Here are some inexpensive garage storage ideas....

• 

  14 Garage Organization Ideas Under $50

  Easy-to-afford solutions for your tools, sporting and seasonal gear (so you’ll have room for your car, too). Read

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Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

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.

Thinking about selling your home? I would like to help!

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

Regardless 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.”

See 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.

Are home prices still rising?

This came across my desk, I thought I'd share it.

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.

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

First-Time Buyers Are Searching for Existing Homes This Year

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.

How much mortgage can I afford?

• 

  4 Tips to Determine How Much Mortgage You Can Afford

  What’s a rule of thumb to determine how much mortgage you can afford? There’s no one rule, but these four tips will tell you. Read

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Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Homeowners are generally pretty happy to no longer be renting....

I'm not going to guarantee owning a home is going to make you happier, but if you are frustrated about paying someone else's mortgage while renting when you could pay your own mortgage and likely be building equity, let's talk.

Here's some thoughts on housing availability...

Here's a little article on housing shortages around the country from Keeping Current Matters.  Corvallis is not immune to this, there hasn't been a lot of building new subdivisions and it's helped keep Corvallis housing prices fairly high.  We're starting to see some new subdivisions again it seems.

Where Have All the Houses Disappeared To?

If you’re following what’s happening in the current housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers. Another reason is that the inventory of existing homes for sale is shrinking. According to the most recent Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 10.8% from the same time last year. That exceeds expectations and is great news.

The troubling news from the report is that the sold inventory is not being replaced. As NAR explained,

“Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago. Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales.”

The situation was also addressed in a recent Zillow article stating,

“The number of for-sale homes in the U.S. is at its lowest point in at least seven years, and the shortage appears poised to get worse before it gets better.”

Bill McBride of Calculated Risk further noted,

“Inventory always decreases sharply in December as people take their homes off the market for the holidays. However, based on the data I've collected, this was the lowest level for inventory in at least three decades (the previous low was 1.43 million in December 1993).”

Why is inventory falling so dramatically? I thought the housing market had softened.

A year ago, that was the case – but the market shifted again. Skylar Olsen, Director of Economic Research at Zillow, explains,

"A year ago, a combination of a government shutdown, stock market slump and mortgage rate spike caused a long-anticipated inventory rise. That supposed boom turned out to be a short-lived mirage as buyers came back into the market and more than erased the inventory gains. As a natural reaction, the recent slowdown in home values looks like it's set to reverse back to accelerating growth right as we head into home shopping season with demand outpacing supply."

What does this mean if you’re a homeowner thinking of selling?

Now is a great time to consider putting your home on the market. The competition (number of houses on the market) has not been this low in decades. It’s best not to wait for the inventory (both existing homes and new construction) to increase in the spring, as it always does.

Bottom Line

The supply of homes for sale is at a historic low. Buyer demand is surprisingly strong. Now would be a great time to sell.

As wages have been rising and interest rates remain low, buying power is increasing....

This national statistics slide is from a couple months back, but until interest rates increase it should reflect the current market.

What should I repair before selling my house......

• 

  7 Important Repairs to Make Before Selling A House

  The most critical things to do to increase your home’s value before putting it on the market. Read

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Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®