Before entering into a business relationship, it’s helpful to know your real estate agent is nice, patient, available when needed…and honest. So while many of us assume we’re ‘safe’ in the hands of our doctor, attorney or pastor, what about your Newberg Realtor? For the audio format of this presentation, find out more here, or use the player below.
Of special note is the OREA ‘Administrative Action’ section, which provides information about decisions regarding Oregon real estate violations. The resulting consequences to untrustworthy real estate agents could include a reprimand, license suspension, license revocation and/or a civil penalty. So while no screening process is foolproof (as witnessed by crimes committed by doctors, attorneys and other professionals), the state of Oregon does considerable due diligence to vet real estate agents.
As part of the application process to become an Oregon real estate agent, any felony and misdemeanor convictions and arrests must be disclosed. The disclosure requirement is fairly high, because in addition to any criminal activity, also requiring disclosure are any administrative proceedings, plus civil and even financial issues. For example, if a prospective Oregon real estate agent has an unsatisfied judgment or bankruptcy, each must be disclosed.
Whom Can You Trust?
A Matter of Trust
Trust is an important factor when buying or selling real estate. Thankfully, trusting your Newberg Realtor is not super risky. That’s because consumer surveys consistently reflect a high level of satisfaction with Realtor performance. One study by Forbes magazine revealed 96% satisfaction for the real estate industry. So if many real estate agents were dishonest, we could expect that figure to be much lower.
This doesn’t mean blindly signing off on every suggestion one receives from their Realtor. But obsessively hand wringing over transaction minutiae is one sure way to make the process less enjoyable. A recommended approach is for Newberg homebuyers and homesellers to carefully read all documents, ask plenty of questions and work with a recommended professional with a solid track record.
Trust For Homesellers
Looking at trust from a seller’s perspective, for starters there’s significant trust needed to deal with buyers. For instance, trust is needed to allow strangers in your house. There’s also trust in taking your property off the market, in the hope a sale will go through. And trust in finding a replacement home.
Trust For Homebuyers
Trust is needed for homebuyers, too. Trust is necessary in working with a lender and that the discomfort of prequalifying will be worthwhile. Trust they’ll find a home they like and can afford. Trust their lender will come through.
Trust For Both Homebuyers & Homesellers
So what do homebuyers and homesellers share in common? Trust. And there is perhaps no greater trust that Newberg homebuyers and sellers have in common than in their Realtor.
After all, your Newberg Realtor is someone you expect to be there to help navigate your way through what is frequently the largest financial transaction of a lifetime. Similar to an attorney or priest, Realtors are expected to keep confidences.
But let’s first look at a few situations which underscore why it’s important to be able to trust your real estate agent.
Trusting your Realtor means you don’t have to second guess suggestions you receive. Let’s take pricing your home, for example. If you can’t trust your agent to provide meaningful comparable home activity information, how can you possibly expect him or her to advise you once an offer comes in?
Trusting your Realtor means you can breathe easier with less stress. Buying or selling a home is considered to be a particularly stressful activity. In addition, most homebuyers and homesellers don’t want to take on real estate as a second job, especially when making a house move. So expect that by having your bases well-covered by a professional you can believe, you’ll find the entire process far less taxing. If a Realtor is ‘pushy’ and won’t listen to your concerns, it’s likely a good time to find a new one.
Trusting your Realtor means you can access his or her reliable resources. Speaking of taxing, if you need recommendations for an experienced 1031 tax exchange professional, or real estate attorney, or home inspector, or mortgage lender, or home repair contractor, expect those recommendations to be even more valuable from a trustworthy agent.
Trusting your Realtor means you can focus. There’s usually enough to deal with throughout the course of any real estate transaction. Dealing with lenders, appraisers, inspectors, contractors, title companies and the like can be overwhelming. As a result, you’re more likely to be far more effective if you can concentrate on what you’re best at, while having your real estate agent handle what he or she is best at.
Trusting your Realtor means more time. Just like you can expect to have more time to go fishing if you hire a contractor to build your new deck, working with a trustworthy real estate agent allows you to do other, more enjoyable tasks than scheduling a home inspection, constantly dealing with escrow details, or meeting an appraiser.
Chemical Equation for the Explosive Called TNT
Relationship Chemistry Trust is easier when there is good ‘chemistry’ between a Realtor and their clients. When seeking an agent to refer for out of area homebuyers or homesellers, there are many things I can readily confirm. These include an agent’s years in business, designations earned, coverage area, plus areas of specialty like homes, farms or commercial property.
As a result, I’m frequently able to locate a very good Realtor to ‘match’ with an out of state homebuyer or seller and it’s not always difficult. That said, the one challenging element to know with certainty is the ‘chemistry’ that even a highly qualified, out-of-area Realtor will have with a new client.
People are different and that includes real estate agents. Most times relationships work out swimmingly with the referred agent. On rare occasions, it doesn’t work out. But going in and at least on paper, the homebuyer or homeseller who interviews a previously unknown, yet vetted Realtor, knows the agent is qualified and experienced, along with some important other facts about him or her. Plus, knowing these facts up front is typically less risky than taking a ‘shot in the dark’ with an unknown agent.
Does The Company Matter? Because agents are independent contractors, the individual Realtor is who typically matters most. After all, you don’t expect a faceless corporation to answer your late night question, or go over the details of your settlement statement. For example, I don’t care that much about what hospital I go to, but I want to have a say in the surgeon who will do the operating. Similarly, it’s the individual agent who is in a position to make the most difference, whether from a small or large office. However, longevity of a real estate firm can be helpful in determining that they are probably doing something right. So if a company you’re considering has been in existence for half a century or more, they’re likely not a ‘fly by night’ outfit.
Alternative Agent Finding Methods One of the ‘secrets’ about real estate online or via magazines is that they’re paid ads. Realtors frequently buy what are known as ‘leads’ online. Examples include Zillow and even Realtor.com. Sometimes this is done by the agent buying incoming inquiries regarding a specific zip code. Sometimes, the agent pays for better placement on a real estate website page in order to stand out.
If you decide to use a magazine or the Internet to locate an agent, it may be best to consider that as a first step of information gathering. Promotional materials can be misleading and if carefully crafted, can leave out a lot of important information. For example, if an agent is brand new, he or she may focus on how many agents their company employs, personal community involvement like donations to charity, or sponsorships. While these may be nice facts, they may not have a lot to do with the agent’s proficiency, professionalism, or trustworthiness.
Referrals Are Built on Trust One good way to find a trustworthy Realtor is to ask people you trust and get a referral. The ‘proof is in the pudding,’ so if your friend or family member is happy with a specific real estate agent, there’s a good chance for a similar repeat performance.
What Color Hat Does Your Realtor Wear?
White Hat or Black Hat?
One area where certain real estate agents are sometimes revealed to be wearing either a ‘white hat’ or ‘black hat’ is in the area known as ‘dual agency’ or ‘disclosed limited agency.’ This is a situation when an agent with a listed property also works with the buyer. To be clear, most Realtors are aboveboard and honest, continually looking out for their client’s best interests.
That said, the challenge to some agents comes when the agent attempts to ‘elbow aside’ other buyers, their agents and/or offers, in order to push his or her offer through. Why on earth would a Realtor push hard to get their offer accepted, since it’s all about simply selling the house, isn’t it? Not exactly. That’s because if the listing Realtor also sells your home, they typically get paid more.
Dueling with Dual Agency In Realtor circles, the topic of dual agency has proponents and detractors. As a result, don’t expect every real estate agent you run into to have the same opinion. In reality, dual agency can be a very good thing, as seen in our previous article titled “5 ‘Insider Oregon Real Estate Tips.’ There, the topic ‘Having A ‘Double Agent’ Can Be A Good Thing‘ ranks as item #1 out of thefiveitems listed. The advantages to having an agent on both sides of a real estate transaction are clear.
