Investing in Portland Oregon Real Estate

Rates for This Weekend, According to Wells Fargo

2011-04-20T14:36:00.000-07:00

Product | Interest Rate | APR

Conforming and FHA Loans
30-Year Fixed | 4.875% | 5.065%
30-Year Fixed FHA | 4.7 | 5.624%
15-Year Fixed | 4.125% | 4.447%
5-Year ARM | 3.250% | 3.258%
5-Year ARM FHA | 3.625% | 3.351%

Larger Loan Amounts in Eligible Areas – Conforming and FHA
30-Year Fixed | 4.875% | 5.012%
30-Year Fixed FHA | 4.750% | 5.568%
5-Year ARM | 3.375% | 3.255%

Jumbo Loans – Amounts that exceed conforming loan limits
30-Year Fixed | 5.250% | 5.390%
5-Year ARM | 3.750% | 3.388%

* as of 04/15/2011 05:00 PM Eastern

Nothing Scary About These Rates*

2010-10-29T13:30:00.000-07:00

Conforming and FHA Loans
30-Year Fixed 4.250% 4.433%
30-Year Fixed FHA 4.250% 5.087%
15-Year Fixed 3.625% 3.943%
5-Year ARM 2.875% 3.126%
5-Year ARM FHA 2.750% 2.948%

Larger Loan Amounts in Eligible Areas – Conforming and FHA
30-Year Fixed 4.375% 4.508%
30-Year Fixed FHA 4.250% 5.032%
5-Year ARM 3.250% 3.211%

Jumbo Loans – Amounts that exceed conforming loan limits
30-Year Fixed 4.875% 5.012%
5-Year ARM 3.750% 3.388%

*rates courtesy of Wells Fargo

Investor Words: Define Capitulation*

2010-09-26T12:06:00.000-07:00

Capitulation: The sale of a security at a loss for the specific purpose of moving funds from the sale into a less risky investment. Capitulation refers to investors "giving up" on a particular security. Value investors often review such sales of securities, since the value of the underlying security could be inherently higher than what the share price currently is. Technical traders might view the low price as a potential bottom of a cycle.

**from Investor Words

Something Positive Re: Real Estate in the Wall Street Journal

2010-09-22T19:27:00.000-07:00

10 Reasons To Buy a Home

By Brett Arends, The Wall Street Journal

Enough with the doom and gloom about homeownership.

Sure, maybe there's more pain to come in the housing market. But when Time magazine starts running covers that declare "Owning a home may no longer make economic sense," it's time to say: Enough is enough. This is what "capitulation" looks like. Everyone has given up.

After all, at the peak of the bubble five years ago, Time had a different take. "Home Sweet Home," declared its cover then, as it celebrated the boom and asked: "Will your house make you rich?"

But it's not enough just to be contrarian. So here are 10 reasons why it's good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer's market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We're four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor's Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it's mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You'll never catch the bottom. It doesn't really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What's not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won't see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You'll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you'll get a tax break on capital gains–if any–when you sell. Sure, you'll need to do your math. You'll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It'll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You'll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. "You can tell the ones that have been bought," said my local guide. "They've painted the front door. It's the first thing people do when they buy." It was a small sign that said something big.

5. You'll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you're better off buying.

6. It offers some inflation protection. No, it's not perfect. But studies by Professor Karl "Chip" Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That's valuable inflation insurance, especially if you're young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It's risk capital. No, your home isn't the stock market and you shouldn't view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It's forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won't. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn't a cost. You're just paying yourself by building equity. As a forced monthly saving, it's a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That's below last year's peak, but well above typical levels, and enough for about a year's worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the "glut" simply won't matter: It's concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won't have any long-term impact on housing supply in your town.

Thank you, Brett Arends, for giving us some hope and some solid reasons to buy!

Pending Home Sales Rise

2010-09-13T14:00:00.000-07:00

Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, cautioned that there would be a long recovery process.

“Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

Rates* are LOW....refi or purchase, now's the time!

2010-08-27T15:22:00.000-07:00

Conforming and FHA Loans

30-Year Fixed | 4.375% | 4.559%
30-Year Fixed FHA | 4.500% | 5.233%
15-Year Fixed | 3.750% | 4.069%
5-Year ARM | 3.000% | 3.252%
5-Year ARM FHA | 3.250% | 3.074%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.

30-Year Fixed | 4.500% | 4.634%
30-Year Fixed FHA | 4.500% | 5.178%
5-Year ARM | 3.375% | 3.337%

Jumbo Loans – Amounts that exceed conforming loan limits

30-Year Fixed | 5.125% | 5.264%
5-Year ARM | 4.250% | 3.652%

*courtesy of Wells Fargo

Rates in the News, According to Freddie Mac

2010-08-23T18:07:00.000-07:00

Mortgage Rates Fall to Fresh Lows, Freddie Mac Says*

Mortgage rates have set record lows for the eighth time in nine weeks, and the bargain-basement rates are prompting homeowners to file the most home-refinancing applications in 15 months.

The average rate offered on a 30-year fixed home loan fell this week to 4.42%, down from 4.44% last week, Freddie Mac reported Thursday. The latest figure is the lowest since the giant mortgage buyer began its rate survey in 1971.

Savvy borrowers with strong credit and down payments often can get slightly better deals if they shop around. The rock-bottom interest costs boosted refinance activity last week to its highest level since May 2009, according to a weekly report on loan applications from the Mortgage Bankers Assn.

But demand for loans to purchase homes remained sluggish, as it has been since federal home-purchase tax credits expired in the spring. Just 18.6% of last week's mortgage applications were filed to buy homes, the trade group said.

*courtesy of Landover Mortgage

Rates for this weekend.....Holy Cow!

2010-08-20T11:03:00.000-07:00

Conforming and FHA Loans

30-Year Fixed |4.500% | 4.686%
30-Year Fixed FHA | 4.500% | 5.233%
15-Year Fixed | 3.750% | 4.069%
5-Year ARM | 2.875% | 3.209%
5-Year ARM FHA | 3.125% | 3.016%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.

30-Year Fixed | 4.625% | 4.760%
30-Year Fixed FHA | 4.625% | 5.309%
5-Year ARM | 3.250% | 3.293%

Jumbo Loans – Amounts that exceed conforming loan limits

30-Year Fixed | 5.125% | 5.264%
5-Year ARM | 4.250% | 3.652%

Rates* for this weekend....Did You EVER Think We'd See 4's??

2010-07-30T13:41:00.000-07:00

Conforming and FHA Loans

30-Year Fixed (product) | 4.500% (rate) | 4.686% (APR)
30-Year Fixed FHA | 4.500% | 5.233%
15-Year Fixed | 3.875% | 4.195%
5-Year ARM | 3.125% | 3.378%
5-Year ARM FHA | 3.250% | 3.074%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed | 4.500% | 4.634%
30-Year Fixed FHA | 4.625% | 5.309%
5-Year ARM | 3.625% | 3.508%

Jumbo Loans – Amounts that exceed conforming loan limits
30-Year Fixed | 5.125% | 5.264%
5-Year ARM | 4.125% | 3.688%

*courtesy of Wells Fargo

Coldwell Banker Gets National Recognition for You Tube Channel

2010-07-07T13:42:00.000-07:00

COLDWELL BANKER REAL ESTATE WINS COMMUNICATOR CREATIVE EXCELLENCE AWARD FROM INTERNATIONAL ACADEMY OF VISUAL ARTS

Brand’s ‘On Location’ YouTube Channel Honored in Real Estate Website Category
PARSIPPANY, N.J., (July 7, 2010) – The International Academy of the Visual Arts has named Coldwell Banker On Location, the brand’s YouTube channel, a recipient of this year’s Communicator Awards for Creative Excellence in the real estate website category. The category honors the best site for the sale or rental of residential or commercial property.

“We were the first national real estate brand to add streaming video to our website. Today, our agents across the globe have posted more than 15,000 videos to our On Location channel,” said Mike Fischer, chief marketing officer for Coldwell Banker Real Estate LLC. “The most exciting part of On Location is that we have only just begun – there’s a lot more to come.”

On Location has been rated among the top 10 most-viewed brand channels on YouTube. In April, just 11 months after launching On Location, Coldwell Banker announced it had received over 1 million views. The site was launched in May 2009 and was produced in collaboration with FD Kinesis.

“Home buyers would much rather see a home than only read about it,” Fischer said. “Our On Location videos empower them to get a feel for a home, a community or a real estate professional that they could not get from photos or a text description alone. Equally important are the home sellers who are now expecting video to be a part of marketing their property.”

With thousands of entries received from across the United States and around the world, the Communicator Awards is one of the largest and most competitive awards program honoring the creative excellence for communications professionals. The Communicator Awards are judged and overseen by the International Academy of the Visual Arts, an invitation-only body consisting of top-tier professionals from acclaimed media, advertising and marketing firms.

About Coldwell Banker®Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of more than 98,000 agents working in more than 3,600 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create a iPhone application and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.

Extension of the Homebuyer Tax Credit....

2010-07-02T07:22:00.000-07:00

Extension of the Homebuyer Tax Credit Passed By Congress

Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. For more information, visit Realtor.org.

Homebuyer Tax Credit Extension???

2010-06-28T10:57:00.000-07:00

Possible September 30th, 2010 Extension to Home Buyer Credit as Builders and Home Owners Struggle to Complete Home Transactions by the current June 30 2010 Tax Credit Deadline.

The U.S. Senate has approved a provision to H.R. 4213 (a jobs and tax bill) to extend incentives for first-time home buyers. The provision to extend the home buyer credit would give buyers an extra three months to close on their house. H.R. 4213 in it’s entirety still needs to be approved by the Senate (still under debate as of 6/28), before returning to the House for a final vote. Only when the bill is signed into law by the President, will the home buyer credit extension be official. Until then, home buyers must close by July 1st 2010 to qualify for the credit.

Rates Today*

2010-06-19T08:26:00.000-07:00

Conforming and FHA Loans | Rate | APR

30-Year Fixed | 4.750% | 4.939%
30-Year Fixed FHA | 4.750% | 5.497%
15-Year Fixed | 4.125% | 4.447%
5-Year ARM | 3.500% | 3.594%
5-Year ARM FHA | 3.250% | 3.150%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.

30-Year Fixed | 4.750% | 4.886%
30-Year Fixed FHA | 4.750% | 5.442%
5-Year ARM | 3.875% | 3.679%

Jumbo1 Loans – Amounts that exceed conforming loan limits

30-Year Fixed | 5.500% | 5.643%
5-Year ARM | 4.625% | 3.954%

* courtesy of Wells Fargo

Rates Today*

2010-06-15T10:50:00.000-07:00

30 year fixed (Conventional): 4.75%
15 year fixed (Conventional): 4.0%
7 year Fixed ARM (Conv): 3.75%
30 year fixed (JUMBO): 5.25% (Up to 80%)

* courtesy of MetLife

In the News.....

2010-06-14T13:17:00.000-07:00

Banks Trim Emergency Borrowing From Fed*

Banks borrowing from the Federal Reserve's emergency lending program over the past week fell to the lowest point in more than two years, further evidence that credit markets are improving.

