The Alternative Blog

May 2009 Real estate sales: Eugene, Springfield, Cottage Grove, Creswell and greater Lane County Oregon Market update.

2009-06-25T08:43:00.001-07:00

After posting record high levels of housing inventory in January, the estimated monthly supply of available homes in Lane County has dropped to 8.1 months in May. One year ago this month the number was 8.6

The average home sale price in May 2009 was $224,200 (down 15.5% from May 2008), and there were 247 closed sales compared to 274 closed sales in May 2008.

The biggest losers - sale prices down more than 14% from last year:

Properties in the rural areas of South Lane County including Cottage Grove and Creswell
West Lane County properties including Veneta and Elmira
Junction City

Bucking the trend:

West Eugene, which includes Whiteaker, West Jefferson, and Downtown neighborhoods is up 2% from last year.

Please email me and request "May Market Action" to receive the full report and follow the numbers for your area.

What does all this mean if you need to buy or sell in our current market?

Price continues to be the dominant factor in determining how quickly properties will sell, or if they will sell at all.
Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery.

If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Cheers!
Bobby

Under contract in 7 days in Cottage Grove?

2009-04-23T10:20:00.000-07:00

When I worked up the market analysis for this classic craftsman, I found only one comparable sale in the previous 9 months!

The pace of sales in this charming, historic town about eighteen miles south of Eugene is positively glacial. I knew it would take a combination of optimal condition, aggressive pricing, and dynamic marketing to get it sold in a reasonable time frame so the owners could move forward with their life plans. Even with all these factors aligned, I anticpated a market time above my average of forty one days between listing and sale.

Condition
Fortunately, the home showed great pride of ownership. Improvements consisted largely of de-cluttering - minimizing small items on flat surfaces, taking down personal family photos, and moving infrequently used items into storage. The owners paid for their own home inspection in advance, and promptly made repairs to the few items that would be required as a condition of funding for prospective buyers.

Marketing
My philosophy on marketing my listings can be summed up in one word: overkill. Since more than 80% of buyers find their homes online, a heavy focus on popular national and local real estate websites is essential. Quality and quantity are both important. As with all my listings I used a professional photographer, virtual tour to capture buyer leads, extensive feature lists and descriptions of the home and community, and an additional slideshow of the home and surrounding amenities. Color flyers, directional signage, and frequent postings on craigslist are a part of the campaign to attract attention and communicate value.

Pricing
Getting this element right is far and away the most critical factor in getting a home sold in a reasonable time frame. Or getting it sold period. Often, sellers try to base their initial asking price on the idea that they need bargaining room. "I need to get X amount of money for my home, so let's price it five, ten, or twenty percent above that figure and negotiate downward if necessary." While that may seem logical, it's important to remember that you can't negotiate if you don't have an offer from a buyer, and if your home is priced above market value, you probably won't get one! In this case the sellers had good equity in the home and were able to price at market value.

Results
After seven days and three showings, we had an offer within five percent of list price. I helped the seller negotiate up to 97% of list price, inspections are complete and accepted, and we are proceeding to close. The sellers have been able to proceed with the purchase of their next home and are highly satisfied with my service, and I have a new perspective on selling homes in outlying areas!

If you are considering buying or selling a home, and want expert assistance in getting results like this, please get in touch for a no-obligation discussion of your options

Bobby Stevens, Broker 541 225-8081
Eugene’s Alternative - REALTORS®
1553 Oak Street, Eugene, OR 97401
office: 541 302-5999 | office fax: 541 349-9616

March 2009 Real estate sales: Eugene, Springfield, Cottage Grove, Creswell and greater Lane County Oregon Market update.

2009-04-15T16:58:00.001-07:00

We're still in a strong "buyers market", but home sales are up nearly 35% since February.

The current available inventory of 1,919 residential properties would last 9.7 months, down 52.9% from a record high of 20.6 months in January 2009.

Comparing March 2009 with March 2008, closed sales dropped 19.9% and pending sales fell 11.6%.

The average sale price is down by 13.2% since this time last year. The Median price fared better, down 5.9%.

Please email me and request "March Market Action" to receive the full report and accompanying charts.

What does all this mean if you need to buy or sell in our current market?

Price continues to be the dominant factor in determining how quickly properties will sell, or if they will sell at all.

Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery. If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Bobby Stevens, Broker 541 225-8081
Eugene's Alternative - REALTORS®
1553 Oak Street, Eugene, OR 97401
office: 541 302-5999 | office fax: 541 349-9616

Let's Get Real about Real Estate

2009-01-12T10:51:00.000-08:00

Ok, so everyone knows the economy is not so great, mortgage loans are hard to get, and there is a glut of inventory on the market and fewer and fewer qualified buyers. The good news?? Well, interest rates are nice and low. Anything else? Hmmm...it may be time for a bit of "tough love" for buyers and sellers out there. If you are a buyer and are worried about housing prices continuing to fall, one thing to remember is you will never know you are at the bottom of the market until you see it in your rear view mirror. Conversely, if you are a seller you may be upset about the fact that you cannot get as much money for your home as you could have in 2005, or you may not be able to net as much after closing costs and commissions, or it may take your home longer than you would like to sell, or you have to do more updating, buyer concessions and repairs than you would like.

