Theodorehafn…, Home Buyer in Corvallis, OR

Deciding whether to rent out or sell a home in Corvallis.

Asked by Theodorehafner, Corvallis, OR Sun Feb 17, 2013

I own a home in Corvallis and have lived there for the past 4 years. My Fiancé and I are buying a home in Salem and are debating what to do with the Corvallis home. Rent out or sell? We can afford both mortgages but money would be tight if we didn't have rental income. I have heard that the housing market might be starting to improve a bit and would like to rent it out if this is the case. Any advice is appreciated!

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If your home is still available, I would love to know the square footage, bedrooms, baths, and location. Our Market is so competitive we are experiencing a shortage of listings for our buyers! Email me directly at sgaratea@valleybrokers.com and we can chat :). I hope you have found the right home in Salem.

Chat with you soon. Sephora Garatea of Coldwell Banker Valley Brokers, Corvallis OR.
0 votes Thank Flag Link Mon May 27, 2013
The occupancy rate for rental homes in Corvallis is currently about 98% which is very good for the landlord in terms of steady income. Within the next year we have some changes that will impact that rental rate 1) there is an increase in student housing currently under construction and 2) beginning in the Fall of 2013 Freshman will be required to live on campus. That said I believe that the Corvallis rental market will still remain relatively strong in the years to come.

Regarding your question about home sales in Corvallis, this market is pretty strong and we have a low inventory of homes for sales which favors the seller, creating a "seller's" market. Homes in the mid 230 270k range are desirable for first time buyers which is likely the price point your home would be in .

You have two great options for your home.

Kathi
0 votes Thank Flag Link Mon Feb 18, 2013
before you make any decision you might also want to check on the type of loan you took out. There are some loans out there that can call the note if you rent it out - most have a time frame - but check it out before you make a decision
0 votes Thank Flag Link Sun Feb 17, 2013
These are the sold comparables for your home on Ginseng, last 6 months, 1300-1700sqft, built after 1980, does not post well here but I hope it helps





Stat MLS # Price Sold Price Address PD City Bd Ba SqFt $/SqFt Yr Blt LotSqft DOM
SLD 650655 $222,500 $222,500 969 NE Angelee Pl Corvallis 3 2 1462 153.9 1993 6534 155
SLD 652897 $229,500 $229,500 5536 SW Windflower Dr Corvallis 3 2 1443 164.59 1997 5663 105
SLD 659214 $232,350 $232,350 755 SE Summerfield Pl Corvallis 3 2 1440 161.35 1997 6970 60
MLS # Price Sold Price Address PD Bd Ba SqFt $/SqFt Yr Blt LotSqft
650655 $222,500 $222,500 969 NE Angelee Pl 3 2 1462 153.9 1993 6534
652897 $229,500 $229,500 5536 SW Windflower Dr 3 2 1443 164.59 1997 5663
659214 $232,350 $232,350 755 SE Summerfield Pl 3 2 1440 161.35 1997 6970
654809 $233,000 $233,000 4026 NW Walnut Ct 3 2 1576 154.19 1993 16,988
651462 $235,000 $235,000 1020 NE Diane Pl 3 2 1606 148.82 1991 6098
651215 $237,000 $237,000 5549 SW Redtop Pl 3 2 1303 180.35 1996 6970
658172 $239,900 $239,900 1463 NW 17th St 3 2 1356 176.92 1980 10,455
657635 $242,900 $242,900 2945 SE Summerfield Dr 3 2 1637 151.44 1997 10,019
645964 $251,000 $251,000 4721 SW Hollyhock Cl 3 2 1598 161.45 1999 5227
656365 $262,000 $262,000 2849 NW Rolling Green Dr 3 2 1451 179.19 1983 6970
0 votes Thank Flag Link Sun Feb 17, 2013
Hello, There are obviously pros and cons. If you want to keep your house as an investment, look at what rent it would bring http://(www.valleybrokerspropertymanagement.com will help), calculate cost like tax and insurance and a vacancy rate (about 2-2.5% currently in Corvallis).
Are you comfortable with being a landlord? You should look into property management for check on credit reports and backgrounds...
Selling: inventory is at record low, mortgage rates are rising, it is a great time to list, here are current absorption rates, call me for more 541 207 5551

Corvallis
Price Range Active Listings as of 2/7/2013 Sold Listings Last 6 Mos. Average Sold Per Month Months of Inventory Av. Days on Market Solds
$0 - $99,999 * 2 0.33 * 119
$100,000 - $149,999 * 6 1.00 * 203
$150,000 - $199,999 11 47 7.83 1.40 88
$200,000 - $249,999 23 75 12.50 1.84 102
$250,000 - $299,999 18 54 9.00 2.00 109
$300,000 - $349,999 20 29 4.83 4.14 109
$350,000 - $399,999 13 19 3.17 4.11 116
$400,000 - $449,999 8 13 2.17 3.69 194
$450,000 - $499,999 3 2 0.33 9.00 147
$500,000 - $599,999 6 8 1.33 4.50 123
$600,000 - $699,999 4 2 0.33 12.00 235
$700,000 + 4 * 0.00 * *
110 257 2.57 140
0 votes Thank Flag Link Sun Feb 17, 2013
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