Owning a home has never been more affordable than in today’s market, according to NAR’s Housing Affordability Index.
The affordability index compares median income, median home price and mortgage rates. An index value of 100 means a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home, assuming a 20 percent downpayment. The index rating has fluctuated within the 180 to 200 range since the beginning of this year. An HAI of 180 means that a family earning the median income has 180 percent of the income needed to qualify for a mortgage on a median priced home.
For deeper perspective, consider a family with an annual income of $60,000 renting at $1,000 per month. By comparison, a 30-year mortgage payment on a $170,000 home at a rate of 4.5 percent, assuming a 20 percent downpayment, would be $700 per month.
2011 “Sock it to ’em!” sock and underwear challenge was a terrific success! An intra-company challenge between the McMinnville, Sherwood/Newberg, Gresham and Longview branches brought out the competitive best in our agents and was a boon for local homeless youth! The McMinnville crew took top honors by delivering 1251 combined pairs of underwear & socks (that’s an average of 66 per agent!). Great job everyone! And thanks for all your efforts to brighten the lives of local homeless youth. To learn more about Transitional Youth, please visit www.TransitionalYouth.org.
Everyone had a great time at the recent Transitional Youth Golf Tournament held at Tri-Mountain Golf Course in Ridgefield, WA, but local homeless youth were the real winners of the day. Even during these challenging economic times, the tournament brought in $21,500! Special thanks to the following sponsors for helping us make this event a great success: Columbia Mortgage, Chicago Title, American Home Shield, Packouz Jewlers, Weaver Technologies, LaPorte & Associates Insurance, Sterling Communication and Gevurtz Menashe. And a big shout out to all the volunteers from Columbia Mortgage, Lovett, and Transitional Youth — thanks one and all!
We’re proud to announce our merger with Florence-based Prudential Pacific Properties, a market leader on the central Oregon coast.
“I am so pleased to have Mike and Miriam and their wonderful brokers join Prudential Northwest Properties,” said Bert Waugh, Jr. “I’ve had the pleasure of knowing the Cocciolo’s for nearly 15 years, and both of our companies share the same core values and culture, along with an ongoing commitment to exceptional customer service, so it’s a great match for everyone.”
Prudential Pacific Properties co-owner Mike Cocciolo adds, “Miriam and I have been considering for some time how to take our company and our agents to the next level. Over the last twenty years we’ve built a strong reputation in the market, but we wanted to bring even more value to our agents and their clients, and we’re confident that merging with Prudential Northwest Properties will provide the means for us to do that. Our agents will now have access to a state of the art technology platform and some additional business tools that will really set them apart in the marketplace and help them deliver an even greater level of service to their clients.”
Prudential Pacific Properties will continue operating under its highly regarded name and the current management team will remain in place. The company will operate under the ownership of Prudential Northwest Properties, but from a public perspective, there will not be noticeable change. The 16 member office will remain located at 1875 Highway 101 in Florence, and continue serving the coastal area from Newport to Coos Bay and east to Eugene.
To everyone at Prudential Pacific Properties, welcome aboard … we’re glad you’re here!
Raejean, a Principal Broker in our West Portland branch, has earned her Accredited Buyer’s Representative (ABR) designation. In addition to the ABR, she also holds the a CDPE (Certified Distressed Property Expert) designation, an advantage for homeowners facing default or pre-foreclosure.
Kudos to Columbia Tech’s Brad Lothspeich for being appointed to fill a vacancy on the Clark County Fire District 6 board of commissioners. Brad was District 6 fire chief from 1994-2003, after three years as an assistant fire chief. He also served as a firefighter, lieutenant, captain and battalion chief from 1974-1991. In addition to his time spent helping people buy and sell homes, Brad also volunteers with a number of community groups.
Thanks for giving back to your community, Brad. We’re proud to have you on the Prudential Northwest Properties team!
Help us help local homeless youth by supporting the Transitional Youth Golf Tournament on Monday, July 25th!
The scramble format tournament will be held at Tri-Mountain Golf Course, and promises to be a fun day, so round up your golfing buddies and register today. Sign-up a foursome for $400 and you’ll save $80 off the individual registration fee!
Please download your registration form here and help Transitional Youth continue to improve the lives of youth in need.
If your company is interested in sponsorship opportunities, please contact Sandy Gillison at firstname.lastname@example.org.