If you’ve been considering the sale of your Wilsonville, Oregon home, 2018 could be the year to do it. That’s because some forecasters sense a possible change in our real estate climate.
Whether temporary or not, recent multiple listing information appears to suggest that for now, our region may have reached peak price performance.
Wilsonville’s Good News & Bad News Good news: Our area’s average home price was up last year by 7.7%
Bad news: Wilsonville area home sales changed last year by -4.3%
Naturally, these figures don’t guarantee Wilsonville’s 2018 real estate performance. This year it’s possible prices could rise. It’s also possible prices could fall.
Lock, Stock & Barrel
Buying low and selling high is a good way to ‘lock in’ profit. Added bonuses for now include our current low competing home inventory, plus attractive interest rates.
Better Than Average
What has helped to drive prices up has been a home shortage. An ‘average’ real estate market is frequently cited as having 3 to 6 months of house supply. At that level, neither buyers or sellers dominate. Our most recent regional housing level remains low. At 1.6 months of housing supply, that’s roughly half of what’s considered a low average figure. As a result, our ‘seller’s market’ right now is especially strong. But like the weather, that can change.
What Are You Waiting For?
Contact your WilsonvilleHomes.com sponsor, Certified Realty at (503) 682-1083 or use the convenient contact form below for a free report on what your property could sell for in today’s seller’s market.
Inventory A Factor
A low supply of available homes continues to drive prices higher. That’s because a market inventory of between three and six months is considered a ‘normal’ housing backlog. For more than two years, our regional home supply has been below three months.
Wilsonville Homes By The Numbers
These new numbers reveal home prices around Wilsonville are up 6.7% over the past year. The average home sale market time for our area is now 30 days. The average selling price so far this year is $412,400, with the most recent monthly average home sale price coming in at $434,400.
Selling? If you’ve considered the sale of your Wilsonville area home, taking advantage of our present ‘seller’s market’ could be a smart move. Contact our WilsonvilleHomes.com sponsor, Wilsonville’s own Certified Realty using the form below for a free consultation, or call 503-682-1083.
To adults and kids alike, superheroes seem to have time-tested appeal. Some think it’s because they look different. Indeed, some superheroes dress uniquely. Others believe superheroes represent the ‘good guy’ and these days, we can always use more good guys and gals. Yet others suggest that superheroes are in the rescue business and we all have an area in our lives where we could use help. Whatever the reason, it’s undeniable that superheroes hold a unique place in our imagination.
Do Real Estate Superheroes Exist? So fighting bad guys is an expected vocation for a superhero. But how could there possibly be Realtor superheroes? And would they use x-ray glasses to view inside homes to find potential problems, carry an anti-kryptonite pen to protect against real estate ‘evil doers,’ or hold their trusty multiple listing lockbox keycard in a utility belt?
The Realty Reality
While not superhuman, some real estate agents stand far apart from others. And when hundreds of thousands of dollars are literally on the line during your next home sale or purchase, chances are you’ll feel better throughout the entire process when working with a truly ‘super’ Realtor. But is it possible to easily locate a terrific Wilsonville real estate agent that’s not only experienced, but also dedicated, plus recognized for excellence among his or her peers? You’re about to find out.
‘Superhero’ Defined Superheroes are considered to be more than mere heroes, in part because their achievements transcend what is humanly possible. Superheros are often portrayed as heroes with extraordinary, superhuman powers. So while no Realtor is superhuman, in comparing performance, it’s clear that sometimes a single real estate agent can outperform several other, less productive Realtors. There are different reasons why this is true and part of it relates to the ‘Pareto principle,’ better known as the ’80-20′ rule, where 20% of a group is frequently responsible for as much as 80% of the results.
What’s In Your Utility Belt? Effective Realtors are more likely to avail themselves of advanced tools on behalf of their buyer and seller clients. But it doesn’t stop there. That’s because in addition to ‘high tech’ expertise like sophisticated monitoring of real estate activity for their clients, a ‘superhero’ Realtor also combines it with ‘high touch.’ This means they help buyers and sellers with access to not only their own specialized experience and knowledge, but also to an often vast and diverse network of other experienced professionals, such as reputable mortgage lenders, roofers, 1031 tax deferred exchange experts, electricians, surveyors, title companies and repair firms.
But Why Even Hire A ‘Superhero?’ In considering the use of your own real estate ‘superhero,’ it helps to understand what they’re able to achieve better than other Realtors. After all, why use a ‘superhero’ when any old hero will do?
To begin, it’s helpful to understand that an agent is your representative. He or she advises and acts in your best interest, which includes ‘fighting’ on your behalf. So who or what might a real estate ‘superhero’ fight? Enter the real estate ‘super villain.’ In Oregon real estate, you’re not likely to run into comic book characters or movie baddies like Darth Vader, Lex Luthor or The Joker. Instead, the kind of ‘super villain’ behavior you’re more likely to encounter is both real and potentially ‘deal-killing.’
The potential list of treacherous adversaries is long. Issues that could put the kibosh on your Wilsonville real estate transaction (while potentially costing you a lot of money) include dry rot, deferred maintenance (think leaky roof), a poor home inspection, title report issues, a low appraisal or a picky loan underwriter. If you’re a homebuyer, you can add certain challenging homeseller attititudes to the potential list of transaction implosions and if you’re a homeseller, you might include certain ham-fisted home buyer attitudes. The bottom line is that in order to deal with a multiplicity of potentially detrimental factors affecting your home purchase or sale, it’s clearly best to be prepared. And when you’re knee deep in transaction challenges, that’s not the time to wish you were working with someone more qualified.
It’s A Bird…It’s A Plane…It’s The CRS Realtor There are literally millions of real estate agents and as you might expect, not all of them are the same. As with any profession, experience, proficiency and dedication to clients can vary widely.
