Portland Real Estate Blog

7 surefire home staging tips

2011-03-08T14:08:00.000-08:00

by Ingrid Cummings

"Only 10 percent of people shopping for a new home have the vision to imagine their own belongings in another house," says Maureen Bray, owner of Portland, Ore.-based Room Solutions Staging. Bray is one of two highly rated professional home stagers we consulted, who both agree that staging helps prospective buyers make that imaginative leap. "Homes that have been staged sell faster than those that haven't," Bray says, citing her company's own s

uccess rate. "Twenty-eight days versus 125 days."

Expect to pay $150 to $500 for a home-staging consultation, and an additional $1,500-$2,500 to provide the furnishings and accessories necessary to stage four main rooms if the home is vacant.

Jump for more information or call our team for a FREE pre-listing review and staging tips checklist.

7 surefire home staging tips

Actual Foreclosure Help for Oregonians, or just research?

2010-10-05T11:30:00.000-07:00

It's hard to say if this help will actually trickle down to homeowners. The help might take the form of a refinancing project (for which it appears the State has a request for proposals in Deschutes and Jackson Counties. For those Oregonians in trouble, the State of Oregon has 2 hotlines: SAFENET (1-800-723-3638) or HOPE 1-888-995-HOPE (4673). You can also contact our team at 503-770-0707 for more information on options.

Thursday, September 30, 2010

Oregon gets $82.7M for foreclosure prevention

Portland Business Journal

Oregon will receive an additional $82.7 million to help struggling homeowners avoid foreclosure. The money, announced Thursday, comes from the U.S. Department of Treasury's Hardest Hit Fund targeting states with the highest rates of foreclosures.

Oregon is one of 18 states and the District of Columbia to receive assistance. Oregon will add the funds to its already approved Oregon Homeownership Stabilization Initiative programs to be implemented beginning early next year.

The state has already received $138 million from the Hardest Hit Fund.

Good News! It's a buyers market.

2010-09-30T13:16:00.000-07:00

The below article published in the Business Journal recently, would probably more appropriately be: "Great buyers market, with best interest rates since World War II". By the way many media sources are reporting, you would think that there are NO homes selling. In reality, Portland saw 1,381 sales in August 2010 (this is many months after the tax credit expired). We now have lower interest rates (in the 4's or better) and a lot of great inventory to chose from. When you hear of friend, family and coworkers purchasing homes, please give our team a call 503-770-0707.

Tuesday, September 28, 2010, 10:12am PDT

Portland home prices tumble

Portland Business Journal - by Wendy Culverwell Business Journal staff writer

Portland home prices tumbled in July as overall home price growth slowed nationwide.

Falling prices in half the markets tracked in Standard & Poor’s Case-Shiller Home Price Indices showed negative annual growth. Portland home prices fell 1.2 percent in July compared to a year ago. Seattle fared worse, with prices down an average of 1.6 percent, according to figures released Tuesday.

The decline offers further proof that the April expiration of a federal home buyer tax credit worth up to $8,000 is dampening the market.

Nationally, the composite of 20 U.S. cities rose 3.2 percent. San Francisco, San Diego and Los Angeles led the nation for rebounding home values, increasing 11.2 percent, 9.3 percent and 7.5 percent, respectively. Las Vegas continues to post the most significant drops, down 4.9 percent compared to a year ago, a new market bottom.

David M. Blitzer cautioned that a swift return to market high prices is unlikely.

“Judging from the recent behavior of the housing market, stable prices seem more likely,” he said in a press release.

wculverwell@bizjournals.com | 503-219-3415

Portland home sellers continue to cut prices

2010-09-17T11:45:00.000-07:00

Home sellers are slashing prices by record amounts. Of the homes currently for sale in the U.S.'s largest cities, 26 percent had their prices cut in August, according to real estate research company Trulia.com. The average price drop nationwide was 10 percent and equaled $33,892.

In Portland, 32 percent of homes on the market as of Sept. 1 experienced at least one price reduction. The average price cut was 9 percent and the total value of the reductions was $48.70 million. Those numbers are in line with July's results and rank Portland No. 19 on Trulia's list of price reductions in America's 50 largest cities.

