High End Bend

Comparative Market Stats for area 244 (SW Eugene) only

$200k-$450k, 3 bed / 2 bath minimums

● 80 Active Sellers in line to sell their homes

● 11 homes on average go under contract each month

● There are 7.2 months of inventory in section 244.

● Sellers are 13.75% likely to sell in the next 30 days.

● There is currently a 94% list to sales ratio.

● Average of 104 days on Market.

Comparative Market Stats for area 241 (North Gilham) only

$200k-$600k, 3 bed / 2 bath minimums

● 42 Active Sellers in line to sell their homes

● 4.3 homes on average go under contract each month

● There are 9.75 months of inventory in section 241.

● Sellers have a 10% chance to sell in the next 30 days.

● There is currently a 96% list to sales ratio.

● Average of 141 days on Market.

Comparative Market Stats for area 248  (Santa Clara) only

$150k-$450k, 3 bed / 2 bath minimums

● 79 Active Sellers in line to sell their homes

● 15 homes on average go under contract each month

● There are 5.2 months of inventory.

● Sellers have a 18.9% chance to sell in the next 30 days.

● There is currently a 96.5% list to sales ratio.

● Average of 95 days on Market.

Comparative Market Stats for area 240  (Coburg I5) only

$150k-$350k, all

● 22 Active Sellers in line to sell their homes

● 3.3 homes on average go under contract each month

● There are 6.6 months of inventory.

● Sellers have a 15% chance to sell in the next 30 days.

● There is currently a 97% list to sales ratio.

● Average of 90 days on Market.

● Average sales price: $172,157

Comparative Market Stats for area 242  (Ferry St Bridge)

$150k-$350k, all

● 57 Active Sellers in line to sell their homes

● 9 homes on average go under contract each month

● There are 6.3 months of inventory.

● Sellers have a 16% chance to sell in the next 30 days.

● There is currently a 96% list to sales ratio.

● Average of 113 days on Market.

● Average sales price: $240,220

Comparative Market Stats for area 243  (East Eugene) only

$150k-$350k, all

● 50 Active Sellers in line to sell their homes

● 8.6 homes on average go under contract each month

● There are 5.8 months of inventory.

● Sellers have a 17% chance to sell in the next 30 days.

● There is currently a 95% list to sales ratio.

● Average of 88 days on Market.

● Average sales price: $256700

Comparative Market Stats for area 245  (West Eugene) only

$150k-$350k, all

● 23 Active Sellers in line to sell their homes

● 6.3 homes on average go under contract each month

● There are 3.6 months of inventory.

● Sellers have a 27% chance to sell in the next 30 days.

● There is currently a 97% list to sales ratio.

● Average of 61 days on Market.

● Average sales price: $205,180

Comparative Market Stats for area 246  (Danebo) only

$150k-$350k, all

● 105 Active Sellers in line to sell their homes

● 18.6 homes on average go under contract each month

● There are 5.6 months of inventory.

● Sellers have a 18% chance to sell in the next 30 days.

● There is currently a 97% list to sales ratio.

● Average of 76 days on Market.

● Average sales price: $182,000

Comparative Market Stats for area 232  (Hayden Bridge) only

$150k-$350k, all

● 41 Active Sellers in line to sell their homes

● 4.3 homes on average go under contract each month

● There are 9.5 months of inventory.

● Sellers have a 10% chance to sell in the next 30 days.

● There is currently a 97% list to sales ratio.

● Average of 38 days on Market.

● Average sales price: $191,000

Comparative Market Stats for area 247  (River Road) only

$150k-$350k, all

● 42 Active Sellers in line to sell their homes

● 7.6 homes on average go under contract each month

● There are 5.5 months of inventory.

● Sellers have a 18% chance to sell in the next 30 days.

● There is currently a 97% list to sales ratio.

● Average of 74 days on Market.

● Average sales price: $196,866

RESPA, otherwise known as: Real Estate Settlement Procedures Act (phew, what a mouth full!) took effect January 1, 2010.

These new federal guidelines were put in place to help the consumer understand their loan documents and settlement costs.

The new rules require mortgage originators to take all the origination costs involved in a loan and bundle it into one fee then shown on the Good Faith Estimate and HUD-1.

Any subsequent changes require a re-submission to the mortgage originator--adding an additional 3 days to a closing--and then disclosed on a re-issued Good Faith Estimate.

FAQ's and Answers can be found at www.hud.gov.

As reported by Inman News yesterday--important financial news from the Adminstration is coming down the pipeline.

