Real Estate Information, Corvallis Oregon Real Estate, Sue Long's Blog

The latest in Dept of Energy grants involves deconstructing homes rather than tearing them down and re-building.  What is the difference?  It is a process where homes are carefully pulled apart with the goal of having 80+% of the materials able to be re-used again either on the home at task or given to Habitat Re-stores etc to be recycled.  With todays economy and many abandoned homes in cities across the country this will have a huge impact on earth-friendly ecosystem advocacy.  There are many tax advantages as well.  You have to be a little more patient to see the money is all.

Consider this option if you are working on a remodel this year.  Our local area of Corvallis, Albany, Lebanon and Philomath has two Re-Stores to recycle. It is a very smart move toward energy conservation and a more resourceful mentality.

Just in the past couple of years, we have seen a significant shift from how boomers are creating the financing to purchase their latest homes.  Prior to 2010, 55% reported that they used the funds from the sale of their present home to purchase the next.  It had been even much higher the two previous years.  During 2009, likely due to the tight housing markets, boomers report that 45% used cash or money from savings to do so where before almost none had done this.

Economy, efficiency, age and functionality are all driving decisions made by our latest real estate buyers.  Bottom line: they want a home that has functionality and makes life easier.  What does that look like?

Bigger is not necessarily better.  Fewer are opting for McMansions and feel they now have permission to go smaller and avoid Jumbo Loans.  More importantly, they want to stay in their homes indefinitely and age in place.  If remodels are necessary to achieve this, they will more likely go this route than before where they moved into a more suitable home.  Single story homes are gaining in popularity as well as two masters on the main as couples endeavor to gain more of their own space.

Flexible space is popular so that as needs change the house need not change as well.  Extra rooms, spaces and basements are examples of flex spaces as well as outdoor spaces great for living and entertaining.

Green is good.  They don't necessarily all feel passionate about going green, but rather want to be good citizens

The recession and uncertainties in housing will likely continue to drive choices.  It is evident now though, that people do not see their homes as liquid an investment as in the past, which drives conscientious Realtors to encourage them to not buy unless they plan to stay for at least 4-5 years.  

On Friday Oct 29 the Grand Opening of our new Keller Williams Realty Mid-Willamette office in Corvallis on 9th Street (site of old Gables building) was a huge phenomenon.  Cars were lined up on 9th street attempting to get into the few parking spots left and people parked quite a distance to get in to see the new digs.  There were somewhere between 400 and 500 people that came thru in the 2.5 hours.  We created a tribute to the old Gable business in our entry, so please come by anytime to see it in the lobby.

We are proud to announce that we raised nearly $3,000 for Community Outreach---$2875 at this counting.  We appreciate the great participation of the whole town in coming by and supporting both our business and this most worthwhile non-profit.  We are humbled by your generosity.  Thanks to all the businesses that contributed to the effort by supplying items for the silent auction.

Come by and have a look if you missed the gala.  You are always welcome.

Here in Corvallis and Mid-Willamette Valley, Oregon, the homes are being taken back by their sellers as fast as hotcakes these past few weeks.  Many have decided to hunker down for the winter.  One was frustrated by a deal gone sideways over low appraisal despite the fact that the buyer was willing to pay.  Some have heard of the low rental availability in our area and have decided to rent instead "until the market turns".

Avoiding future foreclosure by selling due to fear of job loss soon was the impetus for another couple and now things have settled down at work, so they have pulled their home off.  Many stories such as these make the numbers of for sale signs disappear as fast as campaign signs from lawns all over.

One local home stager says that she has taken the furniture out of four homes these past few days and the homes had not sold as everyone intended. 

Less for sale, means there may be more homes beoming available for rental -easing that squeeze a bit.  It may not be the wisest choice if prices continue to fall as some predict for the next couple of years.  Always a gamble.  With deterioration of the home due to renters on top of deterioration of value, it could be the perfect storm. 

Facebook reading might yield more than you want to know (too much information?) -especially when it involves family.  At 80, my mom recently friended many of the family members on facebook.  All the kids and grands were very impressed to say the least.  When I talked to mom soon after, she said she did it to get access to photos my niece had posted.  But 2 weeks later, she said she was "pulling out".  She was dismayed by postings of younger members with their friends.  She explained she'd rather savor the impressions she had of visits with them and those  times with associated memories of her sweet, tender grandkids.

Don't you love the newer faucets that turn on automatically when you put your hands under?  Well, don't set your purse down on the edge of the sink while you touch up your lipstick.  Been there and done that.  I was getting ready to enjoy a non-real estate nice lunch at Big River.  I didn't notice my purse starting to slide off the edge, but I took notice when the water turned on and immediately started filling it!

We have analyzed our local real estate markets in Corvallis, Albany as well as Linn and Benton Counties.  At the present rate of sales with the number of active listings we have now, there are about 6.8 months of inventory of homes in Corvallis, and more like 8 or 9 months of inventory in Albany and Linn County.  A market with 5-7 months inventory is considered to be a balanced market.  More than 7 months is a buyers' market and less than 5 months is a sellers' market.  It is interesting to note that we are at the same rates in Corvallis and Albany as this time two years ago.

With scaled down economic conditions, remodeling resources are fewer for most people.  To be sure you are spending in the right areas, here are the latest reviews.

For the best return, replace entry door sets (with steel) for a 129% recoup at sale

Windows are next best values.

Other high ranking changes for cost vs value are siding, attic bedroom conversions and deck additions

The lowest returns for cost right now are home-office conversions, sunroom additions and additions of upscale garages, upscale master suites and upscale bathrooms .

It's coming sooner than you think!  We signed the permits today, and the new Keller Williams building is well on its way!