Bobby Stevens ~ Eugene, Oregon Realtor

Inventory, listings, sales, and sale prices decline for the October 2008 reporting period.

Each month the RMLS (Regional Multiple Listing Service) publishes market statistics for it's service area. As a Eugene area Realtor I focus on the data for Lane County. Being intimately familiar with these numbers helps me to better serve my clients, both buyers and sellers, in a changing market.

For the month of October, total inventory stood at 9.2 months, down from 10.2 in September and up from 7.2 one year ago. This means at the current rate of sales, with no new listings entering the market, it would take over 9 months to sell all of the approximately 2,307 residential properties currently listed.

New property listings have decreased 18.5% and closed sales are down 17.2% compared to October 2007.

The average home sale price is down 5.3%, and the median sale price has dropped 4.5% when comparing the 12 month period ending October 2008 with the same period ending October 2007.

There were 251 homes sold in October 2008, and 2,626 sold since the first of this year, compared to 303 homes sold in October 2007, and 3,647 sold since the first of last year.

Once again, these numbers suggest that:

1. Sellers must ensure that the condition of their property is superior, that their price is competitive, and that their Realtor is a master at marketing and negotiation if they wish to sell in a reasonable time frame.
2. Buyers still have access to a vast number of housing options, and the opportunity to purchase at value prices, if they can obtain financing, and especially if they can pay cash.
3. Agents must work with a high level of dedication and focus to serve the interests of their clients, and to ensure the future of their careers through the current downturn and into economic recovery.

If you have questions about our market or the current data please call or email. And if you need to buy or sell in the Eugene/Springfield area and want top-notch representation, I'm here to help.

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com

To me, it's a thing of beauty when energy conserving "green" alternatives can end up conserving that other green - money!

I've been using two pellet stoves to heat my century old farmhouse for over four years now, and while it involves considerably more labor than adjusting a thermostat and writing a check to the power company, I do enjoy the money savings and the satisfaction of using a carbon-neutral heat source to keep my home comfortable.

Pellet stoves aren't the only way to conserve resources and cash. This series of articles from This Old House shows how eight homeowners slashed a combined $12,000 off their energy bills.

Stay warm!
Bobby

In my former career as a licensed contractor, I ordered light fixtures for several clients online at csn lighting. I was pleased with the quality of the company's products as well as their customer service, so when they recently offered to author the following piece on the benefits of lighting, I was happy to partner with them and provide the information on my blog:

When it comes to putting your house on the market, there's no question that your interior space has got to look its best. But what about your exterior? A poorly landscaped or lit exterior really can make or break a potential sale, which makes sense, considering that first impressions are everything! In a housing marketing as volatile as today’s it's important that you maximize your home's value wherever you can. While the very prospect of landscaping might be overwhelming, the addition of some new outdoor lighting can change the entire look of your exterior. Here are a few ways you can use outdoor lighting to better showcase your home.

1. Curb Appeal: A person's first impression of your home needs to start at the curb. By adding a simple address light to your front parkway, you eliminate any confusion or circling the block looking for your address. If you have a mailbox on the street, you should install some lights to make sure that the address is adequately illuminated. Many address lights today are solar powered, which saves on energy costs and eliminates the need for a power source close to the street. If you don't want to get address lighting or a new mailbox, you should at the very least consider some reflective address numbers. You can attractively present your address on a big stone or even build your own address display. Having your address visible from the street is absolutely necessary.
   
   
2. Driveway Appeal: No matter if you have a long driveway or a short driveway, you need some sort of outdoor lighting around the entrance. This is both safe and aesthetically appealing. If you have a longer driveway, it's a good idea to install a lighting system along the entire length. You don't need the lights spaced too closely together, but they need to create a pathway for cars. For shorter driveways, it's a good idea to install 2 lights on either side of the entrance. Your driveway now becomes clearly visible from the street, limiting the risk of cars rolling up on the curb or into your garden. Driveway lighting is also a great way to showcase any landscaping you have done around your driveway. There are many affordable and easy to install lighting sets that you can do yourself, or you can have a lighting system installed professionally - it's your call! Either way, you can choose the fixtures that suit your home's style. Solar lighting options abound with these driveway lights as well, saving you additional money and energy.
   
   
3. Pathway Appeal: Path lights do the same for your front path that driveway lights do for your driveway. It's important that the path to your front door be clearly marked. By installing some basic electric or solar path lights, you instantly make the front of your home safer and more attractive. Path lights are a great way to showcase intricate brickwork, garden sculptures, topiaries or any other landscaping you have had done that deserves some showing off. Choosing a stainless steel or hammered pewter finish gives you more of a modern look, while a brass or bronze finish gives you more traditional appeal. Either way, you're sure to find path lights that complement your home decor.
   