The result, good or bad, can significantly depend on your agent’s trustworthiness. For example, hurriedly accepting the first offer can work out. That’s because sometimes the first offer is the best offer. Alternatively, acting without as much available information as possible sometimes comes at significant expense to the seller, who may be urged to quickly accept the offer their listing (seller’s) agent has written. The problem is that the listing Realtor can be expected to reasonably know how much activity there is on the property for sale. Again, trust is key here.
Plus, given the amount of agent and buyer activity, along with the quality of inquiries (such as highly motivated, qualified buyers), the seller’s Realtor may have even heard comments from other agents about possible future offers. So by pushing his or her own offer, is the listing Realtor providing the seller with all known information in order to truly serve the seller’s best interest? Sometimes the only person to seemingly know the answer is the listing agent. This Harvard Business Review article notes why this can be a problem:
“Take cheating. Claremont McKenna psychologist Piercarlo Valdesolo and I have conducted many experiments on the topic, and one surprising (if disheartening) result we have found, time and again, is that 90% of people—most of whom identify themselves as morally upstanding—will act dishonestly to benefit themselves if they believe they won’t get caught. Why? Anonymity means no long-term cost will be exacted. Even more startling is the fact that most of those who cheat also refuse to characterize their actions as untrustworthy; they rationalize their behavior even while condemning the same in others…”
More than once, an ethical real estate agent working with a highly qualified and motivated buyer has inquired about a property, even written up that buyer’s offer, only to have the listing agent hurriedly put together his or her own offer and submit it to the seller in order to ‘tie up’ the property (and presumably make more money), before other offers can be considered. It’s a fact of the real estate business and as a result, unethical agents develop a reputation and are often viewed warily by others in the business.
The ‘Commission Effect’ If all these elements don’t sufficiently complicate the task of finding a trustworthy Realtor, there is also a phenomenon you might call the ‘commission effect.’ This is outlined in a previous article titled ‘5 little Known Realtor Insider Tips:’Realtors Can Calculate Their Paycheck by Viewing a Property Listing Sheet. This means that for agents truly focused on maximizing their payday, you might expect them to guide you toward homes that pay a higher commission structure. However, the listing sheet is typically only seen by multiple listing members. Thankfully, most Realtors simply don’t do business in this manner.
The Bottom Line President Ronald Reagan sometimes used the term ‘Trust, but verify’ during his high level negotiations. This old Russian proverb could be a helpful approach to grant you peace of mind in finding a trustworthy agent for your next real estate transaction. Do your research and ask family and friends for Realtor references. Be open and forthright, then make your best decision based on relevant, reliable information for your situation.
Do you have a Newberg area real estate question? Contact Certified Realty today using the convenient form below, or call (800) 637-1950.
With That Suit & Tie, James Bond Resembles A Well-Mannered Realtor
Compared to the life of famed superspy James Bond, buying or selling Newberg, Oregon real estate is dull and monotonous, right? Au contraire. You might be surprised to see how such a comparison actually sizes up.
Click here or on the play button above to hear the audio podcast of this article.
Not So Mundane, After All How could the seemingly routine tasks associated with Newberg, Oregon real estate possibly compare to the life and adventures of ultra-suave Agent 007? Initially, it seems like a ridiculous question. Of course Bond’s life is far more treacherous, risky and ‘on the edge,’ right? As we’ll soon learn, not exactly. Buyers and sellers of Newberg real estate have a lot more in common with the famous spy than first meets the bullseye.
Oregon Real Estate is More Daring Than You Might Think
Deceptively Daring Many actors have played Agent 007 in film, yet each brings to the Bond character their own unique imprint on the multi-faceted Bond persona. But while each person playing 007 is unique, in each iteration of the well-known agent we recognize Bond’s uncanny ability to ‘land on his feet’ and ‘avoid being bested,’ while inching (or sometimes speeding) toward his well-defined goal. Let’s examine some of the super spy’s cinematic character traits and how they might relate to your next Newberg real estate transaction.
Spies & Realtors Both Use Photography to Their Advantage
Turning The Tables
To a Newberg homebuyer or homeseller, ‘landing on your feet’ might not equate to jumping from a high rise building. Instead, it might mean effectively dealing with endless surprises…like a low appraisal, or poor home inspection. It’s helpful to understand that one of Bond’s classic techniques is to shift bad odds to his advantage. Your way to ‘avoid being bested’ may not mean beating the tables at Monte Carlo like James Bond. Instead, it might be skillfully negotiating the terms of your Newberg real estate transaction. And to a Newberg homebuyer or homeseller, Agent 007’s ‘inching to his goal’ could simply mean patiently completing key tasks in order to close the sale. It’s nice to know that unlike the production of a Bond film, Newberg homebuyers and homesellers typically complete their ‘mission’ substantially under budget and in a relatively short time span, with no loss of life or limb. This makes you arguably ‘better than Bond.’
Diamonds Are Forever…And So Is Real Estate
Here are some factors that make the so-called ‘average’ Newberg, Oregon homeseller or homebuyer more daring than even Agent 007.
Risk Agent 007 is frequently seen as daring and a tremendous risk taker. But while it’s true some of Bond’s actions are potentially perilous, it’s helpful to realize that his risks tend to be thoughtfully calculated. 007 is usually well-armed, whether that means carrying his Walther PPK, or preparing mentally for the task at hand. If he’s without a gun, James Bond is able to adapt and improvise, like using a fire extinguisher in the middle of a firefight to provide cover and escape.
You Don’t Need A Gun to Effectively Buy or Sell Newberg Real Estate
Charmingly Disarming But if James Bond gets into a ‘jam’, he usually has his trusty sidearm to help take care of business. Yet using a small caliber handgun to get your way is not an option for Newberg homebuyers and homesellers. As a result, your options are limited to less obviously coercive means than Agent 007 can wield. Requiring the use of ‘wits, not weapons’ takes certain things off the table for you, since Oregon real estate demands non-lethal resourcefulness. By having to use safer and more creative methods of persuasion, it’s fair to say that once again, the average Newberg homeseller or homebuyer is arguably ‘better than Bond.’
Effectively Managing Risk Can Pay Off Handsomely
For an example of Bond’s risk reduction techniques, have you ever seen Agent 007 gamble great sums of his own money on a dice throw? The usual answer is ‘Not a chance.’ That’s because Bond virtually always plays with his government’s money, not his own. Yet you, as a Newberg homebuyer or homeseller, are laying your very own hard-earned capital on the table. So once more, in comparison you can arguably be seen as ‘better than Bond.’
Even Agent 007 Might Find Newberg Real Estate Challenging
Newberg Real Estate Tip #1 From James Bond: Maintain Your Humor A superspy like Agent 007 doesn’t constantly walk around like a tough guy. It’s actually quite the opposite. Bond knows how to work a room and deliver a well timed joke. ‘Breaking the ice’ to disarm and/or relax the other side with a joke takes some guts…especially when someone means you financial or physical harm.
Savoir-faire Savoir-faire is a French term that roughly means: knowing what to do in any situation. Those with savoir-faire respond appropriately in a wide variety of circumstances. One dictionary reference suggests savoir-faire as demonstrating “a polished sureness in social behavior.” In other words, classic James Bond behavior, whether it’s disarming a bad guy, nuclear device, or flawlessly ordering the best item off a French menu.
Ordering in French is an Acquirable Skill
Savoir-faire can be adapted to Newberg real estate, where a wide variety of ‘tough to predict’ situations occur with surprising frequency. For sellers, this could mean having a buyer’s loan fail, possibly due to buyer disqualification like a credit score drop, or job change. Or perhaps your home needs a new roof and there simply isn’t sufficient equity to pay for it. Or there’s rampant dry rot. Or severe mold. You get the idea.
