With the holidays approaching, sellers often wonder if they should keep their properties on the market or take them off? Or if they haven't listed their homes yet, should they wait until after the first of the year? Maybe hold off until spring?
Conventional wisdom used to be that you shouldn't even try to sell your home during the busy holiday season. Potential home buyers were too preoccupied with attending parties, cooking meals, buying presents or planning vacations. With all that going on, there just wasn't time to ride around with a real estate agent, looking at properties.
But with the Internet, smartphones, tablets and our always-on lifestyle, that conventional wisdom isn't relevant anymore. The reality is, the home buying season is now year-round. Here's why you should consider listing your home during the holidays, or even in January.
Today's buyers never stop looking online: Serious buyers are always looking -- and the holidays are no exception. They may check out the latest listings in a Zillow Mobile app before bed or while waiting for the kids' school holiday show to start. Our hectic lifestyles also play a role.
Many serious buyers today work hard. They don't shift into holiday mode until the last minute. Even during the holiday break, they're still squeezing in work. There's no such thing for them as "going off the grid." So why not continue to monitor real estate listings, too?
The inventory -- and the competition -- is usually lighter: Despite our always-on lifestyles, many sellers still believe buyers can't be bothered to look for a home between, say, Thanksgiving and Valentine's Day. At the same time, sellers who've had their homes on the market often take them off during the holidays. The net effect is that the inventory for good homes often tightens this time of year. So there's less competition for sellers, at a time when motivated buyers are out there looking -- and no doubt wishing there were more properties to see.
If you've been considering selling, are motivated, are flexible on timing and have a home that truly sparkles, after Thanksgiving there's still a window of several weeks to get buyers into your home before the end of the year. And those buyers flipping through listings at their kids' basketball game will be excited to see something new and awesome hit the market -- especially if there's a lack of good inventory in their area. These buyers will be motivated to see your home, regardless of what the calendar says.
Home not selling? Now's the time to lower the price or change your strategy: If your property has been on the market for months, most buyers and their agents will see it as stale or overpriced and disregard it no matter how great it is or how light the competition is. In that case, it's time to take action, and the year-end holidays can be a great opportunity to shift course. Dramatically reducing the price or overcoming some major obstacle that's been preventing the sale might be what's needed to sell your home.
If you received lower offers early on but weren't ready to accept them, or you keep hearing there are issues with how your property shows, this is a good time to show the market you're listening and are serious about selling. The motivated buyers, desperate for good inventory, will notice you and take a look. You might even get a sale closed before the end of the year.
Before you make any big changes, talk it over with your real estate agent, as always.
Don't want to be bothered during the holidays? List in January: Admittedly, the thought of keeping the house clean, holding open houses and vacating to accommodate last-minute showings during the holidays is a deal killer for some would-be sellers. If so, consider listing your property after New Year's Day.
Traditionally, not much inventory comes onto the market in January. It's cold in most places, the leaves are off the trees and landscaping is dead. Many sellers wait until the spring instead, a more conventional time to sell.
January inventory is still very tight. And yet, each January, buyers call up agents, wanting to get into the market. Often, new buyers -- with their fresh New Year's resolutions to stop wasting money on rent and buy a home -- are ready to jump into the market as soon as possible. Some buyers are motivated to search for a home in January because of year-end tax planning.
Whatever the buyers' motivation, for sellers it means one thing: Demand for homes can increase at a time when inventory is traditionally low. And that means if you're ready to sell, you'll have an even more "captive" audience during the holidays, all the way through January.
*courtesy of Zillow.com
Wednesday, December 4, 2013
Tuesday, November 26, 2013
HOME IMPROVEMENT PROJECTS FOR UNDER $500
These home improvement projects may not be the most expensive, but it doesn't make them less important. Often, projects that cost less than $500 involve work that maintains and protects a larger home system worth tens of thousands of dollars. Unfortunately, these projects are also the ones that are most commonly neglected by homeowners, who imagine that they have plenty of time to get things done. Don't assume that inexpensive projects lack urgency.
Here are our top picks for home improvement projects under $500:
Cleaning Services
You might think that you've done everything when you check off your spring cleaning list, but few people have the time and means to complete a truly comprehensive housecleaning schedule. While homeowners may be hard-wired to focus on dusting and interior surface cleaning, no component of housecleaning should be left unattended.
