In a nutshell, if you are self-employed and applying for a mortgage loan for Coos Bay real estate, be prepared.

• Line up all of your documents showing your income before going to apply for a loan.
• Check your credit and do what you can to improve your credit score.
• Pay your bills on time.
• Most importantly, tell the truth, misrepresentation can cost you.

Many lenders, Chase being one, are hiring more loan officers, convinced that the low rates are going to bring many more new loans and refinance loans in the next 18 months or so.  Mortgage rates have been decreasing since April, closely tied to the unsteady economy, where wary investors are putting their money in safe investments like Treasury Bonds.  As these yields go down interest rate goes down as well.  In other words, the unsteady global economy equal good news for home buyers acquiring a mortgage and home owners who are refinancing their home loans.  If you are self-employed and can provide decent and accurate documentation there is no reason you shouldn’t be able to secure a home loan for a Coos Bay home.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Have you been thinking about trading up your North Bend home?  Headlines touted the infamous line once again this week that mortgage rates are at historic lows, inciting the burning question, “Is now the right time to upgrade my home to a bigger, better one?”  Affordability is at an all-time high at many places throughout the Country and if one has the ability to acquire and secure a mortgage, the cost of buying a North Bend Oregon home is better than it has been in years.  That being said, wanting to move up and being able to move up are two different things, and it is a great time to take a hard, honest look at what makes sense for your particular situation.

Finances.  If your current mortgage is a stretch financially then you should hardly consider taking on more.  If you have a solid steady income and can afford more, it is a great time to start looking for a housing upgrade.  Affordability is seen as housing costs taking up 30% of a household’s monthly income, if a new mortgage will keep you there a new home makes sense.

Current home.  Do you need to sell your current North Bend home to buy a new one?  If you can hold on to your current home and rent it until the market is fully recovered, your investment can be sold at a bigger profit.  This is especially wise if your current home can be rented for more than the mortgage payment every month.

It is not a wise idea to upgrade to a new home if it does not make financial sense for your future.  If it does make financial sense there could never be a better time to jump into a new home.  It is a great time to discuss a possible move with a financial advisor or a qualified North Bend real estate professional.

Click here to read a recent article from Realty Times regarding upgrading to a new home.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Acquiring financing for Coos Bay real estate has gotten tougher, there is no disputing this fact, however it is possible to secure a mortgage for buying a home.  If you have a steady source of income and good credit you should have no problem getting a mortgage, but there are a few things to consider so that the financing comes through when you need it.

When it comes to Coos Bay real estate many people believe that if they are approved for a loan then they are guaranteed their money at closing, this is not necessarily true.  Nothing is guaranteed these days, especially when it comes to money, and it is very important not to affect your credit before closing.

If you have secured a mortgage for a Coos Bay home purchase do not go out and increase your credit card spending, do not go out and buy a new boat or car, do what you can to be conservative and keep your finances the way they were when you were approved, or better.  Significant changes to your credit could end up canceling out your loan at closing time.  Keep things copasetic financially and the closing for your Coos Bay property should occur without any drama.

Click here to read a recent article from Realty Times regarding the importance of maintaining your credit until closing.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Here are a few basics that can help you through this interesting Coos Bay real estate procedure:

• Know what the home is worth.  A Realtor can do a comparative market analysis (CMA) and let you know what the home is worth.  While you will probably pay less than the home’s value, submitting an offer that is too low will most likely be rejected by the bank.
• Find a real estate professional that has experience with short sales.  A certified distressed property expert (CDPE) for example, is a real estate professional that has undergone specific training related to the sale of distressed properties.
• Be prepared.  Just like buying regular real estate, have your money ready.  If you will be getting a loan, do your mortgage homework before you enter the short sale process.

Above all, patience is a necessity when completing a Coos Bay short sale.  The process can be a long one and waiting it out, while tiring, is unavoidable if you want the purchase to succeed.

Click here to read an article about short sales from NPR.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

What does the Coos Bay real estate market have going for it now?  Two very important things: low mortgage rates and low home prices.  While a tax credit may be helpful up front, low mortgage rates can save much more than a tax credit over the length of a loan, diminishing the overall cost of a home by thousands of dollars.

Coos Bay real estate is recovering at a steady pace.  While impatience may create a doubt about the reality of recovery it is important to remember that it is a boom that created the bust in the first place, and a slow approach is more likely to be a secure step in the right direction.

Click here to read a recent article from Realty Times regarding the current state of real estate.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Don’t get hung up on the cost of your home inspection.  Inspections can vary by the size of a home but typically average somewhere in the three to four hundred dollar range.  Choosing an inspector based on price could hurt you in the long run and the inspection is one expense you do not want to skimp on.

When it comes to Coos Bay real estate written inspection report is a key element in the home inspection process, allowing you to see what needs repair.  A good inspector should be able to provide you with estimates for the needed repairs or at the very least be able to recommend where you can get them.

