Smiles, Home Seller in Lincoln City, OR

I'm conservator of my mom's assets. Her cash is dwindling. She has a oceanfront property, modest, 4 b 4b on

Asked by Smiles, Lincoln City, OR Sat May 16, 2009

SW Coast. Would it be better to sell now in this market or try to wait a year?

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Answers

5
It depends on what you mean by SW Coast. In Florence Home prices still appear top be falling at a rate of 1% per month. With all the Federal spending...and borrowing, interest rates are creeping up and that may will not be good news for the real estate market if that trend continues. I have heard some pundits claim that the market is going to be better in 2010 but I see many people fleeing from that theory. I practice real estate in a community of retirees and I am hearing many older and wiser peopl than myself say this could be a long, long haul to a turnaround. Many are skeptical that anyone can spend their way out of debt.

If you need the cash, I would talk to a local expert to help you arrive at a market value just below the leading edge of the market and get the job done now. If you can afford to wait 3-10 years, you may want to hang on. You may want to check out my website and read my market update as time permits.
Web Reference: http://www.florencere.com/
0 votes Thank Flag Link Sat May 30, 2009
She must occupy the home as her primary residence, she must be at least 62, and be of sound mind to obtain a reverse mortgage. Worth looking into!
0 votes Thank Flag Link Tue May 19, 2009
have you looked into a reverse mortgage...
0 votes Thank Flag Link Sun May 17, 2009
Yes, Kelly is correct. The prices in Lincoln City have really taken a hit. Our market it mostly second homes and when people start losing their jobs, income or secuties they start cutting and it is typically their second home. So, if she can wait out this property lows it would be best for her. The rental market is still good but a large portion of Lincoln County is service jobs so low to medium price properties rent pretty rapidly. There are other options but without a lot of information on the property it would be difficult to give advise.
0 votes Thank Flag Link Sun May 17, 2009
Hi - I was just down your way this last week and actually got to see some nice weather! I haven't done alot of research on properties at the coast - but what I've seen looks like it's taking quite a bit of a hit. Is the home something you could turn into a beach rental for awhile and sell in a couple years? It's possible you could make enough to replenish some of your mom's available cash.

Just an idea.

Kelly Gebler
Real Estate Broker & Loan Officer
Keller Williams Realty & Sunset Mortgage Co.
0 votes Thank Flag Link Sat May 16, 2009
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