Eugene Real Estate Podcast with Gary Raze

Our Lane County market is headed for a shift, but there’s still good news for buyers and sellers. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.As we know, the real estate market crashed in 2007 and 2008 and bottomed out around 2011. Since then, our Lane County market has appreciated by almost 10% per year, but lately, that rate has slowed to 5%What does this mean? It means we’re reaching the peak of the market. We’re in year seven of our current market cycle, and we’ve never exceeded a seven-year run of appreciation, so that’s as good of an indicator as any that we’re in for a shift. Another indicator is interest rates. At the end of 2018, rates hovered around 5% range, and they were expected to be close to the 5.25% mark at this time, but that hasn’t happened. In fact, they’ve decreased, and as of the filming of this video, they’re expected to be at 4% or lower. Why the decrease? The economy is expected to slow down, which means now is the time to sell your home at the very top of the market. “The economy is expected to slow down, which means now is the time to sell your home at the very top of the market. ”Many sellers are noticing that home values are higher, and they’re taking advantage of that. As the law of supply and demand dictates, the more inventory increases, the more demand diminishes. At the moment, listings average about two to three offers before selling. Last year, the average was about seven.If you’re a buyer, the drop in interest rates makes now the perfect time to buy—especially if you’re currently renting. If you buy now, your monthly mortgage payment would be lower than your rent.If you have any other questions about our Lane County market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.

Deciding between multiple offers on your home will be much easier if you follow these five tips. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.So you’ve received multiple offers on your listing. Congratulations! Today I’ve got five tips for ensuring that the selling process goes off without a hitch:1. Stay organized. Design a spreadsheet that includes all offers along with a table of all criteria that’s relevant to your decision. This way, you can go down the line and compare each offer against these criteria. Having an organized process of elimination will help inform your decision.2. Create a sense of urgency. Part of this is having your Realtor set and announce a specific review date for any and all offers that come in. By doing that, interested buyers and their representation will know how long they have to place their offer, and they’ll understand that indecision could mean a missed opportunity.3. Obtain information on every buyer who makes an offer. Your Realtor should make it their mission to learn as much as they can about the types of buyers you’re dealing with. Are any of them all-cash buyers? Contingent buyers? These are things that will likely have a major bearing on your sale.“ Having an organized process of elimination will help inform your decision. ”4. Inquire about all offers with a loan officer. If the loan officer sees an offer in a favorable light ahead of time, the chances of it going through go up exponentially, so make sure your Realtor brings your offers to a mortgage professional before you make a decision.5. Don’t cut ties with buyers who aren’t your first choice. Once you’ve accepted an offer, ask the second- and third-place buyers whether they wish to place a back-up offer. The incentive for doing that is they can lock out any additional offers in the event that the deal you’ve accepted fails to come to fruition. Should that happen, their backup offer would be moved to the first position.If you don’t already have a spreadsheet, as mentioned in point No. 1, we’d be happy to provide you with the one we’ve developed for free! Just contact me and I’ll send a copy for you and your Realtor to use.And if you have any other questions about how to best handle your multiple-offer situation or about real estate in general, please email me at GaryRaze@Remax.net or call me at 541-554-5825. I’d be happy to help!

For today’s topic, we’re going to discuss whether borrowing money from a relative to purchase your first home is a wise move. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Especially for younger buyers, having the financial wherewithal to purchase their first home comes with its challenges. With home prices continuing to mount, breaking into the market for the first time can be difficult.If you’re one of these first-time buyers, how can you get into a home?The obvious answer is to borrow money from a relative, but it’s important to recognize the good, the bad, and the ugly associated with this course of action.Let’s first consider the good. It could be that your parents or grandparents have set aside funds with the express intent of helping you get into your first home, giving you a leg up. There’s no real downside to this because your relative saved money for that very reason.Alternatively, if you’ve established a retirement plan such as a Roth IRA or the like, you can borrow from that account to pay for a home without penalty. Check with an accountant or a professional who’s familiar with your situation beforehand, though.“It’s important to recognize the good, the bad, and the ugly associated with this course of action. ”Now, I’d like to share a brief example that’s representative of the bad (plus the ugly): About four years ago, I happily assisted one of my clients in her home sale, from which she extracted $75,000 to $100,000 in equity.I recently learned that, with that money, she helped her children get into their first home. By doing so, however, she exhausted all of that money. What’s worse, she didn’t have a retirement plan in place. Because her children couldn’t return the favor financially speaking, she’s now stuck with little money to live on month to month.Therein lies the problem with relatives lending money to children or grandchildren in order for them to buy a home. Without having a keen awareness of what it means for their financial future, some people, unfortunately, give in to emotion and pass along money that’s vital to their own livelihood to their children or grandchildren.A word of advice: Think twice before borrowing funds from a relative for your home purchase. If you do borrow from them, make sure you’re borrowing surplus funds that don’t eat into their own retirement system. If you have any questions about today’s topic or anything else real estate-related, feel free to give me a call at 541-554-5825 or email me at GaryRaze@Remax.net. I’d be happy to help!

