Lake Oswego Deals and Steals on the rise
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Category Archives: home sellers
Holiday Decor and Home Selling
Here comes Santa Claus….
Home sellers are in a unique position as the holidays approach. Many have traditions of decorating the family tree, twinkle lights glow and even a Christmas character or scene in the front yard. Others have spent numerous hours preparing their home for market or have had a professional stager help with the task. That can soon go out the window if your ‘home for the holiday display’ means a potential buyer may trip over Santa and his workshop on the way though the family room.
Don’t let all the HO HO HO turn into a NO NO NO with your potential buyer.
Think moderation– This season you are decorating for many others that may not share your same enthusiasm for Santa, garland and misteltoe or may not even celebrate the same Holiday as you.
On the same line, decorations kept to a minimum can actually make the room seem more spacious and flowing which is true in any season.
A welcoming garland swag over the front door is festive, same with greenery on the mantle showcasing the fireplace and warmth of the room. Simple and inviting to your buyer.
For more home selling techniques, give me a call 503-495-5231. I would welcome the opportunity to share my experience.
Roberta Nopson
Lake Oswego Homeowners Best Bang for Buck Fix Ups
Remodeling cost vs value is top on the list as Lake Oswego homeowners decide how to prepare their home for a soft real estate market. Kitchens and baths have the enjoyment factor that many home buyers appreciate and depending on the size and scale of the project it may pencil out for many. But it does not top the list.
Drum roll please…Exterior upgrades lead the way in return on investment. Yes “Curb is King” when it comes to getting the Lake Oswego buyer out of the car and though that front door.
According to this years Remodeling Costs vs Value report the focus on the importance of exterior projects. These projects not only provide the most value buy are the least expensive projects home owners can take on.
All homeowners should take a close look at the own neighborhood when deciding which home improvement will return the greatest value. Working with an agent that understands your local market is a good first step. Since resale value varies, especially today, over improving can be challenging to recoup your investment if the neighborhood cannot justify price. Knowing the pricing in your neighborhood is as important as the project.
Today 9 of the top 10 projects are exterior projects. Exterior doors even the garage door can give your home a fresh new look with minimal investment and the greatest return from 80-103% of the cost. According to the report, replacement out paces remodeling in most cases. Remodeling projects especially in the high end have been losing ground in recent years which could be our economic climate and overall estimated return is about 60% vs 64% last year.
The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 mid range and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine.
If you are preparing your Lake Oswego home for market, lets discuss the big picture.
Roberta Nopson
Short Sales – the new norm?
What has been in the press is here in Lake Oswego, West Linn and many Portland areas – the short sale. Yes real estate prices have come down and that makes opportunity knock on the buyers door, but lenders are knocking on doors as well. Overall Lake Oswego and West Linn have seen the average price come down 12-18% year to date and many areas of Portland range in the high 20′s.
Great news for those sitting on the side lines with cash stashed for a down payment and interest rates now in the mid 4%. The step up buyer of the McMansion has many to choose from, but not so great news for a seller that is upside down because they did a refi at the peak in 2007 to consolidate bills, take a lifetime vacation, or send kids off to college. Or maybe 100% financing with an 80/20 loan package. What are their options now.
The answer is “It Depends”. Pretty grey I know…
Every home owners situation is different; as different as the many lenders that own the paper or are serving the loan. How many liens are against the property? Does the seller have other assets? Does the loan have MIP or are the HOAs on lien as well? These are just the starting questions in our conversation with a distressed homeowner.
NAR - National Realtors Association has stepped up their position to help real estate home owners, buyers and their agents understand that this may very well be the “New Norm” in real estate transactions. They have established a standard to assure Agents have the knowledge and tools to navigate the short sale and foreclosure waters.
SFR – Short Sale & Foreclosure Resource is a designation given to those agents that have completed course work and demonstrated an understanding of the options, pitfalls, and opportunities facing the real estate industry today. I work together with you and your lender as your 3rd party representative, and do not charge a fee for this service.
Sellers – there are many options for us to discuss. You may be seeking a loan modification, forbearance, reinstatement or another of the many “Loan Work Out Options”. Should none of these meet acceptable terms and a short sale is your next step, we can help.
Banks have taken their head out of the sand and are positioning themselves to help. They really do not want any more homes in their inventory. In the past 60 days Bank of American has hired over 5000 employees to assist in moving these files along (they have all the Country Wide & Greenpoint paper as well as others). Additionally, many lenders have signed on with Equator. An online system to help us agents keep up to date on exactly where the “short sale package” is in the system. This is a real benefit for all parties. And hopefully more and more lein holders will sign on to the program.
Should this be the road that makes the most sense – Remember, you “apply” for a short sale in much the same way as you made loan application to purchase the property. They want all the financials that support your distressed position. Now is not the time to get tricky.
There is so much I could write on the subject, but every situation is different. If you or someone you know is facing this stressful situation, give me a call. We will start at the beginning and see if a short sale is the right rode.
Roberta Nopson, ABR, SFR
503-495-5231