Most Realtors are indeed capable of providing good service, reasonable counsel and some helpful information. The fact is however, that some Realtors have considerably more experience, training and better results. It’s also undeniable that CRS designees are equipped to provide their home buying and home selling clients with advanced real estate insights, knowledge and competence. CRS holders hold an average of double the experience of Realtors without the Certified Residential Specialist designation. This illustrates a clear track record with elite standing.
But what differentiates a real estate superhero from other real estate agents? Here are a few examples.
X-Ray Vision Because CRS Realtors are experienced and complete far more transactions than the average agent, many times they see can through and avoid problems, before they occur. This helps prevent missteps from an agent’s ‘on the job training.’
Benefits Beyond A Single Transaction Another key benefit to working with a CRS Realtor is their networking advantage. So whether you expect to buy or sell in Oregon, or if you’ll have a real estate transaction in another state, the CRS referral network is a proven way for you to connect with another ‘high caliber’ Realtor who holds the CRS designation.
Speaking of High Caliber: Faster Than A Speeding Referral The CRS organization has an entire system devoted to a virtually seamless referral system for buyers and sellers who seek a super Certified Residential Specialist Realtor. For example, I recently received a phone call from an Idaho CRS agent working with buyers from Oregon. These buyers found their ‘perfect’ Idaho home and needed to sell their Wilsonville, Oregon home in order to purchase the Idaho property. The Idaho CRS Realtor suggested they work with a local CRS agent to most effectively sell their Oregon home. Mere minutes upon receiving a phone call from the Idaho CRS agent, I was in contact with these Wilsonville homeowners, then proceeded to list and successfully sell their Wilsonville property, all in short order.
You May Never Have Met A CRS It’s hardly surprising if you don’t recall ever meeting a Certified Residential Specialist. A CRS Realtor is in the top 3 percent of real estate agents in the United States. That means 97% of the Realtors you’re likely to run into aren’t a CRS. So what makes working with a CRS so much better?
Clinical Specialization Meets Bedside Manner
To put the topic of Realtor proficiency in another context, if your 5 year old has a broken arm, do you want a pediatric orthopedic specialist to examine, accurately diagnose, then properly set the youngster’s bone, or would any young intern fresh out of medical school be your first choice? After all, both are doctors. A similar principal applies to selecting an agent. The surprising thing here is that in choosing your next Realtor, it typically costs the same or less to go with the professional having more experience and proficiency.
Similarly, there’s an understandable difference between an agent who just received a real estate license and one who has been diligently working full time in the field for decades. But taking it another step beyond mere experience are those who hold accreditation for advanced real estate performance. The CRS designation isn’t easy to earn. It involves what is usually a multi-year advanced course regimen, plus documented real estate production and typically years of ‘in the field’ real estate experience. These recognized levels of education, training, production, time-tested experience and provable success amount to a higher standard of achievement.
A Bundle of ‘Keys’ to Your Next Real Estate Transaction To most homebuyers and homesellers, one key to a Realtor’s stellar real estate performance is consistent performance. Another is experience. Yet one more is education. The advantage to you as a homebuyer or homeseller in working with a CRS Realtor is that you get the entire bundle of keys and reduce your chances of being ‘locked out’ in your next transaction.
The Answer: While the usual term for CRS is Certified Residential Specialist, some might consider agents holding this esteemed real estate degree as being more of a Certified Real Estate Superhero. That’s because it takes a lot to attain the CRS designation and the positive results of working with a CRS designee speak for themself. Some have even compared CRS credentials as akin to the CPA of real estate.
What if there was a way you could locate a real estate ‘superhero’ for your next Oregon transaction? Thanks to the CRS referral network, there actually is an easy way to find a ‘super’ Realtor, no matter where you live. Perhaps the simplest is to contact a CRS, like Wilsonville Realtor Roy Widing, CRS with Certified Realty. And if you’d like to reach a CRS Realtor in a different state or region of the United States, Roy can connect you with a number of qualified Certified Residential Specialists near you and at no charge. From there you can interview one or more CRS Realtors and make your own decisions.
Do you have real estate questions? Contact Wilsonville Realtor Roy Widing, CRS using the convenient form below.
Compared to the life of famed superspy James Bond, buying or selling Wilsonville, Oregon real estate is dull and monotonous, right? Au contraire. You might be surprised to see how such a comparison actually sizes up.
Click here or on the play button above to hear the audio podcast of this article.
Not So Mundane, After All How could the seemingly routine tasks associated with Wilsonville, Oregon real estate possibly compare to the life and adventures of ultra-suave Agent 007? Initially, it seems like a ridiculous question. Of course Bond’s life is far more treacherous, risky and ‘on the edge,’ right? As we’ll soon learn, not exactly. Buyers and sellers of Wilsonville real estate have a lot more in common with the famous spy than first meets the bullseye.
Deceptively Daring Many actors have played Agent 007 in film, yet each brings to the Bond character their own unique imprint on the multi-faceted Bond persona. But while each person playing 007 is unique, in each iteration of the well-known agent we recognize Bond’s uncanny ability to ‘land on his feet’ and ‘avoid being bested,’ while inching (or sometimes speeding) toward his well-defined goal. Let’s examine some of the super spy’s cinematic character traits and how they might relate to your next Wilsonville real estate transaction.
