How To Have the Best Garage Sale Ever At Your Home, by Steph Noble


It’s getting close to that time of year again — time to have a garage sale at your home!

Here are a few tips to help you have your most successful garage sale ever.

Advertise Your Sale In Local Newspapers And Online

Many of the habitual Saturday morning garage sale patrons use the paper to plan their treasure hunts.

They do this to make sure they hit all of the sales in certain neighborhoods.

In the ad, mention your home address, date and time of your garage sale and any big or popular items you’ll be selling.

Open Your Sale Early

It’s best to open early, such as around seven in the morning a sales tend to taper off in the afternoon.

Don’t disappoint early shoppers who are typically your best buyers.

They have a busy schedule and a lot of stops to hit.

Open on time or even a few minutes before the time you advertised.

Make Plenty Of Signs To Guide Customers In

If your yard is difficult to see or is not on a main road, be sure to post signs pointing the way.

If allowed, attach a few balloons to it which will catch the attention of passing motorists.

Have Everything Labeled With Reasonable Prices

You’ll get some customers who try to haggle, but for most customers, not knowing the prices is a quick way to have them moving on to another sale.

Keep in mind that these shoppers are looking for a bargain and price accordingly.

You can individually label each item, or use an easily readable color-coded chart.

For instance, a blue sticker means 25 cents, red stickers mean 50 cents and yellow stickers mean $1.

Offer Specials At Different Points During The Garage Sale 

You can offer a 2-for-1 sale or a twenty percent off special.

At the end of the day, you may want to have an unadvertised special such as fill a bag for $1 to get rid of as much as possible.

It’s always a good idea to have a “free box” for items that are already low-priced and don’t move during the first half of the sale.

Donate Leftovers

Make your life easier and do something for others by donating any items that don’t sell.

If you plan carefully, you can schedule a pick up by your local charitable organization at the end of your garage sale.

Garage sales are a great way to get the clutter and unused collection of items out of your house while recycling them at the same time.

Using these tips, you’re well on your way to having your best garage sale ever.

 

Steph Noble
http://stephnoblemortgageblog.com/

Asking Prices and Inventory for Homes in Portland Oregon


As of April 08 2013 there were about 8,039 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $274,000. Since this time last year, the inventory of homes for sale has decreased by 24.4% and the median price has increased by 9.6%.

April 08, 2013 Month/Month Year/Year
Median Asking Price $274,000 +3.4% +9.6%
Home Listings/Inventory 8,039 +0.8% -24.4%

Recent Asking Price and Inventory History for Portland

Date Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
04/08/2013 8,039 $185,000 $274,000 $439,000
04/01/2013 7,836 $185,000 $269,900 $429,900
03/25/2013 7,975 $184,990 $269,900 $429,950
03/18/2013 7,998 $184,900 $269,900 $429,000
03/11/2013 7,979 $181,900 $265,000 $425,000

Portland Asking Price History

The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $82,790 (23.3%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $32,825 (13.7%).

25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon

Portland Housing Inventory History

Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,938 in April 2013.

