Monday, March 30, 2009

Rockaway Beach Residential Listings Reach 115!

Looking for a home on the Northern Oregon Coast? You might consider taking a look in Rockaway Beach. Of the 395 Active Residential listings in all of Tillamook County, 115 of those, as of March 30, 2009, are in Rockaway Beach! They are not all ocean view, or on the beach, but 115 listings ranging in price from $95,000 - $2.2 Million, is a large number of homes to choose from in one area! I would anticipate prices reductions coming soon! Not just due to the scarcity of buyers, but also the active listing saturation level. High competition between sellers is usually great news for buyers!


I had the opportunity to spend some time in Rockaway Beach showing homes to a prospective buyer this last weekend. If you were on the Oregon Coast, you know the weather on Saturday wasn't good. "Buckets of sideways rain." That's the best description I can give it. Despite the bad weather, the good news I thought was the competition level of seller's in the area -- a true buyer's market! While there are many homes to potentially look at and consider, the buyer I was there to show homes to had a relatively specific, but straight forward criteria -- things most people are in search of: Good ocean view, easy/short walk to beach, 3+ bedrooms, and not in need of major repairs. Of the 115 homes currently for sale, this simple criteria took our home tour down to just five homes. Wow!


With the tour narrowed down to just five homes, the chances of finding a perfect fit for this particular buyer in Rockaway Beach just became a little more difficult. Of these five homes, one did not have a view (eventhough the MLS stated it did), one had gone back to the bank (locks had been changed), one was a vacation rental (with people staying in it -- not open to having it shown) and two we were able to get inside of; one of which was severely overpriced for it's size and view, and the other actually a very nice home and a decent value, but with the potential of losing it's beautiful ocean view in the future.



I was sure with the high number of listings something would meet the needs of almost any buyer truly in search of a home at the beach. I am sure you guessed it already: We completely struck out! Back to Oceanside, Netarts and Cape Meares this time! Updates on these beach communities coming soon....! p.s. I would love to take a buyer to Rockaway Beach not seeking a home that is easy walking distance to the beach! There are many amazing view homes up on the hill overlooking all of Rockaway Beach with exceptionally low prices.

Visit http://www.iWantABeachHome.com/ to view homes and land in Tillamook County on the Northern Oregon Coastline. Use the MLS Search feature, but don’t hesitate to ask for help at any stage of your home search.



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Sincerely,Wendy Stevens

Monday, March 9, 2009

History Reveals Insight: What Will the Market Do Next?

In the spirit of making positive statements: Real Estate is going to get better. History says so!

Here are six interesting facts about the past that may give insight into WHEN: (Courtesy of Investment strategist James Swanson, CFA October 8, 2008)

1 - In January of 1970, a bear (down) market started and lasted until May of that year. The market during that time fell 35.4%. In May, a bull (up) market began and lasted until January 1973, bringing a 124% gain in stock values.

2 - In April 1981, another bear market commenced and lasted nearly a year, bringing a 24.7% decline. Then, in March of 1982, the market began to rise and continued doing so until June 1983. The overall gain in this period was 71.7%

3 - July 1990 brought a downward market that lasted three months, until October 1990, at which point equity prices had fallen 22.4%. Then, in the same month, a new, now legendary, bull market took hold and lasted nearly eight years, until July 1998. It delivered at stunning 330.7% gain for the market.

4 - Dating back to 1975, 8 of the last 15 bull markets have started in the Autumn months of September, October and November.

5 - Since 1957 there have been 15 bear markets, as measured from peak to trough, and on average they have lasted 10 months and brought an average decline of 29.4%.

6 - The duration and degree of these bear markets were significantly less than the duration and magnitude of bull markets. During the same period, there were also 15 bull markets, which lasted, on average, 30 months and brought average gains of 112.5%.


Visit http://www.iwantabeachhome.com/ to view homes and land in Tillamook County on the Northern Oregon Coastline. Use the valuable MLS Search feature, but don’t hesitate to ask for help at any stage of your home search.

Thanks for stopping by! Stay informed by signing up to be notified of new postings.

Sincerely,Wendy Stevens

Think You’ve Tried Everything? How About A Positive Attitude?

