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About The nugget. (Sisters, Or.) 1994-current | View Entire Issue (April 1, 2015)
Wednesday, April 1, 2015 The Nugget Newspaper, Sisters, Oregon R e a l E s t a t e S p e c i a l R e p o r t Sisters rental market is very tight Jim Cornelius News Editor People looking to rent a house in Sisters Country have to hunt high and low, put up with long waits, and they sometimes pay close to what they’d pay for a monthly mortgage payment. The rental market is very, very tight. “Every day I get calls from people looking for rent- als,” says Phil Arends of Howells Realty Group. Peter Storton of RE/MAX Revolution says the same. “We get calls for rentals,” Storton said. “We do handle rentals. We don’t have any.” “Many rental owners were in that position by neces- sity,” says Kevin Dyer, of Ponderosa Properties. “As housing stabilized and values increased, landlords were — and are — able to sell with fair equity for the first time in many years. There has been little new construction until just recently. With the majority of new homeown- ers as full-time occupants, the pool of affordable rentals available for occupancy is diminishing.” When Dyer says that many renters are in that posi- tion by necessity, he is refer- ring to the large number of folks in Sisters who lost a home in the Great Recession. Some are awaiting the oppor- tunity to get back into the housing market; others don’t want to own again. Cort Horner, of Directors Mortgage, says, “The rental market is a function of peo- ple thinking they can’t buy a house.” But folks who lost homes in the financial crisis are coming to the end of their “seasoning period” (see related story, page 17) and are ready to start prepar- ing the ground for purchas- ing a home. And, as Horner calculates it, in many cases, they’re not going to pay much more on a mortgage than they are paying for rent. Storton concurs. “They might as well be buying for the rent that they’re paying.” That price ratio may be shifting, however, and Dyer doesn’t foresee any 23 FInAnCInG: Talk to a lender before you look at homes Continued from page 17 www.istoCkphoto.Com/ellysaho marked improvement in rental availability anytime soon. “Not in the near future,” he said. “Housing prices are escalating faster than rents. New construction is lim- ited. Active listings remain extremely limited in the price ranges that are typi- cally considered as rental investments.” The tight rental market makes it tough for people to get their foot in the door in Sisters Country, but it may ultimately encourage some folks to take the plunge and become a buyer in Sisters, either for the first time or once again. For the same things make people want to live here, whether as a renter or an owner, and those things don’t fluctuate with the market. “What I’m seeing is a lot more people who are looking for a Tollgate home, a Hayden Home (for a vacation home).” Many of those folks even- tually plan to move into that home permanently. Getting a loan for a second home is a little different from a primary owner-occupied residence. In that case, you will be looking at a 20-percent downpayment. Still, Horner says, “It’s a viable thing.” Whether you are entering the market for the first time, looking to upgrade or down- size, or coming back into the market after a tough time in the Great Recession, it pays to educate yourself on your true financial situation and the loans available to you. Then, you can go out hunting know- ing you can bag your quarry. As Horner says, “Go talk to a mortgage lender first. Don’t go out and fall in love with a home … fall in love with a home when you know you can buy it.” Realtor Spotlight Sandy Goodsell ... Her name is her promise! Sandy Goodsell Principal Broker, ABR, CDPE, CIAS, GRI 541-480-0183 www.sandygoodsell.com Serving mortgage customers at the highest possible level... Cort Horner Sr. Mortgage Specialist 541-719-1322 Cell: 541-771-2634 www.CortHorner.com Living the Dream! Rad Dyer ABR, ABRM, ALC, CCIM, CRB, CRS, e-PRO, GREEN, GRI, RSPS, SFR, SRES, Principal Broker Cell: 541-480-8853 www.raddyer.com rad@raddyer.com y Ponderosa Properties LLC REALTORS AND PROPERT Y MANAGEMENT Sandy g., as many refer to her, is an award- winning and highly accomplished Real Estate specialist in residential, bare land, and the luxury home market across Central Oregon. What dis- tinguishes Sandy from others is the high level of professionalism and dedication to her clients. By exceeding clients’ expectations and creat- ing their confidence, through all forms of com- munication, Sandy is the one to call. Sandy is proud to be associated with RE/ MAX Revolution and RE/MAX International, the #1 Real Estate network in the world. Sandy Goodsell lives up to her motto... “IT’S NOT JUST MY NAME, IT’S A PROMISE!” Contact Sandy g. at RE/MAX Revolution in Sisters at 625 N. Arrowleaf Trail (next to Ray’s Food Place) or call her direct at 541-549-2510. Welcnme tn Sisters! Whether ynu’re lnnking tn relncate, find that perfect vacatinn hnme, nr an investment prnperty in nne nf the few markets in the cnuntry that is appreciating in value, we lnnk fnrward tn helping ynu find the perfect lnan prnduct tn fit ynur needs. Directnrs Mnrtgage is passinnate abnut help- ing ynu becnme a part nf nur cnmmunity by find- ing ynu the “perfect fit” lnan prnduct fnr ynur individual situatinn. We strive tn assure ynu a trnuble-free prncess — after all, we’re nnt just gning tn see ynu in nur nffice, we’ll prnbably see ynu at schnnl events, church, skiing nn the mnuntain, casting a fly, hiking Black Butte… just abnut anywhere! Stnp by the Directnrs Mnrtgage nffice in Sisters at 220 S. Pine St., give me a call at 541- 719-1322, nr visit www.corthorner.com fnr mnre infnrmatinn – I lnnk fnrward tn meeting ynu! As a 4th-generation Central Oregon native grow- ing up on a secluded ranch, I was exposed very early on to all the great outdoor opportunities to be found in our area. We enjoyed fishing, hunt- ing, skiing, hiking, biking, golf, tennis, water sports, horseback riding, camping and so much more. Central Oregon is in my blood so thick that I vowed to never leave, raising a 5th genera- tion of Dyer children in beautiful Camp Sher- man. Licensed in Real Estate since 1974, I have focused my 40+ year career in Sisters helping clients find their Central Oregon dream. As a Buyer or Seller, you can benefit from my broad area knowledge, my extensive Real Estate edu- cational background, and the vast experience that I have gained from participating in many thou- sands of local Real Estate transactions. Call me at 541-480-8853 or email rad@raddyer.com and I will help you “Live the Dream.” I might even share some of my favorite local’s secrets!
