New Listing! $179000 4584 AVALON ST Eugene Oregon 97402

Lovingly cared for, move-in ready and waiting for you… this 3-Bedroom, 2-Bath beauty boasts a freshly painted interior with some updates! There are vinyl windows, a large Family room open to the Kitchen, a 2nd Bath off the Master Bedroom with Shower over Tub, a Large Patio for extended living outdoors, an oversized 2-Car Garage, a Rose Garden plus a securely fenced & landscaped yard. The perfect home for family living.. you are going to love this one! Come see! More info and pictures – http://www.oip.net/listing.shtml?propid=10051329&source=unknown

New Listing!!! University Area! Ideal for Students! $249,900

Ideal home for students! Great separation and bath on both levels. Nice view and privacy! College hill neighbors and close to campus, bus, and shopping. Arched Dooways, Coved Ceilings, Hardwood Floors, Pellet Stove, Some Vinyl Windows, Privacy! More Pictures and Info http://www.oip.net/listing.shtml?propid=10046426&source=unknown

January 2010 Multiple Listing Statistics for Lane County Oregon

Market Activity in the Greater Lane County continued to grow when comparing January 2010 with the same time in 2009. Closed sales rose 41.1% and pending sales were up 20.8%. New listings also increased 6.1%. Pending sales were also up 28.2% (232 v. 181) when comparing January 2010 with December 2009. However, closed sales fell 45.3% (134 v. 245) and new listings grew 73.2% (523 v. 302) driving Inventory in months to double digits for the first time since

April 2009. At the curernt month’s rate of sales, the 1,885 active residential listings would last approximately 14.1 months. Sale Prices - The average sale price for January 2010 increased 1.1% compared to January 2009. In addition, the median sale price rose 6.1%. See residential highlights table below. Furthermore, comparing January 2010 with December 2009, median sale price 2.1% (199,000 v. 194,900). However, average sale price decreased 1.9% (216,400 v. 220,600).

January Residential HighlightsMarket Activity in the GreaterLane County continued to growwhen comparing January 2010with the same time in 2009. Closedsales rose 41.1% and pending saleswere up 20.8%. New listings alsoincreased 6.1%.Pending sales were also up 28.2%(232 v. 181) when comparing January2010 with December 2009. However,closed sales fell 45.3% (134 v. 245)and new listings grew 73.2% (523 v.302) driving Inventory in months todouble digits for the first time sinceApril 2009.At the curernt month’s rate ofsales, the 1,885 active residentiallistings would last approximately14.1 months.Sale PricesThe average sale price for January2010 increased 1.1% compared toJanuary 2009. In addition, the mediansale price rose 6.1%. See residentialhighlights table below.Furthermore, comparing January2010 with December 2009, mediansale price 2.1% (199,000 v. 194,900).However, average sale price decreased1.9% (216,400 v. 220,600).

New Listing! 185 LYNNBROOK DR Eugene Oregon 97404 $179,850

185 LYNNBROOK DR Eugene Oregon 97404.  All the comforts of home, this 3-bedroom Rancher has updated lighting & fixtures, new counters, new interior & exterior paint, vinyl windows, a large bath that is accessible from the hallway & the kitchen, a large covered deck off the family room plus a 10×14 lockable Storage Shed. In move-in condition and in popular Santa Clara..this refreshed Rancher offers all the comforts of home. Come see!

More Pictures
http://www.oip.net/listing.shtml?propid=10012400&source=unknown

Please let me know if you have any questions
Thanks

Tom Kruse , GRI,CRS
Broker
Oregon Equity Real Estate
E-Mail: tom@tomsells.com
http://www.tomsells.com
(541) 729-0047
http://www.oregonequityrealestate.com/

Yes, there is a ‘retail’ real estate market

During the past half a year or so Stimulus Checks have played a major role
in our closed sales.  In researching the market for buyers, I've been
looking for 'great deals' because they are motivated by the prices of "Short
Sales" and "Foreclosed" (Bank Owned) properties.  As we look at homes that
would be suitable for the family, we gradually give up (usually) and look at
some places that are owned by real people that need to sell in this market.
Why??  It is the desirability factor.  With rare exception, homes with
problems are out of reach of the ordinary buyer.  The average family lacks
the skills, patience, and funds necessary to purchase a place that has been
"given away to the Bank" or is languishing in the "Short Sale Process".
(Short Sales can take months and even years to get to the close of escrow)

When looking for comparable sales for Sellers and Buyers I notice the closed
properties are for the most part sold by individual families.  I don't have
an accurate way of presenting this, but estimate approx 80-85% of the closed
sales are not Short Sales or Bank Owned Places.

