Archive for Albany Real Estate
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.
SOLD! HOME FOR SALE – 2451 Broadway Street NW, Albany, Oregon
SOLD!
HOME FOR SALE– 2451 NW Broadway Street NW, Albany, Oregon– 5 Bedrooms, 3.5 Baths, Approximately 3733 sq. ft.
This is your DREAM home. Chef’s kitchen with dramatic black granite counter-tops, spacious island,stainless steel appliances, and stunning wood cabinets combines with dining area and family room to create “GREAT ROOM” lifestyle. Spacious and bright main level has formal living room with gas fireplace and formal dining room. Upper level master suite features gas fireplace, jetted tub, tumbled travertine tile, and huge walk-in closet. Second main level master suite is ideal for guests or extended family living. Excellent outdoor living spaces, pond with water feature, and RV parking. 5 bedrooms, 3.5 baths, approximately 3733 sq. ft.
Comfortable Elegance
This is the home you’ve always dreamed of… The home that has it all… Places for everyone… Room to spread out and enjoy all of the activities you love…
Warm and friendly first impressions greet you as you enter. From the exterior brick and shingle details on the exterior of the home, to the open and light entry with high ceilings, dramatic front door flanked by sidelights and second story windows that set the stage for the formal living and dining room. Gas fireplace with elegant woodwork, dramatic granite tile accents and accent lighting creates the focal point for this room. Extensive use of columns and wainscot provide visual interest.
Chef’s kitchen with center-island, granite counter tops, warm wood cabinets and wood flooring is open to casual dining area and main level family room. Stainless steel appliances with black accents create a contemporary, yet warm setting. Plenty of indirect lighting, pantry storage, ample cabinet space and counter-tops plus gas range make any meal easy to prepare. This “great-room” is bound to be the hub of the home where family and friends gather to visit. Sliding door provides easy access to the landscaped back yard deck.
Main level bedroom suite is ideal for extended family living, guests or for those that prefer their master on the main. Spacious and tucked away from the common living areas, it has an attached bath and provides a quiet get-away place.
Upstairs, find three additional bedrooms, the upper level master suite, open family room and the laundry room.
Open and spacious, the upper level bonus room is away from the common areas of the main level, but not isolated. It is an ideal place for games, study, crafts and art, exercise or other activities that fill your needs.
The upper level master suite overlooks the backyard, is a spacious and a calming space that includes a second gas fireplace, vaulted ceilings and a ceiling fan. Relax and rejuvenate in the attached bath that features a jetted tub, double sink vanity, tumbled travertine tile and a huge walk-in closet.
Outside there’s plenty of room for play on the backyard lawn. Gather friends and family together and barbeque or relax on the back deck. Feel calm and serene when you view the water feature. And, don’t worry, it is easy care with automatic sprinkler system. There is room on the side for toys—RV storage behind a double gate. Front walkway and driveway to the three-car garage is easy care exposed aggregate concrete.
Search for more homes for sale in Albany and Corvallis here.
Temporary Refinance Programs Extended–Home Affordable Refinance Program
The administration has extended the Home Affordable Refinance Program until June, 2011. It was set to expire June, 2010.
HARP benefits a borrower who has demonstrated acceptable payment history on their mortgage and needs an expanded Loan-To-Value ratio or potential relief from Morgage Insurance requirements for FNMA (Fannie Mae) & FHLMC (Freddie Mac) loans. for more information call your current servicer for details. This may be a way to lower your payment, allowing you to benefit from lower interest rates, even if your house has not gone up (or has gone down) in value.
Don’t Miss Out | Existing Homeowners may qualify too!
Don’t Miss Out!
Some existing homeowners who purchase a replacement personal residence may qualify for a tax credit as well. Here’s a link to a guide that can help you determine if you qualify or not. Timing is crucial and of course, check with your tax advisor for complete details. This eligibility test works for either existing homeowners or first time homebuyers.
Tax credit timing: You must be in a contract by 4/30/2010 and close by 6/30/2010 to qualify. We are not anticipating this credit to be extended. The industry leaders that worked so hard to accomplish getting this credit passed, have publicly stated that they will not be asking for more.
