I just got back from training with Keller Williams Realty in New Orleans. Take a look at my picture from New Orleans!! I posed with a street statue and held that pose for minutes while lots of people took pictures and laughed!!
This was an intense week of training and seminars which are so helpful as I try to stay on top of what is going on in our national economy as well as our local economy and what experts are saying about the future.
Real estate is definitely a “local” thing and that is why we focus on keeping informed of local activity weekly, monthly and yearly.
Median Home prices declined 12% in 2009 overall nationally – In our area home prices have declined 14.8%. Nationally we have an average of 8 months of inventory, keep in mind that anything below 6 months is a Seller’s market and anything above 6 months is a Buyers market.
In Yamhill County and near surrounding areas we have 11.3 months of inventory
Mortgage rates remain at an all time low as low as 4.87%, compared to 18% to 20% in the 70’s Buyers have amazing Buying power right now.
If you were to purchase a $250,000 home with 20% down at today’s interest rates and you have good credit your house payment would be in the low $1000’s. Compare to the 1970’s and your payment would be $2700!!!
No hint of inflation at the moment.
Unemployment is up, close to 10% nationwide.
Banks are tightening their standards on all loans
The founder of Keller Williams Realty was on Good Morning America this last week, watch the video in which he gives tips for Sellers selling in this market. VIEW VIDEO
'Till next Time ...
Last month's workshop went so well, and we have had so much continued interest that we decided to have another workshop this weekend!
The $8,000 tax credit is expiring soon - find out how to take advantage of it and how to stop paying your landlord's mortgage with your rent and start building equity for your future.
If you or anyone you know is even thinking about buying their first home, give us a call and/or RSVP and show up this Saturday - you wont be disappointed.
This is a week late, as we have been busy negotiating with buyers, but still wanted to make the information available :)
We see an increase in activity the last two weeks of people looking at homes and this includes higher end homes as well!
Just Reduced to $349,900! Yamhill County, Newberg Oregon For Sale - Newly remodeled 2232 SF home on a lrg 0.69 acre lot. 30x60 shop w/2 bays & saw shop, 2 car garage w/small shop & RV parking. Living rm w/wood insert fireplace & remodeled kitchen w/built-in microwave, dishwasher & disposal. Dining rm w/door to fenced yard w/patio. Master w/updated private bath. Bonus rm could be 4th bedroom or office. Remodeled 2nd full bath & laundry rm. more pictures and information
Gorgeous remodeled 1904 Classic home set up as Duplex. Exquisitely updated w/fantastic amenities including Pergo, Slate & Granite. Unit #1-2400 sq ft, 4 BR, 2 BA, living rm w/Pergo & fireplace, kitchen w/gas appliances, island & pantry, master w/French doors to sitting room, 2 decks & hot tub. Unit #2-1200 sq ft, 2 BR, 1 BA, living rm w/laminate floor, master w/walk-in & deck. more pictures and information
Original period details & convenient modern amenities! Double lot w/beautiful views. Wainscoting, clawfoot tubs & original built-ins & hardwoods. Custom kitchen w/restored period range. Living rm w/glass sliding doors & fireplace w/custom mantle & built-ins. Formal dining w/original built-ins w/Leaded Glass. Laundry rm shower/sink in basement. more pictures and information
5.78 acres of private country retreat! Cabin-type home surrounded by Vineyards, mature Oak Trees & wooded Dundee Hills. Walking trails & abundant wildlife. Kitchen w/newer appliances & deck for dining. Gardener~s delight w/raised beds, fruit trees & Cedar garden shed. Pasture & refurbished Cedar barn w/front deck & hay loft. Beautiful valley views from potential building site.
