Gail Schoeneberg

7 Real Estate Trends to Watch

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Real estate trends change from year to year. It’s interesting to watch them unfold over time. It’s important to be on top of these trends to be able to better serve my clients in Southern Oregon. The top seven real estate trends in 2020 are already in action.

Historically Low Interest Rates and Rising House Prices

Interest rates are at all-time lows right now. This is fantastic news if you are in the market to purchase a new home. Real estate prices are slowly rising. With these real estate trends happening at the same time it’s advisable to purchase sooner than later.

Millennials are the Majority of Homebuyers

The largest segment of millennials are turning 30 years old this year. Many of them are finally able to buy a house. Millennials have spent a lot of their time graduating from college, living with their parents, getting secure jobs, paying down or off student loan debt and saving money to buy a house. First-time homebuyers are on the rise.

Baby Boomers and the Need for Senior Housing

In the next ten years, the number of Baby Boomers age 75 and older will rise to exorbitant numbers. This means there is an increased need for new senior housing. Also, longer life expectancies make the issue even more critical. Many seniors want to age in their own home which means they will be looking for ranch-style homes (without stairs) in active-lifestyle retirement communities. Many seniors today are looking for updated, upgraded homes.

Specialized Housing and Real Estate is on the Rise

In addition to senior housing communities, other specialized real estate is trending. Medical offices are popping up everywhere to keep up with the increase in medical care needs. Real estate for cell towers and data centers is on the rise. Multi-family buildings and co-living is increasing in popularity.

Focus on Community Living

Co-living and community living is especially trending. The need for cost-saving and the development of technology in these areas are increasing co-living, co-working and ride-sharing. These are some of the examples of people interacting and sharing life with their family, friends, and neighbors.

The Effects of Rent Control

A few states, Oregon included, have rent control laws in effect. While this may seem to be bad news for developers, apartment owners, property managers, and investors, it is expected to provide stability to the rental housing market in the long run. The hopes are that more reliable investment opportunities will emerge.

Live-Work-Play Lifestyle is Ever-Increasing

Many families are seeking the live-work-play lifestyle. They want a community in which they can live, walk to work and play during non-working hours. They want it all just outside their front doors.

I stay on top of real estate trends that continue to emerge. Whatever your real estate needs, I am here to help. Contact me today.

Home Buying: Expectations vs. Reality

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If you’re in the market to buy a home, it’s imperative for you to know the home buying expectations and realities of the home buying process. Many people think they know everything involved in buying a home and that it’s easy. Trust when people tell you it’s a good idea to have a real estate professional help you every step of the way.

Buying a Home Will Be Easy and Fun

Buying a new home should be an exciting time. Typically at closing buyers are extremely happy to get the keys to their new home. However, the process can be stressful at times. Trying to fit house hunting into your already busy schedule is one hurdle. The negotiations can be tough. Waiting for your mortgage approval can keep you up at night. Packing and cleaning are physically exhausting.

We Will Find a Home Quickly

Housing inventory is on the low side nationwide. If you don’t find the house you want right away, you may have to wait for new listings to come on the market. It may take more time than you originally thought.

We Can Find a Home Without a Real Estate Professional

Many people think they can look online and find a home themselves. This do-it-yourself mentality is not advised for purchasing a home. Real estate professionals are trained and have experience helping people search for homes. The local multiple listing system has all the available properties right at their fingertips. When showing you homes they have an eye for any red flags. They are experienced in writing contracts, negotiating and helping you get through the entire home buying process.

We Will Get Whatever We Want in a Home

I always advise people to write a list of their needs and their wants in a home. There is no doubt you will have to compromise on your needs and wants. It’s more important to find a few homes that meet most of your needs first and then focus on which one has the majority of your needs and wants.

The Home We Buy Will Not Need Any Work

Home buyers today are looking for homes that don’t need many repairs, updating or upgrading. Unless you are building a new construction home, it’s almost impossible that the home you buy won’t need any work. Even though you will have a professional home inspection and ask the sellers to make repairs, there are always going to be small repairs needed in a home. Expect to do some cosmetic updates and upgrades if you find the perfect home except for the colors on the walls and a few other cosmetic issues.

Contact me today to help you find the home of your dreams in Southern Oregon. I will provide exceptional service and exceed your expectations.

How To Sell A Home While Going Through A Divorce

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Going through a divorce can be one of the most stressful times in your life. If you own a home together it can add quite a bit of stress to the situation. Every couple has a different situation when going through a divorce so you’ll want to consider your options if you have to sell a home.