"The Federal Housing Administration won't raise the 3.5 percent minimum downpayment requirement for mortgages it guarantees as long as borrowers have FICO scores of 580 or better.

Beginning early this summer, however, borrowers with credit scores below 580 will be required to make downpayments of at least 10 percent in order to participate in FHA's mortgage insurance program.

This spring, the Obama administration also plans to raise the upfront mortgage insurance premiums paid by all FHA borrowers to 2.25 percent, up from 1.75 percent now."

This is the kind of thing that should have been done decades ago--as I've said in previous blogs, once the Fed's adopt a policy, the private sector must also have competitive products---and this is a major reason behind the 'anyone can get a loan' troubles of late. 

So is this "too little, much too late" ?

What happens to our local real estate economies?

At this point, as far as I can tell, it's the under $300k homes that are selling. So...we shall see.

Your thoughts?

Sustainable building is compelling territory for me. Considering today's advanced building technologies, there are no excuses for slap-chop new construction. Building America is a program I am learning more about everyday, as I take time to research their initiatives and understand their goals.  According to their own website, Building America is an industry-driven research program sponsored by the US Dept. of Energy. They exist in order to accelerate the development and adoption of whole-house building technologies--- after all, why have all this great innovation without using it???

Their goals include integrated onsite energy systems, improving indoor air quality, and reduced waste. That includes both construction waste---and the potential power waste while you live in the home.

I feel as if just being a woman makes me ultra qualified to shout the praises of whole-house planning BEFORE building anything!!!

Having grown-up and lived in MANY new homes built by, well, let's let them remain nameless---there are just certain things that women need AND that qualify as reduced waste. What about pull-out garbage drawers? Hmm? And TWO electric sockets in the bathroom. And please, all male architects---give the woman enough counterspace on the side of the sink with the plug to put down a flat iron or hairdryer. I guess my examples are details that save human energy---but they translate my point. Whole-house planning is best done before the walls go up.

So what DOES whole-house planning entail? It's choosing elements that have the least cost (sure, we get that) AND have the highest value. They are CLIMATE SPECIFIC!!! They are: SUPER effecient walls, foundations, windows and roofs.  Using passive solar heating in conjuction with the right kind of windows and insulation can change your energy output by 30% or more. So, these are the places where your budget is spent. Plumbing fixtures, wall coverings, window treatments (blinds), flooring, countertop materials---these are simply icing on the cake---they are not what holds your house together. These fluffies are the extras we save up to change later on down the road.

For more info, check out the Dept. of Energy!

My husband and I have recently lived successfully without cable since early Spring. We got along with the four fuzzy channels left in the wake of the digital changeover and joined Netflicks to offset our addiction to televised entertainment. In that time, I did, however, go to the library monthly, read many more books and generally felt quite good---you know---healthy. So what did we do for Christmas? Yep. We've gotten cable.

My first observation is that there aren't enough choices in basic cable plans. We chose more than 5 channels which left us with 425 or 6000. So we went "middle of the road". The result? I have now gorged myself on mindless television for the better part of two days. I've found new favorite programs (TOP GEAR rocks!) and checked out my old favorite haunts.

Some of them have just gone rotten.

My gag meter went off the charts after watching an episode of "Million Dollar Listing". Yes, I know, it's been out forever. And I have watched one or two segments before (so yes, I did have prior knowledge to these 'actors')---but I was thinking to myself as I tuned in to Bravo---heck, maybe these young whippersnappers (my own age?) have some great ideas on marketing a million dollar home. I love high end construction and have a background of marketing custom building, so I'm always looking for a better way to do business.

Well, I did not get any pointers whatsoever. In fact, I wondered if I should start a petition against shows like this that in my estimation do more harm to the image of a competant, Professional Realtor than anything! First off, their egos annoy me to no end. Well, that might be because they HAVE NO END. Am I to believe that some of these wealthy business people genuinely think that these boys' designer shirts, fancy haircuts and bad attitudes will help sell their properties faster? Or is it part-n-parcel of the Hollywood Party-Sell lifestyle that they are buying into? And while I'm on the subject, does anyone else find the voices of these guys and the cadence in which they speak the new version of the "Valley-Boy"?

None of these young men demonstrate a deep knowledge of what they are doing. Maybe that's what bugs me the most.  A monkey can write a real estate contract--everybody knows that. But write a real estate contract WELL? And with knowledge of true consequence for both the investor and the seller? I think that kind of professionalism is something learned by intention and experience, both.  And I suppose I have a hard time imagining any of them demonstrating any more intention in their work than pouring a stiff martini and waxing their mercedes'.

