Real Estate Numbers Rise for 2013
Existing Home Sales for the nation rose substantially for 2013 giving us the highest numbers that we’ve seen for 7 years. This is encouraging to say the least, however, many factors still plague our country and the health of our economic recovery. The United States needs to see more than the 70,000-200,000 private jobs created each month for us to have a strong economic recovery. It is understood that the national unemployment rate dipped below 7%, but let’s be honest here. Many people have left the workforce causing this number to look more attractive than it really is. Many more people need to get back to work and be able to make attractive wages before our economy is not struggling on life support.
Regardless of how our overall economy is, people still need to find homes to live in. We have witnessed the largest economic correction that the US has had in decades and people still find ways to buy their own home. This is the resilience and creativity of the American people, which is what should be celebrated. People are doing what they can to scratch and crawl their way to lending approval because they know the importance of owning their own home. Taking advantage of the amazingly low interest rates is a strong motivator as well. Allowing interest rates to rise before locking in that rate will cost a home buyer thousands of dollars over the term of their loan or the time they own the home. As interest rates continue to rise through 2014, the buyers who are able to purchase now will be the ones creating more of their own wealth over time. http://data.bls.gov/timeseries/LNS14000000
6121 Santiam Springs Ct. SE Salem, Oregon
6+ Bedrooms, 4 Bathrooms
5943 Square Ft
Listing # 652659
1360 Hidden Creek Dr NE Keizer, Oregon
Keizer, OREGON 97303
3 Bedrooms, 2 Bathrooms
2183 Square Ft
Listing # 651232
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Listing courtesy of WINDERMERE PACIFIC WEST PROP.
1430 Bartlett Hill Ct NW Salem Oregon
STUNNING ELEGANCE! Foyer opens to beautiful circular staircase & tall columns separating the formal dining & living rooms. Spacious kitchen opens to informal dining area & FR for entertaining. Kit w/ large island, gorgeous wood cabs, 5 burner gas range, pantry & blt-in desk. Hardwood floors. Lovely master suite leads to total relaxation in the huge Master Bath w/ tile surround jetted tub, lrg shower & a XL walk-in closet. Office w/ blt-in book shelves & matching desk. Util on main. 3 car garage. Cul de sac.
6008 Riverdale Rd S Salem Oregon
Beautiful Acreage Home – 4 bedrooms (dual master suites) 2 large bedrooms, 4 full baths, office on the main floor off of the entry, grand cathedral entry, formal living room, wet bar/entertaining big screen room just off of the kitchen, a huge family room, chefs dream with professional kitchen, sub zero refridgerator, refridgerator drawers, warming oven, large walk in pantry, large laundry with not one but two sets of washer/dryers, studio above the garage, large pole out building. Gated entry
209 SE Ironwood Av Dallas, Oregon
Custom build home offers 3326Â± sq. ft. of great living space. 4 bedrooms, 3 full baths, office/den, large bonus room and more will open your creative mind. Beautiful hardwood floors throughout. Natural gas features include: Fireplace, kitchen range, hot water heater and furnace…(possible for BBQ). Nice kitchen open dining area. Indoor utility room has a utility sink. Large garage with area for 3rd car, shop, or storage. Retractable awning over deck. Excellent space for outdoor activities.
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Paramount Real Estate Services
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FHA Loan Limits Looking to Decrease
HUD is planning another shift in loan limits for FHA loans coming this October. Currently they are set at $295,000 for our Marion & Polk Counties within the Mid Willamette Valley in Oregon. Currently FHA requires a down payment of 3.5% of the sales price leaving a potential sales price to be no more than $280,880.00 come this October. Hopefully this will not have a huge affect on our home sales in this area. Many of the FHA buyers in this market are purchasing homes below $200,000. However, you will see that many move up buyers want to take advantage of the FHA backed mortgages with the minimal 3.5% down payment leaving some sellers with homes priced around the $280,000 price range and above in an ever more difficult position to find a qualified buyer.
Like most markets around the country, ours is also flooded with homes priced above $280,000 and it is a difficult task to find a buyer able to put down 20% during these economic times. Sellers need to look ahead so they are able to position themselves correctly for the coming changes.
Home Buyers Continue to have their cake and eat it too! But they’re not enjoying it!
Home Buyers continue to have so many options in Real Estate, it is just down right sickening. Sickening to the point that they are so overwhelmed with options that it is not an exciting process for most home buyers. Simply put, they are faced with a an array of homes available to purchase. However; these homeowners that they are negotiating with are down right ticked off! They’re upset that they are selling in the worst Real Estate market in the past 30 years. Many of these home sellers bought their home in the past 6 years when values were increasing; although hyper-inflated as they were, they are now having to sell. Sellers are fighting for every dollar and that just doesn’t jive with home buyers expecting this to be the greatest Buyers Market in recent history. Home Buyers have become what I am labeling “Entitlement Buyers”. These home buyers feel entitled to negotiate whatever they want, and get upset when they don’t get what they want. Many of these home buyers are realizing that in our declining market, the home they are purchasing could potentially be worth much less in a few months.
I can’t say that I blame the buyers’ attitudes that has been established over the past 4 years. Anyone purchasing a home wants to get the best deal in any market. This market has just emphasized the need to feel that a good deal has been established. Buyers want to feel that they won. It is interesting to see buyers pursue an undervalued home listed in this market. Even if the home is priced 20% below market value and buyers can be competing with other buyers, but none of them are willing to offer asking price. They just don’t want to pay full price because they won’t feel that they won. It is unfortunate because we have seen many buyers miss out on some great homes priced below market value. It is encouraged to take the “feel” out of the home buying process. Making an intelligent decision usually doesn’t involve emotions. Emotions often fail you. It is this position that often rubs home buyers the wrong way. Home buyers are usually emotional buyers, and unfortunately these emotions will make a great experience taste bitter if they are not put into perspective.