The key to winning the home you want in a tight seller’s market is following a few simple tips. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Here in Lane County, as we close the book on May, we’re down to 1.8 months of inventory. This means there are more buyers out there than there are available homes.As a buyer, what can you do to make your offer more attractive to sellers without overpaying for the home you want?First, have your agent call the listing agent and find out as much as they can about the seller. Why are they moving? What’s their moving date? Have they already purchased a new home? Knowing the answers to these questions will help you craft your offer. For example, if you find out when they need to move, you can adjust your closing date so it’s more appealing.“In this market, why would anyone choose a low offer when they have other offers that are either at or above their asking price? ”Next, make sure you have a strong pre-qualification and offer a good earnest money deposit. The higher your deposit is, the safer your offer looks.Also, try minimizing your inspection timeline. The average timeline for completing inspections is about 10 days, so if you tell the seller you can get yours done in, say, three to five days, that sends a clear message that you’re ready to buy now and you won’t be picky in terms of what repairs you ask for.Whatever you do, don’t try lowballing the seller. Remember, they’ll likely have more than just your offer to look at. In this market, why would anyone choose a low offer when they have other offers that are either at or above their asking price?If you’d like to know more about how you can compete in a seller’s market or you have any other real estate questions for me, don’t hesitate to reach out to me. I’d be happy to help you.

Before your home gets inspected, check off these easy-to-fix items so they don’t show up in the final report.   Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Let’s say you’re a seller and you’ve received an offer on your home. In the ensuing days, an inspector will come to the home and check for various items of concern—rot and pests are a few examples.As the seller, you can act preemptively and take care of a few items before the inspector has to be the one who flags them. Here’s how: First, make sure all lightbulbs inside and outside your home are working. When it comes time for showings, illuminate your home a little more by installing brighter bulbs—especially if yours are a little older and have dulled.You’ll want to check and potentially replace your CO2 and carbon monoxide detectors as well. Your current detectors may have served you well for the last ten years, but being as they’re older models, the inspector will make a note of that in the report.Ensure that your water heater is secure in the event of an earthquake by tying two straps, not just one, to it. Next, clear any debris that may have collected around your electrical panel, your attic space, or underneath your house. The inspector needs to have unobstructed pathways and access to these areas.“As the seller, you can act preemptively and take care of a few items before the inspector has to be the one who flags them. ”For those who have pets, be sure to place them in a carrier or take them with you when leaving the home to let the inspector conduct their work. Also, every toilet in your home will need to be squeaky clean before the inspector sets foot in your home.They will use a moisture detector to establish whether any seepage is coming out from the wax rings, so scrub the area around the base of the toilet.Another thing that will catch the inspector’s eye is the downspout. If yours run straight down and water isn’t being properly diverted away from the home, you can expect to be flagged in the final report. To avoid this, purchase a plastic downspout diverter—they’re inexpensive, and they’ll funnel the water about nine to 12 inches away from the home.Those are just a few easy and quick loose ends up to tie up in your home before having an inspection done. If you have any questions, please feel free to text or call me at 541-554-5825 or shoot me an email at garyraze@remax.net. I look forward to talking with you soon!

Interest rates are falling quickly in out market, which means buyers and sellers need to act now to take advantage of that.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Interest rates are falling hard in our market.In fact, they recently had the single largest one-week drop in a decade. They’re not the lowest they’ve ever been, but they’re still extremely low right now. For a 30-year conventional loan, rates are between 4.25% and 4.5%.“Nobody knows how long rates will stay this low, so acting soon will make a big difference in your bottom line. ”That’s very impressive, and it’s something that affects everyone in the real estate market. If you’re thinking of buying or selling a home, make sure you do it sooner rather than later. Nobody knows how long rates will stay this low, so acting soon will make a big difference in your bottom line.In the meantime, if you have any questions about our market or you have any real estate needs I can take care of, don’t hesitate to reach out to me. I’d be happy to help you.

