Ashland Real Estate Information

When Pigs Fly in Ashland?

2010-04-30T15:47:00.000-07:00

Who would think that reading the City of Ashland's land use codes would be entertaining?

I have a client who wants to buy a house in the City of Ashland and I needed to find out what kind of animals you can have in the city limits. Turns out you can have pigs that are not more than 18 inches tall. But this is the funny part:

a. Be confined by fence, leash or obedience training to the property of the person keeping or maintaining them or to the property of another if such other person has given express permission;

Does anyone you know teach pig obedience training?

Local Vocanic Icon in Jackson County - Mt. McLoughlin

2010-03-17T07:20:00.000-07:00

Mt. McLoughlin rises 9,495 feet above sea level. Although its eastern base is in Klamath County and the Winema National Forest, most of it (including the summit) are in Jackson County and the Rogue River National Forest. Mt. McLoughlin covers an area of over 20 square miles. It is the highest peak in southern Oregon, and the highest point in the Cascade Range between the Three Sisters and Mt. Shasta.

Fair Housing for Ashland and Medford Oregon

2010-03-17T07:06:00.000-07:00

Every year I attend a fair housing education class. yes, it it required, but it reminds me, we still need to be aware of what fair housing means to people who live in and around the Ashland and Medford area. The class was taught by Andrea Bushnell, our legal council.

These are the HUD rules:

In the Sale and Rental of Housing: No one may take any of the following actions based on race, color, national origin, religion, sex, familial status or handicap:

Refuse to rent or sell housing
Refuse to negotiate for housing
Make housing unavailable
Deny a dwelling
Set different terms, conditions or privileges for sale or rental of a dwelling
Provide different housing services or facilities
Falsely deny that housing is available for inspection, sale, or rental
For profit, persuade owners to sell or rent (blockbusting) or
Deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing.

Ashland and Medford Homes Sales Statistics for Feb 2010

2010-03-09T10:17:00.001-08:00

Just in the statistics from the Southern Oregon Multiple Listing Service for Dec 31, 2009 to Feb 28, 2010 for Jackson County, Oregon....

Some of the highlights:

For this time period the Ashland median home price rose from $208k to $298,900 - a 43.7% increase.

East Medford median home prices declined from $240k to $170k - a 15% decrease.

Overall Jackson County median home priced declined by 16.2%.

There are 1902 homes for sale and 73.9% of the homes are not distress home sales.

Ashland and Medford Homes Sales Statistics

2010-03-05T06:30:00.000-08:00

According to RIS Media and NAR -Existing-Home Sales Down in January 2010 but Higher Than Year Ago

RISMEDIA is quoted," March 4, 2010-Existing-home sales fell in January 2010 but are above year-ago levels, according to the National Association of Realtors. Existing-home sales- including single-family, townhomes, condominiums and co-ops- dropped 7.2% to a seasonally adjusted annual rate of 5.05 million units in January from a revised 5.44 million in December, but remain 11.5% above the 4.53 million-unit level in January 2009."

Homes sales in Jackson county were up from 126 in Feb 2009 to 130 Feb 2010. Although not a huge gain, it was a gain. The average price was down from $269,000 to $220,000 for this same month to month, but the rest of 2009 held steady hovering around the $220,000 range showing that prices have somewhat stabilized.

Also accooring to report released by RIS media -"Lawrence Yun, NAR chief economist, said there is still some delay between shopping and closing that affected current sales. "Most of the completed deals in January were based on contracts in November and December. People who got into the market after the home buyer tax credit was extended in November have only recently started to offer contracts, so it will take a couple months to close those sales," he said. "Still, the latest monthly sales decline is not encouraging, and raises concern about the strength of a recovery."

You can hear more from Yun on April 23, 2010, at the Ginger Rogers Theater in Medford.

ABC's of Homebuying in Medford and Ashland

2010-03-02T15:25:00.000-08:00

ACCESS, Inc., Southern Oregon Housing Resource Center and RCC present:

Learn the basics of choosing and qualifying for a new home. Covers mortgages, closing costs, insurance, and acquiring the tools to ask the right questions and make the best decisions. Cost includes $13 textbook fee.
2010 Class Schedule
County Dates Time Location Cost
Table Rock Campus January 23, 2010 9am-4pm White City $35/2nd guest free
Table Rock Campus February 20, 2010 9am-4pm White City $35/2nd guest free
Grants Pass Campus March 20, 2010 9am-4pm Grants Pass $35/2nd guest free
Table Rock Campus April 24, 2010 9am-4pm White City $35/2nd guest free
Grants Pass Campus May 22, 2010 9am-4pm Grants Pass $35/2nd guest free
Table Rock Campus June 19, 2010 9am-4pm White City $35/2nd guest free
Grants Pass Campus July 24, 2010 9am-4pm Grants Pass $35/2nd guest free
Table Rock Campus August 21, 2010 9am-4pm White City $35/2nd guest free
Table Rock Campus September 18, 2010 9am-4pm White City $35/2nd guest free
Table Rock Campus October 23, 2010 9am-4pm White City $35/2nd guest free
Grants Pass Campus November 20, 2010 9am-4pm Grants Pass $35/2nd guest free
No December class

To register call 541-245-7616 for classes at the Table Rock Campus
And 541-956-7303 for classes at the Grants Pass Campus
OR
Visit their website at www.roguecc.edu/ce
OR
Contact the SOHRC at ACCESS, Inc. 541-774-4305
Partners of tuition-paying students may register and attend at no cost.