Turning The Tables
To a Wilsonville homebuyer or homeseller, ‘landing on your feet’ might not equate to jumping from a high rise building. Instead, it might mean effectively dealing with endless surprises…like a low appraisal, or poor home inspection. It’s helpful to understand that one of Bond’s classic techniques is to shift bad odds to his advantage. Your way to ‘avoid being bested’ may not mean beating the tables at Monte Carlo like James Bond. Instead, it might be skillfully negotiating the terms of your Wilsonville real estate transaction. And to a Wilsonville homebuyer or homeseller, Agent 007’s ‘inching to his goal’ could simply mean patiently completing key tasks in order to close the sale. It’s nice to know that unlike the production of a Bond film, Wilsonville homebuyers and homesellers typically complete their ‘mission’ substantially under budget and in a relatively short time span, with no loss of life or limb. This makes you arguably ‘better than Bond.’
Diamonds Are Forever…And So Is Real Estate
Here are some factors that make the so-called ‘average’ Wilsonville, Oregon homeseller or homebuyer more daring than even Agent 007.
Risk Agent 007 is frequently seen as daring and a tremendous risk taker. But while it’s true some of Bond’s actions are potentially perilous, it’s helpful to realize that his risks tend to be thoughtfully calculated. 007 is usually well-armed, whether that means carrying his Walther PPK, or preparing mentally for the task at hand. If he’s without a gun, James Bond is able to adapt and improvise, like using a fire extinguisher in the middle of a firefight to provide cover and escape.
Charmingly Disarming But if James Bond gets into a ‘jam’, he usually has his trusty sidearm to help take care of business. Yet using a small caliber handgun to get your way is not an option for Wilsonville homebuyers and homesellers. As a result, your options are limited to less obviously coercive means than Agent 007 can wield. Requiring the use of ‘wits, not weapons’ takes certain things off the table for you, since Oregon real estate demands non-lethal resourcefulness. By having to use safer and more creative methods of persuasion, it’s fair to say that once again, the average Wilsonville homeseller or homebuyer is arguably ‘better than Bond.’
For an example of Bond’s risk reduction techniques, have you ever seen Agent 007 gamble great sums of his own money on a dice throw? The usual answer is ‘Not a chance.’ That’s because Bond virtually always plays with his government’s money, not his own. Yet you, as a Wilsonville homebuyer or homeseller, are laying your very own hard-earned capital on the table. So once more, in comparison you can arguably be seen as ‘better than Bond.’
Wilsonville Real Estate Tip #1 From James Bond: Maintain Your Humor A superspy like Agent 007 doesn’t constantly walk around like a tough guy. It’s actually quite the opposite. Bond knows how to work a room and deliver a well timed joke. ‘Breaking the ice’ to disarm and/or relax the other side with a joke takes some guts…especially when someone means you financial or physical harm.
Savoir-faire Savoir-faire is a French term that roughly means: knowing what to do in any situation. Those with savoir-faire respond appropriately in a wide variety of circumstances. One dictionary reference suggests savoir-faire as demonstrating “a polished sureness in social behavior.” In other words, classic James Bond behavior, whether it’s disarming a bad guy, nuclear device, or flawlessly ordering the best item off a French menu.
Savoir-faire can be adapted to Wilsonville real estate, where a wide variety of ‘tough to predict’ situations occur with surprising frequency. For sellers, this could mean having a buyer’s loan fail, possibly due to buyer disqualification like a credit score drop, or job change. Or perhaps your home needs a new roof and there simply isn’t sufficient equity to pay for it. Or there’s rampant dry rot. Or severe mold. You get the idea.
How 007’s Savoir-faire Can Work for Wilsonville Homebuyers and Homesellers A prepared and practical approach to problem solving is what both James Bond and successful Wilsonville, Oregon homebuyers and homesellers bring to the table. Agent 007 is able to adapt and navigate in almost any environment, whether he finds himself in a high-stakes casino in Monaco, a posh ski lodge in the Swiss Alps, or a poor fishing village in Asia, Bond knows what to do. When buying and selling Wilsonville real estate, you can adapt and navigate in different environments, too, including such changing factors as housing inventory (which can indicate if you’re in a buyer’s or seller’s market) and fluctuating interest rates.
Just realize that no matter how things appear, some factors and outcomes are not completely determinable and sometimes virtually unknowable. For example, let’s say you’re selling your Wilsonville home and have three offers on the table to consider. In this scenario, let’s suppose all buyers appear well-qualified and each offer is very similar to the others. Which one do you decide to accept? Which will actually close? Which buyer will be reasonable to work with? Which lender will have even-handed underwriting and not require needless delay or costs? Working with your Realtor, you can reduce risk, perhaps by focusing on how much each buyer is willing to pay, their down payment (where a larger down payment makes it easier for them to get a loan) and even the earnest money deposit and time to your closing date. Such an analysis can help boil things down to those that might make the most difference.
Wilsonville Real Estate Tip #2 From James Bond: Always Have a Backup Plan
The key is to limit your downside risk by making the best decision possible under the circumstances and remain alert. For example, if after accepting one offer on your Wilsonville home, the buyers begin loudly complaining about minor issues, have your Realtor stay in touch with other prospective buyers who expressed interest. That way, you keep the door open for a ‘Plan B’ and later, possibly a ‘Plan C’ if initial buyers bail on your home sale.
Debonair Agent 007 is often described as debonair. How can that term possibly apply to your next Wilsonville real estate transaction? There are varied definitions to the term debonair, but related terms include courtesy,graciousnessandhavingasophisticatedcharm. These traits can be powerful and disarming when dealing with the other side on a home sale. An example of courtesy might mean allowing buyers to schedule a tour before closing for measuring room dimensions or determining paint colors. Being gracious could mean as a buyer you allow the home sellers an extra day to move out, particularly if their moving van broke down. Sophisticated charm might mean leaving a box of chocolates or champagne after you sell a home for when your homebuyers finally move in.
Small details perhaps, but such activities are often long remembered. If after moving out, you remember leaving priceless heirlooms in the attic of your former home, imagine how much nicer it will be to request the return of your precious items from the current owners with whom you’ve been civil and friendly. They are also more likely to even contact you if they find something you mistakenly left behind.
