Todd Clark (Realtor), GRI (Washington Co, Beaverton Oregon)

More and more people are discovering no matter how hard they try to save for a down payment, with the prices of homes going up, and that magic 3%-10%, the dream of home ownership keeps getting harder and harder to reach.

Part of the reason this is the case is that there are more people shopping for the $200,000 home than there are the $700,000 home. For every one buyer looking at a $700,000 there will be 10 looking at the $200,000 home, and that makes it a lot harder to win if it gets to a bidding war.

A prime example I had of this was a property at the low end of the market popped up at a great price. I called my client and within 3 hours we were at the house and she loved it and wanted to write an offer. The sad part is, in that 3 hours, there were 12 other offers written on the house. (Yes, in today's market.)

So, what has she decided to do now? She has decided that it may be in her best interest to try to buy a home that is at a great price, but not everyone wants. You see, even people in the $200,000 price range want a house that is move in ready, but not everyone is willing to take on a fixer property.

She has now decided to start looking at properties in the $180,000-$200,000 price range that are cosmetic fixers, but fixers just the same. She figures that if she buys an ugly house at $180,000 and puts $5,000 in to fixing it up, she will have saved herself $15,000 and will have the house she wanted.

Now, I know this isn't for everyone, but it certainly opens up the possibility for home ownership that wasn't available before. A lot of times homes that are fixers can't get loans on them and this is a great bargaining tool for you, the buyer. You may be able to get a seller to carry a contract on the home at a much lower interest rate than the banks are offering, and with less of a down payment.

For more information on buying fixer properties and owner financing, please feel free to contact me anytime.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Photo courtesy of linusb4

First of all, I don't know how you people in Texas, Arizona, New Mexico, and Nevada do this. It has been three days and I am dying! I was hoping to escape the heat a little by using the pool at our condo project. And wouldn't you know it, a part goes out and it is out for the week. By that time it will be back in the 70s again and who wants to use the pool when it is that cold?

Well, there is one thing I could do when it gets that hot in Beaverton, and its the first thing I did... leave! I know, not very creative, but we drove for one hour and 12 minutes and it was 40 degrees cooler, and we actually had to buy a sweatshirt for me!

The Oregon coast between Lincoln City and Newport has some of the most beautiful beaches in the world. Its fun for the whole family, and it turns out it is a great way to beat the heat!

Start your day at 9:30am in Beaverton, Oregon and head west!

1. Stop at Devils Lake in Lincoln City and just check it out and let the kids play on the playground equipment to let them get a few wiggles out before heading down toward Newport the rest of the way.
   
   
2. Once you are about to Newport you can either hit the Yaquina Head light house, which charges a day use fee, or you can go the extra few feet and stop at Agate Beach, picnic, and then head to the beach and play in the ocean and check out the tide pools for some cool animals and plant life.
   
   
3. Newport has many touristy things to do and one is the Oregon Coast Aquarium that is still fun despite the star of "Free Willy" Keiko the Killer Whale no longer lives there. You can see Jelly Fish, Crabs bigger than a car at 13 feet long and even touch pet stingrays and sharks. (That was actually a thrill, Sharks don't feel like you expect them to!)
   
   
4. Now, we didn't do this, but they are options... Check out the Ripley's Believe It or Not, The Wax Museum, and even the Undersea Gardens. We have been to all 3 and they are cool, but this was only for a one day trip to beat the heat.
   
   
5. Now, back up north as you trek back toward Portland to end your day. We stopped off at Depot Bay to check out the whale watching as they have a resident whale that seems to live there year round. We weren't disappointed, she showed and the kids were thrilled. Too bad she was too far away to get a picture of.
   
   
6. On to Li'l Sambo's family Restaurant, and in case you are wondering, it is not part, and never was part, of the Sambo's chain of restaurants from the 70s. (We asked.) They had a very family friendly atmosphere and great food. I suggest you try their Halibut Fish & Chips. (I enjoyed it thoroughly.)
   

That really should take most of your day and if you leave now, you should get back to Beaverton about 9:30 and the temperature should be a comfortable 82 degrees. And then you can plan what you are going to do on the next 100 + degree day, but I certainly don't suggest you stand outside in it!

