JC Jones Blog

Many top economists are saying the crisis will end in the second half of 2008.   However;”The Donald” (Donald Trump) said in an interview in early November “now and over the next six months is the time to buy”.  He had said to stay away from buying in ‘04 and ‘05, but now is the time. 

 My own belief for Southern Oregon is we are near the bottom.  A tip:  you will never know when the bottom is until you are past it and prices have gone up and inventory has shrunk.  I have had clients over the years who have said ” I should have bought back in____ and now it’s too late”.  If you want to be a homeowner, now is the time to look and when you find the home for your family in your price range; it’s time to act!  What do you think?

A. The best thing to do is call a mortgage lender (shop at least two!) to know how big a mortgage you can handle. A mortgage amount is based on your monthly earnings less debt that takes over ten months to pay off. Most lenders will lend so your payment is 34% of that amount. Some lenders can make the loan higher if your credit, job history and debt is very good.

A. To get the best interest rate, 20% down payment is often needed, but at today’s low rates, even a low down loan can have affordable rates. Your loan type determines the minimum amount necessary to put down. A typical Conventional Loan will need 20% down, a typical FHA Loan requires 3%. Both of these loans will have closing costs, and may have “points” (one point is 1% of the loan amount). A typical VA Loan requires 0 down, with the seller paying closing costs. There are over 100 different types of loans with different terms; a lender will help you find the right one for your situation

A. YES. (Unless you have well over 30% down payment). Your eventual offer will be stronger if you already have an approval and know what your loan amount and terms will be.

A. That depends on several factors, your rate of interest, property taxes, and your insurance premiums. Currently the common mortgage rate is 7.25% which is just under $7.00 per thousand dollars of loan. Example: $100,000 mortgage will be $682.18 a month for a 30 year loan. Your yearly tax can be included as well as your insurance, (it’s called PITI for Principal, Interest, Taxes and Insurance).

A. The home should have a whole house inspection, and/or pest & dry rot report. An appraisal insures you and the lender the property is worth the price.

A. Most communities have websites, which have school information. Our own web site, c21jcjones.com, has links to schools and other community and recreation sites. Just click on “about the area”

A. Like questions about schools, you can check community and/or police web sites. Dave Daniel, our own Josephine County Sheriff, indicated that while we (like nearly all other communities) have some property crime; violent crime is quite low. This is a safe community to raise a family or retire.

A. Average cost for electricity, gas and wood heat varies greatly based on where the home is sited, number of windows, insulation, square footage, and type of heat as well as individual lifestyle. In our area, Pacific Power can provide a history of electrical costs for a particular property.

A. Price is often negotiable. The only way to know is to write an offer at a price acceptable to you. There will always be some motivation behind the Seller’s decision to sell their property, and they may or may not show flexibility. But, a good Realtor will make every effort to place the home on the market with a price that is competitive and priced to attract buyers.