Coos Bay Properties Blog

Consumer Sentiment Rises Again, Hits 11-Month High

Mon, 30 Jan 2012 00:00:00 GMT

According to the Thomson Reuters/University of Michigan consumer sentiment index, Americans’ confidence in the economy rose again in January. The overall reading for the month rose to 75.0 from 69.9 in December. It was the highest reading since February 2011 and a better-than-expected improvement. Richard Curtin, the survey’s director, said the recent gains in confidence are dependent on continued gains in employment and, as long as the job market continues to improve, real consumer spending should post a 2.1 percent gain in 2012. The component of the index measuring current economic conditions rose nearly five points and the gauge of consumer expectations was at its highest level since May 2011. More here and here.

Mortgage Demand Surges 23.1 Percent

Wed, 18 Jan 2012 00:00:00 GMT

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, surged 23.1 percent last week from the week before. Refinance activity was up 26.4 percent and reached its highest level since August of last year. The Purchase Index also saw improvements, rising 10.3 percent from the week before. Michael Fratantoni, MBA’s vice president of research and economics, said interest rates dropped due to continued anxiety regarding the economic situation in Europe. The drop in rates led to the spike in refinance activity and brought buyers back to the market following the holiday season, according to Fratantoni. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 4.06 percent from 4.11 percent the week before. It was the lowest 30-year rate in the history of the survey. More here.

Americans’ View Of Economy, Housing Takes Positive Turn

Mon, 09 Jan 2012 00:00:00 GMT

For the first time in nearly a year, more Americans say they expect their financial situation to improve over the next 12 months than say it’ll stay the same. Fannie Mae’s Monthly National Housing Survey shows an increasingly positive attitude toward the housing market and the broader economy among surveyed Americans. The results of the survey found a six percent jump in the number of people who say the economy is on the right track and a four percent spike in the number of participants who expect home prices to increase in the next year. Doug Duncan, vice president and chief economist at Fannie Mae, said there’s been a marked improvement in consumer sentiment regarding the direction of the economy, personal finances, and future home price expectations following the fourth-quarter pickup in the economy. On average, Americans say they expect home prices to rise by 0.8 percent in the next 12 months, up from 0.2 percent in November. Also, 71 percent of Americans say it is a good time to buy a home, which is a 3 percent increase from the month before. More here and here.

Pending Home Sales Reach Highest Level In 19 Months

Sun, 01 Jan 2012 00:00:00 GMT

The National Association of Realtors’ Pending Home Sales Index rose 7.3 percent to 100.1 in November and is 5.9 percent above last year’s levels. The improvement brought pending sales to their highest level since April 2010 when the homebuyer tax credit was about to expire. Lawrence Yun, NAR’s chief economist, said some of the gains may have been due to delayed transactions resulting from previous contract failures. According to Yun, housing affordability is at a record high and there is pent-up demand from buyers who have been on the sidelines. Pending home sales rose in every region of the country. The West saw a 14.9 percent increase and the Northeast was up 8.1 percent. More here.

New Home Sales Up 10 Percent from 2010

Tue, 27 Dec 2011 00:00:00 GMT

The U.S. Census Bureau and the Department of Housing and Urban Development’s New Residential Sales report for November shows sales of new single-family homes rose 1.6 percent over October’s pace to a seasonally adjusted annual rate of 315,000. The improvement puts new-home sales 9.8 percent above last year’s estimate of 287,000. There were 158,000 new homes for sale at the end of the month, which represents a six-month supply at the current sales pace. The median price for a new house in November was $214,000; the average price was $242,900. More here.

68 Percent of Americans Say Now Is the Time to Buy

Sun, 18 Dec 2011 00:00:00 GMT

Fannie Mae’s National Housing Survey polls Americans each month to assess their attitudes and expectations toward owning a home, renting, mortgage rates, the economy, household finances, and overall consumer confidence. In November, 68 percent of respondents said now was a good time to buy a home and, for the first time in six months, surveyed Americans said they expected prices to rise over the next year. Among respondents, 22 percent said they expected price increases over the next 12 months. The average expected increase was 0.2 percent. Doug Duncan, Fannie Mae’s vice president and chief economist, said though home price expectations have become slightly positive, consumers remain concerned about the economy and view their household finances as being relatively flat. When asked whether they’d buy or rent their next home, 63 percent of Americans said they’d prefer to buy. More here.