Here is a question for you to contemplate whether you are buying or selling: "Why are you buying/selling your home?" Buyers, are you buying a home to live in or to "flip"? If you are contemplating buying a home to live in, then over time your investment will be a good one, regardless of what the market is doing at this moment. It may take more than 6 months to increase your equity, but in the long term, owning a home is a solid investment choice. Sellers, the issue for you is equity -- during the time you have owned your home, have you ever refinanced or gotten a home equity loan or line of credit? If so, then you have essentially already spent your equity and although this may sting a little, if you think about it in that way, it may make your net a little easier to swallow.

I think the major issue in the housing market on both sides lately is that folks are looking at their homes as a sort of "ATM" account or a stock portfolio. It is time for a mind shift back to thinking of homes as a place to live in, raise your family and enjoy for the long term, not a way to make a quick profit. Once we change our thinking, the real estate market doesn't seem like such a scary place, does it?

Thanks for reading, happy new year to all!

Denise

October 2008 by the numbers: Lane County Real Estate Market update.

2008-11-18T10:11:00.000-08:00

Inventory, listings, sales, and sale prices decline for the October 2008 reporting period.

Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. As a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to better serve my clients, both buyers and sellers, in a changing market.

For the month of October, total inventory stood at 9.2 months, down from 10.2 in September and up from 7.2 one year ago. This means at the current rate of sales, with no new listings entering the market, it would take over 9 months to sell all of the approximately 2,307 residential properties currently listed.

New property listings have decreased 18.5% and closed sales are down 17.2% compared to October 2007.

The average home sale price is down 5.3%, and the median sale price has dropped 4.5% when comparing the 12 month period ending October 2008 with the same period ending October 2007.

There were 251 homes sold in October 2008, and 2,626 sold since the first of this year, compared to 303 homes sold in October 2007, and 3,647 sold since the first of last year.

Once again, these numbers suggest that:

Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery.

If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com

Are we in an “affordable” market yet?

2008-10-23T16:44:00.000-07:00

One of the indicators of a shifting real estate market is the aspect of affordability. What is affordability and what does it mean for buyers and sellers? Affordability is simply a measure of an individual’s or family’s financial ability to buy a home. Affordability can be a good economic indicator for any market but it is different for each market. An Affordability Index (AI) can help you assess your needs as a real estate buyer or seller. You can calculate an AI in any market, as follows:

AI = Median Income / Income to Qualify x 100

Income to qualify for a conventional mortgage - a median priced home less 20% downpayment, then take 25% of that to see the required income.

In short, the closer an index to 100, the better: If the index is over 100 – homes are very affordable; if the index is less than 100 – home prices are starting to exceed affordability. Eugene’s index is 95.8 - not bad, all things considered!

If you have any questions about these formulas and what they mean to you regarding your real estate decisions, contact me.

Happy calculating!
Denise

Get your home ready for winter before it's too late!

2008-09-26T00:50:00.000-07:00

When it comes to home maintenance it's always "better late than never", but who wants to work outside when it's too cold to move your fingers!

Here are my top 5 things to take care of before cold and damp becomes the default condition:

1. Clean your roof, muck out the gutters, clear the downspouts, and seal corner joints if necessary. I see a lot of roof and fascia (wooden trim) damage caused by rain gutters that are unable to do thier job because they are packed with leaves, and in some cases hosting a crop of grass! If you don't like heights, hire a handyperson.

2. Clean the deck, and seal the surface. This is another area where a little neglect can cause a lot of damage, and a dirty deck is slippery when wet, so don't risk damaging yourself!

3. Touch up missing paint or finishes on your home - even if you plan to paint next summer. Exposed wood eventually loses the ability to hold paint, and when moisture gets under the edges of remaining paint the trouble spreads. Always make sure the first coat on bare wood is primer. Putting topcoat on unprimed surfaces is asking for early paint failure.

4. Check your heating system and change the filter. Ok, so this doesn't really qualify as an outdoor task, but again, better to do it now than when the mercury dips into the 20's.

5. Take a freakin' break already! Life is short, and you'll never hear anyone on their deathbed lament that they didn't spend more time on a ladder. Have hot toddy or two. Go outside and play catch with the kids. Give your S.O. a backrub. Just chillax - the work will always be there for you. And give me a call if you need a referral to a local pro for help with any of your home maintenance and improvement projects.

