Keller Williams Mid Willamette real estate agent

Keller Williams Mid Willamette real estate agent
Steve Frisbie is a licensed real estate agent in the State of Oregon. REALTOR®. Equal Opportunity Housing Provider. Each office is independently owned and operated.

Wednesday, April 1, 2020

Fitton Green Natural Area on the edge of Corvallis is still open for now....

I decided to get out of the house (social distancing means working from home for the most part) and go for a short walk today, wanted to get in 15 minutes or so of uphill walking.  I decided to check out the Fitton Green Natura Area to see if it is still open and how many people were out and about.  It's been kind of wet so when I arrived there were no other cars in the lot, there was one car there when I finished my little walk.


It was spitting a little of slush when I went and was basically quite foggy so I didn't take any landscape style photos.  I haven't been there very many times so I don't really know the trails, but the one I've been on, the Allen Throop Loop, provides great open views of the area on most days, visibility was limited today. Hopefully the county will be able to continue to make places like this available to people as long as they continue practicing social distancing. It's nice to have the option to get out in a more natural setting.

Stay healthy,

    Steve

Tuesday, March 31, 2020

Refinance rates are very low, should I refinance my house now?

Is Now a Good Time to Refinance My Home?

Is Now a Good Time to Refinance My Home? | MyKCM

With interest rates hitting all-time lows over the past few weeks, many homeowners are opting to refinance. To decide if refinancing your home is the best option for you and your family, start by asking yourself these questions:

Why do you want to refinance?

There are many reasons to refinance, but here are three of the most common ones:
1. Lower Your Interest Rate and Payment: This is the most popular reason. Is your current interest rate higher than what’s available today? If so, it might be worth seeing if you can take advantage of the current lower rates.
2. Shorten the Term of Your Loan: If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner rather than later.
3. Cash-Out Refinance: You might have enough equity to cash out and invest in something else, like your children’s education, a business venture, an investment property, or simply to increase your cash reserve.
Once you know why you might want to refinance, ask yourself the next question:

How much is it going to cost?

There are fees and closing costs involved in refinancing, and The Lenders Network explains:
As an example, let’s say your mortgage has a balance of $200,000. If you were to refinance that loan into a new loan, total closing costs would run between 2%-4% of the loan amount. You can expect to pay between $4,000 to $8,000 to refinance this loan.”
They also explain that there are options for no-cost refinance loans, but be on the lookout:
“A no-cost refinance loan is when the lender pays the closing costs for the borrower. However, you should be aware that the lender makes up this money from other aspects of the mortgage. Usually charging a slightly higher interest rate so they can make the money back.”
Keep in mind that, given the current market conditions and how favorable they are for refinancing, it can take a little longer to execute the process today. This is because many other homeowners are going this route as well. As Todd Teta, Chief Officer at ATTOM Data Solutions notes about recent mortgage activity 
“Refinancing largely drove the trend, with more than twice as many homeowners trading in higher-interest mortgages for cheaper ones than in the same period of 2018.”
Clearly, refinancing has been on the rise lately. If you’re comfortable with the up-front cost and a potential waiting period due to the high volume of requests, then ask yourself one more question:

Is it worth it? 

To answer this one, do the math. Will it help you save money? How much longer do you need to own your home to break even? Will your current home meet your needs down the road? If you plan to stay for a few years, then maybe refinancing is your best move.
If, however, your current home doesn’t fulfill your needs for the next few years, you might want to consider using your equity for a down payment on a new home instead. You’ll still get a lower interest rate than the one you have on your current house, and with the equity you’ve already built, you can finally purchase the home you’ve been waiting for.

Bottom Line

Today, more than ever, it’s important to start working with a trusted real estate advisor. Whether you connect by phone or video chat, a real estate professional can help you understand how to safely navigate the housing market so that you can prioritize the health of your family without having to bring your plans to a standstill. Whether you’re looking to refinance, buy, or sell, a trusted advisor knows the best protocol as well as the optimal resources and lenders to help you through the process in this fast-paced world that’s changing every day.

Monday, March 30, 2020

Chip Ross Park in Corvallis is still open for the moment....


Went for a hike yesterday up at Chip Ross Park  It's on the north side of Corvallis up at the top of Lester Avenue off Highland Drive. During the shut down for the coronavirus it is still open, for now, until further steps are needed. It's been raining the last few days so there were only three or four other groups in the park at the time we went that we saw. Everyone seems to be aware of maintaining social distancing so for now it seems to be a safe place to get out of the house and get a little exercise.