   
4. Front Door Appeal: There's nothing less welcoming than the dim glow of a doorbell light when approaching someone’s front door. Make sure that your home has some sort of an outdoor wall lantern either above or beside the front door. Having your front stoop properly illuminated adds both warmth and charm to any front door. Save energy by installing a motion sensor wall lantern and only use the light when you need it. Available in every style from stained glass Tiffany-style to ultra modern stainless steel, you can easily match your front lamp to your decor.
   
   
5. Deck and Yard Appeal: As important as a well lit front yard is, you need to make sure that your back yard and deck are attractively lit as well. Considering how important a big backyard is these days, especially to families, it's essential that it’s shown in the best possible light. From subtle landscaping lighting highlighting the perimeter of your space, to coordinating path lighting that guides you to and from the back door, driveway or pool - backyard lighting is just as important as lighting the front. By adding some recessed step lights on your deck stairs, you instantly make your backyard area safer for everyone. Additionally, outdoor lighting helps deter crime and makes taking the pets out late at night, safer. Add some stylish outdoor torches and give your backyard or deck some atmosphere.

My hard work this summer has translated into a lot of business (and more hard work) this fall. It feels good to be managing 4 pending deals, working with great buyers and sellers, and having the satisfaction of succeeding in a challenging market.

I now it's not fashionable to wax positive in our current climate, but I have much to feel good about and I can't resist making a list of the things I'm thankful for:

1. My home, and the good old fashioned 30 year fixed note that allows me to keep it!
2. 20 years of companionship with a wonderful woman.
3. My darling (above average;-), daughter - the second love of my life!
4. My dogs, cats, chickens and the various wild critters we enjoy in our area.
5. My extended family and friends.
6. The opportunity to work with wise and lovely people at a great real estate agency.
7. The incredible fall weather we've been experiencing in the Eugene area.
8. My success helping sellers with expired listings get back on the market and get their homes sold - I'm averaging 4.6 weeks from re-list to pending!
9. My success helping buyers find their ideal homes, get a great deal on them, and guiding them through all the challenges of the process.
10. My great fortune at working with buyers, sellers, lenders, inspectors, contractors, and cooperating agents who are genuinely nice, conscientious people.
11. The thrill of living in a time when it seems we are on the cusp of positive change - for our country and our planet.
    

Life is good!

I encourage every one of my sellers to get a whole house and pest and dryrot inspection up front, before I list their home in the MLS and launch the marketing campaign. Sometimes the reaction I get is "That's the buyers responsibility - why should I pay for an inspection?"

This is what I tell them:

For many buyers and sellers, the most stressful event in a real estate transaction is the review of the inspection report.

For the buyer (who begans to question whether they overpaid the moment after they sign acknowledgement), the report represents the potential for getting out of the deal with earnest money in hand. Other potential drawbacks about the property or neighborhood are re-visited, and competing properties began to look more attractive in comparison. Fear of choosing the wrong home is intensified - "What else might be wrong that the inspector couldn't see?" The buyer doesn't want to make a mistake, and if there is any doubt in their minds, the path of least resistance is in the opposite direction of your home.

For the seller, a surprise defect revealed in the report could mean losing a strong buyer, losing marketing momentum and incurring unexpected costs that change the dynamic of negotiations in favor of the buyer. Even when a defect can be corrected quickly and inexpensively, the percieved value of the home has become less, and a home that is back on market after a pending sale arouses suspicions in the minds of realtors, who don't want to be responsible for selling their buyers a lemon.

If a sale is going to fail, this is usually the time it bites the dust, often despite heroic measures on the part of sellers and realtors to remedy problems and keep all parties at the table.

3 out of 5 of my sellers will usually pay for a whole house and pest & dryrot inspection up front when I advise them of the benefits:

1. You get to choose a superior inspector and have some control over the inspection process - the buyer may even waive their own inspection after reviewing a well written report - especially if repairs are completed and documented.
   
2. You can share the report in advance and set buyer expectations before offer is written - If the buyer really wants the home, they will rationalize small defects and proceed with the offer. If they are on the fence, this good faith gesture may keep them interested and asking questions.
   
3. You get the chance to repair any defects before the property even hits the market, making the home a better value compared to the competition. Your agent can use the reports as a marketing tool!
   
4. In the event that a buyer proceeds with their own inspection and a questionable defect is reported, you already have a second opinion in hand, and your inspector will return and re-inspect to determine the validity of the new defect - usually at no charge to you.

A pre-listing inspection is one of the pro-active steps a seller can take to create an advantage for themselves. And in our current market, sellers who want to sell quickly and get the best price need all the help they can get!

Bobby Stevens
541 225-8081
bobby@alternativerealtor.com