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How A Lack of Inventory Impacts the Housing Market

by Mary Gilbert

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. The market will continue to strengthen in 2018.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. Buyer demand naturally increases during the summer months, but supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

Lawrence Yun, Chief Economist at National Association of Realtors

“The worsening inventory crunch through the first three months of the year inflicted even more upward pressure on home prices in a majority of markets. Following the same trend over the last couple of years, a strengthening job market and income gains are not being met by meaningful sales gains because of unrelenting supply and affordability headwinds.”

Sam Khater, Chief Economist for Freddie Mac

“As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season. While this year’s high rates – up 50 basic points from a year ago – have put pressure on the budgets of some home shoppers, weak inventory levels are what’s keeping the housing market from a stronger sales pace.”

Javier Vivas, Director of Economic Research for Realtor.com

“The dynamics of increased competition and buyer frustration are unlikely to change…In fact, the direction of the trend is pointing to a growing mismatch between the pool of prospective buyers and existing inventory.”

Bottom Line

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.

 

 

Let’s get together to discuss your options! 541.371.5500 or sold@mraygilbert.com.

 

By: KCM Crew

 

 

1592 NE Rocky Drive: Gorgeous Rocky Ridge 3 Bedroom Beauty!

by Mary Gilbert

Roseburg OR Real Estate For Sale
1592 NE Rocky Drive, Roseburg, OR  97470

Gorgeous curb appeal, manicured grounds, mountain views and an attractive exterior with stone accents sets the tone for this impressive home tour. This gorgeous Rocky Ridge home is loaded with all the bells and whistles your heart desires… an inviting two-story foyer and staircase with wrought iron spindles, new wood laminate flooring, two fireplaces, recessed lights, modern fixtures and neutral colors. Style and function meet in this beautiful eat in kitchen highlighted by glistening granite counters, maple cabinets, an eating bar and dining nook. Enjoy movie nights in the spacious family room as you cozy up to the gas fireplace with stone surround. Lots of windows and sliding doors illuminate the space with natural light and lead you to the privacy fenced yard and patio with pergola for outdoor enjoyment. Entertaining guests will be a delight in the formal dining room or use as a cozy den or home office. Plush carpeting, a vaulted ceiling, large windows, walk in closet, a cozy nook with gas fireplace and built in shelving, plus a private bathroom create a master suite where you will instantly feel relaxed. Two generously sized secondary bedrooms and a full bath offer privacy and room to grow. A large laundry room with cabinetry helps you stay tidy and organized. A side loading two car garage provides plenty of parking and storage space. Do not hesitate, this Roseburg OR beauty will not last long!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Happy Father's Day!

by Mary Gilbert

Courtesy of The Mary Gilbert Group

Roseburg OR Real Estate For Sale
95 North River Drive, Roseburg, OR  97470

If you have been waiting for an updated modern home in an amazing location then you are in for a treat! 95 North River Drive, in lovely Oak Knolls Estates, is a contemporary chalet near the UCC campus with river access to the backwaters of the Winchester Dam!  A sprawling 2500 sqft interior offers you open living spaces with beautiful views to the surrounding trees and river from the many oversized windows! Soaring high ceilings, exposed beams, slate flooring, beautiful wood trim, recessed lighting, an attached 1 car garage, plus 3 spacious bedrooms and 2.5 baths are just a few of the many desirable features. Two story open beam ceiling and new wood stove create an elegant yet relaxing atmosphere in the great room. A sun filled eat in kitchen provides an abundance of cabinet and counterspace, tile counters and sliding doors to the oversized deck to enjoy easy outdoor entertaining and beautiful sunsets! A first floor office or den makes working for home a breeze. A conveniently located laundry room with storage helps you keep things organized. Upstairs, a vaulted master suite with private sitting room waits to relax and pamper you. Tons of closet space with a dressing area makes your mornings so much easier! Secondary bedrooms on the first floor and second floor provide privacy and plenty of space for guests. Heading to the lower level, you will find even more living space in the bonus room with wet bar and built ins – every mans dream “cave”. Take advantage of all the opportunities this beautiful property offers, make your appointment today!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Exploring Roseburg Oregon: Garden Tour

by Mary Gilbert

June 16 - 10:00 AM to 5:00 PM

Don’t miss this year’s Garden Tour on Saturday, June 16, 2018, 10AM to 5PM.

This year the Garden Tour hosts five gardens, a new winery, and a beautiful home, all in about a six-mile range.

Thank you to all for your contributions to the Garden Tour and our community! Artists, Gardeners, Musicians, and all Worker Bees!

For more information, call our Garden Tour Guide and Fearless Leader, Nancy, at 541-643-8113.

The Garden Tour is a benefit for the League of Women Voters of Umpqua Valley.

Tickets for the Spring Garden Tour are now on sale at your favorite locations!