A home inspection is an important piece of the home purchasing puzzle.  Take your time and use your Realtor to help you through the process.

Click here to read an article from Realty Times about the importance of home inspections.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

When it comes to Coos Bay real estate it is no secret that it is a buyer’s market out there, great news for buyers, not so great for sellers.  Sellers are no longer in a position to dictate the rules of the game and have to be careful how they respond and counter to offers, due to the fact that if a buyer doesn’t get his way he might just move on to the next seller, and there are a lot of sellers out there.

There are a few difficult things about being a seller today.  A seller doesn’t know how long it will take to sell his Coos Bay home and when he gets a contract he can’t guarantee whether another one will come or not.  What this means is that if a seller has to sell his home then he has to be wary of scaring the buyer away.

The inspection is one aspect of a contract where a seller can lose his shirt.  If you are trying to sell your Coos Bay home it is a wise idea to have your home inspected before listing your home.  This way you can make the necessary improvements and will avoid being surprised by unexpected requests.  Because sellers are not in a position to capitalize on their real estate investment it is more important than ever to be on top of things, in order to retain as much value as possible.

An experienced Coos Bay Realtor is incredibly helpful in maneuvering a tricky real estate market, enabling a seller to evaluate his home, price it appropriately and sell it in a reasonable amount of time.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Fannie Mae does not issue mortgages but buys them from lenders who do.  If Fannie Mae doesn’t like what it sees it will not purchase the mortgages.  The goal behind the qualification changes is to make sure that borrowers can afford to pay their mortgages.  The bursting of the housing bubble has created the need for security, to avoid any repeat performance in the future.  It is important to be prepared to secure a mortgage before buying a Coos Bay home.

Click here to read an article from CNN Money regarding interest only loans.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Coos Bay Real Estate: Short Time Left To Use Tax Credit & It’s Not Just For First Time Home Buyers 

If you have been thinking about using the home buyer tax credit toward a new Coos Bay home you need to act fast.  With just under two seeks left to use the tax credit there are a few points about the credit to remember.  The home buyer tax credit originated as a first time home buyer tax credit but it is no longer just for first time home buyers.  If you have lived in your Coos Bay home for 5 of the past 7 years and are looking to buy a new home the tax credit can help make your purchase more affordable.

Another important point is that if you are a current home owner who qualifies for the tax credit you don’t have to be moving up.  Your new home does not need to be a bigger, more expensive home, you can make a lateral move or a move down to a smaller home. The new home must also be your primary residence.

If you want to use the home buyer tax credit toward purchasing Coos Bay real estate in 2010 you need to have the home under contract by April 30.  The home does not need to close before June 30, but the contract date is nearing.  The tax credit offers home buyers a great opportunity to save some money, so contact an experienced Realtor today and get out there and start looking at real estate.

Click here to read all about the home buyer tax credit.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Questions arise when people are considering leaping into Coos Bay real estate and one which arises is buying an affordable home versus saving up for a dream home.  It can be a daunting process when shopping for a first home, realizing what you can

afford as opposed to what you would like to afford.  The questions ultimately arises whether it is a smart move to buy a home that you don’t want to live in forever.

Coos Bay home ownership offers some benefits that are not available with renting.  Two main benefits of homeownership are building equity and having the ability to deduct mortgage interest and property taxes from federal and state income taxes.  It is possible to buy a “starter home” and move up in time.  Rarely to people purchase a first home and stay in it for a lifetime.

Buying a first home in Coos Bay allows a homeowner to build equity, with the ability to sell the first home for a greater value down the road. If you wait until you have saved enough money it is hard to say what the affordability will be.  Will waiting make buying your dream home possible 2 years from now, 5 years from now, 15 years from now?  In that time how much money in rent will you  have spent.

There hasn’t been a better time to buy a home in a very long time, if ever.  Home prices are most likely at bottom, mortgage rates have been hovering at historical lows and tax incentives make buying a home feasible for many.  If it makes sense for you financially it could be an ideal time to buy a first home, paving the way for purchasing your dream home later.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

We are rapidly approaching Spring and if you are selling your Coos Bay home or thinking about selling your home, you might want to get into the Spring cleaning mode.  There is no doubt about it, across the board clean homes sell better than messy or dirty homes do.  It is an unwritten, yet openly discussed, rule in Coos Bay real estate.

The main areas to focus on when cleaning, or examining your already cleaned home,  are windows, walls, baseboards, bathrooms, closets and cabinets.

• Windows should be clear inside and out.  Large picture windows should offer a clear, smudge-free view.
• Walls should be clean, free of holes and have a fresh coat of paint if needed.
• Baseboards should be free of dust and clean as well.
• Bathrooms should sparkle.  Tile and grout should be clean, any cracked tiles should be replaced.  Toilets, tubs and showers should be stain-free.
• Closets and cabinets should be cleared of clutter, organized and neat.  If there is a door or drawer the chances are good that a prospective buyer will open it.

