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Displaying blog entries 11-20 of 27

Mt. Hood Condo Buyer Info

Thursday, March 19, 2009
by Liz Warren

Interested in purchasing a Mt. Hood Condo? There are some great units for sale at Collins Lake or the Grand Lodges in Government Camp, or Fairway Estates,Clear Hills, and Shadow Hawk in Welches. What you need to know, if you are getting a bank loan is that Fannie Mae and Freddie Mac are changing regulations for mortgage loans on these units.

Here are a couple things you should know:

If the homeowner's are 15% or greater delinquent in homeowners association fees they will not lend on the project.

If 10% or more of units are owned by a single entity, they will not lend on the project.

As of April 1st, if a buyer does not but at least 25% down, they will be paying an extra 3/4% of the loan amount in a closing cost fee to protect against buyer defaults.

Check with the condo association president prior to making an offer or even looking at a project to save time. If the condo unit does not go conventional there may be alternative financing but I am sure it will cost you in a higher interest rate or fees.

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Unemployment Hits 10.8%

Monday, March 16, 2009
by Liz Warren

The numbers are out today. Oregon unemployment numbers hit the 10.8% figure. Portland metro is better off than several of the Central Oregon counties hitting 12 to 15% unemployment but this will affect the Mt. Hood area for sales. Less familes qualify for mortgages. Fewer buyers are in the market and it makes it harder to sell homes because we will be seeing more foreclosures due to unemployment.

Current inventory is at 143 properties for sale. Lets hope this stimulus plan gets stimulating soon so we can get this economy heading in the right direction.

 

 

 

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Monday Morning Coffee

Monday, March 16, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Competition will always place your life in the hands of others, while initiative gives
you the freedom to choose your own destiny."
~ Willard & Marguerite Beecher

BEAT THE OTHER GUYS!

From childhood we learn to win by competing. If one marble player wins, the other loses. If our football team wins, the opposition loses. If we earn top honors for the greatest sales volume or number of transactions, our fellow associates don't. We are taught to be competitive - and we learn the lesson well.

In being competitive, however, we must always measure our success in relation to others. First we choose the leader whom we must surpass. Our objective is to exceed the performance of that individual - the current Number One. Then, when we become the leader, we live in constant fear of having our performance exceeded by those striving from below to surpass us.

By always competing, then, we are not free to focus on doing our very best. Everything we do is related to what others have done or may do. A refreshing alternative is to put initiative to work. You freely choose your own destiny, then work to achieve it - totally oblivious to what others around you are doing.

Initiative begins with a delightful vision of yourself achieving what you think is important. Followed up with action, you achieve not only your objectives, but also the thrill and satisfaction of knowing you are in charge!


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Government Camp Land Swap with Feds

Sunday, March 15, 2009
by Liz Warren

I recently found anonline article about the Wyden Wilderness bill and the controversial Mt. Hood Meadows land swap. This involved trading future home developments in the Cooper Spur area for 120 acres of National Forest property near Government Camp. This came to the forefront a while ago with screaming headlines in the Oregonian but not much has been in the news since. Sounds like the the Hood River Valley Residents Committee has completed their task for conserving their side of the mountain.

There is also mention of increased wild and scenic rivers in our area plus an additional 128,000 acres of land to be added to the Mt. Hood Wilderness.

Here is the link

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Oregon Economic Impact of Housing Crisis

Sunday, March 15, 2009
by Liz Warren

Here is some interesting information on the impact of real estate for the state of Oregon compiled by the National Association of Realtors through the Bureau of Economic Analysis.

The real estate industry accounted for 17.1% of the gross state product in 2007. “The Industry” includes everything from construction, lending, title services, moving trucks, brokerage, appraisals and other related services.

When a home is sold, $25,767 worth of income is generated into those services. An additional $5,000 is generated from painting, buying new furniture and other auxiliary events.

Once this income is generated there is the multiplier effect with an additional $14,927. This money is generated by eating out, going to movies and sporting events, giving to charity and other spending events generating sales and income.

As additional home sales are conducted a new home is usually constructed- one for every eight home sales. According to Macroeconomic Advisors for NAR, when a new home is constructed it creates 1/8th of new home value generating approximately $35,788 into the economy.

It becomes obvious looking at these numbers that the economic impact of the housing crisis is huge for Oregon.  The slowdown has caused Oregon unemployment numbers to be some of the top in the nation!

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Mt. Hood Sales for February 2009

Saturday, March 14, 2009
by Liz Warren

The Portland RMLS recently released sales information for February 2009. Here are the numbers:

Increasing inventory with 56 new listings on the market since January and 22 new on market in February alone. Closed sales at six shows an increasingly competitive market with not as many buyers active. Pending sales are down 61.5% comparing this same time from last year.