If You Have Children, Consider Keeping the Home

If you have children, it might be best to keep the home if you can. Keeping life stable for children and not uprooting them from their home can help alleviate some of the stress and anxiety they will go through while their parents are divorcing. This will allow them to stay where they feel safe. They will have the same bedrooms, will live in the same neighborhood, can continue to be around their friends and can continue to attend the schools they always have. Perhaps you can continue to co-own the home or one parent can “buy out” the other parent.

Continue to Co-Own the Home

If you decide to continue to co-own the home, be sure to make it clear who will live there, who will make the mortgage payments, who will pay the bills, who will be financially responsible for paying for repairs and more. A home is a major investment and if you’re both responsible for maintaining that investment it’s best to have a clearly written plan. It’s also a good idea to decide ahead of time the length of time you will both continue to own the home together. For example, it might be a good idea to decide ahead of time to sell the home once all of the children graduate from high school.

One Spouse “Buys Out” the Other Spouse

If it isn’t feasible to continue to co-own the home and one spouse can afford the home, perhaps he or she can “buy out” the other spouse. This is another good option instead of having to sell a home while going through a divorce. The best way to do this is to get a market analysis from a few real estate professionals to decide the price of the home. Then work the numbers for a fair price for one spouse to buy the home from the other spouse. This should take into consideration the equity that has been built up in the home before the divorce. Typically this is paid in one lump sum and the spouse keeping the home refinances it in his or her name only. Then the other spouse will sign a quitclaim deed so that the house is deeded over entirely to the other spouse.

Sell the House

The most common scenario when going through a divorce is to sell a home. Be sure to get a market analysis from an experienced and reputable real estate professional. Contact me if you need an experienced professional to provide a market analysis and list your home for sale.

Several Ideas on Real Estate Investing

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You might have heard how lucrative and advantageous going into real estate investing can be. It can be a highly rewarding venture that provides significant passive income, allows you to build your own business and teaches you many valuable skills. If you aren’t certain where to get started, however, we have some tips.

Real Estate Investing Ideas

Flipping Houses

Many investors get their start flipping houses. This is a good option for investors who do not want to be landlords and assume all the responsibilities associated with that role. This type of investing involves purchasing a property that might not be in the best of shape for a lower price, fixing it up and then reselling it for a higher price. It can be highly lucrative, especially in the right markets. You can then use the money you earn from a sale to start buying and rehabbing another house.

Renting Properties

Buying investment properties and then renting them out is another common route to investing in real estate. You can do this with any type of property from commercial space to residential homes and condominiums. When you pursue this type of investing, you become a landlord and assume all of the legal responsibilities that role requires. It is, therefore, a good idea to have a strong understanding of landlord-tenant law in your state, as well as maintaining a relationship with an attorney specializing in this type of law whom you can contact when you have questions or issues.

Consider Renting Your Old House Rather Than Selling It

Another great idea to get started in property investing is by renting out your existing home rather than selling it. For this to work, you will obviously have to be able to afford a new home without the money you would get from selling the old one. This approach has numerous advantages, however, such as the fact that you won’t be risking a lot of money on an unknown property. You also know your home best and will be able to accurately represent it when marketing to potential renters. You will presumably have maintained the property and addressed any safety issues as well.

Get A Good Real Estate Agent Who Knows Real Estate Investing

No matter what kind of investing strategy you want to pursue, you should enlist the aid of a professional real estate agent in order to do it. Ideally, you should work with an agent familiar with investing in properties commercially because investors have different considerations than buyers looking for a primary residence do. Real estate investors need to make decisions about property purchases and sales based on pure numbers. This includes expected returns based on repairs needed, how much you can expect to rent or sell the property for, regular upkeep costs and other similar factors.

As one of the premier real estate firms in southern Oregon, we can help you get started investing. Whether you want to buy and rent or buy and sell soon afterward, we can help you through the process. Contact me to learn more.

Common Real Estate FAQs

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Are you a real estate buyer or a seller? Both camps will ask their realtor the same Real Estate FAQs. Below are 10 of the most common questions that both buyers and sellers often ask me.

