Repairs Every New Homebuyer Should Make

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Moving can be time consuming… well “life” consuming.  The last thing you need to be worried about is remembering what to check/repair in your new home.  Here’s a great list of reminders to help you down the road:

content_MovingMove-In Week

  • Make it a point to turn on all of your major appliances and let them run for a complete cycle, especially if your home is newly built to look for leaks.
  • Be sure to read your warranty — don’t wait until an emergency to start familiarizing yourself with your legal rights and responsibilities.

45 Days Later

  • Change the filter on your HVAC system, and vacuum out the air intake vents. Capturing dirt and dust with the right filter can go a long way toward reducing dust.

Six Months Later

  • During summer months, keep an eye out for invasive animals like squirrels, birds and wasps. These pests look for loose soffits and buckled siding as a way to get into your home.
  • Twice a year in the summer and fall, inspect the exterior of your house to make sure rainwater is draining properly.
  • Landscaping should be negatively graded away from the house.
  • Each winter, check to make sure that your pipes are properly insulated against freezing.

Every Year

  • Inspect your roof or have a professional roofer conduct an inspection. Look for missing shingles, gaps in the flashing around chimneys and other hazards. Indoors, check your ceiling for water spots.

Every Two Years

  • Have a professional HVAC contractor inspect your furnace, air conditioner and hot water heater.
  • Inspect exterior paint and touch up as needed.

Posted on October 16, 2013 at 4:18 pm
Dempsey and Phelps | Category: Bend Homes, Buying a Home, Home Sales, Real Estate, Second Homes, Vacation Homes | Tagged , , , , , , , , , , , , , , , ,

Bidding Wars

Many buyers are now competing for the same house.  Todays bidding wars, unlike those in the past, reflect a supply shortage.  Caused by tight inventory, this is the latest evidence that housing demand is starting to increase after a six year slump.  the National Association of Realtors reported in late April that the index that measures the number of contracts signed to buy previously owned homes went up in March to the highest level in two years.

A balanced supply of homes is reflected in a 6 month inventory.  This means that it would take 6 months to sell all the homes on the market at any given time.  The current supply of inventory for homes in Bend, under $200,000, is two weeks.

Posted on May 9, 2012 at 11:37 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Second Homes

Consider This, Before You Buy

This is the best time to buy a home in recent history.  Homes valued at 1/3 of what they were a few years ago and all time low interest rates have created a big opportunity.  But before you buy be sure it is the right time for you.  These ten tips are worth considering before you purchase.

If you can’t stay put, don’t buy

If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.

Check your credit report, with a fine tooth comb

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. Before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any discrepancies you discover.

Purchase within your budget

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you’ll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

If you can’t put down the usual 20 percent, you may still qualify for a loan

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

A good school district does make a difference

When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. So even if you don’t have your own children, this is a factor to greatly consider.

Get professional help

Even though the internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. The team of Rinehart, Dempsey & Phelps have your interests at heart and can help you with strategies during the entire house hunting/bidding/purchasing process.

Choose carefully between points and rate

When picking a mortgage, you usually have the option of paying additional points — a portion of the interest that you pay at closing — in exchange for a lower interest rate. If you stay in the house for a long time — say three to five years or more — it’s usually a better deal to take the points. The lower interest rate will save you more in the long run.

Get pre-approved before you start looking

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

Do your homework before bidding

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

A home inspection is a must

Sure, your lender will require a home appraisal anyway. But t

hat’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

Posted on April 5, 2012 at 7:19 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Local News, Real Estate, Second Homes, Uncategorized | Tagged , , , , , , , ,

Buyer’s Market or Seller’s Market?

English: Bend, Oregon seen looking west from P...

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The traditional definition of a balanced market is when there is a 6 month of supply of housing inventory.  Less than 6 months represents a Seller’s market and more than 6 months, a Buyer’s market.

Our supply of homes has been dropping every month since July 2011. The month of July, 2011 began with approximately 640 homes which was the highest available all year.  Roughly 114 homes sold in July, which represented 5.6 months of supply. By January 1, 2012 there were only 456 homes available in Bend and 228 were sold, which calculated to a 2 month supply.  Under $300,000, there is less than one month supply of inventory.  Consequently, there are multiple offers and disappointed buyers.  However, this hasn’t translated into increased sale prices, as of yet.  In fact, average sale price has been running pretty flat for several months. We believe the prices haven’t increased as we still have quite a few distressed properties that are holding prices down.  In fact, there is good news on that front too, as Notices of Default (the first step towards a foreclosure) are down considerably with only 95 recorded in January, the lowest single month since January 2008.

This information coupled with near record low interest makes it a good time to buy and a good time to sell.

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Posted on March 5, 2012 at 8:11 am
Dempsey and Phelps | Category: Acreage, Buying a Home, Home Sales, Local News, Ranch Property, Real Estate, Second Homes, Uncategorized

January Saw Existing-Homes Sales Rise Again

Existing-home sales rose in January, marking three gains in the past four months, while inventories continued to improve, according to the National Association of Realtors®.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January, down from 3.96 percent in December; the rate was 4.76 percent in January 2011; record

MIAMI - OCTOBER 01:  Real estate agent Shellie...

Image by Getty Images via @daylife

The national median existing-home price for all housing types was $154,700 in January, down 2.0 percent from January 2011. Distressed homes – foreclosures and short sales which sell at deep discounts – accounted for 35 percent of January sales (22 percent were foreclosures and 13 percent were short sales), up from 32 percent in December; they were 37 percent in January 2011.keeping began in 1971.