Home Repairs
One of the frustrating parts of homeownership is the consistent costs of basic home repairs. Renovations add something new, but repairs only return the home to its previous condition. While cleaning is as inevitable as it is expected, the need for repairs often occurs suddenly and, it seems, at the worst possible time. But you do yourself no favors by postponing these repairs.
Small Projects
Compared to fifty-grand kitchen remodels and bathroom additions, it's hard to imagine a $500 budget is enough to enhance the look or function of your home. But homeowners don't realize just how many small, around-the-house projects there are. This list is far from comprehensive, but it does include some classic home projects and a few, new tasks that are catching homeowners' attention.
*courtesy of AOL real estate
Here are our top picks for home improvement projects under $500:
Cleaning Services
You might think that you've done everything when you check off your spring cleaning list, but few people have the time and means to complete a truly comprehensive housecleaning schedule. While homeowners may be hard-wired to focus on dusting and interior surface cleaning, no component of housecleaning should be left unattended.
- Clean chimney or fireplace ($250-$350). The cleaning task most likely to get left off your list, chimney sweeping will prevent lethal, creosote-burning fires.
- Window cleaning ($200-$250). If you have easy-clean windows, go for it. Otherwise, use the pros to avoid injuries that can result from exterior window cleaning.
- Carpet cleaning ($200-$250). Rented carpet cleaning machines don't have the high- pressure steam needed to do this job right.
- Gutter cleaning ($150-$250). It takes more than throwing leaves down from a ladder to clean gutters. Pros will flush out downspouts and inspect the entire gutter system.
- Maid service ($150-$200). Whether you need help finishing a spring cleaning list or with weekly chores, a housekeeping service can give you time for other home projects.
Home Repairs
One of the frustrating parts of homeownership is the consistent costs of basic home repairs. Renovations add something new, but repairs only return the home to its previous condition. While cleaning is as inevitable as it is expected, the need for repairs often occurs suddenly and, it seems, at the worst possible time. But you do yourself no favors by postponing these repairs.
- Furnace or A/C repair ($300-$375). If you know something is ailing your system, you may get a discount if you call the pros during the off-season.
- Repair faucets, fixtures or pipes ($300-$400). No plumbing problem is minor. Leaks can cost you real money, needlessly waste water and create even bigger problems. (Find highly rated professional plumbers in your area.)
- Garage door repair ($225-300). Don't underestimate the urgency of this repair. Between energy costs and home security, a working garage door is a must.
- Carpet repair ($200-$300). Many homeowners leave carpet stains and burns on their carpet for years. Usually cut-and-plug carpet repairs are easier than you fear. (Find highly rated professional carpenters in your area.)
- Hire a handyman-$400-$500. If you have more than one simple home repair, hiring a handyman for the day is usually the most cost-effective and timely solution. (Find highly rated handymen in your area.)
Small Projects
Compared to fifty-grand kitchen remodels and bathroom additions, it's hard to imagine a $500 budget is enough to enhance the look or function of your home. But homeowners don't realize just how many small, around-the-house projects there are. This list is far from comprehensive, but it does include some classic home projects and a few, new tasks that are catching homeowners' attention.
- Install a TV wall mount ($350-$450). Don't worry that the otherwise perfect HDTV doesn't have the right mount. The pros can build you a custom wall mount.
- Install concealed wiring for home theater ($300-$400). You shouldn't have to look at unwieldy wires when you can hire a professional to hide them.
- Install garage door opener ($300-$400). With added convenience, better security and less noise, automatic openers have become a staple in U.S. homes.
- Install ceiling fan ($300-$400). This tried-and-true energy-saver still has teeth. Look for one that's properly designed for your needs and properly sized for your room.
- Install electrical switches, outlets or fixtures ($300-$400). You may need to take a look around the house to realize how much you can benefit from moving switches and adding outlets.
*courtesy of AOL real estate
Tuesday, November 19, 2013
BEAUTIFUL FALL FOLIAGE HOT SPOTS IN PORTLAND
Bird watchers and weather reporters, step aside.
