12 Tips for Selling Your Home in a Down Market

Great tips and advice from businessinsider.com.  Below are just a few of the tips gleaned from the article.  Click here or on any of the bullets below to read the entire article and get more in depth information and advice!

• “Price it right from the get-go!” – Comps! Comps! Comps!  Comparable sales (not unsold listings), of homes that have actually sold in your neighborhood (that are similar to yours) are truly the best indicator of what your home’s current value is at this point.  The National Association of Realtors has reported that nearly half of all sellers accepted offers that were less than 90% of the asking price.

• “Put your best foot forward” – Some of the most impactful actions you can take when it comes to selling are often times just addressing the little things.  Which also means that these efforts are generally some of the most cost effective methods of making your home stand out.  Try paying extra attention to the details of your home.  Replacing that worn or missing caulking, sharpen up the landscaping with more timely trimmings or making sure the windows truly shine can all help your house chirp ”buy me!” just a little bit louder.

• “Be flexible” – Today’s real estate market is clearly a buyers market so be prepared to flex in all directions when it comes to attracting and keeping buyers on the line.  Offering incentives such as paying the buyer’s closing costs or leaving behind those beautifully matched appliances are a great start!

• “Don’t fall victim!” – Scams abound in these distressed times of ours.  Always proceed with caution when approached by “investors” seeking out desperate homeowners.

• “Finance 101″ – Realize that it’s harder for a buyer to obtain financing these days due to more stringent borrowing standards and intensified scrutiny from lenders.  It is also important to always take the time to consider cash offers even if they are lower than you had hoped to receive.  No one wants to just “give it away” but you also don’t want the bank to come and take it away either!  Counter offers are always an option!

As always if you or anyone you know has any questions regarding buying or selling real estate in the Portland or Wilsonville metro areas then please feel free to contact us at anytime!

- The Kennedy Team
RE/MAX equity group
503-981-9146
kennedyteamhomes@gmail.com

West Linn & Sherwood ranked in Top 100 cities to live in the US!

Not surprisingly the beautiful cities of West Linn & Sherwood here in our great state of Oregon have just been ranked in the Top 100 cities to live in the US!  Oregon’s collection of crown jewels continues to expand – congrats to both cities!!

http://money.cnn.com/magazines/moneymag/bplive/2011/snapshots/PL4180150.html

So Where is the Most Affordable Place to Buy in Oregon?

We're having a sale! Ground Floor - Housing!!

Glad you asked!  According to a recent survey published by Coldwell Banker RE LLC, Woodburn is Oregon’s most affordable home market and Lake Oswego is the least affordable among the 21 real estate markets surveyed.

Utilizing a unique take on the residential industry that looks solely at the prices of four-bedroom, two-bathroom homes listed between September of 2010 and March of 2011.  It should be noted that only markets with at least 10 homes on the market that met the criteria during the survey period were included in the report.

The average price of a Woodburn midsize home was $198,812, marking it as the 763rd cheapest market currently in the U.S.  Additionally Woodburn is one of only 775 U.S. cities where such a home commands $200,000 or less.

Whereas Lake Oswego’s (Oregon’s most expensive city to own in), average 4 bed, 2 bath home costs an average of $524,100, ranking it as 2,113th in the nation for comparative affordability.  Interesting stuff you say?  Read on for the complete list of Oregon cities, ranked from the most affordable to least affordable:

1. Woodburn: Average price, $198,812; national rank, 763.
2. Lebanon: Average price, $200,422; national rank, 782.
3. Pendleton: Average price, $214,027; national rank, 936.
4. Keizer: Average price, $216,665; national rank, 964.
5. Prineville: Average price, $222,213; national rank, 1010.
6. Coos Bay: Average price, $243,854; national rank, 1192.
7. Klamath Falls: Average price, $257,250; national rank, 1303.
8. Roseburg: Average price, $269,506; national rank, 1396.
9. Albany: Average price, $272,840; national rank, 1415.
10. Beaverton: Average price, $277,341; national rank, 1435.
11. Silverton: Average price, $277,708; national rank, 1437.
12. Redmond: Average price, $278,029; national rank, 1440.
13. Salem: Average price, $286,850; national rank, 1488.
14. Eugene: Average price, $287,946; national rank, 1495.
15. Springfield: Average price, $1291,632; national rank, 1508.
16. Bend: Average price, $311,521; national rank, 1598.
17. Medford: Average price, $332,625; national rank, 1666.
18. Portland: Average price, $356,769; national rank, 1752.
19. Tigard: Average price, $371,877; national rank, 1795.
20. Corvallis: Average price, $373,200; national rank, 1802.
21. Lake Oswego: Average price, $524,100; national rank, 2112.

Investors Beware!

Under water on your investment property?  Looking at walking away or returning that investment to the bank?  If so, there is a serious ramification that many aren’t aware of here in Oregon.

As most of you are aware, when someone’s home is foreclosed on in Oregon, the bank that is foreclosing can take no further action against that owner.  As Oregon is one of few “non-recourse” states where a first mortgage cannot pursue a deficiency judgment against a home owner, once they’ve taken the collateral back for non-payment of the debt.  Their only other option is to sue on the promissory note instead of foreclosing, but that rarely happens.  The property is likely worth more than they can get by suing the debtor.

