The following article has been gleaned from "Maintenance Must-dos" by John N. Frank
Having a maintenance list for the inside and outside makes keeping up a lot easier. This list will help buyers especially first-time buyers.
Inside tasks:
Change your furnace filters monthly.
Drain water heater at least once a year.
Clean coils of base board heating units.
Check your circuit breakers.
Watch out for drips under sinks or tubs.
Replace Regularly: water heaters, furnaces, roofs, and other key components of your home.
Outside tasks:
Keept the wet out. Check each season for signs of water damage to your home.
Get to the bottom of things. Check your home's foundation for cracs or gaps that could let water or varmints in.
Look up. Visually inspect chimneys each year for signs of loose mortar or loose or missing bricks.
Monday, February 25, 2008
Monday, February 11, 2008
A good time to buy Real Estate
“It’s a good time to buy real estate.” That’s the message Realogy, the nation’s largest real estate franchisor, wants agents to broadcast to buyers across the country.
The company is spreading the word through a national advertising campaign in USA Today, which began this past Wednesday and will run again on Feb. 13th and 20th. This is Realogy’s second national push in as many years to take a strong stance against the barrage of negative press directed toward the real estate industry over what is reported as the declining condition of the housing market. The ad lets consumers know that recently-cut mortgage rates and a wealth of available properties make today a “great time” to purchase a home.
The timing of the ad, titled, “Think You Can’t Get a Home Loan? Well Think Again. You May Be Pleasantly Surprised.,” aligns with the recent Federal Reserve interest rate cuts, and lets consumers know that: money is available for those who meet basic requirements; affordability has improved; rates are attractive; and inventory is plentiful.
In an exclusive interview with Alex Perriello, president & CEO of the Realogy Franchise Group, he said the ads aim to educate consumers who might be at the positive tipping point on buying a home.
“We want to educate the consumer with relevant facts about today’s real estate market,” he said. “There are a lot of positives, and we feel that reinforcing the positives will help clarify things for consumers who are on the fence what to do in today’s market. I travel a lot to real estate offices and I hear from a lot of our agents that buyers are out there, but that they are not sure what to do. We felt that talking openly about the opportunities may help people to see that it is a good time to get into the market, and we believe it is.”
Perriello said there are three common misconceptions consumers have about the real estate market right now :people can’t get a loan: affordability is out of reach: and consumers should wait for rates to go lower.
“We want to set the record straight on that. If you meet very basic requirements - you have a job for the past two years, you can make the payments, you plan to live in the property and you have a credit score that suggests you are responsible, you can get a mortgage. These are all reasonable requirements.” He added that affordability today is better than it has been in almost three years, and that interest rates are now at 40-year historic lows, so people shouldn’t wait to buy.
In the national scope of the economy, Perriello said that the Federal Reserve is doing a good job of doing what it can to avert a recession, but stopped short on any market predictions for the remainder of 2008.
The information above was gleaned from the article "Get the word out: It's a Good Time to Buy" by Beth McGuire from RIS Media.
The company is spreading the word through a national advertising campaign in USA Today, which began this past Wednesday and will run again on Feb. 13th and 20th. This is Realogy’s second national push in as many years to take a strong stance against the barrage of negative press directed toward the real estate industry over what is reported as the declining condition of the housing market. The ad lets consumers know that recently-cut mortgage rates and a wealth of available properties make today a “great time” to purchase a home.
The timing of the ad, titled, “Think You Can’t Get a Home Loan? Well Think Again. You May Be Pleasantly Surprised.,” aligns with the recent Federal Reserve interest rate cuts, and lets consumers know that: money is available for those who meet basic requirements; affordability has improved; rates are attractive; and inventory is plentiful.
In an exclusive interview with Alex Perriello, president & CEO of the Realogy Franchise Group, he said the ads aim to educate consumers who might be at the positive tipping point on buying a home.
“We want to educate the consumer with relevant facts about today’s real estate market,” he said. “There are a lot of positives, and we feel that reinforcing the positives will help clarify things for consumers who are on the fence what to do in today’s market. I travel a lot to real estate offices and I hear from a lot of our agents that buyers are out there, but that they are not sure what to do. We felt that talking openly about the opportunities may help people to see that it is a good time to get into the market, and we believe it is.”