Fall colors are peaking around Oregon, and Travel Lane County is tracking the best areas of vibrant foliage for the public to enjoy. Biologists, forest rangers, and “leaf peepers” have teamed up with Travel Lane to maintain the Oregon Fall Foliage blog and this beautiful Instagram feed throughout the season.
You can become a “leaf peeper” too! Between September and November, tip off the team at the Oregon Fall Foliage Hotline with the latest foliage updates.
1 (800) 547-5445 (Monday–Friday, 8am–5pm and weekends, 10am–6pm)
Tripsters can skim this list for the latest and greatest of the most stunning foliage throughout the state:
- Meander along the Mt. Hood Scenic Byway and enjoy the meadows, timbered slopes, and arrive in orchard haven in Hood River Valley (apple orchards, anyone?). Make a pit stop in the cozy town of Hood River, and then wind along the Historic Columbia River Gorge Scenic Highway to see the vibrant deciduous trees against native firs.
- Crystal-clear water meets colorful foliage at Crater Lake. Vibrant aspen trees are blushing throughout the area, while the water reflects the red glow of the flora waterline.
- Headed southwest? Twist along the Rogue River through Grants Pass and soak up towering horizons that are burning with layers of color.
- Head south along I-5, where golden and red-toned maples line the 60-miles of the McKenzie River. Travelers can get another nature fix in Eugene along the Willamette River via the Ruth Bascom Riverbank Trail System. Stroll, jog, bike – or simply swim in the array of fall foliage
*courtesy of Portland Monthly Magazine
Tuesday, November 12, 2013
'TIS THE SEASON TO SHOP FOR A NEW HOME!
Is the housing market still seasonal? The market has been so up and down recently that the answer can depend on whom you ask, and the market that you're talking about. But, historically, residential real estate sees a lull in the winter holiday season and beginning of the new year -- when everyone seems a bit crunched for time, not to mention money. And in most markets it doesn't pick up again until the end of January. There's a reason that data on home prices, mortgage rates, etc., are "seasonally adjusted."
There are compelling signs, though, that as 2013 winds to a close, serious home shoppers should ignore this convention and instead turn it to their advantage. Here are key things that prospective homebuyers might want to consider before putting their quest on winter hiatus.
Mortgage rates have fallen: Primary among the reasons to move now has been the fluctuation in mortgage rates. After having taken a sharp bump up in the late spring, as the housing market re-energized and demand for mortgages surged, mortgage rates have dropped for the second straight week. And at an average of 4.10 percent for a 30-year-fixed loan, they're at their lowest in six months. It might be true true that with the Federal Reserve apparently committed for the near term to keep interest rates low by buying bonds, that borrowers have some wiggle room. But there are other reasons not to delay.
The ceiling will drop on loan amounts: If you're seeking a government-backed mortgage -- as most mortgages are -- you're already restricted to getting a loan that's based on the median home prices in your desired area ($417,000 in most housing markets). And the acting head of the Federal Housing Finance Agency, Edward DeMarco, has announced that these limits will go lower next year. While DeMarco assured the public in October that the change wouldn't be sudden, and that financial markets would have at least six months to adjust, why would you want to wait until then? Home prices in the U.S., meanwhile, have continued to rise.
Loans might be tougher to qualify for, or at least require more paperwork: Starting in January 2014, in order to get a "qualified mortgage" -- a loan that's insured by the Federal Housing Administration, prospective homebuyers will have to make a stronger case for their credit-worthiness. Along with documents spelling out the terms of the loan, mortgage seekers will be supplying proof of current income and assets, credit history, and other debts. And then they'll have to prove that the annual amount of debt they carry is no more than 43 percent of annual income. The changes, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, also mandate that the loans carry a fixed-rate and be paid over a term not longer than 30 years.
Investors appear to have taken a breather: Those real estate speculators who were driving up housing prices, and swooping in to snatch away the bargains by making higher bids and cash offers, now seem less smitten with the residential market. A recent poll of investors found that only around 1 in 5 are still interested in buying more homes -- about half the number from a year ago. That means less competition.
Average homebuyers seem discouraged: Speaking of the competition, applications for new mortgages have been ebbing in recent months, along with consumer confidence. That should improve the chances of those willing to stay in the hunt, even if it means slogging through the winter weather.