It’s the lead story on the news morning, noon and night, on the front page of the newspaper almost daily, it’s the headline on your favorite search engine, and is being chatted about over water coolers around the world. I am sure you are familiar with it – I am talking about negative press. “The US economy has fallen off a cliff!” states billionaire Warren Buffet. That can’t be good.

Something tells me words like these don’t do much for the economy, and have a way of elevating the fear amidst the general public, driving any potential homes sales into the ground. I often wonder what it would be like if the media reported positive news, and had to make positive statements about the economy for seven consecutive days. What effect do you think that would have on the attitude of the general public? Even one day of positive news would make a difference.

I have big ideas about the effects of having a positive attitude! Here’s something you can do yourself: If you currently have a home for sale, the next time someone asks you this redundant question, “How are things going?” Instead of your usual, “The market stinks” turn to them and say, “Things are going well, thank you for asking! I have a really good feeling Spring and Summer will bring buyers back to the market. I am really looking forward to receiving several decent offers by mid-Summer.” Whether, or not you actually believe this statement to be 100% true at this very moment in time is beside the point. The more you say it, the easier it will be to say, and the closer you will be to believing it yourself. Say it to the mirror if you have to! Just hearing yourself say it aloud will help your brain produce positive thoughts. If you don’t like this positive statement, come up with one that works for you.

Positive attitudes are contagious, in much the same way negative attitudes are. Real Estate is no exception. The Three Capes Loop area of Oceanside, Netarts & Cape Meares is quaint. Just a few people making positive statements could spread like wildfire! If you haven’t tried positive thinking and/or making positive statements already, it can’t hurt to try. If nothing else, it could put a smile on your face as you say it, make the person you’re saying it to smile, and maybe even make their mouth fall open! I think that would be okay!

Something worth mentioning: Warren Buffet made a positive statement, as well. He said, "Everything will be all right. We have the greatest economic machine that man has ever created." Unfortunately, it was the last sentence in the collection of statements he made. Fortunately, we can recognize it to be “Better late then never!”

I think it is time to take as much as we can into our own hands. Maybe do things a little differently around here! Practice positive thinking. Make positive statements first and a positive attitude shall follow. It may not come easily, you might feel silly doing it at first, and it could require practice, but it can be done. Set your doubt aside and do it! Say something positive now!

Visit www.iWantABeachHome.com

View homes and land in Tillamook County on the Northern Oregon Coastline. Use the valuable MLS Search feature, but don’t hesitate to ask for help at any stage of your home search.

Thanks for stopping by! Stay informed by signing up to be notified of new postings.

Sincerely,Wendy Stevens

Monday, March 2, 2009

Traversing Northern Oregon Coast Real Estate: Great Value, or Overpriced?

You already know Tillamook County offers many wonderful beach and inland communities. You love what this stretch of the coastline has to offer; hiking, beachcombing, crabbing and brilliantly colored sunsets enhanced by deep blue waves crashing over monolith rock formations just off pristine sandy beaches. You’ve been visiting for years; Oceanside, Netarts, Cape Meares, trying out a number of different vacation rentals – some better than others. Every time you visit, you look around at what’s for sale, pull flyers to see if you can afford the prices and dream about what it would be like to have a home of your own at the beach.

PRICES ARE DOWN
When you visit this Spring, you will notice many homes are no longer on the market, and the prices of those remaining have come down since last Summer. Oceanside had over 40 homes for sale Summer 2008. As of March 1, 2009 there are 25. Average price per square foot of ocean view homes in Oceanside, Oregon in 2007 was approximately $363. In 2008 it dropped to nearly $252 per square foot! You can do the math to get an idea of what 2009 may bring about.


NAVIGATING THE SEA OF SELLERS
Thinking of investing in a home at the beach, but not sure which homes are priced competitively, and which haven’t quite adjusted to the current market? It can be tricky! Beyond price, to confuse matters further, there is a wide range of sellers – those that have to sell, those that want to sell, and those that will sell only if they can get what they want for their home. To make an informed decision, and not feel as though you have overpaid for a home, you’d better do your homework. My advice to those considering Real Estate at the Coast: Consult a Realtor that is not only knowledgeable of the current market conditions, but knows the history of the homes for sale in the area you are interested in.

