Real Estate Information Archive

Good Monday Morning!

Finally, some bright news for would-be homebuyers. Mortgage interest rates are holding steady and may even see a decline. This trend may help take heat off of a housing market that continues to be over priced for many buyers.

Borrowers saw a slight cool down in mortgage rates this week following last week’s seven-year high. The 30-year fixed-rate mortgage dipped for the first time after five consecutive weeks of increases, averaging 4.71 percent.

But the higher rates may be deterring some would-be home buyers. “The strength in the economy has failed to translate to gains in the housing market as higher mortgage rates have contributed to the decrease in home purchase applications, which are down from a year ago,” says Sam Khater, Freddie Mac’s chief economist. “With mortgage rates expected to track higher, it’s going to be a challenge for the housing market to regain momentum.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 4:
(Scroll over interactive data chart)

• 30-year fixed-rate mortgages: averaged 4.71 percent, with an average 0.4 point, falling slightly from last week’s 4.72 percent average. Last year at this time, 30-year rates averaged 3.85 percent.

• 15-year fixed-rate mortgages: averaged 4.15 percent, with an average 0.4 point, decreasing from last week’s 4.16 percent average. A year ago, 15-year rates averaged 3.15 percent.

• 5-year hybrid adjustable-rate mortgages: averaged 4.01 percent, with an average 0.3 point, rising from last week’s 3.97 percent average. A year ago, 5-year ARMs averaged 3.18 percent.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

6997 GLACIER DR

Price: $359,900    Beds: 4    Baths: 2 ½   Sq Ft: 2406

Completely remodeled! Fresh interior & exterior paint. All new carpet, vinyl wood floors, LED lights w/ Decora switches, heat pump, furnace, hot water heater. Large lower level bonus space (not included in SF) w/ lots of potential; could make a grea... View this property >>

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Good Morning!

Nationally, pending home sales continue to decline for the seventh month in a row. As the video explains, this is primarily due to home affordability, low inventory and also to a lesser degree, rising mortgage interest rates. This trend could begin the shift to softer home prices down the road. View video HERE.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

6997 GLACIER DR

Price: $369,900     Beds: 4     Baths: 2.5    Sq Ft: 2406

Completely remodeled! Fresh interior & exterior paint. All new carpet, vinyl wood floors, LED lights w/ Decora switches, heat pump, furnace, hot water heater. Large lower level bonus space (not included in SF) w/ lots of potential; could make a grea... View this property >>

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Good Monday Morning!

There has been a large number of home accidents over the past several months in the Eugene and Springfield area. With that in mind, I am sending this article from "Realty Times" on home accidents.

It's safe to say that none of us are purposely making our homes a hazard. And, no matter how hard we try, accidents still happen. But there is nothing more important than protecting ourselves, our families, and our investment.

"The home is supposed to be where you and your family are safe and protected but every year accident and emergency units deal with serious injuries and sometimes fatal accidents that occur in the home," said StaySafe. "It is not just children and the elderly that can come to harm in the home with things like chemicals and choke hazards. Accidents in the home claim 18,000 lives each year in America alone, "accounting for 21 million medical visits annually. Many of these accidents are preventable."

These tips will uncover key areas where dangers typically lie and the simple maintenance involved in avoiding them.

Dryer vents

Thousands of fires are started in the home every year because of deferred maintenance related to the clothes dryer. You may clean out the lint screen, but it's the lint you can't see that accumulates in the vent that can be dangerous. The U.S. Fire Administration (USFA) "recommends cleaning or having a professional inspect the vent for lint build-up a minimum of every two to three years," said Hunker. "Keep a fire extinguisher nearby in case a fire does break out in or around your dryer."

Falls

A third of all fatalities in the home are due to falls. A great number of them are related to old age, however people of all ages can also be at risk. Installing safety gates at the top and bottom of stairs is an obvious safety precaution with little ones, as are grab bars in bathrooms that are serving older individuals. Closely monitoring wet areas - just outside the shower and bath and in front of the kitchen sink - can help with slips. Installing nonslip rug pads under area rugs is key to keeping them in place and eliminating falls.