Minneapolis home sellers topped the list, with 43 percent cutting home prices. Just 16 percent of homes for sale in Detroit experienced price reductions, ranking it No. 50 on Trulia's list.

RMLS Market Action: August 2010 now online!

2010-09-16T13:25:00.000-07:00

Portland Home Sale Values August 2010 Courtesy Listed Sold

Zillow Survey: Homeowners pessimistic about home values

2010-08-19T17:45:00.000-07:00

About two-thirds of homeowners in the West told a survey that their home has decreased in value in the past year, and more than a quarter expect their home’s value to decrease in the next six months.

According to a new survey by Seattle-based online real estate company Zillow.com, nationally, about one in every three homeowners say house values in their market haven’t reached bottom. Zillow divided the country into four areas, and 65 percent of homeowners in the West said their home has decreased in value in the past year while only 20 percent said their home’s value increased.

Also in the West, 26 percent expect homes in their area to decrease in value, and 38 percent said they expect values to rise.

Here’s a link to Zillow’s release on the Homeowner Confidence survey.

Oregon USDA Financing fully funded again! Great news.

2010-08-13T09:38:00.000-07:00

All USDA Rural Development Loan Programs are Now Fully Funded

USDA 502 guaranteed and Direct Loan programs are fully funded and ready to serve your buyers

This year USDA has invested over $370,000,000 in Oregon’s rural housing communities. The demand for the program has never been greater. USDA is excited to announce that all of its single family housing programs are fully funded and ready to serve you and your clients. The 502 Direct Loan is an incredible program that targets low and very low income borrowers. USDA is offering 100% financing, 1% interest rates, 38 year loan terms, no mortgage insurance and no minimum credit score. To learn more about USDA's other housing products such as Guaranteed loans offered through approved banks and mortgage brokers, and 504 Repair Grants and loans, please view this downloadable flyer.

What this means: USDA 100% financing was so popular that it ran out of funds early in 2010. Now that those funds have been replaced, the buyer community will now have a viable option for purchasing rural land, homes in smaller communities (like Sherwood, Newberg, Cornelius, etc). This also applies to manufactured housing and new construction with allowances for seller contributions making buying a home with no money down possible.

Letter to the Editor: Does the new Healthcare Bill require 3.8% tax on ALL real estate?

2010-08-12T17:02:00.000-07:00

Recently a neighbor of mine, Barry, told me that life must be hard with the new tax that was being instituted under the Obama health care reform bill. Puzzled, I asked him what he was referring to. He said, to pay for the health care, the government would be instituting a 3.8% tax on all real estate. Thinking that this sounded out of the norm, I popped over the snopes and to the NAR (National Association of Realtors) website and here's what I found:

iii. The Medicare Tax on Unearned Income

An article has been circulating around the internet claiming the recently passed health care legislation imposes a 3.8% tax on homes sales. The article fundamentally mis-characterizes and overstates what is actually contained in the legislation. The $250,000/$500,000 exclusion for the sale of a principal residence remains unchanged. Some individuals and families may be subject to a 3.8% tax on a portion of their unearned income. Unearned income includes interest, dividends, capital gains and net rents. The new tax will apply ONLY to for single filers with more than $200,000 of Adjusted Gross Income (AGI) and joint filers with more than AGI of $250,000.

The new Medicare tax would apply only to any gain realized that is more than the $250K/$500K existing primary home exclusion, and only if the seller has AGI above the $200K/$250K AGI thresholds. So, for example, if the taxable portion of a gain was $30,000 and a married couple had AGI (which would include the taxable gain) of $180,000, the 3.8% tax would not apply because AGI is less than $250,000. If that same couple had AGI of $290,000, then the application of the 3.8% tax would be subject to the same formula described above. The $30,000 gain on the sale would be less than the $40,000 excess above $250,000 AGI, so the $30,000 gain would be subject to the new 3.8% tax.

So, not too scary for most home owners. However, just another reason for sellers in this situation to not transact real estate. Elections are coming this November...have you registered to vote? Visit ROCK THE VOTE now to get details.

