Molly LeBlanc

Think You Can't Afford To Buy A Home?

Think Again!

As a way of jump starting the economy, Congress has developed many programs to help people get into their 1^st home! There are programs designed to help our local economy, to help buyers obtain financing, and to help buyers qualify for a mortgage

Down payment assistance

Obtain financing

Lower property taxes

Low fixed rate programs

Closing costs

Timely payment rewards

Programs specifically designed for medical workers, teachers, police officers, firefighters, active duty personnel and veterans

Savings program

Mortgage programs designed for certain areas around Portland metro area

These programs are just a few of the ones are designed to help you get into your first home and start developing the financial stability that comes from owning your home!

Please contact me with any questions you may have!

Molly LeBlanc
503-914-8535
Mollylb@ymail.com
www.peteandersonrealty.com/molly

Market Action for Area 145 for March 2009

Area 145:Milwaukie, Gladstone, Happy Valley, Clackamas, Damascus

MARCH

Active Listings: 1,049

New Listings: 294

Expired/Cancelled Listings: 167

Pending Sales 2009: 147

Pending Sales 2009 vs. 2008: 7.3%

Closed Sales: 92

Average Sale Price: 292,000

Total Market Time: 137 days

YEAR TO DATE

New Listings: 877

Pendings Sales 2009: 330

Pending Sales 2009 vs. 2008: -5.4%

Closed Sales: 215

Average Sales Price: 292,200

Median Sale Price: 259,000

SUMMARY

All in all, our area is not in too bad of shape. Compared to some parts of the rest of the country, not to mention parts of the Portland metro area, things are showing improvements from the last few months. For more information please contact me.

　

Molly LeBlanc

503-914-8535
www.peteandersonrealty.com/molly

　

Article Courtesy Realtor.org

Fed Officials: The Worst Is Over

The worst of the economic crisis is over, according to U.S. officials speaking at a financial conference Friday at Vanderbilt University.

Frank Nothaft, the chief economist for Freddie Mac, said housing sales have just about hit bottom and a third of home sales are now foreclosed properties.

Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, warned that the declining commercial real estate market still poses a risk to the economy.

New York Fed chief William Dudley complained that the programs the government has put in place are being undermined by public perception that they are unfair to average taxpayers and that has made some potential investors fearful that they would be the focus of public outrage if they profit from the programs.

"It is worth emphasizing (that) actions that lead investors to shun taking risk, especially in this environment, are ultimately detrimental to the ability of households and businesses to secure credit at reasonable borrowing rates," Dudley said.

Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)

Make the Most of Your Yard During Lawn and Garden Month

RISMEDIA, April 25, 2009-The warm weather, longer daylight hours, and blooming tree buds can mean only one thing: spring has finally arrived. Now, with winter behind us, it's the perfect time to head outdoors and freshen up the yard.

In celebration of Lawn and Garden Month this April, beautify your landscape with these easy tips:

Add a "Recession Garden" - An estimated 43 million people are expected to grow their own fruits, vegetables, herbs and berries this year. Growing your own produce can save your family a large amount of money on groceries each year, and some say that fresh, homegrown fruits and veggies taste better than those purchased at the store.

Befriend the Birds - Consider including a birdhouse, birdfeeder or birdbath in your landscape this spring. Not only will it lead beautiful wildlife to your yard, but it will also serve as a nice decoration. If you're on a budget this year, you can easily make a homemade birdfeeder by rolling a pinecone in peanut butter and birdseed.

Plant a Family Tree - Enrich your family ties (and your soil) with a tree that the whole family can plant together. Apple trees and mulberry trees look great in the yard and provide a shady spot for relatives and friends. Try planting one of these trees to commemorate your household's next special occasion, like a birth or a wedding.

Tackle Yard Work With Ease - With all the lifting, hauling and digging, yard work can be a heavy load to bear. The wheelbarrow is a great tool as it helps lighten the burden for homeowners, as more weight is distributed to the wheels, instead of the user.

Take the Natural Approach - If you're looking for an alternative to pesticide, consider planting some natural repellants to keep insects at bay. For example, mint can be used to ward off ants, and garlic can do the same for Japanese beetles. These additions will blend in nicely when planted among the flowers and vegetables in your garden, and they'll also provide lots of flavor to spring and summer recipes.

This article courtesy RISMEDIA

Should You Go FSBO?

By George W. Mantor

RISMEDIA, April 4, 2009-Pronounced "fizzbo," an FSBO (for sale by owner) is a Realtor acronym for a property that an individual is looking to sell on their own.

To a certain extent, the notion may be driven by tough economic times. With equity evaporating in many markets, it might be a necessity for some sellers to go the DIY route. It is a question brought about by the perception of high cost for very little real work and a nagging sense that, hey, maybe I could do that.

