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- Subscribe - Contact Us - Rate Card - Place an Ad Valley&State Backpage O&E Sports Archives Classifieds Faith&Beliefs Obituaries Revels September 13, 2004 From The Archives Of The Tidings Ashland is big buyer's market By Rich Bruer Of the Tidings Aug. 11, 1984 - Stan and Diana Mandell admittedly made a killing when they sold their Los Angeles home three years ago. Money for the deal made for a comfortable move to Ashland. But tables have a way of turning, they recently discovered. About three months ago, Stan decided to take a job in Bellevue, Wash., and the Mandells put their Terrace Street home on the market. They would soon learn what many other Ashland home sellers have learned: In today's market, it's better to be a buyer than a seller. Before the Mandells dropped their asking price of more than $100,000 no one looked at their house. They kept coming down until their neighbor just recently made an acceptable offer. The Mandells, who were to leave Ashland Friday, lost about half of what they gained on the sale of their home in Los Angeles. Says Diana: "This kind of evens things out." The Mandells' experience isn't necessarily typical of what Ashland homeowners go through to sell their homes, but their experience in indicative of what local real estate agents call "a buyer's market." Slightly more than 600 homes are for sale in Ashland, a number that has stayed roughly consistent the last several years, says Craig Foster, partner in Main Street Realty, an affiliate of Century 21. With prospective buyers enjoying so many choices, homeowners must be prepared to wait an average of five to six months to sell their home. Or they must be willing to either drop their asking price, as did the Mandells, or offer to finance the purchase for the buyer on more favorable terms than a lending institution will. Owner financing is becoming the most popular game in town, especially as mortgage rates offered by institutions approach 15 percent. Home loan demand tails off noticeably as rates climb above 12 percent, lenders say. Ashland real estate offices have enjoyed a busy year in 1984, although rising interest rates have curtailed business somewhat at most offices this summer. Barbara Allen, of Barbara Allen Real Estate, says if people can afford it, now is the time to buy homes. "I think they are a real good buy, especially in this market. There are so many good deals, so many good prices. � I think the prices are the lowest you'll ever see them." At the same time, an understanding Allen adds, "It's not easy on the sellers." While it is a buyer's market, owners who are trying to sell their home in Ashland could be in worse position elsewhere. Homes here retain their value better than other homes in the surrounding area, agents say. "There is just one reason for it," says Allen, "Ashland is a desirable place to live." She and other agents say half or more of their buying clients are people looking to move to Ashland because of its renown livability. And among those people, most are moving here from California. Many have soled their California home for a much higher price than they will have to pay here for comparable property. Ashland is also becoming increasingly popular as a retirement area, and most retirees who move here have more than enough money to buy property. Californians and retirees are as much bargain-hunters as other buyers, agents say, but their ability to pay is a large reason Ashland home values are 5-10 percent higher than elsewhere in the Rogue Valley. As a result, Foster says, "This community is becoming more affluent all the time." Leo Zupan, of Van Vleet and Associates Inc., agrees. He says Ashland real estate is priced out of the market of many people who live in the valley. "It is a pretty rough market for the young people," Zupan says. "They are pretty well locked out." With personal income of local residents generally low in relation to Ashland real estate values, young couples are hard-pressed to come up with the down payment necessary to buy a home here, Zupan says. Under such conditions, it's not surprising to hear agents say homes in the greatest demand in Ashland are at the low end of the price range. Chris Hald, of Hald Real Estate, says Ashland needs more housing that falls into that range. "The local people can't afford to buy real estate in this town," he says. Barbara Allen is a bit more optimistic." There are definitely homes for the first-time buyers," she says. But they have to be prepared to look hard, she adds, and they must get heir hands on $10,000 or so for a downpayment. DailyTidings.com Home Page Valley&State | Backpage | O&E | Sports | Archives | Weather | Classifieds Columnists | Faith&Beliefs | Obituaries | Revels | Subscribe | Contact Us Copyright 2004 Ashland Daily Tidings and Ottaway Newspapers All Rights Reserved Click Here Site Search: .:Advertisements:. RESOURCES - Mail Tribune News - ODOT Road Cams