It's a nice little hike, the loop from the parking lot is just a bit over a mile and a half with an elevation uphill change of roughly a bit over 350 feet over the course of the hike. Under normal circumstances there is a trail available on the backside that gives you the ability to go all over the McDonald and Dunn forests, but they're shut down right now so it's been taped off and shut down.

Here's a view from the top it provides a great view of Corvallis. The oak trees are just starting to bud out, in a few weeks it'll be nice and green up there.

Stay healthy,

    Steve

Thursday, March 26, 2020

What does the future of the real estate market look like....


Even if the market slows down right now, now might be a very good time to get a few projects done. Do you have a powder room with 30 year old wall paper you don't care for? Maybe it's time to do a relatively easy project and put an up to date coat or two of paint on it?  Do you have a front door knob that you've got to do the 30 second key jiggle to open? Door knobs aren't all that expensive and are easily replaceable. (Quick door knob rant - You may be used to jiggling the key for a bit, but few things say "lack of maintenance" on a house for sale to a potential buyer as fast as having to fight just to get in and look at the place. It can raise questioning thoughts about whether there are more issues likely to appear. Sure it's an easy fix, but many buyers are put off by potential projects, it potentially limits your buying pool a bit). The possibility for projects on an older house can be overwhelming, start with anything "broken" first then think about whether you want to  take on cosmetic stuff.

My wife and I did a bunch of projects on our last house in the months prior to going to market, after each one we wished we would have done it years earlier so we could enjoy it. Even if you aren't thinking of selling, now may be the time to do things you've been putting off so you can enjoy it for years to come.

Tuesday, March 24, 2020

OSU temporarily shuts down the McDonald and Dunn research forests to recreational use due to the coronavirus concerns...


A heads up to anyone thinking about hiking around town right now, there are some closures.  OSU just shut down the McDonald and Dunn forests and their trails, so the Lewisburg Saddle and Peavy Arboretum trailheads are all blockaded. I assume Oak Creek and other accesses are blocked as well.

I'm not sure if City and County parks with hiking like Chip Ross, Bald Hill, Fitton Green and the likes are shut down yet, it wouldn't surprise me if it happens at some point.  I do believe the City has shut down playgrounds.  Some of us may have to find another outlet for exercise.  For me, worse comes to worse I start walking stairs in my house... infinitely more boring.

  Stay healthy,

   Steve

Friday, March 20, 2020

Here's some info on where housing prices have gone during past recessions...

A Recession Does Not Equal a Housing Crisis [INFOGRAPHIC]

A Recession Does Not Equal a Housing Crisis | MyKCM

Some Highlights

  • The COVID-19 pandemic is causing an economic slowdown.
  • The good news is, home values actually increased in 3 of the last 5 U.S. recessions and decreased by less than 2% in the 4th.
  • All things considered, an economic slowdown does not equal a housing crisis, and this will not be a repeat of 2008.

Thursday, March 19, 2020

Are we going to have another housing crash?

 Are we going to have another housing crash like in 2008?

 With all that is going on with the Covid virus, it's a bit of a cautious time in the real estate industry while things are shaking out. During the last real estate housing crash houses stopped selling, prices dropped (although Corvallis missed having a tremendous drop in home values for the most part - I was living in Hawaii at the time and the state really felt it as prices had nearly tripled in the 6-7 years leading up to 2008) and for areas where prices dropped dramatically many took up to 5-7 years to recover to previous levels.

 This time around we won't know until a bit of time passes, however there are many underlying fundamentals that can indicate that this could be potentially just a bump in the road in comparison to what occurred in 2008, assuming there is a reasonably swift recovery from today's virus issues. Check out the following video...

 

If you are considering a home sale or purchase, let's talk.  Right now homes are still selling quite well in Corvallis and the area and I'll be keeping up to date on the Corvallis and Albany area market. 

Friday, March 13, 2020

Buying a Home: Do You Know the Lingo? [INFOGRAPHIC]

Buying a Home: Do You Know the Lingo? [INFOGRAPHIC] | MyKCM

Highlights:

  • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
  • To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
  • The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction with ‘the heart of a teacher.’

Woodpeckers and Flickers are pecking on my house.... What to do?

It's that time of year again that we have birds pecking holes in our siding.  Usually the first hint that they're showing up is hearing the loud ratta-tat-tat on the chimney vents on the roof. From what I've heard, that's the males trying to impress the nearby females with the loudest possible tapping noises they can make. Usually within a few days the birds start working on the house. I don't know if it's a nesting behavior or digging for potential bugs, but over the years they can cause quite a bit of damage.