The Fed said that banks averaged $105 million in borrowing for the week ended on Wednesday. That was the lowest borrowing since it averaged $23 million for the week ended March 12, 2008, before the credit crisis struck with full force.
Loans from the central bank's emergency lending program, known as the discount window, had surged to a high of $110 billion a day during the height of the financial crisis in the fall of 2008. At the time, banks found their customary sources of credit frozen. The $105 million average borrowing for the week ended Wednesday was down from an average of $678 million in borrowing for the previous week.

With financial and economic conditions improving, the Fed has been winding down its special lending programs. The largest of these efforts is a $1.25 trillion program to purchase mortgage-backed securities issued by Fannie Mae and Freddie Mac in an effort to lower mortgage rates and provide a boost to the depressed housing market. The new report showed that those holdings averaged $1.11 trillion daily for the week ended Wednesday, up by $138 million from the average for the previous week.Some economists have worried that mortgage rates would start rising once the Fed's purchases of mortgage-backed securities end. But Fed officials have stressed that even after new purchases end, the central bank will be holding a sizable portfolio of these types of securities that will continue to provide support for the mortgage market.

*courtesy of Landover Mortgage

Buyer's Bonus from Coldwell Banker

2010-04-26T08:00:00.000-07:00

COLDWELL BANKER EXTENDS BENEFITS OF HOME BUYER TAX CREDIT WITH ‘BUYER BONUS’ SALES EVENT*

Thousands of Sellers to Offer Credit Up to $8,000 from May 1 Until July 31, 2010
PARSIPPANY, N.J. (April 26, 2010) — Coldwell Banker Real Estate LLC today announced the launch of its Buyer Bonus Sales Event, a national promotion intended to build on the momentum of the soon-to-expire federal homebuyer tax credit.

In a recent survey of Coldwell Banker Real Estate professionals, nearly half indicated that they had worked with home buyers who would have missed out on the home buyer tax credit in November of last year had it not been extended. In addition, while 34 percent cite the current tax credit extension (expiring April 30) as the primary reason their customers are currently for searching for a home, 28 percent said that they feel the limitations of this credit will prohibit some buyers from taking advantage of the credit.

That is why on May 1, 2010, immediately following the expiration of this government initiative, home sellers participating in the Coldwell Banker Buyer Bonus Sales Event will offer a credit of 3 percent (up to $8,000), when part of an accepted offer, of their home’s purchase price to buyers who sign a contract before July 31, 2010. There is no deadline for a closing date.

“The federal government did its part to encourage millions of Americans to achieve their dream of home ownership with the help of the home buyer tax credit,” said Jim Gillespie, president and chief executive officer for Coldwell Banker Real Estate LLC. “As the credit expires, Coldwell Banker Real Estate is encouraging buyers who haven’t found a home yet to continue looking, while bringing a new audience of home buyers who were unable to qualify for the tax credit into the market. We are confident that this private sector solution will represent a significant step toward continued recovery of the housing market.”

“The Buyer Bonus Sales Event will allow participating Coldwell Banker home sellers to essentially extend the benefits of the credit,” said Gillespie. “Without restrictions such as household income caps, the Coldwell Banker Buyer Bonus Sales Event allows for greater participation for all homebuyers. And our sellers have a unique opportunity to allow their home to stand out from the competition in their marketplace.”

Participating homes will typically be identified by Buyer Bonus Sales Event yard sign riders and tagged as a Buyer Bonus home online at www.coldwellbanker.com. While searching for a home online, home buyers can simply check the box labeled “Buyer Bonus Sales Event” to find participating properties nearby.

All home sellers who take part in the Buyer Bonus Sales Event will receive broad marketing support from Coldwell Banker Real Estate LLC, including:
• National television commercials beginning May 1, 2010; extensive online advertising
• Promotion on http://www.coldwellbanker.com
• Updates on the event to be shared on Coldwell Banker Facebook and Twitter pages and the Coldwell Banker blog, Blue Matter;
• A video posting to the Coldwell Banker On Location channel highlighting the practical value of $8,000.

*Press release from Coldwell Banker
About Coldwell Banker Real Estate LLC®Since 1906, the Coldwell Banker® organization (www.coldwellbanker.com) has been a premier full-service real estate provider. The Coldwell Banker system has more than 3,300 residential real estate offices and nearly 97,000 sales associates in 49 countries and territories. The Coldwell Banker system is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

Rates for this weekend....*

2010-04-16T14:39:00.000-07:00

Conforming and FHA Loans
30-Year Fixed 5.000% 5.191%
30-Year Fixed FHA 5.125% 5.897%
15-Year Fixed 4.250% 4.573%
5-Year ARM 3.750% 3.601%
5-Year ARM FHA 3.500% 3.343%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.
30-Year Fixed 5.125% 5.264%
30-Year Fixed FHA 5.125% 5.840%
5-Year ARM 4.000% 3.643%

Jumbo Loans – Amounts that exceed conforming loan limits
30-Year Fixed 5.500% 5.643%
5-Year ARM 5.125% 4.059%

* courtesy of Wells Fargo

Singles in the Suburbs: Latest Trend in Real Estate

2010-04-14T09:43:00.000-07:00

SINGLES IN THE SUBURBS: COLDWELL BANKER REAL ESTATE CONSUMER SURVEY UNCOVERS TRENDS AMONG THE NEW WAVE OF HOME BUYERS

PARSIPPANY, N.J. (April 14, 2010) – With low home prices, interest rates and government tax incentives for first-time home buyers, Coldwell Banker Real Estate brokers and agents are seeing an influx of singles walking through the door. For greater insight into this demographic, Coldwell Banker Real Estate conducted a national online survey of more than 1,000 single homeowners in April 2010 on what factors played into their decision to purchase a home. While conventional wisdom may be that most singles are buying bachelor or bachelorette pads downtown, surprisingly, Coldwell Banker found that the majority of single homeowners (52 percent) it surveyed chose suburbia over urban or rural areas.

“We are finding the current housing environment to be the ideal marketplace for many people who may have never considered buying a home before, such as singles and other first-time buyers,” said Diann Patton, the Coldwell Banker Real Estate consumer specialist. “They can afford much more house for their money than they may have been able to in previous years. Many are recognizing that a mortgage payment on a house can actually be the same or less than what they would spend on rent.”

According to the Coldwell Banker Real Estate survey, over half (53 percent) of single homeowners reported that they purchased a home because it was more cost effective than renting in their area. However, more than just financial analysis contributed to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent) according to the same survey.

“Owning a home is such a monumental way to achieve independence,” said Patton. “It’s inspiring to see so many individuals accomplish this life goal.”

Below are additional key findings from the April 2010 Coldwell Banker Real Estate single homeowner survey:

Finding good deals is important, but so are modern amenities and outside space.
• 68 percent of single homeowners purchased a home that was below their price range, rather than the most expensive home they could afford.
• Meanwhile, modernized home updates and appliances and having a yard and outside space were rated as the most desirable features in a home over lesser considerations like space for entertaining.

Some may have flown the coop, but others get help from their parents.
• Of the 13 percent of single homeowners who own their home jointly with another person, almost half (49 percent) made the purchase with their parents.
Singles hunt for homes that are close to work and their family.
• Fifty-five percent have less than a 30-minute commute to their office or work from home, and 40 percent live less than 30 minutes or even in the same neighborhood as their parents or extended family. In fact, an additional 12 percent live with at least one family member.

Single women may be more likely to think of growing their family than single men.
• More single women (27 percent) said that the number of bedrooms was the most desirable feature in a home, than did men (18 percent).
Single and ready to … bargain hunt.
• Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed / short sale home, compared to 29 percent of single women.

Methodology: In April 2010, Coldwell Banker Real Estate conducted a national online survey and received responses from 1,050 single homeowners across the United States.

About Coldwell Banker®Since 1906, the Coldwell Banker® organization has been a premier provider of full-service residential and commercial real estate. Coldwell Banker is the oldest national real estate brand in the United States and today has a network of nearly 97,000 agents working in more than 3,300 offices in 49 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to augment its web site www.coldwellbanker.com for smart phones, the first to create an iPhone application featuring international listings and the first to fully harness the power of video in real estate listings, news and information through its Coldwell Banker On LocationSM YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program.
###

Is Grandma Moving In? Multi-Generational Homes, a Trend in Real Estate

2010-02-22T09:10:00.000-08:00

Coldwell Banker Survey Identifies Multi-Generational Homes As a Trend in Real Estate**

37 Percent of Coldwell Banker Real Estate Professionals Surveyed Have Seen More Families Looking for Homes that Accommodate Multiple Generations

PARSIPPANY, N.J. (Feb. 22, 2010) – Family reunions are taking on a new meaning in the real estate market. According to a recent survey by Coldwell Banker Real Estate LLC among its network of real estate professionals, in the last 12 months, 37 percent of sales professionals surveyed noted an increase in homebuyers looking to purchase homes to accommodate more than one generation of their family. In addition, almost 70 percent of Coldwell Banker sales agents believe that economic conditions may cause greater demand for multi-generational homes in their market during the next year.

Furthermore, the Coldwell Banker® January 2010 survey respondents cited financial drivers as the No. 1 reason why home buyers or sellers are moving into a house with other generations of their family (39 percent). Twenty-nine (29) percent said that health care issues are the primary reason, and six percent cited a strong family bond as the main factor.

“While saving money is certainly an incentive for buying a home that accommodates multiple generations, the benefits go beyond just financial reasons,” said Diann Patton, Coldwell Banker Real Estate Consumer Specialist. “With two or three generations living under one roof, families often experience more flexible schedules, quality time with one another and can better juggle childcare and eldercare.”

Communicating with family members and consulting with their real estate professional is key, as well. “Talk to everyone involved and determine how comfortable the family members are about sharing bathrooms, office space or common areas, and let that guide your search,” Patton advises. “All of these topics are incredibly important in finding the right kind of home to fit the family – like one that has four bathrooms or one that has three.”

Helpful Hints:
• Sellers with “mother in-law suites” or additional spaces that could accommodate a family interested in a multi-generational living arrangement should highlight this aspect of the home. Whether it’s a garage apartment or refurbished basement, this separate space can help one home stand apart from the others on its block.
• Buyers must be clear about their exact needs. Some families may just want an extra bedroom or two for family members, while others require areas with a separate kitchen, entrance, handicap accessibility or even a larger garage for additional cars. Desired location may also be influenced by proximity to local hospitals, senior centers or other important activities to family members.
• Extended families purchasing a home together should consider signing a written contract outlining everything from finances to chores and childcare. Each family should assess their situation individually and find a plan that works best for them.

Methodology: Coldwell Banker Real Estate conducted a national online survey on trends regarding multi-generational home buyers and sellers in January 2010. The survey yielded responses from 2,360 Coldwell Banker real estate professionals across the United States.

About Coldwell Banker Real Estate®Since 1906, the Coldwell Banker® organization (www.coldwellbanker.com) has been a premier full-service real estate provider. The Coldwell Banker system has more than 3,300 residential real estate offices and nearly 100,000 sales associates in 49 countries and territories. The Coldwell Banker system is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

** courtesy of Coldwell Banker

Fourth Quarter Existing-Home Sales Surge in Most States

2010-02-16T14:41:00.000-08:00

Wow! Homes are selling, and not just here in Portland. We're seeing the changes in our neighborhoods, looks like it's across the country too.

"Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ®.

Sales increased from the third quarter in 48 states and the District of Columbia; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9% to a seasonally adjusted annual rate of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2% above the 4.74 million-unit level in the fourth quarter of 2008.

Distressed property (bank owned, etc) accounted for 32% of fourth quarter transactions, down from 37% a year earlier.

Lawrence Yun, NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

*courtesy of Landover Mortgage

Rent Vs. Buy: In Today's Market**

2010-01-25T21:21:00.001-08:00

Over the past ten years, the cost of rental housing in the U.S. has increased an average of 3.5% per year. If that trend continues, that means that an apartment or
home renting for $1,000 per month will cost more than $1,300 a month in ten years. If you rent the same home for ten years, the total amount you would pay for rent
will equal $140,777!

Year / Monthly Rent* / Total Annual Rent
1 / $1,000 / $12,000
2 / $1,035 / $12,420
3 / $1,071 / $12,855
4 / $1,109 / $13,305
5 / $1,148 / $13,770
6 / $1,188 / $14,252
7 / $1,229 / $14,751
8 / $1,272 / $15,267
9 / $1,317 / $15,802
10 / $1,363 / $16,355
Total Rent Paid Over Ten Years = $140,777

*avg. increase 3.5% per year

VERSUS

Homeownership
As an example, let’s look at a $200,000 home. Unlike your rental unit, your home usually appreciates over time. Instead of assuming average growth, we assume
that prices are flat in the first year of ownership and pick up, but only slightly, in the second year. In the third year of ownership, your home has appreciated to a modest $210,858. After ten years, assuming a return to an average 4.5 percent appreciation rate*, your $200,000 home will be worth $286,948. Not only do you earn a rate of return on your original purchase price, you also get a return on any
subsequent appreciation.

* Average price appreciation from 1970 to 2008 was 6.0%

Homeownership Builds Wealth for Households
The Federal Reserve Board estimates that homeowners’ net worth has ranged between 31 and 46 times more than that of renters in the years 1998 to 2007. In 2007, the
median net worth for homeowners was $234,200 compared to $5,100 for renters. Even though that difference will surely narrow as a result of house price declines since 2007, homeowners will likely still have substantially greater net worth than renters.

How do you build up your net worth? As a homeowner, you build wealth in two ways: through paying down the principle on your mortgage and through those “appreciating returns” on your home.

We know how your $200,000 home could be worth $286,948 in ten years. In addition, you are paying down the principal on your mortgage. Remember that $200,000 you borrowed at 5.5 percent over 30 years – that debt amount is decreasing every month and every year as you make payments.

Year / Home Price / Mortgage Debt / Net Worth
1 / $200,000 / $187,441 / $12,559
2 / 201,200 / 184,737 / 16,463
3 / 210,858 / 181,880 / 28,977
4 / 220,346 / 178,863 / 41,483
5 / 230,262 / 175,675 / 54,587
6 / 240,624 / 172,308 / 68,316
7 / 251,452 / 168,750 / 82,701
8 / 262,767 / 164,992 / 97,775
9 / 274,591 / 161,022 / 113,570
10 / 286,948 / 156,828 / 130,120

**courtesy of National Associateion of Realtors

Villebois, Award-Winner Yet Again....

2010-01-23T12:13:00.000-08:00

We're in the news in Vegas....Kudos to Costa Pacific for developing this concept and winning!

"NAHB Names the Nationals Gold Award Winners
Awards Recognize Excellence in New Home Sales, Marketing and Design

COMMUNITY OF THE YEAR GOLD AWARDS

Community of the Year (Suburban)
Villebois
Wilsonville, Ore.
Builder: Costa Pacific Communities
Marketing Director: Rudy Kadlub"

for more details: http://www.buildersshow.com/news_details.aspx?newsID=10264§ionID=1753

Rates* for this weekend....crept up a bit....lock yours soon!

2010-01-22T16:48:00.000-08:00

Product Interest Rate APR

Conforming and FHA Loans

30-Year Fixed 5.000% 5.191%
30-Year Fixed FHA 5.500% 6.245%
15-Year Fixed 4.375% 4.700%
5-Year ARM 3.875% 3.564%
5-Year ARM FHA 3.875% 3.401%

Larger Loan Amounts in Eligible Areas – Conforming and FHA.

30-Year Fixed 5.125% 5.264%
30-Year Fixed FHA 5.250% 5.924%
5-Year ARM 4.125% 3.606%

Jumbo Loans – Amounts that exceed conforming loan limits

30-Year Fixed 5.750% 5.895%
5-Year ARM 5.000% 3.930%

* courtesy of Wells Fargo

No More 90-Day Waits on Foreclosed Properties?

2010-01-19T16:55:00.000-08:00

HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners

In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan Friday announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed properties. The announcement is part of the Obama administration commitment to addressing foreclosure.

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

"This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed," Donovan said.

The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.

The waiver will take effect on February 1, 2010 and is effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of "flipping" where properties are quickly resold at inflated prices to unsuspecting borrowers, this waiver is limited to those sales meeting the following general conditions:
NASDAQ

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.

• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's website (www.hud.gov).

More Home Showings, More Home...Sales?

2010-01-18T17:28:00.001-08:00

Supra Lockbox Activity - Updated Through Week of Jan. 4-10
Numbers are up considerably in Oregon and Washington

When comparing the week of January 4 - January 10 with the week prior, the number of times an RMLS™ subscriber opened a Supra lockbox increased 45.8% in Washington and 67.5% in Oregon*.

* courtesy of RMLS

Helping Haiti....Coldwell Banker Reaches Out

2010-01-14T09:01:00.000-08:00

Join Realogy’s Disaster Relief Efforts for People of Haiti*

Realogy Corporation, parent company of Coldwell Banker, today announced a campaign to raise funds through the Realogy Charitable Foundation to support the victims of the catastrophic earthquake that devastated Haiti on Jan. 12. The Realogy Charitable Foundation will distribute all funds raised by employees, franchisees, sales associates, vendors, partners, friends of Realogy and the general public directly to the American Red Cross International Response Fund.

“Our hearts go out to the people of Haiti, and we want to do all we can to support the international relief efforts in the wake of this natural disaster,” said Richard A. Smith, president and CEO of Realogy Corporation. “We invite all those who are able to donate to give whatever they can to help the American Red Cross provide the assistance that is so desperately needed.”

The Realogy Charitable Foundation is a 501(c)(3) public charity supporting the philanthropic and volunteer activities of Realogy Corporation and its family of companies. The Foundation is incorporated in Delaware and its tax ID is 20-0755090.

To make a donation to the American Red Cross International Response Fund through the Realogy Charitable Foundation, paste the following URL into your browser http://www.events.org/realogycares. This portal is a secure online donation system that allows any individual to use a credit card/debit card or electronic check. All gifts are tax-deductible to the extent allowable by law, and individuals should consult their tax professional to determine the amount they can claim as a tax deductible contribution.

*courtesy of Coldwell Banker

Rates on the Rise?

2010-01-04T10:42:00.000-08:00

Hm. Curious what you think...will rates be heading up this year?

Fed: Regulation 1st defense against speculation*
Stronger regulation is the best way to prevent financial speculation from getting out of hand and throwing the economy in a new crisis, Federal Reserve Chairman Ben Bernanke said Sunday.But he didn't rule out higher interest rates to stop new speculative investment bubbles from forming.

Important Markets
Critics blame the Fed for feeding that speculative boom in housing by holding interest rates too low for too long after the 2001 recession.

But Bernanke, in a speech to the American Economic Association's annual meeting in Atlanta, defended the central bank's actions. Extra-low rates were needed to get the economy and job creation back to full throttle after the Sept. 11 attacks and accounting scandals that rocked Wall Street, he said.

Bernanke said the direct links were weak between super-low interest rates and the rapid rise in house prices that occurred at roughly the same time. The stance of interest rates during that period "does not appear to have been inappropriate," he said.

Still, the enormous economic damage from the housing bust — the longest and deepest recession since the 1930s and double-digit unemployment — shows how important it is to guard against a repeat, Bernanke said.

*courtesy of Landover Mortgage

Holiday Safety in Portland, Oregon

2009-12-16T10:03:00.000-08:00

Just a heads up....not everyone is Merry and Bright this time of year....stay safe and enjoy this awesome season!

The Sheriff’s Office in Washington County is fielding numerous calls about stolen deliveries.*

According to our Property Crimes Detectives, thieves in Washington County are already shopping for parcels left on your porch by delivery services. If possible, please do not authorize package delivery without a signature, or ask a trusted neighbor to watch for expected deliveries and hold them until you return home.

The problem is not isolated to one area, and in some cases, it appears that the thieves may be following the delivery trucks.

Please watch out for your neighbors and report any suspicious activity by calling 9-1-1.

* details courtesy of Villebois residents

Traders Facing Fed, Dollar Questions This Week*

2009-12-07T12:20:00.000-08:00

Investors have been hoping for signs that the economy is strong enough to justify continuing Wall Street's nine-month rally. They got the surest evidence yet Friday when the government said employers cut fewer jobs in November than at any time since the recession began in late 2007.

But the good news is making many investors uneasy. Traders are asking whether the strengthening economy will lead the Federal Reserve to start raising rates or scale back its stimulus measures, and whether the dollar, responding to higher rates, will reverse its long slide.

Low rates and a weak dollar have helped feed stocks' comeback. So, what happens now depends on where traders think they can make the most money: in stocks as companies make more profits in a stronger economy, or in other investments like the dollar whose returns will improve as rates rise.

"The Fed was forcing people to take risks," buying stocks and commodities to boost their returns, said Justin Golden, a strategist at Macro Risk Advisors.
On Friday, investors were betting that the Fed will raise rates by June. They weren't happy about that prospect -- an initial surge in stock prices that followed the report soon dwindled.

But even if the Fed doesn't raise rates soon, it might cut back on some programs it put in place during the credit crisis to stimulate the economy, including the low-cost loans it has offered big banks. Analysts say that's the likely first step before any rate increase.

*courtesy of Landover Mortgage

To Auction, To Auction, To Buy a New House....

2009-12-02T18:01:00.000-08:00

Home Again, Home Again....

Jiggity jig! At least, our buyer is dancing a little jig right now. Jaimy went to the auction in our client's stead. Met with the auctioneer. No one else was there for the home our buyer wanted. Yay!

But then, a snag, the auctioneer wouldn't allow Jaimy to put in his bid.....even though the company conducting the auction had clear directions on their website that allows a bidder to be there acting for an out-of-area buyer. So the auctioneer started the bidding...."going once, going twice, sold!" And Jaimy never even got the chance to place his bid!

Wait a minute......

Jaimy called the auction company and asked to speak with the manager. He finally got in touch with the right man, who asked him if he had the funds ready (auctions require cash, cashier's checks, money order etc, no loans or other funding)....to which Jaimy replied "yes!"

So the manager sent the auctioneer back out in front of the Clackamas County courthouse steps to get the sale done! He assured Jaimy "Mr Beltran, the bank does not want this house, thank you for your offer."