Wilsonville Real Estate Tip #3 From James Bond: Secrecy There’s good reason undercover agents are also known as secret agents. ‘Don’t let them see you sweat’ is an adage Agent 007 works with aplomb. So you don’t want to lose out on your home purchase and are willing to substantially increase your offer, yet don’t want to overpay? Keep those cards discreetly close to your vest and understand that by doing so, you’re modeling James Bond, who can definitely keep a secret. He’s a spy, after all.
Humility Though James Bond can swagger with the best of those who hold the ’00’ license to kill designation, he’s usually discrete and avoids attention or bragging about his prowess. Such meekness is supremely beneficial in situations to disarm adversaries, while catching them off guard. Agent 007 doesn’t often talk about how many people he’s put in the hospital, or his annual income. Simply by observing him, it’s clear Bond has gravitas.
Courage Having courage when buying or selling Wilsonville property doesn’t mean you don’t feel fear. It does involve pushing that fear aside to rise above whatever obstacle you are facing. Agent 007 pushes himself out of his comfort zone to face serious fears on a daily basis. This gets him used to feeling comfortable with the uncomfortable. As a Wilsonville, Oregon homeseller or homebuyer, once you desensitize yourself to fear, it will become easier to perform courageous acts, like counteroffering that offer you really don’t want to risk losing, or agreeing to substantial repairs in order to pass a home re-inspection and close the deal.
Be Patient In the middle of a real estate transaction, it’s easy to be overwhelmed. To be successful, it helps to have a well defined plan executed with patience. You also should allow sufficient time for your plan to work. For example, if you’re a Wilsonville homeseller who doesn’t receive an offer in the first few days on the market, understand that if you’ve already examined the latest market data and the average market time is measured in months and not days or even weeks, realize your anxiety may be premature. Keep cool.
Consult An Expert When buying or selling Wilsonville real estate, it doesn’t hurt to have an experienced Realtor as your own ‘Q’ to keep you out of difficult situations. An experienced Wilsonville real estate broker is someone who has been ‘over the road,’ thereby saving you needless expense, time and worry.
So rather than having Bond’s sidekick ‘Q’ demonstrating gadgetry and armory (like a blowtorch on Bond’s Aston-Martin convertible), Wilsonville residents can rely on the calm, cool and collected experience of a proven Realtor to more successfully navigate pitfalls sometimes found in Wilsonville real estate.
Do You Have Questions About Wilsonville Real Estate? For a free consultation, contact our WilsonvilleHomes.com sponsor, Certified Realty using the contact form below, or call them at 800-637-1950.
TMREI: Too Much Real Estate Information Sometimes absorbing the sea of Wilsonville real estate information seems more like drinking from a fire hydrant. Yet, out of all the seemingly helpful real estate data bandied about, there is one especially helpful number, which when understood,can provide near-magical clarity to both Wilsonville homebuyers and homesellers.
What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.
Housing inventory is also sometimes known as home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current supply of local available Wilsonville area homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do battle in the real estate trenches and more likely to avoid some usual minefields.
Normal Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of Oregon is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is within three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, it’s kind of like an absorption rate for how fast supply is used up.
Your Mileage May Vary It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. So Wilsonville homesellers and homebuyers are likely to use the Portland area figure as the bellwether for housing backlog. If your home is located in Keizer, you’re likely to see the Salem inventory figure as the closest approximation of local home supply. It’s also likely that your specific area could be somewhat different altogether, based on a variety of hyper-local factors affecting both demand and supply. That said, home inventory is a convenient ‘thumbnail’ sketch to help assess what kind of market you’re in.
What’s The Practical Impact of Housing Inventory? Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true. That’s when the local real estate environment favors sellers, because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.
It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.
What’s the Big Deal About Wilsonville Housing Inventory? One reason Wilsonville housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a qualified buyer. Inventory affects this, too.
That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.
Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.
Okay, So Inventory Is Important. What Does It Look Like?
The above image provides a good example of fluctuating home inventory. As greater Wilsonville’s real estate market bounced back from the severe market downturn of the Great Recession, home inventory reduced from more than 20 months of housing supply to less than three.
Contact the Experts Thinking about selling your Wilsonville area property? Know the market before diving in! Contact Certified Realty with your questions and for a free consultation on what your property could sell for today using the contact form below or call (800) 637-1950.
Simultaneous/Consecutive Home Transactions
Selling one home and buying another are frequently linked activities. In this article and podcast, we reveal how to maximize the efficiency and minimize the bother when simultaneously buying and selling a Wilsonville home.
We’ll also examine options to help decide if either simultaneous or consecutive real estate transactions may be best for you.
Timing The singular act of buying or selling a home is often the foremost concern of many Wilsonville homeowners. Whichever immediate task you may be considering, it’s common to have twice the activity anticipated, but in two steps. That’s because home buyers often have a home to sell…and home sellers are frequently seeking a home to buy. So what’s the best way to navigate this potential real estate quagmire without getting entangled in a morass of stress and needless extra costs?
First Steps To begin, it helps to examine three common Wilsonville dual home sale/home purchase options:
Selling your existing house first, then buying your next house.
Buying the next house first, then selling your existing house.
Simultaneously moving from your existing house to your next house.
Your challenges, benefits and results will largely depend upon which of these three decisions you settle upon. Here are three quick takeaways for these three usual options:
Option #1. Selling your existing house first, then buying the next house This option usually requires a ‘double move.’ Yet one advantage of this approach is that you won’t have double house payments. One disadvantage is that you may have to move twice. An added benefit of this ‘selling first’ approach can include negotiating with strength in the purchase of your next home. That’s because your purchase needn’t be contingent upon the sale or closing of your sold home. As a result, you are seen as a ‘cash in fist’ buyer, or at the very least, a buyer who is considerably more likely to qualify for a home purchase, given that you ostensibly now have access to the equity in your now-sold home. This helps you negotiate with more power in the purchase of your next home.
