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Morning Coffee

Monday, February 9, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

Everyone says it differently, but the message is the same.
Here are three oft-quoted thoughts on "thinking":

"You are what you think about all day long."
"Your life is what your thoughts make of it."
"As you think, so shall you be."

THINK!

What is a thought? Scientifically speaking, it is nothing more than a random electrical impulse in the brain. If you are relaxing, not focusing on any particular thoughts, your brain continues to fire off those random impulses which, in turn, are triggering random, unfocused thoughts - like the itch on your arm, how hummingbirds fly, or your Aunt Ellen's new car.

What's interesting is that everything in sight of you right now is the result of someone's focused thoughts. The computer screen, the window nearby, and the chair in which you are sitting came into existence as the result of a single focused thought. Henry Ford thought about a V-8 engine for his cars, and then insisted that his engineers create it. Jonas Sauk thought about eliminating polio - and did.

Whether you choose to focus your thoughts or not, your day will be filled with them. They just don't stop. But wait - there's an "Aha!" or a "Voila!" in here for you. Just think of the possibilities when you realize the power of thought - and put it to work for you. The amazing thing about thoughts is that you have complete control over them. You either put these electrical impulses to work for you through focused attention - or they happen anyway, but in a random, impotent manner akin to a static electrical discharge.

Everything tangible in our world today was created by an action, preceded by someone's thought - from a straight pin to a Pentium processor, from a blight-free American chestnut tree to your garage-door opener. So - what thoughts will you be having today?

They don't have to be life-changing or global in scope to make your personal world better. They need only be focused. Just remember, you control your thoughts - and their possibilities are endless.

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Mt. Hood Market Lags National Trends

Thursday, February 5, 2009
by Liz Warren

The Mt. Hood real estate market has always lagged national trends. The Portland metro market survived 2007 fairly well and in 2008 the trend hit the metro area and has since, as the stock market declined and job losses increased, has slowed substantially.

Zillow.com a popular data mongering site tells us prices declined another 11.6% nationally last year. Some parts of California and Florida have seen price declines of 50% or more! The 4th quarter of 2008 equaled the losses of all of 2007! Sources tell us the peak to trough, which have not hit yet but predictions are that it will be in the 4th quarter of 2009, our national values will have declined around 36 to 40%! Peak market hit in 2006 and we are edging towards the bottom we hope.

Did you know that approximately 20% of home sales last year were foreclosures? Markets which had the greatest run ups are of course having the greatest declines- Bend, Or. Stockton, Calif., Las Vegas, Nv. The Stockton market will have a peak to trough decline of around 67%!

Market conditions are local. The majority of our local market is second homes. We could see a longer recovery and bottoming in our market because of the lag time we always experience. We were last to the party and probably the last to leave making me believe we may be pushed into 2010 for stabilization. The stimulus package may help us climb out of this excessive inventory situation sooner than later though! In general the Portland homeowner equities are large and therefore they may have a quicker stabilizing than other large metro areas. Unemployment numbers may keep us behind though.

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$15,000 Possible Tax Break for Home Buyers!

Thursday, February 5, 2009
by Liz Warren

Wow! Is this really happening? There's a possible $15,000 tax break for home buyers in the new stimulus package and the Senate has oked it at this point. Current law gives a $7500 tax incentive for first time home buyers but this new proposal would allow a tax credit of 10 percent of the value of new or existing residences, with  a $15,000 limit.

This pending bill will help get the foreclosure and swelling inventory of homes off the market and will help stabilize home prices. Congress will make their decision in about ten days on this bill so stay tuned.

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Mt. Hood National Forest Gets Repair Funding for Roads and Trails

Wednesday, February 4, 2009
by Liz Warren

There's some great news for local users of the Mt. Hood National Forest roads and trails. Funding has been approved for many projects to fix roads and trails that have been heavily damaged from the 2006 flooding and storms over the past couple of years. A total of $961,840 in emergency funding is headed our way according to Forest spokesperson Rick Acosta. Contracts will be awarded in September.

Some of the projects most important to our side of the mountain include:

Road repair to the popular Romona Falls and campgrounds near Ramona Falls.

A horse and hiking bridge on the Pacific Crest Trail.

The bike and horse trails using a stringer bridge at the Dog River crossing and fill will be brought into the historic Barlow Trail that has washed away sections.

The most expensive repair will be a suspension bridge at the Eliot Crossing on the Timberline Trail.

Around 4.5 million people visit the Mt. Hood National Forest each year so it will be great to have our resources back in use in the not too distant future for visitors to enjoy!

 

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Rates Went Up?

Wednesday, February 4, 2009
by Liz Warren

Why did interest rates pop up a quarter of a percent the past week? We were floating along at around 5% and now we are around 5.25% for a 30 year fixed.

It's the refis.

Rates went low and everyone rushed in to refi their home to take advantage of the low rates. So many lenders had let their staff go that now the system has clogged up and it may take three weeks to a month to get back to normal. Rates were raised to slow down the process and get rid of the clog.

Once the clog is gone we are hoping rates will drop back down again to the 5% 30 year fixed level. Keep your fingers crossed.

As I mentioned in a prior post, many of the current homeowners trying to get refianced will be disappointed by higher lending standards and lower home values.

