Welcome To The Alba Group's Blog
On a weekly basis we bring up to date current information about the real estate market in Medford, Eagle Point, Pheonix and the surrounding areas of Jackson County and Josephine County Oregon.!
Tag Archives: real estate
When it comes to remodeling or taking care of a house, some homeowners make some unrealistic choices. Do not go overboard on the remodeling of your house. It is so easy to get caught up in the emotional attachment or the designing that you can throw the budget out the window. Be realistic about pet odor. Animals can be wonderful and bring us great joy. But along with that they bring odors and hair. Big or small they all smell and they likely shed as well. You should have your carpets and furniture cleaned at least every six months and open the windows frequently to help get rid of any pet odors. Do not remove walls unless you verify they are not load bearing. It can be disastrous if you do not get the help of a professional contractor. Curb appeal separates one neighborhood from another. Unkempt yards can reduce property values. Do not be “that” neighbor who does not mow their lawn or trim the shrubs. Related articles Remove Those Pet Odors With These Quick Tips
Who Pays Real Estate Agents? Many people do not realize how real estate agents get paid. If you are a home buyer it is likely that the home owner has negotiated the real estates compensation in the listing agreement. Many home sellers do not realize that real estate commissions are negotiable. Real estate agents get paid out of the sale proceeds. The commission is added to the purchase price of the agreement. The seller has a seller’s agent and the buyers usually have their own agent. There will be an agreement between the two agents brokerages to determine how the commission will be split before you actually see the property. Real estate agents are not able to work independently. Every real estate agent works for a broker. They receive their checks directly from their broker. Brokers decide the commissions they charge for properties marketed and sold through that brokerage. The commission .is always negotiable, the national average ranges between 4 – 8 percent. The commission is split between the broker and the agent based on an agreement that has been negotiated between the broker and the agent. A seller signs a listing agreement for a specific length of time. The agreement states that the broker will receive a certain amount of commission upon the sale of the house. The buyer’s agent or sometimes called a selling agent actually procures the sale by attracting the buyer for the property. Although the commission is split between two sides of the transaction it is not always an equal split. Sometimes it is 50-50 but it could be 60-40 or 70-30. There are no set standards. If the same brokerage represents both the buyer and the seller than the brokerage will receive full commission. Are you confused yet? Here is an example. If a home is sold for $200,000 and the commission is 7% and if the commissions are split 60% for listing broker and 40% for selling broker than the listing broker will receive $8,400 and the selling broker would receive $5,600. Each of those figures would be split between the respective agents as agreed upon prior to the sale of the property. However, the commission is not paid until the home is sold. If you are interested in learning more about sell your home or buying a home I would be available to answer any of your questions. Related articles Real estate agents: The good, bad & ugly of this commission-only career How To Find A Real Estate Agent Who Has Your Best Interests At Heart A Career In Real Estate: Is It For You? (Part One)
Features Buyers Are Willing to Pay Extra For What would you as a home buyer, be willing to pay extra for? Most people would answer new kitchen appliances and the comfort of central heat and air conditioning, according to the 2013 Home Features Survey by the National Association of REALTORS(R). Buyers who purchased a home without new kitchen appliances said they would be willing to pay up to $1,840 extra to home a home with new appliances. Those that purchaeed a home without central heat and airconditioning said they would be willing to pay an average of $2,250 more to have it. This table shows other items buyers are willing to pay more for: Feature Amount Buyers Willing to Pay Extra For Home less than five years old $5,020.00 Waterfront property $5,420.00 Laundry room $1,590.00 Den or study or home office $1,920.00 Basement $3,200.00 In-law suite $2,920.00 Keep in mind that this was a national survey and all real estate local. I would be happy to discuss with you what your local neighbor real estate market would bare in marketing of your home. However, these are things to consider as a home buyer as well as a home seller. When negotiating your home for sale or in the purchase of a home, consider all the terms and conditions of the agreement, including how much value extra features such as new appliances really do offer.
More Scrutiny from Lenders Even borrower’s with stellar credit are experiencing more scrutiny from lenders when buying a home in Medford Oregon. Real estate transactions are taking a little longer than they use to. Do not get caught in a “traffic jam of paper work”, and respond to lender requests for information promptly. The questions a lender asks may seem strange or out of sync with a home purchase. Do not be alarmed. If you have any questions or concerns you can always ask your Realtor for some clarity. Here is a list of things that may be scrutinized by a lender: Divorces Gaps in employment Pending lawsuits If your income relies on commissions or a bonus Borrower’s on disability Any large irregular deposit in your bank account Child support or alimony payments or receipts This increase in scrutiny from lenders is aimed at insuring that borrower has the ability to pay. Many borrower’s rare surprised at the intensity of the loan application. Often times the request for more information could mean delays in a real estate transaction. This is why it is important to respond to your lenders request as quickly as possible. If you feel there has been an undue delay in your loan application you can contact a fair housing center to ask them to monitor the situation.
