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Economy convinces homeowners to fix up what they already have
By Jo Rafferty, Staff Writer
Monday, July 14, 2008 | No comments posted.
Two factors are really driving people to stay home these days.
The price of fuel is keeping them home. Also, the soft real estate market is prompting many people to keep their homes, too, at least until the economy improves.
People are doing things to make their homes more comfortable, said Kim Lehmann, executive officer with the Home Builders Association of Southwestern Oregon.
“There are not as many new homes being built,” Lehmann said. “But, there still is some activity with people investing in their current homes. There are many more remodeling and upgrading.”
At a Builders Association home show in April, Lehmann said many more homeowners came in ready to jump into projects. Vendors, who in past years didn’t make much money at first, were busy.
“This time there were many people ready to proceed, to find the right contractor and get work done, which is a real hopeful thing for the economy,” she said.
These weren’t the typical let’s-turn-this-house-around type of people who were trying to sell their homes, according to Lehmann. They were trying to fix up what they have for themselves — purchasing quality products rather than cheaper ones. Looking long term, rather than for a quick fix.
“There’s been a real focus when they’re upgrading on making them more energy-efficient because as long as you’re doing it, you might as well be able to help yourself financially in the long run, too,” Lehmann said. “I would say, while you’re in your home, make it how you want it. But know that at some point the economy will improve and do things to make your house more valuable if they decide to move.”
At one business that caters to do-it-yourselfers, Bay Shore Paints, sales associates can hardly keep up with the amount of customers coming in, according to owner Trae Johnson. The Coos Bay business owner said they’re seeing a different type of customer than last year.
“We’re not seeing the contractor business,” Johnson said. “We’re seeing a lot of people remodeling their homes and fixing them up.”
He, too, said his customers who are homeowners are usually dealing with some degree of financial stress.
“They can’t afford to go anywhere,” he said. “The market is so soft, it’s like, your home is your castle.”
Purkey’s Interiors’ clientele has always been predominantly homeowners.
“Most of our customers — nine times out of 10 — are fixing up what they have,” said owner, Myra Powers.
The Coos Bay full-service interior design business that helps shoppers through the process of measuring, purchasing and installation, has been seeing a 20- to 30-percent decline in its number of customers this year over last year.
“It’s way off from what it was last year,” Powers said. “Last year, everything was still booming, it was on the upswing. I’m still getting people in and getting phone calls, but not like last year when people were fixing up to sell.”
However, this year’s customers are less thrifty, because they’re buying new carpeting, window treatments and flooring that suit themselves, she said.
“They can’t afford to go out — can’t afford to go anywhere,” Powers said. “They want to make their living space more comfortable.
“A lot of times when people want to fix up to sell, they don’t want to put too much money into it,” she said. “When they do it for themselves, it’s not mainly about price, it’s about what they want.”
Residential market highlights for May 2008
Coos County
New listings — 150
Year-to-date new listings — 676
Pending sales — 57
Year-to-date pending sales — 231
Closed sales — 48
Year-to-date closed sales — 196
Average sale price — $200,600
Year-to-date average sales price — $185,600
Average market time — 149 days
Year-to-date average market time — 126 days
Curry County
New listings — 78
Year-to-date new listings — 379
Pending sales — 22
Year-to-date pending sales — 86
Closed sales — 21
Year-to-date closed sales — 84
Average sale price — $299,500
Year-to-date average sales price — $347,300
Average market time — 246 days
Year-to-date average market time — 197 days
Douglas County
New listings — 268
Year-to-date new listings — 1,223
Pending sales — 89
Year-to-date pending sales — 409
Closed sales — 81
Year-to-date closed sales — 350
Average sale price — $228,600
Year-to-date average sales price — $191,800
Average market time — 115 days
Year-to-date average market time — 123 days
Residential market highlights for May 2007
Coos County
New listings — 189
Year-to-date new listings — 801
Pending sales — 79
Year-to-date pending sales — 302
Closed sales — 56
Year-to-date closed sales — 261
Average sale price — $226,000
Year-to-date average sales price — $218,700
Average market time — 107 days
Year-to-date average market time — 113 days
Curry County
New listings — 98
Year-to-date new listings — 391
Pending sales — 28
Year-to-date pending sales — 123
Closed sales — 21
Year-to-date closed sales — 108
Average sale price — $329,700
Year-to-date average sales price — $325,100
Average market time — 127 days
Year-to-date average market time — 166 days
Douglas County
New listings — 276
Year-to-date new listings — 1,244
Pending sales — 137
Year-to-date pending sales — 550
Closed sales — 105
Year-to-date closed sales — 464
Average sale price — $213,500
Year-to-date average sales price — $214,600
Average market time — 112 days
Year-to-date average market time — 110 days
Source: Regional Multiple Listing Service
The price of fuel is keeping them home. Also, the soft real estate market is prompting many people to keep their homes, too, at least until the economy improves.
