Golden Realty Blog

Today, Lawrence Yun, Chief Economist for the National Association of REALTORS speaks about the current status of the real estate market.

Yun cautioned that there would be a long recovery process. “Home sales will remain soft in the months ahead, but improved affordability conditions should help with a recovery,” he said. “But the recovery looks to be a long process. Home buyers over the past year got a great deal, and buyers for the balance of this year have an edge over sellers. For those who bought at or near the peak several years ago, particularly in markets experiencing big bubbles, it may take over a decade to fully recover lost equity.”

Yun added, “Affordability could reach a generational high in the second half of this year because of rock-bottom mortgage interest rates, helped partly by the Fed’s very accommodative monetary policy. The loan underwriting standards are tighter, but home buyers can improve their chances of getting a loan by staying well within their budget.”

Watch the short video of Lawrence Yun Here.

Follow Us!

A new Oregon law went into effect as of August 1st, 2010, that requires home owners to remove and destory uncertified woostoves or firplace inserts prior to selling their home.

Click here for more infromation about the new law and how it may affect you.

Follow Us!

In Oregon, residents across the state are being mobilized in support of Initiative Petition 5 to constitutionally protect your real estate property from a sales tax.

A real estate transfer tax is a sales tax on your property. It is a form of double taxation that lowers homeowner equity; negatively impacts the process of buying and selling a home; and unfairly targets property owners and lower income residents alike.

To get involved and learn more about this important action by clicking below.

Check out this video montage from last Saturday’s FUNdraiser at the park to benefit Save the Pets…Hot Dogs and Cool Pups.

Because Everybody Deserves a Good Home

Follow Us On Facebook

Last week the REALTORS of Eugene voted and the results are in. The new directors to the 2011 board will take over in December 2010.

2011 Board of Directors

President

Kim Heddinger, Golden Realty

President-elect

Dave Haverstock, Dave & Nancy Haverstock, PC

Vice President

Linda O’Bryant, RE/Max Integrity

OAR Director

Celeste Schmorde, Windermere RE Lane County

Principal Broker Director

Kim Kellison, Kellison & Associates RE

Broker Directors

Dave McBride, Keller Williams Realty

                Isaac Judd, Hearthstone RE                 

Congratulations to Golden Realty’s own Kim Heddinger - elected President. Currently Kim is serving as the 2010 President-elect. Golden Realty is proud of Kim’s commitment to service and continually striving to help improve the economic well being and quality of life for the entire real estate community.

What a wonderful event. This video says it all:

Lane County FOOD for Lane County Fundraiser

Zach and Kim working hard at the Food Drive

In June 2009, a bill was passed in the House recognizing the importance of homeownership in the United States, and declaring June to be Homeownership Month. The following is the resolution that was passed, recognizing National Homeownership Month and the importance of homeownership in the United States.

Whereas the month of June is recognized as National Homeownership Month;

Whereas the people of the United States are one of the best-housed populations in the world;

Whereas owning a home is a fundamental part of the American dream and is the largest personal investment many families will ever make;

Whereas homeownership provides economic security for homeowners by aiding them in building wealth over time and strengthens communities through a greater stake among homeowners in local schools, civic organizations, and churches;

Whereas creating affordable homeownership opportunities requires the commitment and cooperation of the private, public, and nonprofit sectors, including the Federal Government and State and local governments;

Whereas homeownership can be sustained through appropriate homeownership education and informed borrowers; and

Whereas affordable homeownership will play a vital role in resolving the crisis in the United States housing market: Now, therefore, be it resolved, That the House of Representatives–

(1) fully supports the goals and ideals of National Homeownership Month;

(2) recognizes the importance of homeownership in building strong communities and families; and

(3) reaffirms the importance of homeownership in the Nation’s economy and its central role in our national economic recovery.

Follow Us!

Here is some information from the National Association of Realtors (NAR), the largest professional association and The Voice for Real Estate.

The 2009 NAR Profile of Home Buyers and Sellers provides research results on the experiences home buyers and sellers had when purchasing or selling their home. The majority of the respondents used a REALTOR® (a member of the NATIONAL ASSOCIATION OF REALTORS®). Here’s what they had to say:

Home Sellers

• Sellers reported that an agent’s reputation was the most important factor in their selection process.

• Nearly three-fifths of sellers report that they would “definitely” use the same real estate agent again.

• The top four home seller expectations of real estate agents are:

1) price my home competitively (22%);

2) find a buyer for my home (21%);

3) sell my home within a specific timeframe (19%);

4) help market my home to a potential buyer (19%).

Home Buyers

• 88% of buyers would probably or definitely use their real estate agent again.

• The benefit most buyers say they receive from their agent is help understanding the process.

• 88% of buyers were very satisfied with their agent’s knowledge of the purchase process.

• 77% of home buyers used a real estate agent and/or broker to complete their transaction.

Why Sellers should use a REALTOR®

REALTORS® provide sellers invaluable services, and there are many reasons to work with one.

A REALTOR®:

• Can give you up-to-date information about the market, prices, financing, terms and conditions of competing properties.

• Will market your property to other real estate agents and to the public.

• Will know when, where and how to best market your property.

• Can help you objectively evaluate every buyer’s proposal without compromising your marketing position.

• Can help close the sale of your home.

Why Buyers should use a REALTOR®

REALTORS® provide critical assistance with the home buying process.

A REALTOR®:

• Has many resources to assist you in your home search.

• Can provide objective information about each property.

• Can help you negotiate.

• Can help you determine your buying power.

• Provides guidance during the evaluation of the property.

• Can guide you through the closing process and make sure everything flows together smoothly.

When buying or selling a home is pays to work with a REALTOR®.

Have you heard that interest rates are now down to an all time low? Well you have now…the current average rate for a 30 yr fixed loan is 4.87%. The reason cited for this ‘slide’ is Europe’s debt crisis which pushes nervous investors to the security of US Treasury’s, which pushes down their yield and influences mortgage interest rates.

“It’s the best time in our generation to buy,” says Mark Zandi, chief economist at Moody’s. “It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy.”

Europe’s debt crisis will fade and investors will be looking for other assets which will drive the yield of Treasury bonds up and interest rates along with it.

“I think they won’t last much longer than a month or two at the best,” says Lawrence Yun, chief economist at the National Association of Realtors. “I can see them going up to 5.5 percent by the end of June if not sooner.”

Time for buyers to get it done!

Follow Us!

In this current real estate market many home owners and home sellers are choosing to rent their homes out instead of selling them. Homeowner’s whose homes have decreased in value, would rather wait until the market improves before selling and risk losing their current equity. The idea of having a tenant pay the mortgage until the market rebounds sounds like an ideal solution. Right? Well, for some it is, but for others this may be a nightmare. Which will it be for you?

Here are some questions to consider before making the decision to rent your home or sell:

• Are you prepared to be a landlord?
• If a pipe breaks or the furnace goes out, will you be prepared to deal with repairing the problem immediately?
• Will you be renting the property yourself or hire a Property Management Company to help you? Property management companies on average charge 10% of the monthly rent.
• What will you ask for rent?
• Is it the standard rent for the area and the home amenities?
• Will the rent pay your mortgage, investment property insurance and other expenses that will occur with tenant/landlord relationships?
• Can you afford to pay your mortgage if the tenant does not pay the rent?
• Will the property be maintained and kept up to your standards?
• Are you versed in landlord/tenant laws?

After answering these questions, and you decide that renting the home is not the right choice for you, re-evaluate your timing to sell the home. In theory renting out the home sounds like the perfect solution. But if waiting to sell in the future could cause greater financial loss than selling now, then, what would you do?