(1) “SOLD” statistics include both SOLD and PENDING
(2) Months of Inventory Calculation based on the rate of sales in the previous 90 days.
Albany
Corvallis
Lebanon
Last – Thursday, July 24. Monthly Real Estate Luncheon. Guests will include Ana Norlander (Windermere Willamette Valley); Kelly Gardner (Pinnacle Mortgage); and Brent Norlander (Wells Fargo). Our topic will be FreddieMac and FannieMae, and the current conditions in the lending environment. Let us help you sort out all the hype…and get the right information to make a good decision in today’s real estate market.
Upcoming Guests Scheduled:
August
Saturday, August 2. Tentatively Scheduled-Polly Cappalo (Winderemere) - How to sell your home in a tough market. We'll be talking about creative marketing, home staging, effective pricing strategies, and giving sellers some insights into how to get that SOLD sign in the front yard.
Thursday, August 7 / Saturday, August 9. Roland Brower (State Farm Insurance) is scheduled to be the guest. Our topics will include home owners insurance, getting the binder during the purchase process, Flood insurance issues, and a general overview of what types of coverage you need. *Encore airing on 9 August.
Saturday, August 16 – Donna Jo Merrifield (Coldwell Banker Valley Brokers) Understanding the Earnest Money Agreement – what do all the clauses mean? How can you protect yourself and what you NEED to understand before you sign one (either as a buyer OR a seller).
Thursday, August 21 / Saturday, August 23 – To Be Determined
Saturday, August 30 – To Be Determined
Upcoming Show topics that I’m working to put together for you in August:
- 1st Time Home buyer – Down Payment Assistance programs
I've been talking to a number of potential buyers lately - and there seems to be a lot of buying 'activity' but no decisions. Everyone is waiting for the market to bottom...trying to find the "PERFECT TIME TO BUY."
Hmmm...is waiting the right answer? Maybe. But the best answer depends on more than one factor. For example, even if you can accurately assume that prices are going to come down (further), what is going to happen to interest rates? More importantly, what does that mean to the monthly payment (for many - the REAL bottom line).
Let's take a quick look:
Albany Oregon - January 2008 - Median SOLD price over the previous 90 days - $183,754
The 30 year fixed rate mortgage was (according to FreddieMac) - 5.48 percent. Your montly Principal and Interest payment (asssuming 10% down payment) would have been $936.92.
What about today? In Albany Oregon today, the median SOLD price over the past 90 days was $194,750 (up a little - but it's been sort of a wave over the past few months). However, the prevailing 30 year fixed rate loan is now 6.26 percent! With that same 10 percent downpayment, your monthly Principal and Interest payment is now $1080.33 - almost $150 MORE each month!
Ok, you thought prices were coming down, right? In fact, if you look at the ACTIVE listings (let's use the median ASKING price) and do the same math.
January 2008 - Median asking price $229,900. With 10% down and at the prevailing 5.48 percent interest - your monthly payment (not including taxes and insurance) - $1172.21
July 2008 - Median asking price is $215,549 (now that's more like it, huh?) But, the interest rate is now 6.26 percent so, with your 10% down your monthly payment is $1195.71.
Bet you wished you'd pulled the trigger in January!
It’s really tough to time the market. If you wait – interest rates could continue to move up (prevailing wisdom is that they aren't going DOWN anytime soon - at least not back to the mid 5 percent range!)…and while prices could come down further, that means you’ll probably get less for your house (when you sell) too. If you wait too long, prices will be going up…and who knows what will happen to the interest rates. It’s almost too many factors to try and calculate…and the future is pretty un-certain.
I would offer only one suggestion to your approach to this – make it about the HOME. Any decision to sell and buy something new should take everything into account (the logic behind a good decision HAS to be there), but at the end of the day it has to be about where is the right place for your family. When it comes along, you’ll know, and everything else will fall into place, and the decision will be easy.
