Thursday, May 22, 2014

MEMORIAL DAY WEEKEND EVENTS IN PORTLAND!


2014 Memorial Day Weekend Events:



courtesy of pdxpipeline.com
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Tuesday, May 6, 2014

OREGON IN TOP 5 FOR HOME PRICE APPRECIATION

Home prices continued their steady climb upward in March and are helping crimp home sales in this year’s spring buying season, according to a report from analytics firm CoreLogic.
With a rise of 11.1 percent in March from the same month a year ago, home prices have now risen year over year for 25 consecutive months, the report said. Prices rose 1.4 percent from February.
Low inventory, tight credit and high price conditions helped keep transaction volume low, providing signs that the spring buying season may be sluggish this year, CoreLogic noted.
“March data on new- and existing-home sales was weaker than expected and is a cause for concern as we enter the spring buying season,” said Mark Fleming, chief economist for CoreLogic, in a statement.
Anthony Hull, Realogy’s chief financial officer, also noted that home sales during the spring buying season seemed poised to be lower than expected in the firm’s first-quarter earnings report.
In March, only Arkansas out of all U.S. states saw a year-over-year drop (down 0.3 percent) in its home prices. Home prices in Colorado, Washington, D.C., North Dakota, South Dakota, Texas and Wyoming all surpassed previous highs in March.When distressed homes are excluded, home prices were up 9.5 percent year over year in March.
The five states that saw the greatest home price appreciation (including distressed sales) in March were: California (17.2 percent), Nevada (15.5 percent), Georgia (12.4 percent), Hawaii (12.3 percent) and Oregon (12.2 percent).
The five states that saw the greatest home price appreciation (excluding distressed sales) in March were: California (13.2 percent), Nevada (11.8 percent), Florida (10.9 percent), Maine (10.6 percent) and Hawaii (10.6 percent).


*courtesy of Inman News

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Wednesday, April 30, 2014

MORTGAGES ARE EASIER TO OBTAIN THAN MOST PEOPLE THINK

Are you on the home-buying sidelines this spring because you think you wouldn’t be able to qualify for a mortgage? Do you know what sort of FICO credit scores are being accepted by lenders at the moment — they’re lower than they were a year ago — and whether your score might now be good enough?
You may be part of the surprisingly large crowd of folks who fear the home-loan unknown. A new national consumer survey found that 56 percent of all potential purchasers of homes — people who don’t own now but hope to during the coming 24 months — say they’re out of the market because they don’t want to face the possibility of rejection by lenders. Even 30 percent of current homeowners believe they wouldn’t pass muster today.
Using a statistical sample of 1,055 Americans 18 and older, survey research firm OmniTel — polling on behalf of mortgage lender loanDepot — documented widespread uncertainty and lack of specific knowledge about current market conditions relative to qualifying to buy a home. According to the survey, 74 percent of potential buyers who would need a mortgage concede that they have not scoped out the current market or taken the steps needed to qualify. Many potential buyers believe that they need near-perfect credit scores to get a home loan. Half of those surveyed said they had no idea what minimum FICO score is needed for a mortgage and nearly a fifth (18 percent) said the minimum score might be 770 or higher.
Debt-to-income ratios are another insurmountable obstacle in many potential buyers’ eyes — enough so that they don’t even try to obtain a mortgage. Most lenders use two forms of debt ratios: a “front end” ratio that compares the monthly costs of the proposed new mortgage and other housing expenses with the applicant’s monthly income; and a “back end” ratio comparing all recurring monthly debt obligations, including housing expenses, student loans, credit cards and the like, with the applicant’s monthly income. Roughly a third of all potential buyers on the sidelines believe their debt ratios are too high.
But what’s the statistical reality on debt ratios, FICO-score minimums and down payments? What are lenders approving? The best answers come from Ellie Mae, a company whose loan origination and tracking software is widely used by lenders. Every month, Ellie Mae analyzes a huge sample of new mortgage originations nationwide and issues an overview report rich with the sort of detail that buyers sitting on the sidelines could use.
Here’s what it found in its report on March, released last week:
●Thirty-three percent of all new loans last month had borrower FICO scores below 700. A year ago, it was just 27 percent. (FICO scores max out at 830, which is considered excellent credit; applicants with scores under 700 present higher credit risks to lenders.) Federal Housing Administration-insured home-purchase loans had an average FICO in March of 684. Conventional mortgages, those designed for purchase by investors Fannie Mae and Freddie Mac, still have relatively high FICOs: They averaged 755 in March, but that was down slightly from 759 a year before. Lenders are doing far fewer refinancings this year, so they are loosening up on FICO minimums for purchasers.
●Debt ratios also are more generous than many sidelined potential borrowers probably imagine. FHA’s average front end (housing costs) ratio last month for purchase loans was 28 percent. In other words, if your projected housing and mortgage-related costs represent 28 percent of monthly income, you’re average. Fannie Mae and Freddie Mac loans averaged 22 percent ratios on the front end. Back end (total recurring debt) ratios for FHA averaged 41 percent. For Fannie and Freddie, it was lower: 34 percent.
●Down payments can be small if that’s what you need. FHA’s average down payment last month for home purchases was 5 percent, but many borrowers put down just 3.5 percent. Fannie and Freddie also allow 5 percent down, provided you can pay mortgage insurance premiums. Down payments on VA loans can go to zero if your veteran status allows you to qualify. Department of Agriculture loans — which are designed for home buyers who live in small towns — also allow for down payments of zero.
The point here: If you’re on the sidelines, check out what’s really going on in the mortgage market. There may be more opportunities — even in an era of tighter underwriting — than you think.