Analysts, Experts Say Rate Of Recovery Varies By Location

Tue, 06 Dec 2011 00:00:00 GMT

A panel of industry analysts, insiders, and experts brought together for a recent mortgage-banking conference expressed hope for the housing market but cautioned that the rate of recovery will vary greatly depending on location. Eric Fox, vice president of statistical and economic modeling for Veros Real Estate Solutions, said price-to-rent ratios, demographic trends, and affordability combined with other variables such as schools and neighborhoods will determine the pace of recovery for local real estate. But, despite the number of factors affecting individual markets, the gathered analysts said now is a great time to buy a home due to high affordability and mortgage rates near record lows. More here.

New Home Sales Up 6.1 Percent Over August 2010

Mon, 26 Sep 2011 00:00:00 GMT

Estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of new single-family houses were at a seasonally adjusted annual rate of 295,000, 2.3 percent below July’s rate but 6.1 percent above August of last year. The median sales price of new homes sold in August was $209,100; the average sales price was $246,000. The estimate of new houses for sale at the end of August was 162,000, a 6.6-month supply at the current sales rate. A six-month supply of single-family homes is considered healthy for the housing market. More here and here.

Building Permits on the Rise in August

Tue, 20 Sep 2011 19:42:00 GMT

Permits to build privately-owned housing units in August rose 3.2 percent above July’s estimates and 7.8 percent above last year, according to new residential construction statistics from the U.S. Census Bureau and the Department of Housing and Urban Development. Single-family building permits rose 2.5 percent above the month before. Despite the rise in permits for future construction, housing starts fell in August, down 5.0 percent from July’s revised pace. The decline was due, in large part, to a 13.5 percent drop in multifamily housing. Single-family home construction was down just 1.4 percent from July. More here and here.

Price Reports Show 2nd Straight Month of Gains

Sat, 23 Jul 2011 00:00:00 GMT

According to two newly released price indexes, home values rose again in May. The Federal Housing Finance Agency’s House Price Index found a 0.4 percent increase from April. And though the improvement was slight, it market two-consecutive months of gains following 10 straight months of decline. Also, the FNC Residential Price Index showed home prices continuing a notable upward trend, climbing 0.8 percent in May. In a press release, FNC said the single-family housing market continues to show signs of price stabilization in line with rising activities in new housing starts and building permits.

Home Price Index Finds Signs of Stability

Tue, 14 Jun 2011 18:47:00 GMT

Home price indexes tend to be heavily influenced by foreclosure and distressed property sales. Which means the higher the percentage of distressed sales, the more prices will appear to fall. According to CoreLogic’s home price index, however, housing values increased in April by 0.7 percent and, when excluding distressed sales, values were down just 0.5 percent from a year earlier, when the homebuyer tax credit boosted sales. By comparison, prices declined 7.5 percent year-over-year when including distressed sales. Mark Fleming, chief economist for CoreLogic, said the month-over-month increase was the first since government support for home buying was removed and, though it doesn’t yet indicate a long-term trend, it is a positive sign and reason for cautious optimism. More here and here.

Home Buyers Have Historic Opportunity in Today's Market

Wed, 08 Jun 2011 20:08:00 GMT

Though short-term prospects are muddied by the ups-and-downs of a recovering market, home buyers have an opportunity to capitalize on a long-term outlook that is increasingly positive. Buyers in today’s market benefit from mortgage rates near 50-year lows, high affordability, and the likelihood that decreasing numbers of distressed property sales will relieve pressure on home values and lead to a rebound in prices. Anthony Sanders, a real-estate finance professor at George Mason University, told the Wall Street Journal that, though there may not be rapid growth in the short-term, there are a number of positive indicators that will fuel a rebound, including demographics, rising rent, and improvement to the general economy and job market, which make now a good time to buy. More here.

Americans Feeling More Optimistic About Home Prices, The Economy

Mon, 23 May 2011 20:14:00 GMT

Fannie Mae’s First Quarter National Housing Survey found Americans are more optimistic about home prices, the economy, and their personal finances than they were during the last quarter of 2010. According to the survey, which polled homeowners and renters between January and March 2011, the number of Americans that believe the U.S. economy is on the right track has risen four percentage points since the end of last year. Also, 67 percent of respondents believe now is a good time to buy a house and one in three expect home prices will strengthen in the next year. On average, participants expected prices to increase by one percent. Sixty-six percent of Americans believe buying a home is a good investment and 87 percent said owning is superior to renting. More here.