  • While Aways Books, 932 W. Harvard, Roseburg
  • Hanson Jewelers, 709 SE Douglas, Roseburg
  • My Coffee, 1700 NW Garden Valley Blvd, Roseburg
  • Munchies, 20142 N Umpqua HWY, Glide
  • The Bagel Tree Café and Bake Shop, 228 NE Jackson, Roseburg
  • Whitehorse Coffee & Tea Company, 960 Central Ave, Sutherlin

Courtesy of The Mary Gilbert Group

Photo Credit: visitroseburg.com

Roseburg OR Real Estate For Sale
470 SW Douglas Boulevard, Winston, OR  97496

Looking for a commercial lot with highway frontage? This lot has it! 2.44 acres, General commercial Zoning: Restaurant, Coffee Shop, Doctor's office, Gym... With Highway 42 Access. Flat workable lot with sewer, water & electric already on site. Do not miss this amazing opportunity in Winston OR!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Roseburg OR Real Estate For Sale
0 Minnesota Boulevard, Roseburg, OR  97471

Located in the heart of Melrose, this small acreage parcel is ideal for your new home! Private wooded setting with level ground! Umpqua Basin Water is available! Prior septic approval on file with the county. This 2.5 acre parcel is located in the Umpqua Valley, a recreational paradise. Enjoy nearby fishing on the pristine waters of the Umpqua Rivers, lakes, golfing, wineries, hiking and more! Let your dreams become a reality by building the home you have always wanted in Roseburg OR!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

Roseburg OR Real Estate For Sale
280 Fairway Village Lane, Roseburg, OR  97471

Convenient for golfers and great for families, this desirable Fairway Village home on the Roseburg Country Club is sure to impress! Impeccably maintained custom home is outfitted with the finest quality craftsmanship, finishes and amenities…soaring high ceilings, a two-story foyer with gorgeous curved staircase, glowing hardwood floors, a gourmet kitchen, two fireplaces, recessed lighting and modern fixtures all in an effortlessly flowing floor plan made for family and entertaining!

The heart of the home will no doubt be the open kitchen and great room with its wall of windows and patio access to enjoy views of the 8th fairway. Get inspired in this chefs kitchen featuring glistening granite, an abundance of beautiful cabinetry with under lighting, heated tile floors, a huge center island with bar seating and a Thermador 5 burner gas range, plus double ovens, a sub zero refrigerator, and an Asko dishwasher! The perfect combination of style and function! The connecting great room is the ideal space for your guests to sit back and relax while you prepare a meal.

A gas fireplace creates a cozy atmosphere in the spacious family room where movie night will be a blast with surround sound. French doors lead to the den or office with a built in bookcase and granite desk for easy work at home options. A lovely bay window illuminates the formal dining room with natural light!

From the tray ceilings and hardwood floors to the double sided gas fireplace, this master suite is just waiting to relax and pamper you! Wash your cares away in the soaking tub or tiled walk in shower. Appreciate the convenience of dual vanities and escape to the private balcony wired for a hot tub! A huge walk in closet provides room for all your belongings with built in organizers.

Three generously sized secondary bedrooms provide plenty of room for a growing family or guests! Two share a Jack and Jill bath, plus there is another full bath and conveniently located laundry room.

The perfect compliment to the laid back lifestyle awaiting you at 280 Fairway Village Lane is the exceptional outdoor living space designed for comfort and leisurely fun! Manicured grounds, a huge pergola covered patio, privacy and those beautiful views!

The attached 3 car garage is any mans dream space with plenty of room for all your tools, toys and hobbies, plus parking for your golf cart!

Make your appointment today to start living the good life in Roseburg OR!

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

0 Cole Road: 36+ Acres in Lovely Oakland OR!

by Mary Gilbert

Roseburg OR Real Estate For Sale
0 Cole Road, Oakland, OR  97462

9.37 acre lot zoned AW. Possible home site as per county. 26.83 acre lot zoned FF. Property fronts Cole Rd and Hidden Meadows. Covered in young trees planted in 1980 and 1988. The county has determined the property is a lot of record.

Mary Gilbert, Licensed Realtor in Oregon has distinguished herself as a leader in the Roseburg OR real estate market. Mary assists buyers looking for Roseburg OR real estate for sale and aggressively markets Roseburg OR homes for sale. 

Mary, Licensed Realtor in Oregon brings with her a keen eye for the details of buying or selling a Roseburg OR home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Mary Gilbert of Keller Williams Realty Umpqua Valley will help make the most of your Roseburg OR real estate experience. Give her a call today, 541-371-5500, and discover the difference she can make during your family's move.

 

Welcome to your Closing on a House Checklist—a rundown of everything home buyers need to do in the 11th hour before they get their hands on those keys. Because when you're approaching the finish line in your home-buying journey, you want nothing to go wrong, right?

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this list handy to know you've done what you need to in order to close the deal.