There's no doubt that increased unemployment, increased savings and the virtual disappearance of around 45-50% of individuals savings and wealth are having an impact on real estate.

There have been no sales of land, mutilfamily, or commercial properties since January.

Some sellers are making the price adjustments needed to compete and get their properties sold. It is shocking for many sellers to see what comparable properties are selling for as home equities rapidly shrink to adjust to this current economy.

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Morning Coffee

Monday, March 9, 2009
by Liz Warren
Monday Morning Coffee

INSPIRATION FOR TODAY:

"Men are disturbed not by things that happen,
but by their opinions of the things that happen."
~ Epictetus

NO FEAR!

A well-known motivational speaker once said, "No one knows enough to be a pessimist." He also quoted statistics showing that a very high percentage of the things we worry about are either A) things that never happen, or B) things over which we have no control anyway. His point? Not only do we not have enough information to justify our worries, we also are virtually unable to alter the outcome of most situations.

Our worst fears are generally of the unknown (not enough information). Our imagination runs wild, conjuring up worst-case scenarios. We become fearful, anxious, and even overwhelmed - yet the source of our fear is non-existent (except in our minds).

"Think you can - think you can't - either way you're right."

"As a man thinketh, so is he."

"Argue for your limitations, and sure enough they're yours."

In other words, by your thoughts alone, you control the outcome. Although there exist many risks to our peace-of-mind during this uncertain time, we still have the ability to pursue our very best hopes and dreams. We may find that their achievement requires more effort than usual. Doubt may creep in. Nevertheless, as you have heard many times, "It's all in your head

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Excellent Mt. Hood Buyer Loan Available!

Saturday, March 7, 2009
by Liz Warren

If you are a buyer looking on Mt. Hood in Welches, Sandy, Brightwood, Rhododendron or Government Camp you should be aware of the USDA loan available for buyers who meet certain income requirements. Although this loan is not available for second homes or investment properties, it is great for a primary home purchaser. Believe it or not, 99% of Oregon is elegible for this rural development loan!

I recently attended a semiar on this program and our area qualifites as a "rural development" area. Here are some of the incredible benefits of qualifying for this loan which makes it even more attractive than FHA or VA financing:

1. 100% financing with a 2% upfront funding fee that can be paid by buyer or seller.

2. No PMI (Private Mortgage Insurance) saving you money every month!

3. You only need a 620 credit score!

4. They only offer one type of loan and this is a 30 year fixed rate loan.

5. No maximum purchase price.

6. No limit to seller concessions or gift funds.

Visit this website for further information.

 

 

 

 

 

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Mt. Hood Recession

Friday, March 6, 2009
by Liz Warren

Ok, so we are seeing effects of the recession all over the Mt. Hood area. Local retail shops are doing the best they can to stay afloat. We all try to purchase locally if possible to keep our fellow business owners out of the red.

Most notable recession fighters are the restaurants offering half price appetizers, two for ones, and early evening happy hour meals. It's working too. The bursts of winter snow storms have really helped the weekend traffic to our area. The mountain businesses were particularly hit hard due to no Thanksgiving snow and the chain of weather events that demolished the traditional winter break vacation hoardes that give our local businesses a huge shot in the arm.

How does this recession compare to others in our history? Take a look at these super charts I found online from the Federal Reserve Bank of Minneapolis to see how this recession compares to others we've had in the past 80 years.

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Mt. Hood Homeowners Owing More Than The Value of the Home

Wednesday, March 4, 2009
by Liz Warren

Attention property owners in the Mt. Hood area from Government Camp, Rhododendron, Welches and Brightwood. Are you falling behind on your mortgage payments? Do you owe more than your home is worth? Have you heard of the Homeowner Affordability and Stability Plan? The Obama administration has released information about a government program which will help homeowners refinance or modify their current mortgage.  This is for owner occupied properties only but one does not need to be behind on their mortgage to qualify. 

 

Here is a link to get information

 

 Here is the important part: "Find out if you are eligible"

 

You need to determine if your mortgage is owned by Freddie Mac or Fannie Mae.  The link for Fannie Mae is correct, but the link for Freddie Mac is incorrect and you will spend a great deal of time trying to get Freddie Mac.  Here is the correct link for Freddie Mac to give them information about your name/address etc. They  respond within two days letting you know whether they own your mortgage.

 

Do this RIGHT AWAY because they will be totally inundated with callers trying to get information. You do not need to know your loan number or balance. Do it NOW!

 

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Displaying blog entries 11-20 of 27

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