If you’re interested in buying, time is running out; you need to get into the market sooner rather than later. I specialize in residential real estate in Corvallis, Albany, Philomath, Lebanon and surrounding areas of the mid-Willamette Valley in Oregon. I’d be happy to help you work your way through the process.
Check to see if you qualify for a home buyer tax credit (first time or current homeowner)
Note: Test provided by Alishia Jones, Mortgage Loan Officer, Bank of America, Corvallis, Oregon.
Money Matters
Money Matters
- Federal Housing Administration (FHA) is rolling out new guidelines soon (April) for their loan programs, increasing the up-front Mortgage Insurance Premium (MIP) to 2.25% (currently at 1.75%). For every $10,000 in loan amount, this translates to a cost of $50.00 extra in closing costs. For example, if you were to borrow $200,000 the additional cost would be $1,000.
- FHA is also reducing the amount that a seller can contribute toward closing costs from up to 6% of the purchase price to 3%.
- The first time homebuyer credit is expiring soon as well. April 30th is the deadline for a written contract to be in place; June 30th is the last date for that contract to close.
- Attention existing homeowners; you too may be entitled to a tax credit. There are many out there that are unaware that if you purchase a replacement primary residence (in contract by April 30th, Closed by June 30th) you may qualify for a $6,500 tax credit.
(Certain conditions apply for transactions to be eligible for tax credits—check this web site: http://www.homebuyertaxcredit.com/ and get advice from your professional tax advisor)
Important Items To Look For In A Home Inspection
Important Items to Look for In a Home Inspection
For Buyers and Sellers
Home inspections can vary from simple one page check lists to extensive multi-page documents. When evaluating written reports and/or selecting an inspector based on the report produced, there are several
important factors to consider:
- What is the scope of the inspection; what systems, fixtures, and components are inspected? Does the report include general information to improve the reader’s overall knowledge about the property in addition to reporting problems? How much of the property is inspected? Is there a systematic approach to the inspection? Knowing what is included in the inspection report is key to knowing if the inspection is thorough. Obtaining information about the status of all components (those in good condition as well as those needing attention) provides you with a benchmark of condition for ongoing maintenance.
- Is the report easy to read? Is the layout straightforward and is redundancy avoided? Is there a summary that supports the details? Are the items numbered and in categories that are easy to follow? A report that’s easy to read and identifies items by category and/or room as well as numbers makes communication with others regarding the findings easier.
- How detailed is the report? Does it include photographs of the findings? A picture paints a thousand words. Photographs make it easier to understand items included in the report.
- Is an electronic version of the report provided? Frequently the report needs to be distributed to others in order to work through negotiations and contractor evaluations. A report that’s easy to forward on to others streamlines those processes.
- How quickly will the report be provided? Often times there are tight time lines associated with negotiation of inspection related items. Prompt delivery of the inspection is an essential element of the inspection process.
- Does the report “package” include items of added value? Some inspectors provide coupons, home
maintenance checklists and simple home repair guides as added value to their reports. - Is the inspector available to answer questions after the fact? Being able to communicate with the inspector about the specifics of the report and clarification of findings helps simplify the corrective action process.
Recent Changes In Laws That Affect Oregon Real Estate
Recent Changes In Laws That Affect Oregon Real Estate
There have been a number of recent changes to Oregon laws that affect real estate transactions and real estate in general. The following are a few highlights of those changes. What’s important to know is that when it comes to your transaction, I take care of making sure you know what to do.