Option #2. Buying the next house first, then selling your existing house When first buying a house, then selling yours, one advantage is that you know where you’ll be moving. The reduced stress of ‘knowing where you’ll land’ is empowering.
Unless you’re a cash buyer, you’ll likely need to qualify with a lender. And if you have an existing loan in place on the house you’ll be selling, this may mean you need to qualify for two loans, your current home loan and the loan on the house you’re buying.
As long as your current home sells in a timely manner, added financial obligations can be minimized. For more information about bridge loans, see the below ‘A Bridge Too Far?’ discussion.
Option #3. Simultaneously moving from your existing house to your next house This situation is very common. Provided your activities are clearly thought out, well-executed and contingencies are in place for protection, it’s also one of the more affordable options.
Think far ahead and shoot for impeccable timing, in order to make your move the smoothest possible. In order to have sufficient time to move out soon after closing on your current home’s transaction, you will need to locate your next home, write an accepted offer, have the home inspection and if you’re getting a home loan, likely an appraisal…all before you close on the purchase and can actually move in.
One advantage of this approach is that you won’t have double house payments. You also know where you will be landing, and you won’t likely have to move twice. One disadvantage is that your timing needs to be good and possibly have a little extra ‘cushion’ to allow for emergencies, like delays with appraisals, inspections and repairs. Otherwise it’s easy to feel ‘squeezed’ by your being in the middle of two time-sensitive transactions.
That’s one challenge of going this route; It’s complicated by not knowing with precision the timeline of certain key activities. That’s because while home inspections can usually be completed within a set time frame, like 10-14 business days, other requirements like appraisals, can take much longer, with less certainty of the completion date. On top of that, most transactions involve two appraisals, one on the house you’re selling and another on the house you’re buying. So if you plan on a simultaneous sale/purchase, huddle up with your Wilsonville Realtor to create a well planned timeline, then build in some extra breathing room, as necessary.
A Bridge Too Far? One way to do purchase a house without first selling your existing home is with what’s called a ‘bridge loan.’ This is effectively a loan against the equity on your existing home. There are plenty of added details, but for the sake of simplicity, just understand that if you use a bridge loan to buy your next home, until your current home is sold, you will likely have double house payments. So if your current home doesn’t sell in a timely manner, hopefully the squeeze on your wallet won’t be more stressful than if you were to have simply sold your existing home first.
Tools of the Trade To accomplish the job of simultaneously buying and selling homes, among the most common protective tools is called a contingency. Consider contingencies as akin to safety goggles. They’re designed to prevent a mishap, only in this case, the mishap could be losing your earnest money.
Earnest Money Earnest money is usually a certain dollar figure placed on deposit as a sign a buyer is earnest, and later applied to the home purchase. This helps convince sellers that a buyer is serious and take their property off the market. Earnest money essentially helps to ‘hold’ a property for a buyer. Earnest money is not often the total down payment, although it can be applied as part of the down payment. Earnest money is important to homesellers, because without it, a buyer could otherwise tie up the seller’s property with virtually no obligation.
A large part of contingencies relate to a buyer keeping their earnest money, or the initial deposit showing the buyer is ‘earnest’ in proceeding to closing on a home sale. If a homebuyer does not have a sufficient contingency in place during a home sale, forfeiture of a buyer’s earnest money becomes possible. It’s not terribly common, but it can and does sometimes happen.
Types of Contingencies Home inspection contingencies provide buyers with the right to have a house inspected for a variety of conditions, all within a specified time frame. Another common contingency is the loan contingency, so if for some reason a lender does not approve a buyer or the property for a home loan, the earnest money deposit is returned to the buyer. Buyers have lost out on qualifying for a home loan because they went out and bought a car during the home purchasing process, thereby disrupting their loan ratios.
The Reality of Earnest Money Deposit Risk As long as appropriate contingencies are in place and they’re followed in a time-conscious manner, it’s relatively uncommon for buyers to lose their earnest money. It’s always a good idea to keep an eye on your timeline.
Buying And/Or Selling? Use the form below to contact our WilsonvilleHomes.com sponsor, Certified Realty for a FREE consultation. Whether your Wilsonville real estate situation involves homebuying, homeselling, or if you simply have questions about our current local real estate market, Certified has been helping Wilsonville area residents since 1950!
Significant Shift One significant change found in this new report is a nearly 25% increase in our regional inventory of homes for sale. This is likely in part due to the more than 11% annual increase in home prices both in Wilsonville and the greater Portland area.
Selling Your Wilsonville Home?
Thinking about selling your Wilsonville area property in this still strong seller’s market? Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient contact form below for a free report on what your property could sell for today.
Wilsonville Area Home Scarcity Continues
Just-released figures from the Regional Multiple Listing Service on our Wilsonville area housing market reveal continued scarcity of local homes for sale, with competition among buyers continuing to push prices up.
Greater Wilsonville By The Numbers Here are the most recent key Wilsonville area real estate statistics. As a side note, neighboring communities like Tualatin and Tigard are included in these greater Wilsonville market statistics.
Latest Wilsonville Real Estate Market Takeaways Greater Wilsonville Home Prices Annual home price change +11.4%
Greater Wilsonville Average Market Time Average market time 30 days
Greater Wilsonville Home Sales Volume Monthly change in number of greater Wilsonville area home sales +8.7% Annual change in number of greater Wilsonville area home sales +6.1%
Regional Home Inventory As seen in the above table, our regional supply of homes is about half of what is considered to be the ‘low end’ of a normal backlog of properties. A ‘normal’ real estate market is typically 3 to 6 months of home supply.
