Displaying blog entries 61-70 of 85
Here are the top five pricing considerations for today's market and selling your property.
1. Increased Inventory
2,Increased Mortgage Rates
3.Increased Mortgage Restrictions
4. Increased Vacancy Rates
5. Increased foreclosures
(cutesy of Steve Harney)
The mortgage industry is not in chaos and there is plenty of money available to loan. The industry has changed though. To summarize some of the changes, and there are a few, here is a bullet list of some items for consideration when searching for a new loan and for understanding what is different since last year.
*161 lenders have closed their doors since 2006
*Underwriting standards are stricter than ever
*Credit scores less than 620 with little money down are not eligible for subprime loans
*Buyers are turning to FHA and VA loans to get 97% and 100% loans at reasonable rates
*Non-profit down-payment assistance programs are gone
*It's very tough to do a 1st and 2nd mortgage to finance a 90-95% loan of the sales price
*Jumbo loans (over $417,000) are now quoted at 7.5% or more depending on the borrower and their down-payment
*Jumbo loans often require two appraisals-one by the lender and one by the investor
*Lenders are very cautious about fraud these days
Lenders are searching for risk reduction. and scrutinizing loans heavily which have low FICO scores (credit scores), stated income borrowers, low down-payments, and high dept to income ratios.
I would highly recommend you search for an experienced mortgage broker if you're looking for a first mortgage or refinance!
As we head into fall, here are a few tips to keep your property in tip top condition, Courtesy of Amos Home Inspections:
Winterize exterior faucets.
Check caulking around doors and windows. Repair or replace, if necessary.
Check for cracks and openings in exterior siding, fill with caulk, if necessary.
Check exterior siding and trim for peeling paint or exposed wood. Prep and paint, if necessary.
Clean leaves and tree debris from gutters and downspouts.
Trim vegetation away from house and roof.
Drain or maritally drain water heater. Follow manufacturer's recommendation.
Check furnace filters, repair or replace, if necessary.
Despite the doom and gloom of the media drums, the mountain market currently has 21 pending sales!
Under $200,000 8 pending
$200,000 to $300,000 4 pending
$300,000 to $500,000 9 pending
These numbers include three forest service cabins and two properties in Government Camp. Forest cabin invenotry is down to three properties listed so if you want a cabin for skiing this winter, now is the time to buy.
And for my shameless plug: This forest service cabin is on the market right now at $109,500!
Call me today for details! 503-705-3090
Three musical events and festivals are heading to the mountain next weekend!
September 14 through 16th
First is the Festival of the Forest held at Wildwood Park right off Hiway 26. This event will be held September 15th and 16th. This event celebrates Mt. Hood’s culture, arts & forest. Over 12 hours of live music, food, beer garden, booth with activities & crafts, art contest and forest activities for the whole family. Don’t miss the 20 year musical reunion of legendary Portland nightclub The Last Hurrah. We are talking some great Portland bands such as Burnside Bombers – Bob Voll & the Too Loose Trio - Cowboy Angels - Hank Rasco - Hurrman Burrman – Jeff Lorber – Marlon McClain - Jack McMahon - John Bunzow – Jon Koonce (of the Distractions) & One More Mile - Lone Coyote Club - NuShoozOrchestra - Thin Man
Trigger's Revenge - Billy Rancher's Unreal Gods - Wheatfield
Lineup Subject to Change
Hit this link for details: http://www.mthood.info/forestfest/
This year is the first annual 3900 Foot Festival event on September 14th and 15th. The event will take place over Friday and Saturday at Mt. Hood Skibowl East (Multorpor) on two outdoor stages. The goal of the festival is to feature the best of independent music in the West, and make it accessible to everyone--families, kids, teenagers, and others, as well as to celebrate our beautiful natural resources at Mt. Hood. Details are listed at this link. http://theunionrecords.net/index.php
The third event: Spirit on the Mountain Christian music festival on September 15th at the Mt. Hood RV Village. This event features 14 well knows Christian bands and details can be found at this link: www.spiritonthemountain.com
Here's a new home on the market that will knock your socks off!
Take a tour of this great home in Timberline Rim: It's only $279,500 and the list of bells and whistles will fill this page http://www.visualtour.com/show.asp?T=1169901
Living the Good Life! This is it! Lots of remodeling and incredible space in this charming home with newer 800 sq. ft. addition! Three bedrooms, 2.5 baths with vaulted ceilings, newer floor coverings throughout, woodstove, new trex decking for the huge outdoor entertainers deck, hot tub, great shop.
Let the light shine in your main living area. There's windows galore and skylights too. A woodstove with hearth warms the kitchen and dining area. An open livingroom/ family room area is perfect for large groups and the french doors to the deck make this an fabuous home for entertaining. The fullly fenced yard is perfect for pets and kids.
I love the open kitchen area and breakfast bar. The new appliances really make the kitchen a delight for cooking.
The new 800 sq. ft addition has added a knotty pine master bedroom with a custom walk in closet, an open loft, storage closet and full bath.
Amenities in the area include a pool, tennis court, lodge, trails to the Sandy River and picnic areas right on the river. For outdoor enthusiasts, you'll love the 15 minute drive to skiing and a 27 hole resort golf course is nearby. The Mt. Hood National Forest surrounds the area giving access to thousands of miles of hiking and mountain biking trails.
Life is Good!
Ok folks, if you are an info junkie you will enjoy the University of Portland's quarterly report for real estate. Hit the link below to download the report by pdf file. It includes quite a bit of info on the Oregon economy, Not only does this report cover residential and commercial properties, it comments on the apartment market and downtown condos. No, it is not specific to the mountain market but....since many of our sales are second homes the general implications are broader and ripple out to the second home market.
The summer selling season has started a bit slower this year. Kick off typically surfaces right around the 4th of July but things are different this year with fewer pending sales and less inquiries for properties.
The past six and a half months leave 18 pending sales still not closed at this point in the year. Of that 18, around 12 sales pending are under the $300,000 range. Last month's market statistics showed a 44% decrease in sales from a year ago May. I anticipate this number will increase after June's numbers come out to press.
Last year when other areas of the country were singing the blues the Northwest held steady in sales. I am finding we are finally feeling what the rest of the country has been experiencing, although not as severe, but a year later.
Increased inventory, great interest rates and motivated sellers make for a great playing ground to purchase right now!
Here's a brief update on the market statistics from multiple listings service on the mountain activity. Fifteen residential sales and one Condo unit sold for a total of 16 sales. Pending sales are down 44% from 2006!
Ever dream of living in a log home? This charming log home sits in a peaceful, quiet location in Sandy on 3.29 creekfront acres. It's a highly desireable neighborhood that is close in yet a country feel. The setting is parklike with a huge lawn area and lots of trees with a short path down to the year round "kid friendly" creek. Four spacious bedrooms gives plenty of room to spread out. The covered porch entry is charming. High vaulted ceilings and a brand new skylight make the living room a favorite place to lounge. Hardwood floors and a gourmet kitchen that's open to the dining room area make this a great place for entertaining or just visiting with friends and family as you make some homecooked meals.
There's lots to do at this property! Send the kids out to play on the lawn, have tea parties in the playhouse, climb trees or explore the woods by the creek. This is a paradise for youngsters! The home is located at the beginning of a dead end paved road with little traffic....another great benefit of this location.
If you like to build or have hobbies, you are going to love the shop area in the bottom level of the home. Cement floor with tons of room to work
Take a tour of this home to see all of the amenities it has to offer: http://www.visualtour.com/show.asp?T=1079642
Displaying blog entries 61-70 of 85