How 007’s Savoir-faire Can Work for Newberg Homebuyers and Homesellers A prepared and practical approach to problem solving is what both James Bond and successful Newberg, Oregon homebuyers and homesellers bring to the table. Agent 007 is able to adapt and navigate in almost any environment, whether he finds himself in a high-stakes casino in Monaco, a posh ski lodge in the Swiss Alps, or a poor fishing village in Asia, Bond knows what to do. When buying and selling Newberg real estate, you can adapt and navigate in different environments, too, including such changing factors as housing inventory (which can indicate if you’re in a buyer’s or seller’s market) and fluctuating interest rates.
Just realize that no matter how things appear, some factors and outcomes are not completely determinable and sometimes virtually unknowable. For example, let’s say you’re selling your Newberg home and have three offers on the table to consider. In this scenario, let’s suppose all buyers appear well-qualified and each offer is very similar to the others. Which one do you decide to accept? Which will actually close? Which buyer will be reasonable to work with? Which lender will have even-handed underwriting and not require needless delay or costs? Working with your Realtor, you can reduce risk, perhaps by focusing on how much each buyer is willing to pay, their down payment (where a larger down payment makes it easier for them to get a loan) and even the earnest money deposit and time to your closing date. Such an analysis can help boil things down to those that might make the most difference.
Newberg Real Estate Tip #2 From James Bond: Always Have a Backup Plan
The key is to limit your downside risk by making the best decision possible under the circumstances and remain alert. For example, if after accepting one offer on your Newberg home, the buyers begin loudly complaining about minor issues, have your Realtor stay in touch with other prospective buyers who expressed interest. That way, you keep the door open for a ‘Plan B’ and later, possibly a ‘Plan C’ if initial buyers bail on your home sale.
James Bond Defines Debonair
Debonair Agent 007 is often described as debonair. How can that term possibly apply to your next Newberg real estate transaction? There are varied definitions to the term debonair, but related terms include courtesy,graciousnessandhavingasophisticatedcharm. These traits can be powerful and disarming when dealing with the other side on a home sale. An example of courtesy might mean allowing buyers to schedule a tour before closing for measuring room dimensions or determining paint colors. Being gracious could mean as a buyer you allow the home sellers an extra day to move out, particularly if their moving van broke down. Sophisticated charm might mean leaving a box of chocolates or champagne after you sell a home for when your homebuyers finally move in.
Small details perhaps, but such activities are often long remembered. If after moving out, you remember leaving priceless heirlooms in the attic of your former home, imagine how much nicer it will be to request the return of your precious items from the current owners with whom you’ve been civil and friendly. They are also more likely to even contact you if they find something you mistakenly left behind.
Newberg Real Estate Tip #3 From James Bond: Secrecy There’s good reason undercover agents are also known as secret agents. ‘Don’t let them see you sweat’ is an adage Agent 007 works with aplomb. So you don’t want to lose out on your home purchase and are willing to substantially increase your offer, yet don’t want to overpay? Keep those cards discreetly close to your vest and understand that by doing so, you’re modeling James Bond, who can definitely keep a secret. He’s a spy, after all.
Humility Though James Bond can swagger with the best of those who hold the ’00’ license to kill designation, he’s usually discrete and avoids attention or bragging about his prowess. Such meekness is supremely beneficial in situations to disarm adversaries, while catching them off guard. Agent 007 doesn’t often talk about how many people he’s put in the hospital, or his annual income. Simply by observing him, it’s clear Bond has gravitas.
Courage Having courage when buying or selling Newberg property doesn’t mean you don’t feel fear. It does involve pushing that fear aside to rise above whatever obstacle you are facing. Agent 007 pushes himself out of his comfort zone to face serious fears on a daily basis. This gets him used to feeling comfortable with the uncomfortable. As a Newberg, Oregon homeseller or homebuyer, once you desensitize yourself to fear, it will become easier to perform courageous acts, like counteroffering that offer you really don’t want to risk losing, or agreeing to substantial repairs in order to pass a home re-inspection and close the deal.
Be Patient In the middle of a real estate transaction, it’s easy to be overwhelmed. To be successful, it helps to have a well defined plan executed with patience. You also should allow sufficient time for your plan to work. For example, if you’re a Newberg homeseller who doesn’t receive an offer in the first few days on the market, understand that if you’ve already examined the latest market data and the average market time is measured in months and not days or even weeks, realize your anxiety may be premature. Keep cool.
‘Q’ Is On Bond’s Team to Keep Him Out of Trouble
Consult An Expert When buying or selling Newberg real estate, it doesn’t hurt to have an experienced Realtor as your own ‘Q’ to keep you out of difficult situations. An experienced real estate broker is someone who has been ‘over the road,’ thereby saving you needless expense, time and worry.
So rather than having Bond’s sidekick ‘Q’ demonstrating gadgetry and armory (like a blowtorch on Bond’s Aston-Martin convertible), Newberg residents can rely on the calm, cool and collected experience of a proven Realtor to more successfully navigate pitfalls sometimes found in Newberg real estate.
Do You Have Questions About Newberg Real Estate? For a free consultation, contact our NewbergHomes.com sponsor, Certified Realty using the contact form below, or call them at 800-637-1950.
Abundant Newberg Area Real Estate Data Can Seem Like Drinking Water From A Fire Hydrant
TMREI: Too Much Real Estate Information Sometimes absorbing the sea of Newberg, Oregon real estate information seems more like drinking from a fire hydrant. Yet, out of all the sometimes helpful real estate data bandied about, there is one especially helpful number, which when understood,can provide near-magical clarity to Newberg, Oregon homebuyers and homesellers, alike.
You Needn’t Be a Magician to Understand Newberg, Oregon Home Inventory
What Is It?
What is this ‘magic’ number and what does it represent? Simply put, it’s the current figure for housing inventory, typically expressed in months of projected home supply.
Newberg, Oregon Real Estate Inventory is Different Than Bingo
Housing inventory is also sometimes known as home supply, home inventory or housing backlog. Why is this number so important? Once you understand the single figure that defines our current regional supply of homes for sale, you have an instant ‘snapshot’ on whether you’re in a buyer’s market, seller’s market, or more of a balanced real estate market. Armed with that information, you’re far more ready to do ‘battle’ in the real estate ‘trenches’ and more likely to avoid the usual debilitating ‘minefields.’
Normal Home Supply
Among real estate experts, a ‘normal’ range for home supply in parts of Oregon-including Newberg-is frequently cited as somewhere between three to six months. For example, if the home supply figure is three, then hypothetically our market would be ‘out of homes’ in three months, provided no new homes were placed for sale. In other words, if our regional home inventory figure is somewhere between three to six months, we’re typically experiencing a normal market, meaning one not far from a balance of supply and demand, also called equilibrium. In a way, home inventory is kind of like an ‘absorption rate’ for how fast supply is used up.
Your Mileage May Vary It’s helpful to understand that home inventory figures are more of an average for a region. In Oregon, some major real estate regions include Portland, Bend, Eugene, Salem and the Oregon Coast. Newberg is closer to Portland, which makes it part of the greater Portland area metro for purposes of market statistics.
So if your property is located in or near Newberg, the Portland area inventory figure is frequently cited as a bellwether for housing backlog. Your specific area could be somewhat different altogether, based on a hybrid of hyper-local factors affecting both demand and supply. That said, home inventory is an undeniable and convenient ‘thumbnail’ sketch to help assess your market.
What’s The Practical Impact of Housing Inventory? Consider real estate and inventory like a pipeline. If more flows through it, the product is plentiful and therefore the cheaper it is to buy. So with a lower, dwindling home supply and the spigot turned down, the reverse is true. That’s when the local real estate environment favors sellers, because there are more buyers and it’s considered a ‘seller’s market.’ In that case, expect a short market time and an environment where homesellers receive multiple offers, often at or above listing price. If the supply of homes is higher, it’s considered a ‘buyer’s market.’ This means you can expect a longer market time, with homesellers seeing few, if any offers…and frequently for less than the asking price.