Let me know if there is any way that I can help…or if there is any other information you need.
I thought it would be fun to work with a first time home buyer through the entire process...and share it with my listeners on the air.
If you are thinking about buying your first home and would be willing to share your time and experiences with our listeners we're looking for YOU. I am now taking applications for participants. The winner will be selected and we'll be off and running on the radio.
The first show will be dedicated to you and your situation. We will talk (in general terms, we don't want to impact you personal private information) about your financial situation and what you need to do to get pre-qualified and pre-approved. We'll establish a general budget and find out what you want in a home.
Then, each week we'll spend about 10 minutes of each edition of Real Estate Talk talking with you about how things are going. You'll share your frustrations and your high points with our listeners, helping them to get a realistic view of the process. This weekly segment can be done easily over the phone OR in the studio.
If you're interested in participating - check out this link CLICK HERE for more information.
(1) “SOLD” statistics include both SOLD and PENDING(2) Months of Inventory Calculation based on the rate of sales in the previous 90 days.
SOLD/Pending (past 90 days) – 194
Current Active Listings – 485
Last – Saturday, July 19. Reverse Mortgages will be the topic with my guest Jim Becker, Reverse Mortgage Manager, Wells Fargo Home Mortgage. Do you qualify for a Reverse Mortgage and is it the right step for you? How does it work and what are the benefits and costs? If you are over age 62 and own your home…you’ll want to listen to this show.
July
Thursday, July 24. Monthly Real Estate Luncheon. Guests will include Ana Norlander (Windermere Willamette Valley); Kelly Gardner (Pinnacle Mortgage); and Brent Norlander (Wells Fargo). Our topic will be FreddieMac and FannieMae, and the current conditions in the lending environment. Let us help you sort out all the hype…and get the right information to make a good decision in today’s real estate market. *This show will air as an encore performance on Saturday, July 26.
Saturday, August 2. Tentatively Scheduled-Polly Cappalo (Winderemere)
Thursday, August 7 / Saturday, August 9. Roland Brower (State Farm Insurance) is scheduled to be the guest. Our topics will include home owners insurance, getting the binder during the purchase process, Flood insurance issues, and a general overview of what types of coverage you need.
Saturday, August 16 – To Be Determined
- Understanding the Earnest Money Agreement – what do all the clauses mean? How can you protect yourself and what you NEED to understand before you sign one (either as a buyer OR a seller).
Last – Saturday, July 12 – Is a custom home the right choice for you? Sue Long of Keller Williams Realty and Krishna Rao, builder and developer will be here discussing building a custom home, from understanding the financing through the building process.
Saturday, July 19. Reverse Mortgages will be the topic with my guest Jim Becker, Reverse Mortgage Manager, Wells Fargo Home Mortgage. Do you qualify for a Reverse Mortgage and is it the right step for you? How does it work and what are the benefits and costs? If you are over age 62 and own your home…you’ll want to listen to this show.
Upcoming Show topics that I’m working to put together for you in July:
Here's what I think, but I'd be interested in YOUR opinions. Please post them to this BLOG for all.
It seems like over the past 6 months, every time we start to see what may be a turning point in the market something NEW kicks in and the confidence that people should have in the market disappears. I have been talking over the past few weeks with some optimism as inventory in the mid-valley has been stabilizing and the sales numbers starting to see some pick up…nothing dramatic but there was a generally positive tone to the numbers and from what I was hearing anecdotally from my fellow real estate professionals. This week, there was STILL some good news to be found, but I fear that the trends are not going to continue and primarily because of the newest wrinkle in the economy coming from these skyrocketing oil prices. *Remember, I do a 90 day average here on Real Estate Talk so the impact of events today get averaged into the prior 89 previous days…
I’ve said this before on the show but I think its important to emphasize this point again…
** IF you do NOT need to sell your home, you may want to consider taking it off the market and help to reduce the existing inventory. The houses that are going to sell in today’s environment are those that are priced aggressively and stand out from the crowd. If you need to sell, be very aware of your pricing strategy, make sure that you are doing everything you can to improve your curb appeal and showability…and if you are trying to decide between selling and remodeling, think long and hard about your choices and the costs involved.
