You are not alone.  Short sales can be good deals, but require patience on your part.  You can anticipate waiting a minimum of four to six months for a response from the lien holders.  If the wait time is shorter than that, consider yourself lucky.  Once you get a response, usually it will be a counteroffer, increasing the purchase price.  If you are not in a hurry and do not mind waiting an additional month or three, then counter offer back at the price you are willing to pay.  We are seeing short sales being negotiated lower than the bank's initial counteroffer.  You have to have reasoning though... do not expect to get a $300,000 house for $225,000, without good solid evidence to support your price point, which involves several pages of…

From Regional Multiple Listing Service.

March Residential Highlights

While sales activity in Clark County showed decreases March 2001 compared to March 2010, sales activity increased when compared to the previous month of February 2011.  Inventory also decreased, reaching the lowest level for Clark County since June 2010.

Comparing March 2011 to March 2010 shows closed sales decreased by 13.9%.  Pending sales also fell by 15.3%, and new listings dropped 18.9%. 

Month-to-month, when comparing February 2011 with March 2011, closed sales grew from 274 to 390 (42.3%).  Additionally, pending sales increased from 408 to 563 (38%), and new listings went up from 705 to 769 (9.1%).

At the month's rate of sales, the 3,227 active residential listings…

Working mostly with buyer representation in the current market, we have been noticing several developing trends that are worth mentioning.

First of all, several listing agents of short sale properties are switching the listings to pending once an offer is accepted by a seller, even if the bank has not accepted the offer yet.  This trend is noticable in the chart below, where there are only a few short sale listings closing, while nearly double are currently pending sales.

Secondly, we continuously tell our buyer clients that bank owned homes are the best deals on the market.  Some of them can be real "fixers" but overall they are a good deal for buyers who are willing to see past the grime.  Not all are grimey - Fannie Mae owned homes tend to…

1.5 Acre Prime Developable Property for Sale

7006 NW 25th Avenue, Vancouver, Washington

Awesome 1.5 acre lot located on the only waterfront cul-de-sac peninsula in Vancouver, Washington.

Remodeled Interior Features:

• New heating system - energy efficient forced air heat pump for heating and air conditioning,
• New vinyl dual-paned windows,
• Re-finished hardwood floors;
• Freshly painted interior;
• Upgraded trim throughout home;

Kitchen Re-Done:

• New high-end cabinetry with dove-tail construction and self-closing drawers;
• Marble tile countertops;
• Stainless steel appliances;
• Kitchenaid Counter-depth side-by-side refrigerator;
• Fresh paint;
• Double-undermount sink overlooking the lake;
• Glass-front doors.

Open floorplan…

Reflecting back over the last several months in dealing with a hostile tenant, I felt it was important to share with home buyers out shopping right now.  The simple fact is that a hostile tenant does not want to leave and enjoys living in the home.

Top 12 List for Recognizing a Hostile Tenant 

1.  The tenant tells you about how the house has so many problems. 

2.  The tenant tells you how unsafe the neighborhood is.

3.  The tenant refuses to show the home to potential buyers/ does not answer their phone/ does not call you back.

4.  The tenant is purposely damaging the house or landscaping to make it unappealing to potential home buyers.

5.  The tenant tries to guilt-trip you into not buying the house, "because we've lived here for four years."

6. …

Beautiful Vancouver Heights Home for Sale

716 SE Sherley Court, Vancouver, Washington

Premier 0.52 acre lot located at end of quiet cul-de-sac. 

Entertainer's kitchen with:

• Granite slab countertops;
• Island with bar sink and breakfast bar seating;
• Built-in refrigerator;
• New solid oak cabinetry;
• Stainless steel appliances;
• Gas 5-burner cooktop; 
• Undermount sink;
• Double wall convection ovens;
• Built-in desk.

Gracious floorplan features: 

• 2,950 square feet all on one level;
• Attached 2 car garage;
• 4 oversized bedrooms plus bonus room;
• 3 bathrooms; 
• Gas forced air heating;
• Central air conditioning;
• Jetted tub;
• Dual sinks; 
• Utility room with sink, built-in cabinetry and…

The Regional Multiple Listing Service (RMLS) report, released monthly, is filled with statistics, sometimes a little unclear and only give part of the picture as to what is happening in real estate.  Real estate is very local and neighborhood-based, so understanding about different areas helps put the numbers into perspective.

A balanced market is 5-7 months of inventory. The Vancouver/ Clark County area is in a balanced market, holding steady month over month at 6.8 months of inventory on average for June 2010.  For this same time last year, in 2009, the average inventory was 7.9 months, and for 2010 so far, the average monthly inventory is 8.6 months. 

The biggest news for this month is that the average sold price jumped 9.8% from last…

The Regional Multiple Listing Service's Market Action Report for May 2010 was just released. 

The RMLS report is filled with statistics, sometimes a little unclear and only give part of the picture as to what is happening in real estate.  Real estate is very neighborhood-based, so understanding about different areas helps put the numbers into perspective.

A balanced market is 5-7 months of inventory. There still is a little while to go and depending on how this first time home buyer's tax credit and the vacation home buyer's tax credit plays out, with closings that we will see in the end of June, 2010. 

The Vancouver/ Clark County area is in a balanced market, holding steady month over month at 6.6 months of inventory on average for May 2010.  For…

The RMLS April 2010 Market Action Report was just released.
 
Inventory is approaching a more balanced market in the Portland area, a balanced market is 5-7 months of inventory, and it is now 7.3 months of inventory, down from 7.8 months in March and 12.9 months in February.   There still is a little while to go and depending on how this "perfect storm" of financial crises plays out, and Portland should be better by next year.
 
In the Vancouver area, we are still very much in a strong buyer's market with 6.6 months of inventory on average for April 2010.  For this same time last year, in 2009, the average inventory was 11.9 months, and for 2010 so far, the average monthly inventory is 9.5 months.  Real estate sales typically are at their highest in the…

The Regional Multiple Listing Service (RMLS) that serves Oregon and Southwest Washington releases a report every month about mid-way through the following month for the previous month.  On April 15, 2010, the March 2010 Market Action Report was released.

The data is pretty raw and does not specify what the monthly inventory is per area, just for the whole of Clark County, Washington.  Despite what happens with foreclosures and short sales real estate inventory tends to be cyclical, especially in the Pacific Northwest, where weather is a factor.  Buyers tend to be motivated to purchase in the spring and summer months, which is when prices tend to be higher and inventory lower.  For March 2010, the trend continues as inventory is down to 7.7 months from…