Negotiation is Expected, But Most Newberg Homesellers Don’t Like ‘Armwrestling’ With Buyers
It’s routinely a good idea for buyers to get a ‘heads up’ before making an offer to determine how ‘hot’ or ‘cold’ the market is. Otherwise, if you ‘lowball’ a just-listed home in a seller’s market, you may be lucky to even get a counteroffer instead of an outright rejection by sellers experiencing lots of calls and showings on their property. Coming in with an offer that’s too low sometimes causes offended sellers to refuse to seriously consider a possible follow up offer.
The Number of Competing Newberg, Oregon Homes for Sale Affects Market Time
What’s the Big Deal About Housing Inventory? One reason housing inventory is so important is because it helps buyers and sellers to better manage expectations. Most buyers are interested in how long it may take to find the ‘right’ house. Inventory affects this. Alternatively, most sellers are interested in how long it may take to find a qualified buyer. Inventory affects this, too.
Newberg, Oregon Homesellers Can ‘Jumpstart’ Activity With Accurate Pricing
That’s because a high home inventory tends to slow down the market time and low inventory frequently provides a ‘jump start’ to activity. One way sellers can help to avoid an excessively long market time is to review comparable local home sales information provided by their Realtor to ensure proper, market pricing.
Another reason housing inventory is crucial is because it can significantly impact so many other important factors. In other words, inventory is a ‘driver’ for market time, selling price, appraisal results, lendability and more.
Okay, So Inventory Is Important. What Does It Look Like?
Portland Metro Sample Home Inventory
The above image provides a good example of fluctuating home inventory. As our Newberg, Oregon real estate market bounced back from the severe market downturn of the Great Recession, regional home inventory reduced from more than 20 months of housing supply to less than three.
It’s Wise to Consult An Experienced Realtor Before You Leap Into the Market
Contact the Experts Thinking about selling your Newberg, Oregon property? Know the market before diving in! Contact Certified Realty with your questions and for a free consultation on what your property could sell for today using the contact form below, or call (800) 637-1950.
There are many good reasons why Newberg, Oregon homesellers hire a Realtor, including the handful who first try the ‘for sale by owner’ or ‘FSBO’ route. Here are ten of the most common reasons why Newberg homesellers hire a Realtor to get the job done right.
2. Legalese, Sometimes with Different Rules for Each County and/or Municipality. Realtors use continually-updated forms written by experienced real estate attorneys designed specifically for regional transactions, with clarity and simplicity in mind. Such documents include important protections for both buyer and seller. While no document is perfect, Realtor forms include key clauses, like for home inspections and appraisals, along with arbitration/mediation mechanisms. These time-tested documents help prevent potential issues, while at the same time deterring ‘nuisance’ litigation.
3. More Accurate Pricing When Buying & Selling. These days the average Newberg resident moves about every 6 years years or so. As with any activity, it’s easy to get rusty. Realtors are in the real estate market all day, every day. This means an experienced real estate agent can provide significant market awareness to help you price what’s likely to be your single largest investment.
Armed with access to multiple listing, sales and tax data, Realtors provide significant pricing experience and real life insights, whether you want to know what the property you’re selling is worth, or once you sell, how much to offer on the home you’re buying.
4. Objectivity. We all deal with subjectivity from time to time. Does your home smell? Perhaps you’ve gotten used to having multiple pets in your small home, don’t notice the mold growing in your bathroom, or haven’t realized how gloomy your living room appears. One role of a Realtor is to be helpfully honest. That means being truthful if there’s something you as a seller don’t see (or smell).
Most Homesellers Don’t Like A Rapidly Exiting ‘Conga Line’ of Mum Buyers
Far better to be forewarned and forearmed by your Realtor, than witness a rapidly exiting conga line of mum homebuyers who don’t want to offend you. Or perhaps you don’t think disclosing settling water in your basement each Winter is a big deal. The reality is that disclosing such a potentially material fact is something dutiful agents will advise in order to keep you out of much hotter water after the sale.
5. Junk the Junk. Have you ever studied a real estate earnest money agreement (also called an EMA or purchase agreement), or seller’s ‘net sheet?’ Over the course of a transaction, it’s easy to accumulate an abundance of ‘junk’ fees. Sometimes seller-paid closing costs are necessary to make a transaction work. However, paying for a buyer’s home warranty is typically more of a buyer ‘want’ than a ‘need.’ Count on your Realtor to go over such factors with you for a ‘heads up’ of what to expect. An experienced agent knows what’s usually ‘routine’ and what’s not.
6. Marketing. Even if a seller has a sense of what his or her home is worth, effectively reaching the the widest number of buyers increases your opportunity to find more motivated and qualified buyers, even creating a ‘bidding war.’ The simple act of listing your home with a Realtor means your property is immediately promoted on a host of proven, effective home marketing venues. But it doesn’t stop there. Successful Realtors use many different tools to reach buyers for your specific property.
Connecting your property with the right buyer can mean the difference between a fast close at full price (or higher), compared to a continuous stream of ‘sale-fails’ where your property is needlessly taken off the market by buyers who were marginally qualified.
7. Experience. There is simply no substitute for ‘hands on’ real estate experience. If your home hasn’t sold, at what point should you consider a price adjustment? How much of a price adjustment is necessary? Is there something other than price causing my property not to sell? These are not new questions to an experienced agent, who can help address these and other important questions.
When it Matters, Experience is Good to Have on Your Side.
It’s comforting in especially difficult situations to rely on an experienced Realtor, who is the duly able real estate ‘captain’ of your transaction. Most people prefer an experienced surgeon or pilot, so it’s understandable to want experienced representation with the important task of selling your home. It’s also helpful to know that a professional real estate agent makes the entire home selling process appear easier than it is.
The best way to navigate through a potentially difficult transaction is to be represented by someone who has been over the road before. So whether you’re in negotiations with a ‘bargain hunting’ buyer, experience an unpleasant ‘surprise’ in a home inspection, or a seriously low appraisal, each unique situation presents an opportunity for difficulty and reaching common ground. Your Realtor can assist in ‘end gaming’ your best strategies and in dealing with a wide variety of buyer personalities.
Having a Realtor ‘Buffer’ Between Buyer & Seller Can Avoid Headaches
10. More Money. National Association of Realtor statistics reveal that homesellers who use a Realtor actually net considerably more at closing than those who don’t, even after taking into account paying a commission. Consider that when banks (which are renowned for watching the ‘bottom line’) sell their foreclosed homes, they hire an expert, a Realtor. From a financial standpoint, it really does ‘pencil out’ to hire a Realtor.
Contact Your Newberg Real Estate Experts Selling your Newberg home? Contact ourNewbergHomes.comsponsor,Certified Realty, selling Newberg area homes since 1950. Use the convenient form below for a FREE consulation.
Simultaneous/Consecutive Home Transactions
Selling your Newberg home and buying a replacement property are frequently linked activities. In this article and podcast, we reveal how to maximize the efficiency and minimize the bother when simultaneously home buying and home selling.
We’ll also examine options to help decide if either simultaneous or consecutive real estate transactions may be best for you.
Timing The singular act of buying or selling a home is often the foremost concern of many. Whichever immediate task you may be considering, it’s common to have twice the activity anticipated, but in two steps. That’s because Newberg area home buyers often have a home to sell…and Newberg area home sellers are frequently seeking a home to buy. So what’s the best way to navigate this potential real estate quagmire without getting entangled in a morass of stress and needless extra costs?
First Steps To begin, it helps to examine three common dual home sale/home purchase options:
Selling your existing house first, then buying your next house.