Affordable Homes in Medford, Oregon?

2010-02-22T13:10:00.000-08:00

This article just was posted on Yahoo:

The national housing bust has hit the outdoor wonderland of Medford, Ore., with a one-two punch. Because its timber industry is crucial to the local economy--wood-processing jobs represent at least a quarter of all manufacturing positions--the collapse of the new-home building market triggered higher unemployment in the area. Meanwhile, after moving significantly higher during the first half of the previous decade, home prices have dropped more than 23 percent in recent years. As a result, Medford's already affordable housing market has become even more so. Its price-to-income ratio stood at just 1.01 through the third quarter of 2009, well below its average of 1.46 for the 15 years ending in 2003. Moody's Economy.com expects home prices to hit bottom this year.

http://finance.yahoo.com/news/10-Cities-for-Real-Estate-usnews-375742734.html?x=0&mod=real-estate

Right now a first time homebuyer can buy a modest home in Medford and have payments slightly higher than what they already be paying in rent, but with the tax benefits of owning, maybe even equal cost to rent as own.

Rising Interest Rates might mean Falling House Prices

2010-02-15T14:39:00.000-08:00

We have all been hearing the news...

The Fed plans to end their mortgage-bond-purchase program that has helped keep mortgage interest rates low in the next month. The Fed has been buying the mortgage bonds being put out by Fannie Mae and Freddie Mac, replacing private investors such as pension funds and mutual funds that have avoided bonds since the subprime mortgage crisis. This is why interest rates have stayed low all year. Once the Feds stop buying, everyone is expecting interest rates to rise.

The question on everyone's mind is - will the push up of rates stimey buyers from buying homes at a time when buyers are worried about unemployment and the economy as a whole. Even a moderate rise in the mortgage interest rate could push potential buyers out of the market and/or worse cause home prices to fall again.

For homes buyers in Ashland this could mean about about another $100 a month added to your monthly mortgage payment.

Tax Credits to pay for the Costs to improve your Home

2010-02-15T14:06:00.000-08:00

Tax Credits for Solar Water Heaters

A federal tax credit makes energy-efficient solar water heaters a more affordable and sustainable option for many homeowners. Read
Tax Credits for Replacing Heating and Cooling Systems

Upgrading to an energy-efficient heating and cooling system can save hundreds on your utility bills and earn you a tax credit worth as much as $1,500. Read
Tax Credits for Replacing Your Roof

Replacing your roof with a qualifying energy-efficient metal or asphalt roof can cut your cooling bill and earn you a $1,500 tax credit. Read
Tax Credits for Adding or Replacing Insulation

A federal tax credit makes adding insulation an even cheaper way to improve your home’s energy efficiency and cut your heating and cooling bills. Read
Tax Credits for Replacing Windows, Doors, and Skylights

If money seems to be escaping through drafty windows, doors, and skylights, this federal tax credit might make energy-efficient replacements more affordable. Read

Visit houselogic.com for more articles like this.

Homes Sales in California mean Homes Sales in Ashland/Medford Oregon

2010-02-11T14:36:00.001-08:00

WASHINGTON , February 11, 2010 Real Estate Economic News from National Assoc. of Realtors ® .

"Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors ® .

Sales increased from the third quarter in 48 states; 32 states saw double-digit gains. Year-over-year sales were higher in 49 states and D.C.; all but three states had double-digit annual increases.

Total state existing-home sales, including single-family and condo, jumped 13.9 percent to a seasonally adjusted annual rate 1 of 6.03 million in the fourth quarter from 5.29 million in the third quarter, and are 27.2 percent above the 4.74 million-unit level in the fourth quarter of 2008. Distressed property accounted for 32 percent of fourth quarter transactions, down from 37 percent a year earlier.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit was the dominant factor. “The surge in home sales was driven by buyers responding strongly to the tax credit combined with record low mortgage interest rates,” he said. “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage fell to a record low 4.92 percent in the fourth quarter from 5.16 percent in the third quarter; it was 5.86 percent in the fourth quarter of 2008.

The national median existing single-family price was $172,900, which is 4.1 percent below the fourth quarter of 2008; the median is where half sold for more and half sold for less. “This is the smallest price decline in over two years, with the most recent monthly data showing a broad stabilization in home prices,” Yun said.

“Because buyers are taking on long-term fixed rate mortgages, avoiding adjustable-rate products, and trying to stay well within their budgets, the price recovery process appears durable,” Yun said.

