Friday, September 23, 2016

Are Seller’s Still Controlling Housing Market? Team Thayer #realestate #housing #market #economic #news #oregon

Tech Sights BHDespite strong sales and shrinking inventory, the recent Redfin Housing Market Tracker from Nela Richardson, Chief Economist for Redfin, states that home prices rose at the slowest pace of the year, up just 4.4 percent from last year.
The report states that the average home sold for 93.8 percent of its list price. This was down from 94.4 percent last year which Richardson states signals that buyers’ bargaining position increased in August.
Home sales increased 14.2 percent in August from a year ago, according to the report and this was noted to be a sizeable rebound from July’s decline. Richardson states that this is widespread, with 48 of 91 metro areas reporting double-digit increases in sales.
The boost is cited to be due in part to a calendar aberration in July that pushed out some closings into August. Additionally, the report notes that in August 2015 sales fell 18 percent from the previous month and grew by just 2.6 percent year over year making it the low point in an otherwise strong year for housing.
Home inventory was reported to continue its decline for the 11th month in a row showing an 8 percent year-over-year drop. This is the widest margin of 2016. Richardson states that after taking a step back from the market in July, sellers were active in August and new listings were up 2.4 percent. The report shows that this was the biggest increase in five months.
In addition, the number of homes sold in the first eight months of the year was 6 percent higher than the same period last year. The report states that this affirms 2016 is the best year in housing since the downturn. Richardson states that there would have been even more sales if inventory had been able to keep pace with ferocious buyer demand.
“To be clear, it’s still firmly a sellers’ market, but the seller can no longer dictate any price they want, they have to price the home right,” Richardson told DS News. “With inventory where it is, it’s going to be a sellers’ market for a long time, but buyers are getting some relief. Price growth slowed to its lowest pace of the year. There is still a big pool of buyers, but the difference now is that buyers are much more patient. The sense of urgency is not there and this latest action by the Fed that just reaffirms to buyers that there is time to wait for the right home. If you look at average sale to list ratio – it fell from a five-year high 95.5 percent in June to 93.8 percent in August. In expensive markets like San Francisco, days on market is double what it was last year at this time.”
The report also notes that there is still enough steam from that demand for a healthy pace of sales to continue in September. Pending home sales were reported to be up 17.3 percent year over year as well as 6.4 percent month over month in August. Richardson states that the upshot is that the market is hitting a sweet spot in the third quarter in which there is both high buyer demand for homeowners looking to sell and cooling prices for buyers ready to purchase.
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Wednesday, September 21, 2016

Should Realtors Use Drones? Of Course! Teajm Thayer has Drone Technology #realestate #housing #market #selling #news #oregon

Gone are the days real estate agents would rely on stand-alone images of a property to show off its best assets. 
Aerial drone photography supplies potential buyers a better visual image of the property. Check out the video by Household Photography based out of Nashville Tennessee. This video highlights the exterior of the property and the interior of the property. Most importantly the video sells a lifestyle in a way that static images cannot and will be an important tool for buyers working hard to find the best lifestyle for their budget.
What the consumer wants the consumer expects!!! Economics 101, the consumer will always take the path of least resistance. Top producing agents already know how to “INTENSIFY” their listings, sale the lifestyle and not just the house.

The first impression is the most important impression; real estate agents need to make it count. No matter how good the interior of the home looks, buyers have already judged the home thru your listing, before they walk through the door. You never have a second chance to make a first impression. “Be a closer not a seller; let the video help sale the property.”