Bills come in, do you actually READ them? Well, this month yes and especially NW Natural

2010-08-06T10:10:00.000-07:00

Having time at the first of the month to pay bills is normally a lackluster experience (I'm sure you can relate). Well, this month I actually read some of the superfluous material in my bills that I usually recycle. Good thing too, as I read the NW Natural "Comfort Zone" newsletter. In these economic times, NW Natural is doing a great job of offering great deals that can save you money and the usage dollars monthly. I went to their special website NW NATURAL OFFERS and found this:

up to $2,240 in credits for a Rinnai tankless water heater (exp 8/31/2010)
up to $2,050 in credits for new gas customers to install gas furnace and A/C
launch offer--since they just launched this website, they are allowing visitors to enter for a drawing for either season tickets for Ducks or Beavers, OR $1000 off participating dealer install brand.

In other NW Natural news, NW Natural is promoting EnergyTrust EPS (Energy Performance Score) for new construction, their sponsorship of the Street of Dreams off Skyline Rd with a $3 off coupon (coupon code NW NATURAL) and $20 off A/C and furnace tune-ups. It's a great time to take a look at a way to save some money, so visit and enter to win at the same time. I'm more than happy to take the Beaver season tickets off your hands if you end up winning! Have a great weekend.

Cash out the old, bring in the new lower payment mortgage?

2010-07-28T15:29:00.000-07:00

In a recent post by WSJ.com they suggest that people actually cash out their old mortgage at the higher rate and end up in better position. This was a great strategy that I first learned about with Dave Ramsey and the Financial Peace University class. It was the idea that NOT paying interest to the bank was suspiciously like earning a return on your money. That's the case with the WSJ.com example:

Should You Invest Your Cash in a Refinance

Until recently, few homeowners were "underwater" on their mortgage, meaning they owe more on it than their house it is worth. Now millions of people are in that situation. But that doesn't mean they can't refinance—it simply means they must pay down the principal of their loan with cash.

Because that concept is relatively new, few online calculators help people run the numbers for themselves. Here, Jack Guttentag, professor emeritus of finance at the Wharton School and self-styled "Mortgage Professor," calculates the potential return on a hypothetical deal. He considers only the cash used to retire the mortgage; closing costs would affect results as well. And he assumes a five-year period because that's a typical length of time people hold a mortgage. (The returns are similar over 15 years, he says.)

In general, the rate of the return is larger when there is less cash required, or when there is a greater difference between the old and new mortgage rates.

Current loan balance: $809,000
(on a 30-year fixed mortgage at 6%)
Current monthly payment: $6,398
Cash paid at closing to retire current loan:$80,000
New loan terms: $729,000, 15-year fixed mortgage at 4.375%
New monthly payment: $5,530
Monthly payment savings: $868 per month
Return on the $80,000 investment: 10.4%annually for five years.*

*Includes both the principal paid down on the new, shorter-term loan and the monthly savings in loan payments.

Source: Jack Guttentag,www.mtgprofessor.com

Mortgage Rates Tick Down to New Low - Wall Street Journal

2010-07-12T09:49:00.000-07:00

By NATHAN BECKER

Mortgage rates in the U.S. mostly fell the past week, with the average rate on 30-year fixed-rate mortgage falling slightly, extending its record low, according to Freddie Mac's weekly survey of mortgage rates.

The declines come as the Treasurys market has seen continued strength, pushing yields down. Mortgage rates, all of which have at least touched multi-year lows recently, generally track yields.

The 30-year fixed-rate mortgage averaged 4.57% for the week ended Thursday, down slightly from the prior week's 4.58% average and 5.2% a year ago. It is at the lowest point in Freddie's 39-year survey.

Rates on 15-year fixed-rate mortgages were 4.07%, up from 4.04% a week earlier—the lowest since Freddie began tracking in 1991—but down from 4.69% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.75%—the lowest level since Freddie started keeping score in 2005—down from 3.79% and 4.82%, respectively. One-year Treasury-indexed ARMs were 3.75%, yet another fresh six-year low, dropping from 3.8% and 4.82%.