Blinds

The thought of a young child being strangled due to hanging cords from window blinds is horrifying. But it happens. According to USA Today, "Injuries and death from window blind cords send two kids to emergency department each day." Eliminate the worry without having to give up the blinds by choosing a cordless version. They give you the look and room-darkening features you want with some added safety measures.

Fire alarms

When's the last time you changed your fire alarm batteries? If you can't remember, you're obviously overdue. "Install fire alarms on all levels of your home, and check and change the batteries at least annually," said safewise. "Consider investing in a smart smoke detector like Nest Protect. This alarm uses Wi-Fi to provide real-time updates and remote monitoring right on your smartphone or other mobile device." 

A dirty oven

Most ovens today have a self-cleaning feature. While it's not entirely pleasant to endure the smell while it's doing its thing, it far outweighs the alternative, especially considering 40 percent of fires in the home start in the kitchen.

"A dirty oven can cause fires while cooking, allowing charred food or grease to ignite," said Home Security. "Clean your oven regularly and always attend food while cooking in the oven.'

Carbon monoxide posioning

Carbon monoxide is called the silent killer because "its presence is not known until symptoms of the exposure are experienced," said Poison Control. "It is a colorless, odorless, tasteless, and potentially dangerous gas. You can't see it or smell it." 

It's typical for smoke detectors to be in homes, but despite the fact that a carbon monoxide detector can save lives, they are often left to the homeowner to purchase and install. "Each year in the United States, more than 200 accidental deaths are caused by carbon monoxide (CO) poisoning. It is considered the leading cause of death from poisoning in the United States.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

3187 Kentwood Drive

 Price: $269,900   Beds: 3   Baths: 2   Sq.Ft: 1,172

 Fantastic updated home in Ferry Street Bridge! New laminate wood floors, doors and hardware, fresh interior and exterior paint, and kitchen countertop. Bright and open inside. Living room with dining area. Kitchen with eating bar opens to family roo... View this property >> 

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Good Morning!

Nationally, the news for first time homebuyers is not improving.  At this time, the prices of homes under $300,000 are still increasing and the availabity of these homes is not improving.  Here is an article from "Realtor.com" that talks about this trend.

Home buyers looking for a bargain should brace themselves for some serious disappointment.

The share of existing (aka previously lived-in) homes priced under $100,000 dropped 20.7% in March from the same month a year ago, according to the most recent National Association of Realtors® report. The percentage of homes under $250,000 fell 7.8%.

Nationally, the median home price was $250,400 in March. That's up 3.9% from February and represents a 5.8% rise from the same month a year earlier.

"In general, we’re seeing that there aren’t enough homes available for sale across all price ranges," says Danielle Hale, chief economist at realtor.com®. "But the biggest shortage is under $250,000.”

The number of overall existing home sales hit 5.6 million in March. That's up 1.1% from February, but a 1.2% decrease from the same month a year ago. (Realtor.com looked only at the seasonally adjusted numbers in the report. These have been smoothed out over 12 months to account for seasonal fluctuations.)

Single-family home sales were up 0.6% from February, but down 1% from the same month a year ago. The median home price was $252,100.

Condo and co-op sales were up 5.2% from the previous month, but were down 3.2% annually. The median price of these homes were $236,100.

Existing home sale prices were significantly lower than newly constructed abodes, by about 30.5%, as it isn't cheap to put up a new home with high land, construction, and materials costs. The median price of a newly constructed home was $326,800 in February, according to the most recent data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development.

“The unwelcoming news is that while the healthy economy is generating sustained interest in buying a home this spring, sales are lagging year-ago levels," NAR's chief economist, Lawrence Yun, said in a statement. "Supply is woefully low, and home prices keep climbing above what some would-be buyers can afford.”

