S. Oregon Real Estate Forum for May 23, 2018
MEMORIAL DAY WEEKEND TRIBUTE
Memorial Day Weekend reminds us about those who served our country and honors their memory. This Monday, May 28, at 11 am, at Eagle Point National Cemetery, my real estate partner and friend Joe Brett, is the main speaker at the service honoring veterans. His brother Robert Brett Jr, or Lefty, was a POW MIA and was shot down over Laos in 1972, less than 24 hours after arriving in Thailand for the US AF. Joe’s story is about his families ordeal and how 30 years nearly to the date, they found his crash site and remains. He returned home a hero and was buried in Arlington National Cemetery, where Joe also spoke on behalf of his family. Come join us if you’d like to hear this real life story.
LENDING ON MANUFACTURED HOMES
It is possible to find lending on manufactured homes. There is a difference however, between manufactured homes on land and homes inside a park. Both can be financed, but in different ways. Traditional lending is
Certainly possible and occurs daily on manufactured homes on land. As long as the homes were built after 1976 regular mortgage lending is available through mortgage lenders like Bank 34, Loan Depot and others. Financing inside a park usually requires a cash purchase since there is no real estate being sold, but its personal property which is being sold. Many folks would like to finance, and now you can. Check out Northwest Housing Services LLC, www.nwmhloan.com they finance manufactured homes in parks or on leased land. I have check their guidelines and find them to be OK. They charge 5% down payment on primary residences 1991 and newer and 10% for older units. Loans can be up to 20 years too. Best of all, for many seniors this is an option when considering alternative housing.
NEW LISTINGS EXCEED SALES LAST WEEK
Each week we look at the MLS stats to determine what the market is telling us.
May 14-22 time frame.
New Listings – 125 Price range: $150K on Sunset, W Medford to $3M on Terri Dr, E Medford
There were also eight new luxury properties listed last week.
Pending Sales – 127 Price range: $130K, W Jackson, Medford to $1.3M, Oakland Park Dr Medford
Closed Sales – 101 Price range: $60K W Orange, Medford to $765K on Windemar, Ashland.
Average days on Market – 44. Median price $283,000
New listings are increasing which is making for more competition for sellers, and pricing more important than ever.
Patrick Kearns | Inman
As anyone who regularly watches Flip or Flop already knows, house flipping is on the rise, and a new report from property data developer CoreLogic confirms this.
An analysis of public records found that the ratio of flipped properties to sales reached 6.2 percent in the first quarter of 2018, the highest it’s been since the first quarter of 2013 when home prices first started rebounding after the financial collapse. Directly after the crash in 2005, the ratio of flipped properties to sales climbed over 8 percent.
Flipping — defined in the report as the act of acquiring a home then selling it within 12 months — is a different business now than it was right after the crash, CoreLogic found.
Find the rest of the article here: House Flipping is on the Rise Despite High Home Prices
Next Week’s Real Estate Show June 2, 10 am KCMX, We’ll look at the Southern Oregon Rental Housing Market with Danielle Remley from Sterling West Property Management.