Eugene, OR real estate news – The Regional Multiple Listing Service (RMLS™) has released the market Action real estate activity report for February 2013

Eugene, OR real estate news – The Regional Multiple Listing Service (RMLS™) has released the market Action real estate activity report for February 2013. Below are some highlights from this months Lane County Real Estate Market Action Report. “Lane County continues to see a healthy real estate market” -RMLS 1. Closed residential sales in Lane County were 216, the best since February 2007. this represents a 24% increase year over year, and an 18.7% increase over January. 2. There were 455 new listings in Lane County in February ‘13, up from 344 in January ‘13, and 370 from the previous February. 3. The average sales price in lane County was $202,100, and the median price was $177,300. For Sale housing Inventory is at 5.7 months of supply for February ‘13. This compares to 8.8 months supply for February 2012, and 11.9 months supply for February 2012*. 4. Ferry Street Bridge had 90 active listings in February ‘13, 35 new. Pending sales were up 43.8% year over year, and 17 homes closed in February ‘13. The average sales price fell 1.1% year over year in February ‘13. 5. SW Eugene had 123 active listings in February ‘13, 43 new. Pending sales were up 75.0% year over year, and 19 homes closed in February ‘13. The average sales price rose 2.1% year over year in February ‘13. 6. North Gilham had 30 active listings in February ‘13, 12 new. Pending sales were down 20.0% year over year, and 9 homes closed in February ‘13. The average sales price fell 4.9% year over year in February ‘13. 7. Springfield had 76 active listings in February ‘13, 35 new. Pending sales were up 10.0% year over year, and 13 homes closed in February ‘13. The average sales price rose 0.7% year over year in February ‘13. 8. South Lane had 162 active listings in February ‘13, 57 new. Pending sales were up 39.1% year over year, and 25 homes closed in February ‘13. The average sales price rose 3.1% year over year in February ‘13. The Regional Multiple Listing Service (RMLS™) is the Northwest’s largest REALTOR®-owned multiple listing service, serving approximately 10,200 real estate professionals in over 2,300 offices throughout Oregon and Southern Washington. *This indicates a slight Seller’s Market, as 6.0 months indicate a balanced market, and anything over 6.0 months supply indicates a Buyer’s Market. Thinking of buying or selling in Eugene, OR or anywhere in Lane County? Contact Bryon Crosby for more information on how to reach get the latest information on Eugene, OR real estate. Search for homes in Eugene, OR. Find out what your home is worth in Eugene, OR. bcrosby@lanehomesearch.com 541-937-5305 http://www.lanehomesearch.com 


How to Negotiate: 7 Clever Home Buying Negotiation Tactics

How to Negotiate: 7 Clever Home Buying Negotiation Tactics
Getting the house you want at the price you want can be tricky – even in a buyer’s market. Sometimes a home seller just isn’t willing to budge on price. Don’t despair! There are other ways to sweeten the deal and drive it to close in a buyer’s market. Here are seven tips on how to negotiate with a home seller.

Get the Dirt on the Home Seller

Learn as much as you can about the motivations and situation of the home sellers. For instance, if they’re living in the house and they need flexibility around the closing date, you could offer to be flexible on closing if they move on terms. In the case of estate properties, take some time to learn about the heirs – where they live, what kinds of houses they live in and whether or not they are in legal or financial trouble. It sounds creepy, but most of this information is available for free online once you have the names of the home sellers. You can also research obits and marriage documents that are in the public domain. The more you know, the more leverage you have when it comes time to negotiate.

Know What the Property is Worth

Work independently or with your agent to research comparable sales in the immediate area of the home, then make an offer at least 10 percent below what the market says it’s worth. Dig into the details to figure out how the home you want to buy stacks up against comps, and look for ways to communicate the legitimacy of your offer or requests by backing it up with data. For instance, if all comparable sales have a pool, waterfront property or updated kitchens and the house that you want doesn’t, point that out. Use this data to justify your offer or other requests to create value if they won’t budge on price.