Buying the next house first, then selling your existing house.
Simultaneously moving from your existing house to your next house.
Your challenges, benefits and results will largely depend upon which of these three decisions you settle upon. Here are three quick takeaways for these three usual options:
Option #1. Selling your existing house first, then buying the next house This option usually requires a ‘double move.’ Yet one advantage of this approach is that you won’t have double house payments. One disadvantage is that you may have to move twice. An added benefit of this ‘selling first’ approach can include negotiating with strength in the purchase of your next home. That’s because your purchase needn’t be contingent upon the sale or closing of your sold home. As a result, you are seen as a ‘cash in fist’ buyer, or at the very least, a buyer who is considerably more likely to qualify for a home purchase, given that you ostensibly now have access to the equity in your now-sold home. This helps you negotiate with more power in the purchase of your next home.
Option #2. Buying the next house first, then selling your existing house When first buying a house, then selling yours, one advantage is that you know where you’ll be moving. The reduced stress of ‘knowing where you’ll land’ is empowering.
Unless you’re a cash buyer, you’ll likely need to qualify with a lender. And if you have an existing loan in place on the house you’ll be selling, this may mean you need to qualify for two loans, your current home loan and the loan on the house you’re buying.
As long as your current home sells in a timely manner, added financial obligations can be minimized. For more information about bridge loans, see the below ‘A Bridge Too Far?’ discussion.
Option #3. Simultaneously moving from your existing house to your next house This situation is very common. Provided your activities are clearly thought out, well-executed and contingencies are in place for protection, it’s also one of the more affordable options.
Think far ahead and shoot for impeccable timing, in order to make your move the smoothest possible. To have sufficient time to move out soon after closing on your current home’s transaction, you will need to locate your next home, write an accepted offer, have the home inspection and if you’re getting a home loan, likely an appraisal…all before you close on the purchase and can actually move in.
One advantage of this approach is that you won’t have double house payments. You also know where you will be landing, and you won’t likely have to move twice. A disadvantage is that your timing needs to be good and possibly have a little extra ‘cushion’ to allow for emergencies, like delays with appraisals, inspections and repairs. Otherwise it’s easy to feel ‘squeezed’ by your being in the middle of two time-sensitive transactions.
That’s one challenge of going this route; It’s complicated by not knowing with precision the timeline of certain key activities. We are, after all, dealing with the human element and numerous unknowable factors early on, like possible inspection items that may be revealed. And while home inspections can usually be completed within a set time frame, like 10-14 business days, other requirements like appraisals, can take much longer, with less certainty of the completion date. On top of that, most transactions involve two appraisals, one on the house you’re selling and another on the house you’re buying. So if you plan on a simultaneous sale/purchase, huddle up with your Realtor to create a well planned timeline, then build in some extra breathing room, as necessary.
A Bridge Too Far? One way to do purchase a house without first selling your existing home is with what’s called a ‘bridge loan.’ This is effectively a loan against the equity on your existing home. There are plenty of added details, but for the sake of simplicity, just understand that if you use a bridge loan to buy your next home, until your current home is sold, you will likely have double house payments. So if your current home doesn’t sell in a timely manner, hopefully the squeeze on your wallet won’t be more stressful than if you were to have simply sold your existing home first.
Tools of the Trade To accomplish the job of simultaneously buying and selling homes, among the most common protective tools is called a contingency. Consider contingencies as akin to safety goggles. They’re designed to prevent a mishap, only in this case, the mishap could be losing your earnest money.
Earnest Money Earnest money is usually a certain dollar figure placed on deposit as a sign a buyer is earnest, and later applied to the home purchase. This helps convince sellers that a buyer is serious and take their property off the market. Earnest money essentially helps to ‘hold’ a property for a buyer. Earnest money is not often the total down payment, although it can be applied as part of the down payment. Earnest money is important to homesellers, because without it, a buyer could otherwise tie up the seller’s property with virtually no obligation.
A large part of contingencies relate to a buyer keeping their earnest money, or the initial deposit showing the buyer is ‘earnest’ in proceeding to closing on a home sale. If a homebuyer does not have a sufficient contingency in place during a home sale, forfeiture of a buyer’s earnest money becomes possible. It’s not terribly common, but it can and does sometimes happen.
Types of Contingencies Home inspection contingencies provide buyers with the right to have a house inspected for a variety of conditions, all within a specified time frame. Another common contingency is the loan contingency, so if for some reason a lender does not approve a buyer or the property for a home loan, the earnest money deposit is returned to the buyer. Buyers have lost out on qualifying for a home loan because they went out and bought a car during the home purchasing process, thereby disrupting their loan ratios.
The Reality of Earnest Money Deposit Risk As long as appropriate contingencies are in place and they’re followed in a time-conscious manner, it’s relatively uncommon for buyers to lose their earnest money. It’s always a good idea to keep an eye on your timeline.
Buying And/Or Selling? Use the form below to contact our NewbergHomes.com sponsor, veteran Realtor Roy Widing with Certified Realty, for a FREE consultation. Whether your Newberg area real estate situation involves homebuying, homeselling, or if you simply have questions about our current Newberg real estate market, Roy can help!
Price & Market Time. Statistics show homes sell faster and for more money in Winter. One way to understand this phenomenon is by considering a motorist with a flat tire in bad weather. That motorist has an urgent need and is less likely to haggle, or even seriously consider less expensive options, in order to meet an immediate need. Newberg Winter homebuyers can experience the same kind of urgency and this helps to explain the premium that homes can command during the real estate ‘off season.’ Another way to look at the Winter market dynamic is if you want to buy snowshoes in July (at least around Newberg), expect to pay more, since availability is typically lower.
High Quality Buyers. Because home touring is generally less convenient, there tend to be fewer ‘Looky-Loos’ during the Winter. This means Newberg’s Winter homesellers have fewer buyers tracking dirt into their house, with less energy spent preparing for real estate ‘Tire-Kickers.’
Less Seller Competition. Let’s face facts: It’s convenient to sell in the Spring and Summer, especially around Newberg. The weather is usually better here, flowers are blooming and with plenty of homebuyers looking, it’s a ‘target-rich environment.’ Yet while it’s easier and more convenient to sell in sunny weather, this convenience often comes at the cost of increased competition from other sellers. Conversely, Newberg’s Winter homesellers can expect fewer like-minded sellers competing for buyers. Just like the successful contrarian investor who sells when everyone else is not, avoiding a ‘herd mentality’ can pay off with a higher price and faster sale.
Higher Buyer Motivation. Is your idea of a fun time getting into a car on cold drizzly nights to look at houses? Probably not…unless you just got a job transfer. Or a nice raise. Or you received an inheritance and want to get out of your tiny apartment. It’s helpful for prospective Newberg Winter homesellers to know that corporate relocations are common in the first quarter. Plus family changes can occur anytime and estates are settled year around.
The Hunt for Red December: Get a ‘Jump’ on the New Year’ s Competition. The best time to get your Newberg property on the market could be when everyone else isn’t. Placing your home for sale in Winter gives you access to hyper-motivated buyers who have made homebuying a New Year’s resolution. That way, when these eager Newberg homebuyers begin their ‘hunt,’ your house will be a prime ‘target’ as visible as Rudolph’s nose. So if your home is market-ready and available to tour leading up to the New Year, expect to tap into this highly focused ‘pent up demand.’
Your Home Looks Inviting During the Holidays. Who doesn’t enjoy the happy glow of a Christmas tree or other holiday decorations, along with the pleasant smell of fresh-baked pumpkin pie, cinnamon buns, or a vanilla candle? Homes often look their most inviting during the holidays. And given the pleasant, even emotional attachment so many have during that time of year, expect some Newberg homebuyers to fully embrace the holiday theme of ‘Peace on earth, good will toward men.’ As a result, such positive feelings can spill over into the home selling process and make it easier.