** If you are a buyer today – get your financing lined up. Get pre-approved, not just pre-qualified. You will increase your negotiating strength ten-fold if you have no house to sell and have solid financing…you have a real opportunity today as a buyer.
So...what do YOU think?
Last – Thursday, July 03 – Bill and Julie Flesher, Coldwell Banker Valley Brokers (Lebanon) will be in giving us some insights into commercial real estate today. *Encore airing on Saturday 05 July.
June
Saturday, July 12 – Is a custom home the right choice for you? Sue Long of Keller Williams Realty and Krishna Rao, builder and developer will be here discussing building a custom home, from understanding the financing through the building process.
Flood Insurance Information
New legislation effecting foreclosures
I'm adding a new page to my website just to help YOU find them. I actively look for properties that
I'll let you know why the pros and cons about each one - to help YOU see behind the curtain and find out whether its right for you. As I find them, I'll post them so check back often - who knows, that hidden gem you've been looking for might be right here.
One thing - and this is important - these are NOT my listings, and won't be ones from my office either. I'm working for you here, to search the broader MLS and find the screaming deals. I am a Buyer's Agent ONLY when it comes to homes on this web-page.
Here's the page, check it out. I"ll add more homes as I find them for you.
www.DavePautschRealEstate.com/HotDealsforBuyers
As part of the Albany Timber Carnival, Other events include logging, live music, and car shows. All the events will be at the Timber Linn Park in Albany.
Take part in the annual Celebrate Freedom. The First Assembly of God's annual patriotic concert down at Monteith Riverpark, will begin at 8:00 p.m. on Friday, July 4. BBQ’d meals with your choice of chicken, hamburger or hotdog; and strawberry shortcake and other concessions for sale along with activities for the children will begin at 6:00 p.m. This year’s concert will feature the Celebration Choir with costumed choreography and dance, along with a special tribute to military servicemen and women, and will conclude with a spectacular fireworks display over the Willamette River. Bring your family and invite your friends to Celebrate Freedom.
Red White & Blues Riverfront Festival July 3rd and 4th on the Downtown Corvallis Riverfront! The Red White and Blues Riverfront Festival is fun-filled, packed with numerous activities, "All-American Anyone-Can-Join Fabulous Fantastic 4th of July Parade", and features a firework show over the Willamette River!
When? 9:30-10:30: Local Corvallis Band will play patriotic songs; fireworks display over the Willamette RiverAdmissionGeneral Admission: $5Under 12: No Admission
The Star Spangled Celebration at Cheadle Lake! An Old Fashioned 4th of July Celebration. Cost is just $8 a car load and there is plenty to do for the whole family - AFFORDABLE Family Fun! Open to the public at 2:00 pm and ending with the Fire in the Sky from 10:00 to 10:30 pm.
1) “SOLD” statistics include both SOLD and PENDING
Next Show – Saturday June 28 – Low-ball offer strategies for buyers and sellers. My guest will be Jason Cadwell (Prudential Albany Real Estate Professionals)
Thursday, July 03 – Bill and Julie Flesher, Coldwell Banker Valley Brokers (Lebanon) will be in giving us some insights into commercial real estate today. This show will re-air as an encore performance on 05 July.
