Real Estate Talk Blog for the Willamette Valley

Real Estate Talk Market Update for February 23, 2008

(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

• SOLD/Pending (past 90 days) – 154
• Average price – $216,961
• Median Sale Price – $189,100
• Average Days on the Market – 172
• Average Dollar per Square Foot - $131.16
• Current Active Listings – 374
• Average Price of Active Listings - $270,714
• Months of Inventory – 7.29

Corvallis

• SOLD/Pending (past 90 days) – 102
• Average price – $293,023
• Median Sale Price – $275,750
• Average Days on the Market – 119
• Average Dollar per Square Foot - $174.82
• Current Active Listings – 199
• Average Price of Active Listings - $351,969
• Months of Inventory – 5.85

Lebanon

• SOLD/Pending (past 90 days) – 44
• Average price – $154,052
• Median Sale Price – $142,500
• Average Days on the Market – 119
• Average Dollar per Square Foot – $114.26
• Current Active Listings – 146
• Average Price of Active Listings - $206,763
• Months of Inventory – 9.95

Today – 23 February – Dale Henson, Willamette Valley Bank. Our subject was credit challenges and what the consumer needs to know to get back on track.

Upcoming Guests Scheduled:

February

01 March – Harry Whitley, Whit’s Quality Home Repairs. Whit was in his role as Mr. Fixit today, explaining the details of some simple home repairs that we can do; including a drywall repair.

06 March – Dale Henson, Willamette Valley Bank.  Dale will be back to continue our discussion from 23 February regarding your Credit Score, how it is developed and what you as a consumer need to know.

15 March – Scott Lepman, Lepman Properties (tentative) Scott will be here to discuss issues regarding property management and investing in real estate

20 March – Real Estate Luncheon; our monthly round table discussion about current events in the mid-valley, and national real estate markets

29 March – Guest TBD

Making Wise Decisions in Real Estate Workshops

Tuesday 19 Feb through Tuesday 11 March
at the Phoenix Inn and Suites in Albany, Oregon.

• FREE for all who Pre-Register!  Thanks to our generous sponsors...we're waiving the $50 registration fee, but space is STILL limited.
• One of our sponsors has offered a cruise for a drawing at the final workshop.  All attendees of ANY workshop will be entered to win.
• Stewart Inspections will be giving away a FREE Whole Home Inspection ($400 value) as a drawing.  All attendees fo ANY workshop will be entered to win!

Real Estate Talk Market Update for February 16, 2008

(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

• SOLD/Pending (past 90 days) – 154
• Average price – $213,239.55
• Median Sale Price – $187,950
• Average Days on the Market – 162
• Average Dollar per Square Foot - $131.79
• Current Active Listings – 372
• Average Price of Active Listings - $267,178
• Months of Inventory – 7.25

Corvallis

• SOLD/Pending (past 90 days) – 101
• Average price – $297,532
• Median Sale Price – $289,500
• Average Days on the Market – 119
• Average Dollar per Square Foot - $174.57
• Current Active Listings – 204
• Average Price of Active Listings - $340,292
• Months of Inventory – 6.06

Lebanon

• SOLD/Pending (past 90 days) – 47
• Average price – $157,453.85
• Median Sale Price – $140,250
• Average Days on the Market – 129
• Average Dollar per Square Foot – $114.56
• Current Active Listings – 150
• Average Price of Active Listings - $207,496
• Months of Inventory – 9.57

Today – 16 February – At the Benton County Home Show – Chip Cover of Conser Design and Construction here to talk about home maintenance

Upcoming Guests Scheduled:

February

23 February – TBD (tentatively scheduled – Scott Lepman of Lepman Properties) talking about property management and valuation of investment property

Real Estate Talk Market Update for January 26, 2008

(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

• SOLD/Pending (past 90 days) – 156
• Average price – $211,773
• Median Sale Price – $187,950
• Average Days on the Market – 158
• Average Dollar per Square Foot - $132.36
• Current Active Listings – 354
• Average Price of Active Listings - $263,049
• Months of Inventory – 6.81

Corvallis

• SOLD/Pending (past 90 days) – 108
• Average price – $299,111
• Median Sale Price – $279,000
• Average Days on the Market – 113
• Average Dollar per Square Foot - $173.53
• Current Active Listings – 211
• Average Price of Active Listings - $343,870
• Months of Inventory – 5.86

Lebanon

• SOLD/Pending (past 90 days) – 44
• Average price – $160,693
• Median Sale Price – $136,900
• Average Days on the Market – 119
• Average Dollar per Square Foot – $117.12
• Current Active Listings – 142
• Average Price of Active Listings - $212,215
• Months of Inventory – 9.68

Today – Doug Conser, Conser Appraisals (audio coming soon)

Upcoming Guests Scheduled:

February

7 February – Thursday Edition; Real Estate Luncheon. A New monthly segment on Real Estate Talk that will feature a round table of local industry professionals including Realtors, Financial, and Title/Escrow representatives from the mid-Valley discussing hot topics in Real Estate. Guests for the first luncheon:  Evelyn Dansyear (LandAmerica/Lawyer's Title), Kelly Gardner (Pinnacle Mortgage), Mary Hartley (ReMax Integrity).

*9 February – Encore presentation of the 7 February Real Estate Luncheon

16 February – At the Benton County Home Show – Chip Cover of Conser Design and Construction here to talk about home maintenance

21 February – Thursday Edition – TBD

*23 February – Encore presentation of the 21 February show

Mr. and Mrs. Home Seller you want to be in the strongest possible position in your negotiations don't you?  When that buyer brings in an offer, you want to be able to stand on solid ground to ensure that you get the ABSOLUTE best deal for your needs, right?

Here are 3 reasons why a poor pricing strategy weakens your negotiating position:

(1) It results in less buyer traffic to your home because you have reduced the pool of potential buyers who might consider your house a value.

(2) Reduced levels of traffic usually means "no offers" and the Days on the Market statistic begins to climb.  * Among the first question most buyer's ask..."how long has it been on the market?"  Buyers will begin to ASSUME that you must be motivated, and are more likely to throw a low-ball offer if DOM is 60 days or greater.

(3) Later your drastic price cut, or offer of various incentives infers a very high level of motivation, which will be used as a negotiating weapon against you. 

At the beginning, you held all the cards.  You had the nicest house in the neighborhood, prepared it well for showing, and you didn't feel any pressure to sell.  A buyer coming in with an unrealistic offer would be countered at a minimum...and maybe even flat out rejected. 

Now, the buyers have MOST of the cards.  Your nice house isn't selling, perhaps now its vacant because you HAD to move and you are paying 2 mortgages, you've cut the price 3 or 4 times, your real estate agent has run out of marketing budget.  That SAME unrealistic offer that you would have rejected in week 4 is now looking pretty good.

If you are thinking strategically...you want the strongest negotiating position in selling your home, wouldn't you agree that GETTING THE PRICE RIGHT at the start of the listing is important.