Bank-OwnedBuyersCoeur d'AleneForeclosuresgraphHome OwnershipIdahoInterestInvestment PropertiesKootenai CountyMarket NewsMarket ValueMortgageMultiple Listing ServiceNew ConstructionOur ListingsPrice ReductionPricingReal EstateRentalSave MoneySellSellersShort SaleTaxes July 21, 2011

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

BuyersHome OwnershipMarket NewsMortgageReal Estate May 21, 2011

What do you think: Require 20% Down?

Friends,

We pass this along to you in an effort to keep you informed.  This article was forwarded to us this week from various sources, especially the Realtor Action Center.

We’d love to hear from you.  Comments are open for your opinion on the proposed 20% Down Payment requirement.

Proposed QRM Regulations Could Stifle Housing Market

The National Association of REALTORS is encouraging its members to contact Congress about the proposed regulations governing Qualified Residential Mortgages (QRM). If approved, all homebuyers would be required to pay a 20% down payment when buying a home. This would have a detrimental impact on the real estate industry and the overall economy. Economic recovery depends largely on a housing market recovery; therefore implementing a new rule requiring a 20% or higher down-payment would stop the housing recovery in its tracks.

NAR asks that you consider contacting Congress today and ask them to please make it clear to the regulators that this was not their legislative intent and to instead implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.

It’s very easy to do; just go to the REALTOR Action Center and the website does everything else for you.

https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1565&utm_source=org&utm_medium=banner&utm_content=rac&utm_campaign=qrm2011

BuyersCoeur d'AleneCommunity EventsHome OwnershipKootenai CountyMarket NewsOpen HousesOur ListingsReal EstateWindermere May 20, 2011

Nationwide Open House Dream Weekend, June 4 and 5

Dream Weekend Open House

Watch for more information on our Dream Weekend Open Houses.
We will be showcasing some of Our Listings on June 4 & 5!

Summer Event Will Put Spotlight on Home Ownership

The 2011 REALTOR® Nationwide Open House will be held on the weekend of, June 4-5, 2011. This event, which began on a local level a few years ago, is a weekend when REALTORS® across the country—and across the globe—are invited to hold open houses in their area. It is designed to drive buyers’ attention and interest to homes for sale and offers opportunities to educate the public about the benefits of home ownership.

http://www.realtor.org/topics/nationwideopenhouse/

AcreageBenewah CountyBuild Your Custom HomeBuyersCoeur d'AleneCommercialCougar GulchDalton GardensHaydenhomeHome OwnershipIdahoInterestInvestment PropertiesKootenai CountyLake Coeur d'AleneLuxuryMarket NewsMortgageMountaintop ListingsNew ConstructionOur ListingsPost Falls ListingsPremier PropertyPricingRathdrumReal EstateRentalRiverfront PropertiesSandpointSave MoneyShoshone CountySilver Valley April 14, 2011

What is the True Cost of the Interest Rate Increase?

Dear Friends,

It’s probably no surprise that rising interest rates have a significant impact on your pocket book.

But how much of an impact?  The True Cost may shock you!

Consider this:

The average stay in a home is 5 to 7 years

according to the National Association of Realtors®.

Knowing you like to stay informed, we have provided three real-world home buying scenarios in the graphics below.  From these hypothetical comparisons, we hope you can get a better idea of the true cost of the interest rate hikes that are expected in the near future.

Assuming that you remain in your new home for 7 years, it is very clear the HUGE impact of rising interest rates. 

WAITING TO BUY could cost you THOUSANDS of dollars!

(Visit our website to view larger PDF graphics of these three scenarios.)

Home “A” Costs $150,000

At the current interest rate of 4.875%, the monthly payment will be $797.

If you wait until the interest rate rises to 6%,
your monthly payment will increase by $85,
for a total annual increase of $1020!

If you stay in that home for 7 years,
you will be spending $7140 MORE!

What could you do with an extra $7140?