However what few may realize is that Oregon law does not treat investment properties the same way [per ORS 86.705(3)] it does owner occupied properties.  A bank can foreclose AND may also come back on the owner for the deficiency.  This is a scary possibility for those who are uninformed.  For these reasons making a cooperative effort utilizing processes such as a short sale may be a good option for such a scenario.  In any case, owners of rental properties who are facing difficulty in servicing debt on their properties should be sure to seek out professional advice when looking to get out of a situation such as this.

Author: Matt Kennedy

Affordability is Up!

Here are two great reasons to buy a home right now:  Affordability is up and interest rates are at historical lows.  Just in case you have not been paying attention, there is a proverbial clearance sale happening in real estate right now.  Additionally interest rates are still close to their lowest level in years, creating an opportunity that may be the best chance ever of owning the home you have always wanted.

Fantastic deals abound in both entry level housing as well as in upper end homes.  So whether you are looking to buy your first house or move up to that dream home, now is a great time!

Interest rates have been inching up lately and are predicted to climb higher this year.  This means that if you are using a mortgage to buy a house, your purchasing power will be reduced.

Does this mean that it is a bad time to sell?  Not necessarily.  There is quite a bit of activity going on in the housing market.  So depending on your personal circumstances, this may be the best time to sell also.

As always, if you or any of your friends or family members need any real estate advice or are ready to buy or sell, we are happy to help!

The Kennedy Team
RE/MAX equity group

January 14th 2011 is the deadline for Oregon’s Mortgage Assistance Program!!

Mortgage Assistance Program

If anyone you know has lost income or is unemployed and is having trouble making their mortgage payments, please pass this information on to them.  This mortgage assistance program has been established to help 5,000 Oregon households pay their mortgages for up to one year.

The application deadline is Jan. 14th 2011.  However as of Jan. 5th our sources have informed us that OHSI has only received 2,500 applications!  That’s why we’re working to help spread the word to as many Oregonians as we can.

There is a simple anonymous test on the website that you can take to see what your chances of qualifying for the program are.

As always, if you or anyone you know, has any real estate related questions or needs we are here to help!

- The Kennedy Team

Oregon Kicks Off First Foreclosure Prevention Program

Below is the press release issued by Oregon’s Department of Housing and Community Services on behalf of Governor Ted Kulongoski on Dec 6th, 2010.

If anyone you know has lost income or is unemployed and is having trouble making their mortgage payments, please pass this information on to them.  As of 12/10/2010 this program has begun to help 5,000 Oregon households pay their mortgages for up to one year.  There is a simple anonymous test on the website that you can take to see what your chances of qualifying for the program are.

As always, if you or anyone you know, has any real estate related questions or needs we are here to help!

www.oregonhomeownerhelp.org

OR Dept. of Housing and Community Services 12-6-10 Press Release

Salem—Beginning Dec. 10, struggling Oregon homeowners can apply online for the state’s new Mortgage Payment Assistance (MPA) program at www.oregonhomeownerhelp.org.  Applications for the program will be open from Dec. 10, 2010 to Jan. 14, 2011. Program participants will be randomly selected from eligible applicants by a secure software program and notified soon after the application’s closing date. The program is not first-come, first-served. All eligible homeowners who apply within the application period will have an opportunity to receive help with their mortgage payment.  “While we recognize there are not enough resources to serve the great need faced by homeowners in Oregon, we are pleased to have created a solid program that will help smooth the difficult path many families have been traveling,” said Oregon Housing and Community Services Director Victor Merced.  The MPA is the first program under the Oregon Homeownership Stabilization Initiative (OHSI) to be launched. Oregon Housing and Community Services, the state’s housing finance agency, created OHSI to deliver four programs to help homeowners suffering from unemployment or underemployment because of the recession.
The MPA program is the largest of the four programs and has been funded with $100 million to help approximately 5,000 homeowners pay their mortgages for up to one year or to a maximum payout of $20,000, whichever comes first.
Each applicant will fill out an online application then meet face-to-face with an intake advisor to answer questions and to ensure that all necessary documents are submitted. Those without internet access can go to the local intake agency office in their county for help.  A certain number of eligible homeowners in each county will be randomly selected to participate.
Oregon was deemed one of the nation’s “Hardest Hit” states because of its high rate of unemployment in 2009. The U.S. Treasury granted Oregon $220 million to deliver foreclosure prevention programs.
The state is working with partner organizations throughout the state to help homeowners with questions and to help administer the MPA program.

For a full list of agencies and the counties they serve, see http://www.ohcs.oregon.gov/OHCS/DO/newsreleases/11-17-10-NewRelease.pdf
For more information about OHSI or to sign up to receive our e-newsletter, see http://www.oregonhomeownerhelp.org. If you are at immediate risk of foreclosure, call 1-888-995-HOPE.

Courtesy of:
www.oregonhomeownerhelp.org