What to do?  Well, pounding on the walls or going outside to yell at them is a five to ten minute fix. Squirting them with a super-soaker bazooka is extremely satisfying (once, if you have to do it again, not so much) and works for about 10 to 15 minutes usually.

So far the best solution we've come across is balloons. You can pick them up at the dollar store for a buck each and tie them off near an area they're working on and they'll skedaddle as long as the balloons are still floating.  I don't know what it is about birds and balloons, but when I had my pet store years back I kept uncaged birds out in the open and if someone came in with a balloon all heck broke lose... birds flying everywhere. We ended up finding out you could literally hold a balloon in your hand and they'd just look at you, but the moment the balloon started floating, it was freak out time.

The balloons will typically work for a day or two, then you might have to move them. Yesterday I picked up four balloons for various spots around the house and it's been quiet since. You'll want well filled helium balloons, keep in mind when the weather is cool the helium actually shrinks in the balloon and they won't float as well, so you have to be careful if you think about adding extra string because the weight might hold them down. 

Other potential solutions, hanging CD or DVD disks on the house apparently can work. Plastic owls make a real good solution... when we lived in Hawaii the mynah birds used to come to our porch to steal the food from our dog's dish, we thought it cute at first, but those things are pooping machines. Plastic owls were found in every garden department there and it worked.  I've even heard of attaching rubber snakes to the chimney vent to keep them off it... I'd love to try that one but our roof is so steep I really don't want to get up there.  If you've found other solutions feel free to chime in on the comments.

  Later,

   Steve

Tuesday, March 3, 2020

Interest rates can really affect your house payment....

How Interest Rates Can Impact Your Monthly Housing Payments | MyKCMThis came through on my Keeping Current Matters  feedClick Here for the full article.  Rates really are down now compared to historical levels. The chart above is based on a 200K loan, keep in mind you'll likely also be paying some monthly property taxes and insurance along with your monthly mortgage payment.

Low interest rates can be good for both buyers and sellers, buyers save money, and sellers can more easily sell their home as higher rates can potentially scare a lot of buyers off.

Corona virus in Corvallis and Albany....

...hopefully not yet.  So far there haven't been any reports of the new coronavirus popping up in our communities, but at some point it's bound to arrive.

Last night after reading an article about the importance of hand washing, and having a hand sanitizer available when you can't wash, I thought it might be wise to pick up a bottle for in the car.  I'm pretty good about hand washing, it's the touching the nose, mouth or eyes inadvertently after an accidental exposure that are my possible concern.  Looks as though I'm not the only one... Winco, Walmart Neighborhood Market, Market of Choice, BiMart and the north Safeway in Corvallis were all out of hand sanitizers with an alcohol base.  I did pick up a small bottle this morning after the shelves were restocked.

From what I've read, for times you can't wash your hands with soap and water, they're recommending a hand sanitizer with 60-70% by volume ethyl alcohol to be effective in stopping the virus. If you decide to pick some up and the stores are out there is another option... DIY it. Apparently you can just mix isopropyl alcohol and aloe vera gel, one part aloe vera gel to two parts of rubbing alcohol and you'll end up with the necessary alcohol while the aloe vera protects your skin from damage from the alcohol. Do a little googling, there's a bunch of recipes, just note that the ones that recommend vodka or less than a two to one mix of alcohol to aloe might not be strong enough to do the job.

Note: I'm not trying to panic anyone, and I'm not panicky about this threat, it's not ebola (which kills 4 in 10 that get it). As of last night there are 6 deaths in the country from this virus while it is estimated that 18,000+ have died in the US from the flu so far this flu season (61,000 died two flu seasons back).  People seem to be much much more aware of this threat, and that's a good thing, because it could potentially get very bad if it gets out of control as it is more lethal than the common flu. Hopefully with everyone taking precautions breakouts will be somewhat limited.

  Stay healthy!

   Steve

Saturday, February 29, 2020

The bucks have dropped their antlers....

This group of bucks is sitting in our yard this morning. They seem to have all the viewing angles covered. 

Over the course of the last 5-6 weeks or so the bucks in the neighborhood have been  dropping their horns.  We've been trying to keep an eye out in the yard for horns, we've managed to find a few over the years.  If you don't get them right away the squirrels find them and start chewing them up pretty well.

Later,
       Steve

Thursday, February 27, 2020

Building wealth through home ownership? Here's some recent information...

How Much “Housing Wealth” Can You Build in a Decade? | MyKCM


How Much “Housing Wealth” Can You Build in a Decade?


