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.
Wednesday, November 30, 2011
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!
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/.
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/.
Saturday, August 27, 2011
Places to Stay Cool
With temperatures in the upper 80s today and tomorrow, it's a perfect day to head to the nearest river, lake, or pond and keep cool in the water! Not sure where to go? Here are 5 places in the Vancouver area to splash around on a hot day! Click on the links for more information and directions!
Plan ahead for next summer: check out these homes in Vancouver with a pool!!!
Klineline Pond - a sandy beach, roped swimming area, and floating deck makes Klineline a great place to keep cool!
Wintler Park - set on the Columbia River, Wintler Park has 12.5 acres of recreational area to enjoy.
Battle Ground Lake State Park - warm up with over four miles of hiking trails, than jump in the lake to cool off!
Sandy Swimming Washougal River - launch your boat for a day on the Washougal River, or just relax on the swimming beach.
Lewisville Park - over 154 acres of playground, sports fields, trails, plus a swimming beach on the Lewis River.
Posted by:
John Blom, Broker
Your Vancouver WA Realtor
(360) 977-8329
Plan ahead for next summer: check out these homes in Vancouver with a pool!!!
Klineline Pond - a sandy beach, roped swimming area, and floating deck makes Klineline a great place to keep cool!
Wintler Park - set on the Columbia River, Wintler Park has 12.5 acres of recreational area to enjoy.
Battle Ground Lake State Park - warm up with over four miles of hiking trails, than jump in the lake to cool off!
Sandy Swimming Washougal River - launch your boat for a day on the Washougal River, or just relax on the swimming beach.
Lewisville Park - over 154 acres of playground, sports fields, trails, plus a swimming beach on the Lewis River.
Posted by:
John Blom, Broker
Your Vancouver WA Realtor
(360) 977-8329
Thursday, August 25, 2011
New Listing - Duplex
Great investment opportunity! Two adjacent townhomes: each unit is 1450+ square feet with oversized garage and has 3 bedroom plus 2.5 baths. Quiet, cul-de-sac location conveniently located in desirable Salmon Creek/Felida near shopping and I-5/I-205. Only a couple years old and the builder is cleaning and repainting the interiors, so they will truly be like new! Listed at $289,000 and each unit previously rented for $1150-$1200.
14008 NE 7th Ct
Vancouver, WA 98685
Call John Blom to schedule a showing!
(360) 977-8329
johnblom@hasson.com
Wednesday, August 24, 2011
Update: Vancouver Inventory
Based on a large number of e-mails that went out to Realtors this morning, it appears that the RMLS compliance board is going to put short sales with an offer under more scrutiny. According to the e-mail, if a short sale is still listed in "Active" status, any additional offers must be sent to the bank. If additional offers are going to be held in backup position only, the listing must be marked "pending."
The majority of buyers who write an offer on a short sale stipulate that any subsequent offers must be held as a backup, so most short sale properties with an offer should be marked pending. In a previous post, I commented that there were currently 248 "active" short sale listings that had an offer submitted to the bank. If the RMLS follows through on enforcing these guidelines, most of these should be marked as pending. With 2027 total "active" listings, if at least 200 of those short sales are only accepting backups that would reduce the inventory in Vancouver by 10%
The majority of buyers who write an offer on a short sale stipulate that any subsequent offers must be held as a backup, so most short sale properties with an offer should be marked pending. In a previous post, I commented that there were currently 248 "active" short sale listings that had an offer submitted to the bank. If the RMLS follows through on enforcing these guidelines, most of these should be marked as pending. With 2027 total "active" listings, if at least 200 of those short sales are only accepting backups that would reduce the inventory in Vancouver by 10%
Monday, August 22, 2011
Foreclosure Rate at Lowest Point Since 2007
The Mortgage Bankers Association released their quarterly mortgage deliquency suvery today. While much of the media is focusing on the slight increase in overall deliquency during the 2nd quarter of 2011, which rose to 8.44 percent of all oustanding loans, this is only part of the picture.
This deliquency rate remains significantly lower than the 2nd quarter of 2010: while deliquency rose 12 basis points over 1st quarter 2011, it is 144 basis points lower than the 2nd quarter of last year. The deliquency rate includes all oustanding mortgages that are at least 30 days late, but not in foreclosure. Serious deliquencies, loans that are more than 90 days past due, dropped compared with the previous quarter and the same quarter last year. Foreclosure starts dropped to the lowest level since 2007 and foreclosure inventory is the lowest since 3rd quarter 2010.
According to the MBA's chief economist, "While some have argued that this drop in foreclosures is a temporary drop which does not reflect the problems yet to come, this does not appear to be the case, at least at the national level. There are still problem loans that need to be resolved, but the idea that there is a growing backlog of loans being held back from foreclosure is simply not supported by these numbers."
It will be important to see whether this increase in deliquencies starts a new negative trend, or whether this rise was a temporary setback.
Read the MBA press release here.
Posted by John Blom, Broker
Hasson Company Realtors
johnblom@hasson.com
This deliquency rate remains significantly lower than the 2nd quarter of 2010: while deliquency rose 12 basis points over 1st quarter 2011, it is 144 basis points lower than the 2nd quarter of last year. The deliquency rate includes all oustanding mortgages that are at least 30 days late, but not in foreclosure. Serious deliquencies, loans that are more than 90 days past due, dropped compared with the previous quarter and the same quarter last year. Foreclosure starts dropped to the lowest level since 2007 and foreclosure inventory is the lowest since 3rd quarter 2010.
According to the MBA's chief economist, "While some have argued that this drop in foreclosures is a temporary drop which does not reflect the problems yet to come, this does not appear to be the case, at least at the national level. There are still problem loans that need to be resolved, but the idea that there is a growing backlog of loans being held back from foreclosure is simply not supported by these numbers."
It will be important to see whether this increase in deliquencies starts a new negative trend, or whether this rise was a temporary setback.
Read the MBA press release here.
Posted by John Blom, Broker
Hasson Company Realtors
johnblom@hasson.com
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