Auctioneer begins again... "going once..." Jaimy places the bid for $1 more than the starting bid. Sold! And it's done. Our buyer has the property he wants at a deep discount and Jaimy has managed to get the auctioneer to understand the process a bit better (turns out it was his 2nd week on the job). : )

What fun it is to buy and sell real estate. Have a question for us? Shoot me and email or give us a call.

'Till next time. Salude!

Buying a Home at Auction

2009-12-02T13:12:00.001-08:00

Today Jaimy went to an auction at the Clackamas County Courthouse to buy a house for an investor client. Cashier's check in hand. Starting bid a good $50k under current market value. Could be a great deal if no one else shows up to bid on the property.

Check back later to hear if he gets it or not....

Rates for this weekend...

2009-11-20T16:14:00.000-08:00

30-Year Fixed ~ 4.875%
30-Year Fixed FHA ~ 5.000%
15-Year Fixed ~ 4.250%
5-Year ARM ~ 3.750%
5-Year ARM FHA ~ 3.750%

Jumbo Loans – Amounts that exceed conforming loan limits
30-Year Fixed ~ 5.750%
5-Year ARM ~ 5.000%

...rates are courtesy of Wells Fargo

Something Festive for the Holidays....

2009-11-19T14:14:00.000-08:00

So every year Jaimy and I have the same fight: to put Christmas lights up on the house or not. The biggest reason this turns into an argument is that Jaimy is not too good with heights and so we have to hire it done IF we do it at all. : ) And with Christmas being a favorite holiday of mine, I see the expense as a no-brainer.

Well, it finally is.

We found a great company that will put up -- and take down -- our lights at a very affordable price. (yay! I get lights!!)

Feel free to call and get your free estimate. Ask for Chad and be sure to let him know Jaimy Beltran sent you so you can get a good deal!

Lights Up
Chad Pitcher 503-875-2413

Happy Holidays!!!

It's Official! Tax Credit Extends Through Next Year...

2009-11-06T12:28:00.000-08:00

Breaking News: President Signs Tax Credit Extension & Expansion

President Obama signed into law legislation that extends and expands the first-time homebuyer tax credit this morning. This enacts the legislation into law making the extension and expansion effective immediately after today. To learn more about the jobless benefit extension and the extension of the homebuyer tax credit visit: Obama signs jobless benefit extension.

Who Qualifies for the Extended Credit?
• First-time homebuyers who purchase after today and before April 30, 2010, are eligible for the extended tax credit.
• Current homeowners purchasing a new principal residence after today and before April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
• So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Tax Credit Extension...

2009-11-03T17:52:00.000-08:00

Senate Clears Homebuyer Tax Credit
Extension to Pass This Week*

November 3, 2009 ― After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First‐time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation cleared last night makes move‐up buyers as well as first‐time buyers would be eligible for a credit. The $8,000 maximum first‐timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move‐up homeowners who have lived in their current residence for five of the prior eight years.

The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million‐unit pace in September 2008.

*courtesy of Landover Mortgage

Quotables, for a little perspective....

2009-10-28T17:14:00.000-07:00

What and how we act depends greatly on our chosen perspective. Here's something* I came across that really spoke to me. Hope it is good to you, too....

Wednesdays With Willie

"Wealth is the ability to fully experience life." ---Henry David Thoreau

COMMENT: This is a take on real wealth---the kind of wealth that makes life the journey it is meant to be. So, how do you fully experience life? Well, it starts with simple things such as smiling at a friend. But there is much, much more to experience if you set your sights high enough. To express gratitude is another way to bring joy to your life. Even in the tough times, there is always something important to be grateful for. To forgive past hurts is yet another path you can take. And now we come to the most rewarding way to fully experience life, and that is to give love away at every opportunity. This action alone will bring you the experience of a lifetime, and it will go on and on and on. You’ll end up wealthy in all kind of ways.

* courtesy of Tere Maurer at Director's Mortgage

Tips for Preparing Your Home for Winter

2009-10-20T16:32:00.000-07:00

A home requires work. Some of us (ah hem) are not as handy as others....but, here's an article* I came across that has a good list of items to do to prep your home for winter.

Winter Home Prep
With the fall and winter months upon us, now is the time to do some routine maintenance around your home to prepare for the changing weather ahead. Taking the time to do some work now may save on some major expenses later. Some of these tasks can be performed by you, and some may need to be done by a professional.

Outside your home
1. Clear debris out of window wells, gutters, downspouts, and storm drains.
2. Remove garden hoses from spouts. Drain and store for the winter. Wrap spouts in insulation.
3. Drain in-ground sprinkler systems.
4. Check windows, doors, and siding for holes and cracks. Caulk as necessary.
5. Check weather stripping on windows and doors for fit and condition. Replace as necessary.
6. Inspect all soffit vents and other venting systems to make sure they're clear of debris.
7. Check painted surfaces for paint failure, water damage, or mildew. Repair or repaint if needed.
8. Check caulking where two different materials meet, where wood siding joins the foundation wall, at inside corners, and where the window and door trim meets the siding.
9. Check for broken or cracked glass and damaged screens or storm windows. Check for loose putty around glass panes. Repair glass if necessary.
10. Insulate outdoor faucets, pipes in unheated garages, and pipes in crawl spaces with materials such as rags or newspapers.

Inside your Home:
1. Have a heating professional check your heating system every year. Replace your furnace filter.
2. Woodburning stove connector pipes and chimneys should be inspected by a certified chimney sweep at least annually.
3. Make sure you have proper insulation in both your attic and basement. While checking your insulation, if you see any dark, dirty spots, it may indicate you have air leaks coming into your home.
4. Remove hair from drains in sinks, tubs, and showers.
5. Test all smoke alarms. Replace batteries as necessary.
6. Check your home around windows and doors for air leaks. An easy way to check for leaks is to move a lighter around the window or door frame and see if the flame moves with a breeze. If you find a leak, you can caulk it or you may have to replace the wood frame. Repairing these leaks can save you money on your energy bill during the cold months.
7. Check for water leaks on the ceiling. Repair if needed.
8. Make sure there are working nightlights at the top and bottom of all stairs.
9. Protect your home from frozen pipes. How to do this.
10. Test your emergency generator.

* info courtesty of The Home Warranty Group

What's Selling in Portland Today?

2009-10-19T15:16:00.000-07:00

Up to $299,999
September 2008 vs. September 2009 | Variance
Avg Sale Price: $222,000 | $210,000 | ‐5%
# Closed Sales: 795 | 931 | 17%
Avg Days on Market: 69 | 73 | 6%
Active Listings: 5535 homes on the market
Absorption Rate: 5.9 months' supply

$300,000‐499,999
September 2008 vs. September 2009 | Variance
Avg Sale Price: $379,000 | $377,000 | ‐1%
# Closed Sales: 474 | 401 | ‐15%
Avg Days on Market: 76 | 78 | 3%
Active Listings: 3295 homes on the market
Absorption Rate: 8.2 months' supply

$500,000‐699,999
September 2008 vs. September 2009 | Variance
Avg Sale Price: $581,000 | $585,000 | 1%
# Closed Sales: 91 | 79 | ‐13%
Avg Days on Market: 89 | 111 | 25%
Active Listings: 1137 homes on the market
Absorption Rate: 14.4 months' supply

$700,000+
September 2008 vs. September 2009 | Variance
Avg Sale Price: $1,017,000 | $1,115,000 | 10%
# Closed Sales: 57 | 49 | ‐14%
Avg Days on Market: 95 | 109 | 15%
Active Listings: 1194 homes on the market
Absorption Rate: 24.4 months' supply

Rates for this weekend are GREAT!

2009-10-09T10:08:00.000-07:00

Real Estate News: Sales Up, Tax Credit, Oregon's Senator and More

2009-10-02T16:37:00.000-07:00

Low rates, more sales.
Loan modifications and Washington: see how Oregon stands.
Mini Miami boom and overseas investors.
$8k tax credit specifics.

And more, check out specifics: realtytimes.com/

$8,000 Tax Credit....Get it While You Can!

2009-09-30T17:25:00.001-07:00

Rates are ... WOW...

2009-09-29T18:44:00.000-07:00

Today...the 30 year rates were 4.625%.

* courtesy of Director's Mortgage, Portland.

Today's Rates*

2009-09-28T18:09:00.000-07:00

Considering a refi while the rates are so good? Here are today's rates for an owner occupied, no cash out refinance.

5.0 % with 1 point
5.25 % with no points

We have great lenders we highly recommend, give us a call today and we will set you up with a stellar lender for all your mortgage needs.

* courtesy of Wells Fargo

Wilsonville Stats*

2009-09-24T13:27:00.001-07:00

This Week

The median list price in WILSONVILLE,
OR this week is $399,925. The 126
properties have been on the market
for an average of 133 days.

Inventory has been lightening lately
and the Market Action Index has been
trending up. Though days-on-market
is increasing, these are mildly positive
indications for the market.

Real-Time Market Profile
Median List Price $ 399,925
Average List Price $ 520,799
Asking Price Per Square Foot $ 177
Average Days on Market (DoM) 133
Inventory of Properties Listed 126
Most Expensive Listing $ 3,360,500
Least Expensive Listing $ 19,850
Percent of Properties with Price Decrease 43 %
Percent Relisted (reset DOM) 14 %
Median House Size (sq ft) 2443

Market Action 14.6
The Market Action Index answers the question "How's the Market?" By measuring the current rate of sale versus the amount of the inventory. Index above 30 implies a seller's advantage. Below 30, conditions give the advantage to the buyer.

Quartile Prices
In the quartile market segments, we see most of the market for this zip code showing price weakness lately. Notice however, that Quartile 4 at the low-end of the market is still on an up-trend. Often this condition happens in markets where demand has fallen (for example, due to micro-location variables) but supply is still relatively short. Buyers are focusing on the lowest price homes in the area.

* stats courtesy of Fidelity National Title

FHA in the news again...

2009-09-22T18:22:00.000-07:00

FHA Taking Steps to Ensure Taxpayer Money during Housing Crisis
(Washington, September 18, 2009)

The following is a statement by National Association of Realtors® President Charles McMillan:

“The Federal Housing Administration is playing a crucial role in providing mortgage financing to the housing market, as mortgage and banking systems have faced collapse. While FHA’s capital reserve ratio has declined, that is not surprising for an agency dealing in housing finance in today’s market, and there is no sign that a taxpayer bail-out will be required. FHA stands in contrast to entities in the private sector, including Fannie Mae, Freddie Mac and many large banks that have needed tens of billions of dollars in federal funds.

“Under the leadership of Commissioner Dave Stevens, FHA has announced timely steps to protect taxpayers: implementing credit policy changes to enhance risk management; hiring a chief risk officer for the first time in the agency’s history; shifting responsibility for mortgage brokers away from taxpayers to the lenders who use mortgage brokers; and modifying appraisal requirements including emphasizing appraiser independence and geographic competence.

“Declining home prices have forced many homeowners into underwater positions, regardless of lender or loan product. FHA is still solvent, has significant reserves and remains an essential tool for consumers.”

*courtesy of National Association of Realtors

Rates* for this weekend...

