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Displaying blog entries 1621-1630 of 1876

FHA 203K loans on Mt. Hood

Wednesday, May 13, 2009
by Liz Warren

Home renovations can be daunting, but financing them doesn’t need to be. Homebuyers considering a fixer-upper and homeowners thinking about doing major rehab work might want to consider an FHA 203K loan.

Often called rehab or renovation loans

, 203K loans differ from traditional mortgage loans. Buyers who want to purchase a home in need of repair usually have to secure a loan to buy the property, get additional financing to complete the renovation and then get a permanent mortgage to pay off the interim loans. 203K loans, however, are made based on the after-repair value and include an escrow account, in which the money is dispersed in draws as the necessary renovations are being completed.

Renovation loans can be used in three ways: to purchase an existing home (and the land attached to it) and renovate it; to pay off existing debt on a current residence and renovate it; or to purchase an existing property and move it to a new piece of land. The types of improvements allowed on 203K loans are extensive — painting, room additions, decks, bathroom and kitchen remodels, and even going green. Luxury items and improvements are generally not eligible.

 

Homebuyers need to work closely with their REALTOR®  as well as a contractor to get a detailed statement about the extent and general cost of the rehab work and the expected market value of the property after the completion of the work. After finding a HUD-approved lender — not all banks administer these loans — and inspections and appraisals, the work can begin. For more information, go to www.hud.gov .

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Mt. Hood Mud Rooms

Wednesday, May 13, 2009
by Liz Warren

The benefits of a Mt. Hood mud room are big! The word “mud” might not sound inviting, but a mudroom can actually be a welcoming — and useful — space, especially if you live in Government Camp or the Rhododendron and Welches area.  Mudrooms, which serve as a transition between the outdoors and the inside of a home, are traditionally found in cold, snowy climates as a place to change out of wet clothes and shoes. But, whether large or small, they’re ideal for houses in any climate. They can minimize cleaning (no tracking dirt through the house-especially those pesky pine needles), maximize storage and help with organization. Whether you already have a mudroom or are thinking about creating one, consider:

    Location. Off the kitchen or near the back door are the most popular locations for mudrooms, but garages and utility closets are also prime spots.

    Flooring. This is the one place in the house where the floors are supposed to get dirty. Choose a durable, non-slip material — tile, stone, vinyl, laminate, concrete — in a dark color. And be sure to include a few doormats: a fiber or rubber mat to clean off shoes and an absorbent, washable rug to keep dirt from getting tracked in.

    Walls. Surely they will get dinged and scratched and splashed, so choose coverings wisely. Vinyl wallpaper or an easy-to-clean, moisture-proof paint should do the trick.

    Seating. Although you likely won’t be spending too much time in your mudroom, a place to sit is key. A sturdy chair or bench is useful for removing wet shoes or boots.

    Storage. Choose organizing accessories based on the main purpose of the space and who uses it most. If it functions mainly as a staging area for adults, be sure to prominently feature coat and key hooks, as well as a place to sort mail. If kids are the main focus, include labeled storage bins and designated areas for backpacks and after-school activity gear, such as sporting goods. No matter how the room is used, it’s a good idea to include plenty of shelving and racks for shoes.

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Foreclosures and Short Sales Headline First Quarter Sales

Wednesday, May 13, 2009
by Liz Warren

The National Association of Realtor's recent reports for the first quarter of 2009 are not too thrilling.

The first quarter showed a national decline of around 10.7% but from a year ago we are down 29% in Oregon.

Here is the median sale price chart:

Median sale prices are down around 13% from first quarter 2008.

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Morning Coffee

Monday, May 11, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Between stimulus and response, there is a space.
In that space lies our freedom and power to choose our
response. In our response lies our growth and our freedom."
~ Stephen Covey

WHEN THE WIND BLOWS!

From the book "Wellsprings of Wisdom" comes this story:

A sturdy but diffident young man asked a farmer for a job as a farm hand. "What can you do?" inquired the farmer. "I can do whatever needs to be done, and I can sleep when the wind blows," replied the applicant. Although mystified by the phrase "sleep when the wind blows," the farmer did not press the question but hired the young man.

Some nights later a violent storm awoke the farmer. He got up and tried unsuccessfully to arouse the farm hand, then with considerable annoyance went out himself to see if all was well. He found the barn locked, the chicken coop properly closed up, a wagonload of hay covered with a tarpaulin that was securely battened down, and all else in a condition of safety from the elements. Then the farmer realized what his new farm hand meant when he said, "I can sleep when the wind blows."

Think how often the storms of life give us a wakeup call. How many times have those storms caught us with our guard down and our barn unlocked? The hired hand knew that simple precautions practiced on a daily basis could render impotent the howling winds of uncertainty in life.