1. Get all contingencies squared away

Most purchase agreements have contingencies—things that buyers must do before this transaction is official, explains Jimmy Branham, a real estate agent at the Keyes Company, in Fort Lauderdale, FL. These are the most common contingencies:

  • Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request it be fixedor you can back out of the sale. Its rarely advisable to waive an inspection contingency. Although the average home inspection costs $300 to $500, its a drop in the bucket considering the costly home issues you might uncover, says Claude McGavic, executive director of the National Association of Home Inspectors.
  • Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit, says Bishoi Nageh, president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ.
  • Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.

2. Clear the title

When you buy a home, you “take title” to the property and establish legal ownership—a process that’s confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search, and you'll need to purchase title insurance to protect you from legal claims to the house.

Sometimes distant relatives—or an ex-spouse—may surface with a claim that they actually own the home, and that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesn’t happen, says Marc Israel, president and chief counsel of MIT National Land Services, a title company in New York City.

As the home buyer, you’re entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friends—just be sure to check out the license and reputation of each company online.

3. Get final mortgage approval

Before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detectives—it’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

The underwriter—employed by your mortgage lender—will check your credit score, review your home appraisal, and ensure your financial portfolio has remained the same since you were pre-approved for the loan.

Since underwriting typically happens shortly before closing, you don’t want to do anything while you’re in contract that’s going to hurt your credit score. That includes buying a car, boat, or any other large purchase that has to be financed.

4. Review your closing disclosure

If you're getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure, also known as a HUD-1 settlement statement. This official document outlines your exact mortgage payments, the loan's terms (e.g., the interest rate and duration), and additional fees you'll pay, called closing costs (which total anywhere from 2% to 7% of your home's price).

You’ll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.

5. Do a final walk-through

Most sales contracts allow buyers to do a walk-through of the home within 24 hours before closing. During this stage, you're making sure the previous owner has vacated (unless you’ve allowed a rent-back arrangement in which they can stick around for a period of time before moving). You’re also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, you’ll want to make sure those repairs were made.

6. Bring the necessary documentation to closing

Make sure you have the following items when you head to the closing table:

  • Proof of homeowners insurance
  • A copy of your contract with the seller
  • Your home inspection reports
  • Any paperwork the bank required to approve your loan
  • A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the property's title and mortgage.)

Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When you’re done, you’ll collect the keys and you're finally home free!

If you are ready to start the search for your new home, contact The Mary Gilbert Group today! 541.371.5500 or sold@marygilbert.com. 

By and photo credit: Realtor.com, Daniel Bortz

  • Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request it be fixedor you can back out of the sale. Its rarely advisable to waive an inspection contingency. Although the average home inspection costs $300 to $500, its a drop in the bucket considering the costly home issues you might uncover, says Claude McGavic, executive director of the National Association of Home Inspectors.
  • Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit, says Bishoi Nageh, president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ.
  • Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.

2. Clear the title

When you buy a home, you “take title” to the property and establish legal ownership—a process that’s confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search, and you'll need to purchase title insurance to protect you from legal claims to the house.

Sometimes distant relatives—or an ex-spouse—may surface with a claim that they actually own the home, and that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesn’t happen, says Marc Israel, president and chief counsel of MIT National Land Services, a title company in New York City.

As the home buyer, you’re entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friends—just be sure to check out the license and reputation of each company online.

3. Get final mortgage approval

Before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detectives—it’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

The underwriter—employed by your mortgage lender—will check your credit score, review your home appraisal, and ensure your financial portfolio has remained the same since you were pre-approved for the loan.

Since underwriting typically happens shortly before closing, you don’t want to do anything while you’re in contract that’s going to hurt your credit score. That includes buying a car, boat, or any other large purchase that has to be financed.

4. Review your closing disclosure

If you're getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure, also known as a HUD-1 settlement statement. This official document outlines your exact mortgage payments, the loan's terms (e.g., the interest rate and duration), and additional fees you'll pay, called closing costs (which total anywhere from 2% to 7% of your home's price).

You’ll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.

5. Do a final walk-through

Most sales contracts allow buyers to do a walk-through of the homewithin 24 hours before closing. During this stage, you're making sure the previous owner has vacated (unless you’ve allowed a rent-back arrangement in which they can stick around for a period of time before moving). You’re also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, you’ll want to make sure those repairs were made.

6. Bring the necessary documentation to closing

Make sure you have the following items when you head to the closing table:

  • Proof of homeowners insurance
  • A copy of your contract with the seller
  • Your home inspection reports
  • Any paperwork the bank required to approve your loan
  • A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the propertys title and mortgage.)

Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When you’re done, you’ll collect the keys and you're finally home free!

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Contact Information

Photo of Mary Gilbert Real Estate
Mary Gilbert
Keller Williams Realty Umpqua Valley
2365 NW Kline Street, Suite 201
Roseburg OR 97471
541-371-5500
Fax: 541-371-5501

© Keller Williams Realty, Inc. is a real estate franchise company. Each Keller Williams office is independently owned and operated. Keller Williams Realty, Inc. is an Equal Opportunity Employer and supports the Fair Housing Act.