Best of the season,
Bobby

541 225-8081
bobby@alternativerealtor.com

Fresh eggs from your own backyard – keeping chickens in the city.

2008-09-19T16:30:00.000-07:00

Like farm-fresh eggs? How about the good feeling of feeding your family a healthy protein source from happy organic free range hens? If you own your own single family home, chances are you can be an egg farmer!

In Eugene and Springfield the requirements are few…

No Roosters allowed. Sorry boys, no one likes a 4:30 wake up call on a Sunday morning.

Zoning must be Low Density Residential (R1).

If the square footage of your lot is between 0 and 10,000 square feet you can keep up to 4 hens.

At 10,000 square feet you can keep 5 hens. And for each additional 1,000 s.f. you can add an another hen.

Make sure to check the CCR’s for your subdivision for additional restrictions beyond what the county and city impose.

And the benefits are many:
Chickens are voracious bug eaters and they also peck at weeds, although they don’t seem to bother lawn grass. They will scratch away in garden beds and can make a mess of your patio, so if you are particular keep them penned or limit the free range time to when your are outside and can control their ranging. They provide an alternative to the compost pile for disposing of green table scraps and wilted lettuce leaves, though it is believed that fruit consumption decreases egg production. They will happily consume flax seeds, and are much better at converting them to a source of omega-3 fatty acids we humans can digest in the form of tasty omelets.

I like the way they look roaming the landscape, spread out and walking in a line patrolling for bugs and weed seeds in the grass, and their contented clucking can create a relaxing pastoral atmosphere in the 'burbs.

Chickens do need a modest shelter with straw or pine shavings for bedding and nest boxes for egg laying. There are a number of commercially available solutions or plans to build your own with an attached fenced yard. Make sure to lock ‘em up at night. Domestic fowl are defenseless against urban predators like raccoons and wayward dogs. Equally important, be sure you can make the commitment to keep your feathered charges supplied with ample food and water at all times. They are generally easy keepers, but will need someone to check in on them if you leave home for an extended period.

Give me a call if you’d like more information about keeping your own flock. And happy scrambling!

Bobby
541 225-8081
bobby@alternativerealtor.com

Thanks to freefoto.com for the chicken pic. Image used in accordance with licensing requirements.

My favorite things to do in Eugene.

2008-09-16T22:32:00.000-07:00

I grew up in this town, and have wonderful childhood memories, but after high school I couldn’t wait to get out and explore the world. Moving back 20 years later, I have a new appreciation for all the Eugene area has to offer, and I love sharing – especially with my clients who are new to town. The following list is by no means exhaustive, but it hits some of the high points for me!

Walk among the mighty oaks.
The Willamette valley once featured a vast savannah of open grassland dotted with indigenous oak trees. Less than one percent of this unique habitat remains, but you can get a feel for what once was at the Mount Pisgah Arboretum. There are miles of trails, a lazy fork of the Willamette river, and a summit with an expansive view. There are also seasonal activities for all ages.

Climb the highest hill.
The definitive southern end of the valley is a 2000 foot peak known as Spencer Butte. Climbing beneath a canopy of old growth fir and cedar, the switchback trails lead to a bald peak featuring 360 degree views over the city of Eugene to the North, The towns of Creswell and Cottage Grove to the South, The coast mountain range to the West, and the Cascades to the East.

Stroll the banks of the Willamette.
Over 70% of Oregon’s population resides near this 187 mile long waterway that begins just south of Eugene and empties into the Columbia near Portland. Once one of the most polluted waterways in the nation, major cooperative cleanup effort and environmental legislation have turned things around. There are miles of bike paths on either side through Eugene, and five bike/pedestrian bridges spanning it. I like to start my stroll at Skinner Butte Park.

Savor the hot summer nights.
After ten years in Seattle I began to assume that summer in the Northwest is always punctuated by weekly rainfall. Upon returning to Eugene I realized that we frequently enjoy up to sixty days of predictably warm, dry weather – in a row – each summer. There’s a lot to be said for lying on the warm ground at midnight, comfortable in shorts and a t-shirt, watching the stars and planets overhead.

Enjoy the local color.
Two words: Saturday Market.

Eat.
Here’s another one I could throw two words at: Farmers Market. But since I like to eat more than I like to cook, here are some of my favorite places to get a professionally prepared repast: Chao Pra Ya, Mazzi’s, El Vaquero, Café Soriah, Lucky Noodle, Koho Bistro, the list goes on…

Have a drink.
We’re fortunate to have some world class mixologists among us. Some of my favorite places to belly up to the bar include Bel Ami (across the street from my office, God help me), Lucky Noodle, and Sam Bonds Garage.

