Archive for Albany Real Estate
Broker Tour | Knowing the Real Estate Market
Broker tour
Q. What is Broker Tour?
A. Broker Tour is a time when sellers make it easy for Brokers to see properties that are on the market. The “tour” is a process by which brokers can look at properties without making prior arrangements. In the Corvallis, Albany and Philomath areas the agents let themselves into homes that are pre-set; in some areas, like Lebanon or Sweet Home there is a “caravan” type tour that is rigorously scheduled and the agents group together and all go in a few cars at once.
Q. How does this process work?
A. The listing agent sets the tour time up in the MLS system. In Corvallis, Philomath and Albany brokers “tour” on Wednesdays. The time of the tour is flexible, but most commonly around 9:00 am until early afternoon. One of the nice features about the way we tour here is that we can flex a little and work around our client’s schedules and needs. Other areas have different methods, for instance in Lebanon the tour is more of a “caravan” with a list of pre-scheduled properties. Additionally, some offices have an established “office tour” which may or may not be established as part of their office meeting agenda.
Q. Which properties are on tour?
A. Tour is often comprised of the “new” listings for the week. Sometimes a “new” property has been on the market for a while (days or even weeks) before it is scheduled for tour. Sometimes homes that have already been on tour once are re-set for additional tours. Generally, those homes have had a “change” like in price or décor. Occasionally, the first tour had a poor turn-out, so it’s re-set to give the brokers another chance to see the property. It’s never a bad thing to let brokers have easy access to preview a property. Broker tour is a little like “open house” just for agents.
Q. Why is it beneficial for brokers to tour?
A. This is a chance to see the property and be familiar enough to discuss it with clients. Sometimes, brokers tour with a specific client in mind, other times not. It is also a way to become familiar with the market, understand the various homes that are for sale and associate a price point with them. This is also a social opportunity, brokers on tour often cross paths and has a chance to talk with colleagues, exchanging ideas and needs.
Q. Why didn’t more agents tour my home?
A. There could be any number of reasons why some agents didn’t tour. Often it’s because they have conflicts in their work schedule. It’s possible that they’ve seen the house (either on tour previously or even when it was on the market in the past). Sometimes the time that is set is not practical or long enough to allow them to see every property. Rural properties are often under-toured due to drive times etc. There may have been a number of properties on tour and the volume made it impossible to see them all. Some brokers only tour if they have a client that may match a property, some never tour at all.
Q. What about a luncheon or give-away?
A. A lot of brokers offer luncheons or give-a-ways with the idea in mind that more brokers will tour the home. It’s my opinion that the brokers that need to see a specific home, make a point to visit with or without incentives.
Price Reduced! HOME FOR SALE- 1780 Clover Ridge Rd. NE, Albany, Oregon $325,000
HOME FOR SALE- 1780 Clover Ridge Rd. NE, Albany, Oregon
Beautiful horse property or other hobby farm uses. Exceptional acreage close in to Albany; easy commute to Salem and Corvallis. Partially fenced acreage with level pasture, seasonal pond, oak and other trees, and fenced front yard. Very private, yet not isolated. Single level living has gorgeous master suite with jetted tub, shower and plenty of storage, nice sized secondary bedrooms, updated windows and attached 2-car garage. Large shop and RV parking provides all the space you could need. Seller is providing a home warranty. 3 bedrooms, 3 baths, approx. 2132 sq. ft. on 5.26 acres
Living room is cozy and spacious with large bay garden window and wood burning fireplace with insert. Built-in niche with shelves and firewood storage, inset ceiling lights, and arched doorway to kitchen adds a touch of character. Family room is light and open with large sliding glass door that maximizes your living space by providing access to the back yard and patio, an ideal place for back yard barbecues and outdoor parties.
Kitchen is neutral and bright with large window above the sink with calming pastoral views, ample cabinet storage and counter space, microwave niche, and access to the living room, laundry room/mudroom, and 2-car attached garage. Laundry room/mudroom has tons of storage with cabinets, shoe cubbies and coat hooks, wash sink, attached full bath, and access to the kitchen and 2-car attached garage.
Master suite is private and spacious. Private hallway with motion sensor entry lights, ceiling fan, large walk-in closet with built-in storage, additional closets, and private deck with calming pastoral views. Luxurious master bath is complete with jetted soaking tub, step-in shower, large linen closet, and dual sink vanity. 2 additional bedrooms, one “double sized” with ceiling fan and built-in desk, both with pastoral views, and main bath with soaking tub and linen storage tower completes the floor plan.
Outbuildings include a machine shed and a 32′ x 28′ shop with 2 roll-up doors and attached covered RV storage/parking.
5.26 acres also has level pasture, seasonal creek and pond, fenced front yard, perimeter fencing, RV parking, Oak and other trees, room for horses and other animals, gardening, play, relaxation, and more.