2009-09-18T09:57:00.000-07:00

Pending Home Sales on a Record Roll

2009-09-08T13:50:00.000-07:00

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said.

* courtesy of Landover Mortgage

Buy a home in Villebois...and lock at 4.5% for 30 years!

2009-09-04T14:06:00.000-07:00

You all know we are huge fans of this neighborhood in Wilsonville....but now, there's even more incentive to buy here.

Arbor Homes has teamed with Wells Fargo and -- for a short time -- is offering a 30-year, fixed rate of 4.5%. Yep, 4.5%.

But, that's not all, they are buying the rate down even further for the first two years. So, year one is locked at 3.5%, year two is also at 3.5% and years three - thirty are locked at 4.5%.

What a great time to buy a brand new home in Villebois! Give us a jingle today and we'll take you through the homes tomorrow.

Have a great holiday weekend!

New home sales up, up, up!

2009-08-29T11:11:00.000-07:00

Some new, and rather positive, sales information on new home sales….just one of the many areas of the market we look to in order to anticipate where the market is heading….this article, from CNN Money. Check it out….

New home sales blast past expectations

By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) -- Sales of newly constructed homes leaped unexpectedly in July to hit their highest level since last September.

New homes sold at an annualized rate of 433,000 during the month, according to a joint report issued by the Census Bureau and Department of Housing and Urban Development.

That far exceeded analysts' forecasts and was up 9.6% from the revised 395,000 rate recorded in June. A consensus of industry experts surveyed by Briefing.com had predicted July sales of 390,000.

The news followed other positive housing market reports earlier this month, including a spike in existing home sales, home prices and affordability.

"There are many economic conditions that led to the surge," said Bob Walters, chief economist for Quicken Loans. "But certainly low mortgage rates, huge price reductions on the high inventory of new builds, and the first-time homebuyer tax credit have been instrumental in getting consumers to take the plunge into the real estate pool of opportunity."

Plus, the psychology of the market is changing, according to Peter Morici, an economics professor at the University of Maryland. "The notion that prices will drift down forever is gone," he said. "Now people are thinking the window of opportunity will not be open forever."

"Home shoppers visiting builders' model homes are more likely to purchase than earlier in the year," added Brad Hunter, chief economist for Metrostudy, a real estate research and consulting firm.

They are also canceling fewer contracts. Of the 10 markets where Hunter examines cancellation rates, most are running at substantially lower levels. In Phoenix, for example, the cancellation rate lately has been about 4% compared with 7% late last year.

It certainly is an attractive market. The median price of a new home declined again last month to $210,100, down only slightly from June but off more than 11% from July 2008.

Latest Home Prices in Your City

The Housing Market Index, a measure of builder confidence calculated by the National Association of Homebuilders and Wells Fargo, inched up again this month to 18, its highest level in more than a year.

That's still low by normal standards: Anything below 50 indicates that more builders think business conditions are poor. And new sales, though rising, are still well below what they were last August, when they sold at a 520,000 annualized rate.

But the sales spike did help reduce the inventory: Available new homes dropped to 271,000 -- the lowest total in 16 years -- from 281,000 a month earlier. That's down to a healthier 7.5 month supply at the current rate of sales from 8.8 months in June.
Still, when factoring in existing homes for sale, inventory levels remain high, according to Mike Larson, real estate analyst for Weiss Research. He also pointed out that the continued influx of foreclosed properties over the next year or so will replenish supplies.

However, supply could creep back up at the end of the year. On Nov. 30, the $8,000 tax credit for first-time homebuyers is also set to expire. And experts worry that the brisk pace of sales will fall off if homebuyers are sidelined once the incentive disappears.

But for now, they are optimistimic."This [report] is clear evidence the dramatic cut back in housing starts, plus increasing consumer confidence and the targeted tax cut for first-time buyers, is restoring stability to the new home market," said Larson.

Rates for this weekend....

2009-08-28T11:00:00.001-07:00

Rates This Weekend

2009-08-22T10:10:00.001-07:00

Going to Auction to Buy a House

2009-08-18T20:00:00.000-07:00

Tomorrow is going to be an interesting day. Jaimy and I have a client who is interested in buying LOW. And I mean, reaaaaally low. Good idea, right? Right!

We've located a desirable bank-owned house that is going to be auctioned off. We're always looking for the best deals around, and have heard that you can get steep discounts on property sold at auction. We're going to go check it out and find out just how steep of a deal can be had.

Stay tuned for more details to follow....

Portland Real Estate At a Glance

2009-08-12T16:32:00.000-07:00

New Numbers Are Out

Closed sales in the Portland metro area for July 2009 eclipsed last July’s total by 8.6%, marking the first time same month closed sales have increased since April 2007. Pending sales also grew 8.3%. New listings dropped 25.4%.

The average sale price for July 2009 was down 15.2% compared to July 2008, while the median sale price declined 13.3%.

* All stats according to RMLS.

Rates for this weekend....

2009-07-31T12:39:00.000-07:00

What is a Short Sale?

2009-07-30T15:49:00.000-07:00

Today's real estate market is a far cry from what it was even just 24 months ago. Terms like REO, bank owned and short sale are the new norm. We've even heard comments like "flat is the new up" and the like.

So, when you're considering investing in real estate today, you'd better brush up on a few of these terms. You can start with a Google search, or you can call your local real estate agent. I prefer clients that do both. : )

Short Sale | If a seller owes more than his home is worth and is trying to "short sale" the property, it means he is selling it for less than he owes. When a lender or investor takes a loss on this property, it is up to that investor to allow the owner to sell for less. This is why short sales require "third party approval." The third party is the bank.

It is often thought that this term refers to the process.....nothing could be further from the truth, because the only thing short about a short sale is the money. These deals take a very long time to close. They often take much longer and have a greater chance of falling apart through the transaction than traditional equity sales. Although, recently, the Obama administration has been encouraging lenders to push these deals through faster...and have even started offering encentives to the lender and the seller on successful closings. It seems to be working. We see more of these deals actually close these days.

As always, feel free to call or email us with questions about the Portland real estate market. We look forward to helping you navigate through the whole process.

Market Stats

2009-07-15T14:59:00.000-07:00

Things are selling! Our current absorbtion rates (the number of months it takes for current listings to sell based on the number of closed sales per month) are way down, even from just 30 days ago.

Check it out.

Few Economists Favor More Stimulus....

2009-07-13T12:23:00.000-07:00

Here's where we stand in the current "to Stimulus or not to Stimulus" plan. What do you think???

Most economists believe the U.S. doesn't need another round of stimulus now despite expectations of continued severe job losses.*

Just eight of 51 economists in The Wall Street Journal's latest forecasting survey said more stimulus is necessary, suggesting an average of about $600 billion in additional spending. On average, the economists forecast an unemployment rate of at least 10% through next June, with a decline to 9.5% by December 2010.

"The mother of all jobless recoveries is coming down the pike," said Allen Sinai of Decision Economics. But he doesn't favor more stimulus now, saying "lags in monetary and fiscal policy actions" should be allowed to "work through the system."

That sentiment echoes what the Obama administration has said about the stimulus. While some top Democrats, such as Rep. Steny Hoyer, have said they are open to another round of stimulus, Rob Nabors, deputy director of the White House's budget office, said Wednesday that the administration isn't discussing a new package.

*details courtesy of Landover Mortgage

Housing Rebound Continues

2009-07-06T10:40:00.001-07:00

The Pending Home Sales Index, reported Wednesday by the National Association of Realtors (NAR), rose 0.1% during the month. The index was up 6.7% compared with May 2008. It was the first four-month run up in the pending sales measure since October 2004.

Just Listed!

2009-06-24T20:52:00.000-07:00

Check out the super cute home near Chehalem Glenn Golf Course in Newberg. Great value and amazing park location in this terrific DR Horton neighborhood. (Fore!)

a favorite designer...

2009-06-21T21:08:00.000-07:00

OK, for some seriously cute summer entertaining, check out the great ideas of Janell Beals....a fab designer, great neighbor and all-around super cool gal...

Right now she's offering a giveaway for a summer picnic or casual dinner party set that I am not-so-secretly hoping to win. You've got to check it out.

A Blog About Design
www.isabellaandmaxrooms.blogspot.com

Remember, these are the good 'ol days, time to enjoy them.

New Bill Could Extend $8000 Tax Credit To All Home Buyers

2009-06-18T15:55:00.001-07:00

New Bill Could Extend $8000 Tax Credit To All Home Buyers

Shared via AddThis

Evidence That US Housing Has Hit A Price Floor

2009-06-17T12:14:00.000-07:00

Here's a terrific article by Don Miller of Money Morning, on the current real estate market....and what's ahead.

If you are a real estate investor, one of the most important questions on your mind is when the housing market will hit bottom. According to Andrew Waite, publisher of Personal Real Estate Investor, some markets like the West Coast have already bottomed and will start swinging upward in the fall.

The U.S. housing market has been the epicenter of the global financial crisis. And many analysts believe that by watching it, investors will be able to better predict an economic recovery.

Unfortunately, because housing market data is an amalgam of a wide range of local markets, it is notoriously difficult to follow.

“It’s like a weatherman who combines conditions in Nome, Alaska and Clearwater, Florida and issues an “average” national forecast of 45 degrees,” says Andrew Waite, a former institutional investor who is now the publisher of a magazine focusing on real estate investing. “Real estate markets are by their very nature ‘hyper-local.’ Averages simply don’t apply.”

Waite is the publisher of the Personal Real Estate Investor, a magazine for investors who buy houses or condos to manage for income or to fix up and sell for a profit.

The housing market is too fractionalized to put a finger on an “average” price, Waite says. Real estate is segmented by individual neighborhoods, and is further subdivided by price points and such price-influencing factors as condition, cash flows - and even cap rates on rental properties.

To combat this problem Waite compiles and verifies data directly from records kept by local Multiple Listing Services. Using those sales records, Waite determines the supply inventory of major markets, giving him the hyper-local data that reveals a more complete picture of individual markets.

And according to Waite’s analysis’ the real estate rebound is already underway.

“The formula’s pretty simple,” he says. “As housing inventories shrink in real estate markets around the country, demand and prices go up.”

After examining the statistics for March, Waite sees a clear bottoming pattern, at least in some markets. If he’s right, the Western United States is already making a comeback and the ripples of resurgence will soon make their way to the Midwest and then to the East Coast.

What’s more, the improvement from year to year indicates the bottoming sequence will soon have prices on the rise.

Housing Markets in Western U.S. Have Already Bottomed

Remarkably, Waite’s research reveals the downtrodden Las Vegas housing market has already bottomed and is currently “balanced” between buyers and sellers. Housing markets in Seattle, Los Angeles, Phoenix and Denver are on the move too:

* Phoenix’s MLS housing inventory is 7.33 months, down from 19.1 months last year.
* Denver’s current inventory is 5.59 months, down 35% from a year ago.
* San Diego’s inventory stands at a paltry 4.19 months, down 58% from a year ago.
* And Las Vegas’ inventory stands at just 6.25 months, down a whopping 64% from an inventory of 17.5 months in 2008.

Waite sees the trend on the West Coast as a leading indicator that the worst is behind us.

In short, if you’re in one of those depressed markets where prices are still dropping, relief may well be on the way.