In summary; most buyers are buying because they will get a check ($8000 or
$6500) from our Government.  They want a place they can move right into with
only minor changes.  Your house and mine, (homes that are well loved and
cared for), are filling this need in most circumstances.  The bargain
basement places are going to investors, who can hold them and wait for the
market to rise, or to people who are "in the trades" and can use their
skills to make the (usually dilapidated places) homey again.

My 'most important thought' is that now is the best time to sell a smaller
and less expensive home and"move-up".  The higher priced homes have come
down in price way more.

Interest rates are Phenomenal (approximately 5%).   The rates may stay low
for a while, but the likelihood of them rising is real.  The Appraisal and
Loan Processing fees for getting a mortggage are going to rise this Spring
also.  (Government Regulation and Examination Costs)

Loyd H. Tom Kruse  Broker, CRS
Oregon Equity Real Estate
www.tomsells.com
541 729-0047
tom@tomsells.com

FHA ANNOUNCES POLICY CHANGES TO ADDRESS RISK AND STRENGTHEN FINANCES

Yet more reasons why buyers on the fence should jump off!

Last Wednesday the Federal Housing Administration announced a set of policy changes, which are aimed at strengthening their capital reserves and managing their risk. There are three primary changes that you should be aware of, some of which may affect a borrower’s ability to qualify for an FHA loan. Here is a brief outline of the new changes: The Up-Front Mortgage Insurance Premium will go up to 2.25%, which is 50 bps higher than the current fee of 1.75%. For new borrowers with a FICO score of less than 580, the new down payment requirement will be 10%. Borrowers with a 580 or higher FICO will still be able to put just 3.5% down. Allowable seller concessions will be reduced from 6% to 3%. The press release did not specify an exact date that these changes would take place, but it did say that the increased MIP will go into effect in the Spring and the changes to the FICO/down payment and seller concessions will go into effect in the early Summer. At first glance this announcement may seem like just another restriction placed on the industry, which could seriously hinder both real estate agents and loan officers. While there’s no doubt that this will knock some potential buyers out of the market, it will not be a major hit. Most buyers have a higher than 580 FICO score, so the down payment increase will not affect the majority of potential FHA borrowers. Also, the decrease in seller concessions can be offset by financing the MIP into the loan amount, not buying the rate down as far or closing closer to the end of the month. You can also read the official press release on the HUD.gov website.

Information on 2010 First Time Home Buyer Tax Credit

The Worker, Homeownership and Business Assistance Act of 2009 was signed into law November 6, 2009.

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. This new law extends and expands the first-time homebuyer credit allowed by previous legislation. Here are key points the IRS wants you to know about the expanded credit and the qualifications you must meet in order to qualify for it.

1. You must buy – or enter into a binding contract to buy a principal residence – on or before April 30, 2010.

2. If you enter into a binding contract by April 30, 2010 you must close on the home on or before June 30, 2010.

3. For qualifying purchases in 2010, you will have the option of claiming the credit on either your 2009 or 2010 return.

4. A long-time resident of the same home can now qualify for a reduced credit. You can qualify for the credit if you’ve lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the new home is purchased and the settlement date is after November 6, 2009.

5. The maximum credit for long-time residents is $6,500. However, married individuals filing separately are limited to $3,250. The maximum credit for first-time homeowners is $8,000 (up to $4,000 for married filing separately).

6. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after November 6, 2009. The full credit is available to taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers.

7. The IRS will issue a revised Form 5405 to claim this credit on 2009 tax returns. The revised form must be used for homes purchased after November 6, 2009 – whether the credit is claimed for 2008 or for 2009 – and for all home purchases that are claimed on 2009 returns.

8. Homebuyers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return. For homes purchased in 2009 there is an option to take the credit on an original or amended 2008 tax return.

9. The new law includes documentation requirements. See revised Form 5405 for details.

10. No credit is available if the purchase price of the home exceeds $800,000.

11. The purchaser must be at least 18 years old on the date of purchase. For a married couple, only one spouse must meet this age requirement.

12. A dependent is not eligible to claim the credit.

IRS encourages all eligible homebuyers to take advantage of the First-Time Homebuyer

Credit but at the same time cautions taxpayers to avoid schemes that help ineligible

people file false claims for the credit.

Visit IRS.gov/recovery for more details on the First-Time Homebuyer Credit. Forms are

available on www.irs.gov or by calling the IRS at 1-800-829-3676.

IRSDepartment of the TreasuryInternal Revenue ServicePublication 4819 (12-2009)Catalog Number 54www.irs.gov235N

Internal Revenue Service

Important Information About

The First-Time Homebuyer Credit