Newport Oregon Real Estate Market Insights Summer 2010
The question most potential Buyers ask is, “what’s going on with the Coastal market?” That is an excellent question and is very timely.
You may be one of the expected 175 NOAA transfers within the next 12 months, or you could be a soon-to-be-retired person who has searched over the past several years to find the ideal retirement home. In either case, you have some excellent possibilities here in Lincoln County. There are currently 1,553 homes for sale including site built, manufactured and condominiums. The median price range is $309,000 in all categories with exceptions on the upper end and the lower end of the market depending on location.
Another commonly asked question is, “what about distressed or bank owned properties?” (aka REO).
As of June 20th, 248 – or 16% – of listed homes are in REO status. Are these bargains? On occasion they can be if the Buyer has cash and is willing to do some repairs. For the typical Buyer they are not, due to the length of time involved in obtaining new financing and the fact that under Oregon Law a financial institution is exempt from Seller’s Disclosure Laws that are required by all other Sellers whether or not they are represented by a Realtor. This simply means that a Buyer offering on a REO property is likely to spend $700 to $2500 on inspections at the beginning of an offer to determine condition. The inspection costs do not come back to the Buyer except that property deficiencies can sometimes be negotiated to lower the selling price to effect repairs. These repairs are most often required to be completed in order to obtain financing, however.
So, bottom line, this is the best market in over 20 years from a Buyer’s standpoint with good prices and abundant inventory. What about the Sellers? Are they willing to deal? In some cases yes, but in most they are stuck in the “appreciating mindset” that was common in 2005 & 2006 when multiple offers were an everyday occurrence.
Properties that are selling today are priced correctly from inception and are guided by professional Realtors who are trained to assist Buyers in negotiating all aspects of the transaction. Windermere’s offices in Newport and Seal Rock are open 7 days a week and our brokers are ready to answer your questions.
Come on over and see what the Central Oregon Coast has to offer!
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