Home For Sale | 1665 NW 11th Street, Corvallis, OR 97330

Comfortable living, close to everything Corvallis has to offer (Walkscore 85). 

Spacious and open floor plan flows from living to dining to kitchen to family. Sunny breakfast nook off kitchen is a great “hang-out” spot and ideal place to soak up the sun. Two steps down (at the same level as the entry) is the family room, large laundry and full bath. Upper level provides 4 large bedrooms with fir flooring under carpet. Master with attached bath and large walk-in closet. Landscaped yard with wide driveway (RV parking). Easy access to 9th Street shopping, neighborhood schools, downtaown and Oregon State University.  4 Bedrooms, 3 baths, ±2391 sq. ft.


Now…this…is home… Comfortable living, close to everything, with a walk-score of 85.  The sheltered front door leads to a wide and open entry. Just two steps up and you’re ready to nestle into the spacious yet cozy living room and bask in the warm glow of the gas fireplace. The flowing floor plan leads from the living room to the light and bright, formal dining area and then to the large kitchen. A wonderful space for entertaining and parties. Settle into the adjacent breakfast nook with the morning paper and your coffee or juice and savor the sunlight.  Entry, kitchen and breakfast room enjoy warm wood flooring. Two steps down from the kitchen and at the same level as the entry, is the family room, a hub-of-fun, your ideal game, media, hobby or TV room which features built-in sewing cabinet and bookcases.  Nearby you’ll find a full bath, with jetted tub and a large laundry/mud room with a door to the backyard.  Upstairs are 4 very large bedrooms with fir flooring under carpet, including the master with attached bath with wide shower, Marmoleum® flooring and large, walk-in closet. The second bath includes double vanity, tub/shower combo and Marmoleum® flooring. Outdoors you’ll enjoy extended living many seasons of the year with the covered deck that’s accessible from both the dining room and breakfast nook; it’s the ideal outdoor dining and BBQ spot. Landscaped backyard is easy care with potential for raised bed gardening, rose bed and there’s a garden shed. The wide driveway can easily accommodate an RV, boat, big-wheels, four-square or chalk-art. This home is very close to local schools and you’ll enjoy the wide open expanse that comes with nearby Garfield Park and it’s also very close to Porter Park. Easy access to 9th Street businesses including Market of Choice, Trader Joes, restaurants and retail establishments.  4 Bedrooms, 3 baths, ±2391 sq. ft.

MLS# 650004

For more information or a personal showing, contact Dava

Foreclosure Numbers | A bit of a surprise

Foreclosure numbers–A Comparison

We often hear the numbers and think how bad it is. What if you look at the opposite side?  How bad is it?

There are approximately 61,800,000 homeowners in the US

One third, that’s 33%, of US homeowners own their homes free and clear—that’s right, no mortgage.

Nationally, 3.4% of mortgages are in foreclosure (approximately 1,400,000). This percentage is only measured against homes with mortgages. That means that 96.6% (approximately 41,200,000) of homeowners with mortgages are not in foreclosure.

Of all the homeowners in the country 60,400,000 (or 97.7% of all homeowners) are not in foreclosure.

Of course, on a home-by-home, family-by-family basis, any foreclosure is a crisis. But, the numbers from a statistical “big picture” standpoint need perspective. 

Related Link: The Inventory Of Foreclosed Properties Has Begun To Shrink…

Note: A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed.  Calculations assume that information provided by CoreLogic is accurate. Some variance is numbers results from rounding in calculations.

The Inventory Of Foreclosed Properties Has Begun To Shrink…

This is a great explanation and graphic concerning the states that are most impacted by seriously delinquent mortgages.1

Tie this to the concept that the “normal level” of distressed housing inventory is under 5% (REALTOR® Magazine January/February 2012 “Clean Slate”)  one can see that there are specific areas of the country with ongoing issues, but that there is improvement.

Map of Seriously Delinquent by %

“The inventory of foreclosed properties has begun to shrink, and the pace at which properties are entering foreclosure is slowing. While foreclosure filings are being curtailed by a variety of judicial and regulatory constraints, mortgage servicers are completing REO sales faster than they are completing foreclosures,” said Mark Fleming, chief economist with CoreLogic. “This is the first time in a year that REO sales have outpaced completed foreclosures, and part of the reason for the decrease in the foreclosure inventory.”

According to our analysis, for 2011 completed foreclosures totaled 830,000 compared with 1.1 million in 2010. In December 2011 there was a month-over-month decrease in completed foreclosures to 55,000 from 57,000 in November 2011. The December 2011 completed foreclosures figure was also down from one year ago when it stood at 67,000. From the start of the financial crisis in September 2008, there have been approximately 3.2 million completed foreclosures.