Your Lawn & Landscaping is Virtually a Non-Issue. Forget to mow your lawn? No worries. Some buyers won’t care if they tour your property and it’s covered in snow, raining hard, or after sundown. Buyer landscaping expectations can be quite reasonable during Winter months in Newberg.
When Your Home Sells, You May Buy With Less Competition. Few Newberg homesellers stop to consider that given good timing with their sale, their own future home purchase may also benefit from similar, unique seasonality. So depending on a variety of factors in the market where and when you buy, Newberg homesellers can sometimes take advantage of lower Winter activity levels to successfully negotiate with a motivated seller. This is because some sellers place their home on the market during Winter not for convenience, or desire to maximize their selling price, but from genuine need. In other words, they are highly motivated. Such homesellers could therefore provide a good buying opportunity.
Fewer people relocate in Winter, so this means you’re likely to have an easier time booking a mover. Competition for moving companies can be challenging during the real estate ‘high season.’ As a result, expect less difficulty scheduling your moving company when you sell in Winter.
You Can Dictate Which Days & Times Are Available for Showings. As a Newberg homeseller, you typically have control over tour times and dates for your home. This includes during Winter months. Given holiday-related gatherings and events, buyers are likely to understand their need to schedule their tour of your home. Your Realtor can help by specifying days and times your home is available for showings. For example, you could have your house available for tours on Saturdays from 2 to 5pm, weekday mornings after 9:00am, or between 5 and 8pm weekday evenings.
Thinking about selling your Newberg house this Winter? Use the convenient form below to contact Certified Realty, sponsors of NewbergHomes.com, for a FREE consultation!
While real estate can seem complicated, there is a logical progression helpful to selling an Oregon home and it’s truly as simple as 1-2-3. The process between buyers and sellers is routinely described as a kind of dance, so let the waltzing begin.
Fundamentals There are plenty of related tasks associated with any real estate transaction, yet the key process that gets homesellers a workable offer can be simplified to three primary steps. Then, once a mutually accepted offer is in hand, the phase to close the sale begins. But the fundamentally crucial elements start long before that.
This process looks simple and in a way, it is. So let’s break it down.
The Home-Selling Waltz, Step by Step
First, it’s helpful to realize that buyers generally behave in somewhat predictable phases. This means they routinely go to Step 1 before Step 2 or Step 3. There is very little skipping around. For example, it’s uncommon for a buyer to start at Step 2, or leave out any steps. You’ll soon understand why.
Getting ‘Unstuck’ It’s also important to know that if your homeselling efforts are ‘stuck’ at a particular step in the process, a professional Realtor experienced in diagnosing such issues can be invaluable in saving you time, effort and money!
Step 1. Online Activity Recent statistics show that more than 92% of homebuyers search online for their next home, often before they even contact a Realtor. And though 90% of homebuyers hire a real estate professional, they frequently continue their search online, while their agent matches properties to fit their needs.
Even Batman Doesn’t Have This In His Utility Belt Homesellers have a helpful tool in their utility belt, since online buyer activity can be monitored to evaluate buyer response, or lack of it. That valuable tool is a daily report on buyer activity for your specific property.
As a result, your Realtor can provide you with regular updates on buyer Internet activity on your home from a variety of sources. Some of these key sources include Realtor.com and the local multiple listing service. This data gauges if your property’s popularity is really ramping up, falling fast or simply ‘meh.’
Realtors who invest resources in subscribing to these proprietary services can easily track your home’s online popularity and determine overall buyer response with various tools to monitor Internet buyer activity.
Step 2. Showing Activity The jump from online home searching to touring inside homes is a significant one. Since agents commit considerable time and effort and are usually paid only after a buyer purchases a home, this typically means touring buyers have also been pre-qualified by a lender. In other words, we’re now in the realm of a qualified home purchaser, who is ready, willing and able to buy. Research shows that the typical home buyer searches for 10 weeks and views 10 homes.
Step 3. Offer Activity The final leg in this three step journey is when an offer is written and submitted for the seller’s consideration. By writing an offer, this step also helps to confirm that the property is likely priced within a reasonably market-friendly range. For example, wildly over-priced homes don’t usually get much more than ‘low-ball’ offers, if any.
The End of the Beginning There is still plenty to do after Step 3, but an acceptable offer places the process into the remaining phases of a real estate transaction. These can include things like escrow, home inspection(s), a preliminary title report, appraisal, loan documents and closing.
Thinking about Selling? Call (503) 682-1083, or email Roy at
Certified Realty for a free consultation on what your property could sell for in today’s market.
Newberg’s real estate market is more competitive than in years past and it’s now a bit akin to a footrace.
Newberg’s housing market is getting more competitive
But it’s not just Newberg. For example, in the greater Portland metro area that includes Clackamas, Multnomah, Washington and (of course) Yamhill counties, there is now 3.4 months of home inventory. That’s close to half the supply of what many consider to be a ‘balanced’ housing backlog of 6 months.
Local Housing Inventory in Months
As a result of this ‘seller’s market,’ home buyers throughout Newberg are competing for fewer available homes. So if you’ll be buying a home anytime soon, ensure your offer is most competitive. One way is to hire a Realtor when both buying and selling. Curious about why this is important? Then read on.
What To Do If like most home buyers, you need to sell your current property in order to buy another home, to be taken seriously by home sellers in this ‘seller’s market,’ it’s crucial to have at least a pending sale on your current property before making an offer. As a result of this competitive market environment, it can make a difference to have a Realtor represent you when both buying and selling. You’re about to see one example why.
Transparency To convince a homeseller that your offer is the best, a key factor is transparency. That’s because if you’re buying a home, there are likely to be other buyers also interested in the same property. Put yourself in a seller’s shoes. Before taking their property off the market, most sellers want verifiable assurance that an offer is likely to actually ‘close.’ As a result, they frequently expect a certain amount of credible information to determine the likelihood of success.
In this Newberg real estate market, expect competing buyers for attractive properties
What Not To Do Recently some ‘for sale by owner’ sellers were also purchasers. But they seriously hurt their odds to purchase the house they wanted by not hiring a Realtor to sell their property. Why? Since these buyers were selling ‘by owner,’ no reliable information on their unlisted property’s sale was available for the Realtor representing the seller of the house they wanted, to confirm their ‘pending sale’ status. Did these buyers really have a ‘pending sale’ so they could proceed to purchase? Or was their ‘sale’ more of a handshake, riddled with contingencies? With no Realtor involved in a buyers’ sale transaction, it can be difficult to verify much at all.
Oregon’s natural beauty attracts many home buyers
These ‘for sale by owner’ buyers did one thing right, as they hired a Realtor to represent them in making an offer. But due in part to their alleged ‘pending sale’ not being managed by a Realtor to confirm the home inspection, appraisal, and buyer’s financing had been dealt with properly, along with possible unknown contingencies in their sale transaction, the ‘for sale by owner’ buyers’ offer was rejected.
In buying your Newberg home, put your best foot forward. Then you can later put both feet up!
Put Your Best Foot Forward Unlike those unsuccessful home buyers, you can put a good ending on your next transaction. The best solution when buying and selling a Newberg home? Be competitive and hire an expert Realtor. Speak with qualified and experienced Realtors to represent your best interests by contacting our NewbergHomes.com sponsor, Certified Realty at 503-682-1083 or use the convenient form below.
Predictions on Newberg’s real estate market are difficult to make with accuracy. Take, for example, local weather forecasts. Even when armed with technology like detailed satellite images, plus wind, barometric and temperature data, weather forecasters can get it wrong…and that’s for predictions merely a week or two away!
