About the Salem Real Estate Market
The present median home price in the Salem/Willamette Valley is $152,881, which is a 2.6% increase from last year. Total number of sales year to date is 3,907. The average days on market are 122. Homes are selling at 98.1% of list price. The average NEW home sold in the Willamette Valley is a 3 bedroom, 2 bath with 1739 square feet plus a 2- car garage. The average cost per square foot for a NEW home is $101.00 including a 7500 square foot lot.
With interest rates so low and inventory so plentiful, there has never been a better time to buy real estate in the Salem/Willamette Valley.
Houses in the $150,000 range and below are being sold fairly rapidly with low interest rates mostly to first-time buyers. This is a sellers market. On the other hand, the higher priced homes are still selling but more slowly and usually with a few price reductions.
 The present median home price in the Salem/Willamette Valley is $152,881, which is a 2.6% increase from last year. Total number of sales year to date is 3,907. The average days on market are 122. Homes are selling at 98.1% of list price. The average NEW home sold in the Willamette Valley is a 3 bedroom, 2 bath with 1739 square feet plus a 2- car garage. The average cost per square foot for a NEW home is $101.00 including a 7500 square foot lot. With interest rates so low and inventory so plentiful, there has never been a better time to buy real estate in the Salem/Willamette Valley.
Houses in the $150,000 range and below are being sold fairly rapidly with low interest rates mostly to first-time buyers. This is a sellers market. On the other hand, the higher priced homes are still selling but more slowly and usually with a few price reductions.
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Time to Move >Advantages of Buying Down
Your youngest child has just left home! Your present house now seems enormous. Your "empty nest" has prompted thoughts of selling your home and moving to a smaller, more manageable house.
Before you make a move, you should consult two important professionals--your real estate agent and your tax planner. A good real estate agent will be able to tell you the value of your current home and the availability of alternative houses in your preferred area.
Buying a smaller home or condo can have important advantages, such as lowering your property taxes, simplifying property maintenance, and generating cash which can be put into income-producing investments. You will also want to consider the tax laws which allow capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. If you are moving downtown from the suburbs in order to be close to cultural centers, theaters and restaurants, there may be "quality of life" issues, such as noise or parking. Your real estate agent and your tax planner can provide valuable information to assist you in making such decisions.
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| Q |
What high-profile rental property rents for $13,500 a month although the star hasn't lived there for over 20 years?
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| A |
Shirley MacLaine's name is still used to promote her Encino, CA, estate even though she hasn't lived there in years.
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