Dallas, OR

Yes, it's that time of year once again! I understand that we are all in the same boat right now but please do not forget that we do have things to be thankful for. I for one am very thankful the the elections are over and I'll be more thankful when the next couple of months go by and our history making president elect has firmly planted his feet in the white house. I'm also very thankful for the clients I have and the clients I will have in the coming year. ~HAPPY TURKEY DAY EVERYONE~

One of the biggest things stopping people from participating in the American Dream today is the ability to come up with the down payment. While talk of a credit crunch keeps some buyers sidelined because of credit problems, many others with good credit are able to get the best deals in years including programs with no down payment!

The program leading the way in no down payment requirements (for non veterans) is the USDA Rural Development loan. This loan is available right now for Dallas and Independence, and who better to show you homes in these communities than Cecily Parks with Windermere Park West Properties in Salem.

To qualify for the program (it is income limited), a family of four cannot have a total household income of more than $70,750 per year. That is a pretty liberal guideline. After Jan. 1, a family of 1-4 qualifies with the same income. Larger families have much higher income limits.

If you are interested in property in this area and would like to see if the address falls within the USDA "footprint" click here.

So - THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!

Call me for more information on USDA loans, and to see if your household income qualifies for this NO PMI loan. If you want to get the mortgage qualification process started, either call me at 541-342-7576 or fill out an application on line.

Authored by Fred Chamberlin, a mortgage loan consultant, Eugene/Springfield Oregon

I have had several people interested in obtaining a USDA home loan for property in Marion, Polk, Linn and Benton Counties. I've put together a map of part of the county that should help in identifying areas that qualify for this program.

As you might know - it's one of the last TRUE 100% home loans available - and it doesn't have PMI! The rates are comparable to FHA, so it's a very affordable payment! You do not have to have PRESTINE credit, but we generally want to see scores above 580, and 12 months of "clean credit."

USDA does require that the property be located in a less populated area. It does not need to be a farm - but it can't be located downtown either.

The "darker" areas do NOT qualify. However, as you can see - that is basically the the Salem area for Marion and Polk counties, Albany for Linn County and Corvallis for Benton County - urban growth boundary and anywhere else in these counties are eligible for this type of financing. That includes Stayton, Dallas, Sweet Home, Philomath and Harrisburg as part of the counties that are included in this financing.

If you are interested in property in this area and would like to see if the address falls within the USDA "footprint" click here.

So - THE TIME IS RIGHT! We have many properties on the market, we have MONEY TO LEND, and the Federal Government is giving First Time Homebuyers a $7500 tax credit if they purchase prior to next summer!

For more information on USDA loans, and to see if your household income qualifies for this NO PMI loan, please click here

The first quarter has ended for the real estate market. Here is where our local markets currently stand. Market data information is from the local WVMLS.

Here is what is occurring in the city of Dallas in real estate...

Average Sales price:

The average sales price so far this year is $198,164, down 6.9 % from last year's $212,781.

Inventory:

Dallas has an absorption rate of 7.6. This places the current Dallas inventory at 20.52 months.

Home Sales Closed:

In the first quarter this year, 23 homes closed on the market. That is down 56 % from the same time frame last year when 52 homes closed in the first quarter. Sales have slowed significantly in Dallas, and with high inventories it will be important to price well.

New Home Construction:

Dallas currently has 62 new construction homes active on the market. At the current absorption rate that is a 37 month inventory. New home construction is currently averaging $300,738 for active listings. Homes are actually selling for an average of $280,640. This is a negligible drop from last year's $280,870. Prices have essentially remained flat.

Condominiums

Dallas does not have enough condo transactions to conduct accurate analysis.

Luxury Market ($500,000+):

Dallas does not have a significant luxury market for analysis purposes.

If you need more specific market information, please feel free to call or email me with your specific area, and I will provide you with a more detailed report.

(c) Copyright, 2008. Melina Tomson, All Rights Reserved. DO NOT COPY this without express written permission from the author.

If you are thinking about relocating to Salem-Keizer Metro area and need more information about what our city is like, please call or email me for more information. If you are considering a purchase or sale of a home, I'd like to discuss your real estate needs with you.

Melina Tomson, MS

call: 503-371-6515

email: melina@tomsonburnham.com

http://www.tomsonburnham.com/