Get out of town.
Eugene and the surrounding communities are a great place to live, work, and raise your family, but there are times when many of us require one or more of the three S’s: Saltwater, Snow, and Shopping. Fortunately, some of the best of all three can be found within 100 miles or less. It’s just over an hour drive West to Florence, Lane County’s gateway to the incomparable Oregon Coast. The white stuff on top of the Cascade Mountains is just a little further in the opposite direction. And if you need a retail fix, the Rose city of Portland awaits just two hours to the north, at the other end of the Willamette Valley.

Join me in enjoying all our community has to offer!

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com

Eugene's Atlernative Update and Thanks!

2008-08-09T16:52:00.000-07:00

Hello friends of Eugene's Alternative!

It has been interesting seeing our friends and past clients out on the town the last few months...some approach with a look of quiet understanding and compassion thinking our company must be battling an illness on the level of Stephen Kings "The Stand".

It is true that the market is not the market of 05' & 06' and that overall the velocity of closing through the MLS is off by about 1/3rd of the recent peak. Property values have taken a beating in the outlying areas and upper price ranges (above $600k) however more modest homes in Eugene (South, Southwest and Eugene Core) have held value very well especially when compared to other markets. It is noteworthy that during the last recession Lane County was one of the 1st economies to get hit and the last to recover as our area was re-tooling from a timber dependent economy. This time Lane County is one of the last to feel the squeeze and our hope is one of the 1st to recover.

The fun news is that Eugene's Alternative has recorded a 20% gain over last years business. "Wow!" and "Why?" are obvious responses; and I have them both. "Wow!" because this was not expected in this market and "Why?" is what this letter is all about - YOU! Our business grows in large part because we ride on the reputation that we have established with our community. I frequently meet new clients who don't just know one of our past clients but several that have spoken highly about our work. We can't thank you enough for sending you friends and family our way.

We continue to strive to be the best presented company on the internet and I think we have done it! Our goal is to have anyone who Googles "Eugene Oregon Real Estate" on alternativerealtor.com within 3 - 4 clicks. Alternativerealtor.com is now represented 4 places above "The Fold" (initial visible page) when folks are searching for real estate information for Eugene.

Alternativerealtor.com integrates:

A real estate blog
Video
Virtual tours of all of our listings
On-line Real Estate chat - A licensed REALTOR answers questions in real time
"Click to talk" where a party can enter a phone # and will get a immediate call back
Real Estate Searches with Google Maps!
Podcasts are on their way!

The Web; what a way to communicate!

You may have noticed new faces! We have added staff to service the additional business and I could not be happier with the group of folks that I see when I come to work. The volume of business these folks have been doing has been exceptional and their style without compare.

Thanks so much for your support. We hope to see you and your friends in the near future.

Dave and Pam

dave@alternativerealtor.com
pam@alternativerealtor.com

What are Seller's Disclosures and why do I care?

2008-08-03T14:30:00.000-07:00

Seller's Disclosure forms are questions written by the State of Oregon & the Federal Government that seller's answer for the review of the buyer or interested buyers concerning the condition and history of a specific property.

In the State of Oregon Seller's Disclosures are required in almost all real estate transactions. Court appointed receivers are one example of an entity that is exempt from disclosure law.

From my perspective Seller's Disclosure Statements are the heaviest legal document in real estate because they survive the transaction. Seller's must tell buyer's what they know to be defective. If seller's do not then the they can be held liable into the future. Seller's Disclosure Statements are the most central document to litigation when there are issues after a sale is closed.

Questions range from the mundane: "Has the roof ever leaked?" to the exciting "Has this property ever been used as an illegal drug manufacturing or distribution site?". My favorite question in the Oregon Seller's Disclosure form is the last: " Are there any other defects affecting this property or its value that a perspective buyer should know about? If so please attach additional information" ...In short; bare your soul if you are selling...you will feel better and stay out of the cross-hairs of the buyer's legal council.

Sellers are given 3 options for answers on most questions "yes" "No" & "Unknown". Because "Yes", "No" & "Unknown" my be inadequate to answer the full depth of the disclosure. We council seller's to add an addendum to the disclosures and write the full extent of what is known.
From the buyer's perspective it is a fair to ask seller's for additional written information during sale process if the disclosures are less than fully descriptive.

Buyer's have 5 days to review the Seller's Disclosures and revoke their offer if they are not satisfied. The 5 day review period starts upon receipt of the document.

Seller's Disclosures are the mechanism that relates known defects to buyers from sellers for the protection of both.

For a copy of the most current Seller's Disclosures Statement give us a call.

Dave
302-5999
dave@alternativerealtor.com

Lighting up the night.

2008-07-22T17:42:00.000-07:00

My life for the last ten years has been punctuated by a series of home improvement projects, and while the results are ultimately satisfying, the process can be filled with surprises (not the good kind), and costly (concealed conditions anyone?).