To see the rest of this story, go direcly to:

http://www.nuwireinvestor.com/articles/evidence-that-the-us-housing-market-has-bottomed-53030.aspx

Published on: Tuesday, June 02, 2009

Real Estate is Selling....

2009-06-10T14:32:00.000-07:00

Buyers and Sellers: Things are Moving, Don't Miss This Buying Season

Be sure not to miss the window of LOW rates, HIGH affordability and LOTS of inventory to choose from....see the chart below and compare it to just last month. As you can see, real estate is selling in the Portland market.

New Stats for May, Compared to April:

Prices up to $299,900 -- absoprtion rate is now 8.0 months' supply (down from 8.4)
Prices $300,000 to $499,999 -- absoprtion rate is now 10.0 months' supply (down from 11.4)
Prices $500,000 to $699,999 -- absoprtion rate is now 17.7 months' supply (down from 18.4)
Prices $700,000+ -- absoprtion rate is now 42.2 months' supply (down from 54.4)

Be a buyer in the best buyer's market in 35 years!

100% Loan Comes to Wilsonville and More!

2009-06-07T14:34:00.000-07:00

Great News for Buyers!

USDA Rural Development is adding Cornelius, Forest Grove, Wilsonville, Woodburn, Coos Bay, North Bend, Roseburg, and Klamath Falls to its eligible rural areas.

For more information, please go to:

http://www.rurdev.usda.gov/OR/sfh.htm

Oregon Leads Nation Out of Recession...

2009-06-05T13:19:00.000-07:00

...from a Moody's PNW Economic Prediction article just out...

Oregon, Washington and three other states will lead the nation out of recession as Northwest jobs growth resumes toward the end of this year, Moody's Economy.com predicts.

Strong high-tech industries will help propel the Northwest -- and Idaho and Colorado -- out of the slump first, the research company says. Texas will also join the first wave of U.S. jobs growth, fueled by its energy industries, Moody's says.

"We're optimistic about Washington, Oregon and some of the high-tech areas such as Colorado," says economist Andrew Gledhill of Moody's Economy.com. In the Northwest, he says, "We expect the first quarter of positive jobs growth to be in 2009, quarter four."

Gledhill predicts a second wave of jobs growth during the first quarter of 2010 in seven other states: Alabama, Georgia, Nebraska, New Mexico, North Carolina, North Dakota and South Dakota.

He predicts companies with pent-up demand for high-tech equipment will begin spending. He expects Northwest home sales to pick up due to lower prices and mortgage rates.

But the region's expanding labor force could continue driving high unemployment rates, Gledhill says. And lots could go wrong, he says, such as a drop in consumer spending as the boost from government stimulus weakens later this year.
-- Richard Read
Thanks to ER

NEW: Foreclosure Alternatives Program from Obama

2009-05-21T10:19:00.000-07:00

Obama Administration Announces
Financial Incentives and Uniform Process for Short Sales

Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure.

• Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.
• Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).
• Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.
• Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.
• Timeline. In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.
• Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.
• No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP.
• Program Expiration. The program is in effect through 2012.
• DIL Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

**Information courtesy of Coldwell Banker, Barbara Sue Seal Properties, Lake Oswego

What's Selling in Portland Today?

2009-05-18T17:19:00.000-07:00

Just Listed!

2009-04-27T10:16:00.000-07:00

Do You Know a Buyer for This Home? Check out our new listing in Villebois. This occupied rental home is an ideal investment or owner-occupied home in this popular community in Wilsonville. Call us today!

Market info from the lending side of things....

2009-04-18T10:57:00.000-07:00

Want to know what's going on in the loan department? Curious if you could get a loan for that dream home? Here is some recent information from a lender we highly recommend. See what she has to say about loan programs and the Portland real estate market. And feel free to call her to ask specific questions about your loan needs.

WORDS FROM THE LENDING SIDE | Good things are starting to really happen. My purchase applications have doubled the last couple of weeks, and peoples' attitudes really are more optimistic. I am seeing some amazing deals come across my desk. It is such a smoking market for buyers. We have great programs, the rates continue to stay very low ~ and prices are unreal.

GREAT NEW MINI-JUMBO LOAN | We at Directors, now have access to a new investor for this price point. These products will go up to $600,000 and have a rate today (4/17/09) of 5.5% on a 30-year fixed. This is a great niche, as jumbo rates continue to be quite high; as the secondary markets do not want anything to do with them. I am seeing a lot of properties that have been reduced to fit into this price point, that would otherwise only qualify for jumbo pricing. This investor has amazing customer service and their underwriting times are decent and guidelines fairly flexible. It is almost too good to be true, but I have closed a few files already that have gone very smoothly. Please let me know if I can answer any further questions about this loan product.

BUYING NOW | Now is the time to be a buyer, as there are so many wonderful opportunities. The FHA program still goes down to a 620 credit score and only requires a 3.5% down payment. For the rest of the year, the loan limit is $418,000 and the down payment on this program can be a gift from a relative, employer or taken from a 401k. FHA guidelines, pertaining to the properties are probably more liberal than they have been in many years. FHA no longer requires the seller to pay some of the costs, as used to be the case. FHA also does not have the tiered credit score pricing, that is in place on conforming loan.

APPRAISALS TODAY | Starting May 1st, there are going to be a lot of new rules impact the ordering of property appraisals. We do not know all the details yet, but do know that they will make a difference in our turn times. This is being put into place, to hopefully gain more consistency in appraisals. Another plus for FHA. They are not required to follow these new rules, as they are only for Fannie Mae and Freddie Mac loans. All good reasons to go FHA. This program is easy for buyer, seller and everyone involved. I am doing more FHA than I have done in the past 16 years.

Please let me know if you have any questions on any of the above. As always, I am available 24/7. Have a great weekend!

Tere Maurer
Senior Mortgage Banker
Directors Mortgage Inc.
Lake Oswego, Oregon
503.636.6000
www.directorsmortgage.net

Portland Among the Lowest in Foreclosures

2009-03-20T18:04:00.000-07:00

Check us out. Portland continues to be among the best in the real estate market -- here's how we measure up in foreclosures.

Forbes Names Portland 4th-Best Housing Market

2009-03-13T15:10:00.000-07:00

We know we love it here....now the secret may be out! Check out the recent article in the Oregonian...

Forbes names Portland 4th-best housing market
Sunday, March 08, 2009

Portland was named the fourth-best housing market in the country by Forbes magazine, based in part on the latest S&P Case-Schiller 20-city home price index, published monthly.

Case-Schiller examines monthly and year-over-year declines in home prices, price-drop momentum and repeat home sales, among other factors. It does not include new construction or foreclosures.

The five best housing markets, according to Forbes and in order, are New York; Washington, D.C.; Charlotte, N.C.; Portland; and San Diego. The five worst housing markets are Las Vegas, Phoenix, Detroit, Minneapolis and San Francisco.

FHA increases loan limits: As part of the federal recovery package, the Federal Housing Administration temporarily increased loan limits to make more families eligible for FHA-insured mortgages.

In most Oregon counties, the new loan limit is $271,050. In Portland, Vancouver and Clackamas, Columbia, Multnomah, Washington and Yamhill counties, the new limit is $418,750.

For more information, visit www.hud.gov.

HGTV seeks stars for show: HGTV's series "My First Place" is scouting Portland and surrounding areas to film first-time homebuyers as they go through the purchase process.

The show is looking for those who are just starting the home-buying process for their first home, have an interesting story, are willing to share personal and financial struggles with viewers, are looking to purchase within a 90-minute radius of Portland, and are hoping to close before fall 2009.

To be considered for the show, contact associate producer Sara Adams at sadams@highnoonentertainment.com.

Funding will help homeless: Federal funds recently received by the Rural Oregon Continuum of Care will help keep housing assistance and support services in place for homeless individuals and families in 23 Oregon counties.

Counties slated to receive portions of the $1.5 million allocation include Columbia and Yamhill counties. For a full list of awards, visit www.hud.gov.

The funding will enable agencies to move forward with strategies identified in Oregon's 10-Year Plan to End Homelessness, "A Home for Hope," posted at www.ehac.oregon.gov.

Economic Market Pulse: Real Estate Data

2009-03-07T09:58:00.000-08:00

According to chief economist Lawrence Yun, here's a recent look at the latest existing-home sales and pending home sales data from National Association of Realtors.

Sales Spark Up

Both existing-home sales and NAR’s forward-looking Pending Home Sales Index showed marked gains. EHS rose to 4.74 million units, up 6.5 percent from 4.45 million in November. Pending sales rose 6.3 percent, to a reading of 87.7 from 82.5 in November.

"Buyers appear to be responding to the drops in home prices and mortgage interest rates," says NAR Chief Economist Lawrence Yun.

December 2008 Existing-Home Sales: 4.74 Million (Seasonally adjusted annual rate, which is the actual rate of sales for the month, multiplied by 12 and adjusted for seasonal sales differences.)

December 2008 Pending Home Sales Index: 87.7 (The Pending Home Sales Index measures housing contract activity. An index of 100 is equal to the level of activity during 2001, the benchmark year.)

Market Optimism Gains

Practitioners’ expectations for sales activity over the next six months saw a rebound in January as low home prices helped drive up sales, particularly in the West. Expectations for buyer traffic and overall market activity increased, even as confidence remains low that more sellers will emerge.

For the rest of the story and visual graphs that put it into perspective, go to:
http://www.realtor.org/rmonews_and_commentary/economy/0903_marketpulse?id=573caa004cfffa0cabadeb8e2c9a76da&wcm_page.resetall=true&cache=none&contentcache=none&connectorcache=none&srv=page

Just Listed!

2009-03-06T13:53:00.001-08:00

This little charmer is in amazing condition. Ideal for first timers or investors, this home shines! Check out the jetted tub and new kitchen cabinets. Plus, the brand new landscaping makes it really stand out.

Call us today to see inside!

Call today, start investing for tomorrow.

Rent Vs Own

2009-03-05T12:38:00.000-08:00

Curious if now is a good time to jump into homeownership versus staying put in that rental of yours?

The cost of owning a home vs. renting is now below its 18-year average in many major U.S. markets.

For an excellent “Rent vs Buy” calculator, go to:
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html#

Mortgage Rates Nearing Record Lows

2009-03-05T12:18:00.000-08:00

According to Inman News:

 Loan applications up in latest survey

 The average rate on 30-year fixed-rate mortgages this week continued to fall to near the 5 percent mark, close to the record low seen a month ago, Freddie Mac said.

 In a separate report, the Mortgage Bankers Association said mortgage applications jumped 45.7 percent for the week ending Feb. 13 compared to the week before. The increase was largely driven by a 64.3 percent surge in applications for re-financings, but applications for purchase loans were also up a seasonally adjusted 9.1 percent.

 Freddie Mac's weekly Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage falling to 5.04 percent with an average of 0.7 point for the week ending Feb. 19, down from 5.16 percent the previous week and 6 percent a year ago.

 Since Freddie Mac began conducting the survey in 1971, the 30-year fixed-rate mortgage has never dipped below the 4.96 percent rate seen in mid-January.

