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Mt Hood Real Estate’s Market Snapshot: February 5, 2014

NewMHRElogo_sredhood2

Homes, Cabins & Condominiums: Mt Hood Area (153) per the Regional Multiple Listing Service (RMLS) which includes homes and cabins in Welches, Rhododendron , Brightwood, and Government Camp Oregon.

  • 86 Current Active Residential Home Listings which includes Single Family Homes, Cabins, & Condos. This is
  • heading towards a seasonal low for inventory. The question now is will there be inventory latter this spring and summer?
  • 22 Pending Home & Cabins are currently under contract.
  • 3 Short Sale Pending Residential Home Listings which is lower than in December 2013.
  • 12 Homes and Cabins have closed so far in 2014 one of which was a REO or Bank Owned property.

Lots and Acreage: Mt Hood Area (153)

  • 42 Active Undeveloped land listings in the Villages of Mt Hood.
  • 2 Pending Undeveloped land properties currently under contract.
  • 1 Undeveloped land property has sold so far in 2014.

Psst: Take a look at the Market Snapshots for January 2013 & March 2013 for an in-depth review of the Mt Hood Real Estate marketplace.

 

December 2013 Mt Hood Closed Home Sales

Here are the closed Sales for the Villages of Mt Hood area from Alder Creek to Government Camp, Oregon including the communities of Rhododendron, Welches and Brightwood.

Dec13 Closed Sales

From the 16 closed sales, only 12.5% were categorized as “distressed sales”. One was a Short Sale 1 was a Bank Owned Property.  Six of the sales were Mt Hood Waterfront Properties, 4 of the sales were Forest Service Cabins on Forest Service Special Use Permits, 3 of the sales were manufactured homes and 2 of the sales were condos.

I am catching up on my Blog posts.  I just switched over to a new platform that should work great on your mobile Phone.  Let me know how you like it.

Timberline Rim Homeowners Association Owners vote NOT to retain CC&R’s in Late December 2013

The owners of property and lots in the Timberline Rim Homeowners Association voted to not renew the Conditions, Covenants and Restrictions or CC&R’s for the Timberline Rim Homeowners association which spans the Sandy River in the Brightwood and Rhododendron.

The Timberline Rim Recreation Club and Timberline Rim Water Company will continue to exist. The corporations will continue to have the authority to collect dues and to levy assessments in order to fund the operation the Water Company and recreational facilities.  The association will no longer have the authority to regulate the owners’ private lots.  Clackamas County now has the total jurisdiction over that function.  Also, without the CC&R’s, the Architectural Committee, along with its regulatory authority, will cease to exist.

Approximately 55% of the membership was needed to have a yeah or nay vote.  Only 45.64% of the membership voted on the amendment to retain the CC&R’s.  To see the complete voter breakdown go to http://www.timrimcommunity.org/.

Check out all unique Homes and Cabins in the Mt Hood area by property type:

November 2013 Mt Hood Closed Home Sales

Here’s the latest list of Homes, Condos and Cabins which closed in November 2013 in the Villages of Mt Hood from Alder Creek to Government Camp on the Western slopes of Mt Hood. This area includes homes in Welches, Brightwood, Rhododendron, Government Camp and part of Sandy, Oregon.

November2013Closings

The TOTAL Sale Volume through November 2013 increased by 35% compared to the same period in 2012.  Also, the Median Sale Price for the same time period was $209,500 in 2013 compared to $168,250 in 2012.  Again, the lower volume of Distressed Sales in 2013 has contributed to the upward tick in Median Sale Price.

Check out all unique Homes and Cabins in the Mt Hood area by property type:

By |December 21st, 2013|Categories: Closed Home Sales|Tags: , , , |0 Comments

Mt Hood Market Snapshot: Dec. 13, 2013

Homes, Cabins & Condominiums: Mt Hood Area (153) which includes homes and cabins in Welches, Rhododendron , Brightwood, and MHRELogoBorderGovernment Camp Oregon.