So it is with excitement that I report on one of the most recent enhancements to our century old farmhouse outside of Eugene – exterior accent lighting! My designing wife called from the warehouse store the other day excited about a great value on a brushed nickel yard light set - six etched-glass accent lights and two halogen spots of decent quality for a great price. An hour later I was unloading three cartons from the back of our Subaru and, with the help of our four year old daughter, unwrapping and assembling the contents.

It was easy to push the tapered bases into the soil of our garden beds, staggering the layout for a casual effect. And it was fun deciding which plants to target with the spotlights. All that was left to do was plug in the transformers, run the wiring, and wait for darkness to fall.

And it was worth the wait! The beds surrounding our house are now transformed into a magical garden at dusk each night, with twenty four low voltage lights drawing a modest amount of current. The timer cuts the power after an adjustable interval, so in the summer they’ll only burn about four hours per evening. I can’t recall another project that has delivered so much reward for such a reasonable cost and effort. The indirect glow perfectly lights our front porch for the long warm evenings of summer, we can walk through the yard without stumbling over dog toys (or the dogs themselves), and the nighttime curb appeal is simply outstanding!

Happy home improvements,
Bobby
541 225-8081
bobby@alternativerealtor.com

What you deserve from your Real Estate Agent.

2008-07-21T23:51:00.000-07:00

In the early days of our nation the practice of Real Estate (along with most other professions) was only minimally regulated. Back then, Real Estate agents typically only represented the interests of sellers. For purchasers of Real Estate it was literally caveat emptor (buyer beware).

The industry has come a long way since those days, and the National Association of Realtors (the worlds largest professional association) maintains and enforces a strict code of ethics for its members – called REALTORS. These ethics, and the supporting standards of practice were created to protect the interests of buyers and sellers of Real Estate.

By law, Oregon Real Estate agents must provide a copy of the Oregon Real Estate Agency Disclosure Pamphlet to represented parties at first contact. The agent should explain this document to you in your initial consultation when you are interviewing agents to find one that will best serve your needs. Remember, you may be spending considerable time with this person (particularly if you are buying), so in addition to making sure they are an expert who can get the job done, pick someone who shares your values and interests.

Even when professional standards are clearly defined, quality of service varies widely in any industry. To inform yourself of the fiduciary duties your agent owes you, and the standards they are to uphold, please download and read the document at the link above. And if you are seeking a high standard of professionalism and superb customer care, take a look at Eugene’s Alternative. We have a great reputation in the Eugene real estate community and a proven record of success helping our customers achieve their goals.

Cheers,
Bobby

541 225-8081
bobby@alternativerealtor.com

The Contractor Conundrum.

2008-07-14T15:24:00.001-07:00

One big challenge for homeowners is finding the right company or person to work on their homes. Just getting a call back can be difficult, and the best contractors are booked in advance. Look to your Realtor for help here. We refer and employ many contractors in the course of our business – let us use our relationships to your advantage.

The issue of unlicensed contractors has been getting a lot of press in Lane County lately. A Contractors license means that a minimum of one person in a company has passed a state exam (primarily covering business management and compliance with law), and that the company can qualify and pay for a bond and liability insurance to protect the homeowner. It makes no attempt to ensure quality of any trade.

Lots of people do their own work, or get help from friends and family. In many circumstances this is legal, or at least low-risk. We are a nation of do-it-yourselfers and I consider this an inalienable right! But as a long time DIY’er, a former licensed contractor, and a full-time Realtor I've made the rounds on this subject, and urge you to consider the following when tackling projects yourself or paying someone to work on your home:

Small repairs and handyman work.
We tend to think that jobs requiring less skill (perhaps we would do them ourselves if we had the time) warrant less concern. There are many honest and capable workers available for hire, but if someone other than a licensed contractor falls off your roof while cleaning the gutters, you can be held liable.

Light remodeling – painting, hardware, trim carpentry.
Almost everybody can paint, and screwing knobs on cabinets is pretty simple, right? I enjoy doing the aesthetic work on my home, but here’s where quality (or lack of it) really shows. Consider the impact on your home’s value if a job is not done to professional standards.

New construction and/or remodeling involving structure, plumbing and electrical.
Permit enforcement and code compliance in Lane County have been dramatically increased in the last couple of years and the penalties for violation can be significant. Interview up to three licensed contractors. Get detailed quotes based on identical specifications. See examples of work. Check references with past clients and check license status and claims against bonds or insurance. Make sure to read and understand the contract. Don’t pay in full up front. Write the final check after you approve of the finished product. And make sure your contractor is someone you like – they and their employees will have close contact with your home and family. When considering substantial improvements, your Realtor can be a great resource to help you identify trends and determine the potential for return on investment.

Happy home improvement! And don’t hesitate to call if you need help selecting a contractor or advice on your next project!
Bobby Stevens
541 225-8081

Spring cleaning for your biggest investment.