Existing-home sales in the West jumped 16.2 percent in the fourth quarter to an annual rate of 1.38 million and are 18.2 percent above a year ago. The median existing single-family home price in the West was $227,200 in the fourth quarter, which is 8.9 percent below the fourth quarter of 2008, but with many areas showing notable gains.

“Markets in the West such as San Francisco, San Jose and Denver are showing double-digit price increases, and other markets like San Diego and Anaheim have begun to firm up,” Yun said."

Since the Ashland and Medford Area real estate market "follows" the California real estate market this is good news. Approximately 1/4 of the real estate transactions in the Ashland/ Medford area are from buyers from California.

Why Buy a Home Now?

2010-02-06T07:47:00.000-08:00

Ground hog day has come and gone, but D day for the first time home buyer credit is coming soon. D day stand for deadline day - April 30, 2010! Folks, that is $8000 to you from the government if you buy a house and you have not owned a house for 3 years, and $6500 is you have owned a home for more than 5 years. There are some limitations so go to www.ashlandprowest.com to read and or print out all of the information you might need.
But! there is more....interest rates are predicted to go up and this prediction is across the board from almost every economist around. What this means is that even if house prices were to go down, your payment might not, and your payment is a long term rate. So again, now is the time to buy if you can.

Ashland and Medford Homes Sales Statistics for Jan 2010

2010-02-05T09:56:00.000-08:00

The Southern Oregon MLS just posted the real statistics for the Ashland and Medford area home sales. The data compares the time period of Nov. 1, 2008 to Jan 31, 2009 to Nov 1, 2009 to Jan 31, 2010. Below are some excerpts from their data:

The median sales price held steady in Ashland and East Medford.

There was a 68.7% increase in the number of sales.

The number of homes on the market in all of Jackson County dropped 17%.

The number of distressed sales made up 49.4% of the closed transactions.

Super Bowl Winner predicts Ashland & Medford Home Sales

2010-02-04T13:02:00.000-08:00

The Rogue Valley Association of Realtors is sponsoring an event with Lawrence Yun, the NAR economist, in April,so I thought I should write something about the economy. You should plan to attend Yun’s presentation as he makes economics interesting and relevant to the real estate business. Now my two bits…
In the next few days, the super bowl will be over and there will be a winner. So I am going to use the super bowl indicator (SBI) to predict the future of the housing economy. Since the first Super Bowl in 1967, when Green Bay Packers whipped the Kansas City Chiefs, 35-10, the Super Bowl Stock Market Predictor has been an astonishingly accurate indicator of stock market direction for the rest of the year. The theory holds that when a team from the original National Football League wins the championship, stocks rise. When a team from the now-defunct American Football League wins, that's bearish.
The Super Bowl Indicator (SBI) has been on the money 32 years out of 40, which represents a success rate of 80%. Between 1967 and 1997 it was accurate 28 times out of 31 (a better than 90% average); it then hit the skids, going 0-4 between 1998 and 2001, but rebounded by being correct 4 years out of 5 between 2002 and 2007.
So if the Colts (NFC) win against the Saints (AFC) then look forward to housing sales rising in the Ashland & Medford area in the next year, but for real economic information, plan on attending April 23, 2010 with Lawrence Yun!

FHA changes on their way....

2010-01-28T14:31:00.001-08:00

Read this great post by Karen Cooper on the new FHA changes. Below are some of the highlights:

What changes will be implemented? We announced the following on January 20:

Increase the up-front mortgage insurance premium (MIP) to 2.25%;
Update credit score and down payment requirements for new borrowers;
Reduce seller concessions to three percent, from six percent; and
Implement a series of significant measures aimed at increasing lender enforcement.

Now is the time to buy a home in Ashland or Medford before it gets even harder to get a loan.

Ashland and Medford Homes Sales for 2009

2010-01-28T13:53:00.000-08:00

Below are the highlights from the recent SOMLS data released for sales in Ashland, Medford, and Jackson County:

Ashland - 45 more homes in 2009 than 2008. The median sales price for existing home sales went down from $375,000 to $328,125.

Medford - 184 more homes in 2009 than 2008. The median sales price for exisitng home sales went down from $175,000 to $134,000 in W. Medford and $239,500 to $205,950.

Countywide 387 more homes in 2009 than 2008. The median sales price for existing home sales went down from $225,000 to $186,000 (-17.3%).

Note that the median price decline does not mean sales prices went down county wide by 17.3% rather that the number of homes selling in the lower price range due to the first time home buyer credit caused the median home price to be lower than in 2008.

Medford Oregon Homes Sales Skyrocket?

2009-12-30T10:00:00.000-08:00

According to a recent post in USA today by Christine Dugas, she quotes the Southern Oregon Multiple Listing Service statistics as home sale up 73% in 2009 from 2008.