Accurately Predicting Weather & Real Estate Trends Seems Easy
Predicting Newberg’s Real Estate Trends Now imagine the difficulty in predicting real estate market activity a full year into the future. Along with seasonal influences, other challenges in real estate forecasting include changing interest and employment rates, ever-shifting home inventory levels, plus a myriad of lending regulations and the mysteries of the Federal Reserve’s monetary policy, just to name a few. Little wonder, then that some view real estate predictions as akin to flipping a coin or using a dart board.
Although Fun, Darts Are A Poor Choice For Accurate Real Estate Forecasting
Real Estate Forecasting: What Can Work While not foolproof, one generally helpful tool for predicting future real estate trends can be past real estate trends. Major unpredictable shifts occasionally occur, but the key word here is occasionally.
For example, the Great Recession that hit Newberg and the rest of the country starting around 2007-2008 was our nation’s worst economic downturn since 1929. Thankfully we haven’t seen such financial meltdowns every year, or every decade, or even every half century. So aside from similar cataclysmic shifts, a certain degree of real estate predictability is possible.
Regional Home Price Chart Including Yamhill County
Reasons For 2015 Newberg Real Estate Optimism Several factors are coming together to provide for an optimistic New Year in our area. As you’ll see, some factors are under federal control and others occur locally, but each has an impact on Newberg real estate. So if you’ve held off selling your Newberg area home, here are four of them that portend a good 2015:
1. Credit Scores Loosen Most homebuyers need a home loan, generally known as a mortgage. The good news is that mortgage credit is becoming more available as lenders loosen credit requirements.
3. Consumer Optimism Recent figures from the National Association of Realtors confirm homebuyers are now more optimistic. This includes our area. When it comes to single family homes, the ‘Confidence Index’ chart below shows most states now have a majority level of optimism in their region, including ours.
Orange & Red = Strong Single Family Home Consumer Confidence
4. Home Inventory Remains Low Thanks in part to the reduced level of local new construction, home inventory in our region is still near historic lows. Our most recent survey shows we have 3.2 months of housing backlog. This suggests we have more buyers than sellers. As a result, Newberg homesellers can take advantage of what remains largely a ‘seller’s market’ heading into 2015.
Our Regional Home Inventory Remains Low
The Bottom Line If you’ve held off selling your Newberg home because you were ‘under water,’ or concerned about the market being too low, now is a good time to consider re-evaluating.
Many Newberg Homeowners Are No Longer ‘Under Water’
Newberg’s real estate market has changed. Experts predict regional home price growth to continue at a steady, albeit slower pace through 2015, compared to the 7.2% price increase to date for 2014. As a result, some suggest a 3% annual increase in area home prices. Depending on a variety of factors, that may indeed end up being conservative on the low end. For Newberg, expect between 3% to 6% in 2015 home price appreciation.
As November winds down, recent information from the Regional Multiple Listing Service (RMLS) suggests one Newberg home sale will stand out as the most expensive for the month.
However, the property also features over 3 acres with a view, so this recent sale involves more than the usual home features, which helps to explain the higher-than-usual price.
Located on NE Corral Creek Road, the house features over 2,500 square feet of living space, with 3 bedrooms and 2.5 bathrooms.
According to RMLS records, the final selling price for this Newberg property was $581,000. It was initially priced at $595,000 and on the market for 23 days before selling.
‘Oregon’s Choice Since 1950’
Thinking about selling your Newberg home? Family owned and operated for 64 years, Certified Realty sells Newberg real estate in every price category. For a FREE report on what your Newberg property could sell for, contact Certified Realty using the convenient contact form below.
New housing figures from Ticor Title Company suggest relative calm for our Newberg real estate market. Autumn has settled in. Gone, for now at least, are what have been strong shifts in home price and average market time around Newberg.
Click Above Image to View Full Report
The median list price for a Newberg home is $344,250, with the average market time now 221 days, or more than seven months.
Thinking about selling your Newberg home, lot or acreage? For a FREE report on what your Newberg property could sell for in today’s market, contact our NewbergHomes.com sponsor, Certified Realty using the form below. Still family-owned and operated, Certified Realty is Oregon’s choice since 1950.
Of all the Newberg homes sold last month, one stands out.
This is Newberg’s highest priced sold home last month.
That’s because out of all sold Newberg homes last month, according to the Regional Multiple Listing Service, one was clearly the winner. It wasn’t even close, because the second place home sold for for roughly one-third less than the winner.
Drum Roll, Please After a market time of more than 5 months, October’s most expensive Newberg property sale closed for $659,000 with conventional financing.
This sold property includes a Mt. Hood view, too!
This winning Newberg property on NE Kramien Road features 5 bedrooms and 3 bathrooms with more than 3,200 square feet of living space on 10 acres.
This property features gleaming hardwood floors, too.
Thinking about selling your Newberg area home, lot, farm, or acreage? Contact our NewbergHomes.com sponsor, Certified Realty using the form below for a FREE report on what your Newberg property could sell for in today’s market.
According to this latest survey, the median list price for a Newberg, Oregon home is now $323,750. The average market time to sell a Newberg home is now 196 days, or between 6 and 7 months. And with a median house size of nearly 2,000 square feet, Newberg homes on the market are pretty spacious.
Our sponsor Certified Realty recently sold this spacious and attractive Newberg Home.
Have you considered selling your Newberg, Oregon home? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your Newberg property could sell for in today’s market. Family owned and operated since 1950, the professionals at Certified Realty specialize in the sale of Newberg homes and properties.
A recent survey specifically on Newberg homes from Ticor Title provides interesting information on our local market as we head into Autumn. Newberg home prices have surged since July, making the median list price for a Newberg home now $380,000.
Some Sellers Prefer to Move Into Their New Home Before the Holidays
Thinking about selling your Newberg, Oregon home? With Newberg home prices up, this could be a great opportunity to lock in your home selling profits. Contact our sponsor, Certified Realty for a FREE report on what your property could sell for in today’s market. Simply use the convenient contact form below for your FREE report.
September is winding down and it was a good month for Newberg real estate. That’s because month-to-date, approximately 30 detached, single family Newberg homes have sold so far, according to the Regional Multiple Listing Service. RMLS records also confirm the highest price month-t0-date for a sold Newberg home was $670,000.
This Newberg property topped recent local sales charts at $670,000
Have you considered selling your Newberg home? Newberg real estate prices remain strong. For a FREE report on what your Newberg home could sell for, contact our NewbergHomes.com sponsor, Certified Realty using the contact form below.
A new report on Newberg real estate was just released by Ticor Title Company. This survey confirms a significant upward price trend for Newberg homes, particularly over the past few months.
Click Image For Report
According to this new report, the median list price for a Newberg home is now just under $385,000. And the average market time to sell a Wilsonville home? That figure is now at 232 days, or a little less than 8 months.
Thinking about selling your Newberg home and curious what it could sell for? Now could be the perfect time, since Newberg home inventory is relatively low right now and compared to earlier this year, competition among sellers has diminished. This now makes Newberg more of a seller’s market.
Our NewbergHomes.com sponsor, Certified Realty will provide you with a FREE report that is tailor-made for your own property. For your FREE report, simply contact your Newberg real estate experts, Certified Realty using the convenient form below.
A recent survey confirms something Newberg, Oregon residents already know: Newberg is a pretty safe place to live.
Newberg is One of Oregon’s Safest Cities
Here’s the description from that recent survey:
Newberg…is another mid-sized city in northwest Oregon that is just outside of Portland. It offers impressive educational opportunities including George Fox University, a community college campus, private schools and solid public schools. With diverse industry, Newberg also has a variety of career options and is an appealing city to call home.
With an array of its own amenities, it is also located within an easy distance of Portland, offering residents a small town standard of living with the convenience of the city nearby. Forests, farmland, mountains and a river to call its own make Newberg a beautiful small town that offers much to residents. The town’s professional police force with its many programs is the driving force in keeping the city’s crime rate rock-bottom low.