Perriello said there are three common misconceptions consumers have about the real estate market right now :people can’t get a loan: affordability is out of reach: and consumers should wait for rates to go lower.
“We want to set the record straight on that. If you meet very basic requirements - you have a job for the past two years, you can make the payments, you plan to live in the property and you have a credit score that suggests you are responsible, you can get a mortgage. These are all reasonable requirements.” He added that affordability today is better than it has been in almost three years, and that interest rates are now at 40-year historic lows, so people shouldn’t wait to buy.
In the national scope of the economy, Perriello said that the Federal Reserve is doing a good job of doing what it can to avert a recession, but stopped short on any market predictions for the remainder of 2008.
The information above was gleaned from the article "Get the word out: It's a Good Time to Buy" by Beth McGuire from RIS Media.
Hope Now Alliance
You've probably heard critics on Capitol Hill complain that too many financially-stressed home owners aren't getting help from lenders to modify their loans, lower their rates or freeze them and keep them out of fore closure.
But late last week the "Hope Now Alliance" (a Washington based group convened by the treasury department and composed of the country's largest mortage servicers) fired back at the critics and said thy just down't have the facts.
Since its founding last summer the Alliance said its members helped 869,000 home owners stay out of foreclosure during the final six months of 2007, either through modifications of loan terms or through repayment plans that reschedule borrowers' debts.
Hope Now's members service 33.3 million home loans equalling about 2/3 of all mortgages outstanding in the US. Roughly 21% of borrowers whose mortgages were originated at prime rates were given some form of loan modification to help them keep their homes. Among subprime borrowers the modification rate was higher at nearly 28%.
Talk to the serivicer if you're having trouble making payments. Answer the phone call, letter or email from the servicer's staff seeking to discuss your situation.
Remember: Lenders are motivated like they haven't been for decades to work things out with you, including adjusting your payments or freezing the rate as long as you're open to trying to solve the problem.
The information above is gleaned from "Washington Report: Hope Now Alliance" by Kenneth R. Harney of Realty Times
But late last week the "Hope Now Alliance" (a Washington based group convened by the treasury department and composed of the country's largest mortage servicers) fired back at the critics and said thy just down't have the facts.
Since its founding last summer the Alliance said its members helped 869,000 home owners stay out of foreclosure during the final six months of 2007, either through modifications of loan terms or through repayment plans that reschedule borrowers' debts.
Hope Now's members service 33.3 million home loans equalling about 2/3 of all mortgages outstanding in the US. Roughly 21% of borrowers whose mortgages were originated at prime rates were given some form of loan modification to help them keep their homes. Among subprime borrowers the modification rate was higher at nearly 28%.
Talk to the serivicer if you're having trouble making payments. Answer the phone call, letter or email from the servicer's staff seeking to discuss your situation.
Remember: Lenders are motivated like they haven't been for decades to work things out with you, including adjusting your payments or freezing the rate as long as you're open to trying to solve the problem.
The information above is gleaned from "Washington Report: Hope Now Alliance" by Kenneth R. Harney of Realty Times
Monday, February 4, 2008
The "REAL" News
As President of the National Association of Realtors, Richard F. Gaylord, gave his following advice regarding the real estate market in his article "We're in this 'All Together". (The following is article is gleaned from information given in that article)
Its important to first realize that this business is cyclical, but for those who have forgotten or dont realize that fact here is his advice:
Real estate is a long-term investment. The recent boom created the misconception that real estate is a high yield, short term investment when in reality it is not.
There's no such thing as a bad market. Regardless of what the market is reflecting, there are always pleny of peole ready to buy and sell. With favorable interest rates and more options buyers can get a good deal.
Economic indicators remain good. Low interest rates, employment gains, infation is under control, and gross domestic product growing are all indicators for healthy sales this year.
Bad new should be put in perspective. The news tends to focus on foreclosure spikes and not analyzed in context. The problem is predominantly with sub-prime loans, which are held by less than 10% of people. Most of these loans will never go into foreclosure.
Real estate is a local business. Each area is affected differentlygor a free price analysis visit REALTOR.org. The reports will help you understand whats really going on in your marketplace.