I can say from my own experience that Medford and Ashland area homes sales were much better in 2009 than 2008, but 73% is a little bit of an exaggeration. Although, it may be technically true for the time period quoted in this post due to the parameters used in the calculation, I am predicting the overall percentage increase for 2009 compared to 2008 to be more in the 25 to 35% range. In a couple of weeks, I should be able to post the correct number.

Loan Modifications... Are they working?

2009-12-11T14:21:00.000-08:00

According to: Associated Press, Alan Zibel (12/10/2009)

Only about 4 percent of the home owners who signed up for loan modifications—fewer than 31,000—had received them by the end of November, according to figures released Thursday by the U.S. Treasury Department.

Of the largest lenders, Bank of America Corp. had the worst results. It completed a total of 98 modifications. With 7,100, GMAC Mortgage completed the most.

Lenders have blamed their lack of success in part on the failure of borrowers to complete the paperwork necessary for the process.

The government says it will expedite its efforts to push through as many modifications as possible.

I have heard from a few people that their loans have been approved for modification, BUT the loan payment is more than the existing loan payment. In one case, $700 more than the homeowners current payment.

My theory is that the lenders are doing what the government asked them to do - give loan modifications....just not a loan mod a homeowner would want. Hence a win-win for the lender.

Ashland and Medford Homes Sales Statistics

2009-12-03T13:05:00.000-08:00

This chart shows the pending homes sales in Medford, Ashland, as part of the Jackson County housing market statistics provided by Southern Oregon Multiple Listing Service.

This chart shows the available homes for sale in the Medford, Ashland area as part of the Jackson County housing market statistics provided by Southern Oregon Multiple Listing Service.

Home sales increase in Ashland and Medford area

2009-11-24T13:18:00.000-08:00

Driven by the first-time buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, while inventories continue to decline, according to the National Association of Realtors®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – surged 10.1 percent to a seasonally adjusted annual rate1 of 6.10 million units in October from a downwardly revised pace of 5.54 million in September, and are 23.5 percent above the 4.94 million-unit level in October 2008. Sales activity is at the highest pace since February 2007 when it hit 6.55 million.

See this POST for more information from the National Association of Realtors®.

Locally, existing home sales were up from 394 to 501 for the 3 month period ended Oct 31, 2009 when compared to the same time period in 2008.

Medford and Ashland Oregon Home Loan Rates

2009-11-17T08:00:00.000-08:00

According to recently published Medford and Ashland area Bank of America, these are Nov. 16th loan rates:

30 year fixed 4.75% .875 points 4.85% APR

FHA loan 4.85% .625 points 5.385% APR

Good interest rates! and with the first time home buyer credit - Good Deal!

Call Coldwell Banker at 541-482-5590 for more information.

Ashland and Medford area Homes Sales Price to Increase in 2010?

2009-11-13T17:09:00.000-08:00

Today I attend a conference regarding the housing economy. One of our speakers was Lawerence Yun, the chief economist for the National Association of Realtors, according to him, he predicts home sales to increase by at least 15% in 2010.

He also predicts home prices to appreciate by about 3 to 5% from where the prices are at today. This is good news for sellers who want to sell their home or property next year in the Ashland and Medford area. Three to 5 percent is a normal home appreciation since it matches normal inflation.

Right now the overall housing inventory is at about 8 months which is down from last year, but not quite to normal at a 6 months supply as he is predicting for 2010.

Short Sales in Ashland or Medford - Maybe not Such a Good Idea for a Seller

2009-11-11T17:33:00.000-08:00

Agents, Banks, Lenders all talk about the risks for a Seller if they choose to sale their house short. Yes, there can be tax problems and lien release problems...plus the short sale may never even occur. Yes, a foreclosure is most of the time the better choice for most sellers, most of the time. Yes, most of us, know all of these reasons, and if you don't please refer to the many good sources of information out there on the risks.

What I want to warn Sellers about is the future lawsuit risks. Don't assume because you as a seller did not recieve any money, that you can not be sued later by a buyer. A buyer in most cases has at least one year to sue, and in some cases up to 7 or 10 years depending on the state and situations.

Why would a buyer sue you? Don't they know you were desperate, you didn't net any money at the closing, you are renting now, and your credit is ruined? Yes, they did at the time the property closed. Flash forward a few months and the new owners are not happy about something. Somethingthey think you did to them wrong (country western song potential here).... In their opinion it -Could be they think you did not leave the property in condition, they agreed to buy it in... Could be they think you did not disclose something to them about something....Or any number of reasons.....

At some point a buyer may want to take the seller to small claims court, arbitration, mediation, and/or general court to obtain a judgment against the seller. Once a judgment has been obtain they can collect. So as a seller, you may have to pay when you don't have money.

Remember this little dirty little secret when you consider the pro's and con's of a short sale vs. a foreclosure.