Search for more homes for sale in Albany and Corvallis here.
A New Resource for First Time Homebuyers
A New Resource for First Time Homebuyers
Coldwell Banker Corporation has just added a new resource for First Time Homebuyers to its web site ColdwellBanker.com. The First-Time Home Buyer Resource Center includes videos, articles and tools to answer questions and guide new home buyers through the real estate search process. If you’re thinking about buying a home for the first time in Corvallis, Albany, Philomath or for that matter, anywhere in Oregon or the U.S., this site would be worth a visit.
If you want to ask questions or need help buying your first home, Contact Dava.
What is Escrow?
My clients that are buying and selling homes in the Corvallis and Albany areas frequently, ask ”What is escrow? 
In general, “escrow” is the neutral third party that holds instruments (deeds or other documents that convey ownership); funds (or other items of value); or evidence of title for real or personal property. In Oregon, the escrow agent is typcially a Title Insurance Company (but this does not always have to be the case).
In a real estate transaction, “escrow” is the neutral third party that holds the deeds, collects and disburses the funds and follows instructions on behalf of the parties to the transaction.
It is the function of escrow in a real estate purchase transaction to make sure that all the instructions (which are really the terms of the sales agreement and the lend, er instructions) are followed; that all bills are paid (through the instruction of the buyer, the seller or the lender) and that funds are disbursed (lender loan proceeds, seller’s proceeds and any excess monies deposited by the buyer to the buyer).
Escrow follows the instructions of the parties to the transaction to determine how proration of taxes and other re-occuring charges such as homeowner association fees are handled. Escrow also makes sure that appropriate parties such as taxing authorities, homeowners associations, water districts and so forth are notified when there is a change of ownership. Escrow does not typically notifiy public utilites of changes of ownership. An owner that is selling should notify their hazard/homeowners insurance of the sale (but not until the sale is completed and the sellers proceeds are disbursed.)
Escrow is also responsible by law for the collecting of information and reporting of sales information to the state and federal government in the event of a possible income tax liability on the part of the seller of real estate. It’s important that sellers and buyers understand the tax ramifications of their transactions prior to closing. Escrow will send out questionnaires to be completed early in the process to help alleviate problems that can arise from tax consequences of a sale (such as FIRPTA and State and Federal witholding requirements), if for some reason you do not receive paperwork from the escrow company early in your transaction, you will want to check on it.
Escrow is not allowed to act independently. In general, once a buyer’s earnest money deposit is “in escrow” escrow cannot release those funds without express instructions from all parties. Escrow is not allowed to proceed with finalizing or cancelling a transaction without instructions from all parties. If there is a dispute that arises from disagreements from any of the parties to the transaction, escrow must wait for instructions between the parties that are consistent before they act upon them.
It’s important the that escrow agent: be finanacially responsible (and have financial strength); have expertise in handing complex transactions; act in a manner to assure that payment of liens and other encumbrances is accomplished; provide single point of contact for coordination of flow of documents and funds; remains an impartial third party.
If you need more information or have specific questions I can answer, please get in touch. Contact Dava
SPRING OPEN HOMES TOURS
Coldwell Banker Valley Brokers presents the 2011 Spring Open Homes Tours–Saturday, May 14, 2011 and Sunday, May 15, 2011
My Listings On Tour:
Saturday, May 14, 2011
4015 NW Elmwood Drive, Corvallis, Oregon
Hosted by Andy Caron
From 11am-1pm
3205 NW Tanager Drive, Corvallis, Oregon
Hosted by Dava Behrens
From 11am-1pm
7925 NW Oxbow Drive, Corvallis, Oregon
Hosted by Dava Behrens
From 2pm-4pm
Sunday, May 15, 2011
6060 NW Tokay Place, Corvallis, Oregon
Hosted by Dava Behrens
From 11am-1pm
Click here to view other homes on tour this weekend.
Foreclosure Facts | The Local Story
The following are some “local” fact for the Corvallis and Albany, Oregon area and surrounding markets.
It’s very interesting to see a comparison between 2009 and 2010 figures for the number of foreclosures. Some communities have obviously been more impacted by job loss and down-turn than others.