If you are looking for a home in the Eugene an Springfiels area under $300,000, it is a tough situation right now. The good news is that we can help you.  We are extremely successful in finding homes in this price range for our buyers.  Many of the homes we are finding are homes that we have knowledge about before they hit the market.  If you would like for us to help you with your home search, call us at 541-349-2620 and we will go to work for you.

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

3025 Guadalupe Way

Price: $389,900    Beds: 3   Baths: 2    Sq. Ft.:2,560

Fabulous 2-story home on dead-end street! Crown molding, oil-rubbed bronze fixtures, stainless steel appliances, gas fireplace & lots of storage. Engineered hardwood floors in kitchen & eating area. Quartz counters & painted maple cabinets in kitchen...View this property>>

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Good Morning!

Rents have crept up in most communities just as home prices have.  In fact in many areas rents have increased at a higher rate than home prices.  I find today that many of the renters are paying more money to rent than they would be spending on a home payment.  By renting they are also losing out on some great opportunities such as depreciation and interest tax deductions.  Renters are also just making the landlords payments and not building equity.  Long term the buidling of equity in a home is one of the greatest wealth building opportunities for most people.  The followng is an article from "Realtor.com" on a recent study of the current trend towards renting.

A growing percentage of apartment renters aren’t interested in buying a home as affordability challenges take a bigger toll on American aspirations of homeownership.

In all, 20% of renters said they have no interest in owning a home, up from 17% in August and 13% in 2016, according to results of a semiannual survey of renters by mortgage company Freddie Mac in January.

Two-thirds of renters who plan to continue renting said they are doing so for financial reasons, up from 59% two years ago, according to the survey. 

“Housing is becoming less and less affordable. Renting is perceived to be the more affordable housing option,” said David Brickman, an executive vice president at Freddie Mac and head of its multifamily division.

The growing preference for renting comes even as the economy has strengthened and credit has loosened, in theory making homeownership possible for more people. Renters generally report being better off financially, with some 39% saying they have money to take them beyond the next payday, up from 34% in August, according to Freddie.

But home prices have risen strongly in recent years while rent increases have slowed, especially for luxury buildings in urban centers. The S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in January from the same month a year earlier, while the average apartment rent increased a more manageable 3.9% in the first quarter from a year earlier, according to real-estate research firm Reis Inc.

The preference for renting is being driven in part by baby boomers, who are more likely to have experienced some of the pitfalls of homeownership. Some 35% of baby boomers said they have no interest in owning a home, up from 31% in August and 23% two years ago, according to the Freddie Mac survey.

At the same time, concerns about affordability are most prevalent among younger renters. Nearly three-quarters of millennials said they are renting for financial reasons, up from 59% two years ago.

The survey was taken in late January, so it likely doesn’t reflect the full impact of the tax bill that passed in late December and shifted the equation in favor of renting for many households.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

88107 Keola Ln

Price: $595,000   Beds: 3   Baths: 3   Sq. Ft.: 3,488

Luxurious rural living! Serene tree views surround 1.79 acres. Every room has been updated! Tubular skylights, recessed LED lights, quartz and granite counters, solid oak floors, new tile floors and carpet, fresh interior paint and more. Master suite on main level. Large kitchen, formal dining, living plus family room, vaulted bonus room, laundry/mud room, 3 fireplaces. 4-car garage, RV parking, greenhouse, orchard...View property. 

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

In the Eugene and Springfield area, the housing market has become very tight for first-time home buyers.  Lack of inventory, rising home prices, and now, increased mortgage interest rates have made the home search for first-time buyers even more difficult than it has over the past several years.  This trend is not something that is just specific to Eugene and Springfield.  The following article from "Realtor.com" addresses this national problem.

Soaring home prices and the shortage of properties on the market are taking a toll on buyers, particularly first-time buyers.

The share of first-time homeowners fell to just 29% of all existing home buyers in January, according to the most recent National Association of Realtors® report. That's down from 32% in December and 33% in January 2017.