Maybe you can. Maybe you shouldn't.

The market, motivation, familiarity with the process, knowledge of real estate law, disposition, time, and resources should all be considered before you begin the process of selling your own home.

The Market

They don't call them buyers and sellers markets for nothing, and, to a large extent, market conditions are often mostly local. A gripping nationwide recession, industry-wide job losses, and lenders' unwillingness to lend, tend to have nationwide implications. But, even at the darkest of times, there are pockets of prosperity where demand for housing is high. In most cases, even if you over or under estimate the price, the market will eventually catch up to you.

Not so in a declining market. If you don't get the price right, you will be chasing the market down. Before listing your own home, you need access to good current data about sales prices, market times, and activity. Assuming a modest sixty day market time, you still need to analyze past sales to determine what the value will be in 60 days or more, before a buyer commits.

If you are unrealistic about price, you have no chance. The notion that a prospective home buyer is going to stroll down your street and fall in love with your house is a fantasy. The objective is to price the home for a quick sale but not leave money on the table. It's a fine line that only an experienced professional, armed with facts, can determine.

Motivation

If at all possible, you should avoid selling into a buyer's market. If you do not have to sell, don't, unless you are doing so to buy something else. You also have to be willing to take the hit on your opinion of value and make it up on the bargain you are buying. If you must sell, be realistic about your situation and take your markdown sooner rather than later.

Familiarity with the process

There are two types of FSBOs; the ones who know it all and the ones who don't know anything, and it isn't uncommon for FSBOs to be engaged in the industry because they aren't intimidated by the process.

The process appears daunting because it is, but it isn't unmanageable. The basic issues are either contractual or regulatory, and there seems to be a tendency among novices to assume that selling real estate to someone is just like selling a used dishwasher.

As the seller, you will need to fulfill numerous legal and regulatory conditions applicable to the state in which the property is located. The consequences for failing to be in compliance are rather harsh. Before listing your home on your own, be familiar with the process and know the requirements for your state.

Knowledge of real estate law

Some sellers believe that because they are not licensed, laws and regulations do not apply to them. Ignorance of the law is a major hurdle. Unless they specialize, most attorneys don't know much about real estate law. On the other hand, responsible real estate brokerages make a practice of avoiding litigation by knowing and complying with the law. Today's real estate transaction files are an inch and a half thick and weigh three pounds, and it is all driven by caution. Know the law, or hire someone who does.

Disposition

Most people, even practitioners, haven't the proper disposition for selling real estate, let alone their own property. The job of real estate requires a lot of patience while you deal with prospective homebuyers, until one transforms into a paying client. People who are buying or selling real estate are under a lot of stress. There is the stress of uncertainty and the underlying events driving their decisions.

There is also a lot of raw emotion throughout the home buying and selling process. Well trained professionals do not surrender control of their emotions to events or the actions of others.

Time

Time is of the essence. It isn't just a legal phrase, you will need to invest time to market the property and be available to show your home and respond to any inquiries. Your time does have value which can be earned through the investment of the time in something profitable or the value of time for leisure and enjoyment. If the home doesn't sell quickly, you aren't likely to recoup the value of your time in savings.

Being on the market longer won't get you a higher offer either; it will just eat away at your equity.

Resources

How will potential buyers know about your property? A homemade sign in the front yard is effective only if the potential buyer happens to drive down your street.

The best kept secret in real estate is that if the property is priced to reflect true market value and it is placed in the multiple listing service, nothing will stop it from selling. Sooner or later, every buyer turns to the MLS, if for no other reason than to prove to themselves that there is no better home out there. The challenge for a FSBO is to find a method as cost effective as the MLS.

Looking at the bigger picture, it is hard to imagine that someone would want to take the risks and the responsibility of selling for sale by owner unless they were certain they would net significantly more money upon closing. But, that rarely happens. Most, ultimately wind up engaging the services of a professional after wasting time and money. In a declining market, every month you don't sell means a lower market value. And, if you are making mortgage payments, each payment is lowering your net equity. A fast sale is the most profitable sale.

One thing you are likely to discover is that real estate practitioners produce more potential buyers then you will. In fact, those FSBOs who do succeed often wind up paying at least half of the brokerage fee to the broker who produces a buyer. So, at best, you won't be able to influence a higher than market value, you will likely pay a partial fee and, if that isn't bad enough, the buyer of a FSBO also intends to pocket the brokerage fee. Like so many things, it really is harder than it looks.

Before selling your own home, interview a few brokers and get their opinions of value and overview of the market. If one is particularly helpful, you might want to consider listing with them if the home doesn't sell quickly. And, remember what lawyers say, "Any attorney who would represent himself has a fool for a client."