Its important to first realize that this business is cyclical, but for those who have forgotten or dont realize that fact here is his advice:
Real estate is a long-term investment. The recent boom created the misconception that real estate is a high yield, short term investment when in reality it is not.
There's no such thing as a bad market. Regardless of what the market is reflecting, there are always pleny of peole ready to buy and sell. With favorable interest rates and more options buyers can get a good deal.
Economic indicators remain good. Low interest rates, employment gains, infation is under control, and gross domestic product growing are all indicators for healthy sales this year.
Bad new should be put in perspective. The news tends to focus on foreclosure spikes and not analyzed in context. The problem is predominantly with sub-prime loans, which are held by less than 10% of people. Most of these loans will never go into foreclosure.
Real estate is a local business. Each area is affected differentlygor a free price analysis visit REALTOR.org. The reports will help you understand whats really going on in your marketplace.
Friday, January 25, 2008
"Local Housing Market Stable"
Some of Lane County's houing sales figures for last year look pretty nasty- pending sales down 14.8% , closed deals down 11.7%, homes sitting on the market an average of 91 days- but other countywide members compiled by the Regional Multiple Listing Service in Portland offset some of the doom and gloom.
Total housing sales volume for the apst four years, for example, remainls fairly steady, at $1.1 billion last year, $1.2 billion each in 1006 and 2005 and $0.94 billion in 2004. Overall, home sales prices in Lane County have eased rather than plummeted, with the median price increasing by 4.6% last year to $235,000, although lagging far behind the 15.1 percent rise in the 2006 and the astronomical 20.7% in the hotsuper 2005 housing market.
So while things aren't not as good as they were, they're not as bad as they might have been.
"Lane County's real estate market has held up well compared with many areas, but like many other parts of the country, we have suffered some setbacks, some price erosion, in some areas," said Randal Whipple (of Prudential Real Estate Professionals in Eugene). "We didnt have the 75% to 100% run-up in prices that some places like Florida, California, and Nevada had, so our adjustments haven't been as severe".
A look at neighborhood sales statistics compiled by the multiple listing service shows that southwest Eugene led the county in new home listings follewed by the Betherl-Danebo section of Eugene and the south Lane County area, including Cottage Grove, Creswell and Dorena.
All the numbers aside the housing market continues to be good for people who aren't looking for a steal on either the buying or selling side, Randal Whipple said.
"There's a much broader selection of homes no for buyers, the interset rates are v ery favorable, and sellers are becoming much more realistic about prices."
The thoughts above were gleaned from "Local housing market stable" by Randi Bjornstad of The Register Guard.
Total housing sales volume for the apst four years, for example, remainls fairly steady, at $1.1 billion last year, $1.2 billion each in 1006 and 2005 and $0.94 billion in 2004. Overall, home sales prices in Lane County have eased rather than plummeted, with the median price increasing by 4.6% last year to $235,000, although lagging far behind the 15.1 percent rise in the 2006 and the astronomical 20.7% in the hotsuper 2005 housing market.
So while things aren't not as good as they were, they're not as bad as they might have been.
"Lane County's real estate market has held up well compared with many areas, but like many other parts of the country, we have suffered some setbacks, some price erosion, in some areas," said Randal Whipple (of Prudential Real Estate Professionals in Eugene). "We didnt have the 75% to 100% run-up in prices that some places like Florida, California, and Nevada had, so our adjustments haven't been as severe".
A look at neighborhood sales statistics compiled by the multiple listing service shows that southwest Eugene led the county in new home listings follewed by the Betherl-Danebo section of Eugene and the south Lane County area, including Cottage Grove, Creswell and Dorena.
All the numbers aside the housing market continues to be good for people who aren't looking for a steal on either the buying or selling side, Randal Whipple said.
"There's a much broader selection of homes no for buyers, the interset rates are v ery favorable, and sellers are becoming much more realistic about prices."
The thoughts above were gleaned from "Local housing market stable" by Randi Bjornstad of The Register Guard.
