Archive for Corvallis Real Estate
HOME FOR SALE – 4614 SW 47th Place Corvallis Oregon $375,000
Home For Sale – 4614 SW 47th Place, Corvallis, Oregon – Light, Open, and Charming
Beautiful, light and open floor plan lives big! Newer 5 bedroom, 2.5 bath home is located on a quiet cul-de-sac and is private and secure. Convenient to local schools and parks including Starker Arts Park and recently renovated Sunset Park, Corvallis Country Club and Golf Course, Oregon State University campus, hiking and biking trails, and has easy access to Corvallis and Philomath. 5 Bedrooms, 2.5 Baths, approx. 2538 sq. ft.
A great place to live, with plenty of opportunity for play and relaxation. As you enter from covered porch you’re greeted by beautiful black walnut wood flooring, vaulted ceilings, wide expanses of glass and a warm and inviting gas fireplace. The great room kitchen has painted wood cabinets and granite countertops; a planning station and generous amounts of counter top area and cabinets –a place for everything and everything in its place. Plenty of lighting and glass block accents make it light and appealing. The kitchen – family room lay-out provides for plenty of room for friends and family to gather round. Island with seating provides a great prep area. Breakfast nook opens out to backyard and covered patio. An ideal area of barbeque, out door relaxation and play. Additional spaces that round out the main level include one bedroom — perfect for office or den, a half-bath and spacious laundry room.
Upstairs find rest and relaxation in the spacious master suite. Features include double door entry and private adjacent bath with seperate shower and tub, double sink vanity, seperate toilet room. There’s a spacious walk-in closet with organizers. Three additional bedrooms and a full bath upstairs round out this level.
Other features include: closet organizers, ceiling fans, view of Mary’s Peak from one bedrooms, spacious linen closet and a laundry chute, 2 car attached garage. There are no age restrictions in this neighborhood.
Search for more homes in Corvallis here
Corvallis, Oregon Real Estate Market: Over or Under Valued?
Corvallis, Oregon Housing Market Ranked 9th Most Over Valued – Is that a Fair Assessment?
Recently, I answered a posted question on Trulia.com, which related to a CNNMoney.com post that ranks Corvallis, Oregon as the 9th most overvalued housing market. I’ve been asked about the study in person a few times… here’s what I think.
The study was done by IHS Global Insight and PNC Financial Services. The terminology used are “overvalued” and “undervalued”. The study ranks Corvallis, Oregon as the 10th most “overvalued” market in the study (there were only 399 markets included in the study—one has to wonder about the sample size) .
On one hand I’m completely aghast at the use of the terminology. The definition of market value is “a price at which buyers and sellers are willing to do business” (Webster’s ninth new Collegiate Dictionary). So, by the very definition of market value, how can a market be “over” or “under” valued? The published article is unclear about what the “percent” relates to (percent of what?). Is it the number of homes on the market that are “over/under valued?” Or is it the total number of homes in the community (if so, where did they get that “value” from)? Is it a comparison of number of home on the market or sold in relation to the median house price? None of the data I reviewed tells you what any of it really means. I searched the web in general and the web site for both PNC Financial Services and IHS Global Insights could not locate to the actual study.
With only a surface evaluation at my disposal, I have to say, I am more than a little skeptical about comparisons or rankings of such diverse cities. Seriously, Corvallis is in a list with Honolulu, Hawaii; Bangor Maine; and Bakersfield, California? Not much commonality. Perhaps it would make more sense to compare college towns to college towns (See the Coldwell Banker Home Price Comparison Indexes — there’s one index for College Towns and one for select markets) or towns with similar features and sizes.
The study says it is based on select data: “These judgments are determined by comparing median home prices, local interest rates, population densities and income, plus historical premiums or discounts that areas have exhibited over time.”
If you want to look at the “premiums” that Corvallis has to offer and length of time for the “history”, I have to say, Corvallis is not the same place it was 20 years ago. What are the “historical premiums or discounts”, and who is deciding which of these factors is significant. The term “overvalued” may be relative to who is doing the shopping and what the current “premium” list is…
How long is the history? It does not appear that there is any consideration for supply and demand; and important factor in a community like Corvallis.
Interest rates are very much based on national pricing (at least as long as Fannie Mae and Freddie Mac are still around) not locally set, so the rate climate really has a limited effect.
Corvallis is a very small market. Median home prices fluctuate (and drop) when the upper end of the market is slow and/or when there is limited inventory in the entry level available. For a significant portion of 2009, entry and mid level housing was more active than any other price point because of low interest rates, inventory and tax incentives. When more homes sell in the entry and median levels, the median and/or average is bound to move down. It is simply how the math works (Median is the center point between the highest high and the lowest low, more weight at the lower end, drives the median down.) Based on what I know about individual home sales and the market in which I work, I am not clear on how the median can be a valid statistical point in our market. The sample is simply too small.