Residential Rental Smoking Policies and Rental Agreements HB 2135): Requires a rental agreement for a dwelling unit regulated under ORS chapter 90 to include disclosure of the smoking policy for the premises on which the dwelling unit is located. Must state whether smoking is prohibited, allowed on the entire premises or allowed in limited areas. Owner occupied mobile homes and house boats are exempt from the rental agreement requirement. Effective 1/1/2010.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2100.dir/hb2135.en.pdf
Disclosure of 100-Year Floodplain to Tenant (HB 2614): The law requires a landlord of a dwelling located in a 100-year flood plain to notify a tenant that the dwelling is in the flood plain. Allows the tenant who did not receive notification and then later experiences a loss to recover from the landlord the lesser of the actual loss or two months rent. Effective 1/1/2010
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2600.dir/hb2614.en.pdf
Landlord May not Charge Tenant More than Landlord is Charged for Utilities (HB 2613): Amends the residential Landlord Tenant Act. Prohibits a landlord from billing or collecting more money from tenants for utilities or services than the utility or service provider charges the landlord. Effective 06/17/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0700.dir/sb0772.en.pdf
Additional Well Testing for Arsenic (SB 739): Requires a seller of real estate that includes a well that supplies ground water for domestic purposes have the well tested for arsenic upon acceptance of an offer to purchase. This is in addition to tests for nitrates and coliform bacteria (already required). Test results must be submitted to both the Drinking Water Program of DHS and the buyer within 90 days of receipt of the results. Effective 1/1/2010
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0700.dir/sb0739.en.pdf
Oregon Homeowner Facing Foreclosure (SB 628): Foreclosure notices must now include new information about how to meet with their lender and how to request a loan modification. If so requested, the lender must meet with the borrower and evaluate the borrower for a loan modification before foreclosing on the home. The meeting can be by phone and it must be with a person who has or can get authority to do the modification. Effective 06/30/2009.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0600.dir/sb0628.en.pdf
Tenants Living in Property Subject to Foreclosure Sale (SB 952): Includes provisions to: require that tenants in good standing receive advance notice of foreclosure proceedings with specific information regarding tenants’ rights; allow tenants with fixed-term leases to stay after the foreclosure sale for the earlier of 60 days or until the lease expires, except when the purchaser intends to live on the property in which case only 30 days’ notice is required; provide tenants with weekly or monthly agreements with notice of the intent to evict 30 days after the date of the foreclosure sale; allow tenants receiving notice of foreclosure to apply pre-paid security deposits toward ongoing rent obligations (and relieves purchase of any obligations to return security deposits); and clarify that purchasers do not become “landlords” unless they accept rent from the tenants, enter into a new rental agreement, or fail to terminate the tenancy as provided by this bill. Effective 8/23/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/sb0900.dir/sb0952.en.pdf
Carbon Monoxide Detectors (HB 3450) Includes provision to: prohibit title transfer of single family dwelling or multifamily housing containing carbon monoxide source unless there are properly functioning carbon monoxide detectors at locations that provide carbon monoxide detection for all sleeping area; allow for civil action to recover damages, attorney fees and costs for violation; allow State Fire Marshall to adopt rules establishing standards for carbon monoxide detectors and requires adoption of rules for alarms in existing housing; require landlords in multi-family housing to maintain carbon monoxide detectors in units; prohibit tampering with installed detectors; and require all rental housing to have alarms in place by April 1, 2011. Pending rule making, Effective 6/25/2009.
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb3400.dir/hb3450.en.pdf
Transfers of Real Property Interests(HB 2481): The law prohibits conveyance of an agreement for transfer of real property that imposes fees or other consideration upon actual or purported future transfer of the property. Certain exceptions are allowed. Effective 06/17/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2400.dir/hb2481.en.pdf
Document Recording Fees (HB 2436): Adds a new $15 fee to the existing fees pertaining to deeds and mortgage records filed with county clerks (with same exclusions). The fee imposed by this measure will be collected by counties and deposited into specified accounts within the Housing and Community Services Department for affordable housing-related programs. Effective 09/28/2009
Read the bill: http://www.leg.state.or.us/09reg/measpdf/hb2400.dir/hb2436.en.pdf
How Would You Spend Your Tax Credit?
How Would You Spend Your Tax Credit?
