HAFA rules helps Lake Oswego home sellers

Effective April 5, 2010 the new HAFA rules will join HAMP to help Lake Oswego home sellers.  What does this mean?

In simple terms – HAMP is the loan modification program for home owners trying to hold on to their home by reducing the monthly mortage.  On the other end of the spectrum is the new HAFA  program.  Rules put into place to speed up the process by putting guidelines into place for the short sale.

For Lake Oswego home owners that have attempted the HAMP program and were not successful with the outcome, now have an option to first attempt a short sale under the new rules of the HAFA program before foreclosure.

Lake Oswego home buyers of short sale properties also benefit from this new law as lien holders are now held to a time line to respond to offers and closing transactions.

If you are considering buying or selling a short sale property in Lake Oswego or the surrounding communities, call or ping me.  Let my knowledge benefit you.

Regards,

Roberta Nopson 

503-495-5231

Lake Oswego May home trends

The end of May has brought a stretch of lasting sunshine and some home buyers into the market.  Lock box activity continues to increase week over week as more homes are being shown to potential buyers. 

There seems to be quite the range in pent up home needs.  While April only had one home close over 1M, May has 5 that went pending.  Good sign for the Lake Oswego market, where the average listing price in hovering around 875K.

Don’t discount the other end of the spectrum, of the 63 homes that are now pending, 20 are under 300K.  Many condo’s in the Mtn Park area fall into this category and it is a good price range for the first time buyer  taking advantage of the $8000 tax credit or the investor looking for ready to rent properties.

Short Sale and/or REO (bank owned) still represent around 15-19% of the transactions here in Lake Oswego.  Not a segement for everyone, as it can really test your patience, but we cannot ignore this element as it pulls on pricing.  

If you are feeling the pinch and are considering your short sale options, give me a call 503-495-5231.  We can separate fact from myth.

Lake Oswego – Looking for a good deal today?

Most Lake Oswego buyers and sellers in the know understand the phrase ‘real estate is local’.  We hear the news and read the stats that are generalized from national to regional, and sometimes the Oregonian will do a piece on the Portland housing market.  The terms of short sale, bank owned foreclosures and the like are the buzz. 

I get alot of calls and emails from buyers wanting to take advantage of an ‘opportune buy’.  Who wouldn’t.  The buzz has the buyers that have been on the sidelines ready to move back in the market. 

After spending some time with these buyers and/or investors I get the skinny on how they view ‘opportunity’.  Most only want to look at RE0’s (bank owned) or short sales (seller under water).  This leaves a segment of inventory that buyers are forgetting about.

The Motivated Lake Oswego Seller….This is a seller that has given their agent the special authorization to use this term.  The seller wants an offer…any offer.  This is a seller that would bring money to closing to get the home sold.  These are not desperate sellers these are motivated sellers.  This is a seller that would rather pay money than loose their credit rating.

How does opportunity look today in Lake Oswego? 

• 77 short sales being offered
• 16 REO properties
• 25 Motivated Sellers

621 active listings =  19%  opportunity.

Knowing the market and understanding buyers and sellers is what we do.  If you would like more information about the Lake Oswego, West Linn or Portland metro opportune buys.  Give us a call 503-495-5231.

Is Lake Oswego bubble proof?

Lake Oswego and West Linn seem to share in the same bubble zone.  I love that word… Bubble. It is a nice fun word that doesn’ sound as harsh as its reality.  Lake Oswego Home Sellers are tuned in to the bubble reality.  Property values appreciated 7.8% in 2007, today’s 2008 reality is down -4.6%.  Numbers don’t seem to drastic. 

Key here is when you bought and at what price.  If you were the eager buyer in 2006 that won a multiple bid war on your dream property and need to sell today, your bubble may be about to burst.  If you bought 10 years ago, your property has probably doubled in value.  Historically, property doubles every 10 years or so. 

Price zone is also a factor.   Here is the challenge, since the average price in Lake Oswego and West Linn is above the conventional ceiling of 417K, our buyers need to not only bring money to the party, and they need outstanding credit for those under 5% rates.  Sellers that may be upside down in their property must know what their lein holders policy is on a short sale.  If your clock is ticking, don’t wait for them to call you.  You take the first step.  Don’t know where to start?  Call Lake Oswego Home Sellers.