Tuesday, June 30, 2009



LOCATION
LOCATION
LOCATION...
AND A GREAT BUY !


If I were searching for a great buy in this market I would look for a good location, how many days the home has been for sale, as well as the amenities. Here is a listing that I would recommend as a possible great buy that meets the above criteria:

"Lovely single level home in great S. Salem neighborhood. You'll enjoy entertaining in this bright and open home. Formal living room and dining room have hardwood floors. Large kitchen that opens to family room with fireplace has lots of cupboard space and granite looking counters. Master suite has jetted tub and dual sinks. Fantastic private backyard that is fully fenced and a dog run. Must visit."

On market: 266 days. Asking price $217,000 (was $269,000 originally), 3 bedroom, 2 bath, 1836 sq. ft. Location: South Salem -

Click here to view the
***MLS data and photos***: Then call me for a showing !

David Brown, Broker
503-302-2333

www.RealEstateSalem.com







Friday, June 26, 2009


OPEN HOUSE
SUNDAY
JULY 28TH 1-3PM


IF YOU ARE LOOKING IN THE $350,000 PRICE RANGE, DON'T MISS THIS!


Wonderful Woodscape! Former Tour Home with Pringle School and Wes Bennett Park at your back door. Blt in 2000, 4 Bdrms, 2.5 Baths, @2567 SF. Great plan with unique T staircase accessing both formal and informal living areas of the home. Spacious Great Rm. w/ fireplace and bay windows viewing the great back yard w/ Pergola covered patio and covered deck. LR, formal DR + nook adjoining kitchen w/ center island. Loads of storage + extra parking for boat or utility trailer.
View MLS 610958 Listing Info.


David Brown
Buyers Agent
www.RealEstateSalem.com
Prudential Real Estate Professionals
1220 20th ST SE
Salem Oregon
503-302-2333
davidbrown@prurep.com

Tuesday, June 23, 2009

Lower prices lure home buyers in May
Existing home sales rise 2.4%
to 4.77 million, with fewer distressed sales

WASHINGTON (MarketWatch) - Falling prices boosted sales of pre-owned homes in May to the highest level since October, the National Association of Realtors estimated Tuesday.

Existing-home sales rose 2.4% to a seasonally adjusted annual rate of 4.77 million, the trade group said. Sales have risen in three of the past four months, and are down 3.6% in the past year.

The sales increase was less than the 4.85 million rate expected by economists surveyed by MarketWatch. See Economic Calendar.

The median sales price fell 16.8% in the past year to $173,000, the third largest year-over-year decline on record. The median sales price fell 30% in the West.

read full article from Market Watch

Linked article courtesy of David Brown,
Salem Oregon real estate broker
Prudential Real Estate Professionals
503-302-2333

THE FHA REHAB LOAN 203K

FHA still offers a rehab loan that allows buyers to borrow up to $35,000 for improvements. This may be an excellent strategy where the home in question is a fixer, or needs work that cannot be paid for in cash by the buyer after the down payment an closing costs (which could be paid by the seller up to 3% of the purchase price). Here's how it works: from the HUD site:

Introduction

Section 10 1 (c) (1) of the Housing and Community Development Amendments of 1978 (Public Law 95557) amends Section 203(k) of the National Housing Act (NHA). The objective of the revision is to enable HUD to promote and facilitate the restoration and preservation of the Nation's existing housing stock. The provisions of Section 203(k) are located in Chapter II of Title 24 of the Code of Federal Regulations under Section 203.50 and Sections 203.440 through 203.494. Program instructions are in HUD Handbook 4240-4. HUD Handbooks may be ordered online from The HUD Compendium or from HUDCLIPS.

203(k) - How It Is Different

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan and release the mortgage proceeds unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work. To minimize the risk to the mortgage lender, the mortgage loan (the maximum allowable amount) is eligible for endorsement by HUD as soon as the mortgage proceeds are disbursed and a rehabilitation escrow account is established. At this point the lender has a fully-insured mortgage loan.