Waiting to purchase this $250,000 home could cost you

$140 per month 
$1680 per year

If you stay in that home for 7 years,
you will be spending $11,760 MORE!

What could you do with an extra $11,760?

 

What could you do with an extra

$21,840?

Thinking of buying?  Now is a great time, if you want to save $$ in your monthly budget, as well as over the life of your potential mortgage.

Are you waiting for a lower purchase price?

The “savings” of a few thousand dollars off the purchase price will actually COST you THOUSANDS when the interest rates rise.

Don’t wait to make your next Real Estate move.

Call Now
to take advantage of
High Inventory and Low Interest Rates!

As experienced REALTORS®, and long-time North Idaho residents, we can provide an impressive list of professionals whom we’ve come to trust over the years.  With our expertise in guiding our clients through all kinds of Real Estate transactions, we are uniquely qualified to help you achieve your real estate goals in 2011!  

We’ll help you navigate through every phase of the process.

Put us to work for you!

Randy Oetken  208-660-0518

Christy Oetken  208-660-0506

Oetken@RealEstate-Browser.com

AcreageBank-OwnedCoeur d'AleneCommercialFreehomeIdahoInvestment PropertiesKootenai CountyLake Coeur d'AleneMarket AnalysisMarket NewsMarket ValueOur ListingsPhotographsPress Releases about the OetkensPricingReal EstateRentalSellSellers April 14, 2011

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

 

AcreageBuild Your Custom HomeBuyersCoeur d'AleneHayden ListingsMarket NewsMarket ValueNew ConstructionOur ListingsPricingRathdrumRathdrum ListingsReal EstateSell March 29, 2011

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.

 From his wide-rimmed cowboy hat to his roper boots, Mike Castleman fits moviedom’s image of the lanky Texas rancher. On a recent March evening, Castleman is feeding cattle biscuits to his two pet longhorn steers, Big Buddy and Little Buddy, on his 460-acre Bar Ten Creek Ranch in Dripping Springs, a hamlet outside Austin in the Texas Hill Country. The spread is a medley of meandering streams, craggy cliffs, and centuries-old oaks. But even in this pastoral setting, his mind keeps returning to a subject he knows as well as any expert around: the housing market. “I’m a dirt-road economist who sees what’s happening on the ground, and in 35 years I’ve never seen a shortage of new construction like the one I’m seeing today,” declares Castleman, 70, now offering a biscuit to his miniature donkey Thumper. “The talking heads who are down on real estate will hate to hear this, but America needs to build a lot more houses. And in most markets the price of new homes is fixin’ to rise, not fall.”

Castleman is in a unique position to know. As the founder and CEO of a company called Metrostudy, he’s spent more than three decades tracking real-time data on the country’s inventory of new homes….

…Today Castleman is witnessing an extraordinary reversal of the new-home glut that helped sink prices just a few years ago. In the 41 cities Metrostudy covers, a total of 78,000 houses are now either vacant and for sale, or under construction. That’s less than one-fourth of the 343,000 units in those two categories at the peak of the frenzy in mid-2006, and well below the level of a decade ago. “If we had anything like normal levels of buying, those houses would sell in 2½ months,” says Castleman. “We’d see an incredible shortage. And that’s where we’re heading.”

To see where real estate is truly headed, it’s critical to keep your eye firmly on the fundamentals that, over time, always determine the course of prices and construction. During the last decade’s historic run-up in prices, Fortune repeatedly warned that things were moving too fast. In a cover story titled “Is the Housing Boom Over?,” this writer’s analysis found that the basic forces that govern the market — the cost of owning vs. renting and the level of new construction — were in bubble territory. Eventually reality set in, and prices plummeted. Our current view focuses on those same fundamentals — only now they’re pointing in the opposite direction.

So let’s state it simply and forcibly: Housing is back.