Sellers might be more motivated: Just as it can show a bit more commitment to shop for a home in November and December, the same might be said for sellers, especially those who might be seeking a tax advantage by selling before the year is out, or who have grown impatient after seeing their properties fail to sell during the market's peak season.
What better time to see a home?: Sure, it might be a little tough to judge a house's curb appeal through the gloom and slush of late autumn and early winter, not to mention under the holiday lights and tinsel. But what better time to see what a home can stand up to?
It's true that there are some key areas that probably can't be inspected or tested if it's cold or snow is on the ground, such as air conditioning units (which could be damaged in operated at temperatures below 60 degrees) and in-ground sprinklers. On the other hand, it's a prime time to see how the heater works and how well-insulated the home is. Some other things that might be much more evident include: roof leaks, a basement that floods, pipes that freeze, and inadequate lighting. And how easy is it to get to and from the property during bad weather? If it's in a rural area, are you likely to get snowed in, see a road washed out or be trapped by a mudslide?
And as for those uninspectable areas: If you can't wait until the weather warms to have those checked, explore a contingency built into the contract that takes care of any possible repairs.
*courtesy of AOL real estate
There are compelling signs, though, that as 2013 winds to a close, serious home shoppers should ignore this convention and instead turn it to their advantage. Here are key things that prospective homebuyers might want to consider before putting their quest on winter hiatus.
Mortgage rates have fallen: Primary among the reasons to move now has been the fluctuation in mortgage rates. After having taken a sharp bump up in the late spring, as the housing market re-energized and demand for mortgages surged, mortgage rates have dropped for the second straight week. And at an average of 4.10 percent for a 30-year-fixed loan, they're at their lowest in six months. It might be true true that with the Federal Reserve apparently committed for the near term to keep interest rates low by buying bonds, that borrowers have some wiggle room. But there are other reasons not to delay.
The ceiling will drop on loan amounts: If you're seeking a government-backed mortgage -- as most mortgages are -- you're already restricted to getting a loan that's based on the median home prices in your desired area ($417,000 in most housing markets). And the acting head of the Federal Housing Finance Agency, Edward DeMarco, has announced that these limits will go lower next year. While DeMarco assured the public in October that the change wouldn't be sudden, and that financial markets would have at least six months to adjust, why would you want to wait until then? Home prices in the U.S., meanwhile, have continued to rise.
Loans might be tougher to qualify for, or at least require more paperwork: Starting in January 2014, in order to get a "qualified mortgage" -- a loan that's insured by the Federal Housing Administration, prospective homebuyers will have to make a stronger case for their credit-worthiness. Along with documents spelling out the terms of the loan, mortgage seekers will be supplying proof of current income and assets, credit history, and other debts. And then they'll have to prove that the annual amount of debt they carry is no more than 43 percent of annual income. The changes, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, also mandate that the loans carry a fixed-rate and be paid over a term not longer than 30 years.
Investors appear to have taken a breather: Those real estate speculators who were driving up housing prices, and swooping in to snatch away the bargains by making higher bids and cash offers, now seem less smitten with the residential market. A recent poll of investors found that only around 1 in 5 are still interested in buying more homes -- about half the number from a year ago. That means less competition.
Average homebuyers seem discouraged: Speaking of the competition, applications for new mortgages have been ebbing in recent months, along with consumer confidence. That should improve the chances of those willing to stay in the hunt, even if it means slogging through the winter weather.
Sellers might be more motivated: Just as it can show a bit more commitment to shop for a home in November and December, the same might be said for sellers, especially those who might be seeking a tax advantage by selling before the year is out, or who have grown impatient after seeing their properties fail to sell during the market's peak season.
What better time to see a home?: Sure, it might be a little tough to judge a house's curb appeal through the gloom and slush of late autumn and early winter, not to mention under the holiday lights and tinsel. But what better time to see what a home can stand up to?
It's true that there are some key areas that probably can't be inspected or tested if it's cold or snow is on the ground, such as air conditioning units (which could be damaged in operated at temperatures below 60 degrees) and in-ground sprinklers. On the other hand, it's a prime time to see how the heater works and how well-insulated the home is. Some other things that might be much more evident include: roof leaks, a basement that floods, pipes that freeze, and inadequate lighting. And how easy is it to get to and from the property during bad weather? If it's in a rural area, are you likely to get snowed in, see a road washed out or be trapped by a mudslide?
