First time home buyers seeking the $8000 tax credit and qualified move-up or repeat buyers seeking the $6500 tax credit should be gearing up to move into full swing! Don't miss out on this important opportunity - the clock is ticking. A sales contract has to be in force (accepted) by April 30th, 2010.

Are you having trouble making a decision about buying or selling in this new year? Would it help if I recap the real estate activity in Corvallis for the calendar year? (I knew that.)

My personal disclaimer first...I am pulling in these numbers directly from the Multiple Listing Service (MLS), and therefore, private sales are not calculated, nor will it show ALL of the sales activity for Benton County. But they do represent a fairly accurate depiction of our local market last year, as reported by the MLS. Also, the current numbers reflect information up to and including November, 2009.

Here's the scoop:

The number of homes sold reached 5,273 (hey that's a lot of transactions!), with an average sale price of $272,441.  This is slightly down from the previous year ($299,687) when the market was adjusting heavily. Average price per sq. foot was $147.00. Days on the market averaged 137 days. Conventional  and FHA financing were the top sales terms used to purchase throughout the Willamette Valley. For brand new construction, there were 57 units sold with an average sales price of $278,309 and at $133 per sq. foot average price.

Even in a "down market" homes are still moving. First-time home buyers were active last year as well, so if you were one of the fortunate who realized your goal of owning property in and around Corvallis - lucky you, and if you had the good fortune of selling last year - Congratulations on staying with it to the finish line.

How Did the Numbers Break Down?

Good question. Real estate, like many industries, has seasonal cycles. Our cycles are largely based on school dynamics, summer vacations, and holidays. Generally, you can expect the market to be the most active in spring when a summer close offers an easier transition, and the least active in winter when Thanksgiving and Christmas holidays dominate the landscape.

What's On The Market?  

What's Happening Now?

That’s really up to you. Currently the MLS records only 195 Corvallis listings so now might be an ideal time to bring your home to market before competition increases later in the spring. Why? Many of these homes have been on the market for awhile indicating a seller's reluctance to price their home "in the market" versus priced above the market and holding out for more. In Monmouth there are 29 listings, Philomath has 31 listings and Independence has 47 active listings. These reflect residential homes (and not homes on acreage).

Ultimately, the decision to buy or sell in the first quarter is largely based upon your specific needs and goals. Have you already purchased a replacement home? Are you under a time line? What is your current risk tolerance for buying or selling at this time? (We know where rates are today, but won’t know where they will be three months down the road.) Has there been a change in the family dynamic? A new job? A new sibling? A retired adult? An aging parent? A change of scenery? A new adventure? 

What's Pending? 

Willing buyers are in fact, visiting open houses ---so sellers…if you are thinking that the colder weather will slow down sales, not so fast. Low interest rates are spurring buyers to take a second and third look at the available inventory in and around Corvallis.

Michele Mincinski's listing at 1910 NW Kings Blvd, Corvallis (offered at $239,000) is pending. 3 bed / 1.5 bath home has 1909 sq. ft. and spacious rooms, private feel in a convenient location.   

What's Happening?