The Price of Real-Estate Experience: About $25,000 –

Interesting article… Does it pay to have a more experienced agent?

Home for sale

Posted on October 2, 2013 at 11:44 am
Dempsey and Phelps | Category: Bend Homes, Buying a Home, Home Sales, Real Estate | Tagged , , , , , , , , , , , , , , , , ,

Sales Prices On the RISE!

Check out this latest news! According to the Bratton report this month, median sales prices have increased approximately 4% annually since 1997 until now. Despite the ups and downs in the market over the past few years, the average median sales price has continued to rise. We are now looking at a healthy and growing market!

Median Sales Prices

Posted on August 13, 2013 at 2:15 pm
Dempsey and Phelps | Category: Home Sales, Local News, Real Estate | Tagged , , , , , , ,

Survey Reveals 5 Home Buying Myths

We are often surprised about the mix up between an appraisal and an inspection as noted below.

Amplify’d from

Overall, today’s home buyers tend to be fairly knowledgeable about the real estate market, but there are still a few points of confusion in the process, a new survey by Zillow of 1,000 potential home buyers finds. 

Here are the five main areas of confusion the survey revealed: 

  • Appreciation: About 42 percent of home buyers believe home values will appreciate by 7 percent a year. Reality: Historically, home values in a normal market appreciate by 2 to 5 percent in a year. 
  • Mortgage insurance: 41 percent of buyers think they will have to purchase private mortgage insurance, regardless of the amount of their downpayment. Reality: Buyers only need to purchase PMI if their downpayment is less than 20 percent of the home’s purchase price.
  • Appraisals: 56 percent of the buyers said the purpose of the appraisal was to determine if a home was in good condition. Reality: That’s the purpose of a home inspection; an appraisal estimates fair market value. 
  • Home owner’s insurance: 37 percent of home buyers said that buying home owner’s insurance is optional. Reality: Lenders require homebuyers to purchase homeowner’s insurance. 
  • Ownership: 47 percent of home buyers said a prospective buyer owns a home after the purchase contract is signed. Reality: The purchase and sales agreement is the beginning of the closing phase, but it can be a long process until they finally take ownership. 



Posted on November 4, 2011 at 3:35 pm
Dempsey and Phelps | Category: Real Estate | Tagged , , , ,

Is This Really a Buyer’s Market?

In certain price ranges, especially under $200,000, we are experiencing a Seller’s market. Part of the problem, is the shortage of available homes to buy. A good home, properly priced, will receive multiple offers and that drives the pricing.

With falling home prices and higher inventories, most of the public views real estate as a “buyer’s market,” in which buyers hold more of the control and sellers will more eagerly accept lower offers just to sell.
Not so fast, say buyers and sellers. More buyers are finding the sellers in the driver’s seat.
Buyer Young Hammack gave up looking for homes for a while after being outbid on three properties in California. “It’s a false buyer’s market,” Hammack says. “If you think prices are cheap, wait until you start putting offers in.”
Many sellers may be unable or unwilling to lower their home prices mostly because they may be underwater on their mortgage so buyers are increasingly finding lower offers than list price denied. Buyers, on the other hand, may be reluctant to agree to a deal if they don’t feel like they are getting it at a deep discount, industry insiders say.
Traditional buyers also are finding even buying a foreclosure can be difficult as they’re increasingly outbid by investors who are willing to pay cash.
“There’s a shortage of attractive inventory,” says Glenn Kelman, chief executive of Redfin Corp. “Customers just keep getting outbid on the houses that they want.”
Real estate professional Steve Capen with Keller Williams Realty in St. Petersburg, Fla., says that the homes most in demand among buyers often don’t require much repair work and are located in good school districts and choice neighborhoods near transit hubs.
“What’s selling is the cream of the crop, and they sell fast,” Capen says. “If it’s not cream of the crop, it’s getting hammered.”



Posted on April 30, 2011 at 8:39 am
Dempsey and Phelps | Category: Real Estate | Tagged , , , ,

Real Estate Prices Are Falling, Trulia Claims is an online real estate portal that monitors the average price of homes across the country.
For the fourth consecutive month, price reductions have increased for home listings currently on the market in the United States. The reductions are now at an all-time high of 27 percent, according to
The record-high reductions amount to more than $30.7 billion nationwide. In a press release, Trulia concludes that there has been “a continual and dramatic price reduction increase in many cities that began in June 2010.”
Anxious sellers, watching prices decrease, have gotten aggressive in their pricing. “We would normally expect to see a seasonal uptick in price reductions between June and October, as motivated sellers whose homes are still on the market after the summer selling season aggressively cut prices in an effort to get their homes sold before the holidays,” said Tara-Nicholle Nelson, consumer educator,
This is like Christmas coming early for buyers who are hoping to capitalize on a bargain-buy before the year’s end. “Comparatively speaking, we’ve found that seasonal considerations combined with a lack of urgency on the part of would-be buyers and continued job market doldrums nationwide have led to more significant reductions during this time period than during the same time frame in 2009,” said Tara-Nicholle.
Low interest rates and great deals on houses is making this an ideal time for some buyers to purchase a home. However, while buyers may think it’s “their” market, it’s important to remember that if you’re an ill-prepared buyer, you could lose the deal of a lifetime and the home you really want.