Reverse Mortgages
SOLD/Pending (past 90 days) – 196
Average price – $218,514
Median Sale Price – $197,365
Average Days on the Market – 132
Average Dollar per Square Foot - $133.07
Current Active Listings – 474
Average Price of Active Listings - $262,156
Months of Inventory – 7.26
SOLD/Pending (past 90 days) – 143
Average price – $298,255
Median Sale Price – $267,000
Average Days on the Market – 112
Average Dollar per Square Foot - $166.19
Current Active Listings – 244
Average Price of Active Listings - $343,927
Months of Inventory – 5.12
SOLD/Pending (past 90 days) – 45
Average price – $168,219
Median Sale Price – $146,650
Average Days on the Market – 93
Average Dollar per Square Foot – $114.71
Current Active Listings – 167
Average Price of Active Listings - $194,669
Months of Inventory – 11.13
Last – Thursday June 19 (Saturday June 21) – Our monthly Real Estate Luncheon. This month the guests for Dave’s roundtable are scheduled to be – Dave Manley (Lebanon Real Estate) and Steve Parrott (AmeriTitle). Our discussions leaned quite heavily toward events in the Lebanon housing market.
Saturday June 28 – Low-ball offer strategies for buyers and sellers. My guest is scheduled to be Jason Cadwell (Prudential Albany Real Estate Professionals)
Thursday, July 03 – Bill and Julie Flesher, Coldwell Banker Valley Brokers (Lebanon) will be in giving us some insights into commercial real estate today.
Last – Saturday June 14 – This show is all about “GREEN.” Dave’s guests include Steve Willems of Parr Lumber and Glen Rea from EKOS Northwest (www.ekosnw.com) and our discussions will be on the new trends in building materials and techniques designed to be better for the environment.
Thursday June 19 (Saturday June 21) – Our monthly Real Estate Luncheon. This month the guests for Dave’s roundtable are scheduled to be – Carisa Ramey (Central Willamette Community Credit Union), Dave Manley (Lebanon Real Estate) and Steve Parrott (AmeriTitle). Our discussions will lean heavily toward events in the Lebanon housing market.
Saturday June 28 – Reverse Mortgages (TBD)
Saturday, July 12 – Is a custom home the right choice for you? Sue Long of Keller Williams Realty and Rao Krishna, builder and developer will be here discussing building a custom home, from understanding the financing through the building process.
If you want to understand the housing market - and make the best possible decision for you...you need information and you can get it by attending these FREE Workshops.
Understanding the Real Estate Market in Oregon's mid-Willamette Valley
Buying a Home in Today's Market - Part 1
Buying a Home in Today's Market - Part 2
When are these workshops being held?
** All workshops are held from 7 to 9PM; refreshments provided
Where are these workshops being held?
Phoenix Inn and Suites, Albany Oregon
How do I register?
3 methods to register - use the one most convenient for you!
Must I sign up in Advance?
Yes, please. We need to know how many are attending so that we can ensure that enough materials are available and seating IS limited.
Who is presenting the information?
We have 4 Real Estate Professionals with over 50 years total experience in the industry; 2 Lending Professionals; and a Senior Escrow Officer
Who is sponsoring the workshops?
The sponsors include: KGAL Radio and Real Estate Talk with Dave Pautsch
Last – Thursday June 05 (and Saturday June 07) – Tom Powell, Powell Construction was here to talk with Dave about remodeling projects for your home and when it may be better to remodel vice buy a new home. We talked a little about the costs of some remodeling projects, how to select a contractor to help you design and complete the job, and the relationship between the cost of the job and the value of your home after it's completed.
Saturday June 14 – This show is all about “GREEN.” Dave’s guests include Steve Willems of Parr Lumber and Glen Rea from EKOS Northwest (www.ekosnw.com) and our discussions will be on the new trends in building materials and techniques designed to be better for the environment.
Saturday June 28 – TBD
Last – Saturday May 31 – Wanda Omdahl, the Albany Fire Department Public Information Officer is Dave’s guest and the discussion is about the smoke alarm requirements when you buy or sell a home as well as creating a fire safety plan for your home.
Thursday June 05 (and Saturday June 07) – Tom Powell, Powell Construction will be here to talk with Dave about remodeling projects for your home and when it may be better to remodel vice buy a new home.