We are getting closer to the end of 2009 and with it brings some interesting statistics on Short Sales. The common myth is that Short Sales don't work but our latest statistics prove otherwise.
First, a Short Sale is where a Seller attempts to sell his house for less than he/she owes the bank on their home. The bank reviews the file and if approved, will allow the homeowner to go ahead and sell their home to a prospective buyer for less than what the Seller owes them.
If you have a real estate agent who knows what they're doing, you can also be released from any further obligation of the 'shorted' difference between the sales price and what is actually owed on the home or at the very least, be left with a much smaller debt in the form of an unsecured loan at little or no interest. This can vary from Bank to Bank so there are no hard and fast rules which again is why you want a real estate agent who knows what they're doing. The advantages with a Short Sale are numerous when you consider the alterntive, Foreclosure.
Many people have found themselves in tough financial times and if you are upside down on your home, a Short Sale may just be the answer.
As of November 19th, 2009 approximately 282 homes in Bend have successfully closed in Short Sale. An additional 306 Bend Homes that are Short Sale offerings have accepted contracts from buyers and are currently going through the Short Sale review process.
As a Certified Short Sale Specialist I offer a free, 100% confidential consultation to help Sellers determine whether a Short Sale is right for them. If so, you as the Seller are not charged for my services to bring your home through to a successful closing.
If you'd like to learn more about this service, please give me a call at 541.390.7878. I serve the Central Oregon region.
Tarris Rogers, Realtor
Broken Top is unquestionably one of Bend's premiere Golf Living communities and was initially developed in the early 90's. It is comprised of approximately 870 homes with a few individual lots left to build on. The Community of Broken Top can be divided into what amounts to 8 neighborhoods as follows:
Custom Homes Area - CUSTOM SINGLE FAMILY HOMES
Fall Creek - PLANNED SINGLE FAMILY HOMES
Arrowood Trail - TOWNHOMES
Whisper Ridge - TOWNHOMES
Bridge Creek - TOWNHOMES
Painted Ridge - TOWNHOMES
Tyrian Sky - TOWNHOMES
Courtyard - TOWNHOMES
Each neighborhood has its own homeowners association and respective HOA dues. Broken Top is considered by many to be an exclusive area due to multiple factors which involve its location, its private 18 hole, 7161 Yard, par 72 Golf Course, designed by Tom Weiskopf and Jay Morrish, the Award winning Clubhouse which features a Private Restaurant & Lounge, Golf Shop, Workout Room, Locker Rooms with Steam Room & Hot Tub, Grand Entertainment Room and exterior Pools, Hot Tubs and Tennis Courts. In addition, most of the community is gated and features a 24 hour, manned Gatehouse that regulates all traffic coming into Broken Top.
The Broken Top Club (optional enrollment) features planned member activities that include, Skiing, Snowshoeing, Fly Fishing, Bridge, Kids Golf Camp, Guest Speakers Program, Wine Tasting & Pairings, Fund Raisers, Specialty Dinners, organized Day Hikes, Book Club and other activities. Note that access to the Clubhouse, Restaurant, and Golf Course require enrollment into the Broken Top Club.
Broken Top also has miles of Bike Trails, a Driving Range, Putting Course, Practice Facilities, Children's Playground and Fly Fishing on Broken Top Lake. Gorgeous Cascade Mountain Views can be seen looking out to the West.
As a courtesy to prospective clients I offer a specialized ‘Broken Top Market Trends Report' which will provide you with an insider's perspective on Broken Top Real Estate. This report features up to the minute real estate activity, market trends and tips for all of Broken Top. You may also call me at (541) 390-7878 to request your personalized report.
Signs of a housing recovery in Bend are growing ever stronger. The Bulletin, Central Oregon's largest Newspaper is reporting that the current single family home inventory, (homes currently for sale) has dropped from its high in August of 2007 by approximately 50%.
In August 2007 the average amount of single family homes for sale stood at a whopping 1600 units. Today's inventory of single family homes for sale is now averaging around 785 units. A quick review of the MLS database shows the current number of single family homes for sale to be closer to 1000 as of today. That number will fluctuate up and down as homes sell and new homes come on the market. November is historically a slower month for real estate sales.
The city of Redmond is experiencing a similar shift according to the news story. Bill Watkins, a California economist who has been studying Central Oregons economy was quoted as saying, "That's absolutely good news, a decline in housing inventory is a precondition for a recovery."
What does that mean for home buyers and sellers? For Sellers, it means that your homes value is likely reaching it's lowest depreciation levels, which means that it is not a good time to sell unless you are seriously upside down on what you owe to the bank and what you could sell your house for. If that is your situation, I can offer you free consultation on the options you have available to get out from under such a burden.
If however your need to sell is not pressing, you may just see your homes values start to appreciate sometime over the course of the next year as long as Bend's housing inventory continues to shrink.
For Buyers, this gives further reason to jump of the fence and find the home you want to purchase now for the following reasons:
Bank Foreclosures and Short Sales continue to be some of the best deals in real estate. Contact me if you'd like an up to the minute list of homes that are currently the best deals in the marketplace right now.
Tarris Rogers, REALTOR
541.390.7878 direct line
Americans are changing their tastes in what they find most desirable in a home according to the most recent study completed by the American Institute of Architects. While Home Theaters, Triple Car Garages, Exercise Rooms & Guest Wings were all the rage during the housing boom, the average American has taken a decidedly different stand on what they find most important in a home in today's economy.
Americans are scaling back on the luxury items they once wanted in a home and are now centering more attention on the function and efficiency of a home rather than its excesses.
Topping the list of most requested home features at a whopping 40% request rate is the Home Office. That should come as no surprise given the fact that many people are now needing to create multiple streams of income to get by in today's economy. A home office lends itself well to creating new ways of generating additional income.
Next up on the most desirable features and coming in at 18.1% is a Mud Room. Traditionally a Mud Room is where the family first enters to dispose of all clutter before entering the home. More Often than not, today's Mud Rooms also incorporate the Laundry and Utility facilities as well.
Dropping to third place is Media/Home Theater at a 16.2% request rate.
Rounding out the most often requested features of a home are items that relate to Energy Efficiency, Renewable Energy Technologies, and Energy Management Systems.
The AIA has also noted a growing demand for Home Accessibility Features. This includes such things as a first floor Master Bedroom Suite, Ramps, Elevators, and easy to use housing elements like handles, knobs and faucets.
When you consider the changing landscape of Home Design, it's easy to see that Americans are now trending towards Function over Form.
Posted by: Tarris Rogers, Broker
541.390.7878
info@mrrogersrealestate.com
Bend Oregon Real Estate closed out the month of October with some brisk home sales. A total of 211 homes were sold during October. The average sales price was $301,444. Not bad for a down market and this indicates that both home buyers and investors are seeing good values in our marketplace.
Another thing these statistics demonstrate is that the sales are not exclusive to the entry level home market. More than 50% of those sales were on properties that were priced over $200,000. The average time on market was 145 days.
Price per square foot for stick built homes (not manufactured) on less than an acre came in at $126.00 per square foot on average.
Looking forward to the next two months, November and the first half of December historically tend to have less home sales, so it will be interesting to see what this year brings. We have quite a few investors in the market which indicates once again that Bend Oregon is a desireable place to both live and invest in.
Bend Foreclosures and Short Sales remain hot properties in our marketplace.
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Certified Short Sale and REO Foreclosure Specialist. Web 2.0 & Social Media Advertising expert. I put a 100% satisfaction guarantee behind my services to you. Call me at 541.390.7878
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