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Tuesday, September 20, 2016

2016 Housing Market Health. Team Thayer #realestate #housing #market #economic #news #oregon

Market Go Next BHThe U.S. Department of Housing and Urban Development’s (HUD) latest housing scorecardprovides a snapshot of the recovery of our nation’s housing market during August, according to a recent report from the agency. HUD states that as they look back, the agency has witnessed notable progress among key indicators. These include a surge in new home sales, increasing home values, and a continued decline in foreclosure starts and completions. HUD states that although this scorecard notes that the housing market is on a healthy trajectory, they believe that the industry must still stay committed to helping American families and homeowners.
HUD dives deeper into these indicators so further assess the health of the housing market first noting that July purchases of new homes surged to the fastest pace since October 2007. The report states that additionally, new single-family home sales rose 12.4 percent in July to 654,000 (SAAR) and were up 31.3 percent over a year earlier.
The report also examines the indicator of increasing home values by noting that home prices were up again in June with annual house price changes remaining fairly stable in a 5- to 6-percent range. HUD cites that the Federal Housing Finance Agency (FHFA) seasonally adjusted purchase-only house price index for June estimated that home values rose 0.2 percent over the previous month and 5.6 percent over the previous year. This was a slight decrease from an annual gain of 5.7 percent in May. In addition, the report states that the FHFA index shows that U.S. home values are now 3.5 percent above their previous peak set in March 2007 and stand 30.8 percent above the low point reached in March 2011.
The final key indicator that HUD explores is foreclosure starts and completions. The report notes that these rates continue to fall specifically citing how lenders started the public foreclosure process on 36,863 U.S. properties in July, and stating that this is a decrease of 5 percent from June and 19 percent from a year earlier. Likewise, HUD notes that newly initiated foreclosures have declined for the last four consecutive months and have been below the pre-crisis (2005 and 2006) monthly average of 52,280 since March 2015. The scorecard also shows that lenders completed the foreclosure process (bank repossessions or REOs) on 27,907 U.S. properties in July, which was a decrease of 8 percent from the previous month and 41 percent from a year ago. The report says that this is the fifth consecutive annual decline in foreclosure completions.
The report also takes the time to mention that the Administration’s programs continue to help struggling homeowners with nearly 10.8 million mortgage modifications and other forms of mortgage assistance arrangements completed between April 2009 and the end of July 2016. The report states that additionally, nearly 2.7 million homeowner assistance actions have taken place through the Making Home Affordable Program. This includes more than 1.6 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered nearly 3.3 million loss mitigation and early delinquency interventions through July. HUD states that they believe these Administration programs continue to encourage improved standards and processes in the industry, with lenders offering families and individuals nearly 4.8 million proprietary modifications through June.
The report shares that while this reflects good news overall, they want to mention that the Administration remains committed to helping more Americans realize their dream of home ownership through an improving economy and new programs that will provide greater access to credit.
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Monday, September 19, 2016

Getting a mortgage through a credit union! Team Thayer #realestate #housing #market #realtor #buyers #advice #oregon

There are many pros to getting a mortgage through a credit union — if you qualify.

Credit unions have historically offered lower mortgage rates and closing costs than traditional lenders. Anyone searching for a mortgage to buy a home for sale in Eugene, Or, or anywhere across the U.S. can’t turn down that deal. But credit unions also tend to be more conservative in their lending practices, meaning that you might need to jump through more hoops — and have an excellent credit history — to qualify for a loan through one.
Take these pros and cons of a credit union mortgage into consideration when you’re shopping around for a loan — you may find that these loans are the right ones for your home purchase.

Pro: Personalized service

If you like shooting the breeze with the owners of local mom and pop establishments, you’ll probably like dealing with credit unions too. “If a consumer is interested in knowing his lender on a personal level and being able to talk with the people making the decisions about their loan, a credit union will deliver a higher level of service than other mortgage entities,” says Brady Popp, senior vice president of lending at Texas Trust Credit Union.
Popp explains that at his credit union, which is not unique, loan officers take the time to speak with borrowers to make sure the loan is right for them. Here’s another example: “[Credit unions] offer a variety of educational supports for first-time homebuyers, from online resources to seminars to one-on-one conversations,” says Chris Arenz, director of mortgage payment protection for CUNA Mutual Group, a major provider of financial products to credit unions.

Con: That eligibility issue

You can’t just walk into the nearest credit union and join unless you meet the membership requirements. Most credit unions require you to belong to a certain group, such as an employee group or an association (church, HOA, school, etc.). Others require that you live in a particular geographic area. Don’t meet those membership requirements? You’re out of luck. “Our field of membership is restricted to a geographic area, so we cannot provide a loan for a property that is not located within our geographic boundaries,” Popp says.