And as for those uninspectable areas: If you can't wait until the weather warms to have those checked, explore a contingency built into the contract that takes care of any possible repairs.
*courtesy of AOL real estate
Wednesday, October 30, 2013
5 THINGS ALL HOMEBUYERS SHOULD KNOW
A house is the biggest asset that the majority of Americans will ever own. But while most of us delude ourselves into thinking that we actually know something about real estate, the truth is that few of us have any idea what we're talking about.
It's for this reason that I solicited the advice of several highly respected real estate professionals to help our readers navigate the process of both buying and selling their homes. What follows, in turn, are five things that most homebuyers should know, but don't.
1. When you buy a home, you're making two purchases
Of all the advice that I came across, this was probably the most insightful: "When you buy a home, you actually are making two purchases," Dave Ness of Denver's Thrive Real Estate Group told me. "You are buying the home, and you are buying the money to buy the home."
It's tempting for homeowners to think of a mortgage as an incidental expense. But the reality is that the loan itself may be the most significant piece of the transaction.
"For every 1% rise in interest rates, home prices must fall by 10% in order for you to maintain the same monthly mortgage payment," Ness says. "And at the end of the day, that's what matters, the monthly payment. So take advantage of low rates; they add much more buying power to your purchase than low prices."
2. Homes are like people -- they all have problems
This was a point multiple real estate professionals that I spoke with made. "All houses have issues," Hilary Bourassa of Portland's Oregon First Real Estate told me. "Some just have more than others."
The shock generally comes when prospective buyers get their inspection reports back. "Inspectors are professional pessimists, which is why we love them," Bourassa said. "But many issues only require simple and/or inexpensive fixes."
Along the same lines, Ness analogized the experience to "when someone knocks over the DJ table at a wedding and the music stops." All of a sudden, the bliss from going under contract goes away.
"Most inspection reports will be 40 to 50 pages long, and most inspectors will take close-up, HD photos of problems," Ness went on to note. "So while the actual listing shows gorgeous pictures of granite countertops, the inspection report will show awful pictures of a cracked driveway. By the end of the report you'll be thinking, 'This house is a total and complete lemon.'"
3. Your real estate agent is a partner, not a salesman
My industry sources were obviously biased on this point, but there's a lot of truth to what they said.
"Your Realtor should be focused on helping you find a great property, not selling you something," Bourassa advises. Before settling on one, she urges homebuyers to "interview at least a few in order to find the fight match."
The flipside of the coin is that you, too, are a partner in the relationship. And that means knowing and respecting the boundaries.
"Sometimes clients forget (particularly first-time buyers) that Realtors have other clients and lives outside of work," Ness says. The key is to make sure that both parties have a clear understanding of communication expectations.
"What is their normal response time? How much lead time do they need to arrange showings? What medium of communication is best -- text, call, email, or something else?" These are the types of questions that Ness encourages homebuyers and real estate agents to settle at the outset.
4. HGTV does not resemble reality
My wife and I love to watch cooking shows. We've watched so many, in fact, that we've deceived ourselves into believing that we could actually compete on them. Of course, given the opportunity, we would most certainly -- and I do mean "most certainly" -- crash and burn in the most humiliating fashion.
And the same can be said about the proliferation of "realty" television shows on real estate -- think HouseHunters, Flip That House, Holmes on Homes, Property Virgins, and Property Brothers, among others.
"The reality is, hundreds of hours or footage is shot and edited down to a 16-minute show (when you take out the Lowe's commercials)," Ness pointed out. "Yes, they're real buyers, but you don't see the half of it. So don't think you're going to waltz into your market and find the perfect house right away, beat out all the other offers, and then walk into the sunset with your significant other. Finding a home can be tough, and take time."
Ness' advice? "Gear up for the homebuying process. It's worth it, but it ain't Hollywood!"
5. Always think about resale
This final piece is something that all people buying assets should always keep in mind: At some point you're going to resell it and will want to maximize what you eventually get.
"When you're buying your home, you're probably not thinking of the day that you will have to sell it," Bourassa said, "but you will be thanking yourself one day if you remember three little things ... location, location, location!"