2008-05-13T16:05:00.000-07:00

Now that the days are getting longer and (kind of) warmer here in Eugene, it’s a great time to get outside and care for the exterior of your home – and not just for appearances sake. Curb appeal is one of the critical factors in creating desire when it comes time to sell your home, and deferring the maintenance chores below can end up costing you a lot more than giving up a weekend or two!

1. Get the gunk off (and out).
After the leaves fell in the fall you cleaned out your gutters, right? Well, most homes benefit from at least three cleanings – fall, mid-winter, and again in spring to remove storm debris. First get out the leaf blower and tackle the roof, then scoop the leaves (or if you live in the south hills, that thick carpet of doug fir needles) out of those gutters. If you don’t like heights, give me a call for qualified service people who can do the job for you.

2. Give your house a shower.
Plan the big wash when several dry sunny days are forecast – the hotter the better for quick, thorough drying. Before you start, trim back encroaching vegetation, keeping it at least one foot away from siding and trim. Plants are a potential invasion route for insects, and can thick foliage can stifle air circulation - promoting molds and rot. Use caution when spraying - pressure washers can do damage before you even realize it. Hire a pro, or do it yourself with a long handled brush, a bucket of suds designed for house washing, and your trusty garden hose. Be careful not to force water up under siding and take it easy around windows and doors – direct the stream of water down like the falling rain and you should be fine. This is the perfect time to inspect siding and trim for chipped, peeling, or chalky paint. If you find areas that need help, plan to touch them up yourself or hire a pro – the best painters book up early for the entire summer, so give me a call if you need a recommendation.

3. Check your deck.
Our seemingly endless wet winters can be particularly brutal to these large expanses of wood – now is the time to get yours in shape for summer grilling and outdoor entertaining. Clean debris out of the gaps between the boards to promote air circulation and prevent rot. (A drywall saw words great for this – but be careful!) While you’re at it check for protruding fasteners, cracked boards, wobbly railings, rot, or other damage and remedy these situations. Now it’s time to clean – avoid the pressure washer on a wood deck – the damage they cause can be unsightly and shorten its lifespan. Instead, use a stiff bristle brush and a non-toxic biodegradable detergent and/or wood brightener. After a good rinse and a couple of sunny days, apply a clear sealer or transparent stain.

Now that you’ve cleaned up your castle, lower the drawbridge and get out of there! Hike Mount Pisgah, tackle the Butte, visit our local parks, or head for the coast or the mountains to really get away from it all, and remember why we live in this beautiful part of the country.

Happy house cleaning,
Bobby

bobby@alternativerealtor.com
541 225-8081

What happens in Vegas…

2008-04-29T23:52:00.000-07:00

With a 167% increase in foreclosures from 2006 to 2007, Nevada tops the list of the hardest hit states in the nation. Two Las Vegas Realtors have taken their show on the road in an effort to make a dent in the down market. Wayne Newton would be proud.

Sin City Realtors Barbara and Marshall Zucker noted that 40% of all home sales in their market were foreclosures. Seeking to help their clients find the bargains, they bought a bus, dubbed it the “Vegas Foreclosure Express” and begin offering tours of repossessed homes. They screen houses, select the best, and take their clients, 24 at a time, on ten minute tours of each property – the real estate version of speed dating. Along the way, they offer onboard counseling on finance and home buying. It would appear that they are raking in the chips - since February they have closed several deals and have over 26 offers pending. Operators have revved up to tap this market in other struggling states as well. Cesar Dias, the originator of the foreclosure tour, hit the road in Stockton, California in September 2007, bringing his brokerage back from the brink of bankruptcy.

In our local market we have much to be thankful for. Oregon ranked 22nd in the 2007 foreclosure rankings, and while the current inventory of Eugene homes for sale is about twice the average vs. one year ago, median sale price has only declined 6.1% since market peak in June 2007.

I’m not aware of any plans for a foreclosure tour in Eugene. Buyers are still buying (some getting great bargains). Sellers are still selling. The smart ones have taken care of their home's condition and hired a skilled REALTOR for help with presentation, competitive pricing, and a targeted marketing plan to attract the attention of qualified buyers in town and across the country. And hopefully, what happens in Vegas stays in Vegas!

Cheers,
Bobby

bobby@alternativerealtor.com
541 225-8081

Sources: Associated press, Fortune Small Business, Eugene RMLS

The importance of great photos (and plenty of ‘em) in selling your home.

2008-04-21T09:54:00.000-07:00

No doubt you’re familiar with the cliché “a picture is worth a thousand words”. When it comes to marketing your home for sale, the right pictures could mean thousands of dollars in your pocket!

