Frequently Asked Questions
Question: What's the difference between a short sale and a foreclosure?
Answer: A short sale is when a property is listed and/or sold below the amount in which the seller owes the lender. A foreclosure, or often called a bank owned home, is when the bank or lender has taken back the property. Ask us more about going forth in purchasing one of these types of properties.
Question: How do I search for bank owned/foreclosed homes?
Answer: We can do that for you! We have access to two different MLS databases that allows us to search for any listed property in the Willamette Valley. Just contact us today and we can send you an email with any that meet your criteria.
Question: Is this a good time to buy? Is this a good time to sell?
Answer: An email from Corkye Funk at Cascade Residential Mortgage sums up this question:
"I get asked this question quite a bit, since we’re in a distressed real estate market right now. I’ve read a lot of articles on this situation and every financial advisor and/or real estate market analyst is saying that while you are going to take a hit on you’re the sale of your home right now, if you thinking of upgrading your primary residence, now is the time to do it. After your place is sold, you will be able to take advantage of the low interest rates and you will be in a very strong position for negotiating the purchase price of the new home and I have been seeing some incredible deals come together that I never thought would be possible. Another point to keep in mind is, if this market continues to decline, townhomes and condos are going to take the biggest hit and they are the slowest properties to recover. When you look at the real estate market from this perspective, if you wait until the value of a home goes back up, the value of that detached single family home will go up even more and the Feds will no longer be forcing interest rates to stay low, which means unless your income rises a lot your buying power is going to decrease."
Question: How do I go about selling my home?
Answer: A good page to read is our For Sellers page.
Question: Who should I talk to first when it comes to buying a house?
Answer: A real estate broker should be the first point of contact. We have a ton of information for you and can lead you in the right direction in terms of talking to someone to get qualified to purchase a property. You can check out our For Buyers page for more information.
Question: How long does it take to purchase a house?
Answer: Anywhere from about one week (if you're an all cash buyer) to 60 days. Normally, with most buyers who are buying with a conventional loan, the whole process (searching, writing an offer, negiations, due dilligence, and closing) takes about 30 days.
Question: How long should I expect my house to be on the market?
Answer: There are many factors that can affect this. The two big ones are location and price. If your property is in a desirable neighborhood, but it's priced higher than any other property in the neighborhood, the property will most likely sit on the market. The best solution to this is to make sure to take a look at our CMA that we do for your property (which is free by the way), ask us any questions you may have, and price your home accordingly. Market times in the Portland area is usually between 60 to 90 days on market, with those who are priced "right" closer to the 60 day mark.
Question: Can you help me buy and/or sell even though I live outside of Oregon?
Answer: We sure can! We have a large network of other RE/MAX Real Estate Professionals across the country. We have worked with many of them with great success.
Top Real Estate News Stories
Forecast Hopeful With First-Time Home Buyers Leading The Way
San Diego, November 13, 2009
Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.
Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”
A large consumer study being released later today, the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47 percent share of home sales over the past year, up from 41 percent in the 2008 survey. The share has risen steadily since a cyclical low of 36 percent in 2006.
Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0 percent over last year, and then are forecast to rise 13.6 percent to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.
New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.
The 30-year fixed-rate mortgage will probably average 5.3 percent in the fourth quarter, rising gradually to 5.8 percent by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.
“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appears to be in the early stages of stabilizing. With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5 percent in 2010, but with wide geographic differences,” Yun said.
He expects growth in the U.S. gross domestic product to be at a pace of 2.5 percent in the current quarter, with GDP up 2.8 percent in 2010.
The unemployment rate is close to peaking and is projected to ease to 9.5 percent by the end of next year.
“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4 percent this year, then rising 1.6 percent in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4 percent this year and 1.2 percent next year.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Helpful Links/Clients' Links
Here we'd like to share some of our friends' links to their local services and products. Please take a look at their websites and help support our local community!
Cascade Residential Mortgage
Gem Stone Inspections
--- Contact Jim Hoffert at 503-939-8869
ADI Home Inspection Services (Corvallis/Albany)
--- Contact Dave Fleetwood at 541-905-7548