Home buyers over the past three years have had some of the lowest default rates in history,” Yun said. “Entering the market at a low point and buying at discounted prices have greatly helped in that success.

More positive numbers on housing inventory levels translating into increased sales. Low interest rates continue to motivate buyers into action, so housing sales gain more traction. To see more region specific sales and increases read full article.

 

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Posted on March 1, 2012 at 11:50 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Real Estate, Second Homes

Warren Buffet’s thoughts on Buying a Home

You don’t have to be a billionaire investor like the well respected Mr. Buffet to know that now is an exceptional time to invest in real estate. Whether it is a second home, investment, first time purchase or move up home, don’t be left out.

Warren Buffett speaking to a group of students...

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Warren Buffet is seen by many as the greatest investor of our time. When he speaks, people listen. Like anyone else in his position of influence, he is criticized by some for using his bullhorn to promote his own business agendas at times. That makes it very interesting when we occasionally learn of how heprivately advises those closest to him.

Such a situation occurred this week. Debbie Bosanek, Warren Buffet’s secretary of 37 years, recently purchased a second home after some encouraging words from Mr. Buffet.

“Warren tells me that it will be the best opportunity in my lifetime. Mortgage rates are low and prices have dropped dramatically…I share Warren’s view about the future of America, and we believe that our country will do just fine.”

 

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Posted on February 13, 2012 at 3:41 pm
Dempsey and Phelps | Category: Buying a Home, Home Sales, Real Estate, Second Homes

Why We Love Bend

Drake Park in early Autumn.

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Coming to visit or want to know why you should?  Below are a few of the  reasons we love Bend and think you will too!
Courtesy of Go-Oregon. For the full article, and details on the surrounding Central Oregon cities, please go to http://www.go-oregon.com/Bend/
Located in the foothills of Oregon’s Cascade Range and edged by Ponderosa pine forest,the city of Bend sits on a high desert plateau, a modest urban hub that is very nearly Oregon’s geographic center and most certainly its recreational heart.  At an elevation of 3,628 feet, Bend’s climate is typical of the high desert plateau,  boasting cool nights and  sunny days to lure in anyone hoping to escape the gray skies of winter (and coastal rains) or revel in warm-weather pursuits come summer. Home to nearly 70,000 souls and counting, it is now Central Oregon’s most populated city and as those looking to relocate will tell you, a prime place to snag a piece of real estate (if you can).

Bend, which takes its name from an easy ford of the Deschutes River, provides convenient access to a variety of natural environments and despite it’s burgeoning population retains a rather atmospheric, small-town feel. To the east is traditional high desert vegetation dominated by junipers and sagebrush. To the west, Forest Service land provides a broad range of recreational opportunities including downhill and cross-country skiing, hiking, rafting, camping, fishing, and rock climbing – not surpringly, there are outfitters galore on hand to provide equipment for the sport of your choice, from bikes in summer to skis in winter. Bend has also become a Central Oregon mecca for golf, with one area course recently named by Golf Digest as one of the 10 best in the state.

 

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Posted on October 17, 2011 at 8:48 am
Dempsey and Phelps | Category: Buying a Home, Home Sales, Real Estate, Second Homes, Uncategorized, Vacation Homes

Lifestyle vs Location

Drake Park in early Autumn.

Image via Wikipedia

When selling a home, the thought was always “location, location, location’. As the market changes so has the focus- lifestyle options are now a priority for buyers and how the surrounding community can affect their decision to buy or not to buy.
Often sellers focus predominantly on their home and the upgrades and amenities. While those features are very important, remember that practically any home can be remodeled. If you’re in an excellent location with easy freeway access, on a low traffic street in a friendly neighborhood, surrounded by retail stores and hot dining spots, it’s time to play it up. Those features aren’t always easy to find.

Of course, here in Bend it’s a quick drive to so many amazing things it’s no wonder we see Bend listed as the 2nd best housing market for the next 5 years!

Posted on August 10, 2011 at 7:48 am
Dempsey and Phelps | Category: Home Sales, Local News, Real Estate, Second Homes, Uncategorized, Vacation Homes | Tagged , , , ,

10 Cities Where Home Prices Will Rise in 2011

We hope Bend makes the list!

Amplify’d from www.realtor.org
While home prices are expected to continue to fall in most metro areas, Clear Capital’s Home Data Index report says a few cities are already on the rebound and showing some gains in home values.
“There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn’t valid anymore,” Alex Villacorta, senior statistician at Clear Capital, told MSNBC. “Overall we’re seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery.”
Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.
The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:
1. Washington, D.C.: 6.5 percent price increase
2. Houston: 3.6 percent price increase
3. Honolulu: 3.4 percent price increase
4. Memphis, Tenn.: 3.2 percent price increase
5. Columbus, Ohio: 2.1 percent price increase
6. Dallas: 1.4 percent price increase
7. New York: 1.3 percent price increase
8. Birmingham, Ala.: 0.9 percent price increase
9. Pittsburgh: 0.8 percent price increase
10. New Orleans: 0.5 percent price increase
Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and “Breadbasket metros” like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.

Read more at www.realtor.org

Posted on February 4, 2011 at 7:50 am
Dempsey and Phelps | Category: Real Estate, Second Homes, Vacation Homes | Tagged , , ,