Eligible Property

To be eligible, the property must be a one- to four-family dwelling that has been completed for at least one year. The number of units on the site must be acceptable according to the provisions of local zoning requirements. All newly constructed units must be attached to the existing dwelling. Cooperative units are not eligible.

Read full article : HUD website


NEED TO SEARCH FOR SALEM OREGON REAL ESTATE ?

VISIT WWW.REALESTATESALEM.COM

Linked article courtesy of David Brown,
Salem Oregon real estate broker
Prudential Real Estate Professionals
503-302-2333



Saturday, June 20, 2009

Remember Me?
by David Brown, Realtor

Remember Me? How can you forget?
You are moving on and I am staying.

I was the house that you changed into a home. We shared the many memories that happened here. The many changes of life. The joys and sorrows. The celebrations, birthdays, holidays, as well as the wakes. I watched your children grow up here and leave their rooms empty for guests. I remained empty and silent when you were all on vacations. I sheltered you from the cold winter months and kept your pets warm. I sheltered your cars in the garage, and helped prevent that burglary attempt years ago. I know my neighbor houses and we watch the neighborhood and share memories. We enjoy the shade from trees that used to be small and now keep us cool in summer. I am now a house waiting to become another home. I have been empty with a for sale sign in my front yard for months. My last memory was of you moving in a hurry, with a notice posted on the front door, and a lot of sorrow and pain.

And now you haved moved on, and I will host another owner. I have enjoyed providing shelter and all the memories. I wish you the best in life and in finding another house that you can call a home.

Copyright 2009 David Brown

Friday, June 12, 2009

A Snake in the Closet ?


THE NATIONAL REAL ESTATE MARKET
HAS BEEN IMPROVING FOR THREE MONTHS IN A ROW...BUT...



The National Association of Realtors reports that pending home sales are up three months in a row. The combination of low interest rates, first time buyer tax credit, affordability, and an increase in the consumer confidence level could all be factors playing in to a renewed start of a new economic cycle. Not all areas of the country and market segments are moving in the same direction. In Salem we had a growth in activity and then a lull, which was reported to me by a title company rep. We are seen an increase in pending sales but not all are closing.



It is like a recent real incident when an associate of mine was showing a home to a prospective buyer. There was snake in the closet! It was non-poisonous but reminded the woman who walked into the closet of ones that were poisonous where she grew up. The market still has "snakes in the closet" - tougher lending requirements, price competition from foreclosures and short sales for owners who are trying to sell, the unemployment rate and sluggish economy (even though improving) to name a few. Bottom line: each situation must be evaluated based on all available facts. If you are planning to buy or sell a home then there are a number of things to consider. Summer is here, and this is the traditional real estate season. Let's all enjoy moving forward.

Tuesday, June 09, 2009

Cannon Beach Oregon Revisited


6:00am


For someone who is an early riser, and here in June, this quaint little town does not wake up until later this morning. Even the Bella Espresso internet café does not open until 7:30am. Right now I am sitting outside of the door, in a outdoor patio area surrounded by hanging baskets of flowers, rustic building facades, small shops, and a quiet that you would usually not see here during most of the day.


I had already arrived here about 6am and was waiting for the bakery across the street to open at 6:30am…..When it didn’t, I went over to see that they are “closed on Tuesdays”…Then I flagged down the local police and asked him where I could get a cup of coffee. He told me the store right next to the surf shop and yes, I was able to buy my $1 cup to get the day started.


Now I am back in the patio in front of Bella Espresso, set back from the street, and just saw the owner arrive to get things set up inside. I decided to write this blog on my laptop right here in the patio.They still do not open for another half hour. I have 14% battery left on this laptop and the outdoor outlet is not working.