People are doing things to make their homes more comfortable, said Kim Lehmann, executive officer with the Home Builders Association of Southwestern Oregon.
“There are not as many new homes being built,” Lehmann said. “But, there still is some activity with people investing in their current homes. There are many more remodeling and upgrading.”
At a Builders Association home show in April, Lehmann said many more homeowners came in ready to jump into projects. Vendors, who in past years didn’t make much money at first, were busy.
“This time there were many people ready to proceed, to find the right contractor and get work done, which is a real hopeful thing for the economy,” she said.
These weren’t the typical let’s-turn-this-house-around type of people who were trying to sell their homes, according to Lehmann. They were trying to fix up what they have for themselves — purchasing quality products rather than cheaper ones. Looking long term, rather than for a quick fix.
“There’s been a real focus when they’re upgrading on making them more energy-efficient because as long as you’re doing it, you might as well be able to help yourself financially in the long run, too,” Lehmann said. “I would say, while you’re in your home, make it how you want it. But know that at some point the economy will improve and do things to make your house more valuable if they decide to move.”
At one business that caters to do-it-yourselfers, Bay Shore Paints, sales associates can hardly keep up with the amount of customers coming in, according to owner Trae Johnson. The Coos Bay business owner said they’re seeing a different type of customer than last year.
“We’re not seeing the contractor business,” Johnson said. “We’re seeing a lot of people remodeling their homes and fixing them up.”
He, too, said his customers who are homeowners are usually dealing with some degree of financial stress.
“They can’t afford to go anywhere,” he said. “The market is so soft, it’s like, your home is your castle.”
Purkey’s Interiors’ clientele has always been predominantly homeowners.
“Most of our customers — nine times out of 10 — are fixing up what they have,” said owner, Myra Powers.
The Coos Bay full-service interior design business that helps shoppers through the process of measuring, purchasing and installation, has been seeing a 20- to 30-percent decline in its number of customers this year over last year.
“It’s way off from what it was last year,” Powers said. “Last year, everything was still booming, it was on the upswing. I’m still getting people in and getting phone calls, but not like last year when people were fixing up to sell.”
However, this year’s customers are less thrifty, because they’re buying new carpeting, window treatments and flooring that suit themselves, she said.
“They can’t afford to go out — can’t afford to go anywhere,” Powers said. “They want to make their living space more comfortable.
“A lot of times when people want to fix up to sell, they don’t want to put too much money into it,” she said. “When they do it for themselves, it’s not mainly about price, it’s about what they want.”
