Coldwell Banker survey and commentary by Dr. Robi Ludwig on the value of homeownership.

Interesting that the emotional value of homeownership doesn’t change and some of the reasons why.  It really hit me that that we need to be “rooted” in order to feel like life has meaning and that we are safe.

Here’s a tool from CNN/Money to predict the change in various real estate markets.

Corvallis, OR Metropolitan Statistical Area:

• Forecast change: second quarter, 2011 – second quarter, 2012 +3% 
• Forecast change: second quarter, 2012 – second quarter, 2013 +9.9%

This tool tracks 384 markets. It will be interesting to see what actually happens.

Track a market near you: Home Price Data on 384 Markets

Corvallis, Oregon ranked 73rd in improving housing markets index.

According to the National Association of Home Builders/First American Improving Markets Index (IMI), released 5/7/2012 Corvallis, Oregon is listed as one of the  housing markets showing measurable and sustained improvement.

The index takes into uses three independent montly data factors – employment growth (Census), house price growth (Freddie Mac) and single-family housing growth (Census) to identify the top improving markets.

Cities in the Northwest include:

• Bend, OR (newly added and ranked 72)
• Corvallis, OR (73)
• Portland, OR  (74)

View the full report: NAHB/First American Improving Markets Index (IMI)

Just Listed: Corvallis Single Level Home

Wonderful single level living with beautiful architectural details. Charming curb appeal with spacious landscaped yard, brick façade greet you as you pull into the wide curved driveway.  3 bedrooms,  2, baths, den/office,  ±2015 sq. ft.,  Attached 2-car garage

Covered entry with double doors and wide front porch provide no-step access to the entry of this home.  As you enter you will delight in the art niches, open main living areas and the view of the main living area into the beautiful backyard.

The living room is spacious and light with vaulted ceilings and open wood beam work. Beautiful wood floors, walls of windows with backyard views, built-in birch bookcase, and gas fireplace with brick surround. Open floor plan flows from dining room to kitchen to living room and into the backyard, creating the optimal space for year-round entertaining. Light wood cabinetry and beautiful hardwood floors throughout. Large windows and access to backyard, brings the outdoors in.

Just off the kitchen is a bonus room that is great for an office, tv room, crafts, home gym, play or to suit your needs. Indoor laundry and access to the 2-car attached garage are through the bonus room.

The Master Suite is comfortable and luxurious with carpeted flooring and access to the backyard. The attached bath is wheelchair accessible with tile flooring and a curb-less tile shower and walk-in closet.
Two secondary bedrooms provide great spaces for guests, family or provide space for exercise, extra office, crafts or other uses as needed, they are carpeted and each have ample closet space.

The laundry room is located between the den/office area and the oversized 2-car garage.  The garage is vaulted and has broad expanses of windows that provide natural light. The double wide, nearly new wood garage door is a natural accent to the front of the home.

Interior flows naturally to outside spaces, creating an ideal setting for entertaining and play. Extensive patio space, covered and uncovered is accessible from many interior spaces. Fenced back yard, extensive lawn and planting areas, a south exposure and the irrigation well are a delightful and rare opportunity.

Conveniently close to everything.  Just a few blocks from Garfield and Porter Parks, Garfield Elementary, Linus Pauling Middle, Corvallis High School,  Osborne Aquatic Center, Corvallis Boys and Girls Club, and Local Shopping Areas.  Just minutes from downtown Corvallis, Oregon State University, and medical facilities.

Highlights:

• Recently installed Maytag gas range
• Updated windows in many areas
• Display cabinets
• Extensive use of natural wood and wood flooring
• Generous amount of storage throughout
• Water source heat pump-source irrigation well
• Large back yard with south exposure
• Covered and open patio area
• Extensive lawn and ornamental planting areas
• Raised garden beds
• Fenced back yard
• .35 acre lot
• Irrigation wll
• Water source heat pump (Water furnace)
• Year built:1960
• Approx 2.1 miles to Oregon State University (Memorial Union)
• Approx 1.8 miles to Corvallis, Oregon City Center (Central Park)
• Schools: Garfield Elementary, Linus Pauling Middle, Corvallis High
• MLS# : TBA 

For more information or a personal tour of the this home: Contact Dava

History of home sales volume — Number of transaction in the Corvallis, Oregon

The Number of Sales in the Corvallis, Oregon residential real estate market is down approximately 36% from the peak number of transactions in 2005. But, it should be noted that 2011 showed an gain of 27 transactions.  It seems apparent that there is a slow but steady return to “normal” in terms of numbers of transactions. 

(click on graph for larger view)

It should be noted that the relative fewer number of sales has a larger influence on aveage sales price due to the limited statistical data pool available.

related post: Corvallis Oregon, Avereage Sales Price History

Source of data Willamette Valley Multiple Lising Service (WVMLS)

Average sales price history and comparison as of year end from 2000 through 2011.