More on the Home Buyers Tax Credit from an Accountant in Ashland Oregon

2009-11-11T17:00:00.000-08:00

Dear Client:

On November 6, the President signed into law H.R. 3548, the ''Worker, Homeownership, and Business Assistance Act of 2009.'' The new law extends and generally liberalizes the tax credit for first-time homebuyers, making it a much more flexible tax-saving tool. It also includes some crackdowns designed to prevent abuse of the credit. These important changes could it make it easier for you or someone in your family to buy a home. And because the changes generally aid buyers and aim to improve residential real estate markets nationwide, they also could make it easier for you or someone in your family to sell a home. This Client Letter fills you in on the details you need to know about the first-time homebuyer credit.

Homebuyer credit basics. Before the new law was enacted, the homebuyer credit was only available for qualifying first-time home purchases after April 8, 2008, and before December 1, 2009. The top credit for homes bought in 2009 is $8,000 ($4,000 for a married individual filing separately) or 10% of the residence's purchase price, whichever is less. Only the purchase of a main home located in the U.S. qualifies. Vacation homes and rental properties are not eligible. The homebuyer credit reduces one's tax liability on a dollar-for-dollar basis, and if the credit is more than the tax you owe, the difference is paid to you as a tax refund. For homes bought after Dec. 31, 2008, the homebuyer credit is recaptured (i.e., paid back to the IRS) if a person disposes of the home (or stops using it as a principal residence) within 36 months from the date of purchase.

Before the new law, the first-time homebuyer credit phased out for individual taxpayers with modified adjusted gross income (AGI) between $75,000 and $95,000 ($150,000 and $170,000 for joint filers) for the year of purchase.

Your guide to the revised homebuyer credit. The new law makes four important changes to the homebuyer credit:

(1) New lease on life for the homebuyer credit. The homebuyer credit is extended to apply to a principal residence bought before May 1, 2010. The homebuyer credit also applies to a principal residence bought before July 1, 2010 by a person who enters into a written binding contract before May 1, 2010, to close on the purchase of the principal residence before July 1, 2010. In general, a home is considered bought for credit purposes when the closing takes place. So the extra two-months (May and June of 2010) helps buyers who find a home they like but can't close on it before May 1, 2010. They can go to contract on the home before May 1, 2010, close on it before July 1, 2010, and get the homebuyer credit (if they otherwise qualify). Note that certain service members on qualified official extended duty service outside of the U.S. get an extra year to buy a qualifying home and get the credit; they also can avoid the recapture rules under certain circumstances.

(2) The homebuyer credit may be claimed by existing homeowners who are “long-time residents.” For purchases after November 6, 2009, you can claim the homebuyer credit if you (and, if married, your spouse) maintained the same principal residence for any 5-consecutive year period during the 8-years ending on the date that you buy the subsequent principal residence. For example, if you and your spouse are empty nesters who have lived in your suburban home for the past ten years, you are potentially eligible for the credit if you “move down” and buy a smaller townhome. There's no requirement for your current home to be sold in order to qualify for a homebuyer credit on the replacement principal residence. Thus, the replacement residence can be bought to beat the new deadlines (explained above) before the old home is sold. For that matter, you can hold on to your prior principal residence in the hope of achieving a better selling price later on.

The maximum allowable homebuyer credit for qualifying existing homeowners is $6,500 ($3,250 for a married individual filing separately), or 10% of the purchase price of the subsequent principal residence, whichever is less.

(3) The homebuyer credit is available to higher income taxpayers. For purchases after November 6, 2009, the homebuyer credit phases out over much higher modified AGI levels, making the credit available to a much bigger pool of buyers. For individuals, the phaseout range is between $125,000 and $145,000, and for those filing a joint return, it's between $225,000 and $245,000.

(4) There's a new home-price limit for the homebuyer credit. For purchases after Nov. 6, 2009, the homebuyer credit cannot be claimed for a home if its purchase price exceeds $800,000. It's important to note that there is no phaseout mechanism. A purchase price that exceeds the $800,000 threshold by even a single dollar will cause the loss of the entire credit.

The new purchase price limitation applies whether you are buying a first-time principal residence or are a qualifying existing homeowner purchasing a replacement principal residence.

Other homebuyer credit changes. The new law includes a number of new anti-abuse rules to prevent taxpayers from claiming the homebuyer credit even though they don't qualify for it. The most important of these are as follows:

... Beginning with the 2010 tax return, the homebuyer credit can't be claimed unless the taxpayer attaches to the return a properly executed copy of the settlement statement used to complete the purchase of the qualifying residence.
... For purchases after Nov. 6, 2009, the homebuyer credit can't be claimed unless the taxpayer has attained 18 years of age as of the date of purchase (a married person is treated as meeting the age requirement if he or his spouse meets the age requirement).
... For purchases after Nov. 6, 2009, the homebuyer credit can't be claimed by a taxpayer if he can be claimed as a dependent by another taxpayer for the tax year of purchase. It also can't be claimed for a home bought from a person related to the buyer or the spouse of the buyer, if married.
... Beginning with 2009 returns, the new law makes it easier for the IRS to go after questionable homebuyer credit claims without initiating a full-scale audit.
What hasn't changed. The tax law still gives you the extraordinary opportunity to get your hands on homebuyer credit cash without waiting to file your tax return for the year in which you buy the qualifying principal residence. Thus, if you buy a qualifying principal residence in 2009 you can treat the purchase as having taken place this past December 31, file an amended return for 2008 claiming the credit for that year, and get your homebuyer credit cash relatively quickly via a tax refund. Similarly, you can treat a qualifying principal residence bought in 2010 (before the new deadlines) as having taken place on December 31, 2009, and file an original or amended return for 2009 claiming the credit for that year.