Real Estate FAQs for Buyers

  1. Should I secure financing before house hunting? You should definitely secure financing before you ever go to your first property showing. You’ll need to know exactly what your spending budget is before you walk into a potential negotiating scenario.
  2. Would it be better for me to rent-to-own? The answer to this question depends upon your current financial and credit situation. If your credit score has taken a hit, and you don’t think that you can improve your score in enough time to secure housing, then you might consider a scenario where you can rent-to-own your home. Also, this is a good alternative if you don’t have enough money on hand for a proper down payment.
  3. Should I wait to sell my current home before buying? Ideally, you should wait to sell your current house, first. You won’t be financially responsible for one mortgage while applying for another — this makes lenders nervous. In addition, if you sell your house before buying another, then you could possibly have enough profit on hand to invest into your new property.
  4. How can I obtain information about the prospective neighborhood? It’s against the law for realtors to use discriminatory practices such as steering. This includes bad-mouthing an area based on the racial and ethnic makeup, religion, or any other markers that could be used to discourage certain groups or single them out. With this said, it’s legal to ask for resources such as crime rates in the area, the average resell value of the homes, or common amenities in the area.
  5. Should I pay for an inspection? If you’re the buyer, then you have every right to pay for a home inspection before finalizing your purchase. However, you could always ask the seller if they’ve conducted a pre-sale inspection. If they have, then they’ll be willing to share proof of documentation.

Real Estate FAQs for Sellers

  1. Should I get a pre-sale inspection performed? It’s definitely in your best interest to do so. This will allow you to fix any issues before placing your property for sale. This also prevents low-ball offers and deals that fall apart.
  2. Are there legally things that I need to disclose to buyers? As the seller, you are legally required to disclose issues such as roof repairs, deaths and murders that occurred on the property, and foundation cracks.
  3. What’s the difference between a sale price and the listing price? The listing price is the price that you, the seller, hope to generate from the sale of your home. This is your full asking price. The sale price is the amount of money that you’ll actually generate when the sale of your home has been completed.
  4. Should I expect to receive my full-ask price from the buyers? A full-price ask is always the goal, but it’s not always the reality. A buyer always has the right to negotiate down your asking price. If you’re motivated to complete the sale, then you’ll agree to lower the price a bit.
  5. What to do if I receive a low-ball offer? Don’t take low-ball offers personally. You don’t have to accept them. More often than not, the buyer isn’t educated about what is a reasonable offer, and their goal is to save as much money as possible on their purchase.

Certainly, you have other questions in mind. Contact me — I’m here to help!

Is December Real Estate Really Slow?

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Many people believe the misconception that the real estate market is slow in December. We are here to tell you that it can be quite the opposite. The real estate business can thrive in December just like any other month. There are always buyers in the market for homes. And there are always circumstances which cause people to put their homes up for sale. So there are always homes to choose from. Sometimes the market is a bit slower in the winter but the real estate market does not hibernate in December.

Less Competition in December Real Estate

So many people wait for the spring market to put their homes up for sale. They believe the market is stronger then. And they believe they can get more money for their homes then. What they don’t realize is that there’s more competition in the spring and summer months. There are more homes for buyers to choose from. Putting your home up for sale during the month of December can be smart. It’s the theory of supply and demand. If someone wants or needs to buy a home they are more likely to choose yours if there aren’t as many up for sale. and you may end up getting more money for your home than if you waited until there were more homes on the market for buyers to negotiate with.

Corporate Relocation in December

Many companies start to prepare for their new fiscal year in December. Sometimes they need to move and relocate some of their employees and enlist corporate relocation companies to help them. These employees work with the corporate relocation companies to sell their homes and find new ones where they are being relocated.

Buyers Get a Better Deal in December

Since there is a misconception that the market is slower in December many homeowners are more conservative with their sales prices. If they need to sell their homes they are more likely to list their homes at lower prices in December and in the winter months. This is great for buyers who don’t mind moving during the holidays or right after the first of the year. The weather might not be optimal in which to move, but it’s well worth it financially.

Life Happens, Even in December

All year long there are circumstances which cause people to have to move. It might be a death in the family, a divorce, a job loss or another reason similar to these. When life happens, even in December, you may have to list your home for sale or you may be in the market to purchase a new home.

There are many reasons why the real estate market stays strong in December. People move all the time. If you’re in need of real estate services in southern Oregon, contact me today to make your move a smooth and successful one.

Understanding the Home Buying Process

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You’ve scrimped and saved, and now you’re ready to buy a home in Southern Oregon. Becoming a homeowner is not a decision that should be taken lightly as you’re making a massive commitment. However, these steps can make the process easier to navigate.

1. Do Your Homework

Scour the internet, newspapers, and local real estate listings for available homes. Pay attention to how long homes stay on the market, and if there are any price drops. Before you buy, you should know the local trends.

2. Set A Budget

You should set a budget that is between three to five times your yearly income. Do you have a 20 percent down payment, or will you need to use an FHA loan to get 3.5 percent down? Make sure that you set a budget and stick with it.