Pro: Nonprofit business model

“Credit unions, in general, appeal to a vast audience because of their nonprofit, cooperative business model,” says Bob Sadowski, a CUSO (credit union service organization) marketing specialist with myCUmortgage. As a credit union member, you are also a partner (an owner) of the credit union. “People honestly come before profits, and credit unions make certain to treat partners as their number one priority,” Sadowski says.

Con: Lack of breadth

Credit unions, small ones in particular, might not offer certain types of specialized loans. “Some people have very specific lending needs, such as commercial or rental property, and not all credit unions are equipped or familiar with these types of specific transactions,” says Toby Hayes, vice president of marketing at First Service Credit Union in Houston, TX.

Pro: Better rates

It’s always smart to rate-shop when you’re looking for a mortgage, and you’ll often find credit union mortgage rates win. “Many credit unions keep their loans in their own portfolio,” Popp says. “This gives us more flexibility and allows us to offer better terms and rates.”

Con: Tougher to qualify

It might not be 2005 anymore, the peak of subprime lending, when a pulse was pretty much all you needed to qualify for a mortgage loan. But still, some lenders are more lenient than others, and credit unions generally aren’t on the lenient side. “Credit unions’ risk tolerance is typically lower than other lenders’. A borrower’s credit quality will be scrutinized more, and credit requirements may be tighter,” says Popp.

Pro: Speedy closings

Many credit unions offer faster closings than other financial institutions. You’re often in the driver’s seat if you can offer a quick closing to your seller. Many sellers want to close quickly to avoid an extra month of carrying costs, which gives you a negotiation advantage if you can accommodate them. “We make every effort, as do our vendors, to expedite processes and to close loans as quickly as possible,” says Chuck Price, vice president of lending at NEFCU.
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Friday, September 16, 2016

The Problems Facing Young Homebuyers! #realestate #realtor #housing #market #buyers #homebuyers #tips #oregon #pnw

For Rent Three BHThe complex millennial generation stirs up a lot of talk in the mortgage industry, mostly because they have come to be known as the financially unstable and indecisive, renter generation in the housing market. While some of these labels do prove true, this generation is just mostly misunderstood, one analysis found.
The remnants of the housing crisis are making difficult for the 18- to 34-year-old cohort to break into homeownership, according to an in-depth analysis by USA TODAY's Hadley Malcolm.
"Young buyers are caught in a quandary. Owning a home has many benefits, including tax breaks and the potential to build value, plus mortgage payments are often lower than rent for a comparable home—especially over the long term," Malcolm wrote. "But in some cities, rent can be so high that it's difficult, if not impossible, to save the recommended 20 percent down payment."
Down payments are one barrier that young buyers face in the housing market. According to Zillow data, analyzed by George Petras of USA TODAY, in Los Angeles/Long Beach, California, buyers would need to put 48.8 percent of their monthly income toward a rent payment, while only 39.9 percent of monthly income would go toward a mortgage payment. The same trend continues in other markets like San Francisco; Miami/Fort Lauderdale; and New York/N. New Jersey, where monthly rent payments outpace a monthly mortgage payment, but young buyers are often not able to save a down payment for a home.
"There are a lot of places to lay blame, and it's not just high rents."
USA Today
Malcolm noted that the "challenges presented by the current housing market to first-time buyers have put many on a prolonged path to the American dream." Even more interesting is the fact that millennials most strongly associate the American Dream with homeownership compared to other generations but less than 10 percent of them actually plan to buy a home in the next year.
According to Zillow's Housing Confidence Index, of millennials, 65.3 percent associate the American Dream with owning a home, but only 9.2 percent of them expect to purchase a home in the next year. Another 7.6 percent indicated that they are not sure about buying a home, while 1.8 percent said they never would.
"There are a lot of places to lay blame, and it's not just high rents. Many point to crushing student debt loads. But the real culprits, say experts, are the housing crisis and the Great Recession, which forced many Americans into foreclosure," Malcolm said. "Many who didn't lose their homes found themselves with negative equity — owing more to their lender than a fair market price. This is commonly referred to as being underwater in a mortgage, and when homeowners feel like they are drowning, they tend to stay put. That leads to not enough affordable supply to meet the demand."
Millennial homeownership rates are down to 34.2 percent as the first quarter of 2016 from 39.8 percent in 2009.
"Many young people have given up—at least for now. Homeownership rates among people under 35 are on the decline, and it's not clear when that trend will reverse," Malcolm penned.
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Are Single-Family Rental Investments 2016! Team Thayer #realestate #realtor #investments #investor #rental #housing #market #news #oregon