The important thing to remember is that you never get a second chance to make a first impression.  The better condition your Coos Bay home is in and the cleaner it appears the more likely it is to make a good impression.

Click here to view an article from Realty Times about selling a clean house.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

In Coos Bay real estate it is important to remember that the median sales price represents the average price of what homes are selling for.  It is not representing the size, condition or value of a home.  The median sales price can be offset by foreclosure property that is selling in an area as well as by luxury property that is selling in an area.

The best way to determine the value of your Coos Bay real estate is to get it analyzed by and experienced real estate professional.  There are many factors in determining real estate values today and picking an average out of the air could hinder the sale of your home.  In today’s Coos Bay real estate market it is more important than ever to price your home appropriately.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Research the Coos Bay neighborhood that you want to live in.  Aside from knowing the schools and amenities that are available, take a close look at the property levels.  Which streets hold more value?  Is one edge of the neighborhood closer to a more upscale neighborhood, is one side close to a less desirable neighborhood?  According to Realty Times, less is more.  They say purchasing the least in the best neighborhood will give you the greatest return as every time a better house sells your value goes up as well.

While you may not look at your primary residence as an investment, in the long run it may be the best investment you have, so do your research and you will be happier in the long run.

Click here to read buying advice from Realty times.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

The good news for Coos Bay real estate is that interest rates appear to be staying put until the US economy gets back on track and stays there.  This past week Ben Bernanke, chairman of the Federal Reserve, announced his desire to keep interest rates low due to the fragility of the economy.  Unemployment figures are continuing to rise.  These increasing unemployment figures are interfering with recovery and affecting real estate and general sales figures in Coos Bay Oergon and across the Country.

Historically low interest rates and low home values combined with the extended and expanded First Time Home Buyer Tax Credit, have been instrumental in boosting real estate sales in the Coos Bay area.  These incentives are bringing buyers off of the sidelines and have created a true “buyer’s market”.

Real estate is typically a catalyst for for economic recovery and keeping mortgage rates low will be a significant help in keeping the sales coming.

Click here to see a recent article about Ben Bernanke and his commitment to keeping interest rates low.

Contact Jan Delimont today, 541-290-1850, for more information about Coos Bay real estate and access to the Coos Bay MLS.

Current home trends lean toward a simpler more efficient lifestyle

In Coos Bay & North Bend on the Oregon Coast, we love the sunny days. Letting plenty of light in your home makes a pleasing atmosphere. Skylights are sometimes challenging with the wind and rain. The solar tube skylights that came out about 10 years ago are very nice for kitchen, shower areas, closets, most places that you don't need darkness in. Big windows are great for light and to bring the gorgeous views of the Pacific Northwest.

From wall coverings to energy efficient appliances, trends are set in home remodeling and design just as they are in fashion, entertainment and elsewhere.  Realtor Magazine recently published an article on current home trends and, not surprisingly most are geared toward cost effectiveness, energy efficiency or reducing stress.  The past few years of enduring a recession and a housing bust have made people want to get down to the basics and live a simpler life and these priorities have filtered into the home.

Current trends in home design include neutral colors, like white and beige, which are more calming than bright vibrant colors.  Energy efficient appliances like refrigerators and cook tops are also being used more frequently as they are better for the environment and, in the long run, the wallet.  In order to keep the calm people are also adding relaxation rooms to their homes, whether they be complete spa rooms or a simple massage chair.  A designated place to unwind helps erase stress and add to home's value at the same time.

Click here for a complete look at current home trends.

In Coos Bay & North Bend on the Oregon Coast, repairs and renovating are important to consider when thinking of the future sale of your home. When asked about this from sellers, I suggest that a well maintained home is important. Concerning renovations, one might consider some upgrades may help to distinguish the home and help to sell it if others in the same price range do not have that upgrade, generally. As far as recovering 100% of the investment for upgrades on a home, this is not happening in this market.

Remodeling and renovating homes should be evaluated more closely than in the past, with an eye on what kind of return your investment will give to you. If your remodel/renovation is strictly for you, you plan on staying in your home for many years to come and you have the money to make your improvements, by all means go ahead and knock yourself out. If, however, you are looking at your home improvements as a way to maintain or improve your home’s value, do some research and evaluate whether you will get the return you need or expect to get when you sell. Here are some things to keep in mind:  Stay on par with your neighbors. Having the best house on the block might be nice if you are the type of person who likes to one-up everyone but it certainly won’t give you the most bang for your buck. Your home is typically as valuable as other comparably sized homes around you.  Ascertain your home’s condition. Today’s home buyer does not want to spend a lot of money fixing up needed repairs like a leaky roof and broken windows. Keep on top of the shape that your home is in and make it clear that the home is well taken care of.  If you are making upgrades to your home see if they can be energy efficient upgrades. Not only will you get a tax break but you will probably save money in the long run as well. There are many remodeling and renovating items that you can choose to do that are cost-effective and attractive to future home buyers. For a recent article from Money that touches on the subject of remodeling and renovating click here.

