Wednesday, November 30, 2011

Closing the Transaction

A recent survey from the National Association of Realtors found that closing a sale on time has become a greater challenge in recent months. In May of this year, over 70% of survey respondents reported that closing on time was not a major obstacle. This number dropped slightly over the summer, down to around 65%. In the most recent survey, however, only 47% reported their transaction generally closed on time. Some of the biggest obstacles to closing on time were financing challenges and appraisal problems.

What does this mean for the home buyer or seller? Don't expect that everything will progress with any obstacles, and make sure you have an agent that is prepared to deal with any challenges that may arise. Be realistic with your timeline and be proactive in checking in on the progress of the transaction.

Monday, November 28, 2011

10 Cities Where its Cheaper to Buy than Rent

From the Wall Street Journal:

In Atlanta, Chicago, Detroit, Jacksonville, Las Vegas, Miami, Minneapolis, Orlando, Phoenix, and St. Louis you would have a lower montly payment on a median priced house if you purchased a home compared with renting.  Portland did not make the list, but many of my first time hombuyers in Vancouver lowered their monthly payment when they purchased a home. 

When deciding whether or not to buy a house, one thing many people overlook is that while rents will continue to rise along with inflation, your mortgage payment is "inflation-proof" and will remain constant. 

If you are thinking about buying a home, call me today and let me help you find your new home!

New Home Sales Continue Positive Trend

Data released today from the National Association of Homebuilders showed the third straight month of improving sales in new construction.  In October, 307,000 new homes sold across the US, while the number of homes available remained steady at 162,000.  Total inventory is significantly down.  In October 2010, there were 200,000 new homes available.  At the current rate of absortion, the existing new homes would last 6.3 months, down from 8.5 months supply in October 2010.

Thinking of buying a new home?  Check out these search results for new homes in Vancouver and new construction in NE Portland from http://www.johnblomhomes.com/.