Join us as we support the 21st Annual Transitional Youth Golf Tournament at Stone Creek Golf Club on Monday, August 27th. Net proceeds from this tournament will help support local at-risk and homeless youth as they transition from life on the streets to stable household environments.
The latest issue of The Chairman’s Report, a quarterly real estate update from Prudential Northwest Properties Chairman Bert Waugh Jr., has just been released and many economic indicators point to a slow and steady improvement in the housing market.
The average price of homes sold increased across the country in the last year, with the West experiencing the greatest gains, with the average price of homes sold up 8.6 percent over this time last year.
Are you a buyer preparing to close on a house? Now is a good time to refresh yourself on the most common closing costs.
There are more expenses to buying a house than just the monthly mortgage payment. More than likely you’ll need to come up with some cold, hard cash in order to finalize the deal.
Here’s some common closing costs to consider:
Down Payment: Due to today’s economic climate most buyers will need to put down at least 20 percent. This makes good financial sense. If you can’t afford to put 20 percent down then it’s very likely you can’t afford to buy that particular house.
Loan Origination: This is what the lender charges you to underwrite the loan, meaning what they charge for their time and all the paperwork they need to do.
Points: You’ll often see that different lenders have different “rates” and different “points” they charge. By paying points you can receive a lower interest rate, but this means more cash at closing.
Credit Score: You can access your credit report for free at annualcreditreport.com, however, in order to see your credit “score” — the magic number that lenders use to determine your interest rate — you’ll likely need to pay a small fee.
Home Inspection: You want to be sure, no matter if the house is new or old, that you get a home inspection by a qualified inspector. You may love the house and the price, but if you find out that a big ticket item needs to be replaced you will be able to renegotiate the price or decide to change your tune on buying the home. A typical inspection will run you from around $300 to $500.
Private Mortgage Insurance (PMI): This is what a lender charges if you are putting less than 20 percent down on the cost of the home. It usually runs about .5 to 1 percent of the total cost of the loan and is simply a safeguard to protect the lender should you default.
Other Small Fees: Insurance escrow, property tax escrow, notary feeds, land surveys, deed recording, etc. Be sure to ask your Prudential Northwest Properties real estate professional which will apply to your contract and what the expected costs will be.
Congratulations on the decision to buy. Owning a home can be a wonderfully fulfilling experience. Just be sure you’re ready for the closing costs coming your way!
Because most street youth have no place to call home or to keep their minimal belongings, the Prudential Northwest Properties Relocation Division has kicked off its 3rd Annual Transitional Youth Backpack Drive. Please help us give homeless youth a place to keep their few important possessions close and secure by contributing a backpack. This simple gesture on behalf of a young person without a permanent home will make their life a little easier.
Please drop off a gently used or new backpack at the Prudential Northwest Properties Relocation Division office at 9600 SW Barnes Road, Suite 100 in Portland any time until September 30th. Or, if you prefer, make a donation to Transitional Youth and a backpack will be purchased on your behalf.
Thanks for supporting our efforts to help homeless and at-risk youth. For more information, please contact Jan Richardson at 503-350-7277 or firstname.lastname@example.org. To learn more about Transitional Youth, visit www.TransitionalYouth.org.
Prudential Northwest Properties Newberg and McMinnville branches joined together to sponsor the Special Olympics Summer State Games Victory Dance this past Friday night in Newberg and a fine time was had by all. Many of our brokers and their families came out to help guide the 1,500 athletes into the arena where law enforcement officers and fire fighters formed two lines that the athletes were able to “high 5” and shake hands with as they came in.
Our brokers were part of the chain of people giving encouragement and congratulations to the athletes and there were several more in the stands with their families cheering them on. Once the torch was lit and the music started, the victory dance began. It was great to see the athletes enjoying themselves and celebrating, and it was absolutely infectious.
Prudential NW brokers Kari Fahrenkopf (left) and Laura Oviatt gettin’ down at the dance!
Newberg broker Rob Molzahn, who spearheaded our involvement in this event, summed up the evening nicely, “What a treat! Here is where encouragement and positive attitude are a way of life. It was inspiring, and I’m very thankful and proud of all who came and participated. It was truly an evening well spent.”
Photo credit: Special Olympics Oregon
To Branch Managing Principal Broker Ron Schock and our entire Newberg and McMinnville crew and your families, a big “thank you” for supporting Special Olympics in Oregon … you make us proud!
