Tony and Libby Kelly, CRS, ABR, ePro, SRES, CLHMS, CNHS

Hello, all:

At long last, the House Hunters special that I got to participate in, "House Hunters' Guide to House Hunting", is airing this Sunday, April 5th, at 8 PM EST. I would advise you all to check your local listings for specific times in your area, just in case, because sometimes the different cable or satellite providers air the shows at slightly different times.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com & http://tonyandlibbyrealestateblog.com/ (make sure you leave comments)

House Still Buyable

The economic climate has been a bit stormy lately, but that doesn’t mean your dream of buying a cozy cottage by the seaside has to go by the wayside. Learn more about what’s still possible when it comes to home buying.

PERCEPTION REALITY
Banks Have no money for mortgage Loans Umpqua Bank has plenty of money to lend, and we’re ready to use it to help you get settled into your new home
No one can get a home loan right now We’re closing nearly $60 million in new mortgage loans every month; our customer are building, buying and financing their homes.
You must have 20% into the deal not Government – sponsored loan programs can require as little as 3.5% down, and loans with a 95% loan-to-value with out on finance are still available. We’ll help you evaluate what you can borrow and connect you to the program that makes sense for your specific situation.
Down payment assistance programs have disappeared Some down payment assistance programs have disappeared, but many are still available through city, state and local community development organizations
You must have stellar credit to get a mortgage loan Though the industry overall has seen a tightening of credit criteria, our lending practices have not dramatically changed. Talk to us to see where you stand.

THERE ARE NUMEROUS LOAN PRODUCTS AVAILABLE:

• Conventional - fixed and arm products with a loan amount less than $417,000.

• Non-Conforming - fixed and arm products with a loan amount greater than $417,000.

• FHA - 3.5% down payment (can be gifted by acceptable source). Flexible downpayment sources.

• Oregon Bond - Loan must be conventional, FHA or Rural Housing. Income restrictions and designed for first time homebuyers

• Rural Housing - Must be in rural housing area. 100% financing based on appraised value. Adjusted household income can not exceed the maximum allowable income

• VA - Guaranteed by federal government based on the amount of entitlement to the veteran in the conjunction with loan amount.

• ODVA - loans are conventional fixed rate designed for veterans.

• All-in-One Construction - Must be for primary or second home

http://jimhungerford.com/

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com & http://tonyandlibbyrealestateblog.com/ (make sure you leave comments)

According to this article, when a home's soil is test to see if the oil tank is leaking they are testing for a carcinogen call benzene. If too much benzene is found the oil tank has to be decommissioned. This just means making sure that chemicals are not leaking to the home or groundwater. Most of the time this does not require much soil removal to comply with guidelines but two new chemicals have been deemed carcinogenic by the Environmental Protection Agency.

Naphthalene and ethylbenzene are now considered carcinogens and are a part of the updated screening test for leaky oil tanks. Now more and more home owners are finding that the amount of work needed to fall within the guildelines can be more like $7,000.00 instead of $2,000.00.

Usually these types of things get tested when trying to sell or buy a home and since this is a buyers market sellers are getting hit with an unexpected expense.

It is very much a case-by-case scenario but home owners should know that passing this "test" has gotten a little tougher.

http://www.oregonlive.com/news/index.ssf/2009/02/new_epa_and_oregon_rules_doubl.html

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com & http://tonyandlibbyrealestateblog.com/ (make sure you leave comments)

February Residential Highlights

The Portland metro area market improved in February compared to a record low January, but remains slow compared with February 2008. Comparing February 2009 with the same month in 2008, closed sales dropped 38.1%. Pending sales also fell 30.5%. New listings decreased 19.7%. On the other hand, when comparing February 2009 with January 2009, closed sales grew 17.1% (857 v. 732) and pending sales were up 3.3% (1,276 v. 1,235). New listings, on the other hand, dropped 17.3% (3,471 v. 4,196). At the month’s rate of sales, the 14,188 active residential listings would last approximately 16.6 months, down from a record 19.2 months in January.

Sale Prices

The average sale price for February 2009 was down 12.9% compared to February 2008, while the median sale price dropped 7.5%. Month-to-month, the average sale price and median sale price are both up when compared with January levels; the average sale price increased a slight 0.4% ($298,500 v. $297,200) and the median sale price was up 3.6% ($259,000 v. $250,000).

Year-to-Date

Comparing January-February 2009 with the same period in 2008, closed sales dropped 35.8%. Pending sales also fell 29.1%. New listings decreased 17.2%.

PLEASE CHECK OUT OUR NEW PODCAST ON THE HOMEPAGE OF OUR WEBSITE http//:www.TonyandLibby.com & OUR NEW PORTLAND METRO BLOG AT http//:www.TonyandLibby.blogspot.com (make sure you leave comments)