As it sits right now the tax credit for 1st time and move-up home buyers expires today. (There’s always the possibility that congress could extend the credit, or move forward with another incentive but it doesn’t appear anything is in the works.) For those eligiable home buyers with a binding contract to purchase a qualifying home, you have until June 30 to close in order to claim the credit. The past 2 months has seen much higher demand for homes in the under $300,000 market segment boosted at least in part by the tax credit. How much? There’s currently 77 homes with a pending purchase contract in the Clatsop MLS, or about 15% of the total inventory. Of the 77 pending sales, about 64% of the homes are listed for under $300,000. That’s not much of a change from the past several months but it is a welcomed increase in activity for homes in the $250,000-$300,000 price range. That market segment has been soft for the past several months, but does appear to be improving if the current trend continues.

A look back: First Quarter- 2010

There were 76 closed home sales in the MLS for January-March 2010, compared with just 40 for the same period last year. Of those sales, 9 closed for more than $500,000 and 42 closed for less than $250,000.

Original Article Here: As the tax credit comes to a close, everybody wants to know… Did it work?

Also, the new construction Reserve home at 503 Diamond Lane just had a price reduction to $494,000!

Original Article Here: Reserve info added, new price on custom home

Original Article Here: Did You Know? The RE/MAX Edition 2.0

For example, I called the other day to check on the progress of a transaction on one of my listings. I wanted to know if the appraisal had been ordered because it had been 2 weeks and I had not been contacted for access. In short the mortgage broker had to wait an additional week to even order the appraisal because the new regulations state that certain parts of the loan process (like ordering the appraisal, an important part) cannot happen until XX number of days after the borrower has signed his loan application. Sounds good in theory, but will underwriting taking sometimes 2 weeks the broker needs to do anything possible to speed the process along to even meet a 45 day close and that includes ordering the appraisal at the earliest practical opportunity.

What used to be a 45 day transaction is closer to 60 days now, and when you do the math backwards that puts us at September 30. Less than 45 days away. If you are contemplating purchasing a home this year and wish to take advantage of the $8000 tax credit it’s time to get moving. Your first step is visiting a mortgage broker or lender to get qualified. This will give you direction for your next step, which is selecting an area and working through the various needs -vs- wants in your home search.

Original Article Here: Time is running short, don’t miss out on your $8000

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With its antiques shops and picturesque hiking trails, Gearhart—just north of the renowned, more-bustling Cannon Beach—is an in-the-know haven for Portland hipsters like Paige Powell and Gus Van Sant. In the evenings, people drive onto the hard-packed sand for wine and stargazing parties.

Original Article Here: Gearhart, Oregon: One of America’s Best Little Beach Towns

I believe the majority of Americans are proponents of ‘green’ building and other eco-friendly initiatives. However when the true impact directly to the wallet of the taxpayer is figured into the equation it gets ugly: All forms of energy will cost us more. Period. What does this have to do with real estate way out here on the Oregon Coast? Tucked inside the bill are vast and sweeping reforms on efficiency standards for both new home construction and existing homes.

The bill as passed by the House mandates a national building code that supersedes all local codes with new energy efficient standards, starting with a 30% increase in energy efficiency and increasing from there. This concerns me in 2 parts, the first because the difference in construction standards required for sound building practice differs between Miami, FL and Gearhart, OR greatly. Construction methods that work great here may not work else where in the country. It’s my understanding the new national code will be a single code imposed on the entire country. The second part that concerns me is the new efficiency standards. Unless they impose retro-active efficiency standards on the owners of existing homes, new homes in general are already much more efficient than a 30 year old home. You aren’t really fixing anything in this regard if you reduce the energy consumption of a new home from $1500 per year to $1050 but don’t address older homes that use in excess of $2000 per year in energy. On the flip side of all this is the cost. Either way somebody must pay the bill. In the case of new home construction, ultimately the buyer will absorb the added costs. If the mandates are imposed on existing homes, home owners already struggling to pay just their mortgage payment each month will be burdened with the additional costs of compliance prior to sale. And lets not forget the required federal inspection… Ever dealt with the DMV? You’ll think those people are the model of efficiency if we’re required to have a federal inspection of existing homes prior to sale.

More reading:

How will cap  & trade effect your real estate business?

Cap & trade will make homes cut energy consumption.

Building a home?

Original Article Here: Proposed Cap & Trade Legislation Impacts Real Estate

1326 Bailey Lane

Back yard

1326 Bailey Lane

Original Article Here: 1326 Bailey Ln. Has a New Look!

More Reading:

The Basics: 2009 First-Time Home Buyer Tax Credit

Tax Credit Can Be Used on Closing Costs

Original Article Here: $8000 tax credit used for closing costs?

467 Diamond Lane

Original Article Here: Another price reduction on a Custom house in The Reserve

Entry, stone floors and stairs to upper and lower levels. Door is for elevator.

Wall of windows looking West over the creek.

Kitchen is a chef's delight and includes GE Monogram appliances, granite surfaces, deluxe custom cabinets, and butler's pantry.

Fireplace in master bedroom, slider leads to deck and overlooks the creek.

Master Bath

On the lower level is a kitchenette, perfect for entertaining or could be seperate living quarters.

Original Article Here: A great value, still available in Gearhart- Approved Short Sale