Regional Home Price Chart The above home price chart shows a clear upward home price trajectory for the greater Portland metro region over the past four years. Wilsonville’s most recent annual home price increase of 11.4% is indicative of this regional real estate appreciation.
Contact Our Sponsor Thinking about selling your Wilsonville home during this strong seller’s market? Home prices are up and buyers could be competing for your property right now. Contact Certified Realty using the convenient contact form below for a free home valuation today.
Recent housing data from the Regional Multiple Listing Service (RMLS) shows Wilsonville home prices are up 9.6% over last year.
This ramp up in home values is due in part to a decrease in available properties for sale.
While a ‘normal’ housing market usually has 3 to 6 months of home supply, our region is now at only 1.2 months of inventory…and falling.
A Seller’s Market With increased demand and dwindling supply, what’s happening in Wilsonville real estate right now could be called a seller’s ‘perfect storm.’ Wilsonville is experiencing a combination of attractive interest rates, plus very low home inventory, which fuels a rise in prices.
This is economic theory in action, whenever there are more buyers than sellers, creating a ‘seller’s market.’
And even with growing home prices, current low interest rates help serve up a palatable real estate cocktail that could help Wilsonville buyers better afford their purchase…if they can just find a home amidst such a low housing supply.
The Rest of the Story As you might guess, individual neighborhoods and towns vary significantly on selling price, buyer demand and other key factors, like how long it takes for a house to sell.
Thinking about selling your Wilsonville area home? It’s a wise move to sell in a seller’s market. Contact our WilsonvilleHomes.com sponsor, Wilsonville’s very own Certified Realty, for a free consultation of what your Wilsonville area property could sell for in today’s market by using the convenient form below.
Thinking about selling your Wilsonville home? Prices are still up and right now could be your best opportunity! Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market.
Wilsonville’s real estate market is more competitive than in years past and it’s now a bit akin to a footrace.
But it’s not just Wilsonville. For example, in the greater Portland metro area that includes Clackamas, Multnomah, Washington and Yamhill counties, there is now 3.4 months of home inventory. That’s close to half the supply of what many consider to be a ‘balanced’ housing backlog of 6 months.
As a result of this ‘seller’s market,’ home buyers throughout Wilsonville and beyond are competing for fewer available homes. So if you’ll be buying a home anytime soon, ensure your offer is most competitive. One way is to hire a Realtor when both buying and selling. Curious about why this is important? Then read on.
What To Do While most home buyers need to sell their current property in order to buy another home, to be taken seriously by home sellers in this ‘seller’s market,’ it’s crucial to have at least a pending sale on your current property before making an offer. As a result of this competitive market environment, it can make a difference to have a Realtor represent you when both buying and selling. You’re about to see one example why.
Transparency To convince a homeseller that your offer is the best, a key factor is transparency. That’s because if you’re buying a home, there are likely to be other buyers also interested in the same property. Put yourself in a seller’s shoes. Before taking their property off the market, most sellers want assurance that an offer is likely to actually ‘close.’ As a result, they frequently expect a certain amount of credible information to determine the likelihood of success.
What Not To Do Recently some ‘for sale by owner’ sellers were also purchasers. But they seriously hurt their odds to purchase the house they wanted by not hiring a Realtor to sell their property. Why? Since these buyers were selling ‘by owner,’ no reliable information on their unlisted property’s sale was available for the Realtor representing the seller of the house they wanted, to confirm their ‘pending sale’ status. Did they really have a ‘pending sale’ so they could proceed to purchase? Or was their ‘sale’ more of a handshake, riddled with contingencies? With no Realtor involved in a buyers’ sale transaction, it can be difficult to verify much at all.
These ‘for sale by owner’ buyers did one thing right, as they hired a Realtor to represent them in making an offer. But due in part to their alleged ‘pending sale’ not being managed by a Realtor to confirm the home inspection, appraisal, and buyer’s financing had been dealt with properly, along with what could have been unknown contingencies in their sale transaction, the ‘for sale by owner’ buyers’ offer was rejected.
Put Your Best Foot Forward Unlike those unsuccessful home buyers, you can put a good ending on your next transaction. The best solution when buying and selling a Wilsonville home? Be competitive and hire a local, expert Realtor. To speak with qualified and experienced Wilsonville Realtors to represent your best interests, contact our WilsonvilleHomes.com sponsor, Certified Realty at 503-682-1083 or use the convenient form below.
New figures from the Regional Multiple Listing Service known as RMLS reveal a recent uptick in Wilsonville’s regional home supply. Yet, despite a growth in the regional home supply, Wilsonville year-to-date home prices remain clearly in positive territory.
Regional Real Estate By The Numbers Our Portland metro home inventory remains relatively low. For comparison, Portland’s home supply is almost half that of the greater Salem area.
A housing backlog of just 3.4 months is generally considered by real estate experts as a ‘seller’s market.’
Wilsonville home prices are up 7.3% over the past year and sport an average selling price of $349,700.
Predictions on Wilsonville’s real estate market are difficult to make with accuracy. Take, for example, local weather forecasts. Even when armed with technology like detailed satellite images, plus wind, barometric and temperature data, weather forecasters can get it wrong…and that’s for predictions merely a week or two away!
Predicting Wilsonville’s Real Estate Trends Now imagine the difficulty in predicting real estate market activity a full year into the future. Along with seasonal influences, other challenges in real estate forecasting include changing interest and employment rates, ever-shifting home inventory levels, plus a myriad of lending regulations and the mysteries of the Federal Reserve’s monetary policy, just to name a few. Little wonder, then that some view real estate predictions as akin to flipping a coin or using a dart board.