TOOLS FOR SUCCESS

Complete your own MLS search http://www.iwantabeachhome.com, or request to receive links (sent to you by Tillamook County Realtors) and look closely at the "History" tab in the details section of property links. In this tab, you can see the history of the subject property – past sales prices for the home, days on the market for each listing, and price reductions on the current active listing. It is not uncommon in this market to see homes for sale at prices lower than they sold for in years as recent as 2005, or 2006. It is also interesting to look at the length of current listings and their original list prices. On all three Northern coast MLS’s today, Tillamook, Clatsop and Lincoln County, you can find many homes that have been listed for 300 days, or more. Thought you had to pay $1,000,000 to get an ocean, or bay front home? The very real reality is you may now pay several hundred thousand less in many areas. Who imagined the time would come again where you could potentially buy a home with some form of an ocean view for a price tag as low as $239K?

SHOW ME THE DEALS

To see some great examples of price reduced homes in Tillamook County, follow this link: http://www.iwantabeachhome.com/mls-search-f13138.html and type the following MLS list numbers separated by commas into the designated field: 08-743, 09-7, 08-796, 08-14, 07-1042. Note: MLS #07-1042 is a fabulous Netarts Bay Front home reduced from $990K to $685K. Be sure to check it out!


QUESTIONS TO ASK
In addition to knowing the history of a home, here are some questions to seek answers to in determining if it is priced appropriately and/or if there is room to make a significantly price reduced offer. First, determine whether or not the subject property is a "Commodity" - Something of significant use, advantage, or value. Some questions to ask yourself and a Real Estate professions may be: Are there few homes similar to it for sale? Does it offer a one-of-a-kind location, or view? Is it a style, or type of home that could not be rebuilt for the price it is listed at? If you answered "yes" to any, or all of these questions, you may have a "commodity" type property on your hands. In this case, it's price may not be entirely reflective of the downturn in the market, unless the seller (private party, bank owned, or foreclosure) is distressed in some way. Not all homes will undergo large price reductions in the near future. Some can be considered a commodity, and/or have sellers that consider it to be just that. At the present time, there seems to be a collection of exceptionally nice homes for sale that typically would have been snapped up in a matter of hours after hitting the market. Even without dramatic price reductions, these properties can still be considered great opportunities, as in this market you will likely have more time to make a decision without another party competing for the same home.

ENTER THE LOW BALL OFFER
Established thus far is the imperative nature in the current market of knowing the history, or situation of specific Real Estate you are interested in. One final tactic to mention that seems to be gaining in popularity, is the so-called "low ball offer." As a general rule, I do not advise buyers to make extremely low offers, especially on homes they are not certain are in a distressed situation. However, I witness and assist buyer's making low offers with the following justification, "I want to see how desperate this seller is." Enter low-ball offer. In times past, unjustifiably low offers were shunned by sellers, often not looked at and/or not responded to. An interesting turn of events has occurred. Sellers seem to look at most offers, and respond even when they are undesirable. I applaud seller's for their steadiness through these difficult times. It is admirable to swallow your pride and respond even to offers you feel are way outside of your comfort level. I attribute this willingness to participate to the simple fact of offers becoming fewer and farther between. Sellers may be compelled to respond to offers they would have in years passed been insulted by.

SOMETHING TO NOTE: A counter to any offer in this market is an opportunity for a seller to make their situation crystal clear to a buyer. If they are highly motivated to sell, they will consider the offer and make a suitable counter to meet their personal needs, likely with a price reduction of some sort -- perhaps meeting in the middle, or slightly above. The alternative for a seller at this juncture, if they are not in a hurry to sell, or that price will not meet their needs, is to counter back at, or near their current asking price. This says to the buyer, boldly and clear, "We are not interesting in selling our home much below our current asking price." The "low ball offer" once viewed as a foe, has become a seller's opportunity to entertain offers and make statements through counter offers.

Don't be deterred by complicating factors in the current marketplace! Instead, as a preventative measure find a Real Estate professional to help you traverse the current situation. The opportunities on the Northern Oregon Coast are certainly plentiful.

Visit www.iWantABeachHome.com to view homes and land in Tillamook County on the Northern Oregon Coastline. Use the valuable MLS Search feature, but don’t hesitate to ask for help at any stage of your home search.


Thanks for stopping by! Stay informed by signing up to be notified of new postings.

Sincerely,
Wendy Stevens