Cannon Beach is one of the most interesting towns in Oregon. On the north coast, and about 1.5 hr drive from Portland, it is a major tourist spot especially in the summer. From Salem try driving to Lincoln City then north on the coast through Tillamook (home of the Tillamook Cheese factory). Cannon Beach is very nicely designed to be rustic, artistic, quaint, and charming. The town boasts a large number of unique shops, small bistros, restaurants, art galleries and of course an awesome beach with a major landmark Haystack Rock. Don't miss Ecola State Park at the north end of town. On a clear day you can see forever, and yesterday was one of those days!


Inside, this espresso bistro offers the usual fare of specialty coffees, and also smoothies and gelatos. Jazz is usually playing on the speakers and there is some nice art on the walls, with a few sculptures on tables. Even now, at 8am, I am the only customer here, and spending some time with my online real estate business : websites, emails, property searches, this real estate blog, and checking news.


So, whether you live in Oregon, are just visiting, or plan to relocate here, visit Cannon Beach sometime and enjoy the combination of amenities and nature’s beauty on the Oregon Coast. Take a virtual tour>
Visit www.cannon-beach.net


and of course for Salem Oregon real estate search www.RealEstateSalem.com


David Brown
Licensed Oregon Real Estate Broker
www.RealEstateSalem.com
Prudential Real Estate


1220 20th St SE
Salem OR 97302



Monday, June 08, 2009

A Few Tips for Tough Times
Salem Real Estate Broker Recommends Mozart !


1) Listen to Classical or Relaxing Music
but only with headphones. background does not count when multi-tasking.
we are so stressed and maxed out these days with hectic schedules, deadlines,
so many things to manage in our lives, and of course, the economy and our future...

I have a stereo next to my bed and whether it is right before going to sleep or very early in the morning (5-6am), or both, I love listening to two favorite CD's ...Mozart for Meditation, or Beethoven for Relaxation. All selections are slow, and very beautiful melodic pieces that can become a music meditation when I block out all thoughts except the notes and music. That's easier said (or written) than done since invariably thoughts about business or other aspects of life will popup.....however, it is always a challenge, and a good exercise to focus and truly enjoy the music all by itself...with headphones.....try it......its good for the soul in these tough times. Some of the Mozart melodies are very sublime and exquisite on the 'Mozart for Meditation' CD.

2) Eye of the Hurricane Mindset
Life can be like a hurricane sometimes or all the time (especially in real estate transactions)...so, especially in real estate, but also in life, I try to have a mindset that I am in the eye or center of the "hurricane", or the whirlwind of life's challenges....I can still respond quickly to anything, but as in the martial arts, I try to maintain that calm center to savor the moment and smell the roses as the sayings go even in the midst of tough times and "life's challenges". One of my associates in our office at Prudential Real Estate
just passed away unexpectedly. Kimball Summers was always fun to be with and had a good sense of humor. Only a week ago I was sitting next to him at an educational seminar and we joked about the real estate market. He will be missed by our office and many who knew him.

3) Humor - speaking of which ....humor is good medicine and I had posted previously on laughter, and how it is a good thing for health and to keep balance with the serious side of things. Sitcoms is not my thing but whatever the source, enjoy a good laugh every day, and remember that during every second many people are laughing in the world.


4) Especially When Moving.
Moving into a new home as well as selling one can be very stressful. To survive all the stress and challenges a good workout is very helpful, every day if possible. Diet changes can help with fresh foods, etc. Taking time to plan, coordinate, and allow flexibility for things to not always work out in every minute detail as planned. Work with a realtor who can make the transactions as smooth as possible for you.

this blog was written at my favorite internet cafe in Cannon Beach
: Bella Espresso , Monday June 8, 2:pm
I am taking a few days off with relatives here, but my website
www.RealEstateSalem.com is still working 24/7 with links to properties for sale, the Salem market, and links to schools and other information. And I have time to blog, laugh, and listen to classical music!

Thanks for visiting this blog.
Have a great week !

David Brown
Licensed Oregon Real Estate Broker
www.RealEstateSalem.com
Prudential Real Estate Professionals
1220 20th St SE
Salem OR 97302