I think this is a pretty good explaination of why the Corvallis market is a little more stable than some of the other markets and why it’s difficult for buyers coming from other regions of the country to understand our market. It also clearly demonstrates that there are some good buyer opportunites out there.
| TOTALS | |||||||
| Benton | 2009 | 2010 | |||||
| Total sales, incl. foreclosures (approx) | 1004 – 1100 | 1109 – 1200 | |||||
| Total foreclosures | 64 | 80 | |||||
| Total foreclosures (Corvallis) | 27 | 33 | |||||
| Total foreclosures (Philomath) | 9 | 17 | |||||
| Total foreclosures (Monroe) | 5 | 10 | |||||
| Total foreclosures (North Albany) | 15 | 17 | |||||
| Total foreclosures (Other areas) | 8 | 3 | |||||
| Linn | 2009 | 2010 | |||||
| Total sales, incl. foreclosures (approx.) | 1502 – 1700 | 1692 – 1900 | |||||
| Total foreclosures | 330 | 453 | |||||
| Total foreclosures (Albany) | 135 | 173 | |||||
| Total foreclosures (Lebanon) | 87 | 139 | |||||
| Total foreclosures (Sweet Home) | 39 | 69 | |||||
| Total foreclosures (Brownsville) | 17 | 14 | |||||
| Total foreclosures (Harrisburg) | 20 | 22 | |||||
| Total foreclosures (Other areas) | 32 | 36 | |||||
Note: total sales has approx. a margin of error due to the way sales data is aggregated and stored by third parties
Information provided by First American Title
To Remodel or Not to Remodel, That is the Question…
I am often asked by my customers “is there a formula for determining how much I can expect to get out of a remodel?” (or how much can I spend on a certain improvement and still be safe?)
It doesn’t matter if you are a homeowner in Corvallis, Albany, Philomath or elsewhere in the Mid-Willamette Valley, homeowners all over the country want to know “is it worth it to remodel?” and “will I get my investment back?”
Luckily, some guidance is available. Annually the National Association of REATLORS® and REATLTOR® Magazine and Remodeling Magazine survey and compile information about resale values and home improvement projects and publish a document called the Remodeling Cost vs. Value Report (2010-2011). This report is full of information about home improvement projects and their regional return on value.
However, that question is not as straight forward as it may appear on the surface. The information in the report is helpful, but should not be the only resource or reasoning behind the decision making process. Each set of circumstances and each individual household needs to evaluate and decide on an individual basis.
There are other factors to consider. You might want to think about some of the following…
- The location of the home (can you replicate the setting, neighborhood, lot amenities if you choose to sell vs. remodel?)
- Are replacement homes available that meet your needs?
- Is it something you would need to address to sell anyway?
- Can you handle the effort associated with a move?
- Can you handle the effort associated with a remodel?
- If you remodel will you get what you need out of the project and live with it long enough to reap the intrinsic value which may be more than the monetary value?
- Is the project a bona-fide improvement, a cosmetic face-lift or decorating?
- Would the footprint of the improvement (eg. room addition) take up so much lot space that the remaining yard area is inadequate or atypical for the neighborhood?
- Is the improvement very specific to your needs/tastes (hobbies often drive these kinds of remodels) or is it something that is easily resold, appealing to a broad market segment?
- Are you interested in being more “green” and are making energy saving improvements? Energy costs can sometimes help offset remodeling costs, but it often takes years to fully recoup. Are there tax credits available for the type of improvement you are considering?
- Is there a medical reason for making the changes? If the improvement enhances your (and/or your households) ability to fully enjoy the property…
- Is what you are changing already so functionally obsolete that it would not appeal to a large segment of the homebuying market and/or is it unsafe?
- Are you using existing space that would sacrifice the function of another room?
- Are you relatively sure that your housing needs are stable?
Sometimes the amount of money spent on a remodel will generate a strong, nearly dollar for dollar because of the nature of the project or because the existing space is so bad it has an adverse affect on the value of the home. So there is really no question that the project can be left ”as is”, the only question is the depth of the remodel (very dated kitchens and baths often fall into this category).
Conversely, it is possible to become involved in remodel projects that don’t generate a good fiscal return because they are very specific and/or high cost materials have been used in a location/neighborhood that doesn’t return high-cost (also known as an over-improvement.)
It is possible with careful shopping, realistic planning and the right project to make improvements that will return positive results that meet your goals.
To some degree, the timing and the current market conditions will have some influence on the return of expense on a remodel project.
There is no “right answer” to any of these questions. Each project should be evaluated on a case-by-case basis and in light of the needs of the homeowner in question. It’s a matter of balance and personal preference.
I’d be happy to visit with you to discuss your project and needs. I’d be happy to provide your with information about what’s typcial for your neighborhood, current trends and price ranges for similar homes.
Coldwell Banker Valley Brokers–First Annual Winter Twilight Tour
Please join us for our first annual Winter Twilight Tour.
The agents of Coldwell Banker Valley Brokers will be hosting a festive winter themed Twilight Open House Tour this Sunday, December 19th, 2010 from 3:00-6:00 pm. I have 3 homes open this weekend and have staged them specifically for this event, a fun and creative challenge.