Posted: 05 Feb 2010 08:53 AM PST

The Coos Bay/ North Bend, Oregon Housing Market seems to be getting busier in our office. Foreclosures are continueing to bring the prices down. The Inventory of homes in Coos Bay was around 1 year recently, compared with 2 years last year about this time. Thus, homes are selling faster but at lower prices.

It is a buyer’s market when it comes to real estate.  It is not the best time to be a seller, but to be a buyer the conditions could not be better.  Low interest rates, home values and inventory all point to buy, buy, buy.  The only thing standing in the way is money, but if people can get money and they are in the right place at the right time, buying real estate is a great idea.

If the real estate market were a car the first time home buyer would be in the driver’s seat.  Not only to first time home buyers get to take advantage of low mortgage rates, low home values, and a decent inventory of homes for sale, but they also don’t have to sell a home before they buy a home.

There may not be a better time to be a home buyer, especially a first time home buyer, for a long time.  The first part of 2010 displays ideal conditions to get out there and start looking.

Posted: 30 Jan 2010 05:56 AM PST

What looks like a real estate bargain is not always a bargain

In Coos Bay and North Bend on the Oregon Coast, many Bank Owned foreclosures require inspections to be done before offers are made on these properties. On rare occasions, if the home cannot be financed without certain repairs such as safety hazards (electrical) or well repairs (i.e. no water supply) the bank may agree to repair these.

For potential real estate investors who have money in their pockets, today's real estate market is full of bargains, but be careful what looks like a real estate bargain isn't always a bargain.  Some of the best bargains out there have foreclosure written all over them.  The biggest problem with foreclosures is that they are in the lender's hands and more often than not the lender is not looking after the property, at all.  In cold climates this could mean frozen pipes and water damage, in other areas it could mean general plumbing problems.

In general foreclosure properties are sold "as is", which means that there will be no inspections and the lender will be putting no money toward fixing anything.  Air quality problems that may arise from mold, gas leaks, will not be mitigated.  Lead paint will not be replaced nor will asbestos be removed.

If you have your heart set on a foreclosure property, take off your rose colored glasses and be realistic.  Contact an experienced Realtor and try to get a sales history on the house.  Doing your homework could result in a better outcome.

Real Estate Market's Ups & Downs Present Many Questions

Posted: 30 Jan 2010 06:00 AM PST

           The real estate roller coaster leaves many questions

Let's face it, times are tough and on any given day the mood is a different one than the day before.  The market's up, then down, we're in a recession, we're recovering, it is hard to know what is really happening out there with so many mixed signals.  Real estate is difficult to figure out, and remains relative to where you are.

Is real estate improving?  Sales are up, inventory is down but foreclosures are expected to keep coming, especially with unemployment figures on the rise.  To find out if real estate in your area is improving talk to a real estate agent and look at the statistics that they provide.  The December real estate sales figures were down as a nation but some areas of the country saw an increase in sales.

Have we hit bottom?  Parts of the country have hit bottom other parts still have a way to fall.  Home prices are apparently steady in parts of the country and climbing in others.  The areas where home prices will continue to fall are those hit hard by job losses, an increase in foreclosures and too much inventory.

In a nutshell, real estate is relative.  It is improving in many areas and as soon as our recovery includes job growth real estate is going to improve in many more areas.

Click here for an article about real estate on Yahoo Finance.

Here in Coos Bay/North Bend, on the Central Oregon Coast, the Tax Credits have had a large impact on sales. The Tax Credit including current home owners will be used by some buyers this Spring.

The tax credit is not just for those buying a bigger home, it also works for those wanting to downsize When the First Time Home Buyer Tax credit was extended and expanded most people thought the expansion was only for home owners who wanted to move up, those who wished to buy a bigger, more expensive home. In fact, the expansion simply includes those who have owned a primary residence and lived in it for at least five years consecutive years out of the last eight years. If current home owners want to downsize they can use the tax credit toward their new home, regardless of whether it costs less than the home that they are selling, regardless of whether it is a smaller home than the one that they are selling. It is an anomaly that everyone assumes the tax credit is only for purchasing bigger and better. Many people, especially those whose children have grown and left the nest, want to downsize. After-all, who doesn’t want to make life simpler these days? If you have been considering selling your home and moving into a smaller space, consider doing so before the tax credit expires. Place your new home under contract by April 30th and close by June 30th and you could have a few extra dollars in your pocket. For more information on the tax credit,click here.