Let’s talk about supply issues in the Eugene area.
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: Hey, Bob, I was looking at the inventory numbers for this year, like November, December, January of this year versus November, December, January last year in residential real estate. We’re down 30% in inventory, standing inventory.
Bob Nelson: That’s an interesting situation because it is so easy to get financing at this particular point, exceptionally low interest rates. I’ve been doing this… I’m going onto my 52nd year as a commercial real estate broker and I’ve never seen interest rates this low.
Absolutely beautiful, but unfortunately, even if you had the interest, even if you had the desire, the down payment, you’re going to have trouble finding very much inventory that’s available to be purchased. It’s going to drive you nuts. You’re going to have to do business with Marcia or someone like myself if you’re looking for income property.
Marcia Edwards: And I would say that this is a window of opportunity and don’t be too discouraged. It just take some careful planning. It takes knowing what you’re capable of, knowing what your range is, and having documentation for a seller to show that you can perform on a promise you make. It also requires a lot of scouting and a lot of compromising trade-offs. Understanding what’s most important to you is important.
Bob Nelson: Well, I think that you’ve just struck on the key to this thing. Know what the target looks like, know exactly what the target looks like, know what you’re after, so that as the opportunity arises you immediately step forward and attempt to corner that thing, because there are a number of people trying to do exactly what you’re trying to do. You’ve got to be aggressive, and the only way that you can safely be aggressive is to absolutely understand your situation.
Marcia Edwards: I think that what’s important is to know also what you don’t want. You don’t want to over-compromise unintentionally.
Bob Nelson: Yes.
Marcia Edwards: As you say, it’s a aim, shoot, fi… how does it go?
Bob Nelson: Ready, fire, aim.
Marcia Edwards: Ready, fire, aim market. And a lot of people are actually getting it to off the market and then saying, never mind, that’s not what we wanted.
That’s a waste of energy and it’s not a good faith act, but it’s also just exhausting emotionally. So I would encourage you to know what matters. For example, if it’s a resale, it’s your first home, you know it’s not your forever home, then put that in the forefront of your mind that you want to get the most attractive property for the next buyer, not just yourself.
Bob Nelson: Exactly. Always figure out how you’re going to get out before you ever get in. Absolutely.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30pm on KPNW for the “Real Estate Today” radio show.