more pictures and information
Tucked neatly in Yamhill Counties wine country you will find the ideal place to live! 4.5 serene acres w/updated home. Generously lrg rooms allow you to fully experience the quiet & peaceful setting w/gorgeous Coast Range & country side views. Enjoy stunning sunsets from this homes relaxing wraparound porch. 40x60 patio ideal for dances, weddings & gatherings. 24x48 barn. more pictures and information
Over 1.5 acre property Surrounded by hundreds of peaceful acres 5020 sf Home + 1200 sf Guest Cottage Amazing Mt Hood Views 2 Master Suites Expansive Deck & Patio Areas Entertainment Room with Wet Bar Vaulted Formal Living and Dining Rooms Wine Cellar Gourmet Cook’s Kitchen 2 Family Rooms Private Covered Hot Tub Deck Serene Gardens, Just 40 min from Downtown and 60 from PDX more pictures and information
Pendings were up in Yamhill County and I included both last weeks stats so that you can compare. We even had a few over 300K!!! Lots and Land activity was only in multifamily and commercial. Bank owned are still a weighty part of the pendings and solds in Yamhill County this week.
$124,000 PRICE REDUCTION! NOT A SHORT SALE, NO WAIT! Beautiful Four Bedroom Yamhill County Oregon Wine Country Home! Nearly 1/3 acre landscaped with spacious decking & backing to empty lot. Grand 2 story entry with sweeping staircase. Family room & formal living room both with gas fireplaces. Kitchen with island, Dacor cook top & built-in refrigerator. Formal dining with vineyard view. Large master with deck, view & bath with dual sinks & jet tub. MORE PICTURES AND INFORMATION
Gorgeous remodeled 1904 Classic home set up as Duplex. Exquisitely updated with fantastic amenities including Pergo, Slate & Granite. Unit #1-2400 sq ft, 4 BR, 2 BA, living rm w/Pergo & fireplace, kitchen with gas appliances, island & pantry, master with French doors to sitting room, 2 decks & hot tub. Unit #2-1200 sq ft, 2 BR, 1 BA, living rm with laminate floor, master w/walk-in & deck.
1904 newberg dual living - more pictures and information
Tomorrow, Jan 16th 2010 - first time homebuyer worskshop 12-2pm
Enjoy end of the road privacy on this large 0.68 acre lot with 1755 sq ft 3 bedroom home. Plenty of room for outdoor entertaining and activities. Exterior amenities include shop, fruit trees, garden area and RV parking. Large living room with cozy wood burning fireplace. Kitchen with free standing range and refrigerator. Heat pump, septic and community water.
10.25 Acres of Serene Country Life! Gradual slope w/several potential building sites!City water w/water line running length of property to holding tank + existing well. Septic Tank w/drain field present. Electricity present to two locations-underground power to north end. Replacement dwelling permit issued & renewed by seller for 4 more years. Buyer to verify buildability
MORE PICTURES AND INFORMATION - YAMHILL LAND FOR SALE
Our local market continues to have gains in the lower price ranges and little or no change in the upper price ranges. This week we had no pendings or solds over $300,000 in our entire area last week. As you will notice 6 out of 13 homes that went pending were bank owned while 5 out of 9 sold were sold by a bank. While this may seem a bit depressing next week we may have better news above 300k!!
If you or anyone you know know wants to get in on Yamhill County's First Time Homebuying "action" be at our First Time Homebuying workshop this Saturday!
Brand New 2009 built 1378 sq ft home with 3 bedrooms and 2 full baths. Large private lot with 19x10 deck-great for entertaining! Great room style floor plan with coved ceilings, Knotted Cherry cabinets and hardwood floors... more pictures and information
1.87 gorgeous park like acres-usable & landscaped. Private country living close to town. Gorgeous details including hardwoods, wainscoting & charming wrap around porch. Kitchen w/breakfast nook, tile countertops & pantry. Master w/huge walk-in closet, slider to private deck & sitting area. Bonus rm & den/office. Shop w/1.5 baths & large bonus rm above. RV parking & RV hookup. more pictures and info
Not many exempt in 2009
It mattered not who you were, how much money you have or had, where you lived or what you do for a living, most all were affected by the longest Post War II recessions in history.