To obtain the rates, the mortgages required payment of an average 0.7 point. One point is 1% of the mortgage amount, charged as prepaid interest.

Write to Nathan Becker at nathan.becker@dowjones.com

Tax Credit CLOSING extended

2010-06-17T20:43:00.000-07:00

By Emily Peck, The Wall Street Journal

: Everett Collection

As the real-estate industry rushes to help buyers close in time to get its $8,000 tax credit, it may get some (more) help from Uncle Sam.

On Wednesday, the Senate approved a proposal to extend the closing deadline on the tax credit of up to $8,000 for home buyers.

Under the measure, buyers would have until Sept. 30 to close on sales that went into contract by April 30. The current closing deadline is June 30.

We’ve heard from many readers who are struggling to meet that deadline; we’ve also written about attempts by some buyers to pretend they were under contract in April by backdating documents. (See Tax Credit Extension Could Help Tax Cheaters)

The extension measure is part of a wide-ranging bill of tax policy extensions and federal program renewals. The Senate will likely vote on the larger measure later this week or next, then it heads to the House. Contact the Listed2sold.com team with questions about your Portland Oregon home.

Useful Road Trip Tool - Gas Buddy!

2010-03-22T08:28:00.000-07:00

When you are out on the road it's sometimes good to have a tool that will travel with you. Along those lines, there is a mobile text & web product that will help you find the lowest gas prices. The site is called GasBuddy and it provides the lowest gas prices in whatever zip code you are traveling. It even has mobile versions that will allow you to text or go to the mobile web. When you're on the road, just text 368266 (it's free) along with the city & state OR the zip code.

Also, you can use their mobile website GasBuddyToGo.com to do the same. More importantly you can notify them of a great gas price you have found so that we can all benefit. The reporting of gas prices does require a login id and password. Since we might be using this as Spring Break as a stay-cation, or to scout new neighborhoods for investment property or to move closer to family in other areas, keep the Listed2Sold team in mind for all your relocation needs.

Spring Break, Wine, and Real Estate--what do they have in common?

2010-03-18T13:30:00.000-07:00

Since the day I started blogging about a month ago, I found it hard to come up with new content. So in the process, I started following some interesting blogs. Mostly around my passions: Real Estate, Oregon State Sports, Career Search, and Wine. When I ran across a blog post about Why Oregon is a great place to grow grapes. Since maps have also been interesting to me, it was cool to know that the climate and soils lead many wine makers to the area. So the real estate person in me started thinking (I know, don't hurt yourself!). If people are coming to Oregon to grow, then that will lead to tourism and jobs. That of course will lead to purchasers of real estate (for growing & perhaps visiting) in wine-concentrated areas like Newberg, Dundee, etc. Also, with Spring Break coming up, it's a challenge to always come up with ideas. So, why not combine a nice drive through wine country with the family? March 27th & 28th a number of vineyards will be open for family friendly events. If you have any questions about Real Estate in Oregon, Wine or any of our other passions, don't hesitate to contact our team at 503-770-0707.

USDA is running short EARLY on loan funds for 100% financing program

2010-03-12T11:12:00.000-08:00

Well the USDA is looking at running out of funds early this year. By the end of April 2010, the Department of Agriculture is projected to run out of funds according to a bulletin posted by the USDA. Art Marine at Academy Mortgage states that loans should be submitted ASAP to ensure you have the availability of this great program for rural property. Please contact our team to find out more information about 100% loan programs like USDA.

This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.

Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.

Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.

We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.

Get PAID to leave your home on a Short Sale?

2010-03-09T16:47:00.000-08:00

Didn't really believe it myself, but it appears the current administration in Washington DC is looking at it seriously. As reported in the NY Times a short sale program is being considered to replace the triple-M (mediocre mortgage modification) program that has very few mortgages being modified. The proposed program would pay out to investor, mortgage servicer, the seller, and even a 2nd mortgage holder. Short sales have the possibility to be sources of fraud (i.e. can a borrower really not pay back? how much is the home really worth?). However, there are several resources and protections for Oregonians facing foreclosure from the State. For more information about foreclosures and short sales, and their potential pitfalls, feel free to contact the Listed2Sold team at 503-770-0707.

