Check out this article posted on Yahoo.com today about how mortgage rates have fallen again to a fresh new low.
Okay, you tell me – Why AREN’T buyers jumping all over this? People shouldn’t be so naive to think that these low rates will be available indefinitely!
As always, I’d love to assist with all of your real estate needs. You can reach me at 503-421-2407 or Phyllis@PointClickandPack.com.
Here’s where it all started regarding the recent national foreclosure freeze.
If you need assistance with your Portland purchase or sale, please call me at 503-421-2407 or send me an email, Phyllis@PointClickandPack.com
Here’s a great article about the current state of the housing market nationally.
http://finance.yahoo.com/real-estate/article/110131/housing-market-stumbles
Beginning August 1, 2010, anyone selling a home with an old, uncertified woodstove will be required to remove and destroy this device. The 2009 Oregon Legislature signed Senate Bill 102 into law requiring the removal of any uncertified woodstove from a home when it is sold. This law is part of a program to help protect Oregonians from uncontrolled wood smoke. Residential wood burning is a significant source of air pollution, including fine particulate and air toxics.
I would love to assist you with your sale in the Portland Metro area. You can reach me at 503-421-2407 or Phyllis@PointClickandPack.com.
Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. Previously the credit expired on June 30, 2010 for all transactions that were currently in escrow as of April 30, 2010.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Portland was voted #3 with year-round comfortable climates.
Portland’s weather is characterized by dry, sunny summers and mild, rainy winters. This climate keeps the city lush and green and makes it an ideal place to grow roses: Portland’s International Rose Test Garden is home to approximately 9,000 rosebushes that represent nearly 600 varieties.
#1 San Francisco, CA. and #2 Seatlle, WA.
If you would like more information about moving to Portland, please feel free to call me at 503-421-2407 or send me an email, Phyllis@PointClickandPack.com
Whether you have another baby on the way, your aging parents are moving in with you, or you are starting your own home-based business, there is an endless supply of reasons why you may need to move up to a bigger or different home.
However, how do you assess whether now is a good time to move up? Let’s examine a few of the following issues that may help in your decision making.
Interest Rates. There is a huge difference between buying a home at 5 percent interest (June 2010), and buying one at, say, 13 percent interest (February 1983). The available rates can change from week to week, and how you qualify depends largely on your credit rating. The first order of business when considering interest rates is to contact a local mortgage lender to find out what rates would be available to you on what loans. Keep in mind rates also vary depending on the type of loan for which you are applying (fixed, adjustable, conforming, jumbo, 30 year, 15 year, etc.).
Income. Moving up to a bigger or nicer house will more than likely mean a bigger mortgage payment. Take an honest look at your budget to see if this makes sense for your family.
Equity. This is one way to avoid a bigger mortgage payment. If you have built substantial equity in your current home, and are selling in a good sellers market where you expect to receive around your asking price, then you could apply your profits from the sale of your current home towards your new mortgage.
Market Conditions. To find out your own local market conditions, contact me. Is your market favoring buyers or sellers? Are homes selling quickly? Are prices appreciating or falling? These are all important questions to answer.
Wish list. Many first homes are starter homes, and as families grow, needs change. Neighborhoods change as well, as residents age and jobs come and go. Take a moment to consider what area of town would be best for your family. Think about schools, commute times, and neighborhood amenities.
Use these simple issues as a starting point on your journey to a new home.
by Kimberly Janeway
Wednesday, June 16, 2010
provided by ConsumerReports.org
Q: We plan to replace our kitchen counters and are interested in using stone. Is granite still a hot choice?
A: Granite remains the biggest seller, having accounted for 56 percent of kitchen-countertop sales in the past year, according to the NPD Group, a market-research company. Quartz (Caesarstone and Silestone) and laminate (Formica), each with 13 percent of the countertop market, trail granite in popularity, followed closely by solid surfacing (DuPont Corian).
Granite, a top seller, accounts for 56 percent of kitchen-countertop sales. It will be interesting to see whether granite’s dominance holds. Consider that about 75 percent of certified kitchen designers specified quartz, according to the National Kitchen & Bath Association’s “2010 Kitchen & Bath Style Report,” as we recently reported in “What’s Cooking in the Kitchen: 7 Trends in Remodeling and Design.”Granite earned its spot as the most popular counter courtesy of its good looks and durability. Indeed, in our countertop tests, granite was the only stone that could resist heat, scratches, and, when properly sealed, stains
When it comes to natural stone, marble and limestone also offer aesthetic appeal but have their drawbacks. Marble, more porous than granite, is not as stain or heat resistant and scratches and chips easily. Limestone withstands heat very well, so scorch marks aren’t a problem, but this soft, porous material is easily sliced, nicked, and scratched; it also stains easily, even when properly sealed.
When you’re shopping for a granite countertop, remember that veining and pattern can vary enormously from slab to slab, so be sure to visit the store or stone yard to find a piece you love. You can save some money by using 3/4-inch-thick stone instead of the typical 11/4-inch-thick material. (Note that our test results are based on a thicker stone.) Granite costs about $45 to $200 per square foot, including installation.
After extensive training, I now have a new designation, Short Sales and Foreclosure Resource. With short sales and foreclosures making up a substantial portion of our Portland housing inventory, I thought it was important to know as much as possible.
If you are a homeowner and are facing an upcoming foreclosure, or if you need to sell your home and your market value is less than what you owe on your mortgage(s), please call me to discuss your options.
If you are a buyer and are interested in how short sale and foreclosure transactions work and in learning the risks and benefits involved in purchasing one of these homes, please contact me today. I look forward to assisting you with all of your real estate needs!
I know you have been hearing about the changes to HUD and some of you may already know what these changes entail. But if not, here is a nice overview of some of the items that are scheduled to go into effect.
- The New HUD effective date is January 1, 2010.
- One of the primary purposes of the new HUD is to improve upfront disclosures on the Good Faith Estimate (GFE) and limit the amount estimated charges can change. It is anticipated that these changes will help consumers save nearly $700 in closing costs.
- The Good Faith Estimate has been reduced from four to three pages. These pages include an instructional page to help borrowers better understand their loan offer.
- To help borrowers compare their Good Faith Estimate with their HUD-1 Settlement Statement, each designated line on the final HUD-1 will now include a reference to the relevant line from the GFE.
- The new HUD will also require lender payments to mortgage brokers (Yield Spread Premiums) to be disclosed in a more meaningful way.
- Loan originators will be required to provide borrowers their Good Faith Estimate three days after the loan originator’s receipt of all necessary information.
- HUD will allow lenders and settlement service providers to correct potential violations of RESPA’s new disclosure and tolerance requirements. Lenders and settlement service providers will now have 30 days from the date of closing to correct errors or violations and repay consumers any overcharges.
- Sections of the HUD that have significantly changed: 800, 1100, 1200.