Speaking of Mercedes, I'm turning back to Top Gear. That show is amazing! Witty, well-paced, factual, and inspirational. I too, long to race a Winnebago and potentially beat Simon Cowell in the track postings. Now there, is intention!

Here's a few interesting things I've recently learned about Short Sales through my accredation with the Certified Distressed Property Expert program:

* In a healthy market, 1-3% of all sales are distressed. Today's market you could argue that there may be as many as 1 in 5. (This is certainly true in Bend, Oregon)

* The fastest growing segment of the Distressed Market? Million Dollar + homes.

* Of Prime Mortgages, there are 2.75% in foreclosure---but wait--6.41% in DEFAULT.

* Of SubPrime Mortgages, there are 6.63% in foreclosure --- 12.5% in DEFAULT.

* Of VA Loans, there are .57% in foreclosure --- 6.82% in DEFAULT.

* Of HUD/FHA Loans, there are .95% in foreclosure --- 12.5% in DEFAULT.

The loans in Default will do one of three things:

1. The properties will not be sold and go into Foreclosure. Or Deed in Lieu. Or Bankrupcy.

2. The properties will be redeemed somehow through forebearance or Reinstatement or a Mortgage Modification or REFI.

3. The properties will be sold through a SHORT SALE process.

The new regulations for Short Sales set by the US Treasury, will speed up the formerly long and arduous short sale process to "stem the rising tide of foreclosures."

What is the BEST result? In my opinion: The response time.  Finally, mortgage services will have 10 days to approve or disapprove a short sale contract. This will really help us out---no longer will we have to wait 6months for an answer that our Buyers might not even want to hear at that point!

I highly recommend the CDPE: Certified Distressed Property Expert program and would be happy to either help or refer clients to Realtors with CDPE accredation.

May 2009

Bend Oregon MLS Real Estate Statistics

Residential Properties (stick-built/ plus acreage)

$50,000-250,000

There are currently 598 homes for sale.

An average of 61 homes sell per month.

There are approximately 9.8 months of sellers in line to sell.

Approximately 10% of sellers are likely to sell in the next 30 days.

Average sales price: $178,515

DOM: 183       List to Sale Ratio: 94.71

$251,000-300,000

There are currently 191 homes for sale.

An average of 14.3 homes sell per month.

There are approximately 13.3 months of sellers in line to sell.

Approximately 7.5% of sellers are likely to sell in the next 30 days.

Average sales price: $275,000

DOM: 214       List to Sale Ratio: 93.5

$301,000-400,000

There are currently 235 homes for sale.

An average of 11.3 homes sell per month.

There are approximately 20.7 months of sellers in line to sell.

Approximately 4.8% of sellers are likely to sell in the next 30 days.

Average sales price: $342,971

DOM: 235       List to Sale Ratio: 94.8

$401,000-500,000

There are currently 222 homes for sale.

An average of 7 homes sell per month.

There are approximately 31.7 months of sellers in line to sell.

Approximately 3.1% of sellers are likely to sell in the next 30 days.

Average sales price: $446,076

DOM: 265       List to Sale Ratio: 93

$501,000-600,000

There are currently 139 homes for sale.

An average of 5.3 homes sell per month.

There are approximately 26.2 months of sellers in line to sell.

Approximately 5% of sellers are likely to sell in the next 30 days.

Average sales price: $545,023

DOM: 300       List to Sale Ratio: 92.87

$601,000-750,000

There are currently 120 homes for sale.

An average of .67 homes sell per month.

There are approximately 179 months of sellers in line to sell.

Approximately .5% of sellers are likely to sell in the next 30 days.

Average sales price: $673,095

DOM: 289       List to Sale Ratio: 91.6

$751,000-950,000

There are currently 101 homes for sale.

An average of 1.3 homes sell per month.

There are approximately 77 months of sellers in line to sell.

Approximately 1.2% of sellers are likely to sell in the next 30 days.

Average sales price: $823,750

DOM: 281       List to Sale Ratio: 82.62

$951,000-1,500,000

There are currently 108 homes for sale.

An average of .67 homes sell per month.

There are approximately 180 months of sellers in line to sell.

Approximately .5% of sellers are likely to sell in the next 30 days.

Average sales price: $1,090,000

DOM: 269       List to Sale Ratio: 81

$1,500,000+

There are currently 79 homes for sale.

An average of .34 homes sell per month.

There are approximately 263 months of sellers in line to sell.

Approximately .3% of sellers are likely to sell in the next 30 days.

Average sales price: $2,200,000

DOM: 321       List to Sale Ratio: 88