Spring Break with the Family

2010-03-07T15:35:00.001-08:00

The clouds have finally parted for school-aged children around the state—Spring Break is here! There are countless options to do with the family, from the coast to the desert, for toddlers, teens and grandparents—gamble at an Old West saloon, take a picnic to the coast and watch the gray whale migration, sort through precious gems.

There’s fun to be had around that state and it’s educational, but don’t worry, we won’t tell.

Peek into the seedy underbelly of the Wild West at the Sin in the Sage Brush exhibit at Central Oregon’s High Desert Museum. Get a firsthand account on how the barkeepers and “working women” of the Old West saloons survived; and see how well you fare amongst the sordid cheaters at the roulette or poker tables. Looking for something a little less seedy? Follow an adventure map to find hidden treasures. Play like a wild animal at the Dig, Craw and Climb exhibit where kids shoot down rock slides, swing from a spider’s web and crawl through an owl’s hole. See resident wildlife such as wild cats, otters, lizards, scorpions and snakes (oh my!), just a few of the creatures you’ll find here. There is no shortage of activities for all at this natural history museum.

March marks the beginning of spring season whale watching (gray whales to be exact), with majority of traffic occurring at the end of the month—just in time for spring break. Head to the Oregon Coast and post-up on a towering coastal bluff for a front-row view of the action. From Ecola State Park to Brookings, there are 28 prime spots to catch the migration. Settle in with a picnic and be sure to bring along extra binoculars; you’ll want to look out for blowing spouts, diving tails or a breaching whale leap from the sea. To get more information about the migration, visit Depoe Bay’s Whale Watching Center.

Even in the city you can get your hands dirty. Just a few miles from downtown Portland and covering over 5,000 acres, Forest Park is unlike any other urban park. The Forest Park Conservancy hosts a number of programs that help to keep the trails and natural habitat of the park enjoyable and healthy; this is a great spot for the budding botanist in the family or anyone who likes to romp in the woods. Pull invasive species like ivy, help plant a tree or explore the habitat on a guided hike.

Discover natural wonders at the Rice NW Museum of Rocks and Minerals. Their collection includes crystallized minerals, colorful copper, quartz and gypsum and rare gem crystals like emerald, ruby and aquamarine. Before you go, be sure to check out Grant McOmie’s recent trip to the museum.

For even more Family Friendly Getaways, check out Trips We Love…

Posted using ShareThis, courtesy of the Travel Oregon Blog

Real Estate Recovery in Oregon

2010-03-03T08:03:00.000-08:00

Having been around real estate for about 6 years, and involved in a networking group for career seekers, it's clear that a real estate recovery will come when we have strong job creation.

Along that note, my curiosity was peeked when Facebook made an announcement to add a data center in Prineville, Oregon (home of Les Schwab Tires if you remember, which moved their HQ to Bend a few years back). Why was this curious? Well inspite of the recent tax measure (66 & 67) and other bleak economic news, Oregon still has unique characteristics for business:

clean, cheap power - compared to some other states with major coal or gas generation equipment, Oregon still has some of the least expensive hydroelectric power in the US.
great location for disaster sites for large datacenters (like those for Facebook & Google)
with high unemployment, employers have a large pool of highly qualified candidates to chose from, including senior managers.
quality of life--with so much to do in Oregon, companies and workers will continue to live here regardless of cost to do business or to relocate here.

So what can we learn from this? Well, it's clear that jobs come and jobs go. Positioning yourself to take advantage of the shifts in economic variables will allow you to do more than survive. And, when you do make that shift (normally every 3 years) then please phone our team to help you with the relocation decisions.

Interest FREE, NO Payment Loans to buy & fix Foreclosed Homes.

2010-03-01T14:15:00.000-08:00

You heard me. The US Department of Housing & Urban Development (aka HUD) has put together an INTEREST-FREE, NO PAYMENT loan program for repairs on bank owned homes (aka REO properties). The Neighborhood Stabilization Program (NSP) was first introduced in 2008 as part of HERA (Housing & Economic Recovery Act) and was later added to under the Recovery Act of 2009. Essentially NSP is a grant program provided for by the US Congress to get these properties off the market.

