Corvallis OR Real Estate and Community » real estate

Remodeling Trends Have Changed

Debbie — Thu, 03 Jun 2010 07:11:37 +0000

When it comes to home ownership the remodeling trends of the recent past appear to have changed. The recent recession has left a permeating lifestyle change, one that has swapped over-indulgence with down-to-earth necessity. In other words, if it isn’t a necessity many people won’t do it.

It is a buyer’s market out there which means that the buyer is in control. A seller can no longer pass off a roof in poor condition or a faulty wiring system. If a homeowner wants to sell he will either have to make necessary repairs to his home or credit the buyer at closing.

Remodeling is on the upswing and for the first year since the height of the real estate market, the amount of money spent on remodeling is expected to increase. The only difference is what kind of remodeling is occurring, in other words if it needs fixing it is going to be fixed.

The days of bigger and better have passed, being replaced with the motto of living within one’s means and embracing the basics, and real estate in Corvallis is no exception to this rule.

Click here to read a recent article from the Wall Street Journal regarding the current state of remodeling.

Selling a Home in A Buyer’s Market

Debbie — Thu, 03 Jun 2010 07:05:58 +0000

It is no secret that it is a buyer’s market out there, great news for buyers, not so great for sellers. Sellers are no longer in a position to dictate the rules of the game and have to be careful how they respond and counter to offers, due to the fact that if a buyer doesn’t get his way he might just move on to the next seller, and there are a lot of sellers out there.

There are a few difficult things about being a seller today. A seller doesn’t know how long it will take to sell his home and when he gets a contract he can’t guarantee whether another one will come or not. What this means is that if a seller has to sell his home then he has to be wary of scaring the buyer away.

The inspection is one aspect of a contract where a seller can lose his shirt. If trying to sell your home it is a wise idea to have your home inspected before listing your home. This way you can make the necessary improvements and will avoid being surprised by unexpected requests. Because sellers are not in a position to capitalize on their real estate investment it is more important than ever to be on top of things, in order to retain as much value as possible.

An experienced Realtor is incredibly helpful in maneuvering a tricky real estate market, enabling a seller to evaluate his home, price it appropriately and sell it in a reasonable amount of time.

Contact me today to walk you through the steps of pricing your home in today’s market.

Determining A Home’s Value

Debbie — Thu, 03 Jun 2010 07:02:00 +0000

When selling a home one of the most important pieces of the puzzle for both the seller and the buyer is price, and let’s face it, price matters. The seller without a doubt has a value in mind when he decides to sell his home. A Realtor will conduct a Current Market Analysis (CMA), comparing homes that have sold in the area, both what similar homes have sold for and what has sold recently. Conducting a CMA should reveal what is a fair price to list a home at, however certain features can tweak the price per square foot value of a home, such as a home’s finishes, upgrades, and assets.

When a home goes under contract a professional appraiser will appraise it. The appraised value is similar to a CMA, it is based on the local real estate market, sales of comparable homes, the condition of the home and a few other criteria.

While the value of a home is first determined by the seller it ultimately is the buyer who sets the price, this is known as Market Value in real estate. Market Value is what a home actually sells for and can be higher or lower than asking price. A Realtor is a valuable tool in the selling of a home because pricing it right can designate how long it takes to sell.

Contact me to help establish a Market Value for your home.

Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers

Debbie — Wed, 21 Apr 2010 07:05:00 +0000

With just under two seeks left to use the tax credit there are a few points about the credit to remember. The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time home buyers. If you have lived in your home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.

Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up. Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing a new home in 2010 you need to have the home under contract by April 30. The home needs to close before June 30, but the contract date is nearing. The tax credit offers home buyers a great opportunity to save some money, so contact me today and let’s get out there and start looking at real estate. The inventory in Corvallis and the mid-Willamette Valley is great!

Click here to read all about the home buyer tax credit.

Buying a New Home in Corvallis? How Much Money Should Be Put Down?

Debbie — Sun, 21 Mar 2010 00:58:32 +0000

Buying a new home is a big step, and an expensive one at that. After qualifying for a loan, locating a home and going under contract there are many questions to be answered regarding financing your new home. One such question is how much money should be put down. If you can afford to put down more than 20% should you?

When purchasing a new home it can be beneficial to put down as little money as possible. Having cash left over in your bank account can mean extra money for home improvements. Less money down enables homeowners to maximize the tax benefits that come along with home ownership. Mortgage interest and property taxes are deductible from a person’s state and federal income taxes.

On the flip side, paying more up front can save quite a lot of money over time by reducing the initial debt and therefore saving on interest payments. Evaluating what makes more sense in a particular situation is a smart way to go. Either way you will save, money on taxes or money on interest. Having the extra money to ponder this dilemma is a good position to be in.

Contact me today to discuss the options available for purchasing that new home!

Thinking About Using Tax Credit Toward Buying Corvallis Real Estate? Act Fast!

