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Displaying blog entries 31-38 of 38

To Rent or Buy, that is the question in Coos Bay, OR

Saturday, November 28, 2009
by Jan Delimont

 

Posted: 28 Nov 2009 06:50 AM PST

In Coos Bay, Or, the rental vacancy rate is around 7 % according to a local rental agency. This probably does not include local homeowners that rent out homes themselves. With lower home prices, low interest rates and the tax credit, it makes sense for renters to look at buying a home now.

If monthly payments are affordable buying a home can make more sense than renting

A question that surfaces on most people’s mind at some point is, whether to rent or to buy.  The first thing that pops to mind is affordability but there are other factors, such as job stability, relocation possibilities and lifestyle.  If you intend on being in an area for at least two more years, your income is steady and purchasing a home fits your lifestyle then it is time to break out a pen, paper and a calculator and see if buying makes more sense financially than renting.

At first glance buying a home makes more sense than renting because of the ability to gain equity in a home.  While the past few years have shown this factor to be a bit shaky, the reality is that if you keep a property long enough, or get in at the right time, buying real estate can be a worthy investment.

There is no sense making a two column list when it comes out to equating the cost of renting and buying.  Renting is a fixed equation, the monthly number typically doesn’t change.  To compute your costs for buying a home you look at the following:

  • § Purchase price
  • § Down payment amount
  • § Loan Amount
  • § Loan Term
  • § Interest rate
  • § Property taxes
  • § HOA fees
  • § Monthly mortgage payment
  • § Home owner’s insurance
  • § mortgage insurance

Your monthly costs will include your mortgage payment, property taxes, insurance, and any HOA dues that may exist.  If these numbers add up to an amount you can afford it could make sense for you to purchase a home instead of rent.  The important thing to remember is that once you buy a home you are not going to have a landlord to rely on to make repairs so factor in putting aside some extra money for a home repair and maintenance account.

Buying a home is an important decision and one which can add to future security and financial stability if done with great thought and evaluation.

Jan Delimont

Prudential Seaboard Properties

www.coosbayorproperties.com

Be Careful What You Spend on Remodeling

Sunday, November 22, 2009
by Jan Delimont

Buyers are looking at the basics. In Coos County, a good roof is critical with our winds and rain on the coast. A nice entry welcomes buyers. Just like meeting a person for the first time, that first impression (the entry) sets the tone for the home tour. When you click into more information of the cost vs. value at the bottom of the page, you will learn more about where to invest or not invest, in remodeling.

Jan Delimont

www.coosbayorproperties.com

541-290-1850

800-752-6361

Prudential Seaboard Properties, Coos Bay, OR

Posted: 22 Nov 2009 05:51 AM PST

Workman

Take a look at the cost vs. value when taking on a remodel project

Be careful what you spend these days when you are thinking about remodeling your house.  Home values are down and so are the recovered costs of remodeling.  In 2005, at the peak of the real estate market, approximately 87% of the cost of a remodel would be recouped in the sale of a home.  Today’s real estate market is recovering approximately 64% of the remodel costs.  Everybody is watching their wallets, so if you are considering a remodel think carefully.

While remodel costs are down it is important to remember that home values are down too.  Unless you want to stay in your home for a long time you cannot count on recovering costs of a major remodel.

The most cost effective remodel items today are: Roofing, siding, windows, and doors.  Similarly, redoing a basement or attic is recommended instead of adding an addition.  These items are recommended because a seller will recoup a greater percentage of the cost when they sell their home.

For more information on current cost versus value click here.

September in Coos Bay

Sunday, September 20, 2009
by Jan Delimont

September is known o have some of the best weather on the Oregon Coast. Partly, it is the last chance before the rains of winter start. Mainly, it has less wind and warmer days. "It is like Living in a National Park" , according to a new "Leadership Coos" participant, recently.

The World newspaper recently noted this is a great year for salmon fishing in the Bay.

Crab was exceptional this year too. My son and husband caught 3 this week near Charleston off the docks.

While my son visited, we went to Golden and Silver Falls for a hike...this is the life.

We Love Living Here!

Happy Client

Friday, August 07, 2009
by Jan Delimont

 

 

Housing Market in Coos County is Getting Busier this Summer

Saturday, July 11, 2009
by Jan Delimont

PENDING SALE! Listed at $139,000

SOLD! $300,000+

 

Homeowners can feel better about our summer housing market up-swing in Coos County. With low interest rates , the $8000 tax credit for first time buyers (including people that have not owned a home for over 3 years), and sunny skies, business is picking up.

Contact me with any of your Real Estate questions.


Jan Delimont
Prudential Seaboard Properties
556 North Bayshore Drive
Coos Bay, OR 97420
541-290-1850
800-752-6361

July 4rth Memories from Coos Bay, OR

Sunday, July 05, 2009
by Jan Delimont

 

Last week at our Sunrise Rotary Meeting, I listened to the writings in the Constitution for the first time in decades. It was long and had information in it that reminded me what independence from Monarchy is supposed to be. Shame on me for not studying our history more thoroughly. The night of the 4rth I met one of our local teachers who is serving us in the National Guard. What sincerity of spirit he has, we are truly fortunate to have people like him protecting us.

Jan Delimont
Prudential Seaboard Properties
556 North Bayshore Drive
Coos bay, OR 97420
541-290-1850
800-752-6361

Coos Art Museum Maritime Festival

Thursday, June 25, 2009
by Jan Delimont

Art Museum Event, Coos Bay, OR

Should I Buy a Home Now?

Thursday, June 04, 2009
by Jan Delimont

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.