Today is Friday, August 15, 2008 and it is time for another breakdown of homes sales in the Washington County, Oregon market. This week the stats came out for July 2008 versus July 2007 and the numbers are pretty amazing. Despite an average drop in home sales in Washington County of 33.95% from last year at this time, the prices still rose and average of .62% from last year. This is an interesting situation, because even though we have less people buying, we also have less people selling. So what does this mean to buyers who think we are completely in a buyers market? It means you better act fast before the interest rates rise and you lose the home of your dreams to someone else who decides not to wait. I look forward to reporting this summers sales at the end of August and hopefully I will have some good news.

So, if you have a family home that you are thinking about selling, this is a great time to get it on the market!

Here is a breakdown of homes sales for the week by neighborhood. Just click on the link to your neighborhood for the complete breakdown of what the average of homes that are on the market, how long they have been on the market, how many have sold, what their average price was, and how long they were on the market.

As always, if you are looking to buy or sell in the Washington County, Oregon area, I would love to show you how you can save the most money by being on your side during the negotiations.

Neighborhood # of Active Listings

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

With interest rates creeping up every month and down payments near 3%, I am finding more and more buyers that like the houses they are finding, but don't like the payments they are being quoted from the lenders.

Thirty year fixed rate loans are nearing 6.5%, and PMI (Private Mortgage Insurance) is also going up. You, the average home buyer, may be coming out of pocket, an extra $200 every month despite having an 800 credit score. You also have to figure out where to get another 3% for closing costs!

But, what if I could show you how to by a home with 3%-5% down, with interest rates sometimes as low as 5% APR, and you have no required PMI, saving you up to $200 a month. And if it is a larger home, it could save you even more since a jumbo loan right now is about 7.5%.

How can I do this for my buyer? It is called owner financing and anyone can do it. You just have to have a willing seller, which in today's market really isn't that hard to do. You see, the seller becomes the bank! The seller sells you the house at the price they are asking, less maybe 1% for the title transfer, and that is all the closing costs. The seller, not being a bank and not having the overhead banks do, can offer you a lower interest rate and save you thousands of dollars per year.

Now, I can hear you asking yourself, "What is in it for the seller?" Well, the seller can sell a house that has been having problems selling because of people not being able to get loans. The seller also earns the interest on your money. Have you ever looked at a HUD to see how much the bank is really making on your house? Well, the seller is now making that money, so it really is a win-win for everyone involved.

For more information on buying or selling your home on owner financing, please feel free to contact me and I would love to sit down with you and discuss your situation.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Photo courtesy of mompes

I recently had a client call me two weeks after I took a listing from her and she told me if I didn't have it sold in 20 days, that she was going to take it off the market and rent it out for $1500 a month.

What? OK, first of all, I have a six month listing and I wouldn't have taken it had I known I only had thirty days to sell this at a slightly higher price than the competition. Also, I find this very weird since she wouldn't even consider doing a lease option for two years at $2200 a month, because it wouldn't cover the payments. But, now she is willing to take a $1000 a month loss each month because it couldn't sell in thirty days?

So, please tell me Mrs. Seller, why won't you let me sell your home on a lease option?

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Today was one long day for my family, especially with a four year old. But, you know what? It was still a lot of fun and something my kids will be talking about for weeks to come. Today we got up at 6am to start getting ready to go to the Oregon International Air Show.

There were airplanes and pilots from around the world showing off their skills at flying and getting lots of oohs and awws from the crowd. Below you will see lots of videos and pictures from our day at the event. The only bad thing I can say about the show was despite the headliners being ex-thunderbird pilots, their show from take off to landing was only 15 minutes and not worthy of getting top billing. (I wonder if that was because there were clouds and they could not do their "high" show.) I actually enjoyed many of the smaller acts, including the Red Bull MiG, more.

I hope you enjoy our video and picture diary of a fun day at the Hillsboro Airport in Washington County, Oregon.