My listings that are open are:
5168 Springhill Drive NW, in North Albany–hosted by Dava Behrens
1730 Grandview Drive NW, in North Albany–hosted by Matt Gerst
4915 NW Lavender Circle, in Corvallis–hosted by Ana Norlander
All are beautiful properties and offer different amenities and price ranges.
Twilight Tour all open homes
Home Prices Have Already Hit Bottom
An interesting item in DSNews: Economists Say Home Prices Have Already Hit Bottom
I’m glad that a panel of economists could read the writing on the wall:
“When it comes to the distressed side of the business, it’s become clear that the nation’s high level of unemployment is now one of the primary triggers of default among struggling homeowners. Getting more people back to work is key to a recovery in housing and getting a handle on still-rising delinquency numbers.”
Home prices in some markets have hit the floor, some may be rebounding and some may still experience a dip, it has a lot to do with what the local (key word here is “local”) economy is doing including housing inventories, the job market, business growth, and potentials for lender owned properties to come into the market (affecting inventory).
Locally, there are vast differences between markets that are virtually contiguous. For example, Albany and Corvallis have vastly different economic profiles. Philomath is a community adjacent to Corvallis; it’s small and often gets overlooked in “searches” (Realtor.com, Zillow, Trulia, and other real estate search sites.) One does not “compare’ properties in these differing markets against each other when attempting to establish a market value.
Job availability and types of jobs, growth rates, volume of new construction during the “boom” (which added to inventory), profile of homes built, price appreciation during the “boom”, supply and demand (including supply and demand for rental properties), homeowner and home buyer demographics all play into the availability, pricing and negotiability of prices.
Further, “The group of economists is projecting gains in home prices of 1.2 percent over the course of 2011”, I personally find it inappropriate to make sweeping comments about “home prices”. There is no “national real estate market” it’s all local. Saying there’s a “national average home price” or a “national median home price” is a little like saying there’s “a national average temperature” or “a national median temperature”. Those kinds of statistics are a method of measuring change, but one should not take the figures and attempt to apply them to any specific market.
Consumers, either Buyers or Sellers, looking to enter any market are best served to research that market, taking into consideration the local economy and local housing market prior to drawing conclusions. Investigate communities near-by. Good values can be found in surrounding communities. Don’t assume that the market where you are going is similar to the one from which you are moving. Let’s all just know that the key to any recovery is the strength of the local job market and get on with the business of living.
An Opinion About the Real Estate Market (Corvallis and other markets)
Opportunities in the Corvallis Real Estate Market (and possibly in many other markets)
I replied to a face book post and was so inspired I may have gotten carried away. I wrote a lot about my opinions about the current market, the past market and hopefully will lead some to think about future markets. Corvallis and the mid-Willamette Valley has not been unscathed by the recent real estate downturn. However, all is not doom and gloom. This is what I wrote, for what it’s worth:
Every market has its opportunities; it’s how you position to take advantage and where you are in terms of need…
The insane market of the mid-2000s was not normal, it was an anomaly. So expecting or even wishing for a return to that type of craziness just doesn’t make sense. Labeling a market as hot or cold doesn’t make sense either. It depends on for whom it’s “hot” or “cold” and the perspective of the parties involved. We had situations here where buyers were so priced out they couldn’t move quick enough to buy. Yet, sellers made “killer” returns.
Now, it’s a better time for that buyer and for long term investors, they have more choices and can make intelligent decisions instead of jumping in because everyone else is. Those that have held their real estate long term have still made a return on their investment (think of the down payment and closing costs when you think of the investment). And, all the while have had a roof over their heads (for the most part).
There was a huge shift in the attitudes of buyers/sellers in the mid-2000s where the public seemed to think that real estate could be a short term investment (evidenced by a lack of good judgement eg. buy high, hold short, flip, use consumer credit to finance purchases and so forth). That attitude created a driven market that was out of whack with reality. For real estate to be considered an investment it needs to be a long term proposition. An important shift occurred, at the root was the loss of jobs, confidence in the financial markets and in particular housing crumbled and the market turned.
Owner occupied real estate really is an investment in life-style and has some “investment” benefits that renting does not provide (forced savings in the form of principle reduction; tax benefits and over the long haul the potential to appreciate), while still providing the all important shelter. With long term interest rates somewhere in the mid 4′s, those that can buy, who want to be homeowners, and who believe they have the financial fortitude to buy, may be well served to consider a purchase. Home prices are more affordable in many market; inventory is available in many markets, those factors coupled with record low interest rates create opportunity in today’s markets.
This is a market place where buyers and sellers can benefit from the long term knowledge of an experienced agent. What we do is not as easy as it may appear. As in every industry there are those that have a strong commitment to their craft and those that do not… Buyers and Sellers would be well served to seek out and agent that approaches their business as a business.
Equal Housing Opportunity. Each Office Is Independently Owned and Operated.