Data includes residential type properties (including residential with acreage) for Corvallis, Oregon.

(click on graph for a larger view)

It is interesting to note that the Corvallis real estate market has held much better than most other markets through-out the country and even nearby communities in Oregon.

From the “peak” until the end of 2011 there is only about a 10.6% reduction in average sales price.  It should be noted that “averages” cannot be directly applied to individual properties as there are many factors that influence value and market-ablity.  Additionally, the average is also influenced by the number of sales in various price tiers (fewer sales in the upper price tiers and more sales in the lower price tiers will create a lower average).

Related Links: Corvallis Sales Volume, residential real estate sales history

Source of data Willamette Valley Multiple Lising Service (WVMLS)

Looking for a home to buy in Corvallis, Oregon? This could be the one… 

Comfortable living and a tranquil setting in a beautiful NW Corvallis location. Plenty of  play space on .25 ac lot. Oak flooring in most living areas; carpet in family room, tile entry and Marmoleum® in kitchen and 2 baths. Open kitchen has stainless appliances, quartz counters and artistic tile splash. 2 woodburning fireplaces. Lower level bonus room. 4 bedrooms, 3.5 baths, ±2133 square feet, .25 acre lot.
Comfortable living and a tranquil setting in a beautiful northwest Corvallis location. Plenty of sunny spots and the opportunity to enjoy the dappled sunlight as it filters through the mature trees. Spacious .25 acre lot provides an abundance of outdoor play space. Inside you’ll appreciate the recently refinished oak flooring in most of the main living spaces;  newer carpet in the cozy family room; updated tile entry and newer Marmoleum in kitchen and upper level baths. The open kitchen has newer stainless appliances, quartz counters with a delightfully artistic tile splash, a large hammered copper sink and newer lighting. Woodburning fireplaces in the main level family room and the living room are great for cozy, quiet time. Picture windows capture the natural feel. The lower level bonus with nearby bath  has potential for dual living, home office, or hobby space. Additionally, you’ll find a half-bath located off the main level laundry, near the kitchen and family room and a spacious 2-car garage.

This home is located close to several great Corvallis Parks, including Cloverland Park (approx. .50 mile); Timberhill City Park (approx .25 mile); Timberhill Natural Area (approx. 3 miles) includes 47 acres of natural area; Riverfront Commemorative Park in Downtown Corvallis (approx. 3mi).

This property also provides easy access to Good Samaritan Regional Medical Center (approx. 2.5 miles); Oregon State University (approx. 2.5 miles); local shopping at Timberhill Shopping Center (approx .5 mile) and of course many, many more local attractions and amenities.

Very proud to see that Realogy is included as one of the World’s Most Ethical (WME) Companies.

Realogy is the parent company for Coldwell Banker.  Another good reason to be affiliated.  Check out the original post: List of World’s Most Ethical Companies

These charts of 30 year mortgage loan rate histories (Freddie Mac rates) were provided by a local lender and are used with permission.  It is very interesting to see how low rate really are right now, especially in relation to the past.

If it makes sense for your life goals, the lower price of homes coupled with the low interest rates create a time of opportunity.  But, only if it makes sense for your life goals as well.  There is financing available for people that have good credit and verifiable income.

These charts were provided courtesy of:
Dolly Davis
Production Manager
Mortgage Consultant
PrimeLending, A PlainsCapital Company
1390 Liberty St S.E.
Salem, OR 97302
Phone: 503-362-0111
Mobile: 503-580-0029
Fax: 877-643-6101
www.dollydavis.com

Everyone knows that when you first apply for a home loan, your credit needs to be in good shape, but did you know that what you do during the processing of your loan can have an impact too?

Lenders look at:

• Credit balances and minimum payments
• Credit depth (the number of accounts, with or without balances and length of time that the accounts have been open)
• Inquiries in the past 120 days that could result in new credit
• Judgments or liens

The credit report that’s pulled when you first apply for a real estate loan is not the only one that gets pulled.  That credit report needs to be updated after 90 days and it’s very likely that there will be a second credit check at underwriting (that’s a pretty close to closing) just to make sure that nothing has changed.

Changes that could result in the need to re-qualify for the loan, possibly creating a delay or even stop you from getting your loan:

1. New Loans–don’t do it, don’t get any new credit while you are in the process of buying a home
2. Increased balances on existing credit line–don’t do it, don’t use that credit line to pay for appraisals, inspections or anything else
3. Inquiries by potential creditors–don’t do it, don’t shop for a new car, appliances, home improvement or furniture
4. Derogatory items (reports of late payments etc.)–in this case, do it, pay it on time or early, pay the whole amount due.