Spring Homebuying Season is in full bloom!

home buyerAll signs are pointing to a great Spring Homebuying Season ahead!

According to Freddie Mac’s U.S. Economic and Housing Market Outlook for March, this will be the “healthiest spring home-buying season since 2007″ thanks to mortgage rates expected to remain low, home prices continuing to increase, and improved consumer confidence overall.

Freddie Mac is expecting sales to rise between 8-10% in comparison to 2012.

Read the full Freddie Mac U.S. Economic and Housing Market Outlook for March press release here.

 

Now offering exceptional real estate services in Medford Oregon

Searching for homes in Medford, Oregon?  We’ve got you covered.

We are excited to announce our recent expansion into Southern Oregon!  Whether you’re searching in Ashland, Grants Pass, Jacksonville, Klamath Falls, Medford, or the greater Southern Oregon area, we offer the most innovative, sleek, and easy to use home-search tool you’ll ever use. So what are you waiting for? Start your search now!

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Thinking of selling your Medford or Southern Oregon home? It’s a great time to list!

Prices are up and continuing to gain traction. Contact us today to learn more about our services for home sellers.

Positive trends emerging for housing in Deschutes County

Things are looking good for Bend and the rest of Deschutes County, Oregon! Check it out: Deschutes County 12 month Market Trend Report.

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Fred’s House Of The Week: Hip Beaverton townhome in prime location

Sleek and hip Beaverton townhome in awesome location, just minutes to Nike and downtown Beaverton shops and eateries!

14516 sw 6th street beaverton oregon 97007

Details at a glance: {Bedrooms: 2} {Bathrooms: 2.5} {Interior: 1950 sf}

Seriously cool on the inside! All the modern conveniences you’d expect, and more.
View full details and photos here.

Oregon home prices are up

home prices are up in oregonIt’s official: Home prices are up!

CoreLogic’s latest report* – January 2013 Home Price Index (HPI) Report – states that nationally, home prices have increased by 9.7% in January 2013 compared to January 2012. This increase is the “biggest increase since April 2006 and the 11th consecutive monthly increase in home prices nationally.

Looking forward, all signs are pointing to home prices continuing to climb. Mark Fleming, chief economist for CoreLogic: “With these gains, the housing market is poised to enter the spring selling season on sound footing.”

*Read the full CoreLogic report here.

Overall, the state of Oregon saw prices rose from 8.5%  to 9.1% (depending on the inclusion of distressed sales or not) for the year ending in January, which ranks the state 11th highest in the nation, according to CoreLogic.

Locally, things are looking good! For the same time frame (year over year, January 2012-January 2013):

  • Bend, area home prices rose an impressive 14.7%!
  • Eugene (Lane County) is also off to a healthy start with the median area home price up 3.1%.
  • Prices in the Portland Metro area are also on the rise with an increase of 7.3% for the median area price.

Prices are gaining traction, and are slated to continue to rise as we move into “Spring selling season”.  Now is a fantastic time to sell your home!

What do home buyers really want?

what do homebuyers wantYes, there’s an ever-increasing pool of home buyers out there ready to view your home for sale! But just what exactly are they looking for?

And what can you do as a seller to best prep your home in order to attract those buyers?

According to a recent survey conducted by NAHB (National Association of Home Builders), most buyers want energy-efficient homes and are willing to sacrifice space for high-end finishes and amenities.

Amenities that ranked high were:

  • Energy-efficient appliances
  • Help with organization within the home: Laundry room, linen closet, storage space in the garage, a walk-in pantry
  • Separate tub and shower in the master bathroom (not just a shower stall)
  • Built-in technology (wireless home security systems, whole-house electronic features, etc.).

On the flip side, most home buyers do NOT want:

  • Extravagant features, such as: elevator, two story foyer, full outdoor kitchen, wine cooler refrigerators
  • Dated features: Laminate counter tops, brass fixtures, crystal faucet handles, vanity lighting strips

And, interestingly, home buyers are willing to trade space in order to find a ‘smaller’ home that offers all those high-end amenities and features.

(*Sources:  RIS Media, “What Do Home Buyers Really Want?“, and AOL Real Estate, “What Homebuyers Want The Most In Their New Houses“)

Bottom Line: If you’re thinking of selling your home, prep it now so when you actually list your home, it shines!  Use your budget wisely: buyers want energy efficient homes and appliances! And, while you may not have the budget to fully remodel a bathroom or kitchen, there are several things you can address before you list your home for sale: Here are 7 things you can do right now with little to no money out-of-pocket!

Not sure how to bring your home up to its full potential? Give us a call! We’d be happy to help offer suggestions and tips.

It’s a Sellers Market in Oregon

sold-sign-fredNow is an excellent time to sell your home.

The National Association of Realtors chief economist, Lawrence Yun, recently stated: “Buyer traffic is continuing to pick up, while seller traffic is holding steady,” he said. “In fact, buyer traffic is 40 percent above a year ago, so there is plenty of demand but insufficient inventory to improve sales more strongly. We’ve transitioned into a seller’s market in much of the country.” (Read the full NAR Housing Report here.