Earlier this month, the National Association of Realtors (NAR) released a special study titled Single-Family Home Price Gains by Years of Tenure. The study estimates median home price appreciation over the last 30 years based on the length of homeownership.
Below are three graphs depicting the most important data revealed in the study.

How much have home prices increased?

One of the first measures of the financial benefits of homeownership is the net worth (in the form of equity) an owner can build over time. The study showed the average increase in home values based on how long homeowners stayed in a home.
How Much “Housing Wealth” Can You Build in a Decade? | MyKCM

What was the percentage of appreciation?

Another way to look at this is by the percentage increase in value over time, called appreciation:How Much “Housing Wealth” Can You Build in a Decade? | MyKCM

Was this appreciation consistent throughout the country?

Today, when we think of markets that have done well over the last decade, we have a tendency to think about San Francisco, San Diego, Seattle, and other West Coast cities. Though it is true the West Region showed the highest price growth over the last three decades, we can see how every region of the country did quite well in ten-year increments:How Much “Housing Wealth” Can You Build in a Decade? | MyKCMThis data validates the claim that homeownership is great for building wealth. The importance of this information was highlighted in the study’s first sentence:
“Homeownership is an important source of wealth creation, enabling current homeowners and succeeding generations to move up the economic ladder.”

Bottom Line

Homeownership has many financial and non-financial benefits. The accumulation of “housing wealth” through increased equity is a major one. If you’re thinking of buying a home for the first time or moving up to your dream home, the sooner you make the move, the sooner your net worth will begin to grow.

Price can affect how fast your home sells, here's some thoughts on house pricing...

Visit houselogic.com for more articles like this.
Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Pricing a home isn't quite as easy as going online and checking on one of the major real estate websites for the estimated price and calling it a day. I just googled my address and found multiple websites that had estimates spread well over a 100K range depending on the site. That's a lot of wiggle room, I felt one site that I looked at today was pretty darned spot on for TODAY (it can change fast) and it was literally 50-60K off. both high or low, of several others. Most online estimates are based on a dollars per square foot formula and have no clue as to condition, build quality, updating, etc. Realtors can really help narrow down your price.  I'm happy to help you with the price of homes in the Corvallis and Albany area

Wednesday, February 19, 2020

How much can a mortgage change at different interest rates?

Basically, the higher your interest rate goes, the more your mortgage is going to run.  This graphic compares a 250k mortgage payment at historic rates versus today 's (more or less, it can change daily) rates.

Tuesday, February 18, 2020

There are some financial advantages to buying a home rather than renting...

The Overlooked Financial Advantages of Homeownership

The Overlooked Financial Advantages of Homeownership | MyKCM

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability.

1. You Won’t Always Have a Monthly Housing Payment

According to a recent article by the National Association of Realtors (NAR):
“If you’ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you won’t have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.”
As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity. As you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. The same piece states:
“Both the interest and property tax portion of your mortgage is a tax deduction. As long as the balance of your mortgage is less than the total price of your home, the interest is 100% deductible on your tax return.”
Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.

3. Monthly Housing Costs Are Predictable

A third item noted in the article is how monthly costs become more predictable with homeownership:
As a homeowner, your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a long period of time, unlike the unpredictability of renting.”
With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

Bottom Line

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, let’s get together to determine if buying a home sooner rather than later is right for you.

Monday, February 17, 2020

Sunday, February 16, 2020

Should I wait before buying a house....

This video is actually from last year, but prices are still rising and the video still applies...


Some of the best reasons to wait on a home purchase are paying down debt and building up a down payment, but waiting to buy because prices may go down backfires quite often. If you are paying rent, perhaps it's worth your while to compare it to what a house will cost to buy. There are low to no down payment options available to many people nowadays, maybe it's time to think about purchasing a new home. If you have questions, contact me and we can work the numbers and see if home buying is something that works for you.

Saturday, February 15, 2020

Do you need a fan in your bathroom?

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Friday, February 14, 2020

Are home prices expected to go up or down?

Should I wait to sell my house?

The #1 Reason to List Your House Right Now

The #1 Reason to List Your House Right Now | MyKCM

The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level

Demand

ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.

Supply

Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
"Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we've hit another new low of for sale-listings in January."
The decrease in inventory impacted every price range, too. Here’s a graph showing the data released by move.com:The #1 Reason to List Your House Right Now | MyKCM

Bottom Line

Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.

Here are some inexpensive garage storage ideas....

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Thursday, February 13, 2020

Here's some statistics on Corvallis and North Albany home sales in 2019...

I received this graphic from AmeriTitle and thought I'd pass it along...