Real Estate Forecasting: What Can Work Though not foolproof, one generally helpful tool for predicting future real estate trends can be past real estate trends. Major unpredictable shifts occasionally occur, but the key word here is occasionally.
For example, the Great Recession that hit Wilsonville and the entire country starting around 2007-2008 was our nation’s worst economic downturn since 1929. Thankfully we haven’t seen such financial meltdowns every year, or every decade, or even every half century. So aside from similar cataclysmic shifts, a certain degree of real estate predictability is possible.
Reasons For 2015 Wilsonville Real Estate Optimism Several factors are coming together to provide for an optimistic New Year in our area. As you’ll see, some factors are under federal control and others occur locally, but each has an impact on Wilsonville real estate. So if you’ve held off selling your Wilsonville area home, here are four of them that portend a good 2015:
1. Credit Scores Loosen Most homebuyers need a home loan, generally known as a mortgage. The good news is that mortgage credit is becoming more available as lenders loosen credit requirements.
3. Consumer Optimism Recent figures from the National Association of Realtors confirm homebuyers are now more optimistic. This includes our area. When it comes to single family homes, the ‘Confidence Index’ chart below shows most states now have a majority level of optimism in their region, including ours.
4. Home Inventory Remains Low Thanks in part to the reduced level of local new construction, home inventory in our region is still near historic lows. Our most recent survey shows we have 3.2 months of housing backlog. This suggests we have more buyers than sellers. As a result, Wilsonville homesellers can take advantage of what remains largely a ‘seller’s market’ heading into 2015.
The Bottom Line If you’ve held off selling your Wilsonville home because you were ‘under water,’ or concerned about the market being too low, now is a good time to consider re-evaluating.
Wilsonville’s real estate market has changed. Experts predict regional home price growth to continue at a steady, albeit slower pace through 2015, compared to the 7.2% price increase to date for 2014. As a result, some suggest a 3% annual increase in area home prices. Depending on a variety of factors, that may indeed end up being conservative on the low end. For Wilsonville, expect between 3% to 6% in 2015 home price appreciation.
Thinking about selling your Wilsonville home? Use the convenient form below to contact our sponsor, Wilsonville’s very own Certified Realty for a FREE report on what your property could sell for in today’s market.
As November winds down, recent information from the Regional Multiple Listing Service suggests one Wilsonville home sale will stand out as the most expensive for the month.
However, the property also features nearly 25 acres, along with Willamette River waterfront and a dock. So this sale includes considerably more than one home.
Located on SW Wilsonville Road, the house includes 1,500 square foot of living space, with 3 bedrooms and 2 bathrooms.
Also included are a red barn with 3 stalls, plus a tack room and hay storage. The final selling price for this property was $1.29 million dollars. Perhaps most interesting of all is that the market time was less than two weeks!
Thinking about selling your Wilsonville home? Wilsonville’s Certified Realty sells Wilsonville real estate in every price category. For a FREE report on what your property could sell for, contact Certified Realty using the convenient contact form below. Certified Realty is your WilsonvilleHomes.com sponsor and specializes in selling Wilsonville Homes.
Figures in a new study from Ticor Title Company suggest a stabilization of our Wilsonville real estate market. For now at least, gone are what have been strong changes in home price and market time around Wilsonville.
Thinking about selling your Wilsonville home, lot or acreage? For a FREE report on what your property could sell for in today’s market, contact our sponsor, Wilsonville’s own Certified Realty using the form below. Still family-owned and operated, Certified Realty is Oregon’s choice since 1950.
This new report reveals Wilsonville’s year-to-date home value appreciation is now 6.0%,trailing the greater Portland area average of 7.4%.
The average price of a Wilsonville home is now $334,800 and the average market time is now 60 days. This is relatively brief by historical standards and helped along by our still low regional home supply of a little more than 3 months.
Thinking about selling your Wilsonville home? With fewer sellers now competing for qualified buyers, you could sell your Wilsonville home and be in your next home by Christmas. Contact Wilsonville’s own Certified Realty using the form below for a FREE report on what your Wilsonville home could sell for in today’s market.
Have you considered selling your Wilsonville home? As you can see, Wilsonville real estate prices remain strong. For a FREE report on what your Wilsonville home could sell for, contact our WilsonvilleHomes.com sponsor, Wilsonville’s Certified Realty using the contact form below.
A new report on Wilsonville real estate was just released by Ticor Title Company. This survey confirms a significant upward price trend for Wilsonville homes, particularly over the past few months.
According to this new report, the median list price for a Wilsonville home is now just under $400,000. And the average market time to sell a Wilsonville home? That figure is now at 106 days, or right around 3.5 months.
Thinking about selling your Wilsonville home and curious what it could sell for? Now could be the perfect time, since Wilsonville home inventory is low right now and competition among sellers is diminishing. It’s truly a seller’s market.
Our WilsonvilleHomes.com sponsor, Certified Realty will provide you with a FREE report that is tailor-made for your own property. For your FREE report, simply contact your Wilsonville real estate experts, Wilsonville’s very own Certified Realty, using the convenient form below.
Recent information on our local Wilsonville real estate market is now available. With school beginning as we move toward Autumn, it’s reasonable to expect a somewhat less robust pace of home sales.
Many, though certainly not all, 2014 buyers have bought their home by now. This brings “empty-nesters,” relocating transferees, singles, and young families to the forefront as a bigger slice of the buyer pool for the remainder of the year. For sellers, Autumn can bring more motivated buyers with less competition from other home sellers, when compared to Spring.
An interesting new report on Wilsonville homes was recently released.
Especially notable in this report is the fact thatmore than 1/3 of all Wilsonville homes for sale saw a price drop before selling. Plenty of other helpful information is included, like the average days on the market it takes for a Wilsonville home to sell and the median list price.