Stephen Covey, in his "Seven Habits," talks about being proactive - heading off problems before they arise. While the hired hand never read the book, he understood the practice of closing up the chicken coop every evening. So, how are YOU sleeping when the wind blows?

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Mt. Hood Home Maintenance

Saturday, May 9, 2009
by Liz Warren

Here are five home maintenance issues you want to pay attention to in order to keep your home in great shape. These five items come direct from Consumer Reports.

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Eye Opener

Wednesday, May 6, 2009
by Liz Warren

Yahoo Finance had a reportfrom Zillow and it's a big eye opener. Unlike the Case-Shiller Home Price Indices that use 20 metro areas, Zillow takes a wider swipe and uses a much greater pool of data with 160 plus metro areas. Here are some of the highlights of the article.

Around 20% of homeowners in the US. owe more than the current market value of their homes. 

Over the past twelve months,  20.4% of home sales were foreclosures and nearly 12% were short sales.

Home values declined from 3rd quarter 08 to first quarter 09 by 3%.

From one year ago values have dropped 14% in the entire US.

Many areas have seen a 50% or more drop over the past five years such as areas of Florida, Phoenix, Stockton and Modesto.

Over the past five years 85 of 161 metro areas have seen no change or negative values from 2004.

About one third of potential sellers will place their homes on the market if they see any sign of an improved market for real estate.

If this one third place their homes on the market, naturally, that will extend the recovery and continue to supress prices.

To sell in today's market you must be agressive and realistic in pricing your property to sell.

If you need to sell today, give me a call for market knowledge and an agressive marketing plan.

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Will FHA loans be the next sub-prime?

Tuesday, May 5, 2009
by Liz Warren

Could it be that FHA and USDA loans will create the next sub-prime loan mess? Both of these loans are 100% government backed and guaranteed.

Currently, nearly one in three of all new mortgages are FHA and in Oregon, where 99% of homes qualify for the USDA loan, according to a seminar I went to with their representative, it looks a bit scary. Why does it look scary to me, well, FHA and USDA loans have very low downpayments and high risk borrowers.

One source, the Mortgage Bankers Association, tells us that 7.5% of new FHA loans are in serious delinquency. Serious Delinquency means the mortgage is at a minimum three months over due. One in eight FHA loans are delinquent-recently missed a payment. this is about three times the rate for conventional loans.

What does this mean? Hopefully, not another government bail out down the road. There's no doubt about it, buyers need loans to purchase homes but not at the expense of creating yet another problem!

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Government Camp Multorpor Overpass Celebration

Monday, May 4, 2009
by Liz Warren

May 13 at 3:00 pm. the Clackamas County Board of Commisssioners will be celebrating the new over pass in Government Camp. This project was accomplished by the Government Camp Village Revitalization District. The celebration will take place on the North side of the Multorpor overpass.

The artwork is amazing on the bridge. Many panels were done by blacksmith Darryl Nelson. The new bridge notonly provides a backdrop of art but increases the access over to Multorpor which was badly needed with a dated narrow overpass.

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Morning Coffee

Monday, May 4, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"A candle loses none of its light by lighting another candle."

~ Unknown

SHARE AND SHARE ALIKE!

Ever notice how those around you sometimes keep their best ideas to themselves? Perhaps it's you who calls for information from a supplier about a hot new prospecting idea . . . and asks that the information be mailed to your home so others in the office won't see it. Even if the shoe fits, you're not alone and won't be condemned for not sharing.

On the other hand, have you noticed how those who are most successful rarely mind sharing and teaching others their best moves? It's like lighting a candle. Those who are comfortable with their own success rarely feel threatened if they light someone else's candle. They know they will lose none of their own shining light by igniting the candle of opportunity for someone else.

How is candle-lighting best accomplished? First, it takes an understanding of your own strengths. Perhaps you're blessed with a beautiful smile and a never-ending supply of good attitude. If so, the candle you light for others may be words of hope and encouragement. Maybe time management and efficiency in your work ethic are your forte. If so, be a teacher and mentor to those who are not so focused.

The list of possibilities is long, but you probably get the point. Give your strength to others with no thought of reward. Do it every day. The simple candle you carry, when shared, may turn another's life into a multi-colored roman candle of health, happiness . . . and success.

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Moving Numbers Are Down

Friday, May 1, 2009
by Liz Warren

According to the U.S. Censes Bureau the number of people moving from 2007 to 2008 declined to 11.9%. This is the lowest rate since they began keeping records in 1948.

Most movers were in the South and in the West.

Stats for 2008:

65% moved within the same county

18% moved to a different county within the same state

13% moved to a different state

3% moved to the U.S. from abroad

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Displaying blog entries 1621-1630 of 1876

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