The bottom line
Most if not all of us will buy at least one house in our lives. With that in mind, you should save yourself the trouble of making the same mistakes that most of your peers will. Take these five pieces of information into consideration. You'll be doing yourself a favor if you do.
*courtesy of dailyfinance.com
It's for this reason that I solicited the advice of several highly respected real estate professionals to help our readers navigate the process of both buying and selling their homes. What follows, in turn, are five things that most homebuyers should know, but don't.
1. When you buy a home, you're making two purchases
Of all the advice that I came across, this was probably the most insightful: "When you buy a home, you actually are making two purchases," Dave Ness of Denver's Thrive Real Estate Group told me. "You are buying the home, and you are buying the money to buy the home."
It's tempting for homeowners to think of a mortgage as an incidental expense. But the reality is that the loan itself may be the most significant piece of the transaction.
"For every 1% rise in interest rates, home prices must fall by 10% in order for you to maintain the same monthly mortgage payment," Ness says. "And at the end of the day, that's what matters, the monthly payment. So take advantage of low rates; they add much more buying power to your purchase than low prices."
2. Homes are like people -- they all have problems
This was a point multiple real estate professionals that I spoke with made. "All houses have issues," Hilary Bourassa of Portland's Oregon First Real Estate told me. "Some just have more than others."
The shock generally comes when prospective buyers get their inspection reports back. "Inspectors are professional pessimists, which is why we love them," Bourassa said. "But many issues only require simple and/or inexpensive fixes."
Along the same lines, Ness analogized the experience to "when someone knocks over the DJ table at a wedding and the music stops." All of a sudden, the bliss from going under contract goes away.
"Most inspection reports will be 40 to 50 pages long, and most inspectors will take close-up, HD photos of problems," Ness went on to note. "So while the actual listing shows gorgeous pictures of granite countertops, the inspection report will show awful pictures of a cracked driveway. By the end of the report you'll be thinking, 'This house is a total and complete lemon.'"
3. Your real estate agent is a partner, not a salesman
My industry sources were obviously biased on this point, but there's a lot of truth to what they said.
"Your Realtor should be focused on helping you find a great property, not selling you something," Bourassa advises. Before settling on one, she urges homebuyers to "interview at least a few in order to find the fight match."
The flipside of the coin is that you, too, are a partner in the relationship. And that means knowing and respecting the boundaries.
"Sometimes clients forget (particularly first-time buyers) that Realtors have other clients and lives outside of work," Ness says. The key is to make sure that both parties have a clear understanding of communication expectations.
"What is their normal response time? How much lead time do they need to arrange showings? What medium of communication is best -- text, call, email, or something else?" These are the types of questions that Ness encourages homebuyers and real estate agents to settle at the outset.
4. HGTV does not resemble reality
My wife and I love to watch cooking shows. We've watched so many, in fact, that we've deceived ourselves into believing that we could actually compete on them. Of course, given the opportunity, we would most certainly -- and I do mean "most certainly" -- crash and burn in the most humiliating fashion.
And the same can be said about the proliferation of "realty" television shows on real estate -- think HouseHunters, Flip That House, Holmes on Homes, Property Virgins, and Property Brothers, among others.
"The reality is, hundreds of hours or footage is shot and edited down to a 16-minute show (when you take out the Lowe's commercials)," Ness pointed out. "Yes, they're real buyers, but you don't see the half of it. So don't think you're going to waltz into your market and find the perfect house right away, beat out all the other offers, and then walk into the sunset with your significant other. Finding a home can be tough, and take time."
Ness' advice? "Gear up for the homebuying process. It's worth it, but it ain't Hollywood!"
5. Always think about resale
This final piece is something that all people buying assets should always keep in mind: At some point you're going to resell it and will want to maximize what you eventually get.
"When you're buying your home, you're probably not thinking of the day that you will have to sell it," Bourassa said, "but you will be thanking yourself one day if you remember three little things ... location, location, location!"
The bottom line
Most if not all of us will buy at least one house in our lives. With that in mind, you should save yourself the trouble of making the same mistakes that most of your peers will. Take these five pieces of information into consideration. You'll be doing yourself a favor if you do.
*courtesy of dailyfinance.com
Tuesday, October 22, 2013
PORTLAND, OREGON IS THE BEST CITY FOR MOVIE LOVERS!