This attractive 4 bedroom, 2.5 bath home was recently sold by our NewbergHomes.com sponsor, Certified Realty.
This lovely Newberg home just sold!
With a closing price of $360,000, this property rose in value by more than 25% in less than three years!
Yes, the Newberg housing market is back and now is a great time to sell. If you’ve considered selling your Newberg property, contact Roy at Certified Realty Company using the form below for a FREE report on what your property could sell for in today’s market.
Recent Yamhill County real estate news confirms a booming increase in last month’s number of Newberg area homes with a pending sale.
Local Pending Sales Are Up 17.1%
Compared to 2013, March figures are up by 17.1% in the number of homes with a pending sale. However, we have some catching up to do. That’s because year-to-date, the number of local pending sales are still down by 4.2%. But with one more uptick like last month, and we could be well on our way to a banner year for Newberg area real estate.
Newberg Area Vineyard
Perhaps the best news is the 12.1% increase in local home prices over the past twelve months. This appears to track the broader, regional trend of upward home prices.
Like Greater Newberg, Regional Home Prices As Shown on This Graph Are Also Climbing
Why Is Our Newberg Real Estate Market Strengthening? There are several factors helping to strengthen Newberg housing. These include seasonality with better home buying weather, plus continued recovery from the Great Recession which began around December, 2007. However, among the key reasons to explain our real estate boost is a significantly reduced inventory of homes for sale.
What Does This Mean For Buyers & Sellers? A main effect of having fewer homes for sale typically means less selection and higher prices. It’s the classic ‘seller’s market,’ where buyers lose a significant amount of leverage.
So if you’re thinking about selling your property, this may be your best opportunity for the foreseeable future. However, if Newberg area home owners begin sensing the time is right to sell en masse, the increase in supply could help cancel such projected home price gains.
How Low Will Our Home Inventory Go?
Limbo, How Low Can You Go? Another reason for our home inventory’s newsworthy nature has to do with the time of year. We’re already trending slightly ahead of 2013 given our latest inventory figure of 2.8 months from April. Last year, the months of May, June and July reported the lowest in all of 2014 for regional inventory. So the lowest number of available homes for sale may yet be ahead.
Timing The Market Perfectly Is Difficult
Timing The Market Based on last year’s performance, homeowners may have another few months before the supply of homes begins climbing back up. So if you’re considering a Newberg area home sale in 2014, acting sooner is likely to be in your favor before inventory rises and other events are factored in, like families purchasing before the school year begins.
Consult The Experts Thinking about selling your Newberg area home? Contact the experts at Certified Realty, Oregon’s choice since 1950, for a FREE report on what your property could sell for in today’s market.
With the arrival of Spring’s beautiful weather, some Newberg homeowners are hearing others say: “Now is an excellent time to consider placing your home on the market for sale.”
Spring is Here
However, you may have wondered why exactly is this such a good time to sell your Newberg home? Is it all about sunny skies? So if you’ve ever thought about selling your property here in Yamhill County, this article is for you. And here are three good reasons to now sell your Newberg, Oregon home:
Reduced Inventory There are fewer homes on the market right now. Our 3.1 month supply of homes means demand is stronger. That frequently translates to higher home prices. And with fewer competing sellers, you may need to negotiate less for your best deal.
Our Housing Inventory Drops During Spring & Summer
Seasonality Many home buyers shop in earnest during better weather. Why? It’s easier, more fun and there’s more daylight to work with. But there’s one other reason you may not have considered: School is out soon and that is a great opportunity for families with kids to move during Summer Vacation. Don’t miss out on these buyers!
In Oregon, Beautiful Weather Takes Us Outdoors For Recreation And Home Buying!
Interest Rates One of the big factors affecting home affordability is the interest rate your lender charges. Interest rates remain near historic lows. This means even with rising prices, buyers can find homes to be more affordable if interest rates stay attractive.
Thinking about selling your Newberg home? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s Newberg real estate market.
Today’s arrival of Spring presents sellers of Newberg homes with some of our best home selling weather. Spring is traditionally the time of year when many Newberg homesellers place their property on the market.
Spring Arrives in Newberg
This is great news, and right on the heels of confirmation that Newberg homes are increasing in value. That’s because the latest Regional Multiple Listing Service report shows greater Newberg home prices are up 14.2% over the past year.
Newberg Home Prices Continue Upward
The average market time for greater Newberg homes is now 205 days. The average selling price for Newberg homes is just over $264,700.
This is all helped along by the relatively low ‘backlog’ of greater Newberg homes for sale. The chart below shows that our region would ‘run out of houses’ in 3.9 months.
Thinking about selling your Newberg home? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your Newberg home could sell for in today’s real estate market.
According to the Regional Multiple Listing Service (RMLS), the highest recently selling Newberg home is located along Wilsonville Road near the Willamette River. This property features approximately 4,300 square feet of living space on 2.5 acres.
The property sold in November for $1,325,000 in January, 2014. According to RMLS records, this makes it the most expensive Newberg home to have sold so far this year.
Also included are 3 bedrooms, 3 full bathrooms and 1 half bath. The property includes an updated boat dock and boat lift, too.
Thinking about selling your Newberg home? Contact our sponsor, Certified Realty using the form below for a FREE report on what your property could sell for in our current market. Certified Realty specializes in every price category of Newberg homes.
Thinking about moving to a safer neighborhood? Contact Certified Realty – Oregon’s choice since 1950 – using the convenient contact form below. They can help you find a wide selection of wonderful Newberg homes.
A recently released housing report reveals local home prices have increased by an average of more than 1% per month over the past year.
The Beautiful Newberg Countryside
The new report from RMLS (Regional Multiple Listing Service) shows a 12.6% increase in home values throughout Yamhill County.
Regional Home Price Chart-Click Image For Report
Average Home Price & Market Time The current average selling price for a home for our area is now $241,100. The average time on the market is 166 days.
Low Housing Inventory Helps Values Regional real estate prices continue their overall upward trend due in part to a lower than usual supply of homes. With buyers chasing a smaller number of available properties, basic supply and demand principles create a ‘seller’s market’ in our area. At the current rate of home sales, our region would now be ‘out of homes’ in just 3.2 months, a historically low figure.
Contact The Experts Thinking of buying or selling a Newberg area home? For a FREE consultation to discuss our market and your options, please contact our sponsor, Oregon’s Certified Realty today using the convenient contact form below.
The latest report on regional home sales was just released. The good news continues, as it reveals a housing market gaining strength. And while our inventory of homes has increased a bit, we still remain in what many consider a ‘seller’s market’ where competition among buyers is keen.
The average regional home sale price is now $310,000, up 13.9% over the past year. The new report also includes statistics on many nearby communities. As you might expect, Newberg’s figures are unique. This latest study provides housing data for all of Yamhill County.
Fun upcoming events and surprising local housing facts are found in the latest free edition of the Oregon Real Estate Update.
For example, the average Yamhill County home price is now up 15.8% to $242,700. The average Salem area home price is $187,900, up 10.7% from last year and the average Portland area home price is now $309,200, up 14.1% from last year.
Total Market Times Vary
Just as interesting is how long it takes for a house to sell. The average in the Portland metro area is about two months. The total average market time around Salem is closer to four months. For Yamhill County, the total average market time is 174 days.
Recent regional housing figures suggest a continued increase in Newberg area home prices. Much of this renewed demand is tied to a reduced inventory of homes currently for sale.
Regional housing supply in months
Recent home inventory figures from the Regional Multiple Listing Service (RMLS) show that unless more houses are placed on the market, our region would be out of homes to purchase in just 2.8 months. This is a considerable under-supply, since many consider our housing market equilibrium to be somewhere between a 4 and 6 month backlog. As a result, buyers now have less selection and sellers can command higher home prices.