Real Estate Information Archive

Blog

Displaying blog entries 1-5 of 5

Home Prices Rise in 19 out of 20 Markets

by Mark Rieger, Mark Rieger Realty

Below I have inputted a link to a chart sent to me from one of my preferred lenders. This chart shows the ups and downs in real estate values starting back in 1988 taking us right up to the present. You can see first hand which way the trend is taking us today. In the local central Oregon market, the biggest problem we have is the shortage of good inventory to Sell. In my opinion, with buyer activity on the rise, interest rates still low, and less homes available to chose from, that combination can only move home values one direction.

Click on the link below to see the chart. If you are ready to get started with your quest to find a new home to Buy, or getting your home ready to Sell, give me a call today.

http://www.mediacenternow.com/temp/11671_6.pdf?gd=0dd38500-bdad-4cdb-80c3-1e240e2a1b2f

How To Spot an Overpriced Home

by Mark Rieger, Mark Rieger Realty

Whether you are selling your home or looking for a new home, knowing how to avoid an overpriced home is important.

In many cases, homeowners value their homes higher than what they’re worth because of sentimentality and emotional attachments.

 

However, overpricing a home is one of the biggest mistakes sellers can make, and buying an overpriced home is an even bigger mistake.

 

Here are 5 ways to identify an overpriced home.

 

  1. The home is priced much higher than neighboring properties. One of the first things real estate agents do before recommending a price to the seller is look at the sales prices of the last three sales of comparable sized homes in the neighborhood. Do a search to find out what neighboring homes are selling for, and make sure the home is priced accordingly.
  2. Look at the number of days the home has been on the market. If the home has a high number of days on the market, it may be an indication that the home is overpriced. Competitive bids indicate a reasonably priced home.
  3. The home is priced for customized, unique amenities. Tennis courts, badminton courts, wet bars, expensive pools, bowling alleys, and other amenities may have a lot of the appeal to the seller, but they don’t necessarily have a broad appeal. The price should reflect that point and not include many customized, personal amenities.
  4. The location does not add value to the home. It’s a real estate cliché that “location is everything.” However, location can affect the price of a home. If the house is located on a very busy street, is located in a generally low-income area, or the nearby schools don’t have high ratings, the price should reflect such.
  5. The home price is based on home improvements. There are a few improvements that can increase a home’s value. An updated kitchen, a newly installed bathroom, a deck, or other add-ons may warrant additional cost. However, minor home improvements and repairs do not. Make sure you are aware of any improvements, remodels, add-ons, etc. Verify that if the price of the home includes improvements, the improvements add actual value to the property.

If you need help properly pricing your home for sale, or if you are looking to Buy a new home in the central Oregon area and simply want to make sure you are paying a fair price, please let me know. I offer exclusive Buyers and Sellers representation and would be happy to help you! Give me a call today.

National Housing Trends Moving Up

by Mark Rieger, Mark Rieger Realty

GAINING EQUITY

The rise in home equity has been a beacon of hope for many home owners, after five years of declines and stagnation.

After hitting a low of $6.5 trillion in the final three months of 2011, American's combined home equity jumped nearly $1.3 trillion during the next nine months to $7.71 trillion - a twenty percent increase - according to the "flow of funds" quarterly estimate released in December by the Federal Reserve.

Lawrence Yun, Chief Economist for the National Association of REALTORS®, in an economic update presentation projected "meaningfully higher home prices in 2013-14." With 4-5% rise in home prices in 2012 (6% for the median price) Lawrence believes we will probably see 15% cumulative growth over three years. 

Market Graph

Five Daily Habits for a Better Life!

by Mark Rieger, Mark Rieger Realty

 

Here's a fresh idea for the start of the New Year. Instead of trying to improve ourselves by trying to follow another set of New Year's resolutions, some life coaches and self-improvement experts suggest that establishing a few good habits on a daily basis can be much more effective. Good habits, practiced regularly, eventually help us grow in the right direction.