Posted on November 17, 2010 at 7:00 am
Dempsey and Phelps | Category: Real Estate | Tagged , , , , ,

Foreclosure Limbo Grinds Down Potential Homebuyers

Distressed properties in Bend are running about 30% of available homes. But sales for October represented 55% of sales, and inventory is dropping.

RISMEDIA, November 9, 2010—(MCT)—Josh and Tayla Thomforde thought they had a deal to buy a three-bedroom house with a fenced-in backyard and room for their family to grow. But the nation’s latest foreclosure quagmire scuttled their plans.
Three days before closing on their first home, they learned that the house was being taken off the market. The house is a foreclosure, and banks are suspending or at least slowing down foreclosure sales as regulators examine whether banks filed foreclosure documents without confirming their content.
Now Tayla and Josh aren’t sure what they’ll do when their apartment lease runs out at the end of November. “We’re a little discouraged,” Tayla said. “All the homes in our price range were foreclosures.”
Measuring the consequences of the foreclosure limbo is difficult at this juncture. Although the banks paint it as a temporary, paperwork glitch, no one is sure how long it will last or how many home sales will be affected. Meanwhile, the pause is upending plans of potential buyers like the Thomfordes and adding another layer of anxiety to the still-fragile real estate market.
“Everybody wants to know, can we believe the banks, and the problem is something they can handle, or is this something that’s going to mushroom and become the next big crisis?” said Bill McConnell, a mortgage consultant with Cunningham & Co. and a board member of the Charlotte Regional Mortgage Lenders Association. “Even if it’s not a huge problem, the ripple effect is significant.”
Housing industry groups estimate that foreclosure sales now account for 25-30% of home sales.
“We’re going to see a sharp drop in October home sales as a result of foreclosure sales being put on hold,” said Guy Cecala, publisher of Inside Mortgage Finance. “And as you know, we’re already at anemic levels.”
The pause in foreclosure sales will be especially hard on first-time home buyers, who are the most likely to purchase foreclosure properties, Cecala said. “And basically, first-time home buyers are the No. 1 buyers you need for a recovery,” he said.
Twenty-three percent of Realtors say they have at least one client who is no longer interested in purchasing a foreclosure, according to a survey this month by the National Association of Realtors.
“The housing crisis is not over,” said Rochdale Securities analyst Dick Bove. “It has been extended.”
But Sam Barnett, at Barnett Real Estate in Charlotte, said he doesn’t think the foreclosure delays will have much effect on the market. “There are tons and tons of foreclosures,” Barnett said. “So the fact that there’s not any more coming on the market wouldn’t make a whole lot of difference.”
Regardless of the foreclosure freeze and its effects, parts of the nation, including Mecklenburg County, will still have a record number of foreclosures this year. A foreclosure sale is when a house is actually repossessed and the borrower has to leave; there are many more foreclosure starts, where the bank files initial paperwork to begin the foreclosure process.
Banks are still proceeding with foreclosure filings, though some have put a pause on final sales. Ally, JPMorgan Chase, Wells Fargo and Bank of America are among the banks that have stopped or at least slowed foreclosure sales in the past month as they resubmit documents and tighten controls on their foreclosure processes.
Attorneys general in all 50 states are also probing their practices. The banks maintain that no one has been wrongly foreclosed on, and that they foreclose on homes only as a last resort.
David Millsaps, the Thomfordes’ mortgage lender, said he knows of other families who wanted to buy foreclosed properties but lost out when the freezes were put in place. “We’ve been getting e-mails from Realtors who are saying, ‘We can’t close,’” said Millsaps, who works for New American Mortgage in Charlotte.
As an added problem, real estate lawyers are speculating whether the foreclosure freeze could hurt people who have already bought foreclosure properties, if the previous owners come back with a lawsuit saying the foreclosure wasn’t processed correctly.
A title insurance policy should help protect a buyer who finds himself in that situation, said G. Martin Hunter, a Charlotte attorney who represents borrowers in foreclosure cases. Title insurance is supposed to guarantee that the closing attorney made sure that the seller owned the title to the deed.
Cecala, at Inside Mortgage Finance, said it’s difficult to predict how long the foreclosure-documents controversy will persist. Federal regulators and the White House could decide to give the banks a measure of liability protection as they redo paperwork, to prevent the foreclosure freeze from dragging on and crippling the housing market. Things might also calm down after the midterm elections, he said.
“It’s certainly delayed things for the past two or three weeks,” Cecala said. “Now, is it going to be much more than that? The mortgage industry will tell you no. The lawyers will say, ‘This is going to drag on as long as we can make money.’”
The Thomfordes, who were trying to buy their first house through a foreclosure sale, say they’re not angry, just frustrated. Foreclosure properties are some of the only houses they can afford, but they’re not comfortable looking at any more because of what happened with the house they were about to buy. The house, in the RiverGate community of Charlotte, had a tax value of about $140,000, but the Thomfordes had a contract to buy it for about $107,000, they said. It’s currently listed as “temporarily out of the market,” said Mitch Muller, their buyer’s agent at ProStead Realty.
The Thomfordes had made a to-do list of painting and home-repair projects for the house and were excited about moving. But they say they can’t wait forever to find out if it will come back on the market, especially with their lease running out. They’d saved carefully to pay for the appraisal and inspection and were worried they wouldn’t get the money back.
I don’t have a whole lot of wants,” said Tayla. “I just want a place where we can have people over, and for our daughter Astaire to play in the yard, and our family can come from out of town.”


