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On a weekly basis we bring up to date current information about the real estate market in Medford, Eagle Point, Pheonix and the surrounding areas of Jackson County and Josephine County Oregon.!
Tag Archives: foreclosures
When it comes to remodeling or taking care of a house, some homeowners make some unrealistic choices. Do not go overboard on the remodeling of your house. It is so easy to get caught up in the emotional attachment or the designing that you can throw the budget out the window. Be realistic about pet odor. Animals can be wonderful and bring us great joy. But along with that they bring odors and hair. Big or small they all smell and they likely shed as well. You should have your carpets and furniture cleaned at least every six months and open the windows frequently to help get rid of any pet odors. Do not remove walls unless you verify they are not load bearing. It can be disastrous if you do not get the help of a professional contractor. Curb appeal separates one neighborhood from another. Unkempt yards can reduce property values. Do not be “that” neighbor who does not mow their lawn or trim the shrubs. Related articles Remove Those Pet Odors With These Quick Tips
Although the rate of foreclosure filings nationwide remained steady in May, Oregon saw an increase of 2.58% as compared to May 2009. According to recent data by RealtyTrac, Oregon ranks 16th in the nation in foreclosure filings, with 1 in every 518 households being foreclosure. For more information, read the full article here.
With the first-time homebuyer tax credit deadline having come and gone, you may be asking yourself, “What now?” Fortunately, the door is now open to a new wave of savings: distressed properties. For many buyers, the term foreclosure brings up images of run-down homes with no heat and rotting wood. While this is still the case for some homes, it’s no longer the standard. In fact, first time buyers are snatching up distressed deals in decent condition for great prices. According to a November 2009 Keller Williams Research Buying Distressed Properties Survey, 40 percent of all buyers for bank-owned foreclosures (REOs) were first-time buyers in 2009. 50 percent of all short sale buyers were first-time buyers. By definition, a distressed property is one that was purchased with a loan and the homeowner is no longer able to make their mortgage payment resulting in foreclosure – or if they’re lucky a short sale – meaning they owe more on the home than it’s currently worth. With a 20 percent increase in foreclosures from 2009, distressed properties still remain a large portion of home sales and are going to continue well into 2010 as homeowners continue to feel the effects of an economy on the mend. If you’re in the market for a home and are prepared for a unique transaction, a distressed property can be a great option. Here’s why: Prices are low – Buying a foreclosed property is an excellent way to get a home for less. Research shows you can save 10-40 percent over the price of similar properties in a traditional sale. Mortgage costs are low – With rates hovering near historic lows, financing costs to are favorable. Keep in mind, rates are always changing. It’s important to begin the pre-approval process so that you know how much you can realistically afford. You have options – The number of homes in some stage of the foreclosure process still remains high. RealtyTrac, a site dedicated to tracking foreclosures across the country, estimates that there are approximately 2.1 million homes in some stage of foreclosure in the United States. Sellers and lenders are motivated – According to data from RealtyTrac, in April, one in every 387 households in the country has received a foreclosure filing. The bottom line is that many sellers are still feeling the pain of a down economy and are anxious to out get from under a home that is putting stress on their current financial frustrations. While it is still an emotional transaction, these sellers are willing to come down on price or even consider concessions such as helping out on closing costs. Banks holding on to large portfolios of Real Estate Owned (REO) properties want to unload quickly – and price these home to sell. Your best ally when purchasing a distressed property is an expert. Always have a professional REALTOR® by your side to help you make informative decisions. If you’re interested in learning more about purchasing a distressed property, contact us today!
Vic Nicolescu, the alba group’s founder and owner, helps investors purchase property at the foreclosure auction. Those investors then fix the property and resell it at or below market value. The team advertises its properties for sale through Southern Oregon Foreclosures. This business recently got the attention of local news channel 5 KOBI TV Medford. Click the image below to open KOBI’s website and watch the story which aired on Friday, April 23, 2010. (IF the link doesn’t work, but and paste this link into your browser’s address bar: http://localnewscomesfirst.com/index.php?option=com_seyret&Itemid=431&task=videodirectlink&id=4742).
Homeowners and investors whose real estate has lost a lot of value are “walking away” instead of sinking more money into the property. Right or wrong?
Our latest list of RED HOT property deals in southern Oregon is now posted on our website, SOForeclosures.com. You need to register for access, but it is worth it if you are looking for foreclosed property and want to “knock-out” the competition before the property hits the open market.
As REALTORS, clients expect us to be experts not only about the local real estate market, but also about national real estate trends/statistics, and often, the economy in general. It’s not always easy to ansswer their questions – even more difficult to explain things using simple terms and analogies. These days, clients want to know why there are so many foreclosures, and want to know who is to blame. Explaining how this mess happened can be difficult. I mean, 4 years ago did you know what a mortgage-backed security was, really? I barely did, and I actually used to be an investment advisor with a Series 7 securities license. This video is, I think, a terrific explanation of the policies and practices that created the conditions that created the real estate boom, subsequent explosion, and ultimate implosion. What do you think?