Stimulus Plan to Give $15,000 to Home Buyers

If record-low interest rates and an abundant supply of houses on the Portland market weren’t enough to make you eager to start looking for a new home, the Senate yesterday passed a proposed economic stimulus package that includes $15,000 for home buyers purchasing within the year.

The plan would give a tax credit of $15,000 (or 10% of the home’s purchase price, whichever is lower) and applies to all buyers – not just those purchasing their first homes. The Senate plan has no income limits and, unlike the tax credit passed last summer as part of the Housing Recovery Act, does not have to be repaid.

At the same time, mortgage interest rates are expected by many to fall to 4.5% in the coming months.

Is a sizable tax credit combined with a rock-bottom interest rates and unprecedented selection enough spark stagnant sales? Or are potential buyers going to continue to wait, believing that our market has not yet hit bottom?

Current home prices in Portland metro area are down 17% from their peak. Houses in the local market usually sell quickly when priced at 80% of their peak price.

Home buyers waiting for the real estate market to hit bottom will inevitably be caught making their purchase as house prices are on the rise. There may never be a better time to find the home of your dreams….

Top 10 Ways to Make Home Buyers Hate Your House

Even though home buyers are all looking for something different, the majority will turn around and walk back out your door if they notice one or more of these problems:

1. Odors
If you smoke indoors or have pets your house might smell bad, even if you don’t notice it. Ask a friend or neighbor who doesn’t live there to take a whiff… and don’t get angry when they tell you the truth.

2. Dirty Bathrooms
Scrub them, paint them, buy a new shower curtain, rugs and towels–do what it takes to make them shine!

3. Dimly Lit Rooms
Replace dim light fixtures, remove heavy drapes, repaint some rooms with light colors and clean your windows inside and out to bring in more light.

4. A House Full of Busy Wallpaper
Don’t paint over it, because it will be obvious that you did… and ultimately make removal even more difficult.

5. Damp Basements
Most are not due to faulty foundations but occur when rainwater is not diverted away from the house. Prevention can be surprisingly inexpensive.

6. Dogs that Meet You at the Door
Dogs frighten some people and irritate others. Remove pets during showings if possible.

7. Bugs
There are many natural products that can help safely and effectively get rid of insects.

8. Gutters with Plants Growing in Them
Make buyers wonder what else hasn’t been maintained and can contribute to a leaky basement.

9. Sellers Who Hang Around for Showings
Home buyers feel awkward about opening closet doors and lingering for a really good look at the house if the seller is home. Give them their space!

10. Poor Curb Appeal
See above…

Solar Panels

Believe it or not… Portland is a great city for solar panels!

Solar Oregon is a non-profit organization promoting and supporting solar energy.  Solar Oregon offers free workshops to provide basic solar power knowledge and educate the public on the current financial incentives that are available.  These workshops are a great starting point for anyone interested in learning more about this progressive energy option.

Landscaping and Curb Appeal