The variance in the study between 2006 and 2010 for Corvallis is under 5%–many of the communities on either end of the scale exhibit much wider variances between the 2006 study and the 2010 study. That (almost 5%) is not much of a difference when you are comparing the same figure to other communities. To me it is an indication of a comparatively stable market (relative to the overall economic climate). Other communities, especially those where the bottom dropped out, show wider variations. The communities that are now rated extremely undervalued took big employment hits, have high foreclosure rates, did not control growth and/or a combination of those factors.
Do not get me wrong. I do not think that any community that is immune to the impact of the current economy. However, I do not think that we are in for the fall that one might derive from this report. Jobs will determine that.
It was not until this last housing cycle that homes were considered short-term investments. In the past, most investors were looking at purchasing investment properties on the basis of cash-flow. Appreciation was a bonus. Flipping was done only by the most experienced investors and with appropriate types of financial backing.
The last paragraph of the article is the most significant. “The bottom line, at least for a few years, is that the average buyer should forget about home purchases as investments. The good news is that, long-term, their home values should appreciate.” That sounds more like a return to normal to me.
I’d like to know what you think? Please post your comment or question.
HOME FOR SALE — 712 NW 32nd Street Corvallis Oregon $212,500
HOME FOR SALE — 712 NW 32nd Street, Corvallis Oregon
Desirable Oregon State University campus close location combined with tons of character plus BONUS detached studio create a charming and flexible home for you and yours. Open and light floor plan lives big. Oak flooring and arched passages create a warm and inviting atmosphere. Studio/bonus space provides many uses, from craft space to play room to home office, you choose. Garden shed is great for tool storage/bikes and work area. Private back yard has plenty of room for play, relaxation and gardening with fig, apple and cherry trees. 2 bedrooms, 1 bath, approximately 810 sq. ft. plus bonus room of approximately 240 sq. ft.
Located in a desirable neighborhood, close to the Oregon State University campus, local parks and schools, shopping, dining, and downtown Corvallis. Enjoy being within close distance to the First Alternative Co-op, Sam’s Station, and Schmidt’s Garden Center.
Warm and inviting atmosphere is created with an open and flexible floor plan that includes living room, kitchen with eat-in area, mud room with laundry, bedroom, full bath, and master bedroom. Oak flooring and arched passages add to the charming character of this home.
Private and detached studio/bonus room provides many uses, from craft space, play room, home office, guest quarters, home gym or more, you choose!
Garden shed is a great place for tool and bike storage, work area, or could be converted to a play house. Large, private backyard has plenty of room for playing, relaxation, barbeques with covered patio, hanging out with friends, and gardening with raised planting beds and fruit trees.
MLS#622143
Related links to the extended home buyer tax credit:
Home Buyer Tax Credit De-Mystified
Expanded and Extended Tax Credit Information
Search for more homes for sale in Corvallis here.
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.
HOME FOR SALE – 550 NW Witham Drive, Corvallis, Oregon $235,000
HOME FOR SALE — 550 NW Witham Drive, Corvallis, Oregon
Solid single level in great location just blocks from Oregon State University and with easy access to downtown Corvallis. Great floor plan with separate family room that opens out to backyard. Kitchen and dining area combo has large windows, neutral counter-tops and new vinyl flooring. Overall the feel is light and bright. Wood burning fireplace in living room. Generous use of wood floors in bedrooms and living room. Large .23 acre lot with established landscaping, sprinkler system, and wide paved side yard. 3 bedrooms, 1.5 baths, approximately 1,327 sq. ft.
Solid single level home located just blocks from the Oregon State University campus is perfect for Beaver fans, and is a great buy for investors, first time home buyers, or those down sizing. The count down is on for home buyers who are eligible for federal tax credits. Take advantage of other local amenities like the Benton County Fairgrounds, local parks, hiking and biking trails, and Irish Bend Covered Bridge and enjoy easy access to shopping and downtown Corvallis.
Open floor plan feels spacious and bright. Kitchen and dining area have large windows, neutral countertops, and new vinyl flooring. Living room is warm and cozy with wood fireplace with stone hearth and large windows to bring in the natural light. The family room is a great multipurpose area for play, tv, crafts, office space or you decide; complete with new carpet, large windows, and access to patio and backyard.
Master bedroom is light and bright with hardwood floors and large window. Attached half bathroom connects to the main bathroom allowing the master bedroom access to the shower and bathtub.
Enjoy outdoor spaces with paved side yard and large backyard with patio. Large nearly quarter acre lot is big enough for gardening, play structures, or other backyard dreams. Complete with sprinkler irrigation system to keep established landscaping green and lush year round.
Other amenities include:
• Attached 2 car garage with laundry facilities
• Air conditioning and gas forced air
• 2 additional bedrooms
• Generous use of hardwood flooring
• Approximately 1,327 sq. ft.