3. Get Qualified

While you may think you can spend a certain amount on a home, the lender might have another number in mind. To find out exactly what your credit and income will allow, you need to get prequalified and preapproved for a mortgage. Go ahead and give them all the financial details so you can have that preapproved status. Some sellers only want to deal with people who already know they are approved, as it’s less risky.

4. Enlist the Help of An Agent

Real estate agents are a significant part of the buying process. They can give you valuable information on houses and localities. Many times, they have information that isn’t accessible to the public. Their familiarity with the buying process, bargaining skills, and experience with the neighborhood you want to live in is beneficial.

5. Start the Tour of Homes

It’s time to start touring homes. Make sure to stay within your price range. It’s also important to take pictures or make notes, especially if you’re going to tour many homes. Don’t rush the process. Since you’re going to make a 30-year commitment, you should take as much time as you need to find the right home.

6. Make an Offer

Once you find the place you want to call home, it’s time to make an offer. The offer phase is where the real estate agent is especially valuable. After a price is agreed upon, the home will be placed into escrow. It will remain here until the rest of the home buying process is complete.

7. The Home Inspection Contingency

Most contracts are written with the contingency of a home inspection. An inspector looks for any damages or things that you need to know about the home. You may need to renegotiate based on this report, or if everything is good, then you are on to the next step in the buying process.

8. Secure the Loan

Though you should already be working with a lender, it’s time to tell them that you’ve selected a home. They will give you the details about the loan packages they offer that fits your income and credit rating. It’s time to get the paperwork ready to sign.

9. Getting an Appraisal

An appraisal is conducted by a third party to estimate the value of the home. The appraisal verifies that you are not overpaying for the home or the area.

10. Closing the Deal

A closing date will be set after the lender has all the paperwork they need. Depending on the terms of the contract, you can get your keys at closing or up to 30 days afterward. Once you sign on the dotted line, you are the proud owner of a home.

It sounds overwhelming, but buying a home can be simplified if you have a real estate expert by your side. If you need help on this journey, call me. I can help you find the home of your dreams and remove some of the stress from the home buying process.

5 Tips for Preparing a Home for Resale

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Buyers are becoming increasingly picky due to the vast amount of homes available on the market. They can afford to be selective to get precisely what they want. Most people want a turn-key home, one that requires little to no work to move right in.

If you don’t want to scare away potential buyers, then you need to consider preparing a home for resale before putting your home on the market. If you don’t know where to begin, here are the things buyers notice first and will make a significant impact on how long your home sits on the market.

1. Enhance Your Curb Appeal

First and foremost, you must improve your curb appeal. Buyers won’t even schedule a tour of the outside is lackluster. Clean up any clutter you have lying around. Make sure the hedges are trimmed, and the grass is clipped. Plant some flowers and give the front door a fresh coat of paint. You want to be the envy of the neighborhood and not the house that stands out like a sore thumb. Take some time and spend some money on improving your landscaping as it will pay off royally.

2. Improve the Hues

While that red kitchen may work for you, buyers may see it as a chore to repaint. Try paining a neutral color that will go with a variety of décor. You can’t go wrong with white, tan, or gray hues. Though painting is not a huge ordeal, it may seem overwhelming to buyers who are already packing to move. Remember, the goal is to make the property turn-key or at least to appear that way.

3. Make It Sparkle with Cleanliness

One of the biggest sale busters is poor housekeeping. Are your carpets dirty? Is there dust lingering throughout the home? Is there an odd smell? Buyers will walk right out the door to a home that isn’t well kept. The problem is they think that if you didn’t take care of the small things like cleaning the carpet that you won’t take care of the big stuff like HVAC service? A sparkling home will attract more attention than one that needs maid service.

4. Remove Personal Mementos

The picture of your family hanging above the fireplace must go. Those colorful works of art your children drew hanging on your refrigerator must go too. You don’t want your potential buyer to come into the home and envision your family there. You want them to walk through the door and visually place themselves living here. They must see it as their home to be able to feel a connection with the space.

5. Rearrange Furniture

Do you have a huge sectional that is making a room feel cramped? Is your bedroom suite too big for your room? You want to pare down your furniture to make the space look bigger. Staging a home is essential for a quick sale. Remember the saying that less is more. Each room needs to have a constant flow and feel unrestricted. Make sure to showcase the key feature in each space and not drown it out with loud artwork and oversized furniture.