There is still one more show tomorrow. If you have time, I do suggest you head out there and have some fun with the family.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Today is Friday, August 8, 2008 and it is time for another breakdown of homes sales in the Washington County, Oregon market. This week the stats came out for June 2008 versus June 2007 and the numbers are pretty amazing. Despite an average drop in home sales in Washington County of 33.95% from last year at this time, the prices still rose and average of .62% from last year. This is an interesting situation, because even though we have less people buying, we also have less people selling. So what does this mean to buyers who think we are completely in a buyers market? It means you better act fast before the interest rates rise and you lose the home of your dreams to someone else who decides not to wait. I look forward to reporting this summers sales at the end of August and hopefully I will have some good news.

So, if you have a family home that you are thinking about selling, this is a great time to get it on the market!

Here is a breakdown of homes sales for the week by neighborhood. Just click on the link to your neighborhood for the complete breakdown of what the average of homes that are on the market, how long they have been on the market, how many have sold, what their average price was, and how long they were on the market.

As always, if you are looking to buy or sell in the Washington County, Oregon area, I would love to show you how you can save the most money by being on your side during the negotiations.

Neighborhood # of Active Listings

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Yesterday I got a call from one of my investors and he gave me a free tool to offer my other investors who own rental properties. I love it when people from the Empowered Investors group share what they have found, without worrying about losing business or a competitive edge in the market place.

This group is so willing to share with each other, they'll work together to do 1031 exchanges. They just share new marketing ideas or cost saving loans with each other. It really is a community of investors wanting to help each other.

So, this freebie that he shared, that you are free to share with your investors and maybe even use your self, is www.RentOMeter.com. This website lets you put in an address and it gives you all the rentals in the area, and what they are renting for, to help you, the investor, decide if you are charging too much or too little for your rental property.

With the aid of this site, my investor was able to raise the rents on 10 of his 12 properties. With the printout from the website, the tenants didn't even blink an eye at the rent increases. Now he is making almost $1000 more per month all because of this free site that showed he wasn't charging enough for his rentals compared to what the others were renting theirs for in the same neighborhood.

Good luck and happy investing.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

The other day I wrote a post called "The day the beach came to us" and that just wasn't going to do for the family, so off to the beach we went. One of the things I love about the Beaverton and Portland area is that we are so close to the mountains and the coast. I must say the Oregon coast is one of the most amazing places on earth to visit, when it isn't raining.

During the year we get the annual migration of whales, an average summer temperature of only about 70 degrees, and one of the most amazing views anywhere.

Below are some pictures from our family's most recent trip to the Oregon coast and I hope you enjoy them as much as we did.

If you are looking to relocate to Beaverton, Oregon or any of the surrounding areas, please don't hesitate to give me a call, I would love to show you around and even give you a map to our most popular and beautiful tourist attractions.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Photos by Rod Clark

Yesterday I was sent a referral from a mortgage broker that I met through another agent in another state, but this referral has me worried. This potential client had already been pre-approved and was already somewhat actively looking when I first talked to him.

He said he had found a place that he liked. I happened to be next door to it at a friend's house and said if he wanted to see it, I would wait here for him. He showed up, loved it and was ready to put in an offer until he found out the HOA dues. Not a problem, I can understand that, it was going to raise his monthly costs nearly $300 a month more than he wanted to pay.

So, I asked him how he had been getting into the properties that he has been seeing and he said he had been calling the listing agent. I told him this was unwise as they represent the seller and not him and I would love to sit down with him and discuss why he should have exclusive representation. He said fine and we scheduled an appointment for the next day. He called 15 minutes before our appointment and canceled and then I got a call from his mortgage broker that he had found a FSBO that told him that if he bought without an agent that she would lower the price by 2.5%.

This concerned the mortgage broker and he wanted me to look into it a little and make sure he wasn't walking in to something that could be a ticking time bomb. Well, this buyer was walking in to something that wasn't being told to him. This FSBO wasn't exactly your typical FSBO, they were an agent! Now, you can do this in Oregon, but I wouldn't advise it. The problem is, by law, you have to disclose that to a potential buyer or seller in a real estate transaction that you are an agent, and this person didn't.

I've told the mortgage broker to tell his client that he needs to proceed with caution. At this point, this person is already doing some shady things and not disclosing other things as well, like some things I found out about the property.

If you are a buyer looking into buying a property, than I suggest you get representation. You wouldn't go in to a court room without a lawyer, why would you go in to the biggest transaction of your life without an agent?

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739