• .23 acre lot
MLS#621852
Related links to the extended home buyer tax credit:
Home Buyer Tax Credit De-Mystified
Expanded and Extended Tax Credit Information
Search for more homes for sale in Corvallis here.
Sales Statistics for Corvallis Oregon Residential Real Estate
Corvallis Oregon Residential Sales Statistics as of November 30, 2009
The following sales statistics include comparisons of number of sales, average sales price and price range volume. Data includes residential sales for Corvallis, OR (no condo and/or manufactured homes or acreage.)
The 2009 average sales price reflects a drop from the 2007 high. This shows a shift in sales volume from the higher sales price range to the lower-middle sales price range. It does not mean that the value/price of an individual property has dropped by a specific amount or percentage. When the sales volume (number of sales in a specific price range) shifts from one price point to another, there will be a change in the average.
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The numberof closed sales in the early part of 2009 was off significantly from prior years. This 2009 year has been unusual in that the seasonal adjustment typically seen has been lower than in prior years. Homebuyer credits and low interest rates have contributed to stronger sales in summer and fall and to the higher number of transaction in the lower price range. The number of closed transactions for 2009 compared to 2006 (January 1 through November 30) is down 37%; 2007 compared to 2009 is down 29.5%; 2008 compared to 2009 is down 11.5%. It should be noted that 2006 and 2009 were unusual years in opposite extremes. Somewhere in the middle a return to normal will appear. It appears that the market is returning to a more normal, balanced supply and demand status.
Note: Sales statistics are for the year-to-date period ending 11/30/09 and include Corvallis residential properties, no manufactured homes or condominiums, under one acreage. Data source Willamette Valley MLS.
Five things I’m looking forward to in 2010 | Changes that will Affect the Corvallis Real Estate Market
Five things I’m looking forward to in 2010 and Change in the Corvallis Real Estate Market
As 2009 comes to a close, it will be nice to put a cap on it and move onto a better 2010. I, for one, am looking forward to some positives in the economy and the Corvallis real estate market. Recent economic activity would lead one to believe that the country is coming out of an extremely difficult economic period — some say the longest recession in decades.
What I think we’ll see in the coming new year:
1. Slightly higher, but still very appealing interest rate environment, at least for the first half of the year. Not the really extra-ordinary rates hovering at five or slightly under, but more like the low sixes, which historically (and if you can remember the early 1980s really very much better than seventeen percent or higher.)
2. Buyers, both first time and move (up,over,down) buyers taking advantage of tax incentives (written contract must be in place by 4/30/2010; closing by 6/30/2010)
3. Locally good levels of inventory without the impact of extreme high levels of foreclosed properties. Basically, a more balanced market. Making it a better market for everyone. As the markets that tend to feed Corvallis and the mid-Willamette Valley continue their recovery they will provide a little “stimulus” to our economy.
4. Better employment rates as the economy crawls out of the recession hole. Employment is the one factor that will really change the course of the current economy.
5. Along with higher interest rates, may come a more relaxed, perhaps I should say, sound, approach to underwriting. Not the take a pulse, give a loan attitude that helped create the mess, but realistic and reasonable, as banks re-enter the mortgage business and become less fearful of risk.
All in all, no matter what the economy does, how the real estate industry deals with ups and down, we are all just and we will continue to adjust and do what we need to do to live our lives the best way we can.
Wishing you all a happy, healthy and prosperous 2010.
Related posts:
Questions and Answers about the Expanded/Extended HomebuyerTax Credit
Homebuyer Tax Credit De-Mystified
Richard Smith CEO of Realogy on CNBC about the Tax Credit
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
Corvallis, 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 Mos. | Average Sold Per Month | Months of Inventory | Av. Days on Market Solds |
| $0 – $99,999 | * | * | 0 | * | * |
| $100,000 – $149,999 | 8 | 8 | 1 | 6 | 100 |
| $150,000 – $199,999 | 34 | 40 | 7 | 5 | 101 |
| $200,000 – $249,999 | 45 | 84 | 14 | 3 | 112 |
| $250,000 – $299,999 | 39 | 62 | 10 | 4 | 160 |
| $300,000 – $349,999 | 21 | 33 | 6 | 4 | 136 |
| $350,000 – $399,999 | 24 | 16 | 3 | 9 | 170 |
| $400,000 – $449,999 | 20 | 10 | 2 | 12 | 149 |
| $450,000 – $499,999 | 7 | 4 | 1 | 11 | 166 |
| $500,000 – $599,999 | 17 | 10 | 2 | 10 | 195 |
| $600,000 – $699,999 | 5 | 2 | 0 | 15 | 108 |
| $700,000 + | 7 | 3 | 1 | 14 | 198 |
| 227 | 272 | 8 | 145 |
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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