Seldon, ABR, CRS, GRIOwner/Broker since 1997541-944-2100bob@seldon.com www.BobSeldon.com October 2018 e-NEWS Dear Friends and Clients,As you know, I am the eternal optimist, but here is a little reality check…I believe that we are going to experience a stronger that usual “withdrawal” from our Summer Real Estate Selling Season for various reasons… No, the sky isn’t falling, but here is some important information to help with your Real Estate planning…~The “End of Summer” effect – The syndicator that I use to push out my active Listings, including all of the pictures to (currently) 73 different websites just put out their monthly report – in August, my full page view (includes full spec and photographs) count was 2389, and September was only 1001… The Market-in-General Slowdown effect – the nationwide residential market sales volume slowdown is being felt and businesses are adjusting:Wells Fargo, in August laid off 650 mortgage origination related staff, now JP Morgan Chase has announced a reduction of 400, Movement Mortgage just laid off another 180 in addition to their June layoff of 100, Capital One shed 286 as they continue to exit the mortgage lending space… The reasons most cited are rising interest rates and declining affordability caused in a large part by lack of available inventory – which as I have been reporting seems to be effected mainly by: A. potential Sellers holding off from either not being confident in being able to find a suitable replacement property or, B. potential Sellers holding off trying to maximize their gains from the rapid appreciation. C. to a lesser extent, rising interest rates – a 1% increase for a $300,000 loan equates roughly to an additional $180 monthly payment. Or looked at from “Buying Power” – the same payment that bought a $300,000 home loan at 4% is now buying only a $267,000 home loan at 5%… ~Our local Southern Oregon MLS’ Residential Statistics from July 1st through September 30th are available for you to download and see what has been happening in areas of specific concern to You:https://myrvar.net/sharing/DkMfh4pK3 Of note: Existing homes sales volume was down almost 15% and new home sales were down approximately 40%, while available inventory was still only up to 1227 homes… A balanced market in our Valley is closer to 1800 homes, so there is still “availability” upward pressure… Feel free to forward this if you know someone would benefit from it… Sincerely,Bob Seldon, ABR, CRS, GRIOwner/Broker since 1997541-944-2100bob@seldon.com www.BobSeldon.com