A recent report on Wilsonville area real estate shows a continued solid increase in local home values. Compared to last year, Wilsonville home prices are now up 8.1% over this same time last year. If this trend continues, we could be well on our way to a good year for Wilsonville real estate.
What Is And What Should Never Be (With apologies to Led Zeppelin) But the real story is that Wilsonville home values have some of the lowest increases in our entire region. On top of that, Wilsonville pending sales changed -3.8% for the recent month measured and -15.7% compared to last year! As a result, Wilsonville’s solid home prices are still creeping upward. But fewer Wilsonville homes are now being sold.
With our 8.1% annual home price increase, Wilsonville now finishes ahead of only West Portland (7.1%) and Lake Oswego/West Linn (7.9%). Every other community in our region fared better than Wilsonville for home price appreciation.
But there’s an explanation.Perhaps not surprisingly, these three areas sport some of our area’s highest average selling prices, with Tigard/Wilsonville at $306,000, West Portland at $379,900 and Lake Oswego/West Linn at $440,500.
Both Sides Now (With apologies to Judy Collins) The flip side of the equation is interesting, especially if one looks where our area’s price appreciation is greatest. As expected, those communities have lower average sales prices. They include SE Portland with 15.4% (($249,000), Milwaukie/Clackamas at 14.8% (($275,000) and Columbia County an astronomical 25.9% ($188,700).
Feeling Stronger Every Day?(With apologies to Chicago)The bottom line is that Wilsonville home prices continue to increase, and that’s one good sign of a strengthening market. There are several factors helping to boost Wilsonville area home prices. These include our area’s real estate seasonality, which brings improved home buying weather this time of year.
Gains are also due in part to a continued recovery from the Great Recession which began around December, 2007. However, perhaps the key reason to explain our real estate boost is a significantly reduced inventory of homes for sale.
What Does This Mean For Wilsonville Homebuyers & Homesellers?Low home inventory means there are fewer houses for sale.A main effect of having fewer homes for sale typically means less selection and higher prices. This is the classic ‘seller’s market,’ where buyers lose a significant amount of leverage. This means buyers have to compete more against one another to find a desirable home.As a result, home prices rise.If you’ve thought about selling your Wilsonville home, this may be your best opportunity for the foreseeable future. However, if Wilsonville home owners en masse begin sensing the time is right to sell, such a concomitantincrease in supply could cancel projected home price gains.
Limbo, How Low Will We Go? (With apologies to Chubby Checker)Another reason for our home inventory’s newsworthy nature has to do with the time of year. We’re already trending slightly ahead of 2013 given our latest inventory figure of 2.8 months from April. Last year, the months of May, June and July were lowest for regional inventory. So the lowest number of available homes for sale may yet be ahead.
Timing The MarketBased on last year’s performance, homeowners may have another few months before the supply of homes begins climbing back up. So if you’re considering a Wilsonville area home sale in 2014, acting sooner is likely to be in your favor before inventory rises and other events are factored in, like families purchasing before the school year begins.
Consult The ExpertsThinking about selling your Wilsonville area home? Contact the experts! Wilsonville’s very own Certified Realty is Oregon’s choice since 1950. Contact them using the convenient form below for a FREE report on what your property could sell for now.
This attractive, just listed home in Wilsonville’s Canyon Creek Meadows neighborhood is move-in ready and attractively priced at $274,900.
This home also features plenty of room, with 1,660 square feet of living space, 3 bedrooms & 2.5 bathrooms, plus both living and family rooms.
Additional features include island kitchen with pantry closet, kitchen appliances, spacious master bedroom with walk-in closet, forced-air gas heat, central air conditioning, gas fireplace and an attached double garage. Walking trails nearby too!
With the arrival of Spring’s beautiful weather, many Wilsonville homeowners are hearing others say: “Now is an excellent time to consider placing your home on the market for sale.”
However, you may have wondered why exactly is now such a good time to sell your Wilsonville home? Is it all about sunny skies? So if you’ve ever thought about selling your Wilsonville property, this article is for you. And here are three good reasons to now sell your Wilsonville, Oregon home:
Reduced Inventory There are fewer homes on the market right now. Our 3.1 month supply of homes means demand is stronger. That frequently translates to higher home prices. And with fewer competing sellers, you may need to negotiate less for your best deal.
Seasonality Many home buyers shop in earnest during better weather. Why? It’s easier, more fun and there’s more daylight to work with. But there’s one other reason you may not have considered: School is out soon and that is a great opportunity for families with kids to move during Summer Vacation. Don’t miss out on these buyers!
Interest Rates One of the big factors affecting home affordability is the interest rate your lender charges. Interest rates remain near historic lows. This means even with rising prices, buyers can find homes to be more affordable if interest rates stay attractive.
Thinking about selling your Wilsonville home? Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market.
With Wilsonville home prices averaging among the highest in our region, we were curious to find the least expensive Wilsonville home currently for sale.
So off we went on the hunt for Wilsonville’s cheapest detached, standard-framed, single family home now on the market.
This meant no manufactured homes. No condominiums. No townhouses, either.
After digging deep into the substantial pile of available Wilsonville homes using resources from the Regional Multiple Listing Service, we found that one elusive, and exclusive, home.
With more than 1,100 square feet of living space, this cozy 3 bedroom, 1 bath ranch style home is truly move-in ready. Located in Wilsonville’s ‘old town’ district, another benefit of this property is the desirable, low traffic neighborhood. Plus, it’s located within walking distance to Boones Ferry Park and shopping, too. The price? $239,900.
Thinking about buying or selling a Wilsonville home? Contact our sponsor, Wilsonville’s very own Certified Realty using the convenient form below for a FREE telephone or in-person appointment to discuss your options.