With an ever increasing number of home buyers facing a lack of homes to choose from, Sellers that list their home for sale will face low competition.  Case in point, we just listed a remodeled home in SW Portland and it had 4 offers on it within 24 hours. This is not uncommon in the current real estate market here in Oregon.

Sellers, while your pool of potential home buyers is plentiful, this does not mean that you can list your home at an inflated value! Remember, your home will have to pass an appraisal.  But, what it does mean is that if priced appropriately for the market, your home should sell quickly (and possibly have a multiple offer situation).

Wondering what the current value of your home is right now?  We can tell you instantly, for free, no strings attached!  From there you can decide if you’d like to chat further with someone on our team if the number isn’t what you expected, or, if you’ve got questions about what your options are as a homeowner.

Whether you choose to re-finance your home, downsize, upsize, or buy that retirement home on the golf course you’ve been eyeing, we’re here to help!

Fred’s House Of The Week: SW Portland Remodeled Farmhouse


MINUTES TO DOWNTOWN PORTLAND & MULTNOMAH VILLAGE!

7560 sw 67th avenue portland or

  • Size: 1532 sf
  • Bedrooms: 3
  • Bathrooms: 2
  • Lot size: 0.22 acres
  • Location: 7560 SW 67th Avenue, Portland OR 97223 (View map)

The scoop: Fantastic SW Portland location, just minutes to both Downtown and Multnomah Village! This beautifully remodeled farmhouse boasts three bedrooms and two full bathrooms and is situated on a huge private and fully fenced lot.

Updates include: new roof, new plumbing, new electrical,new furnace, new interior and exterior paint, refinished wood floors, new kitchen cabinets and appliances.

Get the best of both worlds – old farmhouse charm with today’s modern conveniences! Schedule your showing today!

 

Click here to view full details, additional photos, street maps, and more!


What a Seller’s market means for Buyers and Sellers

fb-cover-sold-signIt’s no secret that we’re now in a Seller’s market in Oregon.

With limited homes currently on the market, and those that are priced well selling quickly (typically with multiple offers received), buyers are finding it a little more challenging in finding their ‘dream’ home with the current inventory available.

What does this mean for Buyers?

  • Because the inventory is low, it’s not uncommon for a new listing that hits the market to get a ton of activity. And multiple offers are not uncommon.
  • Gone are the days of making low-ball offers. Remember, many sellers (even if they’re not going through a short sale) are going to ‘profit’ from the sale of their home. And, remember that large pool of buyers out there? You’re going to need to stand out from them by making a strong, clean offer.

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What does this mean for Sellers?

  • Well, simply, now is a fantastic time to list your home for sale! There are serious buyers out there right now that are searching for homes! Mortgage rates are slated to rise and most buyers would say they’d want to lock-in at a lower rate while they are able to.

If you’re on the fence, here are 5 Reasons You Should List Your Home Today*:

  1. Buyer demand is high
  2. Inventory of home for sale is low
  3. New construction is coming back and will be “shiny and new” competition
  4. Interest rates are going to go up
  5. Timelines will be shorter compared to last year

 *Source: KCM Blog, “5 Reasons You Should List Your House TODAY!

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>> BOTTOM LINE: Whether you’re a buyer, seller, or both, the key to a successful real estate experience in today’s market is to be prepared (for a quick sale and/or making a strong offer on a home), get all your ‘ducks in a row’ (whether financially, or physically with repairs/staging of your home for sale, etc.), clean up any credit blemishes you may have, and don’t mess up your financing once you get it!

Hot topic: Short Sales 101

short-saleIn this climate of short sales and bank owned homes, it’s easy to assume that most folks (home buyers and sellers) know exactly what a short sale is and what the process is. But, in reality, that’s just not true.

Case in point:

A would-be home buyer recently made an offer on a short sale listing. She got the offer accepted by the seller. She waited patiently for a response from the bank, which she got, but it wasn’t good news. The bank came back with a sales price that was higher (by several thousand dollars). So, this particular home buyer decided to kill the deal.

The confusion then set in:

The buyer couldn’t understand why the listing agent listed the home at such a low price if the agent ‘knew’ the bank wouldn’t agree to this price, and as was the case with this particular property, why the bank would come back at a price that was so much higher.

So, let’s chat about that…

  • Let’s just say that even though a short sale offer is first submitted to the home seller, the bank is ultimately in control. They set the final price (usually based upon advice from a realtor, but not always) that they will sell the home for.
  • Once a seller receives a good offer for their property, it’s then submitted to the bank for approval. But sometimes, the bank’s price is totally way off base. For whatever reason, the bank will sometimes sit on a property until it forecloses rather than sell it for lower than their “approved sale price.” Make sense? No, not always. But this is the way it is.
  • When a Real Estate Broker puts a short sale home on the market, they comp it just like any other listing and price it appropriately at (or perhaps a tad lower than) fair market value. The plan is to bring in buyers, and in turn, offers to submit to the bank for approval. And as we chatted about above, the bank is in control of whether they’ll accept the offer, reject it, or counter back with their “approved sales price” amount.

Still confused? Here’s a great article about common questions relating to Short Sales.

Bottom line: Short sales require patience. Yes, the process has been streamlined somewhat, but they’re not typically a ‘quick sale’. Only you can determine if a short sale is worth your time and effort.

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