The latest RMLS Market Action report shows real estate activity in Clark County increased in several key measures in June 2012 compared to June 2011.
Accepted offers are up 9.1% over last year and up 3.6% from May 2012. Pending sales numbers showed the most improvement in June.
Average sale price of $208,300 is up 4.8% over last year at this time when it was $218,200 and the median sale price rose 7.9%, going from $180,000 to $194,200.
New listings continue downward, decreasing 17.1% from the same month in 2011 and 9.6% from May of this year. Inventory (the ratio of closed sales to active listings) continues to drop. At the June rate of sales, the active listing count of 2,601 would be exhausted in 5.4 months. This is the lowest inventory in Clark County since June of 2006. Six months of inventory is considered a balanced market.
The latest RMLS Market Action report for the greater Portland Metro area shows positive upward growth on all fronts when comparing June 2012 with June of last year.
There were 21.7% more accepted offers than at this time last year, and 14.6% more closed sales, with 2,244, which is the highest number since August of 2007.
The average price of a Portland home rose 6.4% to $284,100 and the median price rose 8.6% to $242,000. Median price is the price at which half of the homes are above that price quoted and half of the homes are below. The average time on market dropped 14.5% to 114 days.
The unsold inventory (the ratio of closed sales to active listings) continues to drop, and is now at 3.9 months, the lowest it has been since March of 2007. Given the current rate of sales, it would only take 3.9 months to sell the 8,799 listings currently available in the Portland Metro area. North and NE Portland have reached inventory levels of only 2.9 months, and SE Portland is down to 2.5 months. These low levels give sellers an advantage across the region, and have led to frequent bidding wars, especially for homes under $300,000.
Slowly but surely, Americans are regaining confidence in the housing market and keeping the American dream of owning a home alive.
The new quarterly Prudential Real Estate Outlook Survey revealed that nearly two-thirds (64%) of respondents had a favorable perception of the U.S. housing market, a 4-point jump from the first-quarter 2012 survey and a 12-point increase from first quarter 2011. As a matter of fact, nearly seven out of 10 Americans surveyed (69%) also indicated that real estate is a good investment – that’s up 6% from first-quarter 2012 survey results and 17% from first quarter 2011.
Homeownership remains at the core of the American dream, with a solid 78% of respondents believing that owning a home is still very important. A full 98% said homeownership was at least somewhat important. In addition to historically low interest rates, one of the factors dominating the desire to own a home is centered on the family. More than financial security, tax benefits and a good investment, respondents prioritized owning a home as a place to raise a family and have control over their space.
Americans are dreaming with both feet on the ground.
Given the challenges and complexity of today’s real estate market, Americans remain cautious about the home-buying process, with 30% strongly agreeing that the housing crisis taught them to assert careful planning when buying or selling a home.
Cautiousness has also brought with it the willingness and openness to seek professional help in the process. A notable 74% of survey respondents think it’s more important than ever to work with a good agent for the best success in buying or selling a home, up from 72% in the first quarter 2012 survey.
Yamhill County Prudential Northwest Properties real estate brokers Rob Molzahn and Kari Fahrenkopf were both recognized by the Newberg Early Bird Rotary chapter for their outstanding volunteer efforts.
Rob, a past President of the organization, was named “Rotarian of the Year” and Kari received the “Spirit of Rotary” award.
In addition to feeding the homeless, building homes and playgrounds, and spearheading a variety of community projects in and around Newberg, the group has participated in a number of international volunteer efforts.
Rob and Kari, thank you for your dedication to helping others and making our world a better place to live. You make us proud!
The latest RMLS Action report for the greater Portland Metro area shows unsold inventory continues to decline, reaching the lowest level since March 2007. It would take only 4.2 months to sell the current 8.742 active listings at the May rate of sales.
Last month, there were 2,522 accepted offers, 16.4% more than the 2, 167 reported in May of 2011 and 6.6% more than the previous month. This represents the highest number of pending sales in the month of May since 2007, when there were 3,054. Closed sales of 2,098 represent a 20.4% increase over the same month last year and 15.1% more than the number of sales in April.
The average sales price has also risen 7.2% when comparing May 2012 to the same month on 2011. Indications certainly point to the local real estate market moving in a positive direction.
To track market trends in your area, sign up for our exclusive Market Tracker report or contact a Prudential Northwest Properties real estate broker today.