It is estimated that eighty percent* of home buyers begin their search on the internet, forming a first impression based on what they see. Photos do more than just show a potential buyer what your home looks like, they create desire. A desirable presentation of your home helps it stand out from the crowd and can generate a “buzz” in the market. When you create this buzz early in the marketing cycle you stand a better chance of receiving multiple offers for the purchase of your home. And multiple offers are the best insurance against price reductions and sale fall-through.

REALTOR’S® are required to provide a basic set of information when entering a home into the Multiple Listing Service (MLS), but anyone who has searched for homes knows that the quantity and quality of photos can vary greatly. To ensure that your home is presented so as to fetch the highest potential sale price, consider the following:

Choose a savvy Realtor – one who uses professional photography to support a diversified marketing strategy that presents your home in the best possible light.
Clean house - thoroughly tidy your home and yard before the photo shoot to minimize clutter. Clear the counters, store excess furniture, mow the lawn, rake the leaves, put away the garden hose, etc. For the ultimate advantage, use professional staging.
Let the light in – open the blinds and turn on all the lights. Your photographer can provide additional lighting for dark areas like kitchens and bedrooms.
Flaunt what you’ve got - get enough photos to satisfy potential buyers and motivate them to request a showing of your home. This means one photo of each room, more for larger rooms or special features, a great photo of the front exterior showing curb appeal (this is usually the money shot!) and at least one of the backyard.
Put it in motion – Virtual tours, panoramas, and video help to put the buyer in your home before they actually cross the threshold, and are great for highlighting features that make your home desirable.
Get it out there – the MLS listing and front lawn flyer box are just the starting point. A good realtor will not only market your home’s virtual brochure on their company website, but proliferate it to the best of numerous online real estate sites such as Craigslist and Zillow, getting your pictures in front of as many eyeballs as possible.

At Eugene’s Alternative, cutting edge marketing is just part of the care we take to help our clients achieve satisfying results. If you’d like to know more about using photography and other techniques to position your home sale for the best possible outcome, please drop us a line!

Cheers,
Bobby

bobby@alternativerealtor.com
541 225-8081

.......................................................................

*Source: National Association of Realtors

Market Action Update for Lane County 2008

2008-04-18T17:55:00.000-07:00

Here is a little info on the current market in our area...

March Residential Highlights
Looking at March 2008 compared with March 2007, the number of new listings decreased 9.5%. Additionally, the number of closed sales declined 29.1% and pending sales decreased 28.7%. See table above. At the month’s rate of sales, the 2,074 active residential listings would last 8.4 months.

First Quarter/Year-to-Date
When comparing market activity for January-March 2008 with the same period in 2007, new listings fell 1.5% (1,770 v. 1,796). Closed sales dipped 30.3% (643 v. 923) and pending sales decreased 27.4% (809 v. 1,309).

Appreciation
Comparing the average sale price for the 12 months ending in March 2008 with that of the 12 immediately prior, it appreciated 2.3% ($264,500 v. $258,500). Using the same formula, the median sale price increased 2.1% ($232,900 v. $228,000).

All information from Market Action March 2008 provided by RMLS

Tawnya Madsen, Broker

Tawnya@AlternativeRealtor.com

541.729.2350

Living Free on Residential Investment Propeties...

2008-04-17T22:17:00.000-07:00

I enjoyed this thought today.

If an investor owns 10 properties and puts them on an amortization schedule such that one property is paid off every year the investor can refinance that property on a 10 year amortization schedule and live comfortably for the rest of their life...(Living for Free...wow)

Here is the really fun part...that income is tax free!

Now...lets go get those properties...(We know of a screaming deal on a duplex that is not yet on the market..call quick)

...I bet you know that loans with shorter amortizations schedules offer the benefit of lower interest rates, significantly less interest paid and a pay-off date visible from the starting line.

Summoning the cash needed to make these investments cash flow positively can be a short term drain that pays off in the peace of mind of owning a self sustaining investment.

Dave

dave@alternativerealtor.com

541-302-5999

Charming Eugene,Or. home

2008-04-09T15:38:00.000-07:00

What is a "FSBO"?

2008-04-09T15:17:00.000-07:00

"FSBO" is an acronym for: For Sale By Owner. In the real estate world you might hear them referred to phonetically as a "Fizbo". For Sale by Owner properties are easily found in craigslist.com under Oregon, Eugene, Real estate for Sale. Click here

Many sellers will attempt to sell their properties themselves prior to seeking professional representation. Most are open to compensating a buyer's agents if a buyer is professionally represented. (This means that there is often no cost to a buyer to seek professional representation)

Eugene's Alternative represents many buyers in FSBO's transactions every year.

Our clients are counseled to have Eugene's Alternative make the first contact with the seller to build the relationship, assess the story of the property and schedule a viewing time. Eugene's Alternative then reports back to our clients with the information and timing. Having Eugene's Alternative make the 1st contact is important because we have a high level of success negotiating buyer's agent compensation paid by the seller when Eugene's Alternative makes the 1st contact.