The Southern Oregon housing market is competitive. If you want to be ahead of other sellers, then you will do a few things to spruce up your home. If you need help getting your home ready for the market, then call me. I know what it takes to get it sold.

How to Find Your Dream Home Before the Holidays

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When you’re hunting for your dream home, the thought of doing so during the holidays may seem daunting at best. Not only do you have a lot of obligations to meet, but the inclement weather is hard to ignore. But this article will show you a few reasons why buying a dream home during the holiday season doesn’t have to be an experience more suited for Halloween.

There’s Less Competition for Your Dream Home

Because holiday moving can be such a hassle, many homeowners choose not to do it. There are also fewer homes on the market. What that means for you is less competition. This makes it easier for you to get the home of your dreams.

Sellers Are a Lot More Motivated

Homebuyers don’t like to buy during the holidays. But that just makes sellers more determined to sell their homes. The reasons could stem from needing to relocate for their job, or maybe their home has been on the market for a while and they need the money fast. With fewer buyers and more motivated sellers, you can leverage this situation to your benefit.

Agents Are Also Motivated To Get You Your Dream Home

During the holidays, agents deal with fewer clients. They can now spend more time working with you to get the home that you want. Agents work on commission. Since they have less opportunity to earn money during the holiday season, they will work harder to make things happen.

Home Prices Are Lower

In December, housing prices are often lower than at any other time during the year. While this trend may not always be in place, still check the housing prices prior to the holidays. You never know what gems you could find in the market.

You Can Close A Lot Faster

It’s often an unspoken assumption that all parties involved should get the deal done before the end of the year. Not only do buyers want to move in as soon as possible, but the seller might also want to move to their new place before the start of the holidays. Your lender will also want to ensure that your loan is “on the books” by the end of the year. Plus, brokers and real estate agents want to get their commissions just in time for the holiday season. To make sure that everything goes according to plan, gather together all of your documentation. This will save you time that you need to meet all of the season’s obligations.

You Can Get Favorable Interest Rates

At this time, interest rates have stayed at rock-bottom levels for a few years. Visit online calculators to see how much money you can save from a lower interest rate. Take the time to monitor your credit score as a low number could keep you from your dream house.

You Can Save on Home Essentials

Take advantage of the holiday sales by buying your desired home items during this time. There are plenty of good deals that you can use to furnish your house. Shop local for the very best deals and savings.

With the holiday home buying season being less busy, give me a call today to get the home that you’ve always dreamed of for you and your loved ones.

High-Tech Bathrooms

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Homes are increasingly seeing more high-tech bathrooms. Many homeowners want bathrooms that are efficient and comfortable. With many new tools available it is possible to make bathrooms more high-tech for a better experience. We have compiled a few ideas that are very popular.

Digital Shower & Spa Experience

It is possible to personalize your shower or bath based on your water pressure and temperature preferences. Showerheads, body sprays, and water jets can all be controlled from either a digital wall pad or a hand-held remote. You can set your bathing preferences and run your bath with the push of a button.

Smart Toilets

Toilets have become sleeker, smaller, and more technologically advanced. Wall-mounted, tankless toilets appear to float above the floor, making it very easy to clean the bathroom. Newer toilets boast of automatic lid openers, seat warmers, and built-in deodorizers.

Mirror Concealed TV

Imagine being able to check the weather, traffic, or breaking news while getting ready for your day. There are medicine cabinets available that feature mirrored doors with concealed built-in LCD television screens. These high-tech cabinets also have shelves with charging stations and MP3 hookups to play music through the TV speaker.

Chromatherapy Bathtubs

Chromatherapy is a therapeutic experience using colored lights. Chromatherapy tubs are integrated with full-spectrum colored lights that allow you to change the water from up to 8 different colors for an invigorating or more relaxed bathing experience.

Hands-Free Faucets

Touchless faucets are not a new phenomenon. They have been used in commercial applications for some time. Now, these are available for home use. They have sensors built-in to turn on when your hands are placed beneath the faucet. And recently, faucets have become available that are operated by voice commands. You speak to it just as you would your home assistant, such as Alexa.

Switchable Privacy Shower Enclosures

Clear glass shower enclosures can really open up a small bathroom. If you are sharing the bathroom you might want to be able to have the flexibility to frost the glass for your privacy. Glass is so advanced now that you can flip a switch to change the glass from clear to opaque, while still allowing light to pass through.

Make Bathrooms More High-Tech

These are just a few popular trends in bathroom design to consider. We would be happy to offer some advice on how you might be able to make your new home bathrooms more high-tech. Please contact us by visiting our website at ownoregonrealestate.com.