You must have lived in your house as your primary residence for 2 out of thelast 5 years. Here are a few scenarios. After 2 years, sell and find another house then repeat. After 2 years, buy another house and then rent the first. After 4 years,buy another house and then plan to sell the first so it closes before the5th year ends. Continue this process and making sure you never break thecycle. If you have some rentals and are just now aware of this Continue reading →
This market will be very difficult to surf. Unfortunately current real estate trends are always a guess. We are always months behind what has happened. Most agents that I talk to agree that in June 2006 the market radically changed. But we didn’t know it. Each agent has their own sales cycle. An individual agent that is busy does not show the pulse of the market. I randomly get referrals and will have a busy month. I have a couple of listings that I think Continue reading →
In Oregon, swimming pools do not add value as a rule. It becomes an obstacle like steep stairs, flag lots, busy roads and steep driveways. Except for flag lots I have dealt with these issues. In West Linn a many years ago I had a listing that had a driveway that had a drop as steep as a ski ramp. I wouldn’t drive my car down there even though my client did. Though I had a pick up truck with a very light back end Continue reading →
A pensioner aged 102 has been granted a 25-year mortgage despite the fact he would have to live until 127 to pay the loan back. The property investor from East Sussex has taken out an interest-only £200,000 mortgage and hopes to meet the £958 monthly repayments with income from rent as he joins a growing army of retired people hoping to cash in on buy-to-let schemes. Most lenders set a limit at 75 years for mortgage applicants but a handful, including Woolwich, and Bristol & Continue reading →
This article paints a scary picture. Just today I saw a list of 100% loans available. The FICO score had to be 640 or better. The ultimate fallout is still to be determined. If someone thinks there is money to be made they will find a way. So unless regulators ban banks from getting sub-prime loans, those loans will still exist in a lesser amouont. Nationwide statistics show housing sales spurt. It seems that this is mainly supported by the Northeast and the warmer weather Continue reading →
I have linked the Oregonian article explaining the newest market statistics thinking that they may do a slightly better job than me.
I have been staying in touch with mortgage people and title companies. They are saying that as of April 1, any deals that aren’t closed in the subprime range will not close. Deals are also falling apart midway through the transaction. Subprime loans are those to people with low credit scores, maybe very little credit history and 100% financing. My title person remarked today that she had 4 new deals come in but also 4 deals fall apart. Since last week I know specifically of Continue reading →
Talking to different mortgage brokers and reading the news, it seems that credit challenged people will not be able to buy very soon if they need 100% financing. The standards for obtaining a loan are going up. Through the last few years I have watched people with very low scores and almost no credit history get homes. This is what helped our boom recently. Statistics vary but it seems in any given market, the subprime loans are 10% – 20% of the market. Most of Continue reading →
Here are links to everything about the Pearl District in Portland. The Pearl according to Wikipedia Map of the Pearl Area First Thursday Art Tour Another great site about the Pearl with information on shopping and more. Portland Street Car including times and route. A guide to the Condos of the Pearl. I hope these links help but nothing is like being there.
The Portland market is back to where some homes seem to be a deal. Obviously time will tell but based on current sales there are some well priced homes. After the surge we had in 2005 and the first half of 2006, people don’t want to miss the next surge. A quiet law, quiet because I have not seen it referenced in any of the many articles or news stories in Portland, is that you need to have a contractor’s license to buy a home Continue reading →