 drop in first-time homeownership in the U.S. due to the lack of affordable housing has given single-family rental (SFR) securitizations a boost.
Moody's Investors Service said in a report that housing affordability for first-time homebuyers has been decreasing since 2000. This phenomenon has, in turn, provided a higher demand for rentals in the market.
Moody's reported that the lack of affordability for first-time homeowners, due to a decrease in personal income and rising home prices, has hit the Generation Y cohort, especially hard as those in their 20s and 30s seek to form households and purchase homes.
"A dearth of 'for-sale' inventory of mid-to-lower price homes, combined with ongoing tight credit conditions, forces many to remain in rentals," Moody's said. "In addition, many potential first-time home buyers are burdened with high student loans that further constrain their buying capabilities. As a consequence, demand for rentals is remaining very strong for the limited number of available rental properties."
moodysThe U.S. Census Bureau reported that the rental vacancy is now at 7 percent, down from 11 percent in 2009.
Moody's believes that the "drop in vacancy bodes well for the SFRs that we rate, especially regarding anticipated future enhanced rental revenue as Gen Y renters are a large component of SFR renters. This also portends higher liquidation proceeds on potential sales of SFR properties."
The report noted that rental rates will continue benefit SFR securitizations.  Moody's said that the increasingly unattainable goal of homeownership for many and the low national rental vacancy rate will raise rental demand and rents, both of which bode well for SFR cash flows.
"Stronger demand for rental properties will benefit SFR securitizations by enhancing borrower and transaction-specific revenue streams and net cash flows, while also potentially increasing recoveries on foreclosures of underlying properties, should the need arise," the report said. "The continued financial strength of borrowers and compliance with transaction performance metrics are more likely in this healthy 
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6 Secrets Every House Buyer Should Know! #realestate #realtor #housing #homes #economic #market #homebuyer #tips #realtor #oregon

Arm yourself with insider tips before you start the home search.

Insider advice can also be a huge plus when you’re house hunting. We asked a range of pros, from agents with experience selling homes in Austin, TX, to experts working in the Seattle, WA, real estate market, about their top real estate advice. Keep these tips in mind before you begin your search, and you’ll find yourself ahead of the game and in a great spot when it’s time to place an offer.

1. Look for flaws in the foundation

When I was recently looking for investment property, I lost count of how many houses I saw that had stunning kitchens with new appliances. But often, underfoot was a creaky, unleveled floor, cracks in the foundation walls, or backyards with water drainage issues. The kitchen remodel in these cases was, as the saying goes, “like putting lipstick on a pig.” Many sellers hope you’ll fall for this ploy by not looking past the shiny stuff. Be smart by hiring a home inspector to help you avoid possible costly repairs down the road. You can also do some screening on your own by looking for common problem areas. Structural engineer Adam Green, CEO of Crosstown Engineering, suggests looking for the following foundation flaws: cracks in the walls larger than 1/8 inch, doors and windows that stick, sloping or uneven floors, and noticeable damage to the exterior.

2. Think strategically to land a house in a hot market

Nothing can be more frustrating than looking for a house in a popular area during a seller’s market. But there are ways to gain an advantage over the competition. Austin, TX, has consistently been named one of the hottest markets in recent years, and according to Trulia’s market trends, the city is likely to hang on to that hot market status through 2016. Justine A. Smith, an Austin real estate agent, suggests two strategies to land your dream home. First, have your agent pull tax records of sellers to get information to use to write a personal note. And second, ask your agent to share your needs on social media and with other agents to get the scoop on properties that haven’t yet hit the market.