"First-time buyers are typically people with a tighter budget," says realtor.com® Senior Economist Joseph Kirchner, who worries this could further depress homeownership rates down the line. "They're looking for homes on the more affordable end of the market, but that is where the lack of homes is most severe."

Nationally, the dearth of inventory also drove down the number of existing homes sold, 5.38 million overall, in January. (Existing homes have previously been lived in.) Monthly sales dropped 3.2%, while annual sales decreased 4.8%.

(Realtor.com looked only at the seasonally adjusted numbers in the report. These have been smoothed out over 12 months to account for seasonal fluctuations.)

“There’s plenty of demand, but people just cannot find a home on the market that meets their needs and they can afford," Kirchner says. "It’s not a good start for the spring market. The shortage will continue.”

Across the country, there were 15.5% fewer existing homes in January selling for $250,000 or less compared with a year ago. Meanwhile, there were 25% more selling for $500,000 or more.

In January, sales of single-family homes, which are often the most sought-after properties, hit 4.76 million. That's a 3.8% fall from December and 4.8% from the same month a year earlier.

Condos and co-ops fared a bit better, as they're generally priced a little lower than single-family homes, with the number of monthly sales rising 1.6% in January to hit about 620,000. But that's down 4.6% from January 2017.

The median existing home price was $240,500 in January. That was a 2.4% drop from December but represented a 5.8% jump from January of the previous year. However, the cost was still substantially less than the median price of a newly constructed abode.

New homes cost a median $335,400 in December, according to the most recent joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. That's nearly 39.5% more than an existing home.

Around the country, higher prices and the lack of inventory took its toll. In January, the South had the most existing home sales, at about 2.26 million. However, that was still down 1.3% from December and was a 1.7% drop from January 2017.

The Midwest had the second most home sales, at 1.25 million, in January. That was down 6% from December and 3.8% lower than the same month last year.

There were 1.14 million existing homes sold in the West. That was a 5% drop from the previous month and a 9.5% fall from the previous year.

The Northeast had the fewest existing home sales, at just 730,000. That was also down, both by 1.4% month-over-month and 7.6% year-over-year.

Meanwhile, prices of existing homes were up in every region. They were the most expensive in the West, at a median $362,600 in January. That was a 8.8% jump over January 2017.

In the Northeast, median prices hit $269,100, up 6.8% annually. In the South, they were $208,200, up 4.3%, and in the Midwest, they were $188,000, up 8.7%.

In January, sales of single-family homes, which are often the most sought-after properties, hit 4.76 million. That's a 3.8% fall from December and 4.8% from the same month a year earlier.

Condos and co-ops fared a bit better, as they're generally priced a little lower than single-family homes, with the number of monthly sales rising 1.6% in January to hit about 620,000. But that's down 4.6% from January 2017.

The median existing home price was $240,500 in January. That was a 2.4% drop from December but represented a 5.8% jump from January of the previous year. However, the cost was still substantially less than the median price of a newly constructed abode.

New homes cost a median $335,400 in December, according to the most recent joint report by the U.S. Census Bureau and U.S. Department of Housing and Urban Development. That's nearly 39.5% more than an existing home.

"It’s very clear that too many markets right now are becoming less affordable and desperately need more new listings to calm the speedy price growth," NAR Chief Economist Lawrence Yun said in a statement.

Have an awesome week!

THIS WEEK'S HOT HOME LISTING!

Vineyard Hill Dr

Price: $230,000    Type: Bare Land    Acres: 5

In The Vineyards! Gated entry, paved access, gorgeous views with meadow and trees. Great solar exposure potential for vineyard ground. Additional 6 acres to be deeded upon completion of approval for adjacent property.... View this property >> 

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Good Morning!

Yes, our national economy is taking off.  Wages are up, employment is up and many economists say that this is just the beginning of a long improvement.  The value of homes across the nation have steadily increased since the recession and have added to a large increase in national wealth.

