Corvallis Oregon Price Appreciation | A Strong Market Projected

Money Magazine's latest projections for some of the Nation's largest metro areas places Corvallis, OR as a top gainer in real estate price appreciation for the period Q1 2010 - Q1 2011 at average price increases of 4.1%.  Good numbers in a sluggish economy, but fairly close to expected numbers in a "typical" year. Those big numbers of 2006-2007 were not the norm. 

Check out the snap shot synopsis of why Corvallis...

So, is it a Good Time to Buy Real Estate in Corvallis, Oregon? I think so and here are a few additional reasons.

1) Low Interest Rates (still at record lows...)

2) Federal Tax Incentives (the window closes on April 30th, must have a signed contract by that date)

 and

3) Value Increase Projections... (waiting will not result in savings, in price or cost of borrowing)

What do you think?

2288 NW Maser Drive, Corvallis, OR 97330                                           $375,000

Beautiful home in a desirable Northwest Corvallis neighborhood is close to local schools, Martin Luther King Jr. Park, Benton County Fairgrounds, Oregon State University, CH2M Hill, medical facilities, and shopping. Enjoy easy access to downtown Corvallis and Philomath. This solidly built home has 3 bedrooms, including a spacious master suite, 3.5 baths, a bonus/guest room and a family room off the kitchen.Cedar siding and concrete tile roof illustrate the quality found here. Large yard is situated above the trees creating a private and open feel, all on a professionally landscaped .22 acre lot with extensive block work and bubbling water feature.

3 bedrooms/3.5 baths/approximately 2504 square feet

WVMLS#624174

Price reduced 4-4-2010 Now $355,000

4614 SW 47th Place, Corvallis, Oregon

Light, Open and Charming--Beautiful, light and open floor plan lives big! Newer home is located on a quiet cul-de-sac and is private and secure. Loads of upgrades, landscaped lot and is convenient to local schools and parks including Starker Arts Park and recently renovated Sunset Park, Corvallis Country Club and Golf Course, Oregon State University campus, hiking and biking trails, and has easy access to Corvallis and Philomath.

5 Bedrooms (or 4 plus main level office/bonus) /2.5 Baths/approx. 2538 square feet 

WVMLS# 623852

1135 NW 35th Street, Corvallis, Oregon                                                  $245,000

Located at the end of a cul-de-sac, this single level home is in a popular Northwest Corvallis neighborhood and is close to everything. Just blocks away from Oregon State University, shopping (Sam’s Station, First Alternative Co-op, and Schmidt’s Garden Center), and local parks and schools. Hiking and biking trails are nearby. Try the Irish Bend Covered Bridge path or spend some time and explore the Bald Hill Natural Area. Easy access to downtown Corvallis, Benton County Fairgrounds, and Philomath.

3 bedrooms/1.5 baths/approx 1256 square feeet

MLS# 624180

Quiet Location Near Oregon State University                                                           $329,000

Located in a popular neighborhood near Oregon State University. Beautiful light and extensive hardwood flooring greet you as you enter this single level. Warm and comfortable living room features dining alcove, updated wood windows, pellet stove insert and solar tube skylight. Spacious kitchen has ample storage and counter space. 2 bedrooms/1 bath on main plus finished full basement that provides additional living space. Detached 3 car garage (3rd bay has side access). Awesome yard gets plenty of light, perfect for the gardener in you.

3 bedrooms/2 baths/ 3 bay garage (cars, toys, shop?) approximately 2197 square feet

 

WVMLS# 624183

 

I was recently invited to participate in a fund raising effort for the Corvallis Boys and Girls Club. It was a great deal of fun and I learned some new things about the Corvallis, Oregon, Boys and Girls Club.



Boys and Girls Club of Corvallis: Provides young people in the Corvallis community with direction through Character and Leadership Development; Relationship Building; Education and Career Development; Health and Life Skillls; The Arts; Sports, Fitness and Recreation. This organization is very much community based and is supported and funded by the efforts of the community at large. Today’s Youth are Tomorrow’s Leaders.

As an agent in the Corvallis, Oregon market, I've heard some pretty strange stuff about the new MDIA which is officially in effect as of today.  There is no reason to panic! (or even complain)  There are some people (lenders and agents) that simply don't understand what it means...  What it means is that as of today, buyers will not be subject to "bait and switch" tactics that were used by some lenders in some markets.

1.   Cash sales are not impacted.  This is a lender regulation. No lender, no rule (nothing to disclose)

2.   Key provisions:

1. The lender has to provide an initial TIL (Truth-in Lending disclosure) within 3 days of recieving the loan application.  This is not a new rule.  It's been in place since the early 80's (I remember when this rule was inacted--(yes, I was in the loan business at that time) and let me tell you it's not really fun to run TILs on 1400 or so loans that are already in process)
2. The lender must deliver or mail a TIL at least 7 business days before closing; so The earliest possible closing date is 7 business days after the lender issue the initial TIL disclosure.  This is a new provision, but it's really not unreasonable, the data entry should have been done from the initial application.
3. A final, accurate TIL must always be provided at closing.  This is no change.
4. If the annual percentage rate (APR) increases more than .125% (that's an eighth of a percent), the borrower must recieve a revised TIL at least 3 business days before closing.  Closing may be delayed due to this additional 3-day waiting period.
   1. If the APR goes down, there's no reason to re-disclose
   2. An 1/8 increase sounds like a little number, but really in relation to the mathematics involved, it takes a lot of dollars to make that increase happen.
   3. Fees that play heavily into APR are lender controlled

What can trigger a change in APR?

• Change in interest rate (but if the rate goes down, so does the apr (annual percentage rate)
• An increase in the loan amount (espeically if the change results in the addition of mortgage insurance to the loan or changes the Loan-to-Value ratio (LTV) which in turn can change the pricing of the loan product.)
• A change in the type of loan
• An increase in the fees charged
• A change in LTV (appraisal could change the LTV and therefore the pricing)

What to do?  What to do? 

1. Work with a lender you can trust.
2. Plan ahead
3. Decide on a loan program in advance
4. Work with an agent that understands the lending process and can help you with the logistics of closing
5. Set realistic expectations

Bottom line, this Act helps people to make intelligent, informed decisions financing their homes and reduce the pressure of changes in loan terms at the closing table.  Change is difficult, but soon this will feel like a routine part of the process.

So, let's keep a level head.  The sky is not falling! 

 

Save the Date! Saturday February 23, 2008

What: A public meeting with Oregonians In Action President, David Hunnicutt

Why:  Measure 49 which was approved by Oregon voters in November 2007 and took effect December 6, 2007 makes significant changes to measure 37 and will affect property owners across the state.  Hunnicutt will explain the details of this complicated new law in non-lawyer terms, to provide the audience with a better understanding of how the Measure works.

Who should attend? REALTORS®, clients and the public! 

When:  Saturday, February 23rd, 2008

Time: 9:00 - 12:00 noon

Where:

Red Lion Inn
Mazama Room
3301 Market St NE
Salem, OR  

I just received notification of this meeting.  I think it will be a great way to gain further understanding of how this legislation work and how it will affect land owners in Oregon.