3. Get the inside scoop

It’s second nature for journalists and detectives to go below the surface to ferret out information. But even amateurs can discover some useful dirt. Kate Shields, a board member of Team Thayer, a real estate organization in Harrisburg, Oregon  says to go out in “stealth mode.” Look for a garage sale in your desired neighborhood and casually “ask the homeowner questions as you’re shopping. Team Thayer, says you can often find “neighbors” No nearby garage sales to shop? Find a person out watering their lawn just hoping you’ll come talk with them.” Team Thayer has uncovered issues with a home just by starting a conversation with a neighbor.

4. Use pricing psychology

Pricing strategy becomes important when you’re making an offer to a seller in a competitive market. You’ve probably heard that people are more likely to buy something that ends in a “9” instead of a “0,” such as being more willing to shell out for an item that costs $59 instead of $60. That’s house numerology at work. Justin Lee Thayer, a Los Angeles, CA, real estate broker, says not to “leave a ‘5’ or a ‘0’ at the end of a price.” If the property is listed at $325,000 and you know there are already three offers, you might be tempted to go about 3% higher and offer $335,000. “Don’t do it,” says Horan, who recommends an offer of $336,000, or even better, $341,000, instead. The important thing is to go one number over “5” or “0” to be the highest bid by just a little bit more.

5. Be the likable buyer

A seller attached to a home is typically more inclined to accept an offer from a buyer they like. Ryan Halset says to look around the home for “a shared area of interest.” Your agent can then personalize the offer cover letter from you this way: “I noticed that you have several books on Ireland, and I just recently visited there for a family reunion.” “
Be genuine,” says Halset. “A small connection can go a long way.” In addition, Horan suggests that buyers have their picture taken in front of the house they wish to make an offer on. “When you submit a photo with you in front of the seller’s house, it psychologically allows the seller to picture you living there.”

6. Keep an open mind

Do as Gary Isaacson, owner of Living Room Realty in Eugene, OR, suggests and don’t rule out a home just because its owner passed away. “If you see original wallpaper, pink Formica, and vinyl, pounce on it!” she says. Her logic? “Seniors usually take better care of their homes,” says Isaacson. “Quality finishes and maintaining the property always make a better home long term, even if you remodel after purchase.” Bonus? If other buyers aren’t giving the home a second look, in a hot market, being open-minded could give you a better chance at success!
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Cash Sales Rule Lower-Valued Homes! Team Thayer #realestate #realtor #housing #market #economic #economy #news #eugene #oregon

Money Steps BHCash sales have declined overall nationwide since peaking five years ago, but they still account for the majority of home sales in the lowest 20 percent of property values, according to Black Knight Financial Services’ April 2016 Mortgage Monitor released Monday.
Overall, the cash sales share has declined from its peak of 45 percent in Q1 2011 down to 35 percent for Q1 2016, a decline of about 22 percent, according to Black Knight. But a great disparity remains between the high and low ends of the housing market when it comes to cash sales.
Cash sales still account for the bulk of transactions among homes in the lowest 20 percent of property values in their respective markets. Black Knight reported that 30 percent of sales in the highest 20 percent of property values were cash sales. When it came to the lowest 20 percent of property values, the share of all sales that were cash transactions more than doubled up to 62 percent.
“While down significantly from its peak of 75 percent of all transactions at the bottom of the housing market, this is still quite high for cash sales, historically,” said Black Knight Data & Analytics SVP Ben Graboske. “The prevalence of cash sales at the low end of the market can likely be chalked up to two primary factors. First, negative equity is still higher than average among this segment of the market, resulting in increased distressed discounts for buyers. Second, lower-priced homes simply require less capital to purchase outright, making cash sales possible for more people.”
According to Black Knight, only nine core-based statistical areas (CBSAs) with more than 2,000 home sales in 2015 had a higher share of cash sales for high-end home purchases than the lowest end in the first quarter of 2016—and seven of those nine were located in California.
“The data suggests that, rather than buying distressed or low priced properties at a discount, borrowers in these areas are likely using cash as an advantage in hotter markets,” Black Knight stated.
Click here to view the complete Black Knight April 2016 Mortgage Monitor.
BK Graph