Americans are feeling richer. Household net worth neared $100 trillion in the final quarter of last year, falling into record territory, according to new data released by the Federal Reserve on Thursday. Rising stock markets and property prices were attributed to the jolt in the fourth quarter. (Household net worth is the value of all of a consumer’s assets, like stocks and real estate, minus any liabilities like mortgage and credit card debt.)

Household net worth increased more than $2 trillion last quarter to a record $98.7 trillion in the final three months of last year, according to the report. Households in the U.S. saw their net worth increase to nearly seven times their disposable personal income in 2017.

The impact real estate has had on that increase can’t be understated, economists say. The value of households’ real estate rose $511.2 billion, which reflects recent run-ups in home prices.

But the rate at which consumers are saving is concerning, JPMorgan Chase Economist Michael Feroli told The Wall Street Journal. The saving rate was 3.74 percent in 2017, down from 7.19 percent in 2015.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

309 Country Club Rd, Eugene OR

$215,000    Bedrooms: 1    Bathrooms: 1    SQ FT: 801 

Marvelous condo in highly desirable Ferry Street Bridge! Wonderfully updated, acacia hardwood, quartz counters, vaulted ceiling, exposed beams, recessed lights, open layout. One bedroom with walk-in closet and vanity with attached bathroom. Bonus room with wall of windows and French doors. Laundry area with built-in storage. Carport with extra storage. Located next to Eugene Country Club, only 3 minute drive to shops & freeway access. View property

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Good Morning!

One of the largest problems that comes about during a home sale is the fact that there are typically seller paid repairs that need to be done.  The majority of buyers are going to want both a pest and dry rot inspection and a whole home inspection completed as part of their purchase due diligence.  From this inspection, there are typically some repair items that will come about and in most cases the buyer will want many of them taken care by the seller prior to the close of escrow.  Negotiating these repairs during escrow can be nerve racking and can also sometimes create delays with closing.  My suggestion to all of my sellers is to have their home inspected before we go on the market.  This gives us a heads up for any potential issues and also allows the seller to repair major problems.  Typically, this creates a much easier sale process.  The followiong is and article from "US News" on why having a professional inspection prior to selling is a good thing to do.

A home inspection is traditionally known as a part of the due diligence process when a home is under contract with an intended buyer. A professional home inspector will visit the home and conduct a thorough review of the structure, noting any deferred maintenance, defects in the building and the remaining useful life of major appliances and systems such as the air conditioner and water heater.

Depending on what the inspector finds, the results can have a powerful impact on the sale of the house. The buyer can ask for repairs or updates to be made, try negotiating on the sale price or walk away from the deal.

To avoid the unpleasant surprises a home inspection may bring to light, homeowners looking to put their house on the market can opt for a prelisting home inspection, which provides sellers with a thorough report before the home goes on the market. Sellers have the opportunity to make necessary repairs before potential buyers start touring the property and to avoid a deal that falls through due to structural or maintenance problems that could lead to other potential buyers steering clear of a property that has issues.

"The homeowners would do the same diligence as if they were going to buy the house," says Frank Lesh, executive director of the American Society of Home Inspectors.

A prelisting inspection costs the same as one conducted while a property is under contract – ranging between $200 and $475, according to HomeAdvisor, depending on location and whether the inspection includes special checks like those for radon or termites.

Even in a hot real estate market where buyers are snapping up available homes quickly, a prelisting inspection can help reduce the chances a deal could fall through and get you closer to selling your home for the price you want in the time frame you need. Here are five reasons you should consider a prelisting home inspection before putting your house on the market.

Advance notice. Every house comes with its fair share of quirks and problems, and you're probably at least vaguely aware of a few of them – a window that lets water in when it rains or bowing floorboards in one corner of the dining room, for example. If you're planning to put your property on the market, an inspection report ahead of time will help you see all the potential problems together, including some you may not have known about.

The prelisting inspection gives you the knowledge to do with it what you will – make repairs or updates or reflect any deferred maintenance in your sale price, explains Drew White, founder and owner of AmPro Inspections in Colorado Springs, Colorado. "[Sellers] have all the cards – they're not going to be blindsided by any major finds from the buyer's inspection," he says.