(FRIDAY, FEBRUARY 20, 2009)

FHA, the Big Lender

2009-03-02T11:55:00.000-08:00

Did You Know That FHA Loans Represent a Huge (nearly 80% and growing) Percentage of Today's Loans?

Here's a little history on FHA and what you can expect from an FHA loan today....

FHA loans have been helping people become homeowners since 1934. How do they do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

* Low down payments
* Low closing costs
* Easy credit qualifying

Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties (note: anything that is 5 units or larger requires commercial lending, not residential).

Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.

Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?
You can include the costs of energy improvements into an FHA Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?
Yes, FHA has financing for mobile homes and factory-built housing. FHA has two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

Want more details?
Contact us today and we will put you in touch with a stellar lender who does FHA loans every day. And, as always, it's important to consult a loan officer or tax advisor for answers to your specific questions.

Plus, more information is available at: http://www.hud.gov

Contact us today, start investing for tomorrow.

All About the $8,000 First-Time Homebuyer Tax Credit

2009-02-27T11:15:00.000-08:00

Here are some frequently asked questions about the Home Buyer Tax Credit, and a link to loads of details.

As always, consult a tax advisor or a legal professional for your specific questions.

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.

Common Questions
* Who is eligible to claim the tax credit?
* What is the definition of a first-time home buyer?
* How is the amount of the tax credit determined?
* Are there any income limits for claiming the tax credit?
* What is "modified adjusted gross income"?
* If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
* How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
* How do I claim the tax credit? Do I need to complete a form or application?
* I read that the tax credit is "refundable." What does that mean?
* I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
* Is a tax credit the same as a tax deduction?
* I bought a home in 2008. Do I qualify for this credit?
* If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Answers
Go to: http://www.federalhousingtaxcredit.com/2009/faq.php

Why Buy Now? 14 Reasons Why Today is the Day to Buy Real Estate

2009-02-19T11:56:00.000-08:00

1. Falling Mortgage Rates
Mortgage rates are already at their lowest level in 50 years and banks are willing to lock these rates for the next 30 years!

2. Home Prices are Down
We know that no one can accurately predict house prices. What we DO know for SURE is right now, prices – relative to affordability – are the best they’ve been in DECADES. Is this your once-in-a-generation (or lifetime?) opportunity?

3. Housing Selection is Plentiful
The number of homes on the market continues to escalate. When paired with the exceptionally low interest rates of today, the motivation to buy increases. It’s a buyer’s market… take advantage of it while you can.

4. Current First-Time Home Buyer Tax Credit
Homes purchased after January 1, 2009 and before December 1, 2009 are eligible for a tax credit up to $8,000.

5. Tax Deductions with Home Ownership
Homeowners have the potential to deduct mortgage interest, interest on home equity financing, property taxes and more.

6. More Buying Power
With housing prices and interest rates hitting historical lows, you have the potential to buy property that might have been out of your range in years past.

7. Possibility to Buy in a Better Location
When the number of homes on the market continues to increase there are more AFFORDABLE, quality homes on the market – in desirable locations and all price ranges.

8. Pricing has rolled back to 2004
(When the market started to ROAR).

9. Huge Pent-Up demand...
Renters, its time to BEAT the market. If you have any wiggle room in a current or new lease, make your move now. Favorable renter conditions won’t last long and are predicted to start to drop as soon as the economy turns around.

10. Real Estate prices Today vs. Future Projections
They may currently be down 17%, but are projected to increase 21% over the next 3 years and 49.6% over the next 5 years. (Kiplinger)

11. Plunging Oil Prices
Today’s price per gallon (at 15,000 miles per year) is a savings of over $2,000.

12. Federal Reserve Action Plan
Simply Put — the Central Bank is pouring money into the system.

13. The Stimulus Plan
Just to name TWO possible programs:
Payroll tax deduction adding dollars to the economy.
$8,000 tax credit, no repay clause!

14. Build Your Future Now

New Homebuyers to Get $8,000 Back

2009-02-17T19:35:00.000-08:00

There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount.

To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first-time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit. Additionally, there are income restrictions:

To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (higher-income buyers may receive a partial credit.)

Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.

Home Buyer's $15,000 Tax Credit?

2009-02-10T15:13:00.000-08:00

Plus, we've had a few questions about the proposed $15,000 tax credit to home buyers.....

What we’ve heard is that the Senate approved to add to the proposed stimulus package a new tax credit that would give ALL home buyers (buying a primary, not just first-time buyers with the current $7,500 allowance) up to $15,000.

Proposed by Senator Isakson (R-Georgia) the tax credit would work like this: Buyers would get 10 percent of the purchase price of any primary home, up to $15,000, applied to their tax bill. Though the details remain to be finalized, the amendment would allow taxpayers to claim the credit on their 2008 taxes and will be recaptured if the home is sold within two years. The time frame for home purchases would be from the date of the stimulus’ enactment to one year thereafter.

The amendment verbiage can be found here: http://isakson.senate.gov/Amdt_106.pdf

Investor Alert: Another Reason to Buy Real Estate

2009-02-10T10:49:00.000-08:00

Well, even Fannie Mae is on board with helping investors pick up great deals in the real estate market today.

FNMA (conventional) announced that they will loosen up their non-owner occupied guidelines. Borrowers/investors will now be allowed to finance up to 10 properties! As a reminder, Fannie Mae had limited the total amount of financed homes to four during 2008 and the first part of 2009.

Moving from four mortgaged investment properties to up to 10 is quite a nice change for those investors out there that are chomping at the bit to get out and pick up more bank-owned and deeply discounted properties.

Nicely done Fannie Mae!

Want in on the best buyer's market in the last 34+ years? Call us today, start investing for tomorrow.

Timely News on the Stimulus Plan and the Housing Market

2009-02-05T16:42:00.000-08:00

Check out two recent articles on Obama's stimulus plan:

1. Grassley will support stimulus if mortgage amendment is included

Iowa Sen. Charles Grassley said Wednesday that he will vote for President Barack Obama’s $900-billion economic stimulus bill if an amendment providing low-interest mortgages is added.

“We have an alternative of 4 percent mortgages for 30 years, fixed,” Grassley said, adding: “If this is adopted, I will vote for it, regardless of what else is in the bill.”

Grassley has said the bill is too loaded down with long-term, wish-list spending. However, an emphasis on housing, like the 4 percent mortgage rate plan, would sway his vote.

Iowa’s senior senator has been targeted, along with handful of other Republican senators, by an ad campaign by a group of progressive and labor organizations asking voters to contact him to urge him to support the Obama plan.

The bill passed the U.S. House last week without a single Republican vote. It is currently being debated in the U.S. Senate.

“People at the grassroots see it as a lot of spending and not very much stimulus,” Grassley said. “Somebody thinks they’re fooling the people of this country with this package, but they aren’t.”

*Article by Jason Hancock 2/4/09 of The Iowa Independent

2. Senate approves $15,000 tax credit for homebuyers

WASHINGTON – The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama's recovery plan.

The tax break was approved without dissent and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider a reduction in the spending it contains.

"Let's not make the perfect the enemy of the essential," Obama said as Senate Republicans stepped up their criticism of the bill's spending and pressed for additional tax cuts and relief for homeowners. He warned that failure to act quickly "will turn crisis into a catastrophe and guarantee a longer recession."

Democratic leaders have pledged to have legislation ready for Obama's signature by the end of next week.

Sen. Johnny Isakson, R-Ga., who advanced the homebuyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.

Isakson's office said the proposal would cost the government an estimated $19 billion.

Democrats readily agreed to the proposal, although it may be changed or even deleted as the stimulus measure makes its way through Congress over the next 10 days or so.

*Article by DAVID ESPO, Associated Press Writer

Portland: Top Spot for Moves Nationwide

2009-02-04T09:40:00.000-08:00

It's No Secret, Portland is a Destination City

According to a recent article in the Portland Business Journal (Jan 14, 2009), Portland is the No. 5 destination for moves. So, it seems, the secret is out....our favorite city is fast-becoming a favorite to many.

Quite possibly the affordability factor comes into play. Many can still afford to purchase a home on their current Oregon wage. Add to that the natural beauty and close proximity to the coastline, Portland offers much more than affordable housing.

Know someone moving to the area? Have them contact us and we'll show them around this fair city, giving them a run-down on different areas and neighborhoods, so they can pick the best spot for their lifestyle.

Contact us today, start investing for tomorrow.

Q & A: What Makes a Good Upgrade in a Rental Property?

2009-01-30T16:20:00.000-08:00

We often get questions about rental properties. Here's a recent question sent to us by a client who currently lives in the property they plan to keep as a rental in the future:

Question: "I have planned to make some updates in our home. We did look at new homes that had updates like granite or granite tile counters and I am wondering if that would be a good upgrade to make if we plan to rent our home later?

I also am thinking of upgrading all of the facet fixtures in the kitchen and bathrooms and possibly changing out the plastic shower enclosure in the master bath with inexpensive tile. Are any of these worthwhile in your opinion? And would we get more rent with these upgrades?"

Answer: As for upgrades, there are a few items that will return to you more than others, but in different areas and for different reasons. If you plan to sell, then granite kitchen tiles, shower tile and new fixtures are a GREAT update to see a good return.

As for renting the home, while these items may make the place more attractive, they will not get you more rents. What they might do is allow you to rent it faster than, say, a plain-Jane place nearby.

The one thing I do caution anyone about is, if you plan to keep the home and rent it, then you have to consider the repair costs. If a granite tile breaks, it’s much more expensive to replace or repair than a ceramic tile or laminate surface.

So, depending on your timeline, let’s consider some goals:

• Do you plan to live in the home for at least 2 years before renting it out? If so, you may want to go ahead and do the upgrades for yourself, since it will be for you to enjoy as well.
• Do you plan to rent it out soon? Maybe in one year or less? Skip the fancy stuff, keep the upgrades simple…you will need to supply a fridge for the renter, and will want a "cushion fund" in case it takes some time to get the right person in. Plus, you'll have to pay for moving costs for yourself, so keep your money in your pocket for now.

Good for Rentals
One thing that is a good return, almost always, is a good quality, STRONG laminate flooring (for a rental, laminate over hardwoods since real wood tends to scratch more easily and is much more expensive). Laminate flooring is easy to keep clean (carpets can get THRASHED quickly in a rental) and easy to replace one board if needed. Plus, it appeals to a lot of people…so consider this type of upgrade before you think granite or other expensive, fancy finishes.

Have more questions for us regarding rental properties?
Please send your questions to: sherinebeltran@cbseal.com.

Rates at Record Lows

2009-01-26T12:15:00.000-08:00

Rates at a Glance

30 Year Conf Fixed
4.750% 1 point

FHA
5.00% 1 point

VA
5.00% 1 point

Jumbo
5.75% 600K 90% LTV

0% Down Rural
5.25% No MI 1 point

Just Sold!

2009-01-26T00:21:00.000-08:00

Check out these two Bank-Owned properties....our buyer's picked them up for far less than even the current market value dictates. We can help you do the same.

Just Listed!

2009-01-21T23:45:00.000-08:00

Tax Time Tips

2009-01-09T14:46:00.000-08:00

For those starting to gather your receipts from 2008, here are a few items you don't want to miss! Be sure to include whatever deductions work for you.