Excerpted from

Real estate: It’s time to buy again

March 28, 2011 5:00 am

Read the full article:

http://finance.fortune.cnn.com/2011/03/28/real-estate-its-time-to-buy-again/

For more information on New Construction in North Idaho, visit Our Listings page.

AcreageBuild Your Custom HomeCoeur d'Alene ListingsHaydenHayden ListingsHome ImprovementHome OwnershipNew ConstructionOur ListingsRathdrumRathdrum ListingsReal Estate January 27, 2011

On The Level: Hire the Right Contractor!

Here’s another great article from our friends at Hibbard Construction, offering 
valuable advice on on hiring and working with contractors.

Considering a home remodel in the near future?  If you are thinking of hiring a contractor to do the job for you, it is important to have a plan before you embark on your home improvement journey. 

It is no secret that the success of any home remodel project will depend significantly on qualified craftsmen, quality materials and an experienced contractor that can adequately deal with the unforeseen obsticals that almost always arise during these projects. 

To ensure the most affordable and succesful outcome, it is vitally important to hire the best contractor for your project. Follow these steps to help you select the right contractor for the job.

Do your homework…
Start by getting written detailed bids from three reputable contractors. When comparing bids, make sure you are comparing apples to apples and not apples to oranges.  It is in your best interest to ask lots of questions. This is where you will flush out the details that are most important in identifying the specifics of your project and the scope of work the potential contractor can perform. 

Don’t assume that the lowest bid is the best deal.  Differences in materials will have a huge impact on the price of your project.  Make certain your bids are based on the same quality materials.  Also take into consideration the time frame it will take to complete the project.  There is nothing more frustrating than a project that takes longer to complete than originally anticipated.

Verify that the contractor’s license is active and check to see that the contractor is in good standing with the Bureau of Occupational Licenses. You can visit the web site at www.ibol.idaho.gov to see if your contractor is in good standing or has had complaints, liens or other derogatory claims filed against them.

Ask for and then check references. Look at other jobs the contractor has completed. Ask if you can speak directly to past clients.  Are they current with their vendors?  How long have they been in business?  Longevity is a good indicator that a contractor is good at what they do and that they conduct business with honesty and integrity.

Ask the contractor questions…
Do they have the experience and expertise to do the work you want done?  Ask for past examples similar to the type of project you are considering.  What makes them qualified to do this type of work.

Who will do the actual work: the contractor, subcontractors, or employees?  Desirable results are most often achieved if the contractor has his own employees on the job site.  Quality control is easier achieved in this manner.  If some of the work is to be performed by a subcontractor, ask how long that contractor has been doing business with the sub.  Be sure to ask for references and check to see if the subcontractor is in good standing with the Bureau of Occupational Licenses.

Other important questions to ask are: who is responsible for obtaining any necessary building permits?  Are architectural plans necessary for this project? How many other jobs will the contractor be working on at the same time as yours? 

It is important to know what written warranties are offered.  These can vary from project to project. If you plan on purchasing appliances, tubs, sinks and miscellaneous hardware for the project, are warranties available for those items, too? 

Lastly, it is important to know who you can call if you have questions or concerns during the project.  Is there a foreman or superintendent that can address concerns and is easy to contact?

Ask yourself…
Can I communicate with this contractor? Communication is vital during the project.  If the contractor cannot communicate before a contract is even agreed upon, the likelihood of having successful communications during the project is pretty slim.  Important decisions will be hard to make during the project process.  This can lead to a stressful home life during the project, and the overall project outcome may be less than desirable.

Does this contractor seem honest and forthright?  Is he looking out for your best interest?  A good contractor will tell you if your home improvement project is an over-improvement.  They will keep in mind that a good return on investment is key to keeping the value of your home in line with the surrounding homes in the neighborhood.

Do I have reasonable expectations, including being prepared for unexpected costs and delays?  This is a tricky one — Depending on the age of your home and the scope of work being performed, the unexpected can take a project in an entirely different direction.  It is important that a contractor keeps this in mind and communicates any unusual circumstances immediately and thoroughly to the homeowner.

