I just realized it's "Beer Week" in Corvallis Oregon....

... and I'm too busy to join in this week....

 Corvallis has a fairly strong brewing industry and holds a week long celebration every September. Click here to go to the official website with a list of local brewing related events that are occurring this week.

Why buy a home now insead of waiting until spring?

4 Reasons Why Fall Is A Great Time to Buy A Home!

 from Keeping Current Matters: Monday September 10th, 2018  First Time Home Buyers, For Buyers, Move-Up Buyers

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insights report reveals that home prices have appreciated by 6.2% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.1% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have already increased by half of a percentage point, to around 4.5% in 2018. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by half a percentage point to around 5.1% by this time next year.

An increase in rates will impact your monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home which you can then tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

More on today's real estate market....

NAR Reports Show It’s A Great Time to Sell!

 from Keeping Current Matters: Tuesday September 11th, 2018  For Sellers, Housing Market Updates, Move-Up Buyers

We all realize that the best time to sell anything is when the demand for that item is high and the supply of that item is limited. The last two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that right now continues to be a great time to sell your house.

Let’s look at the data covered in the latest Pending Home Sales Report and Existing Home Sales Report.

THE PENDING HOME SALES REPORT

The report announced that pending home sales (homes going into contract) are down 2.3% from last year and have continued to fall on an annual basis for seven straight months.

Lawrence Yun, NAR’s Chief Economist, had this to say:

“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.”

Takeaway: Demand for housing is strong and will continue to grow in 2019. Without an influx of new listings for sale, pending home sales will continue to decline. Listing now means you will be able to take advantage of the demand currently in the market.

THE EXISTING HOME SALES REPORT

The most important data point revealed in the report was not sales-based, but was instead the inventory of homes for sale (supply). The report explained:

• Total housing inventory decreased 0.7% to 5.34 million homes available for sale in July
• This represents a 4.3-month supply at the current sales pace
• Sales are now 1.5% below a year ago

There were two more interesting comments made by Yun in the report:

“Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million.”

In real estate, there is a guideline that often applies: When there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation; between 6-7 months is a neutral market, where prices will increase at the rate of inflation; and more than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values. As Yun notes, we are (and will remain) in a seller’s market and prices will continue to increase unless more listings come to the market.

“Listings continue to go under contract in under a month, which highlights the feedback from Realtors® that buyers are swiftly snatching up moderately-priced properties. Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

Takeaway: Inventory of homes for sale is still well below the 6-month supply needed for a normal market. Prices will continue to rise if a sizable supply does not enter the market.

Bottom Line

If you are going to sell, now may be the time to take advantage of the ready, willing, and able buyers that are still out looking for your house.

Are you looking for a real estate agent in Corvallis/Albany/Salem and the surrounding area?

Woohoo!! Football season has arrived in Corvallis....

I missed a great game in Corvallis this last weekend.  I was visiting Bend with some old friends, we still were able to watch the game on TV.  The Beavers look to be building a pretty potent offense, scoring 38 points in the first quarter and a half of the game.  Next up, Nevada at Reno.  I've got tickets for my wife and I... it'll be our first "road trip" to see a game.

GO BEAVS!

What will home prices do in the next year or so? Here's some thoughts...

What Does the Future Hold for Home Prices?

from Keeping Current Matters: Thursday September 6th, 2018  For Buyers, For Sellers, Housing Market Updates, Interest Rates,Pricing

Home prices are at the top of everyone’s minds. Can they maintain their current pace of appreciation? Will rising mortgage rates negatively impact home values? Will the next economic slowdown cause prices to crash?

Let’s try to answer these questions based on what has happened in the past as well as what we know about the current real estate market.

The Impact of Rising Interest Rates

We explained earlier this year that rising mortgage rates have not negatively impacted home prices in the past and probably wouldn’t this time either. Freddie Mac’s comments were very direct:

“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”

They were correct. So far this year, home values have continued to appreciate above normal historic percentages and it appears the gradual increase in rates has had little impact on prices.

The Impact of an Economic Slowdown

Many people fear that when the economy turns, we may see the same depreciation in home values as we did a decade ago.

However, we recently reported that the same group of economists, real estate experts, and investment & market strategists who predicted the next recession will occur in the next 18-24 months have also projected that house prices will continue to appreciate for the next five years, albeit at smaller percentages.

It Comes Down to Supply and Demand

As always, home prices will be determined by the demand to purchase compared to the available inventory of homes for sale. For the last six years, demand has far exceeded the available supply which has resulted in the average annual appreciation to top 6% since 2012. That is far greater than the historic norm of 3.6% annual appreciation that we saw prior to the housing boom.

There are currently small signs that housing inventory is slowly beginning to increase. Months supply of houses for sale matched last year’s numbers for the last two months after 37 consecutive months of decreasing inventory. New construction data has also shown positive signs that inventory will be increasing.

As inventory begins to meet demand, we will see appreciation return to more normal levels. We are already seeing projections coming in lower than the 6.2% annual average we have seen more recently.

CoreLogic is predicting that home values will appreciate by 5.1% over the next twelve months and the Home Price Expectation Survey calls for values to increase by 4.2% in 2019.

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.”

To see some national year over year price increase statistics, click here. 

Here's some national home price increase information...

...from Keeping Current Matters:

Some Highlights:

• The Federal Housing Finance Agency (FHFA) recently released their latest quarterly Home Price Index report.
• In the report, home prices are compared both regionally and by state.
• Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!