What also hasn't changed is the need for getting expert tax advice in negotiating through the twists and turns of the new beefed-up homebuyer credit. Please call us today for details on how the homebuyer credit can help you or your family members.

--
The advice we provide in this communication is not intended or written to be used, and cannot be used by you or any other person or entity for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or any applicable state or local tax law.

MARTIN H. LEVINE
Certified Public Accountant
Come visit us @ www.mhlcpa.com

Homebuyer Tax Credit Changes for 2009-2010 - Good for Ashland and Medford Home Sales

2009-11-09T14:26:00.000-08:00

Home sales in Ashland and Medford area should remain steady now that Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

To see a comparison chart CLICK HERE.

For the Q and A on the Extended Home Buyer Tax Credit from the National Association of Realtors click here.

Rebound for Existing Home sales in Ashland and Medford area?

2009-11-02T19:53:00.000-08:00

For more information, contact: Walter Molony 202/383-1177 wmolony@realtors.org

According to National Association of Realtors:
Big Rebound in Existing-Home Sales Shows First-Time Buyer Momentum
Washington, October 23, 2009

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 9.4 percent to a seasonally adjusted annual rate1 of 5.57 million units in September from a level of 5.09 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in over two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Even with the improvement, Yun said the market is underperforming. “Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet,” he said. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth and to fully remove consumer fears, which would then revive the broader economy. Without a firm foundation for middle-class wealth recovery, the post-recession economic growth likely will be one of the weakest in U.S. history.”

Early information from a large annual consumer study to be released November 13, the 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows that first-time home buyers accounted for more than 45 percent of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29 percent of transactions in September.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said affordability conditions remain historically high. “Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market,” he said.

“Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average,” McMillan said.

Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply2 at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

“The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06 percent in September from 5.19 percent in August; the rate was 6.04 percent in September 2008.

The national median existing-home price3 for all housing types was $174,900 in September, which is 8.5 percent lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales rose 9.4 percent to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7 percent above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1 percent below a year ago.

Existing condominium and co-op sales jumped 9.7 percent to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 21.2 percent above the 561,000-unit pace a year ago. The median existing condo price4 was $175,100 in September, down 11.7 percent from September 2008.

Regionally, existing-home sales in the Northeast increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price in the Northeast was $234,700, down 7.0 percent from a year ago.

Existing-home sales in the Midwest jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price in the Midwest was $147,600, which is 1.0 percent below September 2008.

In the South, existing-home sales rose 9.0 percent to an annual level of 2.06 million in September and are 10.8 percent higher than September 2008. The median price in the South was $153,500, down 7.6 percent from a year ago.

Existing-home sales in the West surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000, which is 15.0 percent below September 2008.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #

NOTE: NAR also reports monthly comparisons of existing single-family home sales and median prices for select metropolitan statistical areas, and is posted with other tables at: http://www.realtor.org/research/research/ehsdata. For information on areas not included in the report, please contact the local association of Realtors®.

1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 to 90 percent of total home sales, are based on a much larger sample – more than 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2Total inventory and month’s supply data are available back through 1999, while single-family inventory and month’s supply are available back to 1982.

3The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if more data is received than was originally reported.

4Because there is a concentration of condos in high-cost metro areas, the national median condo price generally is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for October will be released November 23. The next Pending Home Sales Index is scheduled for November 2. NAR’s quarterly report on metro area home prices and state home sales is on November 10; release times are 10 a.m. EST.

REALTOR® Magazine-Daily News-NAR Lauds Extension of Higher Loan Limits

2009-10-30T15:45:00.000-07:00

REALTOR® Magazine-Daily News-NAR Lauds Extension of Higher Loan Limits

Home Buyer Credit extension is almost here

2009-10-30T15:41:00.000-07:00

In case you did not already know....

Members of the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.

Home buyers must be under contract by April 30, 2010, and close before July 1.

We should have a signed agreement next week so stay tuned....

Opening the floor for answers | MailTribune.com

2009-10-19T10:01:00.001-07:00

Opening the floor for answers | MailTribune.com

Posted using ShareThis

Medford event to help homeowners prevent foreclosure

2009-10-13T15:08:00.001-07:00

Medford event to help homeowners prevent foreclosure

Shared via AddThis

Slow Growth of Homes and Real Estate Sales in Ashland?