  • 98 Active Homes and Cabins Currently listed for sale.  This includes Single Family Residences, Condos & Cabins. This number continues in winter downward trend which can mean for those homes on the market less competition.
  • 30 Pending Home Sales which has ticked upward!
  • 5 “Short Sale” Pending Sales  (This is a New Multiple Listing Category starting in 2012)
  • 144  Homes and cabins have sold to date in 2013 compared to 132 sales in the same time in 2012

14% of the closed sales in 2013 have been “Distressed Sales” which are either Foreclosures or Short Sales. Last year 26% of the sales had been “Distressed”. ***Keep an eye on this Distress Sale number.  There are still a number of homes that are tied up in the Judicial Foreclosure process and may hit the market in 2014.*** Here is a good Article to Read about Third Quarter Foreclosure Stats For The Portland-Metro Area: What Are They Telling Us? written by Phil Querin, Querin Law.  Also, the Median Sale Price has also risen from $169,500 in 2012 to $209,500 in 2013.

Lots and Acreage: Mt Hood Area (153)

  • 52 Active land listings in the Mt Hood Area or Villages of Mt Hood
  • 2  Pending Sales
  • 8  Undeveloped Land Properties have sold to date in 2013.

Check out all unique Homes and Cabins in the Mt Hood area by property type:

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By |December 14th, 2013|Categories: Market Snapshots|Tags: , , |0 Comments

October 2013 Mt Hood Closed Home Sales

Here’s the latest list of Homes, Condos and Cabins which closed in October 2013 in the Villages of Mt Hood from Alder Creek to Government Camp on the Western slopes of Mt Hood. This area includes homes in Welches, Brightwood, Rhododendron, Government Camp and part of Sandy, Oregon.

October2013Closings

The Total Home & Cabin Sales Volume at the end of September  in 2013 compared to 2012 is up by 33%.  The Median Sale Price for the same time period was $210,500 in 2013 compared to $174,125 in 2012.  Again, the lower volume of Distressed Sales in 2013 has contributed to the upward tick in Median Sale Price.

Check out all unique Homes and Cabins in the Mt Hood area by property type:

Mt Hood Market Snapshot: October 29, 2013

Homes, Cabins & Condominiums: Mt Hood Area (153) which includes homes and cabins in Welches, Rhododendron , Brightwood, and Government Camp Oregon.

  • 120 Active Homes and Cabins Currently listed for sale including one Bumpable Home .  This includes Single Family Residences, Condos & Cabins.  This number started to trend down over the past month.
  • 27 Pending Home Sales which is the same as the Sept 15, 2013 Market Snapshot
  • 8 “Short Sale” Pending Sales  (This is a New Multiple Listing Category starting in 2012)
  • 117  Homes and cabins have sold to date in 2013 compared to 106 sales in the same time in 2012 (This year 9% were Distressed Sales which were either Foreclosures or Short Sales. This percentage has been trending downward all year which marks a much healthier Real Estate Market Place when you compare it to 29% of Distressed Sales during the same time period in 2012.) ***Keep an eye on this Distress Sale number.  I review it monthly just to see the current trends.  There are still a number of homes that are tied up in the Judicial Foreclosure process and may hit the market in 2014.*** Here is a good Article to Read about Third Quarter Foreclosure Stats For The Portland-Metro Area: What Are They Telling Us?

Lots and Acreage: Mt Hood Area (153)

  • 53 Active land listings in the Mt Hood Area or Villages of Mt Hood
  • 3  Pending Sales
  • 6  Undeveloped Land Properties have sold to date in 2013.

Check out the Mt Hood Market Snapshot for October of 2012

Check out all unique Homes and Cabins in the Mt Hood area by property type:

The DON’T DO’s When Appling for A Home Loan Or Refinance

You’ve seen lists telling buyers what to do to find the right home but knowing what not to do can be just as important. Don'ts After finding the right home, negotiating a contract, making a loan application and inspections, buyers, understandably, start making plans to move and put their personal touches on the home.

