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

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.

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

Real Estate Investors Ready to Pounce.

“Opportunistic real estate investors predict 2011 will dish up more deals like the jaw-dropping short sales that made headlines, and huge profits, for speculators in 2009 and 2010.

Potential local investors include large firms like Harsch Investment Properties and smaller outfits like Menashe Properties. Gerding Edlen Development Co. and ScanlanKemperBard Cos., two firms better known for taking big hits in the recession, could also be big players in 2011.

Grubb & Ellis, the commercial real estate firm, has identified Portland as one of the nation’s top 10 investment markets in three categories — office, industrial and retail — in 2011.”

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Yet another signal to investors of all levels.  Portland is primed to become one of the top investment hot spots in the next few coming years.  With prices continuing to soften, affordability is up and investments are on the rise.

Curious to learn more about our current market?  Give us a call today, coffee’s on us – let’s talk!

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Article Courtesy of:
Portland Business Journal
Wendy Culverwell

Home Prices Tumble in Portland

Tuesday, December 28, 2010, 9:42am PST

Home prices in Portland and five other cities tumbled in October to the lowest levels since the start of the Great Recession.

Data released Tuesday for the S&P/Case-Shiller Home Price Indices confirmed October home prices softened in all 20 markets tracked in the primary index. Six — Portland; Seattle; Atlanta; Miami; Charlotte, N.C.; and Tampa, Fla. — hit their lowest levels since home prices started to fall in 2006 and 2007. Most markets included in the index hit recession lows in spring of 2009.

As Housing Languishes, Mortgage Write-downs Gain Appeal for Banks

As Housing Languishes, Mortgage Write-downs Gain Appeal for Banks
By David Bracken

RISMEDIA, September 10, 2010–(MCT)–

Eager to avoid writing down the loans on their books, banks have been extending many of them with the hope that the market will improve.  Even banks that foreclosed on properties have kept them on their books, reluctant to auction them in a market where investors offer as low as 10 cents on the dollar.  Now that appears to be changing, and it could have implications for property owners caught up in the sell-off.  “The proverbial logjam is beginning to break up,” said Jim Anthony, CEO of Anthony & Co., a Raleigh real estate services company.

As evidence, Anthony said BB&T plans to auction $1 billion of performing and nonperforming loans in the Southeast.  BB&T would neither confirm nor deny reports of the auction.  “BB&T continues to evaluate opportunities to best execute our problem loan disposition strategy, which may or may not include bulk sales,” said spokeswoman Cynthia Williams.  BB&T has been more aggressive of late in writing down its troubled loans and moving to rid itself of some of them. The bank’s CEO, Kelly King, has indicated the strategy will continue as long as investor appetite for the loans remains at current levels.

Death of the ‘McMansion’: Era of Huge Homes Is Over

hey’ve been called McMansions, Starter Castles, Garage Mahals and Faux Chateaus but here’s the latest thing you can call them – History.  In the past few years, there have been an increasing number of references made to the “McMansion glut” and the “McMansion backlash,” as more towns pass ordinances against garishly large homes, which are generally over 3,000 square feet and built very close together.  What sets a McMansion apart from a regular mansion, according to Wikipedia, are a few characteristics: They’re tacky, they lack a definitive style and they have a “displeasingly jumbled appearance.”

Well, count 2010 as the year the last nail was hammered into the McCoffin: In its latest report on home-buying trends, real-estate site Trulia declares: “The McMansion Era Is Over.”  Just 9 percent of the people surveyed by Trulia said their ideal home size was over 3,200 square feet. Meanwhile, more than one-third said their ideal size was under 2,000 feet.  “That’s something that would’ve been unbelievable just a few years back,” said Pete Flint, CEO and co-founder of Trulia. “Americans are moving away from McMansions.”

Oregon to receive $50 million in foreclosure relief…

Oregon will receive another $50 million in “Hardest Hit” funds to help keep struggling residents in the homes. The money will be used to provide mortgage assistance to unemployed homeowners.
The funds will be distributed through the Oregon Homeownership Initiative, which was created in March to administer $88 million in homeowner assistance funds through four separate foreclosure assistance programs.
Seventeen states and the District of Columbia received grants in the latest round because their unemployment rates had exceeded the national average for the past 12 months.

Portland Business Journal – by Suzanne Stevens Web editor

Auction of 93 foreclosed homes bring in $6 million Read more: Auction of 93 foreclosed homes bring in $6 million – Portland Business Journal

Homebuyers in Portland and Seattle spent $6 million in an auction of 93 foreclosed homes over this last weekend.

The auction took place Saturday at the Oregon Convention Center and Sunday at the Westin Seattle.  Portland homebuyers spent $2.5 million. Seattle homebuyers spent $3.5 million.  Portland homes sold for as much as 70 percent off their previous high values.

“First-time homeowners and investors walked away with some incredible bargains. The auction was also a big boost to the local economy. When a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills — all of which hurts the local and national economy.”

Portland Business Journal – by Matthew Kish, Business Journal managing editor