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Average Fixer-Upper Saves Buyers Just 8% For Renovations

canstockphoto29690433 fixer upperThe median fixer-upper would save buyers only $11,000

By Jeff Sorg, OnlineEd Blog

(September 1, 2016) – Fixer uppers are appealing to some who think they can make a sizeable savings or profit with a flip, but according to a recent report by Zillow Digs® the average 8% discount these buyers save on price might not even cover necessary renovation costs. The median fixer-upper would save buyers only $11,000 for renovations, the report says.

Zillow Digs analyzed nearly 70,000 listings for fixer-uppers from around the country to see how their list prices compared to their estimated values. If renovation costs exceed the home’s discount, then it may be more cost-effective to buy a similar home that doesn’t require renovations. Fixer-uppers were identified based on listing description keywords that signaled the home needs work, like “TLC,” “good bones” and “fixer-upper.”

“Fixer-uppers can be a great deal, and they allow buyers to incorporate their personal style into a home while renovating, but it’s still a good idea to do the math before making the leap,” says Svenja Gudell, Zillow chief economist. “While an 8 percent discount or $11,000 in upfront savings on a fixer-upper is certainly a good chunk of change, it likely won’t be enough to cover a kitchen remodel, let alone structural updates like a new roof or plumbing, which many of these properties may require.”

[Source: Zillow]

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Zillow and Zillow.com are registered trademarks of Zillow, Inc.

For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

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How To Get An Oregon Principal Broker License When Licensed In Another State

Oregon

Oregon

 (Jeff Sorg, OnlineEd® – Portland, OR) If you have a real estate license in any other state and want to become an Oregon principal broker, you will need to meet the following qualifications and requirements. The Oregon principal broker license is the license given to supervise other Oregon real estate licensees or to those who don’t wish to be supervised. Note that Oregon has a real estate broker license and a real estate principal broker license. Oregon does not have a real estate salesperson license. In states having broker and salesperson licenses, Oregon’s principal broker license will be equivalent to the real estate broker license.

 

Qualifications

  1. Principal broker applicants must have three years of active licensed real estate experience: Out-of-state experience must be verified by a certified licensing history document, dated within the past year, from the state agency responsible for licensing real estate persons in that state and must show the actual period of time the out-of-state license was active. If an applicant does not meet any of the standard experience requirement options for principal broker licensing but has other real estate-related experience and/or education, a waiver of the required experience may be requested from the Oregon Real Estate Board;
  2. Be at least 18 years of age; and
  3. Have a high school diploma or equivalent.

If you meet the above qualifications you must complete the following steps :

  • Enroll in the OnlineEd® Oregon Real Estate Agency approved 150-hour Oregon Real Estate Broker Pre-License Course;
  • Make application for your Oregon license through the Oregon Real Estate Agency’s online license application and management system; pay the $230 license fee; and submit a certified license history from the state holding your active real estate license.
  • Complete your Real Estate Broker pre-license course;
  • Enroll in the OnlineEd® Oregon Real Estate Agency Approved 40-hour Brokerage Administration and Sales Supervision (“BASS”) course, aka: The Principal Broker Course;
  •  Confirm with OnlineEd® that application for your license has been made by providing us with the applicant ID number given by the Oregon Real Estate Agency when they acknowledged your application;
  • Complete the BASS course;
  • Receive acknowledgement from OnlineEd® that you have been made eligible with the exam proctor for the principal broker licensing exam;
  • Register and pay for the principal broker license exam through the exam proctor’s web site or by telephone;
  • At the exam site, pay for and submit fingerprints for a background check;
  • When your background check is cleared, choose to work for another principal broker or on your own. If on your own, under your own name, log into the license management system and select “Operate Under my Own License” and complete the process. If on your own, under a registered business name, log in and select “Registered Business Name Application,” complete the process and pay the fee. If working for another principal broker, that principal broker will need to log in to the license management system and associate you with his/her business.

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  OnlineEd® is Oregon Real Estate Agency approved provider number 1038 and an Oregon licensed vocational school offering real estate, mortgage, contractor, and insurance licensing and continuing education courses.

For more information about OnlineEd®, please visit www.OnlineEd.com or telephone 503.670.9278