2009-10-04T10:45:00.000-07:00

According to recent article by Los Angeles Times, Peter Y. Hong (9/27/09)

"Over the next few decades, "We can expect a gradual rise [in home values], but not the bonanza we've become accustomed to between the end of World War II and 2006, and especially the last 20 years," says Robert Reich, public policy professor at UC Berkeley and U.S. Labor secretary in the Clinton administration.

The reasons cited for the change include the absence of pent-up demand that followed the Great Depression and World War II and the aging of the baby boomers who carried that housing demand forward, says housing consultant Thomas Lawler."

This opinion contradicts the National Association of Realtors general housing outlook which cites the increase in population due to birth rates and immigration are creating pent-up demand which is part of the recent surge in buyer activity.

Real Estate in Ashland & Medford is going to Improve?

2009-09-17T10:14:00.000-07:00

According to L. Yun, NAR's chief economist, "summer is not the only thing that has ended. The world-wide economic recession is also essentially over. Led by countries such as Brazil, India, and, in particular, China, the economies of the world are digging themselves out of that recessionary ditch."
The most important factor for those of you trying to "figure out" the real estate market locally in the Ashland and Medford area this means the number of home sales is going up (at least more than last year), inventory has slowly, but surely gone down in the last year, and home prices don't seem to be going down (at least not under $350k). In fact, in the bottom end of the price range, I have seen price wars and an increase in the property prices. Good news for those buyers who were not afraid to buy about 8 months ago.

Ashland and Medford Home & Real Estates Sales Information

2009-09-08T15:42:00.000-07:00

The Southern Oregon Multiple Listing service just released their July 1 to August 31 2009 statistics. Below are some of the highlights

Comparing the July 1 to Aug 31 2008 to the same time period in 2009, Overall the number of sales increased from 405 to 514 in Jackson County. In Ashland the number decreased from 69 to 65 sales, and in East Medford the number of sales increased from 122 to 138. West, SW, and NW Medford had an increase in the number of home sales from 67 to 125 sales.

The median sales price for Jackson County went from $255k to $185k, due mostly to the number of bank owned property sales under $100K. Inventory is down countywide from 2684to 2284 or 14%.

For more information go to the JacStats button on our website at www.ashlandprowest.com

Ashland and Medford Homes and Real Estate Sales Statistics

2009-09-01T16:09:00.000-07:00

Below are some of the recent statistics posted by the Southern Oregon Multiple Listing Service (Ashland & Medford Oregon area). These statistics compare July 2008 to July 2009:

The Months Supply of Inventory in all areas have gone down. Overall Jackson County's supply has gone down from over 14 months supply to 8 months supply. The number os homes for sale in Ashland has gone down from over 18 months to about 10 months supply. The number of homes for sale in East Medford has gone from 14.5 months to 8 months, and West Medford from 9 to 5 months. Good news for sellers.

Pending home sales in Ashland have gone up from 23 to 28 in this time period, East Medford declined from 47 to 46, West Medford increase from 27 to 52!!, and the county overall saw an increase from 155 to 201 sales which is approx. a 30% increase in the number of sales.

Housing Affordability Near Highest Level in 18 Years

2009-08-21T11:12:00.000-07:00

According to an article in RIS Media housing affordability continues to be near highest level in 18 Years. RIS media says "The HOI showed that 72.3% of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5% during the previous quarter and up from 55.0% during the second quarter of 2008."

Most experts equate the affordability to be related to low interest rates and the first time home buyer's credit of $8000. I personally believe all of this is true based on my experience as an agent in Ashland and Medford area. In some cases, I am seeing home prices at their 2001 or 2002 price level.

Although inventory has come down in the last year, there are still many choices for buyer.

Read more: http://rismedia.com/2009-08-20/housing-affordability-continues-to-hover-near-highest-level-in-18-years/#ixzz0OqIwg4Hi

Boom Times Ahead for Ashland Real Estate?

2009-08-19T09:50:00.000-07:00

A recent Internet posting by RIS Media stated that "homeowners are more optimistic than ever about the future values of their homes, with 81% of homeowners believing their own homes’ values will not decline in the next six months- the highest percentage on record since the first quarterly Homeowner Confidence Survey, which was fielded in the second quarter of 2008. Meanwhile, only 19% of homeowners believe their own home will decrease in value over the next six months."
It is good news for all of us that the general public is no so down in the dumps as they were last year, but I not sure I fully agree. Homes are selling now because interest rates is great and the $8000 tax credit, but the credit will be gone soon and interest are sure to rise some.
I think that people are confident enough to be buying houses, but that prices will remain close to what there are now for the next year, and we won't see significant price increases for a few years.

Read more: http://rismedia.com/2009-08-18/optimism-grips-homeowners-81-think-homes-value-will-increase-or-stay-same-in-next-6-months/#ixzz0OeGrOcRi

Time is Running out - Buy a Home in Ashland, Now?

