Should I get a home warranty? Depends…. alot of agents would say no, however I am a strong believer under the right circumstances and would frequently say ”yes”. New construction no (if it’s a builder who will be staying in business long enough, the home is warrantied for 1 year already), a home passing it’s home inspection with flying colors maybe not, but a home that has been rented, is over 15 years old and a bit rough, or a house that has been purchased from a bank or as a short sale, yes.
Yep! It probably is. Until an offer is received, the short sale process between the homeowner and the lender(s) cannot begin. In other words, the seller & listing agent need an offer, any offer, before they can turn in the initial packet required to get the process started. You are likely being used; they just want your offer.
This is the best place to go if you have questions regarding the tax credit extension. There are alot of questions in particular regarding the repeat home buyer… get some answers here! -Kristie McD.
President Obama signed the $24 Billion stimulus plan
into law today which included the home buyer tax credit extension. Notice I did not say “First time home buyer”? That’s because it’s not just an extension of the existing credit, it’s also an expansion to include move up or repeat home buyers as well.
So I was discussing with a client today when she should have a home picked out, negotiated and in escrow to ensure she gets the tax credit when I realized, we’re less than 3 weeks away from what I consider a safe bet, September 30th.
Tu Phan is a lender we work with frequently, he’s the President of 
Premier Mortgage Group here in the Portland area and has offered to write a blog entry for us here and there about whats going on in lending, here is his very first entry!
The latest RMLS Market Action Report is out and posted on our site along with our commentary
/ summation of the numbers and comments on what we’re seeing in the market and how that is represented in the numbers. Additionally we blogged a while back about which homes are selling and why, a blurb about that in this month’s commentary as well as a link to an eye opening PDF; head over and take a look!
I want to first mention that there are a lot of really amazing and good lenders out there, but like any profession 
(Realtors included), there are some that give the bunch a bad name; avoid ending up with a problematic lender by asking them some basic questions. (more…)
Boy have we been busy…The last RMLS market action report came out about a week ago and
I’m just now able to sit down and get my commentary and this blog entry in and the latest June 2009 RMLS Market Action Report shows why; the market is moving folks! We’re seeing lots of activity, lots of buyers, FHA in just about every transaction these days, seller paid closing costs in most as well and of course that first time home buyer tax credit. Things are a rollin’ however we are concerned that come the end of November we could see things come to a screeching halt. Check out the RMLS market action report and our commentary on it to find out why.
Many of the homes in SE Portland have converted garages…. if you are buying a home with a converted garage request the seller provide or obtain a permit, if you are selling a home with a converted garage be prepared to have to get one.
Back in the day of skyrocketing home sale prices between 2001 – 2006 the appraisal of a home you’re buying
(or selling) was of very little concern to buyers, Realtors, lenders etc because it almost seemed as though appraisers were asking the lenders “what do you need it to appraise for?” before doing the appraisal…no accusations here, but there was some funny business going on and it was one of many factors that encouraged the housing bubble to burst. Since then appraisers have completely reversed course and potentially to the detriment of the market.
The May 2009 RMLS Market Action Report was released a few days ago and being the busy season with a lot of transactions in 
escrow I just didn’t have the time to do my write up on it until today, but it’s there now! Indicators are basically what we’ve come to expect in this market, significant depreciation, -13% overall since this time last year, and high inventory though we did manage to shave 4/5′s of a month off that from 11 down to 10.2 months. Read our write up on the Portland Real Estate Market and from that page you can also download the full report.
(No, that is not me in the picture). Below is a link to a recent article referencing the commonly heard of Lawrence Yun , NAR Chief Economist, stating that the housing market is improving. I can’t speak for other states or cities but I can tell you what we’re seeing in Portland. Homes under $250,000 that are in good condition and located in good areas (especially those in inner NE/SE) are moving. Homes priced under $185,000 are selling even better. In fact it’s become very competitive. Homes above the $300,000 aren’t moving nearly as fast and of course the higher the home price from there the longer to sell. My advice?