*courtesy of the Washington Post
 
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Tuesday, March 25, 2014

ONLY IN PORTLAND!!



We're number one.

Portland's status as the world's preeminent tree-hugging destination is now official.

Guinness World Records, the collector and officiant of records big and small, recognized Portland's 2013 summer tree hugging event as a world record.

Last July, 936 people simultaneously hugged a tree at Portland's Washington Park for one minute.

The July 20th event, put on by the Hoyt Arboretum, Treecology Inc, and Friends of Trees, shattered the previous record of 720 tree-huggers. The United Kingdomheld the previous mark, set in 2011.

It can take months for Guinness to confirm a record, even then, records often switch hands multiple times during the course of several years. 

Scotland attempted to break Portland's record just a few months after last summer's event but fell short.

Did you miss the event last year and feel like hugging a big old tree? Don't fret.

Portland will look to build on its record on July 12, according to the Bureau of Environmental Services' website.



*courtesy of oregonlive.com
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Tuesday, March 18, 2014

5 THINGS EVERY FIRST TIME HOME BUYERS SHOULD DO

It's never too soon to start planning ahead if you hope to buy your first home within the next year.

That's the key message that real estate and mortgage brokers say prospective first-time homebuyers should take away from any preliminary thoughts or discussions about buying.

Variables such as loan-qualifying guidelines, interest rates and house prices aren't within your control and might change before you're ready to move forward. But it's still smart to start educating yourself about factors you can control, such as your down payment, credit score and housing needs and wants, as early as possible, says Julie Miller, branch manager at Broadview Mortgage in Tustin, Calif.

"It's important to have a plan in place to ensure you're on the right track for qualifying for a mortgage," Miller says.

1. Find out how much you can borrow
To come up with your one-year plan, you'll need to talk to a lender or mortgage broker who will help you figure out what type of home loan will meet your needs and how much you can borrow to buy a home based on your personal financial situation.
"You'll get to find out: Are you qualified for a $300,000 house or $400,000 house? And, based on your current credit, how much would that price require you to put down and what would your payment look like?" Miller says. "You'll have a much better idea of the guidelines for the different types of loans and what will be required to get the loan you'd really like."

The mortgage pro can also help you review your credit history so you can dispute any errors and make other changes that will better position you to purchase a home.

2. Decide where you want to liveBy setting your target price range early, you'll spend less time finding the specific house you want, says Tim Deihl, an associate broker at Gibson Sotheby's International Realty in Boston.
Starting early can also help you figure out whether you want to live in a denser, more walkable community or a spread-out place where you'll have to drive to shops and other amenities. Think about whether you want to live in a certain school district or near a particular public transit line.

"You can never fine-tune your search too early," Deihl says. "Having a good idea of the type of neighborhood you're looking for and the qualities within that neighborhood that are preferences versus must-haves is really important."

3. Find a no-pressure agent
Once you've settled on an area, talk to one or more real estate agents. Select the agent you want and rule out agents who won't be patient with you, Deihl says.
"If you're working with an agent who's going to push you into making a decision when you're not ready, you're probably not working with the right agent," he says. "Be happy you sat down with them a year ahead of time rather than three months ahead of time because you can cross them off your list."

4. Tap hidden housing market
Connecting early with an agent who's familiar with the area you've targeted can also help you find out about homes that aren't yet listed or are pocket, or so-called off-market, listings, says Ken Pozek, a real estate agent with Keller Williams Realty in Northville, Mich.
During the planning stage, take advantage of open houses, which are public invitations for prospective buyers to walk through for-sale homes and meet the agents who represent those properties' sellers.