Housing Inventory for Portland Oregon

Portland Asking Price and Inventory History

Date Single Family & Condo
Inventory
25th Percentile
Asking Price
Median
Asking Price
75th Percentile
Asking Price
April 2013 7,938 $185,000 $271,950 $434,450
March 2013 7,969 $182,923 $267,425 $427,213
February 2013 7,981 $179,900 $262,450 $419,731
January 2013 8,250 $179,075 $259,217 $404,725
December 2012 8,627 $178,900 $259,720 $405,750
November 2012 9,408 $179,675 $260,950 $408,963
October 2012 10,259 $179,900 $267,160 $418,600
September 2012 10,828 $179,900 $268,975 $418,450
August 2012 11,102 $179,675 $268,725 $418,500
July 2012 11,140 $177,600 $266,598 $411,651
June 2012 11,362 $174,825 $259,675 $399,950
May 2012 11,227 $169,713 $252,463 $399,450
April 2012 10,820 $169,160 $249,910 $397,940
March 2012 9,683 $174,450 $259,450 $406,225
February 2012 10,549 $169,225 $248,250 $388,025
January 2012 10,833 $169,080 $246,960 $381,960
December 2011 11,461 $169,925 $248,375 $385,675
November 2011 12,018 $174,750 $250,972 $397,425
October 2011 12,846 $179,530 $258,720 $399,900
September 2011 13,509 $179,939 $259,900 $399,900
August 2011 14,672 $179,360 $256,590 $395,540
July 2011 14,772 $178,150 $253,188 $389,225
June 2011 14,762 $176,475 $250,970 $386,970
May 2011 14,582 $173,184 $249,160 $375,780
April 2011 14,748 $169,950 $242,400 $364,975
March 2011 15,458 $169,800 $239,675 $359,575
February 2011 15,531 $169,675 $239,125 $354,725
January 2011 15,001 $170,760 $239,158 $356,380
December 2010 16,118 $176,200 $242,700 $363,363
November 2010 17,018 $180,160 $249,330 $373,780
October 2010 17,614 $184,975 $253,375 $381,975
September 2010 18,282 $189,100 $258,925 $390,950
August 2010 18,579 $190,940 $261,150 $397,160
July 2010 18,160 $195,163 $267,475 $399,000
June 2010 17,488 $196,853 $268,875 $399,800
May 2010 17,035 $198,880 $269,620 $399,818
April 2010 17,279 $198,000 $266,750 $392,500
March 2010 16,495 $195,600 $264,460 $393,960
February 2010 15,382 $194,938 $264,450 $395,198
January 2010 14,895 $197,819 $267,425 $399,225
December 2009 15,329 $199,897 $272,038 $402,212
November 2009 15,902 $202,750 $277,760 $417,780
October 2009 16,573 $209,675 $283,646 $428,225
September 2009 17,165 $210,000 $289,475 $436,100
August 2009 17,595 $211,760 $292,880 $444,320
July 2009 17,819 $212,950 $294,950 $449,000
June 2009 17,870 $213,460 $294,920 $449,100
May 2009 17,713 $211,475 $293,291 $445,250
April 2009 17,978 $212,525 $289,925 $444,725
March 2009 18,506 $214,153 $289,930 $443,360
February 2009 18,449 $216,014 $293,968 $448,125
January 2009 18,872 $219,952 $297,855 $452,809
December 2008 19,842 $223,220 $302,773 $458,508
November 2008 20,983 $226,382 $307,532 $464,024
October 2008 22,086 $229,650 $312,450 $469,724
September 2008 22,973 $233,730 $319,580 $474,990
August 2008 23,314 $235,200 $322,000 $475,725
July 2008 23,354 $236,074 $324,550 $475,000
June 2008 22,657 $239,150 $324,920 $479,459
May 2008 21,505 $239,900 $325,000 $480,947
April 2008 20,669 $239,900 $324,937 $479,912
March 2008 19,381 $241,300 $324,860 $485,960
February 2008 18,409 $240,485 $324,925 $479,912
January 2008 17,659 $243,500 $324,962 $481,765
December 2007 18,584 $245,120 $327,975 $489,355
November 2007 19,926 $248,665 $330,475 $486,425
October 2007 20,762 $249,950 $337,260 $493,980
September 2007 20,656 $253,425 $339,900 $497,749
August 2007 19,837 $257,712 $342,975 $499,124
July 2007 18,710 $261,120 $349,120 $499,930
June 2007 17,670 $264,282 $349,950 $507,949
May 2007 16,386 $264,900 $350,975 $512,662
April 2007 15,059 $264,900 $354,740 $517,740
March 2007 13,897 $264,450 $353,850 $523,425
February 2007 13,814 $258,517 $349,800 $516,750
January 2007 13,726 $255,810 $349,637 $507,441
December 2006 14,746 $257,149 $348,246 $499,949
November 2006 15,671 $258,837 $348,750 $499,900
October 2006 16,027 $259,640 $348,834 $499,900
September 2006 15,239 $261,098 $349,675 $499,937
August 2006 14,029 $264,925 $350,737 $518,587
July 2006 12,864 $264,920 $350,470 $525,980
June 2006 11,261 $264,925 $349,975 $530,937
May 2006 9,804 $262,340 $350,940 $532,360
April 2006 8,701 $256,433 $346,433 $526,224

 

 

Department of Numbers

The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.

 

Declining Home Inventory Affecting Sales, by Mortgage Implode Blog


 

 

This past week, several reports were released, all of which showed that declining home inventory is affecting sales. This decline is creating a seller’s market in which multiple bids are being made to purchase homes. According to the National Association of Realtors, existing home sales fell 1% in December, but were still at the second highest level since November, 2009. Inventory of homes for sale fell 8.5 from November, the lowest level since January of 2001, and are down 21.6% from December of 2011.

