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Displaying blog entries 31-40 of 73

New Restrictions on Condo Lending

Friday, October 10, 2008
by Liz Warren

If you are looking at condos in the Welches, Rhododendron, Brightwood and Government Camp areas you will need to know the new future lending requirements on Condo projects. This may affect Golden Poles, Thunderhead Lodge, Eidelweiss, Sno-Bird, Collins Lake and Grand Lodges, Fairway Estates, Clear Hills, and Shadow Hawk condo units.

Rules are coming down the pike that if investors own more than 49% of the units, in other words, if they are not owner occupied or second homes, the project may not qualify for convenetional financing.

I am not sure of trhe exact date this may happen but be advised that we may see many owner carried contract sales in the future.

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Even More HELOC issues

Wednesday, September 17, 2008
by Liz Warren

Many buyers of Mt. Hood properties in Welches, Government Camp and Rhododendron use HELOCS to obtain downpayments and purchases of second homes and investment properties. With a pinching off of HELOC funds, this could impact sales in our area.

Do you have a home equity line of credit? Well, be sure and check if you think you do because many banks are pulling these and notifying owners after the fact. Some homeowners are writing checks on these equity lines and finding their checks have bounced even before the notification.

Housing prices are adjusting downward all over the nation. Home Equity Lines of Credit are based on home valuations. Depending upon what state you live in, the amount of your total home debt can be 65% or 75% of your home value. The "home value" is determined by a computer model the banks use.

If you read the small print of your agreement the banks have a right to pull this at any time the home value reaches a certain amount and they can immediately freeze your ability to use this line of credit.

Turmoil in the banking industry will cause even further tightening of credit for Helocs over the next 24 months as they sort out the sub-prime mess and capital issues.  Just be aware that this instrument to gain funds may not be there for a while!

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Market Action for August 2008

Tuesday, September 16, 2008
by Liz Warren

Traditionally August is one of the most active of our year in sales. Take a look at the market action from multiple listing for the month of August.  The board of directors of the Multiple Listing Service have changed the calculation of the aveage days on market to the total market time which is now cummulative.Some agents would wait for a listing to expire or withdraw and relist as a new listing giving an unrealistic view of marketing time. This decision by the board will make more realistic figures for sellers and buyers to understand the market.

Sales for August were down 47% from the year before. Days on market will be showing up as longer due to the new cummulative amounts. August saw a total of 12 sales.

 

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Freddy Mac and Fannie Mae

Monday, September 8, 2008
by Liz Warren

Well, with the Feds bailing out these two institutions it means REDUCED RATES!

Buyers, take advantage right now because it may be the best possible senario with low rates and BIG inventories!

Recent rates have dropped to 5.875% for 30 year fixed!!!!!

Don't hesitate!

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Disconnect

Friday, September 5, 2008
by Liz Warren

There is a disconnect between what is happening in the real estate market and homeowner perceptions of what is happening. Take a look at the chart below to see what recent surveys show from the second quarter of the year.

You can see by the first example the real number is 77% of home values decreased over the past year yet only 38% of home owners see this as true. This is a market that has not been seen before by experienced real estate agents. Sellers who need to sell or to know their homes current value should look at only sold properties to determine their current market values.

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Latest August Newsletter for Mt. Hood real estate trends

Monday, August 25, 2008
by Liz Warren

 

Visit my latest August newsletter for Mt. Hood real estate!

Hit this link

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Interest Rate and Economic Growth Predictions

Monday, August 25, 2008
by Liz Warren

 

Wonder what will happen with interest rates for the rest of the year and into 2009? Check out this chart for the NAR, National Association of Realtor's, and Freddie Macs predictions for the rest of 2008 and into 2009. Interest rates are still fantastic so it is a great time to buy.

 

Here are NAR's predictions for economic growth through 2009. See Chart Below--As far as real estate goes in the Mt. Hood area, Welches, Rhododendron, and Government Camp, things should be staying pretty much the same in our area as far as market conditions are concerned unless credit loosens up. Do I think that will happen soon? Honestly, no I don't.

Yes, there was a bill passed to help first time home buyers to receive a tax credit to help get them into homes. Unfortunately, most first time home-buyers are not starting out in our area due to commute and gas prices so this will not have an impact from what I can tell.

 

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Zig Zag Riverfront Cabin near Mt. Hood

Sunday, July 27, 2008
by Liz Warren

 

$210,000   only SEVEN minutes to skiing!

 TAKE A TOUR HERE

Charming and well maintained ski cabin on the banks of the Zig Zag River only seven minutes from ski areas! It's spacious with nearly 1400 square feet of living space. Plenty of room in the living room, kitchen and dining area. Franklin fireplace for warming up after skiing. The living room has tall ceilings with wood beams and wood accents.

The kitchen and dining area are open and you can watch the river through a wall of windows that look out to the forest and river.

A deck is located on the front of the cabin for listening to the river.

Most of the windows have been replaced making a warm and cozy cabin for wintertime use.

A handy wood storage area is just off the mud room. You'll love the bathroom which was completely rebuilt  including a full sized shower and tub.

A metal roof is perfect in case it snows. The snow will slip right off the roof for easy care.

Located only one hour from Portland in the Mt. Hood National Forest with thousands of miles of hiking trails in your back yeard. leased land in the Mt. Hood National Forest.

 

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Mt. Hood Newsletter Hot Off the Press!

Tuesday, July 22, 2008
by Liz Warren

If you're interested in what is happening locally in the Government Camp, Welches, Rhododendron and Brightwood real estate markets plus nationally in real estate news you might want to sign up for my monthly newsletter to keep up with what is happening! I cover trends in Mt Hood National Forest cabins, Government Camp properties, local improvements that may inpact your ownership, lending issues and more.

Here is the latest copy!

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Mt. Hood Original 1925 Cabin

Saturday, July 19, 2008
by Liz Warren

This is an original 1925 cabin near Still Creek in Rhododendron. Lots of charachter and charm in this two bedroom cabin. Wood floors, old fashioned paned windows and a great deck to relax and listen to the Creek will lull your cares away.

Walk to Rhododendron across the footbridge. Located only one hour from Portland in the Mt. Hood National Forest! Minutes to year round skiing and thousands of miles of hiking trails in your backyard!

$95,000    TAKE A TOUR HERE

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Displaying blog entries 31-40 of 73

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Liz Warren
Merit Properties Group - Keller Williams Realty PDX Central
Box 131
Welches OR 97067
Direct: 503-705-3090
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