The sale fall-through rate without a professional representative is very high. Some of the qualities that professional representation brings to a transaction are:

Safety - All agreements are reviewed by a licensed Broker who has experience and understands the requirements of a legal real estate transaction in the state of Oregon.

Professional Perspective - There is nothing more dangerous to a transaction than two confused and emotional parties trying to work through a difficult negotiation alone. When trust between the buyer and seller is compromised the transaction's environment can become toxic. Having a smooth handed professional in the middle, listening, reacting to, or leading parties through a tough spot can make all the difference to the success of a sale. A good Realtor can take the pressure off of the individuals and bring smooth & quick resolution to issues that can otherwise progress to a danger.

Quality Team Members - Eugene's Alternative brings years of experience with quality people in the real estate community. We have developed relationships with outstanding folks in these fields and more:

Mortgage Finance
Title and Escrow
Home Inspection
Pest and Dry Rot Inspection
Law
Surveying
Licensed Contractors of all kinds (Building, remodeling and repair)
Architecture
Landscaping
Staging

Experience - There is no substitute for experience. Understanding the landscape of a negotiation and transaction can prevent or cut short problems before they become a threat.

David Koester
Pricipal Broker / Owner
Eugene's Alternative
302-5999
dave@alternativerealtor.com

Pets in Cottage Grove

2008-04-09T12:26:00.000-07:00

Question: How many dogs can I have at my house in Cottage Grove?

Answer: According to the City of Cottage Grove, no more than three dogs per household are allowed. If you want more, you must apply for a kennel license. Hope this helps.

John Baumann
654-2060
john@alternativerealtor.com
Eugene's Alternative

First Impressions

2008-03-29T12:22:00.000-07:00

QUESTION:
We are about to sell our home. Friends suggested that we invest time and money to improve its "curb appeal." The home has its original entrance and landscaping. Do you think updating the front yard will help sell the house? Is there a rule of thumb we should follow in determining a budget for exterior updates?

ANSWER:
Thanks for your question.

You get one chance to make a first impression. If a buyer's emotional reaction to your home is positive, that equals more money on your closing statement. Most buyers, when presented with a property that leaves them feeling that they have to start by remodeling or entering into "heavy project mode" will discount their offer or simply buy a different property that does not have that requirement.

First impressions are no longer made in front of the home. Virtual tours and photographs on the internet are a buyer's first introduction to a property over 80% of the time. This is why Eugene's Alternative uses only professional photographers and virtual tours for all of our listings. It is also why home sellers need to think about more than the perspective from the "curb" regarding how your home is viewed for the first time.

As the market becomes more competitive for sellers, investing in the condition of one's home is no longer an option to achieve a timely sale at or near the asking price. Paint and landscaping choices are always the best bang for the buck for a positive exterior presentation. We are quick to recommend new flooring, light fixtures, plumbing fixtures, and counter tops, for a positive interior presentation. Kitchens and bathrooms are the places to start on the inside, and the front entry is the place to begin presentation changes on the outside.

There is no rule of thumb regarding budget as different properties warrant different investment levels based on their needs, price point potential, and their direct competition.

Please contact us with any additional questions.

all the best,
John & Dave

1031 Tax Deferred Exchange

2008-03-09T13:19:00.000-07:00

QUESTION:
Can inherited property, such as a home that was once a
primary residence, be used in a 1031 transaction?
And, if so, should the property have remained vacant,
or produced income (rental) following inheritance?

ANSWER:
A 1031 Tax deferred exchange is a transaction that allows a party the ability to reinvest their capital gain in a "Like Kind" property within certain time limits and rules without creating a taxable event. (read: really cool tax law)

A CPA and a licensed 1031 facilitators are good team members with your Realtor to see if this type of option is a good one for you.

Some basic rules of a 1031 include the need to identify up to 3 potential destination properties within 45 days of closing your initial sale transaction and an the absolute of having all purchase transactions closed within 180 days of closing the transaction.

It is also required that the acquisition price of the exchange property or properties exceed the sale price of the property that is being exchanged.

The 1031 exchange must be disclosed in writing within the connecting transactions.

In an exchange all money must flow through a licensed exchange facilitator.

Eugene's Alternative is versed in the ways of the 1031. We would be happy to consult with you further to see if this a good option to utilize in realizing your real estate goals.

Dave

Welcome To The Alternative Blog of Eugene's Alternative REALTORS

2008-03-04T08:50:00.000-08:00

This Blog is designed to provide a public forum for any questions related to Eugene and Eugene Real Estate. All queries will be answered as soon as possible. This Blog is administered by a licensed real estate broker. What do you want to know?

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