One of the unfortunate side-effects of REO property is the condition scares some buyers. To alleviate that concern, the NSP program has allocated $19.6M for NSP1 and $6.8M for NSP2 grants to buyers for repairs up to $50,000. On top of repairs, the NSP would allow for the $50,000 to be used for down payment & closing costs. In Portland Metro area, Clackamas County officials have been at the forefront of implementing the program. There are income & educational requirements so please review them carefully. For more detail on how to navigate this program, contact the Listed2Sold Team at Prudential, 503-770-0707, or take a look at the list of FORECLOSED HOMES in Clackamas County that qualify for this program.

How will we know when we've hit Bottom in Portland?

2010-02-28T08:31:00.000-08:00

The most common question that is often handled by our team is: What is happening in the market? What we really believe they are asking is: When will the market hit bottom (and start getting better)? Here are some guidelines that will be indicators that we have hit bottom here in Portland:

Portland, Oregon as a real estate market is traditionally a laggard behind the rest of the nation. What you see happening in other major markets will typically hit Portland 12-18 months later. Take a peek at Las Vegas, Los Angeles, Phoenix, and other major Western markets to get a feel today of what will happen 12-18 months from now.
A market that has hit bottom is normally characterized by a large number of investor purchases. Let's go back to Las Vegas as an example. According to a recent article from DQ News, the absentee owner purchases were 43% of the sales in January 2010.
Foreclosure rates are also another indicator. When you see foreclosure rates going down, you can be assured a recovery is soon to follow. In the Las Vegas article, foreclosure rates were down 36%.
Building permits are also a good indication of recovery. When new housing starts are on the increase, that means builders have confidence that they can sell their products.
Inventory is the key indicator for most real estate markets. However, with a high number of foreclosures, you could have low inventory AND decreasing home values. In Portland we are seeing about 25% of the closings are bank controlled. That number is on the increase.

These are all factors, along with other economic indicators (jobs, consumer confidence, interest rates, etc) that will determine whether we have hit bottom. Currently, Portland with 12 months inventory and 1% price declines per month is a buyers market. Contact our team to get a more detailed analysis of your real estate situation.

Case Shiller Report 2/23/2010 for December 2009

2010-02-26T11:48:00.000-08:00

Is it just me or does the Case Shiller report track stale data. It's usually 60 days old, which is far too long in this real estate market to go without information. The truth, however, is that many markets & analysts follow this index, so let's see what we can learn from it for December 2009 and the Portland Oregon marketplace.

The change from October to November was 0.3% appreciation while the November to December change was -0.3% depreciation (a 0.6% swing)
The calendar year 2009 saw -5.4% decline in prices which is somewhat different from the RMLS figure (a rolling average) of -12.1%.
Nationwide, home values are back to 2003 levels and show a record low decline of 19.1% from 1Q2009

This begs the question: Have we hit bottom? It remains to be seen what will happen with mortgage backed securities, lending practices, changes in regulation, and many other factors. Truth be told, we are a supply and demand business and each neighborhood & property type will have different numbers. It pays to...

KNOW THE VALUE OF YOUR HOME

Well, Here's day ONE of my FIRST real estate blog

2010-02-26T10:42:00.000-08:00

Um, okay ANOTHER real estate blog. Great that's all we need. So what makes you any different or unique. That's what our team hopes to change is to provide information that is timely AND relevant. So, to kick off my first post, let's chat about BLOGs. Yes blogs. This technology has been around for awhile and we know that everyone is doing it. When you have a chance to identify with and appreciate a good blog (which I have thankfully learned for Joel Burslem and his dynamic blogging and fresh content). What is it that I like about those blogs: Well they are intelligently written, appeal to a very specific audience (ME), and add value. Our goal with this particular blog is to do just that, be intelligent, have fresh content, and add value. Visit Joel's new blog and I"m sure you would agree that he has some really relevant content & design. His last business blog was so successful that Inman acquired it. Good example indeed. Well, have a wonderful day and look forward to a number of interesting and unique posts.