What goes down must come up!

Graph for Article Graham ColorThe real estate market in Jackson County continues its recovery this year with the median price of a home increasing by 15% from $195,000 in January 2014 to $225,000 in August 2014. The number of homes sold this year is about on par with last year with an average of 242 homes selling per month.

Jacksonville (which extends all the way to Ruch) has fared even better with the median price of a home increasing this year by 20% from $291,350 in January to $350,000 in August.

The Jackson county housing market is experiencing faster appreciation growth than the national average, but that is to be expected as our county was one of the hardest hit nationwide and shares the distinction, along with Deschutes County, of being the hardest hit county in Oregon.

We may slow down a bit in fall and winter, but what will be interesting is, what the inventory will look like next spring/summer. We have gone 6 or 7 years seeing little to no building but having population growth and age growth which both contribute to demands on the housing market. In Jacksonville, all the new construction in Vineyard View, at the end of Shafer lane, is sold out! The Farms and Brookview, on G Street and Hueners, will most likely sell out this winter. So will we have any new housing for 2015?

What’s also remarkable is that Jacksonville is not building for it’s demographic. The families moving here tend to be older, those who are either retired or who have the means to escape large cities and make a living here. These two groups, the escapees and retirees, may be in great fiscal health but many of them are planning on aging in place. Their dream does not include the climbing of stairs to reach the master bedroom, so where are the one story new homes?

On the rental front, we are seeing a large demand for rental homes in all of Jackson County and very low supply. This is particularly true in Jacksonville where we manage over 60 rental homes which are all full with a waiting list. As the prices of homes increase, owners that chose to rent out their homes because of a lack of equity are now choosing to sell their homes, leaving the rental market with less and less inventory. The rental market will continue to be tight until we see more housing starts and more rental inventory.

As long as our economy keeps growing, even at a slow pace, we’re likely to see real estate prices grow; and as long as the US population continues to age, we’re likely to see Southern Oregon grow faster than most areas.

Reasons to Have an Open House

If you’re looking to sell your house, then there are many avenues which you can take in order to do so, one of which is by holding an open house. More often than not, this actually makes it easier to get your house on the market, and even sell it fast, too. There are a lot of benefits that comes with holding an open house, some of which includes the following.

It Attracts Attention
When people look for homes, they are usually enticed by images and pictures of the property first, the texts and the contracts usually follows after. This is mainly because people want to see what they are buying first before anything else, and this is how an open house can benefit you. By letting the whole neighborhood and the surrounding areas know that you are holding an open house, you can be sure that more buyers will come to see you compared to sellers who only post pictures of their properties on real estate sites and social media sites.

Close Deals Faster
When buyers see the property, they are more likely to purchase it, since they already have an idea about how it actually looks as well as an idea of how it feels to live there – both of which can greatly influence a home shopper’s buying decision. Aside from that, they are aware that this is an open house, and that there are other people who are waiting to see the house as well aside from them. If they are really interested in the house and do not want other people to take it away from them, they will start talking business with you.

Set the Timing and the Scene
Holding an open house is in fact a lot less stressful when compared with unannounced visits from potential buyers and brokers. With an open house, you can choose when you want the house to be available for visits and viewing, say during the schooldays when kids aren’t at home to mess the interiors and furniture (also a great day to show how quiet and peaceful the neighborhood is), and since you know when to expect visitors, you have time to tidy everything up and make your house as appealing as possible.

With all these benefits, there really is no reason for you not to hold an open house. Through an open house, you will be able to increase the chances of your house being bought without that much of a stress.

10 Things You Need to Know About The Millennial Renter

It is estimated the Millennials make up close to 40% of the housing market, and 90% of them are renters! This means big changes and a lot of opportunity for property managers. Investing in the right amenities and marketing strategies is critical to attracting and retaining the newest generation of renters. This generation is different from their predecessors, so we have compiled this infographic to give you a snapshot of what makes them so different and what you can do to gain their business.

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What is Title Insurance?

title insuranceBuying a home a is a very big decision, not only because of the costs and expenses involved, but also because that will be where you and your family will be spending most (if not all) of your lives. That being said, you would want to take every proactive measure in ensuring that your home will not be taken away from you – not after you’ve paid for and moved in it.
There are many ways to protect your investment, and one of those is through a title insurance.
Title insurances help to protect your homes from any problems or claims that may arise after you bought the house or any time in the future. With a title insurance, you can prevent a myriad of headaches that usually comes along with buying a home.