 If you’re gearing up to host plenty of friends and family at your home this spring, here’s a quick outdoor cleaning checklist you can use to make sure everything looks great. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.To get the outside of your home ready for everything spring has to offer, here’s a quick cleaning checklist:Clear your lawn of debrisClean out your flower bedsLayer in fresh mulchDivide any perennials so they’ll be blooming nicely for May and JuneWash your outdoor furniture Power wash your house, sidewalks, and driveway—keep in mind that different areas require different levels of water pressure Clean your grill, and check your propane tank and its hose—there’s nothing worse than running out of fuel right in the middle of cooking!Apply an application to your lawn to prevent weeds from growingFertilize your lawn, but be careful not to overdo itRemove your storm windows and wash your regular windowsRepair any broken screensClean your guttersFix any cracks in the drivewayRemove any dead leaves from your flowers and plantsAdd new flowers to your deck and lawnAnd finally...don’t forget to invite me over to your first barbecue!As always, if you’d like to know more about this topic or you have any other real estate questions for me, don’t hesitate to reach out to me. I’d be happy to speak with you.

 It’s almost time for the busy season in Lane County real estate. Here’s what you need to know in the coming weeks and months whether you’re buying or selling.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Right now, it’s time for March Madness, both on the court and in the real estate market.In the real estate world, our March “madness” is the beginning of the spring market. Now that the weather is finally getting better in Lane County, people will start making their decision to buy or sell rather quickly.Right now, we still have just two months of inventory. If no new homes came on the market in two months, we would completely sell out. This is a huge advantage to you if you’re a seller, but not if you’re a buyer.“In a few short months, your competition will be much stronger. ”First-time homebuyers are continuing to come into the market, and there are still buyers out there who will have a home to sell. However, they’re not too excited about putting those homes on the market until the kind of home they are looking for is available. It’s kind of a catch-22 situation.Let’s say you're a first-time buyer: You want to see if there’s anything out there right now that works for you. In a few short months, you'll be competing against many more buyers than you would be right now. The chance of getting the right home at the right price is probably better now than it will be later.Most sellers are waiting until April or May to list. That is when we’ll see an influx of buyers, but they'll also have more homes to choose from during that time.  Sellers can get ahead of the market curve by getting their homes listed now.As you can see, March “madness” has begun in the real estate market. If you have any questions about buying or selling, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

 As we move further into 2019, now is the perfect time to discuss how things have changed since last year and how things will continue to change in the months ahead. Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Even though it’s still early in the year, it’s already clear that our 2019 real estate market is going to be quite a bit different from what we saw last year. In contrast to 2018’s record-low inventory, we believe that 2019 will see a nationwide increase in the number of available homes. Because of this, sellers will need to be careful with how they price their homes. We, therefore, highly recommend consulting with a trusted agent before you list.“Buyers and sellers alike have a lot of opportunities before them this year. ”Of course, there are some similarities between the 2018 and 2019 markets. For one thing, millennials will continue to make up a significant portion of all homebuyers in our market. About 45% of all homebuyers today are millennials, and that percentage is expected to increase in the coming months. All in all, our market is still very healthy. In Lane County, specifically, activity will remain strong despite rising prices. Buyers and sellers alike have a lot of opportunities before them this year, but with 1.9 months’ worth of available inventory, we are still technically in a seller’s market. If you’ve got any questions or would like more information, don’t be afraid to reach out. Our team would be happy to serve you. We look forward to hearing from you soon.

 Credit scores are critical, but not everyone understands how they work. Thankfully, local mortgage professional Ron Smith of Opes Advisors sat down with us recently to answer a few common questions.Want to sell your home? Get a FREE home value report.  Want to buy a home? Search all homes for sale.Credit scores are a hot-button subject. Despite this, not everyone understands as much about them as they should. To help amend this, I recently sat down for a discussion on this crucial subject with local mortgage consultant Ron Smith of Opes Advisors, and I’m excited to share a few highlights from our conversation with you today. Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to browse specific topics at your leisure: 0:45 - What is a credit score?1:10 - How is a credit score determined?1:54 - Why are credit scores so important?2:42 - How can someone improve a credit score?3:51 - How can major purchases or credit inquiries impact your score? 5:40 - How can someone check their score without damaging it? 6:44 - Are free credit reports legitimate?7:41 - A few closing words about the importance of creditIf you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.