Monday, January 21, 2008
NAVIGATING A CHANGING MARKET
“Dead reckoning” is an old navigation method to find one’s present bearings by projecting from a known past position. What is our dead reckoning in the real estate industry at the end of 2007? Nationally, sales were down this year from last year by more than 10 percent, and existing home prices are expected to slip by 1.3 percent by the end of 2007 with a median price of $219,000. For new homes, the median price is expected to drop 2.1 percent to $241,400 this year.
How is Oregon fairing? Oregon thus far has escaped much of the turmoil from the sub-prime loan crisis, compared to other states. In addition, more people are employed in Oregon than ever before, according to the U.S. Department of Labor, Bureau of Statistics. Wages and productivity are trending up in the state and unemployment is trending down. Oregon startups raised more venture capital in 2007 than the state attracted in any of the prior five full years. Strong job and population growth fuel demand for houses and Oregon is one of the fastest growing states, according to the U.S. Census Bureau.
Thoughts above were gleaned from "Navigating a Changing Market" by Sherron Lumley of Oregon Realtor Magazine Winter 2007
How is Oregon fairing? Oregon thus far has escaped much of the turmoil from the sub-prime loan crisis, compared to other states. In addition, more people are employed in Oregon than ever before, according to the U.S. Department of Labor, Bureau of Statistics. Wages and productivity are trending up in the state and unemployment is trending down. Oregon startups raised more venture capital in 2007 than the state attracted in any of the prior five full years. Strong job and population growth fuel demand for houses and Oregon is one of the fastest growing states, according to the U.S. Census Bureau.
Thoughts above were gleaned from "Navigating a Changing Market" by Sherron Lumley of Oregon Realtor Magazine Winter 2007
U.S. ECONOMIC OUTLOOK
The critical question to be addressed in coming months is whether or not the U.S. economy will dip into recession. We suggest about a 30% chance of recession over the next year, with a stronger expectation that a “growth recession” or sluggish growth is more likely.
The nation’s unemployment rate averaged 4.6% over the past 20 months, below the averages of the ‘70s, the ‘80s, and the ‘90s. Economic weakness could see the rate approach 5.0% in coming months. The longer-term issue of tighter labor availability – especially for skilled workers – will challenge businesses of all shapes and sizes.
Most forecasts still see consumer inflation this year near 2.5%-2.8%, with slightly lower inflation pressures in 2008. The Consumer Price Index rose 2.5% last year, 3.4% in 2005, and 3.3% in 2004. Powerful competition in nearly all industries helps keep inflation low.
Surging home prices on both coasts and in the Southwest during 2002 to 2006 gave way to a buyers’ market during the past year. The simple reason? The average U.S. home value rose 50.76% between June 30, 2002 and June 30, 2007. Florida?...up 95.3%. Arizona?...up 90.78%. California?...up 90.15%/ Nevada?...up 89.47% (source:OFHEO). Homeowners and “investors” simply become too greedy, requiring the current painful downward adjustment in many markets. We expect greater home price strength in the nation’s interior as relative values (compared to the coasts) are attractive.
The thoughts above were gleaned from "U.S. Economic Outlook" of Liberty Views
The nation’s unemployment rate averaged 4.6% over the past 20 months, below the averages of the ‘70s, the ‘80s, and the ‘90s. Economic weakness could see the rate approach 5.0% in coming months. The longer-term issue of tighter labor availability – especially for skilled workers – will challenge businesses of all shapes and sizes.
Most forecasts still see consumer inflation this year near 2.5%-2.8%, with slightly lower inflation pressures in 2008. The Consumer Price Index rose 2.5% last year, 3.4% in 2005, and 3.3% in 2004. Powerful competition in nearly all industries helps keep inflation low.
Surging home prices on both coasts and in the Southwest during 2002 to 2006 gave way to a buyers’ market during the past year. The simple reason? The average U.S. home value rose 50.76% between June 30, 2002 and June 30, 2007. Florida?...up 95.3%. Arizona?...up 90.78%. California?...up 90.15%/ Nevada?...up 89.47% (source:OFHEO). Homeowners and “investors” simply become too greedy, requiring the current painful downward adjustment in many markets. We expect greater home price strength in the nation’s interior as relative values (compared to the coasts) are attractive.
The thoughts above were gleaned from "U.S. Economic Outlook" of Liberty Views
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