2009-08-15T08:05:00.000-07:00

A friendly reminder to all of you first time home buyers....The last day to purchase a house a get the first time home buyer credit of $8000 is November 30, 2009. That might seem like you still have time, but if you do the math, you will see it is not.
In order to close by Nov 30, you need to be in a signed contract no later than Oct. 15th, but that assumes there are no glitches or big repairs, and you actually close and buy the home. So really that means you need to be in contract by Oct 1st so if that house does not work out or there is a glitch, you can still make the Nov 30th dare.
But...that means all the other buyers are thinking the same thing and they will be rushing around to get a property in contract by Oct 1st so that really means you need to be in contract by Sept 15th.
Okay....Now you can see what I mean, time is running out. You really have less than one month. Call us today! 482-5590.

It is not a Buyer's Market any more in Ashland

2009-08-10T16:26:00.001-07:00

If you are not active in the real estate market, you might have missed something kind of big. It is not a buyer's market if you are trying to buy a home under $200,000. It is rare to find a home that has not gotten multiple offers or sold immediately if priced right.

We have about a 4 1/2 months supply of homes on the market in the Ashland, Medford area. A six months supply is an average market. More than that is a seller's market and less than that a buyer's market. This is the average. If you are a buyer right now in this price range, you already know this. How many homes have you written an offer on and did not "win"?

Also I am finding that many time the offer is for over the listed price!! It is almost like 2004-2005 in this price range.

Sorry to say, though, once you get over $300,000, this all changes....and if you are over $500,000...Well it is not much different than 2008.

The time to buy was 6 months ago. Sorry all of you that were waiting for the bottom. You missed it if you were looking under $200,000.

A home in Ashland Oregon for under $230,000? Yes, it's true

2009-08-03T17:44:00.000-07:00

Rick Harris/Krista Bolf, Principal Brokers | Coldwell Banker Pro West | 951-2323/944-2172

140 Lincoln Street, Ashland, OR

Charming Ashland Cottage with Potential!

3BR/1.5BA Single Family House

offered at $229,000

Year Built	1900
Sq Footage	1,120
Bedrooms	3
Bathrooms	1 full, 1 partial
Floors	2
Parking	None
Lot Size	.16 acres
HOA/Maint	$0 per month

DESCRIPTION

Charming Ashland Cottage with Potential! Turn of the Century home with classic covered porch, 3 bedrooms, 1 & 1-1/2 baths, updated eat-in kitchen, newer roof with skylight and large R-3 lot. One bedroom has an outside entry and has been used as a massage studio with 1/2 bath and bamboo flooring. The lot should take an extra unit--check with the City! Nice landscaping, close-in neighborhood, and great future potential too. Opportunity is Knocking!

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Hardwood floor
- Tile floor	- Living room	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Rick Harris/Krista Bolf, Principal Brokers

Coldwell Banker Pro West

951-2323/944-2172

For sale by agent/broker

Equal Opportunity Housing

Posted: Jul 30, 2009, 12:11pm PDT

One of Ashland Coldwell Banker's Agents named Realtor of the Year

2009-07-21T17:47:00.000-07:00

Krista Bolf, one of our brokers, was recently named by her peers as Realtor of the Year. You can view the Mail Tribune article here. Ashland Coldwell Banker has 7 brokers with an average of over 11 years in the business. This office values their customers and ethics. Stop by today and say hi.

Ashland and Medford Home Sales for first 1/2 of 2009

2009-07-12T17:11:00.000-07:00

Existing home sales are up from 613 to 749 when you compare the first half of 2008 to first half of 2009. New home sales were down from 124 to 53, but this is mainly due to the lack of new homes being built.

Total number of sale for both existing home sales in the Ashland/Medford metro area is up from 737 to 802.

For more information contact info@ashlandprowest.com

Ashland Home Sales Looking Up!

2009-07-12T16:58:00.001-07:00

This chart shows the number of home sales in Ashland in the last 13 months. Sales for the last 3 months of 2009 (Apr-Jun) compared to the same time period in 2008 have increased, but this chart does not show this information.

Sales prices remain down, but the number of sales is up!

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REALTOR® Magazine-Daily News-NAR Lauds Extension of Higher Loan Limits

Home Buyer Credit extension is almost here

Opening the floor for answers | MailTribune.com

Medford event to help homeowners prevent foreclosure

Slow Growth of Homes and Real Estate Sales in Ashland?

Real Estate in Ashland & Medford is going to Improve?

Ashland and Medford Home & Real Estates Sales Information

Ashland and Medford Homes and Real Estate Sales Statistics

Housing Affordability Near Highest Level in 18 Years

Boom Times Ahead for Ashland Real Estate?

Time is Running out - Buy a Home in Ashland, Now?

It is not a Buyer's Market any more in Ashland

A home in Ashland Oregon for under $230,000? Yes, it's true

One of Ashland Coldwell Banker's Agents named Realtor of the Year

Ashland and Medford Home Sales for first 1/2 of 2009

Ashland Home Sales Looking Up!