I ran into a client recently who told me was in the middle of a refinance. They were charging him $400 for an appraisal and his value came in $50,000 less than his county tax value. He was shocked at the value of the appraisal.

Another client told me their refinance came back several times with additional conditions for the refinance. First a 'patched' roof was required, then a new roof was required before they would lend the money.

Lending has DRASTICALLY changed from just a year ago putting a new twist to all transactions that require lending- which are most of our sales. 

I am trying to keep up with all of the changes through classes and continuing education but there are surprises around every bend. 

If you have  questions about refis or new loans, give me a call. If I can't answer your question I can put you in touch with the right resource who can.

 

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Morning Coffee

Monday, February 2, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Houses reveal character."

~ Gilbert Highet

IF I WAS A CARPENTER!

A story, written by an unknown author goes like this:

An elderly carpenter was ready to retire. He told his employer-contractor of his plans to leave the house building business and live a more leisurely life with his wife and family. He would miss the paycheck, but he needed to retire. They could get by.

The contractor was sorry to see his good worker go and asked if he would build just one more house as a personal favor. The carpenter said yes, but in time it was easy to see that his heart was not in his work. He resorted to shoddy workmanship and used inferior materials. It was an unfortunate way to end his career.

When the carpenter finished his work and the builder came to inspect the house, the contractor handed the front-door key to the carpenter. "This is YOUR house - my gift to you," he said.

Life is no different. Each of us is given lumber, a hammer, some nails, and a saw - but no instructions or blueprint for our lives. If we ignore a bent nail here, a split board there, and a wall out of plumb, we may find ourselves living in a ramshackle cabin where a beautiful home might have stood. Then we step back for a good look and recognize that we were the carpenter in charge.

Build your home with pride. Use the right tools. Get the education you need. Learn from a master. Take no shortcuts. Finish it with your finest touch. Remember - the plaque on the wall says, "Life is a do-it-yourself project."

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Government Camp Condo Sales

Saturday, January 31, 2009
by Liz Warren

Many condos have hit the market in Government Camp with a total of twenty one currently for sale. This is a lavish amount of inventory to choose from! The majority offered are in the Collins Lake complex. This was the flagship project that spurred the Government Camp revitalization project into orbit and offered a massive amount of pent up demand for Government Camp affordable and "easy to use" units. Prior to this project there was few single family homes for sale and minimal condos on the market in Barlow Pass West, Edelweiss, Golden Poles, Thunderhead and Sno Bird Village. These were all small scale units compared to the newer Collins Lake project.

Multiple listing service of Portland shows one sale over the past three months for Condo units. This one was in Edelweiss in the heart of Government Camp and sold for $310,000.

If a condo is on your to do list this year, it's an excellent time to take advantage of low interest rates!

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What about the Jumbos?

Friday, January 30, 2009
by Liz Warren

Jumbo loans are for properties which have loans greater than $417,000 in Clackamas County. Over the last several years many homeowners have purchased homes in Government Camp, Welches and Rhododendron with these types of loans. Jumbo loans are huge in California and Washington where home values are substantially higher near metro areas and can go over $700,000.

According to Inside Mortgage Finance, a trade publication, between 2002 and 2006 banks originated $557 billion dollars a year in jumbo loans.  A mortgage data firm reports that 6.9% of prime jumbo loans were 90 days delinquent in December 2008. As we see continuing job losses across the board, savings continuing to get depleated, and continued softening of the real estate market, I suspect the tax payer will get stuck with these properties as they get foreclosed on. This in turn will push prices down further as the higher end price range dwindles lower.

Homes that may qualify for jumbo loans on the mountain (Homes priced over $450,000) are at 27% of the current inventory. In Sandy the homes for sale over $450,000 make up 18% of their inventory.

We will have to see how this story unfolds and if the Feds take any action to help these jumbo loan holders. Many who are trying to refinance are finding that their homes do not meet appraisal values or they do not qualify any longer with revised lending practices!

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Months of Inventory

Tuesday, January 27, 2009
by Liz Warren

I keep bringing up what a super opportunity the mountain is offering in choice of inventory and interest rates and believe it or not, the entire market has a 52 month supply of homes for sale as of the end of December. If no other homes came on the market as of Januray 1st it would take 52 months to sell every home listed for sale! That is over a four year supply of homes.

I have never seen such a supply of homes  to choose from in Welches, Rhododendron or Government Camp! This is the perfect tsunami to purchase a primary, secondary or investment property that I have ever seen in 25 years.

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Clear Hills Condo at the Resort at the Mountain

Monday, January 26, 2009
by Liz Warren

Rarely available, this Clear Hills Condo unit in Welches has a million dollar view of Welches Valley with surrounding hills and the golf course! The condo features a huge living room fireplace, two bedrooms and two baths. Spacious with over 1300 square feet of living space too. The living room, dining room, kitchen and master bedroom all have spectacular views.

$225,000

 

The unit comes mostly furnished and includes an exterior storage area and carport. There's plenty of parking for your friends. It's an easy walk to the proshop for 27 holes of golf. Enjoy the top rated restaurants at the Resort at the Mountain!

If you are a skier or hiker, you'll enjoy the Mt. Hood National Forest out your back door nearly. Only 15 minutes to premium ski areas and year round skiing at Timberline.

Take a tour here

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Displaying blog entries 1691-1700 of 1876

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