Nationally 1.4 million homes, or 3.4 percent of all homes with a mortgage, were in the foreclosure inventory as of December 2011. The foreclosure inventory is the stock of homes in the foreclosure process.

*A property moves into the foreclosure inventory when the mortgage servicer places the property into the foreclosure process after serious delinquency is reached and remains there until the foreclosure is completed. The foreclosure inventory is measured only against homes with an outstanding mortgage, rather than against all homes. Nationwide, roughly one-third of homeowners own their homes outright.

 

 1Reprinted with permission from TICOR Title, Corvallis, Cheryl Summers

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. 

American Dream Survey–Fall 2011 (Trulia)

According to a recent survey by Trulia1 the American Dream of homeownership is alive and well.  

Trulia American Dream Survey – Fall 2011

View more presentations from Trulia

One interesting fact to me is that the number one concern of potential home buyers is the ability to save up a sufficient amount for a down payment. 

I find this  a bit ironic given the political trend to create an environment of even higher downpayments. As recently as this spring, regulatory agencies were working on rule making that would further increase the downpayment requirments. This was covered by The National Association of REALTORS® (NAR) in REALTORS® Oppose High Down Payment Requirement for Qualified Residential Mortgage Exemption . 

The survey also covers the age demographics and ideal home sizes and locations.  Interesting information.  It’s worth a look.

 1 Trulia is a major site that provides information about real estate and homes for sale and rent

HOME FOR SALE — 4197 NW Douglas Avenue, Corvallis, Oregon $365,000

Home for Sale – 4197 NW Douglas Avenue, Corvallis, Oregon

Enjoy territorial views of the local area and mountain views including Mary’s Peak from this excellent location in wonderful NW Corvallis neighborhood. Quality custom construction (Russ Peterson built) and incredibly livable home. You’ll enjoy the light open feel and the 9’ ceilings in the main level rooms.  Lovely terraced yard, brick capped walls, patio and numerous fruit trees and shrubs.  Appreciate the easy access to downtown Corvallis, local business areas, schools, parks and recreation areas. 3 bedrooms / 2.5 baths, Approx. 2938 sq. ft., .20 Acres, Built in 1994, Schools: Jefferson, Linus Pauling, Corvallis High School.

 

 

 

Main Level Living areas:Spacious and Light kitchen–

  • overlooks backyard
  • Island cook-top with eating area
  • Wood flooring
  • Pantry and broom closet
  • Pull out shelves, lazy Susan, other specialty cabinets
  • Built-in planning space
  • Newer dishwasher
  • wall oven
  • Recessed lighting

Formal dining room–

  • Direct access to back yard through atrium door
  • Flows from kitchen through dining to living room
  • Light and bright with newer light fixture
  • Recessed lighting

Living room–

  • Bay window with beautiful views to the Coast Range
  • Spacious and bright with room for Grand Piano
  • Recessed lighting

Full bath–

  • Double vanity
  • Tub/shower

Secondary bedrooms –

  • Main level
  • Dimmers in both
  • Closet organizers

Large laundry–

  • Convenient to both bedrooms
  • Plenty of cabinet and counter space
  • Utility sink

Upper Level Spaces

Master Suite–
The entire upper level is devoted to the master suite.  Experience a true “spa-like” retreat in these  spacious, bright and open spaces.

  • Large bedroom area, plenty of room for furnishings
  • Spacious and light with views
  • Recessed lighting
  • Large walk-in closet

Attached “spa” bath–

  • Jetted tub
  • Generous amounts of storage in double sink vanity
  • 2 closets with built-in shelving

Lower Level

A great place for family room, extended family living (it’s like its own suite), or home based business. Provides plenty of space for play and relaxation.

  • Half bath adjacent
  • Spacious area with kitchenette with plenty of storage and counter space
  • Separate direct access to 2-car garage
  • Easy access to back yard up half-flight of stairs

Outdoor spaces

  • .20 acre lot
  • Extensive use of brick accents
  • Exposed aggregate patio and stairs
  • Terraced with retaining walls
  • Extensive use of outdoor lighting around house and yard
  • Recently re-sided with Hardieplank and fresh paint
  • Landscaped with irrigation system
  • Access to exterior storage in back yard
  • Fruit trees: plum, cherry and apple
  • Berries: blackberry, Marionberry and rasberry bushes
  • Fenced yard

 

MLS #643210
Search for more homes for sale in Corvallis here.

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.

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.