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Fast Tracking Foreclosures! Team Thayer #realestate #housing #market #economic #realtor #legal #news #oregon #usa

Bob Hoose cropped

 Robert R. Hoose is Vice President with the Law Offices of John D. Clunk Co., LPA, which is based in Ohio. Hoose is licensed in the federal and state courts in Ohio and Florida and is a member of the Ohio State Bar Association, the Florida Bar Association, and the Akron Bar Association. Hoose recently talked to DS News in depth about Ohio HB 463, judicial and execution sales of real property. The bill was included in H.B. 134 and recently passed in the Ohio State House and Senate as part of a larger bill, H.B. 390, and is currently waiting for the governor's signature to become law. legislature. Among the changes HB 463 will make are establishing expedited actions to foreclose mortgages on vacant and abandoned residential properties and permitting private sale officers to conduct judicial and execution sales of real property. The bill was included in H.B. 134 and recently passed in the Ohio State House and Senate as part of a larger bill, H.B. 390, and is currently waiting for the governor's signature to become law. Counsel's Cornera foreclosure reform bill for which he played a key role in developing and working to get it passed in the Ohio State Legislature. Among the changes HB 463 will make are establishing expedited actions to foreclose mortgages on vacant and abandoned residential properties and permitting private sale officers to conduct j
The approach we took with the bill was, “How can we help the community and Help mortgage servicers and banks at the same time?” We want to get these properties through foreclosure and into the hands of responsible homeowners as soon as possible.
There are two pieces to the bill. There is a vacant and abandoned piece and a piece that modernizes the sheriff's sale (or judicial sale) and post-sale process. There has been a lot of legislation around the country on vacant and abandoned properties, and some of it has been more successful than others. Some attorneys and some states have said their vacant and abandoned laws are unusable. We tried to get something that would be usable and at the same time, have adequate protections for the consumer. Basically, we have to meet three indicia of a vacant and abandoned property, we file a motion with an affidavit, and then we get an order deeming the property vacant/or abandoned. Then there has to be a sale within 75 days of the order. That is a significant time savings in Ohio, because some counties can be as long as six to nine months from judgment to sale. So you save four to six months there.
On the second part of the bill, we tried to modernize the sale process. In Ohio, we use the county sheriffs to hold sales, and they hold them auction style at the courthouse—the old school way of doing it. The new bill will allow for private billing officers or auctioneers to hold sales online, and we're going to have a lot more flexibility in the sales—we'll be able to cancel the sales at any time. Previously, we had to have a court order to cancel a sale, but under the new bill, we'll be able to just cancel and reset the sale date as opposed to canceling the sale date and waiting nine months to get a new sale.
This new bill also allows what we call a private selling officer to hold sales—the person has to be a registered auctioneer and a real estate agent—and basically it's going to put the plaintiff in control of the post-sale process and move it along quickly and more economically, whereas before we had to wait for the sheriff.
Another thing we did is we updated the UCC (Uniform Commercial Code) for Ohio. Prior to this, we were unable to enforce a lost note if the plaintiff was not the person who lost the instrument. That language has been updated to conform with the rest of the country. Now, if you have directly or indirectly acquired ownership of the note and you can show it, then you can enforce the instrument even if it's lost.
Also in Ohio, we have an appraisal on the property and a first sale where the minimum bid starts at two-thirds of the property's appraised value. If there is no bidding at that sale, there is a second sale with no minimum bid. This is an effort to try to get third parties into the property if the property's value is too high to sell it.
Why did you choose to get involved with the bill?
I think it's good for the industry and the community. As lawyers, we want to help our clients, but we also want to help society as a whole. We've all had houses in our neighborhoods become vacant, and it affects the entire community. It brings property values down. It's an eyesore, and you don't want to look at it. You want to get that property to somebody who is a responsible homeowner as soon as possible. Not only is it good for servicers and banks, it's good for the community, too. If we can do that, we can help everybody out. I think that's what this bill does.
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