Plan ahead ~

Don’t wait until you’ve found a home to Get Pre-Approved for a mortgage, investigate insurance, or consider a moving schedule. Being prepared will make your bid more attractive to sellers and may help you beat out the competition.

Know there is no “right” time to buy~

If you find the ‘perfect’ home now, Don’t Risk Losing It because you’re trying to guess where the housing market and interest rates are going. In a low inventory market as we have been and continue to be in, the perfect home you see today, may be sold tomorrow. The cost of something similar and the wait for it, could be greater than the savings you may or may not have realized debating the current market and rates.

Don’t ask for too many opinions from others~

It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the Wants and Needs Who will actually be Living In The Home.

Accept that no house is ever perfect~

It may be in the right location, but the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a List of your Top Priorities and focus in on things that are most important to you. Let the minor ones go.

Don’t try to be a killer negotiator~

Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or refusing to budge may cost you the home you love.

Remember the home won’t exist in a vacuum~

Don’t get so caught up in the physical parts of the house itself that you forget about other issues such as noise level, access to amenities, and other aspects that also have a big impact on your quality of life living in that home.

Choose a home because you love it, then think about appreciation ~

A home is still considered a great investment, but its most important role is as a comfortable, safe place to live.

Yamhill County Market Trend Review

We have all heard the phrase “We are in a housing shortage”. To give eyes to this, let’s look at Yamhill County’s inventory graph from the past 36 months. (Courtesy RMLS (REALTOR®-owned multiple listing service.)

LET’S REVIEW THE GRAPH

You can see Pending Units (green dotted line) are a consistent pattern year to year. We see more homes pending in the summer, and less in the winter. In March of this year we did see a small slow down in units pending. This was due to COVID-19 and Oregon’s stay at home order hitting mid-month. This reduction resulted in less than normal Sold Units (red blocks) for April and May. (Typical closing timeline from pending to sold is an average of 45 days.) Once the stay at home order was lifted in May, we see pending properties jumped back on track moving upward in a typical pattern. (To compare, in May ’19, 149 homes went pending. In June ’19, 180 homes went pending. Here in 2020, May saw 166 homes go pending and as of June 18th, already 132 homes are pending for the month.) So what is different? What we are NOT seeing is the typical pattern of Listed Units (blue line), which are homes being put up for sale. The average of listed homes in April through July each year have ranged between 175-250 each month. This year, April through mid June we see the range of homes listed has dropped to 125-175 each month.

SIMPLY PUT…

Same amount (if not a bit more) Buyers are in the market to purchase homes.

More than 100 LESS Homes are available to be sold to these buyers.

Resulting in more buyers than we have sellers and homes here in Yamhill County.

WHAT DOES THIS MEAN FOR YOU?

BUYERS…

If you are a BUYER currently in the market, or have been thinking this would be the year you purchase, NOW is the time to talk with a lender. Do not wait until you find a home. Homes coming on the market are pending very quickly, many with multiple offers. The earlier you are approved, the earlier you can start a watch for your new home. Having this additional time will provide you a better opportunity to find and purchase this year. The awareness of your true purchase ability and ability to provide a pre-approval immediately at the time of offer is also more likely to allow you to offer quickly and confidently when a home you like hits the market, before it is pending with another buyer.

SELLERS…

If you have been thinking of SELLING, buyers are looking for your home! I myself, have buyers looking for your home! This is a strong sellers market. Are you wanting to take advantage of the low rates and upgrade to a larger home and sell your current home? Worried about selling your home and not finding your new home in time? There are avenues to avoid this and I can help guide you through the process of selling and buying at the same time. Thus allowing you to move from one house to another without being at a loss for a home in the middle.

REACH OUT TO ME

Not sure where to start? Need a reference for a lender? Would you like to be notified as soon as your dream home hits the market, and not be fearful it will come and go before you had a chance in your busy life to search the internet? One Call, Message, or Text is all it takes to have me in your back pocket working for you guiding your path to your new future. Let’s Talk!