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Elizabeth & Justin Thayer

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Honestly, what is happening to the market in Eugene OR? Seems as cloudy as the weather...

03-26-08
Elizabeth & Justin Thayer

Prices are down in Eugene as most of the country but not quite as bad as most. You can say the market is as mild as our climate not to hot not too cold.. This is an excellent time to buy in one of the steadiest markets in the country. We seem to stay above #15 best markets in the country. Salem (Marion County) 50 miles to the north was #1 in appreciation last year in the entire us. The city of Eugene has a very strict urban growth boundary and a large liberal population. This keeps new construction and market growth exploitation at bay. We have many unique protected nature reserves in the city as well. The weather also plays a part. It's mild enough to keep people coming but not enough sun to make it a too much a hot spot for the masses to relocate. I expect prices to be flat with the occasional desperate seller dropping far below the line making it a great place and time to invest or just buy no matter what neighborhood .

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Short Sales Explained in short

03-21-08
Elizabeth & Justin Thayer

Most people assume that a short sale means a bank is in trouble and needs to sell fast. The fact of the matter is the banks have very deep pockets but are are willing to cut their losses in some situations. A common way for them to do this is actually forgiving a portion of the loan to sell a property at it's current market value if indeed the value is less than what is owed. In short the bank is willing to sell the home for less than what is owed. This is a not an easy task. Banks do not like to loose money. A short sale can be a great deal for a buyer if the property needs repair and the new buyer is able to bring the value up after doing the work. There is a misconception that the banks need to sell these homes quick. Nothing is further from the truth. The fact is the bank will make an escrow on a short sale take at least twice as long as normal. They will also need proof of value as well as the buyers new inability to pay before taking the loss . All this is very time consuming. If the property is worth more they will often hold on to it . I have secured for my buyers who have the time some of the best Real Estate Buys in lane county this year using short sales, but it's not an easy way to purchase a home. If you are willing to wait it out and write offers with a 50/50 shot of closing it can be worth the effort.

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