Don’t be Afraid to Ask

If there are things that you want or need to feel comfortable with the deal, ask for them. The home seller can always refuse, but if you don’t ask, you don’t know. If you’ve created leverage by learning about the property and the seller’s situation, you can use this information to ask for things, such as repair of items found during the inspection period or appliances that weren’t listed on the original contract for the house. Don’t make assumptions. Even if your realtor balks at the idea, always ask.

Offer a Quick Close

The faster a deal gets done, the more quickly the home seller can cash out their asset and move on with life. Homes that remain on the market or unsold for extended periods of time become costly to sellers (especially if they’re unoccupied) and start to decline in condition. Offering a quick close builds confidence with the seller as it means that there’s less time for things to go sour with the deal. If you’re situation allows for this negotiation tactic, you might be able to either lower your price or get other benefits in exchange.

Make an As-Is Offer and Ask for the Furniture

If you want to make a reasonable but low offer on a property, consider the pros and cons of presenting an “as-is with right to inspect “ offer. The upside is that you can walk away from the deal if the inspection frightens you. The downside is that what you see is what you get, leaky plumbing, termites, mold and all. If you really want a property and are willing to take it as-is, but aren’t really comfortable with the seller’s floor price, ask for the furniture or other non-fixed assets that make the deal more palatable such as a boat or fitness equipment.

Ask the Home Seller to Cover Closing Costs

If you’re apart on price for the home itself, one way to get around the cash crunch and get a deal done is to meet the home seller on price, but ask them to cover all or part of the buyer’s closing costs. Some home sellers might balk, but if they’re able to do this and want to finish the deal with a sale at a particular price point, this technique can work.

Be Willing to Walk Away

Buying a home can be an intensely emotional experience, but at the end of the day it is really just a business transaction. This means you can’t get attached, and you have to be willing to walk away if you’re unable to negotiate with a home seller or if the seller becomes unreasonable. If the seller’s agent senses desperation or over-eagerness on your part, they might interpret that as a signal that they have the upper hand. Silence can be your friend. Hold your cards close and always be willing to walk away.
Contact:
Bryon Crosby
bcrosby@lanehomesearch.com
(541) 937 – 5305

Latest Breaking News on Housing Market

 

breaking news housing market
First up is some positive breaking news for the housing market. Shadow inventory of homes is declining, providing a dose of good news for the glum housing market. Shadow inventory, or homes on the verge of foreclosure, fell to 1.6 million units representing a five-months supply in July compared to 1.9 million units representing a six-months supply a year ago, according to CoreLogic. It’s a good sign that troubled homes, normally headed toward foreclosures, are getting sold faster. Lesser inventory will help stabilize falling prices on homes for sale. Of course we won’t be seeing a drastic change in numbers, but even a small percentage of troubled homes off the market is a blessing for sellers and the industry as a whole.

“The steady improvement in the shadow inventory is a positive development for the housing market,” CoreLogic Chief Economist Mark Gleming said in a press release. “However, continued price declines, high levels of negative equity and a sluggish labor market will keep the shadow supply elevated for an extended period of time.”

Housing Prices Increase, but not Enough

Some more indication of baby steps toward a market recovery. For the fourth consecutive month, home prices were on the upswing in July compared to the previous month. But the bump wasn’t good enough to give the market a clean bill of health, yet. According to data released by S&P/Case-Shiller Home Price Indices, home prices across 20 major urban areas in July remained flat when adjusted seasonally, and down 4.1 percent compared to a year earlier, despite showing a 0.9 percent gain. The trend of prices rising is a good sign, analysts said.

“With July’s data we are seeing not only anticipated monthly increases, but some fairly broad improvement in the annual rates of change in home prices,” said S&P’s David Blitzer, according to an AFP story. However, he said, “if you look at the state of the overall economy and, in particular, the recent large decline in consumer confidence, these combined statistics continue to indicate that the housing market is still bottoming and has not turned around.” Prices across the country were at the level of 2003, according to the report.