Debbie — Sun, 21 Mar 2010 00:51:16 +0000

If you are thinking about using the extended and expanded home buyer tax credit to purchase a home in Corvallis, Oregon this year you better act fast. The tax credit can be used on homes purchased by July 1, 2010, but the homes must be under contract by April 30, 2010. What does this mean? You have a little more than a month to locate your new home. The tax credit is for two types of buyers, first time home buyers (home buyers who have not owned a home in the past 3 years) or home owners who have lived in their home for 5 of the past 8 years and want to purchase a new primary residence.
Important aspects of the tax credit include:

Homes must be closed by July 1, 2010, under contract by April 30, 2010.
Homes must have a value of $800,000 or less and must be the buyer’s primary residence.
There are income restrictions, $125,000 for singles, $225,000 for couples.
The credit is also affected by being single or married. Married couples who file together are entitled for up to $8,000 for a first home buyer, up to $6,500 for current homeowners. Single people are entitled for up to $4,000 for a first time home buyer and $3,250 for a current homeowner.
The credit will need to be repaid if you sell your home within a time period of 36 months.

Remember, time is running out. Contact me today to start looking for your new home if you intend on using the tax credit.

Selling Your Home? Get in Spring Cleaning Mode

Debbie — Sat, 13 Mar 2010 00:22:49 +0000

We are rapidly approaching Spring and if you are selling your home or thinking about selling your home, you might want to get into the Spring cleaning mode. There is no doubt about it, across the board clean homes sell better than messy or dirty homes do. It is an unwritten, yet openly discussed, rule in real estate.

The main areas to focus on when cleaning, or examining your already cleaned home, are windows, walls, baseboards, bathrooms, closets and cabinets.

Windows should be clear inside and out. Large picture windows should offer a clear, smudge-free view.
Walls should be clean, free of holes and have a fresh coat of paint if needed.
Baseboards should be free of dust and clean as well.
Bathrooms should sparkle. Tile and grout should be clean, any cracked tiles should be replaced. Toilets, tubs and showers should be stain-free.
Closets and cabinets should be cleared of clutter, organized and neat. If there is a door or drawer the chances are good that a prospective buyer will open it.

The important thing to remember is that you never get a second chance to make a first impression. The better condition your home is in and the cleaner it appears the more likely it is to make a good impression.

Click here to view an article from Realty Times about selling a clean house.

The Reality of Realty

Debbie — Sat, 13 Mar 2010 00:20:04 +0000

The reality of realty is that searching for positive news about real estate is not that difficult these days. Foreclosures have dropped in certain areas of the Country. Some areas are showing rebounds, having an increase in sales volume and home values. The available home buyer tax credits and low mortgage rates are boosting home sales. Even the drop in January sales appears temporary because, after-all, the tax credit expires on April 30th and people will start pounding the pavement in search of the new home to use it on.

Real estate that is selling in most places is selling because the price is right. People are buying real estate that they view as priced appropriately. If the home is affordable it will sell. The real estate that is not selling is real estate that is owned by people who are having a hard time letting go of what they think their home is worth or who will lose their shirt if they sell at the correct price. The reality of realty is that home values are not nearly what most people thought they would be when they bought their homes at the height of the market.

Click here for a recent article from CNBC on what is going on in real estate right now.

Home Values

Debbie — Fri, 05 Mar 2010 01:38:46 +0000

In glomming on to positive news don’t forget to remember your basic math. Median prices have been going up in some areas, down in others. The median is the value that occurs in the middle of everything that has sold. For example, if seven apples have sold for $1, $1.25, $1.5, $1.5, $1.5, $1.75 and $2. The median price would be $1.5. The median value is the middle price, it does not represent the size, quality or type of apple.

In real estate it is important to remember that the median sales price represents the average price of what homes are selling for in a given area. It is not representing the size, condition or value of a home. The median sales price can be offset by foreclosure property that is selling in an area as well as by luxury property that is selling in an area.

The best way to determine the value of your real estate is to get it analyzed by an experienced real estate professional. There are many factors in determining real estate values today and picking an average out of the air could hinder the sale of your home. In today’s real estate market it is more important than ever to price your home appropriately.

January, Shmanuary, Look Ahead When it Comes to Real Estate

Debbie — Fri, 05 Mar 2010 01:37:33 +0000

The latest real estate headlines for the US are that home sales were down in January, some of these headlines even use the word “plunged”. However, there are a few areas scattered around that managed to buck this trend and no media frenzy can change that. Think about it, is it really a surprise that sales are down in January? January is the coldest month, even if you live in a southern state like Florida, who wants to move in to a new house in January.

Does anyone really feel like shopping in January when they have just completed a major holiday season that began with Thanksgiving at the end of November? Most people are just plain worn out by the time New Year’s Day is over, the last thing they feel like doing in packing up and moving. It is a month to relax and observe.

The original First Time Home Buyer Tax Credit was meant to expire in November and when it got extended and expanded people realized that they had more time to make a decision. January data is showing a dip because people wanted to stop and take a look at what the new year would bring. Now that 2010 is here and people can see that mortgage rates and property values are staying low, housing is bound to show a steady increase in sales and eventually prices as well. Even Warren Buffet appears optimistic, stating that he believes that housing problems will soon be behind us.

Click here to view Warren Buffet’s stance on the economy and real estate as a whole.