Melina Tomson

As stated by a previous poster the DOM is not on the public MLS site. Your agent can pull that data for you, but what you really want it the history of the home. A few agents play games with the DOM statistic in order to make the listing look new, so they terminate the listing and relist it to shorten the DOM data. The history button that we have on the WVMLS will show if any of that is going on. - Sat Oct 25 2008, 08:16

Since you are going to Willamette, the closest locations for rentals are going to be in the Richmond area (between 12th-25th and Center and State). Beside Craigslist, look at the Statesman Journal especially on Sundays. Lots of rentals are listed there. Sometimes landlords just stick a rental sign in front of a house as well. So you can walk or drive around a neighborhood and see if there are any for rent signs.

Your biggest issue is there are going to be 5 students so you will need to reassure a landlord that you aren't going to trash the place.

We don't a centralized location for rentals here in Salem, but the Statesman Journal has the most. - Tue Oct 21 2008, 08:05

You should always have your home inspection. What type of inspections you choose to do depends on what kind of home you are buying. If you are buying acreage you will want to do a well flow test, and may want to add more water quality testing than currently required. You would also want a septic evaluation. If you are buying an older home you may want to get a sewer scope or lead inspection in addition to a regular home inspection.

You should ask your local agent for recommendations.

If you are getting a loan, then your lender will most likely require an appraisal (ie value assessment). - Thu Oct 2 2008, 20:52

Many buyers are doing what you are doing which is offering "substantially lower prices." Honestly whether or not this is a successful strategy depends on what this means for you. It also depends on what price range your dream home is in.

You say that you are in a growing industry, but growing industries need loans in order to grow. With the lack of liquidity in the current financial markets, companies are having difficulties obtaining loans, which means they can't grow. Loans are a huge part of cash flow for companies. The lack of liquidity could be the doom of many companies. No companies, means loss of jobs. Loss of jobs means loss of housing, etc.

Obviously I don't know you or your exact situation, but I would encourage you to stay put until the financial markets get sorted out. You could unintentionally be putting yourself in harms way if your company can't get access to funds to grow.

As far as market stats. I have a local Salem real estate blog that I do market condition reports. I will be doing third quarter ones here soon. Check the web reference below for that information during the first week in October. - Tue Sep 30 2008, 18:16

Think about it, a $500,000 listing with a 20% downpayment is $100,000 down. With interest rates climbing most people cannot afford your property. The average income for a Salemite is $52,000 per year. You have an agent and they can share the DOM with you for comparable homes, but I would be prepared for a good 9-12 month haul at that price.

If you are comfortable with your agent follow their advice. - Sat Jul 5 2008, 08:34