Great News for investors from Fannie Mae (FNMA) and Freddie Mac (FHLMC). Hopefully this newly announced guidelines will encourage strong investors to come back to the housing market and help with the economic recovery.
Beginning next month, the GSE's (FNMA & FHLMC) will raise the maximum number of financed properties from 4 to the new limit of 10. This guideline change is intended to recognize the key role that experienced and financially strong investors play in our nations housing system and the housing recovery. The words "financially strong" can not be emphasized enough here. The guidelines are fairly strict, but that is how they should be. We, as a nation, cannot afford another run of bad investment properties on the market from borrowers that got in over their head.
A peek at some of the guidelines;
If you are in the looking to invest in the real estate market, please start by getting a pre-qualification with your favorite lender. If you don't have a lender and would like to contact one, please contact Fred Chamberlin for all your mortgage needs.
February 14th is not only Valentine's Day, but also the State of Oregon's Birthday. Oregon became a state on February 14th, 1859 and this year marks her 150th birthday. Congress voted to allow Oregon's statehood by a margin on 114 - 108 on February 12th and 2 days later President James Buchanan signed the bill into law.
Oregon has a rich history of pioneers, lumberjacks and some of the most beautiful scenery in the United States. We have one National Park, Crater Lake and the scenic Columbia Gorge is a haven for windsurfers, photographers and tourists. Silver Creek Falls and Multnomah Falls are also favorite travel desinations. Oregon's fabulous beaches are open to the public.
So join me in wishing Oregon a very Happy Birthday!
I had an offer in on a Short Sale for some buyers. The List price is $129,000. My buyer's made decent offer. We knew this was a back up offer and in 3 days we had a counter offer of $125,000. My buyers made a counter offer and came up a couple thousand dollars.
There are renters in the property and they are beating the heck out of the house. One bedroom smells horribly of "cat," the bathroom has extensive dry rot and the kitchen cabinet doors are being torn off the hinges. Our offer was a good offer for the shape the house was in.
After two weeks of waiting for an answer, I get a giggling call from the listing agent. She tells me she can't
believe it but the Bank came back at $155,000. Can you believe it $155,000!!!! This was the original listing price and this property has been on the market for almost 6 months.
I've got to tell you, I'm still scratching my head on this one. If someone can enlighten me as to the Bank/investor's thinking, I welcome any explanation.
The market stats are out! What a year it has been with all the short sales and REO's. It's been a crazy year in real estate indeed. If you are looking to purchase a home in the Willamette Valley or if you have questions about our real estate market please give me a call!
Average Sales Price: $240,780 - All types, all areas
2008 Number of Sales: 5954 - Which is down from 8899 Sales in 2007
Active listing are down 8.44% from last year
Source: Willamette Valley Multiple Listing Service
For more stats and to see the rest of the report visit Willamette Valley Multiple Listing Service
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The Buyer's Bonus! Oregon Broker specializing in Stayton, Sublimity and the Santiam Canyon. I work on a team of top producing real estate experts. Remember, now more than ever, experience counts!
The "Go-To Team" for Willamette Valley Real Estate!
Search Our Website For The Newest Listings
Let's face it, there have been many changes in real estate and the lending industry in the past few months. Lending practices have tightened up and new qualification standards will make it difficult for many buyers to qualify for a loan. Home buyers will have to show employment history with consistant income and a good credit history. Interest rates will become "risk-based" and those people with credit above 720 will be rewarded with lower interest rates. Borrowers will be required to save money for a down payment. Conventional, FHA and VA loan programs are available for those who qualify for the payment. We can continue to do business, it will be conservative compared to the past few years. Until November 30, 2009, first time buyers (or buyer's who have not owned a home in the past three years) are eligible for up to $8000.00 tax rebate from the Federal Government. This rebate is actually a no interest loan to be repaid in the next 15 years. Combine that with interest rates we are seeing and good inventory and buyers should find this is a wonderful opportunity for buyers to buy a home today. Buying a home can still be one of the best ways to build wealth. Today's buyers have an advantage over buyers two years ago. There is more inventory to choose from and and you have the luxury of time. A couple of years ago, buyers had to make buying decision in less than 24 hours or risk losing the property to another buyer. Our goal is to provide you with the information you need to make a good buying decision. Our knowledge of the area and our real estate market can help you make a good investment in a home or income property.
As a 18 year veteran of the real estate industry, I have seen the gambit in real estate markets. I have the experience to help buyers though all types of transactions, but I am fond of first time buyers and new construction . I love helping folks find a home that fits both their needs and their budget. The devil is truly in the details and I work very hard to provide each client with excellent customer service.
I am native Oregonian and I consider myself a "Canyon Girl," living most of my life in Mill City. My family includes my husband Scott, Kendra, her husband Josh, and Kelsey, a sophomore at OSU is studying in the Pharmacy program. The rest of the crew is rounded out by the family pets, Bailey, a border collie/blue heeler/Austrailian shepard mix, Loki a Yorkshire Terrier and 2 striped Siamese cats, Andie and Cassie. I believe "Chocolate" is a food group, especially dark chocolate and had time to check out several varieties of European Chocolate on memorable trip to Germany, England and Holland. I love to read and I usually have 3 or 4 books going at once. I adore James Bond and Danny Kaye movies, enjoy gardening and when time presents itself, I keep the road warm from Mill City to Klamath Falls visiting my parents.
My experience as a buyer's broker will save you money. My goal is to provide my buyers with the knowledge they need to make an informed and educated decision during the buying process. As an canyon-area resident for many years, my knowledge of the local market and neighborhoods will be beneficial to you as a buyer. I believe communication is key in any relationship, business or personal.
Our team is a dedicated group of brokers and together we have 56 combined years of experience to pull from. Brenda and Sandy take excellent care of sellers and Mary and I work strictly for buyers. Brenda and Sandy have put together a fabulous marketing plan designed to get your home sold, in the least amount of market time and for the highest possible price! Doesn't that sound great?
We market residential properties, new construction, residential with acreage properties and we specialize in North Santiam Riverfront properties. We love a challenge and are not afraid to take on unique properties that need a little extra "marketing" to get sold. Give us a call today and let us show you why we are the 'Go-To Team!'
If you are looking to buy or sell real estate in the following cities, call us today!
I fully understand the nervous jitters of new home buyer's. Before any offer is made, I walk them through the process of a home purchase, from pre-qualification and approval, the importance of writing a good offer, the inspection process and repair negotiation, mortgage process, what will happen in underwriting, and the complete closing process. My experience has taught me that if buyers know what to expect next, they have less apprehension about the transaction process. First Time Buyers have many questions and are so excited about their prospective new home. I love working with first time buyers and I get deep satisfaction knowing I helped them purchase the right home at the right time.
My other passion is new construction purchases. I have many years of experience working new construction and helping a buyer through the construction process.
I love referrals! Rest assured your referrals will be handled with the utmost care and diligence. Whether you are buying or selling a home, call me today.
I have a passion for Oregon. My family and I spend many hours exploring much of what Oregon has to offer her residents and visitors. If you are looking for something todo, check this out:
Hoo Doo - Timberline - Willamette Pass
Mid Willamette Valley Habitat For Humanity
I would love the opportunity to show you the current stats for our local real estate market. Please email me at leslies@prurep.com
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