A carefully written contract includes at least…
A list of materials to be used including quality, quantity, weight, color, size, brand names, etc. It is important and it needs to be concise in order to clarify the scope of work to be performed. 

A list of allowance items and the budgeted amount should be included as well. An allowance is a specific amount of money to buy items not yet selected. When these items (such as light fixtures) exceed the allowance, the homeowner pays the additional amount.

Agree in advance to a payment schedule that coincides with work as it is completed.  Be sure that your contract contains an agreement that the contractor and the homeowner will sign all “change orders”.  Each change order should be dated and include the nature and cost of the change. The change order will include who is responsible for any additional cost.

Workmanship warranties and specifically what they cover are also important to have outlined in your contract.  We live in an imperfect world and sometimes things don’t always work they way in which they were intended.  If it’s a manufacturing defect, does the manufacturer cover it?  A reputable contractor will use materials that have these types of warranties and provide warranties for work performed by his crew.

Start and completion dates are also important to include in your contract.  This is your insurance that the project will be completed in a timely manner.  If the completion date changes because of unforeseen obstacles, a change order should be created depicting the change.  Then a new completion date should be set.

And finally, the total price of the project should be clearly outlined in the contract as well.  A thorough contractor will create a budget for the entire project and operate within those amounts.  A detailed list of all expenses is important in understanding the entire scope of work being contracted. It helps both the homeowner and contractor keep the project on track financially.

With our extensive knowledge of the building industry, impressive list of professionals whom we’ve come to trust over the years, and expertise in guiding our clients through all kinds of Real Estate transactions, we are uniquely qualified to help you build your home.  

As REALTORS®, we’ll help you through every phase of building your new house, so you can build your life.  We can help you find Builders, Floorplans, and Land for your Dream Home or Estate.

Put us to work for you!

BuyersHome OwnershipMarket NewsPricingReal EstateSell January 27, 2011

Good News: Existing Home Sales Jump

As you wander through life,
whatever be your goal,
keep your eye on the donut
and not on the hole!
-Sign in the Mayflower Coffee Shop, Chicago



This quote came to us through our Windermere Coeur d’Alene Realty newsletter this week, and we thought you would appreciate it.

It’s also a great introduction to the Market News that we want to pass along to you today.  It’s GOOD NEWS, especially in the context of the news of recent years. 

Daily Real Estate News  |  January 20, 2011
REALTOR® Magazine-Daily News-December Existing-Home Sales Jump

Existing-home sales rose sharply in December, when sales increased for the fifth time in the past six months, according to the National Association of REALTORS®.

Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 12.3 percent to a seasonally adjusted annual rate of 5.28 million in December from an upwardly revised 4.70 million in November, but remain 2.9 percent below the 5.44 million pace in December 2009.

Lawrence Yun, NAR chief economist, said sales are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”

The national median existing-home price for all housing types was $168,800 in December, which is 1.0 percent below December 2009. Distressed homes rose to a 36 percent market share in December from 33 percent in November, and 32 percent in December 2009.

 “The modest rise in distressed sales, which typically are discounted 10 to 15 percent relative to traditional homes, dampened the median price in December, but the flat price trend continues,” Yun explained.

We’ve been focusing on the donut instead of the hole – and we’ve already closed several transactions in 2011!

We have strategies that WORK!  We can help you buy or sell real estate this year. Call us Today!

Randy or Christy Oetken
208-660-0506



Home OwnershipI.R.S.InterestMortgagePollReal EstateSave MoneyTaxes January 17, 2011

Mortgage Interest Deduction: WE SUPPORT IT!

Mortgage Interest Deduction?  OF COURSE!

We’re with Lawrence Yun, of the National Association of Realtors:

It’s a common misperception that the mortgage interest deduction benefits primarily the wealthy, as argued in the Washington Post’s January 1 editorial, “Trim the Excessive Tax Subsidy for Real Estate.”