Residential market highlights for May 2008
Coos County
New listings — 150
Year-to-date new listings — 676
Pending sales — 57
Year-to-date pending sales — 231
Closed sales — 48
Year-to-date closed sales — 196
Average sale price — $200,600
Year-to-date average sales price — $185,600
Average market time — 149 days
Year-to-date average market time — 126 days
Curry County
New listings — 78
Year-to-date new listings — 379
Pending sales — 22
Year-to-date pending sales — 86
Closed sales — 21
Year-to-date closed sales — 84
Average sale price — $299,500
Year-to-date average sales price — $347,300
Average market time — 246 days
Year-to-date average market time — 197 days
Douglas County
New listings — 268
Year-to-date new listings — 1,223
Pending sales — 89
Year-to-date pending sales — 409
Closed sales — 81
Year-to-date closed sales — 350
Average sale price — $228,600
Year-to-date average sales price — $191,800
Average market time — 115 days
Year-to-date average market time — 123 days
Residential market highlights for May 2007
Coos County
New listings — 189
Year-to-date new listings — 801
Pending sales — 79
Year-to-date pending sales — 302
Closed sales — 56
Year-to-date closed sales — 261
Average sale price — $226,000
Year-to-date average sales price — $218,700
Average market time — 107 days
Year-to-date average market time — 113 days
Curry County
New listings — 98
Year-to-date new listings — 391
Pending sales — 28
Year-to-date pending sales — 123
Closed sales — 21
Year-to-date closed sales — 108
Average sale price — $329,700
Year-to-date average sales price — $325,100
Average market time — 127 days
Year-to-date average market time — 166 days
Douglas County
New listings — 276
Year-to-date new listings — 1,244
Pending sales — 137
Year-to-date pending sales — 550
Closed sales — 105
Year-to-date closed sales — 464
Average sale price — $213,500
Year-to-date average sales price — $214,600
Average market time — 112 days
Year-to-date average market time — 110 days
Source: Regional Multiple Listing Service
Selling property in a slow real estate market
Curb appeal tactics, such as keeping the yard looking nice, planting flowers and keeping the inside of the house neat and clean can be effective in luring people inside the door. But there’s more to selling a home to ensure the transaction goes smoothly once an interested buyer shows up.
Once an offer is on the table, a concerned, savvy buyer wants to know if the house is structurally sound. Are the major systems functioning properly? And are there safety concerns that could be potentially costly or, even harm their family?
For a buyer, a whole house inspection is wise, rather than relying on the seller’s disclosures. And in a slow market, more and more sellers are choosing to have a house inspection done prior to listing their homes.
This inspection should not be confused with a pest and dry rot inspection, which can take 15 to 30 minutes. A whole house inspection inspects all the major systems of the house, grounds, drainage and most conditions affecting the livability, safety and structural soundness of the building. An Oregon Certified Inspector is not allowed to financially benefit by doing any repairs on an inspected house for a year to assure that the inspection is unbiased.
Delays in getting repairs completed can lead to hurried, more costly repairs. When the owner knows in advance what the issues are, they have time to more effectively and economically make the corrections they choose. Many times a deal will fail because buyers and sellers are overwhelmed with the last-minute rush. And conditions discovered after the buyers move in can lead to legal problems.
Lastly, not all Oregon home inspectors are certified. Don’t necessarily choose the cheapest service, or someone who has one set fee. Do your research and ask questions. The health and lives of your family, as well as your financial health, could depend on it.
Source: Brent Lerwill is the secretary of the American Institute of Inspectors Executive Committee, and lives in Charleston
Curb appeal tactics, such as keeping the yard looking nice, planting flowers and keeping the inside of the house neat and clean can be effective in luring people inside the door. But there’s more to selling a home to ensure the transaction goes smoothly once an interested buyer shows up.
Once an offer is on the table, a concerned, savvy buyer wants to know if the house is structurally sound. Are the major systems functioning properly? And are there safety concerns that could be potentially costly or, even harm their family?
For a buyer, a whole house inspection is wise, rather than relying on the seller’s disclosures. And in a slow market, more and more sellers are choosing to have a house inspection done prior to listing their homes.
This inspection should not be confused with a pest and dry rot inspection, which can take 15 to 30 minutes. A whole house inspection inspects all the major systems of the house, grounds, drainage and most conditions affecting the livability, safety and structural soundness of the building. An Oregon Certified Inspector is not allowed to financially benefit by doing any repairs on an inspected house for a year to assure that the inspection is unbiased.
Delays in getting repairs completed can lead to hurried, more costly repairs. When the owner knows in advance what the issues are, they have time to more effectively and economically make the corrections they choose. Many times a deal will fail because buyers and sellers are overwhelmed with the last-minute rush. And conditions discovered after the buyers move in can lead to legal problems.
Lastly, not all Oregon home inspectors are certified. Don’t necessarily choose the cheapest service, or someone who has one set fee. Do your research and ask questions. The health and lives of your family, as well as your financial health, could depend on it.
Source: Brent Lerwill is the secretary of the American Institute of Inspectors Executive Committee, and lives in Charleston
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