Following are five great habits that can upgrade every area of our lives: 

1. Keep moving.
To improve your physical health, you don't have to join a gym or start training for marathons (unless that's what you absolutely love doing!). Just get yourself moving, every day. Instead of staring at a TV or computer screen for a couple of hours, get up and go for a 20-minute walk. Use the stairs instead of taking the elevator. Walk to some places you usually drive to. In nice weather, have a meeting with someone while taking them on a walk through the park. This was the favorite kind of one-on-one meeting for Apple founder Steve Jobs.

2. Stay positive.
Negative inputs sap our emotional energy, putting us in a mindset that can make it harder to succeed. Spot the negative influences in your life and eliminate them, or if they can't be avoided, at least don't indulge them. A brief list: 24-hour bad news channels; impossible deadlines; traffic; toxic people. If that radio talk show host or TV interviewer sets you on edge, why listen to them?

3. Work your mind.
Mental exercise is good for you too. Just make it a point to learn something new every day. It can be as small as someone's name or as big as a part of history you've always been curious about. Learn a new word from a list of most frequently misused or misspelled words. Figure out how to be proficient with every last function on your smartphone. Just learn one a day.

4. Take time out.
Even during your busiest day, don't forget to take a few minutes out and enjoy some quiet time. Don't open emails, and let your phone go to voice mail (OK, you can check Caller ID if you're expecting a really important call!). Turn off your smartphone, tablet, and computer. For 15 minutes, don't work at all. Just listen to your favorite music, read something for fun, stare out the window and daydream, or do whatever it is that relaxes you. The idea is to quiet your mind and refresh your disposition before heading back into the fray.

5. Reach out to someone.
Each day, try to connect to one person you haven't engaged in a while. That could be a college friend, someone you swapped business cards with on an airplane or at a trade show, or any acquaintance who's been on your mind lately. Pick up the phone, shoot off a quick email, or tweet them. Let them know you're thinking about them. Even better, share something that might be of value to them. We really can't do everything on our own, we do need each other. Reach out to one person daily and you may be astonished with the results.

Here's to growing in great new ways and experiencing the greatest year ever. And if you or anyone you know needs professional real estate assistance, please let me know.

FHA Says the Time to Buy a Home is Now!

by Mark Rieger, Mark Rieger Realty

Attention Home Buyers

 
The information below was sent to me by a mortgage professional in this area on 2/1/13. The source is deemed very reliable. I felt like this information was important enough to get the word out as soon as possible. Please forward this to anyone you know who is considering buying a home in 2013 using FHA Financing.
 
Do you need to use an FHA loan to Buy your new home? If so, you need to buy RIGHT NOW! Why?
 
Effective June 3, 2013:
 
The FHA is going to take away your ability to drop the monthly mortgage insurance.
So…you will NEVER be able to drop the monthly mortgage insurance – even if you have
20+% equity in the home.
 
On a $200,000 loan that equals to an extra $59,000 over the life of the loan!
* Housing prices have probably hit bottom…
* Interest rates have probably hit bottom…
* FHA mortgage insurance is getting more expensive.
 
Waiting to Buy will cost you a TON. If you need to use an FHA loan to qualify then the time to buy is now.
 
Who needs an FHA loan?
1) Buyers with less than stellar credit / or limited credit,
2) Buyers with limited job history,
3) Buyers with high “debt-to-income” ratios,
4) Buyers with little to no cash assets AFTER closing,
5) Buyers that need a co-signer,
6) Buyers that will not have “left over” cash “reserves” after closing,
7) FHA loans are NOT just for first time buyers!
 
Let me know if you have any questions. I'll be glad to refer you to a loan professional in the central Oregon area if you need one, or contact your mortgage professional to verify this information for your own benefit as it is deemed reliable but not guaranteed. If you are ready to start looking for a new home, please give me a call. I'll be ready when you are!

Displaying blog entries 1-5 of 5

Syndication

Categories

Archives