 An important number on there is the median days on market. That means half the homes on the market took longer, half were sold faster.  At 56/57 days that's pretty impressive, especially considering that number typically includes the closing process which can often take 30 days or more.  If you are putting your home up for sale in Corvallis or North Albany, be prepared to have it sell quickly.

Tuesday, February 11, 2020

How do I sell my home quickly?



This video shares some good ideas on selling a home quickly.

  Access - Many buyers will be wary if they can not get into a property.  Access can begin with the MLS listing, get as many professional photos (I work with a photographer) as the MLS allows on the listing, and ensure the listing is complete and accurate. After that, the easier it is to show a home, the easier it'll be to get buyers through the front door.  Homes can and do get under contract without pre-offer showings on occasion, but homes with good access typically generate more interest more quickly.

  Staging - Staging doesn't necessarily have to go all out in our market right now, but clean and clutter free will do a lot to help a home sell. On slower moving or high end properties, proper staging can make a big difference. Clean is a priority for any home.  I'm happy to take look at homes and provide suggestions to help them sell quicker. I also have access to professional home stagers if needed.

  Price to sell - This doesn't mean you need to give away the farm, but you should be pricing your property at or just slightly below (in hopes of generating multiple offers) market price if you want it to move.  Buyers will generally not pay above market price for a property, while many sellers will have emotional attachments to their property and have a tough time letting a property go for what is market price at that moment. Market prices can change fast these days, and online pricing resources aren't necessarily spot on, in some cases quite off, and being a local Realtor, I can help narrow down the price correctly.  Even if a seller is willing to listen to offers, properties priced too high can actually scare off offers, and if a home that is overpriced sits too long, a price drop may not help it generate a lot of new buyer activity, so it's best to be priced in the correct range from the get-go.

  My goal is to get you the best possible price, as quickly as possible.

    Steve


Looks like homeownership rates are back on the rise....

Here's a recent post from Keeping Current Matters:

Homeownership Rate on the Rise to a 6-Year High

Homeownership Rate on the Rise to a 6-Year High | MyKCM

Homeownership Rate on the Rise to a 6-Year High | MyKCMRegardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years. See the graph below:This increase does not come as a surprise. According to realtor.com,
“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”
With so many Millennials entering a homebuying phase of life and getting into the market, the Millennial Report also explains,
“Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are saving to buy a home.”
Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making homeownership more desirable and achievable at the same time. Freddie Mac explains,
“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”
The increase in homeownership rate was also represented by race and ethnicity of the householders. HousingWire explains,
“The homeownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”
Homeownership Rate on the Rise to a 6-Year High | MyKCMSee the graph below:

Bottom Line

If you’re considering buying a home this year, let’s get together to set a plan that will help you get one step closer to achieving your dream.

Sunday, February 9, 2020

Renting versus buying in Corvallis...

Tired of your rent going up? Consider buying, mortgage rates are low and you can lock in your payments for years.

Here's a little story from my past... Back in the 80's I lived in a 5 bedroom house down near campus a bunch of us rented for $1100 a month from what I recall. I got to talking with the landlord and they said they were thinking about putting the house on the market for 72K.

Now interest rates were in the 14% range back in '84-'85 and even with interest rates that high (we have it real good now with current interest rates, it's a great time to be buying) it would have saved us a bit of money to buy the house. Of course, we were a bunch of college aged kids all planning on going our separate ways and couldn't swing it, but it was an interesting thought.  Since I now have access to past listings I decided to look up the most recent sale, and that house sold in the mid-400s and was renting out at over 3K a month.  Woulda,coulda, shoulda...  anyways, I'm a firm believer that if you are planning on staying put for 5-6 years or more buying should be a strongly considered if you can make it happen.

Friday, February 7, 2020

Are first time buyers looking for existing homes or newly built homes.....

First-Time Buyers Are Searching for Existing Homes This Year

First-Time Buyers Are Searching for Existing Homes This Year | MyKCM

In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers that will be first-time buyers looking to purchase a home grew from 58% in Q4 2018 to 63% in Q4 2019.
The results revealed,
“Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers:  88% of Gen Z buyers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.”
With a high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.
In fact, according to the same study, there is a significant demand for existing homes:
“In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home.”
With showing activity up among buyers and more new construction coming to market, as a homeowner, you have the opportunity to sell your existing house now and move up into a new one, or downsize into a home that better fits your current and ever-changing needs.

Bottom Line

Not all buyers are looking for a newly built house. If you’re ready to take advantage of low mortgage rates and a high demand for your existing home, let’s get together to determine how we will market the charming details of your current house to potential buyers.