"Open houses are more popular than ever," Pozek says, "and the agent is there to educate you."

5. Research homes online
If you'd rather shop online, you can research neighborhoods, homes and agents on real estate websites that contain a wealth of information and data. A caveat is in order, however.

"Early in the stages of looking for a home, online is a great place to start. You get a good general sense," Pozek says. "Unfortunately, there is also a lot of bad information on real estate websites. There is possibly a lot of false hope there. Realize that not everything you see online is 100 percent accurate."
Some homebuyers take an analytical approach to house-shopping, putting together lists of neighborhood and home characteristics they need and want. Other buyers are more emotional about their decision.

Either way, preparation is crucial because, as Pozek adds, "it's a seller's market, so you don't have a lot of time to lollygag and try to make a decision" when you do decide to buy.



*courtesy of MSN Real Estate
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Wednesday, March 12, 2014

ST. PATRICK'S DAY EVENTS IN PORTLAND



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Tuesday, March 4, 2014

WHAT BUYERS SHOULD WATCH FOR WHEN IT COMES TO HOME INSPECTIONS

Indeed, more than 40 percent of the previously owned homes on the market have at least one serious defect, according to HouseMaster, a major home inspection company with offices in more than 390 cities in the United States and Canada.
"Virtually every 'used' home needs some repair or improvement," said Kathleen Kuhn, CEO and president of HouseMaster. "That's to be expected. But with today's high prices, you want to make sure that you are aware of any major problems in a house you are considering purchasing, and what it will take to remedy the situation."
Drawing from their own findings from more than one million home inspections, HouseMaster says the most serious home defects to be on the lookout for are:
  1. Cracked heater exchange
  2. Failing air-conditioning compressor
  3. Environmental hazards including radon, water contamination, asbestos, lead paint, and underground storage tanks
  4. Moisture in the basement
  5. Defective roofing and/or flashings
  6. Insect infestation -- termites or carpenter ants
  7. Mixed plumbing
  8. Aluminum wiring
  9. Horizontal foundation cracks
  10. Major house settlement
  11. Undersized electrical system
  12. Chimney settling or separation
Kuhn says most of these problems can be repaired. However, depending on the specific problem, the cost can be substantial, particularly if the defect involves one of the major systems. The cost could become a factor in whether you ultimately buy the house.
For example, a new air conditioning compressor could cost you up to $1,200. A new roof or repairs can cost at least several thousand dollars. A wet basement could cost up to $5,000 to remedy.
If you enter negotiations to buy a particular house, your agent should advise you to provide a provision for renegotiating or backing out of the contract if a home inspector finds major problems.
"If the property inspectors find that little or no corrective work is required, you have little or nothing to negotiate," say Eric Tyson and Ray Brown in their book, Homebuying for Dummies. "Suppose, however, that your inspectors discover the $200,000 house you want to buy needs $20,000 of corrective work for termite and dry-rot damage, foundation repairs, and a new roof. Big corrective work bills can be deal killers."
If repairs are needed, there are several ways to proceed if you still want to buy the house, the Dummies book advises.
  • The sellers can leave enough money in escrow to cover the cost of repairs, with instructions for the escrow officer to pay the contractors as the work is completed.
  • The lender can withhold part of the full loan amount in a passbook savings account until the work has been done.
  • The sellers may give a credit for the work. Lenders may disapprove of this last alternative because there aren't assurances that the repairs will be made.
A home inspection usually costs between $250 and $400. Hire a qualified inspector. Try to get referrals from friends or anyone you know who has had a satisfactory experience with a home inspector. Also, look for affiliations with organizations like the American Society of Home Inspectors or the American Association of Home Inspectors. Both groups require its members to be certified, meet professional qualifications, and adhere to specific business ethics.
Once you make an appointment with a home inspector, it's important to be there.
Your investment of spending these few hours with the inspector could prevent headaches and save time in the future. As the home inspector examines the various systems and components of your home, ask him or her to explain what problems may be encountered down the road, what signs to look for, and how to prevent them. Try to learn how things work and how to maintain them. The inspector may also point out little flaws or oddities that don't measure up to being mentioned in the report, but may warrant keeping an eye on.
Says Kuhn of HouseMasters, "A pre-purchase inspection is your best protection against buying a home based more on emotions, rather than as a sound investment."


*courtesy of Realtor.com
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