There is a caveat: Once you have the report in your hands, you can't completely ignore a problem. If your inspector finds cracks in the foundation, you'll be required to disclose that information as a known defect to the buyer, or fix it before anyone puts an offer in.

"You know the old saying, 'Ignorance is bliss?' Now you can't do that," Lesh says. 

DIY option. For simple repairs, however, the prelisting inspection gives you the added benefit of being able to take on projects yourself. When negotiating with a buyer, necessary repairs will typically require you to bring in professionals for all work done, even when the fixes are simple.

"There's a lot of do-it-yourself projects that the homeowner can do where it's satisfactory, it's not going to be an issue," White says. "If the buyer's inspector finds it – let's say there's an electrical outlet that needs to be replaced or some simple plumbing – they're going to typically mandate that a professional electrician or plumber do it."

An outlet replacement or tightening a washer on a faucet – both simple projects homeowners can do – could be a couple hundred dollars for a pro to complete, White says.

Contractor of choice. For those bigger projects that do require professionals to come out, time is also on your side when your home isn't yet on the market. "They get time to use the contractors they want," White says.

Rather than needing to find a roofer in a specific time frame to appease the buyer, you can shop around for the right price, availability and skill to ensure you're satisfied with the work.

Informed pricing. Of course, there are some projects you're just not willing to take on. If you can't afford to fix a foundation issue with your house or you don't want to invest the money to replace cracked tile in a bathroom when you know a buyer will completely renovate it anyway, you don't necessarily have to take care of the repairs. Instead, "that can be reflected in the price," Lesh says.

Work with your real estate agent to establish the right sale price, taking into account whatever issues you can't – or aren't willing to – fix before putting the house on the market. Your final sale price will be lower, but it may be better than paying for repairs that won't be fully recouped by a buyer's offer.

Buyer may accept results. The fact that your house has already had an inspection can have its own appeal for buyers and can serve as a plus if included in marketing descriptions of the house. Especially in a tight seller's market where buyers have to fiercely compete with each other, you may see more buyers willing to accept the prelisting inspection report and forgo an additional inspection during the due diligence period, moving the process along faster.

Some home inspectors provide a warranty with their inspection reports. AmPro Inspections is one such company, White says, which helps some buyers feel more comfortable because the warranty can be transferred to the next owner. He says homebuyers accept the prelisting inspection roughly 50 percent of the time.

That doesn't mean you can expect buyers to accept the prelisting report as the only inspection. It's like buying a used car from a private individual, Lesh says. While the seller's mechanic may say the car is in great shape, you'll likely want a mechanic you trust to look at it, too.

Plus, if any significant amount of time passes between that first inspection and the buyer's offer, more problems could have popped up, especially in winter, Lesh says: "Are the conditions going to be the same in April as they are in January? Probably not."

Have An Awesome Week!

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Morning!

As we approach the Holidays, many people are focused on other things besides buying and selling homes.  This can certainly work in your favor if you are a home buyer.  The following is an article from "realtor.org" that will gives you some reasons why you should think about getting serious with your home shopping in December.

Many home shoppers don’t think about purchasing a house during the holiday months—many even put their home search on hold. But Desare Kohn-Laski, broker-owner of Skye Louis Realty in Coconut Creek, Fla., offers some points to pass on to your clients, letting them know this is one of the best times of the year to shop for a house.

Less Competition, Better Prices. 

Let your clients know that the holiday months work in their favor. “Instead of competing with hungry buyers, eager to move in before the school year begins, the dip in demand actually drives prices down, and can create a mini buyers’ market,” Kohn-Laski says. In her experience, buyers often fare better in the negotiation process during the winter months.

More Time to (Home) Shop. 

Time off around the holidays gives many buyers the opportunity to do some careful house hunting. Instead of giving up an entire weekend to open houses and showings, buyers can more leisurely tour homes during the week, Kohn-Laski suggests.

Tax Benefits.