Posted on November 9, 2010 at 3:02 pm
Dempsey and Phelps | Category: Real Estate | Tagged , , , ,

Buyers rush to beat FHA tightening

This could have a huge affect on buying power.

Buyers rush to beat FHA tightening

Homebuyers rushing to beat new FHA credit score and downpayment requirements may have helped push demand for purchase loans last week to their highest level since the expiration of the federal homebuyer tax credits, the Mortgage Bankers Association said in releasing its Weekly Mortgage Applications Survey.
Applications for purchase loans jumped a seasonally adjusted 9.3 percent during the week ending Oct. 1, thanks largely to a 17.2 percent increase in applications for FHA-backed loans, the MBA said. Applications for conventional loans were also up 3.6 percent from the previous week.
Under changes announced in July, FHA borrowers assigned case numbers after Oct. 4 will need a 580 FICO score in order to purchase a home with the minimum 3.5 percent downpayment.
Borrowers with scores between 500-579 must make downpayments of at least 10 percent to qualify for the government-backed mortgage insurance program, and those with scores below 500 won’t qualify for the program at all, HUD said in a Sept. 3 letter to lenders.
It was the second straight weekly increase in purchase applications, pushing demand to levels not seen since the first week in May. Purchase loan demand was still off 34.7 percent from the same time a year year ago, however.
Demand for refinancings was down 2.5 percent, with applications for refinancing accounting for 78.9 percent of total applications, down from 80.7 percent the previous week.


Posted on October 14, 2010 at 7:13 am
Dempsey and Phelps | Category: Real Estate | Tagged , , , ,

5 Things to Watch Out For When Buying a Home

Thought this was a great article, we agree these are important points!

Amplify’d from

dicePurchasing a home can be a complex endeavor for even the most well prepared home buyer.  You’ve diligently saved for your down payment, followed the market, researched agents and now you are ready to make an offer on your dream home.  Don’t let these 5 “Deal Breakers” come between you and your new home.

  1. Big Purchases on Credit. It is tempting to buy the furniture for your new home or a new car for the garage before the sale closes. Take care if you are making these purchases on credit. Large purchases on credit can have a major impact on your credit profile which effects your mortgage application. It’s a better plan to wait until after closing or pay cash for these transactions or you may be putting that furniture in a different living room than you originally picked them out for.

  1. Overpaying. Before your bank will approve your mortgage they will appraise the home you are purchasing.  If they feel you are overpaying they are likely to decline your mortgage application. If you find yourself in this situation consult with your agent on renegotiating your offer to be more in line with the bank’s appraised value.

  1. Purchasing too close to Foreclosure. If you are making an offer on a house which is facing foreclosure be sure to have a closing date set before the foreclosure date. Have your agent work with the lender to structure closing before the house goes back to the bank and into foreclosure.

  1. IRS liens. You’ve heard the old saying “Death and Taxes”.  Back taxes and liens can derail your attempts to get financing for a mortgage so be sure to have your books in order before filing your loan application.

  1. Comprehensive Loss Underwriting Exchange (CLUE). CLUE is a data base of insurance claims for both people and property.  Your home insurance rates are determined by the information about you and the property you plan to purchase which is contained in this report. Past claims for water damage, falling trees and even dog bites from present and past owners can multiply your insurance rates. Consult your agent about the CLUE report for your future home as soon as possible once your home purchase offer is accepted.

Posted on September 14, 2010 at 9:41 pm
Dempsey and Phelps | Category: Real Estate | Tagged , , , ,