Historically low interest rates (5% or less) make this a great time to buy – especially with a rich inventory.  The number of bank owned properties is shrinking as Buyers are discovering the challenges of purchasing “distressed” properties.  Good prices?  Sure, but you really need an experienced broker to advise and assist.  One other factor is the trend with Sellers to list at realistic prices.  The aware Seller wants to market the home not be on the market.

This charming Seal Rock cottage had tons of interest and closed after only 54 days on market. Priced at $149,000, it is a great example of pricing a property to sell vs. pricing it to sit on the market.

Plan a trip to the Coast! The weather is great, activities abound and you can find some excellent buys in homes.

1925 Newport home which was listed and sold by Winderemere West Coast Properties in May 2010.

We are seeing more closings of bank owned properties as they represent good buys for the informed Buyer.  Short sales are disappearing due to the 10 to 18 month wait for bank approval.  We can expect to see more bank owned properties come on the market as Sellers are not able to maintain a short sale position for the time required to work through the banking system.  Many of these homes will unfortunately go through the foreclosure process.   Even in difficult conditions this is an excellent time to Buy on the Oregon Coast.

Thanks, Oregonian, for the free press on my Yachats restaurant listing!

Here’s my question: When interest rates are historically low, why are lenders restricting the flow of money to the areas that would help support local business and provide employment opportunities to local residents?  In a recent Oregonian article (which so thoughtfully promoted one of my listings!) several really important points are raised:

• With the closure of the town’s sole grocery people became very willing to help others who were not able to drive the 8 miles to the nearest market.
• The article opens with the Trouble in Paradise line and then goes on.  We do live in what I believe is the most beautiful part of the Oregon Coast — a paradise indeed.

I happen to be one of those “hopeless optimists” who migrated here from a major metropolitan area 20 years ago and never looked back. It is my firm conviction that Yachats as well as other coastal towns caught in the current struggle will persevere and prosper. We have lived through tough times before and we will recover.

When you next have some free time, come on over to the coast and experience what we enjoy every day.

The home I’m featuring from amongst those sold in February is a great example of the variety in home styles and locations we enjoy. Located 20 miles East of Newport near Logsden, this 19+ acres parcel is home to frequent visitors such as the Roosevelt Elk seen grazing in the rear yard.

If you have a desire to establish your own corner of paradise on the Oregon Coast, come on over or give me a call.  I’m happy to help.

While the Oregon Coast is seeing a much lower ratio of bank-owned to regular inventory than some areas of the US, it is still a significant challenge for Buyers as well as the banks. Simply put, banks do not want to own real estate. For this reason the bank, as Seller, attempts to market the REO property through a licensed broker for as much as possible to cover the cost of the foreclosed loan.

Each lender has a different approach in calculating what their bottom line may be. The listing usually comes on the market at a fair market price suggested by the Realtor and agreed upon by the bank. In my recent experience, I have been able to put Buyer/Clients in homes for 60% of the price the home had been listed at prior to going REO.

Sounds good, right?  Well, it is — and can be a terrific way to obtain “instant equity” for wise Buyers. Here are the elements to consider:

Be prepared with your financing:

• To be in the best negotiating position the Buyer should come to the table with a solid loan prequalification letter in hand to submit with the offer.

Banks will not make or negotiate for repairs.

• Offers should be subject to inspections at Buyer’s expense including structural, heating, electrical, plumbing and sometimes septic and well tests.
• In terms of Buyer investment these tests are really required insurance against defects since the bank has no duty to disclose. Costs can run up to $1,000 if all the tests listed above are completed.
• If repairs are indicated the Buyer can then re-negotiate through their Buyer’s Broker a new offering price to reflect the repairs.

Carefully Prepare for the Inspection:

• Since most banks winterize their REO properties this means that water, power and heat are shut off.
• Showings can easily be done by flashlight but it’s another story when the inspector(s) and appraisers arrive. They will need to test the function of all the mechanical features of the home.
• Getting the utilities reconnected for inspections is a major task and banks are more inclined to undertake this effort when they’ve received a really solid offer.
• Rely on your broker to run interference with the bank and make sure everything is lined up for inspection.

At the end of the day this could be your chance to make a great deal on an Oregon Coast home.

Late-model oceanfront in very good condition. Appears to be priced to sell.

• Site built sale prices are up slightly over the 2009 average
• Manufactured homes are selling for a little less.
• Condos remain in the doldrums with lower selling prices.
• Land improved slightly in number of sales with flat prices.
• Multi family, a fairly rare commodity, is beginning to show up.
• As of this month I will begin reporting on bank owned properties.
• Days on market indicates that January showed the beginning of a clearing out of some older inventory. Only the manufactured category showed any decrease in days on market.

If you would like to view other central Oregon coast homes like this one, please feel free to give me a call at 541-270-3304 or drop an e-mail my way.

• A sales total of $61,382,438
• Active listings at 301 (which leads the County)
• Windermere listings expected to continue to improve in 2010

Those three Windermere offices were at the top of the pack amongst the 65 active real estate offices operating in Lincoln County as of January 2010.  A high percentage of these sales are repeat Buyers and Sellers and Windermere referrals from other areas who have had the pleasure of doing real estate the Windermere Way.  Certainly Windermere brokers are human – with all the usual human limitations – yet we practice what we preach: outstanding service before, during and after the sale.

Why not contact us and see for yourself what working with a Windermere Realtor is all about.  You will not be disappointed.

If you would like to view other central Oregon coast homes like this one, please feel free to give me a call at 541-270-3304 or drop an e-mail my way.