In today’s tenuous lending environment, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller. Verifications are made by a lender at the beginning of the loan process to determine if the buyer qualifies for the mortgage. The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.

Simply stated:

1. Don’t make any new major purchases that could affect your debt-to-income ratio
2. Don’t apply, co-sign or add any new credit
3. Don’t quit your job or change jobs
4. Don’t change banks
5. Don’t open new credit accounts
6. Don’t close or consolidate credit card accounts without advice from your lender
7. Don’t buy things for your new home until after you close
8. Don’t talk to the seller without your agent

Your real estate professional and lender are working together to get you into your new home. It’s understandable to be excited about one of the biggest decisions you’ll make and that you feel you need to be getting ready for the move.

Planning is smart but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.

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By |October 15th, 2013|Categories: Borrowers|0 Comments

Equity is the difference in what your home is worth and what you owe

Equity is the difference in what your home is worth and what you owe. Ideally, as the value goes up and the unpaidEquityGraph balance goes down with each amortized payment made, the equity grows from two directions.

This dynamic leads to increasing a person’s net worth much faster than many other investments.

A homeowner has minimal control over value. It is necessary to maintain the property to avoid depreciation and make good decisions on capital improvements. After that, appreciation is generally controlled by supply and demand and the economy.

Mortgage management is something that the homeowner does have control. Making the decision to select a shorter term mortgage at a lower interest rate can have an impact on equity build-up. Lower interest rates amortize faster than higher interest rates which will also affect equity growth. Currently, it is possible to get a 1% lower rate on a 15 year mortgage than a 30 year mortgage.

Compare two alternatives of a 30-year and a 15-year mortgage. The payments will definitely be higher on the shorter term because it pays off quicker. However, if a person can afford the higher payments of $362.53 more per month in this example, the equity will be greater. Even after you take into consideration the higher payments, the increased equity is $17,236 at the end of the seven year holding period.

Equity dynamics.png

Another decision that can affect equity build-up is making additional principal contributions along with the regular payments. Whether you’re making an occasional lump sum payment toward principal or regular monthly contributions, it will save interest, build equity and shorten the term on a fixed rate mortgage. Estimate your personal savings with this Equity Accelerator.

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By |October 12th, 2013|Categories: Buyers|Tags: |0 Comments

How Fido Can Affect Homeowners Insurance

Man’s best friend enjoys many of the benefits of his master’s home besides food and shelter and a comfortable place to live and play.  In return, dog owners expect companionship and possibly, protection; after all, even a small dog can bark to signal intruders.

Few people doubt that most dog owners love their pets and treat them well.  The costs associated with having a dog can include medical and dental that rivals human expenses, premium food, toys, grooming and Doglicense fees.  However, one of the expenses not anticipated by pet owners is a higher homeowner’s insurance premium or even a Cancelation of Coverage by an Insurance Company.

There are almost five million dog bites a year with children being the main victims.

“Dog bites accounted for more than one-third of all homeowner’s insurance liability claim dollars paid out in 2012, which amounted to more than $489 million,” said Peter Robertson, representing the Property Casualty Insurers Association of America, testifying against the bill at a hearing of the Committee on Financial Services.  He said, “The total cost of dog bite claims increased by more than 51 percent between 2003 and 2012.”  It is now estimated that dog bites cause losses of over one billion dollars a year.

Some insurance underwriters have denied or canceled coverage or increased the premium of the owner’s liability insurance based on the homeowners’ specific breed of dog such as Pit Bulls, Dobermans, Akitas, Mastiffs, Malamutes and even German Shepherds.  The aggressive nature of certain types of dogs combined with specific training or lack of training, abuse or neglect are identified by insurer’s refusal to provide liability coverage.

If you are considering what insurers identify as a high-risk pet, you might want to visit with your insurance agent prior to acquiring your new best friend to see if it affects your rates.

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By |October 12th, 2013|Categories: Homeowners Insurance|0 Comments