Market Analysts Say Now Is The Time To Buy

Sun, 08 May 2011 21:15:00 GMT

Buying a home is now cheaper than renting in 4 out of 5 major U.S. cities. And, along with affordable home prices, low mortgage rates, and building economic confidence, the increase in rent makes market conditions ripe for prospective house hunters this spring and summer. Ken Shuman, of Trulia, said people looking to buy a house this summer should be encouraged by improvements in the market and feel optimistic about their chances of finding an affordable home, much more so than in previous years. Conditions are particularly good for buyers looking to stay in their home for at least five years. Because prices are expected to appreciate slowly, industry experts say the market is best for buyers looking to plant roots or find a family home

Your Coos Bay Oregon Home and Your Retirement

Fri, 15 Apr 2011 00:00:00 GMT

Chances are that your Coos Bay OR home and your retirement are closely linked to your financial future. Retirement accounts have taken a big hit through the course of the recession and many people are considering tapping into the equity of their homes. Tapping into home equity has become a less frequent option for many home owners over the past couple of years, due to both the lack of equity in homes today and tighter lending principles.

For those who need money for the funding of retirement or other issues it is safer to borrow equity in a home today than it was four years ago, in theory. Those who borrowed four years ago are more likely to be underwater today, especially when adding up a primary mortgage and a HELOC together.

Today’s home owner is most likely tapping equity at or near the bottom of the market, so if they have equity today there should be equity in the future, as home values rise again. That being said, borrowing equity is risky and should not be done without consulting an accountant or financial adviser.

Is the money that you have tied up in your home your best asset for future finances? If so, perhaps selling your Coos Bay home and buying a smaller, less expensive home would make financial sense. This would enable home ownership and free up some capital to invest at the same time. There are options for home owners facing retirement age, education being the key tool for success.

For the best information on how to use your Coos Bay home to fund your future, contact Jan Delimont, a Coos Bay Realtor with a MBA, at 541-290-1850 or by email today!

Click here to read an article from Market Watch titled “Tapping Home Equity in Retirement”.

Selling Coos Bay Real Estate? Clean Your Home for Closing.

Fri, 25 Mar 2011 18:58:00 GMT

Selling real estate can be an arduous process, but it is important to remember to leave a home clean for the closing. Today many homes are languishing on the market, offering up long periods of time that a seller has to keep a home tidy for showings and open houses. Cleaning may be the last thing on a seller's mind come closing day.

Most buyers will clean a home, possibly paint a home, and maybe even rip carpet and flooring up to replace, but it is still a positive move to leave your home in the best possible condition for the new owner.

What should a seller do? Remove all personal effects from the home, clean the floors, clean the appliances inside and out, clean the bathrooms, wipe down walls, wipe cabinet fronts and interior shelving and drawers, and check attic, basement, and garage spaces as well.

Your real estate contract most likely has language in it that states what condition your home should be in when ownership changes hands. If you don't know, check with your REALTOR. Most importantly, try to think about what condition you would appreciate finding your home in on move-in day.

Contact Jan Delimont, Principal Broker, (541) 290-1850 or by email.

Rents may go up, Good time to buy a Coos Bay Home?

Thu, 24 Mar 2011 00:00:00 GMT

There is much talk in the real estate world about increasing rents. The decrease in home ownership caused by the bursting of the nation’s housing bubble, combined with an increase in renters has put a big demand on rental markets across the country. This demand is creating a competitive market that is allowing a climate for rents to increase.

This is a prime example of how owning a Coos Bay home can be more beneficial than renting in certain markets. Housing is more affordable than it has been in years in the majority of the United States. Mortgage rates are low, inventories are high, and home values are still falling. In areas where a monthly mortgage payment is the same or less than monthly rent, home ownership is a wise investment.

The National Association of Realtors has been hosting “Home Ownership Matters”, visiting cities across the nation and educating people on the values of home ownership. A staggering statistic that they show is that the majority of home owners have a net worth of more than 30 times that of renters.

The mere fact that rents can go up as much as 10%, whereas fixed rate mortgage rates stay the same, make buying a Coos Bay home in today’s market smarter than renting, for those that can afford to buy a home. Rent is, in essence, paying someone else’s mortgage.

Stop paying someone else's mortage today and contact Jan Delimont, a Coos Bay Realtor, about Coos Bay real estate for sale. Jan Delimon can be reached at 541-290-1850 or by email.