Oregon prices went up 7.9% year over year... Prices can change quickly, in many cases a current price quote can be significantly different from that from a month or two or three ago. Price changes can also vary greatly from neighborhood to neighborhood. If you would like to know the current value of your home in Corvallis, Albany, Salem or the surrounding area, please contact real estate broker Steve Frisbie for a comparative market analysis of your home.

Some information on pricing your home....

Selling Your Home? Here’s 2 Ways to Get the Best Price!

 Form Keeping Current Matters:Tuesday July 24th, 2018  For Sellers, Move-Up Buyers, Pricing

Every homeowner wants to make sure that they maximize their financial reward when selling their home, but how do you guarantee that you receive the maximum value for your house?

Here are two ways to ensure that you get the highest price possible.

1. Price it a Little Low

This may seem counterintuitive, but let’s take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the demand for their houses (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive as the seller may think that he or she will make more money by avoiding a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by real estate professionals.

A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs, when compared to MLS sales of similar properties, is about 5.5%. Sales in 2017 suggest the average sales price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

Some things to consider as we approach retirement....

Will Your Current House Fit Your Needs in Retirement?

 from Keeping Current Matters:Wednesday July 25th, 2018  Baby Boomers, For Buyers, For Sellers, Move-Up Buyers

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.1

1. Affordability

“It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

Labor Day at Lumos Winery outside of Philomath and Corvallis Oregon....

It's a Beautiful Day!

My Labor Day weekend T-bone steak sous vide and grill experiment....

Saturday I went down to the local Safeway and saw they had T-bones at $5.77 a pound and decided to cook up enough steak to last a few days.  I picked up a couple of 2 inch cuts.

In the past, when I've experimented with thick cuts like this the results have been pretty variable... part is over cooked, some of it is perfect, and some of it may be raw or bordering on raw to where it needs to go back on the fire and then I have more overcooked meat to deal with.  That has pretty much ended now that a friend showed me sous vide cooking.

With sous vide cooking, you are cooking your meat in a bag in a pot at a specific temperature to bring your meat to the proper amount of cooking you desire. You can cook an entire chunk of meat to pretty much any level of "done-ness" you'd like... rare, medium rare, medium... etc by adjusting the temperature you are running the sous vide at. There are a couple of different ways of getting your pot of water to the proper temperature, but the easiest and likely most accurate way of doing it is to pick up one of the sous vide cookers. They're starting to come down in price these days and can be had for 60-80 bucks and up.  With thise you can pretty much dial in the temp you want and they will heat and circulate the water so you get an evenly cooked piece of meat.

 Different cuts or types of meat may have different cooking temperatures or lengths of time to cook (you need to make sure you are cooking it long enough to pasteurize it when cooking at low temperatures).  These were 2 inch cuts, and I wanted to go for medium rare so I went to 131 degrees for about 4 hours to ensure they were done.  Fatty cuts like ribeye or T-bones can be done in a couple/few hours, cuts like chuck steak can go for days if needed to soften them up.

Basically the plan is to get your meat, salt and pepper it then add a bit of smashed garlic and rosemary, then put it in bags and vacuum the air out of them (these particular bags some with a one way valve and a little hand pump, but you can use regular sandwich/storage bags by immersing the bags in water part ways to push the air out before sealing them), then put them in a pot of moving water at a particular temperature.

After your time is up, you are left with basically a blob of quivering gray-ish meat.. not very appetizing looking but they smell great... You'll need to put it on a hot grill or in a hot pan with some oil and finish off the outside to where it has the amount of char you'd like.  There are actually torches and butane/propane torch attachments made for charring the outside that some people go with.





In theory you can cook a huge chunk of meat, say a roast, and get the entire roast to a perfect medium rare/medium/whatever, then just crisp up the outside of that chunk of cooked meat and  have yourself a glorious chunk of meat that any chef would envy.

I've only tried a couple of things so far.  Next time I'm going to shoot for medium rather than medium rare and see if it comes out as soft.  This was really good steak, even better after a day in the fridge.

People are cooking all sorts of meats this way.  I've heard of people doing chicken breast, pork and all of the usual suspects this way.  I did try small lamb loin chops a couple of weeks back - it worked, but frankly I don't think the lamb picked up the grill flavor my wife and I like in the 60 or so seconds a side they received on the grill.  I've also done slightly under one inch thick ribeyes, turned out fine, but I'm not sure if the final results were worth the extra effort.

In the end, I'll probably do this from time to time when I want to look at a big impressive piece of properly cooked pinkish meat that will last us a few days.

 Later,

    Steve

Summer and spring are not the only times to sell a house....

5 Reasons You Should Sell This Fall!

 From Keeping Current Matters: Monday September 3rd, 2018  For Buyers, For Sellers, Move-Up Buyers

Here are five reasons why listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! In fact, more often than not, multiple buyers end up competing with each other to buy the same homes.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now 

Housing inventory is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon!

Historically, a homeowner stayed in his or her home for an average of six years, but that number has hovered between nine and ten years since 2011. Many homeowners have a pent-up desire to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all that they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 44 days.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The abundance of inventory available in these higher price ranges has created a buyer’s market for anybody looking to purchase these homes. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

According to CoreLogic, prices are projected to appreciate by 5.1% over the next year. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life 

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you feel you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Best places to live - Corvallis.....

Livability.com named Corvallis the third best mid-sized city in the US to live in this year Click here for the article.