Many Buyers have taken advantage of great incentives, unbelievable prices and very manageable interest rates. Sellers who have actually sold in this market have taken tremendous losses and if they were not buying forward lost amazing amounts of equity and in some cases much more. While many short of promise a better year in 2010 and whisper that the recession has come to an end, we who endured 2009 may not be as assured! In our area Homes sales decreased from 2008 to 2009 by 4% and from 2007 to 2009 we had a 35% drop in home sales. The most interesting thing to note is that average sales price decreased by 15% in 2009 from prior year and 19% from 2007 to 2009. So the biggest decrease from 2007 to 2008 was the number of homes sold and from 2008 to 2009 it was the largest decrease in average sales price in my opinion largely due to distressed properties (see Chart below).
1999 - 2009
Largest decrease seen in sales price was in 2009
2009 Sales Review for our area
What's in Store for 2010?
If you believe experts when they say that 2009 was the year of economic recovery then you may want to believe that 2010 will be the year of Growth! Existing-home sales in 2009 exceeded 2008 by 2 percent to approximately 5 million units compared to 4.9 million in 2008. NAR Chief Economist Lawrence Yun is forecasting a 13.6% increase to a sales of 5.7 million in 2010. Yun is forecasting improvement not only in the lower end market but in the upper- end as well. Jumbo loans are more easily available and the lower end market will help kick-start upper-end sales. The new home market is expected to improve as well. NAR estimates sales this year to increase to 549,000 units up from 397,000 units in 2009. New home starts up to 752,000 compared to 564,000 units last year. One thing that will not change in 2010 is that The Kelly Group will market your home to the world every minute of every day until sold, and Buyers will have an exclusive Buyer’s agent dedicated to finding them the best investment for their future!
Last Wednesday was the last night of “Kelly Land” where we figured we had over a thousand people! Between the two nights it looks like we have well over 1500! It was rainy and cold and my dad provided a long tent for the line to Santa and we had an extra special treat with a Trolley ride for every visitor!! The Kelly Group staff and many many others helped to make this evening a magical wonderland for many children in our community!
The Kelly Group did an experiment on what it would take to get people into your home during this downed market in hopes of getting an offer. Well the experiment was successful!!
All it takes is Pictures with Santa, a candy land trail, gifts, candy, snow, cookies, Christmas tree and present give-a-ways, and coffee and hot chocolate!! Let me know if you want to have one at your house!!! :)
All jesting aside this week at “Kelly Land” we had over 400 people through! We have our last one for the year next Wednesday 5:00 – 7:00 pm so bring your kids, your grandkids, neighbors or dogs, we will have trolley rides as well!
Some great price reductions again this week and some bites on some of our properties. You will see however in the month end report - not a ton of sales in any of the price ranges, what people are going for, and what kind of price sellers are getting. Interest rates are great, Buyer incentives are available and all we need now word to get out that it is okay to get off the fence as a Buyer!!!
Have a great weekend!
Kelly
Large 1.07 acre lots with Rock Creek River Frontage. Located in a gated community-private and secluded! 7 Lot community with just 2 lots left. Other lots sold in 07 & 08 for $150K! Just 25 minutes to the Oregon Coast and 5 minutes to Spirit Mountain Casino. Sand septic filter system completed. NW Natural gas on site. Electric on site. Water System in.
Last 2 lots available
Lot 1 and Lot 2
We just reduced the price of this home $40,000!!! It is now available at a steal of a price - $439,900!!
More Pictures and Information
-2008 built - Each room in and of itself is a masterpiece with unbelievable quality and attention to modern elegance and old world charm.
Great room boasts of 21 foot ceiling, boxed and ornately trimmed opening to an incredible kitchen that will delight any cook with double oven, warming oven, copper-form sink, 24 bottle wine refrigerator, granite countertops, gas cook top, instant hot water with filter, lighted walk-in pantry and custom cabinets !
You may have to spend an entire day here to see all that this home has to offer!
Look over the pics and information and/or email or give us a call with any questions or to set up a private showing!
(503)730-9999