Questions to ask when you want to buy the right house. There are many choices out there. And you want to buy the right house. No doubt buying a home is an emotional experience. We want to feel warm and cozy about where we live. Home buyers will visit house after house waiting to “get the right feeling” about the house. Getting good vibes should help make the decision but should not overrule making a logical assessment. Price Your lender may tell you that you can afford $X but the question you have to ask yourself is “Can I afford the monthly payment?” Remember homeownership means you must make any repairs because you are the landlord. It Is advisable to set aside funds in your budget for unexpected repairs. Moving is expensive. Take into account closing costs and all moving expenseces when deciding how much you can afford. Condition Take a close look at the home before you fall in love. Get a home inspection and determine what expenses you will need to bring the home up to your expectations or standards. Size and Configuration How big is the house and how much space do you need? Is there enough closet space. Does the kitchen have enough countertop and cabinet space? Is there enough parking space in the driveway? Is there enough bathrooms for everyone to get ready in the morning? Comfort Decide if you want a one level ranch or if you are comfortable with a two story home. Do you need central heating and cooling systems? In older homes this may need to be upgraded. Style There are many types of architecture designs. From modern to Victorian, determine which style best suits you and your décor preferences. Resale Potential Most people livein a home for seven years before they move again. Keep in mind that you could get an awesome job opportunity and be transferred to another location. You would then need to sell your home. Remember to purchase a home that has a good resale potential. Purchase a home that another home buyer would also want to buy within a reasonable time frame. Features Some people do not realize that buying a home with a pool is expensive. Or how about those beautiful oak trees in the back yard. They may look great in the spring or summer but remember in the fall your back yard will be full of acorns and leaves. Beautifully landscaped homes are easy to look at but remember the maintenance of this landscaping could be time consuming and expensive. Take time to review the items listed here before writing an offer on your home. Ask yourself some serious questions and do your due diligence. Decide what you must have and what you can live without.
A Short Sale For First Time Home Buyers When first time home buyers purchase a short sale it can be very challenging. There is nothing I enjoy more than helping a client find a home. Buying a home for the first time can be scary and challenging. Making a final decision is not easy. Recently we had an opportunity to help these buyers find their first home in Medford Oregon. Our first home buying experience was a wild ride; luckily we had the right help to get us through this new experience and made it as memorable and fun as we were hoping for. We ended up putting an offer in on a short sale house shortly after we began looking at homes in the Medford area. Vic started by showing us houses that were in our price range with the features that we were looking for without pressure to jump on any one. Of course once we found the one we wanted it became a little nerve racking making that big decision to buy it. We decided on a two bedroom, one bath house that was built in the 1950’s. It was our perfect starter house. Overall the process was as smooth as we could have hoped for with a short sale and with Vic on our side we ended up coming in under budget and closing earlier than we expected. Now we are loving everyday in our new home and are very excited to begin adding our own little touches. If you are looking for a home or know someone who is searching for a home in the Medford Oregon tell them about the Alba Group or better yet give us a call and we promise we will follow up and treat your referrals like royalty. Related articles Do you know What exactly is a short sale in real estate? Need to know how to Handle a Short Sale of your home? Want to Buy after Short Sale or Foreclosure?
Real Estate Market Report June 2013 Once again it is time to take a look at the numbers. The chart below indicated that the market highest ratio of sales is the price range between %100,001 and $200,000 with %51 of the homes on the market being sold in Jackson County. As for Josephine County the highest ratio of sales is the price range up to $100,000 selling at a rate of about 35%. This means we still have quite a bit of inventory on the market. Higher Price Range Tougher Sale It is when you get above the $500,000 that you really see a lower percentage of homes on the market being sold. The ratio drops to 4% in Jackson County and 3.4% in Josephine County. This is typical in most markets. Thirteen Months of Inventory Looking at the real estate market as a whole in both Jackson County and Josephine County we are experienceing a buyers market with a little over 13 months of inventory on the market. Keep in mind that real estate is local. Each neighborhood is different, each street is different. Be sure to analyze your local market with an experienced agent that knows your neighborhood. Give us a call and we will be able to sit down and review your neighborhood, wherever you live, whether you live in Medford, Ashland or Eagle Point Related articles Jackson County and Josephine County Oregon Real Estate Market Report April 2013 Real Estate Market Report May 2013
The real estate market activity has increased since last month’s real estate market report. Sales have increased and there are a few more choices for home buyers in the Jackson County and Josephine County area of Oregon. Real Estate Market Report May 2013 # of Sold For Sale Average Sale Median Sale vs List % Avg DOM Jackson County and Up to $100,000 22 46 94.6% 68 $100,001 – $200,000 106 175 97.6% 62 $200,001 – $300,000 83 257 98.7% 61 $300,001 – $500,000 52 284 97.4% 104 Above $500,000 18 285 98.7% 45 TOTALS 281 1,047 $249,300 $214,500 97.7% 69 Josephine County Up to $100,000 12 28 95.8% 123 $100,001 – $200,000 43 147 97.2% 53 $200,001 – $300,000 25 146 97.0% 75 $300,001 – $500,000 18 136 96.4% 189 Above $500,000 3 80 99.2% 863 TOTALS 101 537 $228,700 $189,000 96.9% 115 Related articles House prices on the rise again, in the U.S. Navigating The Real Estate Market