Mortgage Rates Continue to Slide

Here’s more music for the ears of potential homebuyers. Nudged by the Federal Reserve’s proposal to reduce borrowing costs, mortgage rates fell to the lowest in Freddie Mac’s recorded history this week. Rates on a 30-year-fixed loan hit an unimaginable 4.01 percent, down from 4.09 percent. On a 15-year loan rates dropped to 3.27 percent. The lucrative rates are aimed to lure consumers toward buying and refinancing their existing mortgages. Many are taking the bait. According to the Mortgage Bankers Association, there was a 9.7 percent rise in loan applications last week. However, a good section of consumers have not been able to take advantage of the rates because of stricter lending standards.

Existing Home Sales Drop

Some good news for buyers which turns out to be not-so-good news for sellers. Sale of existing homes dropped 1.2 percent in August, according to an index by the National Association of Realtors. The measure shows that sales dipped to 88.6 percent in August from 88.7 percent the prior month. The data, which takes into consideration signed contracts but unclosed deals, shows that the numbers are higher when compared to the same period last year, but that’s hardly a consolation since last year’s showing was affected by the expiration of a federal tax credit for homebuyers. Lawrence Yun, NAR chief economist in a press release blamed the numbers on an uneven market.

“The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August,” he said. “But broadly speaking, contract signing activity has been holding in a narrow range for many months.” If you are looking to buy, now may be a time to get involved in the market, Paul Dales, senior U.S. economist for Capital Economics, told the Wall Street Journal. But, a lot of people have been unable to cash in on the situation, he said. Some analysts blame the job market and slipping consumer confidence. In these shaky times, many people prefer to rent than invest their savings on a new home.


How To Pick A Property Manager

 

A stranger is about to move into what very likely used to be your home. And you’re busy. You don’t have time to manage the details of your own household much less fix broken toilet handles at your rental property. Enter property management companies. For those of you who enjoy finding renters, running background checks and putting up with service calls from your residential tenants, have fun. If you’d rather not deal with the grit, grime and daily responsibility of renting out a residential property, here are some tips on finding a property manager who will find a responsible tenant and give you comfort that your property is well-leased and is being properly maintained.

Do your own research
Research local rents by checking out rental listings on craigslist.org, and check zillow.com rent Zestimates for homes in your area with similar features and square footage. Property managers are motivated to rent your home for the maximum that they can get since they typically take a percentage of the rent as their fee, but they might not be tuned into values for your type of home in your particular neighborhood. Also, laws differ from state to state. Do your due diligence on the tenant-landlord laws for the state that you live in to understand your rights as a landlord before you enter into conversations with property management companies.

Get recommendation
Never hire a property management company without a recommendation or two that you trust. If you can, try to find both a realtor and a landlord who have worked directly with a given company. Get local recommendations and keep in mind that performance of a national company can vary from market to market.

Explore your options
Some companies offer leasing services only, which can be cheaper than leasing and maintenance. It really depends on how much time you have to dedicate to the rental. Make sure you understand the tenant-landlord laws in your state so that you know how long you have to respond to a tenant request – and whether you want to deal with that.

Tune into their communication processes
Interview a few different companies and see how they respond to your inquiries. If they get back to you immediately, that’s agood sign. If it takes a few days, weeks or months to connect – not so good. If they’re late to appointments, don’t show up or don’t call, also not so good. Take this as a sign of how they’ll work with you throughout your relationship.

Read the leasing agreement
Ensure that you’re covered and have the power to remove a tenant who doesn’t pay the contractual rent and that property damages are covered by an extra month’s rent and security deposit. Also make sure that, based on the laws in your state, the leasing agreement allows you to release yourself from the relationship with the property management company if they do not hold up their part of the agreement.

Gut check their process
Ask your property management company representative about tenant approval process. Find out how they market properties, what kinds of tenants they install, and what a typical lease period looks like at their company. Also make sure that you understand their background checking process to ensure that both credit and criminal background checks are performed, as well as character references.

Expect to pay for it
Most property management companies charge one month’s rent plus 10 percent of the monthly rent, which normalizes out to an 8.5 percent fee. You have to decide if this is worth it to you. Choosing to go with a property management company can make your life easier since all you have to do is wait for the direct deposit. Just make sure that you understand what you’re getting into before you sign up.


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http://ow.ly/99zIC


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