We still don’t know how the House and Senate tax reform bills will shake out in conference committee; however, if your clients purchase in 2017, they can still deduct property taxes, mortgage interest, and other costs. Learn more about how you can influence tax reform.

Move-In Ready Weather. 

For a large part of the country, winter is a favorable season to move. The heavy lifting of furniture and home improvement projects are easier to perform without the heat of the summer months, Kohn-Laski says.

“There are numerous benefits and added perks to buying a house during the holiday season that make December arguably the best time to buy,” Kohn-Laski says.

Have An Awesome Week!

THIS WEEK'S HOT HOME LISTING!

28667 HILLAIRE ST Price: $595,000 Beds: 3 Baths: 2 Sq Ft: 2000 Horse property only 5 mins from town! Nearly 6 level acres, backs up to canal & great for trail riding along Amazon. Wonderfully updated home with 2-car garage. 1 bedroom guest house w/ carport has income producing potential. 2 barns w/ 11 stalls, i...View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Morning!

In the 26 years that I have been a Real Estate broker in the Eugene and Springfiled market area there is one thing that has not changed a bit.  This is the fact that if a seller over prices their home, it most likley will not sell. Over pricing has been and still is the primary reason that homes fail to sell.  Over pricing not only creates selling problems but it also costs sellers many thousands of dollars.  Homes that start out on the market with their price tag too high will almos t always sell for less money than if they had priced the home correctly in the first place.  The following is an article from "Realty Times" that addresss over pricing.

Why would sellers deliberately sabotage their chances of selling their homes? It doesn't make any sense, yet it happens all the time.

Sellers arrogantly slap the highest price on their homes that they think they can get away with. Then they're surprised when the market slaps them right back with insultingly low offers or none at all.

If you're a seller getting ready to list your home with a real estate professional, and you're even thinking of testing the market with a high price tag, it's time to slap you and get your attention.

Here are four really bad reasons to overprice your home.

You think you're smarter than everyone else.

If you're truly smarter than everyone else, then your agent, the buyer's agent, the buyer's lender, the county appraiser, all the other sellers who have sold or who currently have their homes listed in the market and every buyer on the market is stupid compared to you.

Maybe you'll get lucky and some state lottery winner will write you a check. Oh, yeah, that'll happen.

You want control.

You're the seller who hires a real estate professional, but then doesn't listen to a word she says. Or you politely listen, smile smugly, and then inform your agent that you're in no hurry, you can afford to wait for the right price, you can always decide to drop the price later, blah, blah, blah.

But you're not in control. The market is in control. Buyers don't have to buy homes, and they certainly don't choose to buy overpriced homes.

You're dishonest.

Like keeping an ace up your sleeve, you see nothing wrong with hiding information from your agent or the buyer. Maybe you want to put such a high price on your home because you owe more on your home than it's worth. What if you can't get your price and you have to ask the lender to take less money. That's a big risk. It takes more time, the lender could say no, and your buyer could get righteously angry and walk away.

You're entitled.

You feel you deserve nothing but the best, but you're really the client from hell. You really think it's your hapless agent's job to meet your unrealistic expectations. You expect your agent to hire Josh Whelan to video your home, put a full-page ad in the New York Times, hold an open house every week, stand in your front yard with a bullhorn and get buyers to step right up -- all for a discounted commission.

Overpricing is a risk. Buyers aren't stupid. Agents don't work for free. Lenders don't ignore lending guidelines. So don't be stupid. Don't overprice your home.

THIS WEEK'S HOT HOME LISTING!

649 St Andrews Loop

Price: $529,000 Beds: 4 Baths: 4 Half Baths: 1 Sq Ft: 5,568

Outstanding value at $93 per sq ft - Hardwood flooring, granite counters, travertine tile, hickory cabinets, two walk-in closets, solid core 8ft doors, creek views, next to Emerald Valley Golf Resort. Too many high end amenities to list. Less than 20 minutes to U of O and hospitals...

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AND HERE'S YOUR MONDAY MORNING COFFEE!!