And, for those first-time homebuyers who closed escrow in 2008.....don't forget about your $7,500 first-time buyer tax credit!

What is a Good Real Estate Investment?

2009-01-04T13:29:00.000-08:00

As real estate investors, we get this question a lot. What is it about a home that makes it a good investment for a first-time landlord or a seasoned real estate investor? There are a few factors to consider, and it's actually a lot easier to figure out than you might think.

Start by answering some questions that will help you keep a house on your "short list" of good investments.

1. The Home's Appeal: is it a home that people would want to live in? Start thinking like a renter and consider a few main points.....does it have a good floor plan? Does it have easy access to schools, freeways, shopping etc? Does it have something extra special like a fabulous yard or a terrific view? If the answer is "yes" put the home on a short list to consider as an investment property.

2. The Financials: will the home rent for a good amount? Is it in an area of homes that perhaps sit in a desirable school disctrict or close to a major job source? If "yes" add it to the list.

3. The Deal: what is the home's list price? Is it far above the average home in the area? If so, it might not be a good one to consider. If it's priced fair or -- better yet -- under value for whatever reason, it should be added to the list.

Next, get in touch with a local real estate expert to find out what you can about the history of the home. Has it been foreclosed on? If so, there may be hidden costs like deferred maintenance that could cost thousands to fix. Or, perhaps the last owner was a contractor who added all sorts of great extra's that will add to the appeal of the home. It pays to do a bit of digging on the property itself before ruling it out -- or in.

Lastly, make an educated offer. Even in a buyer's market, there's a low-ball offer that will only offend the seller. The seller may dig in his heels, so to speak, and not even counter. It's imperative to offer a realistic price for the correct value of the home. And, if you've already done your homework, you know the place is a solid investment. So offer accordingly.

Some Portland Facts to Consider:
* Forbes cites Portland, Oregon as a favorable city for getting the most value for your homebuying dollar.
* Rents will continue to rise in 2009, by as much as 4% (according to NAR)

With interest rates hovering around 5% (4.875% as of today), home prices at highly affordable prices in many areas, and rents on the rise -- it's an optimal time to buy an investment property. We have our finger on the pulse of the local market and have a few "Best Buys" on our short list, we'd love to share these deals with you.

Call us today, start investing for tomorrow.

Happy New Year! News on Rates for 2009

2009-01-01T12:26:00.000-08:00

30-Year Fixed Rates, Still Dropping

Interest rates on 30-year fixed-rate loans continue to drop into uncharted territory, but a surge in refinancings appears to be leveling off, two surveys of lenders suggest.

Rates on 30-year fixed-rate mortgage (FRM) loans averaged 5.1 percent with an average 0.7 point for the week ending Dec. 31, down from 5.14 percent last week, Freddie Mac said today in releasing results of its Primary Mortgage Market Survey.

The 30-year FRM averaged 6.07 percent a year ago, and has never been lower in the 37 years Freddie Mac has been conducting the survey. The survey tracks conventional, conforming loans.

(According to Inman News)

Curious What You Could Refinance Into?

Call or email us and we'll put you in touch with a top-notch lender so you can take advanatge of these record lows. It's an amazing time to refi or purchase!

Want to Know About Buying Bank-Owned Foreclosures?

We're working with many investors and buyers who get the big picture and know this is the time to buy. Call us today if you're interested in tapping into this amazing buyer's market and we'll search out the best deals for your specific investment needs....we've got leads on multiple foreclosure properties around the Portland Metro area.

Call us today...start investing for tomorrow.

December Real Estate Market Action Statistics

2008-12-12T21:45:00.001-08:00

Statistics for November, released this month. Check out what's been going on in the local Portland real estate market.

Opportunity Knocks -- Especially in a Slow Economy

2008-12-01T20:17:00.000-08:00

Did you know that many times more wealth is built during slow economic times than during the years of flourish? It's true. Consider a few of these things and you might agree with us.....now's the time that opportunity is knocking....are you brave enough to make a move?

Even in a battered economy, there are things to be thankful for -- especially if you're opportunistic and bold. Here are a few:

Cheap real estate. The housing bust triggered the whole economic downturn, but sooner or later it will produce some juicy bargains. Nationally speaking, home prices have already fallen 21 percent from their 2006 peak --a dream home could be just around the corner.

Fire sales. Consumers can snag some of the lowest prices ever on many big-ticket purchases.

Desperate car dealers. Car sales have collapsed, and with unsold models piling up on dealer lots, even popular vehicles are on sale.
Undervalued stocks. If you have any cash left after the recent rout--and a dose of gumption--you might be able to buy stocks at the cheapest prices in a generation.

A return to simpler times. Americans are starting to take up retro habits that evoke moments from the past. Riding a bike, learning to cook and using hand-me-downs are also a greener alternative.

A lower tax bill. President-elect Barack Obama has proposed a slew of tax cuts for middle-class consumers, and, with the economy desperate for a boost, it could be one of his first orders of business after taking office in January.

So don't be "down" about a down market....take a look at the bright side and seize the moment to make some bold moves for the better. Buy your first investment property. Stock up on cheap stocks. Get a great deal on a car. Just don't be shy. The time is now.

Great News for Rates!

2008-11-25T18:23:00.000-08:00

So, some good news comes our way....one of our lenders' 30 year fixed conventional was down to 5.25% today. Yay!

Finally Treasury and the Fed have opened the door all the way. After fiddling with the credit crisis for months with drips and drops of help, the government has swung into high gear and likely will not let up until the problems of frozen credit are thawed and not just anticipated as Paulson and Bernanke have been expecting with each 'plan'.

This morning's announcement that the Fed will purchase as much as $600B in debt issued or backed by government-chartered housing-finance companies; and will also set up a $200 billion program to support consumer and small-business loans finally gets to the core of it. Banks are being strangled with mortgage delinquencies and bad debts on most loan programs. Up until now the government has resisted the obvious, get the junk off the books of banks. Defaults on single-family mortgages and construction loans continued to accelerate in the third quarter as banks and thrifts added $50B to loan loss reserves for the second consecutive quarter. After closing 22 banks this year, FDIC officials said the deposit insurance fund has declined to a 0.76% reserve level and the FDIC board will meet in December to consider a hike in insurance premiums. The FDIC's problem bank list has jumped to 171 institutions with $115.6 billion in assets, up from 117 institutions in second quarter.

A re-fi boom coming? Not out of the question if the momentary euphoria in MBSs holds. Not like the previous boom but good enough to generate increased volume. Not going to jump for joy yet but any possible positive news is very welcome in this environment.

*Stats and figures courtesy of Director's Mortgage, right here in Portland Oregon.

What is a buyer's market?

2008-11-21T19:24:00.000-08:00

The American Dream is On Sale

I've had people ask me what makes the current market a real buyer's market. It's more than just the opportunity to own your own home or investment property, it's about buying in the best buyer's market we've seen in 34+ years. It's true, go ask anyone who's been in real estate since the mid 1970's. Here are a few items that make NOW a great time to buy:

1. Inventory: it's like being a kid in a candy store. If you love real estate, this is an exciting time to be looking to purchase. There's a large amount of homes to choose from. Things take longer to sell, so you can take your time selecting the right place for you. Plus, with more to choose from, there's just more chance you'll get exactly what you want. Gone are the days of settling for a property simply because of a school district or zip code. Pick the right home for your unique lifestyle needs.

2. Rates: We all know that securing a mortgage is the way MOST of us still buy a home. So, wouldn't it make sense to borrow money at a low rate? Of course, you still get the benefit of a tax shelter at year end.

3. Slow sales = motivated sellers: The thing about sellers needing to sell is that it creates opportunities to buy at record lows, or to get additional benefits like a flat screen TV or stainless appliances thrown in to sweeten the deal. Now, Jaimy and I do not condone taking advantage of sellers who are in a bind. But, the truth is, there are some amazing deals out there. We see them every day! Call us, we'll be happy to show you the best deals in different neighborhoods all over the Portland metro area.

4. Ownership: Same reason your folks bought their first home, owning a piece of real estate is part of the American Dream. And folks, right now the American Dream is ON SALE. It's such an amazing time to buy at 4-8% under list price in some cases...while the Portland market as a whole is still appreciating, albeit in smaller percentages than we've enjoyed over the last 8 years. However, if you plan to own a home -- paint the walls, knock down a few, update the kitchen cabinetry, change out the light fixtures....all the fun stuff that comes with making a home your own -- then NOW is the time to buy.

I am not the only one doing so or saying so....even "The Donald" is buying up real estate left and right. So are foreign investors. Check the stats, many overseas buyers are coming over and buying up their own American Dream.

Did you know that down markets like this one often make people MORE money than flourishing ones? Yep, it's because the savvy buyers buy LOW and sell HIGH. Um....it's low right now. So buy!

(the humble opines of a freelance writer turned real estate broker...always real estate investor)

Portland Real Estate Market Statistics At-a-Glance

2008-11-18T16:59:00.000-08:00

Time to Vote!

2008-11-04T09:16:00.000-08:00

Whomever you opt to vote for...the time is now! It's election day 2008.

It's too late to mail in your ballot in Oregon. Drop yours off before 8 pm tonight. For details on where to take your ballot, you can go to KATU's web site:

http://www.katu.com/news/election/33727169.html

Way to exercise your right to vote!

Time Change Ahead, Fall Back....

2008-10-30T10:19:00.001-07:00

Just a friendly reminder to set your clocks back 1 hour:

Sunday, November 2, 2008 at 2 a.m.

Best wishes to you this beautiful fall season!

Existing Home Sales Rise on Increased Affordability*

2008-10-27T14:30:00.000-07:00

Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate¹ of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.

Lawrence Yun, NAR chief economist, said more markets are seeing year-over-year gains. “The sales turnaround which began in California several months ago is broadening now to Colorado, Kansas, Minnesota, Missouri and Rhode Island,” he said. “The South was hampered by much lower home sales in Houston in the aftermath of Hurricane Ike.”

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said. “Credit tightened at the end of September, but the improvement demonstrates that buyers who’ve been on the sidelines want to get into the market to make a long-term investment in their future.”

If you woner how this market could benefit you as a buyer, give Jaimy and Sherine a call today. We can help you find a terrific deal in Portland, one of the countries' best real estate markets.

*Article courtesy of Landover Mortgage.

Keep Your Heating Bills Down and Your Home Values Up This Winter

2008-10-23T09:18:00.000-07:00

These simple tips for home maintenance mean your home is kept in tip-top shape -- ideal for those considering selling next Spring.

Plus, by winterizing early, you can cut on your heating bills through the chilly Northwest winter.

Rates and Market Updates

2008-10-20T15:04:00.001-07:00

"As noted this morning, investors should be getting interested in mortgages now; today saw strong buying in mortgages and narrowing the spread between the 10 yr note note that had expanded to 290 basis points, against the norm of about 150 basis points. Treasuries were better today but not nearly as strong in price gains as the mortgage market. Investors have to begin to see value in mortgages which are now as about as safe as treasuries (the only small fly is delay in re-cooping interest and principal payments in foreclosure action). Normal MBSs have yields about 40% higher than 10 yr notes."

From our partners at Director's Mortgage, Portland Oregon.