Click here to read an article from CNN Money regarding the expected increase in rent.

Update Your Coos Bay Home on a Budget

Thu, 03 Mar 2011 19:23:00 GMT

It is possible to update your kitchen on a budget. Remodeling a kitchen can turn out to be one of the most expensive projects in a home, as the price of new cabinets, new appliances, new plumbing, new counters, and installation can all add up to a hefty price tag. However, more times than not, a kitchen is what sells a Coos Bay home, and considering the kitchen is one of the most lived in rooms in a home this makes sense.

If you are considering selling your Coos Bay home and don’t have a lot of money to pour into it to prepare it for sale, consider some low-cost improvements that will update your kitchen without breaking the bank.

The kitchen sink is a great place to start. Faucets come in a wide variety of modern forms these days. A simple faucet replacement can make the area around your sink look new.
Cabinet knobs and drawer pulls offer another inexpensive kitchen upgrade. Changing the knobs and drawer pulls can give a fresh look to your cabinets.
Examine the interior of your cabinets. Can you replace your current shelves with glide out shelving? Can the space inside your cabinets and cupboards be reconfigured without total replacement?
A lot of people feel that granite is the only way to go with counter tops. There are other options that are less expensive and equally attractive. Consider engineered surfaces if you counters must be replaced.

Jan Delimont, a MBA certified Coos Bay Realtor, has other ideas on how you can increase the equity of your Coos Bay home for sale without breaking the bank. Contact Jan Delimont today at 541-290-1850 or by email to find out more about Coos Bay real estate.

The more the bones of your kitchen remain the same the less expensive remodeling it will be. Click here

Coos Bay Real Estate Recovery Picking Up Speed

Sun, 27 Feb 2011 00:00:00 GMT

The Coos Bay real estate recovery appears to be picking up speed. Helping to accelerate the sales of homes is the extremely low cost involved. While home values may still drop in many areas, it appears that volume may start accelerating. The high number of foreclosed homes has pushed the prices of home very low in many parts of the country, helping to create extremely reasonable affordability.

An interesting examination of real estate sales data uncovers the fact that cash buyers are representing a large percentage (roughly one third) of the nation’s home sales. Today’s buyers market is a boon for real estate investors who are clearly seeing that the bottom is here, whether it has already hit or is close to being hit. January showed that home prices on average were the lowest that they have been in close to a decade.

It is possible to find both positive news and negative news when looking for news about real estate. As with any information real estate changes from locale to locale, but on the whole the market is seeing signs of recovery. Those who can afford to buy Coos Bay homes for cash and those who can acquire a mortgage are those who will not be looking back thinking if only I had bought then.

If you don't want to be one of the potential buyers that missed out on Coos Bay real estate, contact Jan Delimont, a Coos Bay Realtor, at 541-290-1850 or by email today.

Click here to read a recent report on how real estate sales are around the nation from Realtor.org.

Remodeling Your Oregon Coast Home, Examining Your Budget

Mon, 21 Feb 2011 19:53:00 GMT

Remodeling Your Oregon Coast Home, Examining Your Budget

When remodeling your Oregon Coast home, examining your budget is a key element, going hand-in-hand with the physical aspects of the job. Remodeling and basic improvements can add value to your Oregon Coast real estate and approaching the work with fiscal responsibility will help maximize your profit.

When making changes to your home it is easy to get carried away, adding features and altering products as you go along. Depending on the scope of your project, hiring a contractor that will design the project and a budget could be the wisest step to make keeping someone financially in charge of the work at hand.

A kitchen remodel can run from $17,000 to over $50,000. The difference in budget can be related to fixtures, the scope of work, finishes chosen, appliances, and more. There is high-end and low-end and everywhere in between. To do a high-end remodel at a low-end price takes a lot of homework and shopping around to find appliances and finishes at discount prices.

After determining your plans and finances what can affect your remodeling budget?

Where you buy your supplies
Who you hire to do the work
Changes to work orders
Cutting corners to save money should be examined at the onset of a project. Maybe you will decide that you want a Sub Zero refrigerator more than granite counter tops. Where you add in one area, you can subtract in another. Just remember that your end result will affect the overall value and appeal of your Oregon Coast home.

Jan Delimont, an Oregon Coast Realtor, would love to help you sell your Oregon Coast home. Contact Jan Delimont at 541-290-1850 or by email for more information on how to add value to your Oregon Coast home for sale so you that you can get the most out of your home investment.