Real Estate Information

I'm happy to report that we're busier than we've been in at least a year!

With 15 sales currently pending this month in Gold Beach, things are definitely looking up. Especially when you consider that, as of last month, there were only 49 total closed sales in Gold Beach for the entire year.*

The not-so-surprising news is that sale prices are still down. According to the Curry County RMLS, the average sale price for homes in Gold Beach has dropped 17.8% compared to last year. The average home sale price was reported as $246,200, while the median sale price came in at $201,500.

The data also shows that it’s taking a bit longer for properties to sell these days. The properties that have closed in the past few months were on the market an average of approximately 250 days (8 months).

Properties that are priced competitively are selling faster than those that aren’t. Pricing is key in this economy!

For more in-depth information, or a new market analysis of your property, please give us a call at 541.247.7925.

Thanks for reading,  

Lynn Wegner

Principal Broker

Pacific Coastal Real Estate

*Statistics courtesy of RMLS.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.