What's More Affordable?! Renting vs Buying

Hi Again Friends!

I recently had a conversation with a young lady who shared with me that she had made the move to Salem from Portland.  One of the primary reasons she shared was the ever climbing cost to rent in the Portland Metro area.

It might be hard to believe - but rents, even here in Salem, are seeing increases pretty much across the board.  And more often than not  folks, like my earlier conversation, believe that renting is more affordable than purchasing.  Or that they can't make ownership work within their monthly budget.  

Here's a quick graphic that might help dispel that worry.

Of course, you always want to run your household's income/expenses to verify these percentages - but at the very least this might be a catalyst to have a more in depth conversation with a mortgage professional to see what you really can afford!

As always, please let me know if you have any questions or if I can be of any help.

~Amy

Source: KCMBlog.com

Where's All The Inventory?!

Hi Friends!

Here we are again - on the cusp of what's expected to be another gorgeous Oregon summer!  And typically, that also means one of the busiest seasons for real estate.  We're definitely busy for sure - but there's a challenge we're seeing across the Salem-Keizer market (and is being felt across the nation too!)...and that's a lack of inventory!

Take a look at this quick article that offers some additional insight:

Housing Inventory Disappearing

"The price of any item is determined by the supply of that item, and the market demand. The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report which gives insight into today’s market conditions.

Inventory Levels & Demand

Sales of existing homes rose 5.1% month-over-month in March and are 1.5% higher than this time last year. Sales rose in all four major regions in March.

Total unsold housing inventory is 1.5% lower than March 2015 at a 4.5-month supply and remains well below the six months that is needed for a historically normal market.

Consumer confidence is at the highest level in over a decade. Pair that with interest rates still below 4%, programs available for down payments as low as 3%, and you have an attractive market for buyers.

Homes sold in March were on the market for an average of 47 days and 42% of properties sold in less than a month.

Prices Rising

March marked the 49th consecutive month of year-over-year price gains as the median price of existing homes sold rose to $210,700 (up 5.7% from 2015).

So What Does This Mean?

The chart below shows the impact that inventory levels have on home prices.

NAR’s Chief Economist, Lawrence Yun gave some insight into the correlation:

"Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."

Bottom Line

If you are debating putting your home on the market in 2016, now may be the time. The number of buyers ready and willing to make a purchase is at the highest level in years. Let's meet up so we can get the process started."

If you're thinking of selling your home - now is likely one of the best times to take advantage of the current conditions: less competition & ever growing pent up demand!

As always, please let me know if you have any questions or if I can be of any help!

~Amy

Source: KCMBlog.com

Future Home Values - Where Are They Headed?

Hi Friends!

Happy March!  From where I'm at today - March has definitely come "in like a lion" in terms of our weather!  

During my daily reading I made my way to this article and wanted to pass it along to you as well.

Future Home Values: Where Do Experts Think They Are Headed? 

While our market has definitely made a shift to a favorable Sellers market, experts (as you'll see in the article) are expecting the property values to stabilize in the coming years.

What might that mean for you (or someone you know)?  That now might just be the right time to list your home & take advantage of these current values - not to mention high demand from Buyers!

As always, please let me know if you have any questions! And if you, or someone you know, are considering selling your home - our team would love to help you make that move!

~Amy

8 Ways to Boost Your Home Value!

Greetings Friends!

Can you believe that January is already nearly over?! It always takes me by surprise how quickly time can pass!

But with many of us still committed to our New Year's resolutions - I thought there may be some of you who have house projects on your list & consequently may be wondering what items are worthwhile projects when thinking long term and/or best return.

I came across this article in my reading & thought it offered great insight on just that topic!

8 Ways to Boost Your Home Value

From big ticket items to small staging changes - there are are many ways to help increase your home's value.  

And if you, or someone you know, are considering listing your home - this list of items might be especially helpful!

As always, please let me know if you have any questions at all!

~Amy

Source: Yahoo.com/realestate 

Is A "Perfect" Credit Score Required?!

Greetings Friends!

You might be wondering that same question -- is a "perfect" credit score required to get in to the housing market?

Here's a quick look at why you don't have to be "perfect!" (Phew!)

It is possible for you, or someone you may know, to break in to the real estate market!  Why not put your money to work for yourself - instead of for your landlord!

As always, I'm here if you have any questions!

~Amy

Source: KCMBlog.com

Is It Wise to List AFTER The Holidays?

Hi Friends,

Every holiday season I find myself in many conversations with potential & current Seller clients about the pros & cons of having their home listed during the holiday season.  And there are times when those clients opt to either not list OR take their home off the market.

While there are reasons why this might work best for a family, it isn't always the wisest of choices in terms of accomplishing the goal of selling their home. 

Waiting Until After the Holidays Isn't a Smart Decision

1. Relocation buyers are out there. Companies are not concerned with holiday time and if the buyers have kids, they want them to get into school after the holidays.

2. Purchasers that are looking for a home during the holidays are serious buyers and are ready to buy.

3. You can restrict the showings on your home to the times you want it shown. You will remain in control.

4. Homes show better when decorated for the holidays.

5. There is less competition for you as a seller right now. Let’s take a look at listing inventory as compared to the same time last year:

6. The supply of listings increases substantially after the holidays. Also, in many parts of the country, new construction will make a comeback in 2016. This will lessen the demand for your house.

Just a few small reasons why you may want to consider getting your home on the market, even during the holiday season.

Let me know if you have any questions!

~Amy


Source: kcmblog.com