Following that lead, pending home sales dropped 4.34% in December to 101.7 from 106.3 in November, yet was 6.9% higher than December, 2011, according to the National Association of Realtors. The Chief Economist at NAR stated that “supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first time buyers have fewer options”. Mortgage ratesare still low, affordability is still there, but the available homes are dwindling. In the meantime, home prices are increasing at a faster pace. According to the latest S&P/Case-Shiller index for November, property values rose 5.5% from November of 2011 which was the highest year over year increase since August of 2006.

The cause of the low inventory can be attributed to several factors. For the week ending January 18th, loan applications increased 7.0% on a seasonally adjusted basis, according to the Mortgage Banker’s Association. The Refinance Index rose 8% with refinances representing 82% of all applications. The seasonally adjusted Purchase Index rose 3%, the highest level since May, 2010. Many homeowners have chosen a mortgage refinance instead of moving to another home which is one reason that inventory is down. In addition, many underwater homeowners have refinanced through the HARP program which is available for loans that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009. These homeowners may not yet be in a position to sell their homes until they have gained back enough equity. As home prices increase, this will eventually happen. The same can be said for those who refinanced through the FHA streamline program which is offering reduced fees for loans that were endorsed prior to June 1, 2009. Refinancing through these two government programs, both available until the end of 2013, hit all time highs in 2012.

Home builders are busy, but not currently building new homes at the rate that was seen during the housing boom. According to the Census Bureau and the Department of Housing and Urban Development, total new homes sales in 2012 hit the highest level seen since 2009 and were up 19.9% from 2011. There was much progress made in 2012, but sales for new homes fell 7.3% in December.

On the down side, the Census Bureau reported that homeownership fell 0.6% to 65.4% during December, down from 65.5% at the end of October and 66% at the end of 2011. Homeownership reached a peak of 69.2% in 2004 and has been falling since that time. The latest Consumer Confidence index dropped to 58.6 which is the weakest since November of 2011. It was previously at a revised 66.7 in December. This fell more than expected and is due to the higher payroll tax that is taking more out of the pockets of consumers.

The housing market, which is still in recovery, remains fragile. The lack of inventory and the rise of home prices may affect its progress this year. As home prices increase, fewer consumers will be able to qualify for a home loan. Existing homeowners may choose to refinance remain where they are instead of purchasing another home. While jobless claims have fallen, there are still many consumers who are out of work or are working lower paid jobs. The housing market is dependent on jobs, not just for salaries, but for consumer movement from one area to another.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.

 

 

http://ml-implode.com/viewnews/2013-01-30_DecliningHomeInventoryAffectingSales.html

 

 

Reasons To Attend Your Own Home Inspection, by Steph Nobel


As a home buyer , you can get a feel for whether a home’s systems and appliances are in working order. However, you can’t know for certain until after the home’s been inspected.

This is why real estate agents recommend that buyers hire a licensed home inspectors immediately after going into contract. It’s the best way to really know the home which you’re buying.

By definition, a home inspection is a top-to-bottom check-up of a home’s physical condition and systems, including a review of the structure, and its plumbing and electrical systems. Home inspections are not the same as a home appraisal, which is a valuation of the property.

When you commission a home inspection, you should be present for it. Here are 3 reasons why :

Seeing For Yourself  There’s a big difference between reading a report and seeing “live” what may be right or wrong with a home. With first-hand knowledge of a potential issue, you’ll be in a better position to determine whether a problem warrants contract cancellation, or whether it’s an additional negotiation point.

Discovering The Home Via a home inspection, you will learn where the systems reside within a home (e.g.; boiler room, garage), and how to operate them. This is a valuable educational opportunity and most inspectors are happy to share what they know. It’s also a chance to ask questions about maintenance and upkeep.

Better Understanding A home inspector’s job is to review and disclose the condition of the home. The inspector’s report, however, is just a summary on paper. In being present for the inspection, a buyer will be able to visualize and understand the report’s conclusions more clearly. This can make for more effective re-negotiations with the seller, in the event that damage or distress is identified.

So, what should you do during the home inspection? Your primary tasks are to watch, listen, learn and ask questions. A professional home inspector will welcome your participation in the process.

MultnomahForeclosures.com Updated with New Notice of Default Lists



Visit MultnomahForeclosures.com for the notice of default lists (Homes in Foreclosure) for Multnomah County and other Oregon counties.