In fact, the MID actually benefits primarily middle- and lower income families. Sixty five percent of families who claim the MID earn less than $100,000 per year, and 91 percent who claim the benefit earn less than $200,000 per year. As a percentage of income, the biggest MID beneficiaries are younger middle-class families.

The MID helps many families become home owners by reducing the carrying costs of owning a home. The ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home last year with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 5 percent, could save nearly $3,500 in federal taxes when they file next year. That’s real money they can use to pay down other debts, save for their children’s college education, or put away for retirement.

It’s no wonder, then, that most Americans support the MID. In fact, in a recent NAR survey by Harris Interactive of 3,000 home owners and renters, nearly three-fourths of home owners and two-thirds of renters said the MID was extremely or very important to them.

Unlike the very rich, much of whose wealth is tied to the stock market, the wealth of most middle-class American families is connected to their home. Millions of these Americans bought their homes with the understanding that mortgage interest is tax-deductible, and many of them have steadily paid down their mortgages to build equity in their home. Eliminating or reducing the MID would destroy part of this hard-earned equity for all home owners, independent of their tax filing status.

Furthermore, we also need to be mindful that home owners already pay 80 percent to 90 percent of U.S. federal income tax, and this share could rise to 95 percent if the MID is eliminated. Proposals that would remove certain tax benefits in return for lower tax rates just may hold for one or two terms of Congress before the tax rates are changed again. Americans are not naïve; they understand the nature of Washington politics.

For people who don’t have hundreds of thousands of dollars in savings to buy a home outright, tax benefits like the MID help them begin building their futures through home ownership…

We’d like to know what YOU think!  Take our poll!

“Do You Support the Mortgage Interest Deduction?”

Comments are open, and we hope you’ll express your opinion!  We’d love to hear from you.

ActivitiesCoeur d'AleneDowntownHolidayshomeIdahoLake Coeur d'AleneMarket NewsReal EstateShopping December 17, 2010

We Have What Santa Wants!

Here’s What Santa Likes, According to the National Association of Realtors and Zillow.com.  But we’ve posted a few suggestions (after the Realtor.org Mag article…) that Santa should add to his Christmas Wish List! Daily Real Estate News  |  December 16, 2010  |  

Rooftop Deliveries: Santa Rates the CitiesZillow.com crunched the numbers and determined the 20 top cities on Santa’s list.

According to Zillow, what makes Santa happy is:

· Percentage of homes with a fireplace (If there are fireplaces, there should be chimneys).

· Percentage of single-story homes (This presumes that Santa would prefer single-story homes so there’s less likelihood of a workplace injury).

· Weather (Snow and clear days are desirable, and rainy days are undesirable).

· Percent of homes with children (Santa enjoys spreading cheer to all the good girls and boys).

·

 

 

 Vintage 4620′ 4/3 Craftsman in Prestigious Historical Fort Grounds. Grace, Beauty, & Charm… all necessary ingredients in this creation. Architectually restored to preserve yesteryear’s beauty with all of today’s amenities.. Relax on the front porch & feel the tranquility as you gaze into the beautifully manicured grounds. Guest Quarters, shop & plenty of parking. Lake, park & downtown nearby. http://www.realestate-browser.com/viewdetails.php?nid=77398&mls=10-6537

 Lot size (A bigger lot often means a bigger roof and more room for Santa to land all those reindeer).

The top 10 Santa-pleasing cities were:

1. Colorado Springs, Colo.

2. Wichita, Kansas

3. Los Angeles

4. Dallas

5. Oklahoma City

6. El Paso, Texas

7. Minneapolis

8. Phoenix

9. Albuquerque

10. Denver

Source: Zillow.com, Whitney Tyner (12/14/2010)

BUT DOES SANTA KNOW THIS:

Hey, Santa!  Come visit us when you’re done this year.  We’ll help YOU “Own The Lifestyle“!