HUD Extends Unemployed Mortgage Relief Program

Posted on September 12, 2011 at 1:19 pm
Randy and Christy Oetken | Category: Auction, Bank-Owned, Foreclosures, Home Ownership, HUD, Loan, Market News, Mortgage, Programs, Short Sale | Tagged , , , , , , , , , , , , , , , , ,

GOOD NEWS! Pending Home Sales UP 49%

“The price of new homes is fixin’ to RISE
In other words, Beat the Crowd!”

Hello, Friends!

When was the last time you heard THAT???

Today, we thought we’d pass along this VERY GOOD NEWS to give your spirits a better-than-average lift.  Reading graphs like this is such a pleasure…

Pending Home Sales are UP 49% over last year!

Great news – statisically speaking. Market stats (as provided by the CDA Multiple Listing Service) shows that PENDING HOME SALES ARE UP 49% when comparing May and June of 2010 to May and June of June 2011. Right now a very hot segment of the market are those homes selling for less than $200k. If you are thinking of selling…there are plenty of investors in the market.

Call us for more info if you’re interested in Buying or Selling
We’d love to help you find the perfect property under (or over!) $200K

208-660-0506

Oetken@RealEstate-Browser.com

AND THERE’S MORE!

We thought you would like the article we posted a few weeks ago, originally posted in Fortune Magazine, by Shawn Tully, senior editor-at-large.

Real Estate: It’s Time to Buy Again

Forget stocks. Don’t bet on gold. After four years of plunging home prices, the most attractive asset class in America is housing.…(click on this link to read the entire article)

Enjoy!

Randy & Christy

Posted on July 21, 2011 at 2:48 pm
Randy and Christy Oetken | Category: Bank-Owned, Buyers, Coeur d'Alene, Foreclosures, graph, Home Ownership, Idaho, Interest, Investment Properties, Kootenai County, Market News, Market Value, Mortgage, Multiple Listing Service, New Construction, Our Listings, Price Reduction, Pricing, Real Estate, Rental, Save Money, Sell, Sellers, Short Sale, Taxes | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Oetkens Named 2011 Windermere Coeur d’Alene Realty Top Listers

Here’s a “sneak peek” at our Front Page Ad that will be published in tomorrow’s Coeur d’Alene Press.

 Thinking of selling?  We’re hard workers.  Put us to work for you!

Call us for your FREE Comparative Market Analysis. 

To see what your home, land, investment or commercial property is worth in today’s market, call

Randy Oetken
208-660-0518

or

Christy Oetken
208-660-0506

of
Windermere Coeur d’Alene Realty

Oetken@RealEstate-Browser.com

We will work hard for YOU!

Visit our websites:

www.RealEstate-Browser.com

www.OwnTheLifestyle.com

 

Posted on April 14, 2011 at 1:10 pm
Randy and Christy Oetken | Category: Acreage, Bank-Owned, Coeur d'Alene, Commercial, Free, home, Idaho, Investment Properties, Kootenai County, Lake Coeur d'Alene, Market Analysis, Market News, Market Value, Our Listings, Photographs, Press Releases about the Oetkens, Pricing, Real Estate, Rental, Sell, Sellers | Tagged , , , , , , , , , , , , , , , , , , ,

Market News: 2011 Real Estate Market Forecast

Continue reading

Posted on January 10, 2011 at 1:11 pm
Randy and Christy Oetken | Category: Bank-Owned, Buyers, Coeur d'Alene, Foreclosures, Idaho, Kootenai County, Lake Coeur d'Alene, Market News, New Construction, Pricing, Real Estate, Sandpoint, Sellers, Short Sale | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

How to Compete Against Bank-Owned and Short Sales Homes

Here’s a blog article that we thought you might appreciate, written by a noted Short Sale Real Estate expert.

Wondering what your Coeur d’Alene area property is REALLY worth in today’s market? Call us for a FREE Market Analysis.

We’d love to help you get the information you need, and to help you decide if selling your property is right for you.

Put us to work for you!

By , About.com Guide

If the house for sale next door to you is a bank-owned home, but all the other homes for sale in the neighborhood are not, you don’t have much of a problem. However, if most of the homes that have recently sold in your area were bank-owned homes and short sales, you have a problem. That problem is you must compete with foreclosures and short sales to sell your home.

Your home’s market value is directly related to distressed sales if those short sales and foreclosures dominate the neighborhood.

Prior to the real estate bubble of the mid-2000’s, appraisers would often ignore the distressed sales when appraising a home. Since then, appraisers pay close attention to the number of distressed sales that have closed and those presently for sale. What’s a regular seller with equity supposed to do to compete?

Pricing a Home With Equity Against Foreclosures and Short Sales

Pricing a home is at best a mix of facts, science and emotions. It’s a combination of wearing a seller’s hat and stepping into the buyer’s shoes. Bear in mind that it doesn’t matter much how much you think your home is worth if a buyer disagrees. Try answering these 3 questions:

  • What would make a buyer buy your home over a foreclosure or a short sale? 
  • Why would a buyer’s lender appraise your home for more than a foreclosure or short sale? 
  • How much more is your home worth than a distressed sale?

You might be surprised at the answers. The truth is your home is not worth a whole lot more than a foreclosure, even if you put in upgrades, if all the recent sales are foreclosures and short sales. Appraisers don’t give a huge allowance for upgrades like they used to do.

Buyers want a good deal. They might buy a home that needs carpeting, for example, if adding the cost of new carpeting still makes that bank-owned home’s price attractive. On the other hand, if your home, with equity, is in tip-top shape and priced within the range of distressed sales, a buyer is much more likely to choose your home.

However, say, a bank-owned home priced at $200,000 needs $10,000 worth of work or improvements. If your home doesn’t need any work, a buyer might offer only $210,000 for your home.

Examine the Foreclosed and Short Sale Comparable Sales

 

  • Look at every similar home that has sold in the neighborhood over the past three months to determine comparable sales. The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural. 
  • Pay attention to neighborhood dividing lines and physical barriers such as major streets, freeways or railroads, and do not compare inventory from the “other side of the tracks.” Where I live in the Land Park neighborhood of Sacramento, for example, identical homes across the street from each other can vary by $100,000. Perceptions and desirability have value. 
  • Compare similar square footage, within 10% up or down from the subject property, if possible. 
  • Compare homes with similar ages. One neighborhood might consist of homes built in the 1950s, co-mingled with another ring of construction from the 1980s. Values between the two will differ. Compare apples to apples.

Tip: I suggest to my Sacramento clients that they price homes among distressed sales a little bit below market value. This tends to drive multiple offers as buyers outbid each other, resulting in a higher sales price for sellers.

http://homebuying.about.com/od/sellingahouse/qt/compete-foreclosure-short-sale.htm

Posted on January 1, 2010 at 11:50 am
Randy and Christy Oetken | Category: Bank-Owned, Buyers, Foreclosures, Free, Market Analysis, Market Value, Pricing, Real Estate, Sell, Sellers, Short Sale | Tagged , , , , , , , , , , , , , , , , , , , , , , , , ,

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