COLDWELL BANKER REAL ESTATE STUDY FINDS CONSUMERS’ ANTICIPATED ‘SMART SPENDING’ OF HOMEBUYER TAX CREDIT WILL AID ECONOMIC RECOVERY
83 Percent of Current Homeowners Surveyed Say They Would Spend Tax Credit on Repaying Existing Debts, Home Improvements, Savings/Investments and Household Expenses
Coldwell Banker Real Estate LLC today announced the findings from a new survey that looked at how the recently expanded federal homebuyer tax credit, which opened up the credit to existing homeowners, might impact the economy. Of the more than 1,000 homeowners surveyed, 83 percent responded that if they were to purchase a home and qualify for the tax credit, they would engage in “smart spending” or put the money toward paying off existing debts, home improvements, savings/investments, or everyday household expenses. Only 6 percent of respondents indicated that they would spend the money on what are commonly referred to as luxury items such as a vacation or a shopping spree.
According to the survey, the top way homeowners would spend their $6,500 tax credit in a “smart” way would be to pay off debts (34 percent), followed closely by making home improvements (29 percent) and putting it into savings and investments (28 percent).
In addition, Coldwell Banker Real Estate found that 20 percent of homeowners indicated they were more likely to consider purchasing a home than they were six months ago, after learning about the $6,500 federal tax credit. The tax credit, which previously only was for first-time homebuyers, is now available to existing homeowners who sign a binding contract before April 30, 2010 and close on the purchase of a home before June 30, 2010. To learn more about the details of the expanded homebuyer tax credit, go to www.coldwellbanker.com
If you’re considering purchasing a home in Corvallis, Albany, Lebanon or Philomath (and surrounding areas of the mid-Willamette Valley); I’d like to help you meet your goals. I work with buyers and sellers at all price levels. Please get in touch and we can get started today.
Other resources for information about the tax credit:
National Association of Realtors frequently asked questions about the tax credit
I.R.S. information abut the tax credit
Albany, Oregon | Absorption Rates through November 2009
Includes all single-family residential properties on less than two acres
as reported by WVMLS.
Data taken from WVMLS 12/9/2009
| Price Range | Active Listings as of 12/9/2009 | Sold Listings Last 6 Months | Average Sold Per Month | Months of Inventory | Av. Days on Market Solds |
| $0 – $99,999 | 18 | 17 | 3 | 6 | 104 |
| $100,000 – $149,999 | 60 | 73 | 12 | 5 | 116 |
| $150,000 – $199,999 | 123 | 129 | 22 | 6 | 121 |
| $200,000 – $249,999 | 83 | 63 | 11 | 8 | 165 |
| $250,000 – $299,999 | 45 | 35 | 6 | 8 | 180 |
| $300,000 – $349,999 | 28 | 10 | 2 | 17 | 116 |
| $350,000 – $399,999 | 19 | 8 | 1 | 14 | 240 |
| $400,000 – $449,999 | 3 | * | 0 | * | * |
| $450,000 – $499,999 | 1 | 1 | 0 | 6 | 78 |
| $500,000 – $599,999 | 3 | 1 | 0 | 18 | 157 |
| $600,000 – $699,999 | 1 | 1 | 0 | 6 | 337 |
| $700,000 + | * | * | 0 | * | * |
| 384 | 338 | 9 | 161 |
Expanded and Extended Tax Credit Information–From the Expert
Questions and Answers from the Expert about the Expanded and Extended Tax Credit
Sellers and Buyers in and around the Corvallis and Albany, Oregon real estate markets can benefit from a clear understanding of the opportunities the Expanded/Extended Home Buyer Tax Credit provides.
An excellent source for answers to questions you may have about the expanded and extended tax credit for First Time Home Buyers and Long Time Home Owners that are thinking of making a change can be found at the Q & A page for the I.R.S. The ultimate resource for information about taxes, tax credits and all other information that relates to the Expanded and Extended Tax Credit for buying a home.
It is possible to have parent (or other family members) assist in the purchase and still be eligible for credits.
If you are currently a homeowner and meet the other requirements, you do not have to sell your existing home (you could rent it out), but you do have to occupy the newly acquired home and meet all the other requirements.
You do not have to “buy up” or, in other words pay more for the new house.
Read the Questions and Answers about the tax credit for Home Buyers. This is truly a limited time opportunity.
I.R.S. Information about the Expanded and Extended Tax Credit
As always, seek the advice of a qualified tax advisor if you have questions about tax laws and how they pertain to personal circumstances.
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