For instance, it sometimes happens that people sell homes that they don’t actually own and were just left to them for care and maintenance while the real owner is out on a long visiting trip, sabbatical leave, or a business trip overseas. In the midst of all the excitement of finally owning a home, this is one instance that is often overlooked by many first time home buyers.
Aside from that, a person may not have the full and complete right to sell the house to you or anyone, such as in cases where a divorced wife will still need her estranged husband’s signature in order to complete the sale, the house being conjugal property. If you bought the house without the other’s consent, then he may come after you in court.
These are just some of the instances where a title insurance can be really helpful.

The title insurance will make sure that you don’t lose everything you have put into the house along with a lender’s policy and an owner’s policy. When a claim for the house is made by a party, the lender’s policy will help you to defend your right to the house in court. If the court unfortunately decides on the other party’s favor, then the owner’s policy will come in to cover your financial loses (you still lose the house though).

Our homes are more than just a shelter, they are the place we come home to after a long day at work, a place where our kids play and grow. Thus, it is only in our best interest to protect it by getting a title insurance.

Drones attack the real estate market!

Drone 087Prior to moving to Southern Oregon in 2002, I had just sold eBusiness Design, a web development company that specialized in helping large companies use the internet to market, improve customer service, distribute their product directly to the consumer or just to inform their customers. When I arrived in Southern Oregon, I was surprised by the lack of the awareness of the internet as a marketing tool and became quickly successful in real estate sales by using the internet to market homes for sale.

Fast forward to 2014 and marketing homes using the internet has evolved to the next level and has changed in three major ways. We are now seeing incredible growth and success using Video, Mobile and Texting.

  • Video: For years the best way to capture the feeling of your home has been a video, but we are just now seeing rapid growth of this technology due to the majority of the population getting high speed internet, smart phones hooking to WiFi and the use of Drones to capture High Definition photos from the air. Drones are no longer just associated with unmanned flights tracking terrorists through desolate foreign territories. Drones are now being used to fly over your home capturing images that fascinate the viewers. You can have footage of flying over your community and capturing its best features then combine that with a flyover and through your home. Take Jacksonville for example, many buyers come here from out of state so they are amazed when they see a flyover of Britt, California Street, our local vineyards, wineries and historic buildings combined with a home that fits their needs.

 

  • Mobile: According to the National Association of Realtors, 89 percent of home shoppers use mobile devices during their home buying research and the number is growing daily. The top three real estate websites, Realtor.com, Zillow and Trulia, are already receiving more traffic from their mobile applications than their desktop applications, so it’s really become important for a home that is for sale to be advertised and enhanced on one, if not all three, of those sites. Mobile real estate sites use the GPS on your smart phone to bring up homes that are for sale as buyers drive past them. If there is a video they can launch and play, they can quickly see both the inside and outside. If it is done using a drone, they can see the neighborhood and if it’s rural property they can see the lay of the land. With one click from a mobile application, a buyer can call the listing agent for an appointment to see the home. If an agent has a website they have to make sure that website is optimized for mobile users or many buyers will not be able to view their homes for sale.

 

  • Texting: Text codes are a fantastic way to capture the contact information of mobile drive-by buyers. A text code can be added to a “for sale” sign allowing buyers to text for price, details, photos and videos. Many drive-by shoppers may not be ready to call the listing agent, but they will send a text for additional information. The listing agent will instantly be notified by text or email when a buyer uses the text code and can then reach out and text (or call) the buyer back while the buyers is still sitting in front of the house for sale! Text codes can also be used as lead generators in any advertisement. Print ads don’t allow for many details so if you add a text code, the buyer can text for complete details, the video and photos. Recently I saw the use of text codes by Sears in the Sunday paper and you will definitely see more use of this technology as the public embraces it.

It’s interesting how technology adds new ways we can market homes but we have to combine these new technical marketing tools with those old and trustworthy marketing tools such as print ads, direct mail and open houses which are still great ways to find a buyer for a home.