Multnomah Country Foreclosures
http://multnomahforeclosures.com

Fred Stewart
Stewart Group Realty Inc.
info@sgrealtyinc.com
http://www.sgrealty.net

Top court ruling leaves Oregon’s residential real estate market in limbo, by Thomas Hillier, Davis, Tremain Wright,


In a ruling the Oregon Supreme Court will soon review, the Oregon Court of Appeals on July 18 issued a major decision.The case, Niday v. Mortgage Electronic Registration Systems Inc., et al, held that MERS, when acting as a nominee for a named lender, is not a beneficiary under Oregon law. The practical effect of the holding is that any trust deed naming MERS the beneficiary may not be foreclosed in the name of MERS by the more expedient nonjudicial method.

 

A little context is in order.

In 1959, to remain competitive for loan dollars, Oregon adopted the Oregon Trust Deed Act to establish trust deeds as a real estate security instrument. For lenders needing to foreclose, the act created a summary, nonjudicial procedure that bypassed the courts and allowed no redemption rights for borrowers. Foreclosure previously was a judicial process taking two years or more to complete; now it could be done in six months with the summary procedure.

Lenders were happy because the time to liquidate a non-performing loan was substantially reduced. Borrowers benefited because there was no right to a deficiency if the debt exceeded the value of the property and borrowers could cure defaults during the foreclosure process by paying only the amount in arrears rather than the full loan balance.

Trust deeds quickly became the favored real estate security instrument.

In 1993, in part to respond to a growing practice wherein lenders were bundling loans secured by trust deeds and selling them in secondary markets, a group of mortgage industry participants formed MERS and the MERS system.

Anytime a loan is sold from one member of the MERS system to another, the sale is tracked using the MERS system. MERS, the named beneficiary as nominee for the original lender and its assigns, remains the beneficiary as the loan is sold and becomes an agent of the new note owner. With no change to the named beneficiary, there is nothing to publicly record, an administrative convenience accomplishing a central purpose of MERS.

As MERS grew in acceptance, so did its popularity. Nationwide, there are more than 3,000 lender members of MERS that account for approximately 60 percent of all real estate secured loans nationwide.

The onslaught of the Great Recession resulted in a tremendous spike in foreclosure activity. To defend foreclosure proceedings, borrowers challenged the authority of MERS, in its own name, to foreclose non-judicially.

Because the trust deed is a creature of statute, the statutory elements allowing a nonjudicial foreclosure must be followed strictly. One such element is the requirement that the name of the beneficiary and any assignee be in the public record. Niday argued that the lender, not MERS, was the beneficiary. MERS countered that it was the named beneficiary in the trust deed and had the contractual right to foreclose as nominee of the lender and its assigns.

The court sided with Niday, holding that MERS is not a “beneficiary” as defined by the act. The court wrote that the beneficiary is “the person to whom the underlying, secured obligation is owed.” It reasoned that because the lender is owed the money, that party is the beneficiary. Only the person to whom the obligation is owed and whose interest is of record may legally prosecute a nonjudicial foreclosure.

What does all of this mean? Maybe nothing if the Supreme Court finds that the Court of Appeals defined “beneficiary” too narrowly.

Short of that, many issues arise. What is the effect on completed nonjudicial foreclosures of MERS trust deeds? Such sales may be void, in which case the ownership and right to possession of thousands of foreclosed properties fall into legal limbo. Perhaps the sales are only voidable, requiring a lawsuit by the borrower within a limited time to challenge the foreclosure sale.

Titles may now be in doubt for people who bought properties either at a foreclosure sale or further along the line. Also, no market may exist for these properties if title insurers choose not to insure titles until there is some clarity.

Going forward, will MERS lenders do business in Oregon? And if so, at what cost? Loans may be more expensive to administer because they either require that all assignments be documented and recorded or foreclosure via the more expensive judicial method. As such, loans in Oregon could demand higher interest rates.

Courts will see a sharp increase in the number of judicial foreclosure filings; it’s happening in Multnomah County already. An already overcrowded judicial system will gain additional burdens.

The Legislature could step in to fix the issue by clarifying the definition of “beneficiary” to include a nominee of the lender, such as MERS. But is there political will to legislate a solution that, on the surface, seems to benefit lenders?

A practice that for many years roamed freely under the radar has suddenly exploded to the surface, leaving the mortgage industry in limbo. Quick answers to the numerous issues now pending are imperative to restore certainty to real estate markets.

Portland real estate prices JUMP 7%, and more FHA changes coming!


RMLS released a report on Friday that showed over 7% gain on sold home prices from May 2011 to May 2012 … proving the Portland real estate market is heating up! Also, there are more FHA loan changes coming this week – watch for details.