It's no secret that Portland is a vibrant market for independent film. But trying to calculate just how strong a market that is, or how the movie scene here compares to other cities, has long been a matter of fierce debate.
Well, the folks at the Movoto real estate just took a crack at trying to answer that debate once and for all. They collected per-capita movie data for 100 cities, including number of movie theaters, indie theaters, video stores, drive-ins, film festivals, and more, then ranked each city from 1-100. Per Movoto:
Here's what Movoto had to say about PDX:
Well, the folks at the Movoto real estate just took a crack at trying to answer that debate once and for all. They collected per-capita movie data for 100 cities, including number of movie theaters, indie theaters, video stores, drive-ins, film festivals, and more, then ranked each city from 1-100. Per Movoto:
The results were then totaled, averaged, ranked, weighed (more weight was given to number of specialty theaters, for example), then stuck in a super-secret envelope, delivered to Movoto headquarters by a guarded car, and read aloud from behind a podium to an office with bated breath.Guess who came out on top? Oh that's right, you probably read the headline. According to Movoto, the Rose City is the No. 1 city for movie lovers in the U.S., besting San Francisco, Seattle, New York and even Los Angeles, which somehow didn't crack the top 10 (and casting a suspicious light on the whole process).
Here's what Movoto had to say about PDX:
When it was all shot, edited, spliced up, and pieced back together, the clear winner for Best City for Movie Lovers was Portland, OR. It has five film fests per year, a film museum, multiple film societies, tons of movie theaters, indie theaters, a drive-in theater, and is even home to the unique Kennedy School movie theater.It's unclear what makes Kennedy School's screen more notable than, say, Cinema 21, St. Johns Cinema, Hollywood Theater, Living Room Theaters or any of the other great indie theaters in Portland and beyond. (I do know that if Movoto decided to next rank the quality of movie theater draft beer, Portland would definitely come out on top again.)
*courtesy of The Oregonian
Wednesday, October 16, 2013
MISTAKES TO AVOID FOR FIRST TIME HOMEBUYERS
Buying a home can be both exciting and overwhelming for the first-time homebuyer. If you've decided to take the plunge into home ownership and have already started the search process, make sure you're not making some common first-time homebuyer mistakes.
Your upcoming investment could end up being a bad decision if you overlook some important facts about home ownership and sign that contract before you're really ready.
Here are five mistakes first time homebuyers need to avoid:
1. Searching for the dream home before getting prequalified for a loan. Save yourself the disappointment of not being able to afford the home of your dreams by getting prequalified for your loan before you start house hunting. Instead of picking out a price range and searching listings, take the time to talk to a lender about how much house you can realistically afford and what the monthly payment breakdown – with all taxes and other fees included – will be. The amount you are preapproved for will help you create a realistic budget for your home search.
2. Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.
3. Thinking short term. It's easy to get carried away with that new home search and overlook some important information about the neighborhood you would move to, future developments in the area and the resale value of your home. As a first-time homebuyer, the idea of selling your home in the near future probably isn't at the top of the priority list, but it should be. "Buy that first house with the idea that you can resell it with some ease should your plans change in five years," says Mike Bacsi, senior mortgage loan officer and assistant vice president at Johnson Bank. "Hold off on buying the super charming or quirky house until you are financially established and can afford the charm."
You also need to think about the long-term effects of your decision to buy that home. If the neighborhood is undergoing any type of redevelopment phase, the value of your home could increase in the near future. If you end up buying an older home in hopes it will appreciate in value, keep in mind that your investment could be a risky one.
4. Making an emotional decision. While the right home for you is a matter of personal preference and affordability, you need to separate your emotions from the decision before signing the contract. Turning a blind eye on that moldy basement or creaky floorboards because you're enamored with the architectural style of the house can lead to financial troubles in the future. You want to make sure you're investing in a home that will offer you a good return on your investment and ideally has a good resale value.
Take the time to run the numbers, create a pro and con list of each property and use an objective approach for your homebuying decision. Remember that even realtors and homeowners selling a home on their own will be pitching their property to prospective buyers using all types of marketing strategies. Keep an open mind, but also do your homework to make sure you're investing in a home that you can be happy with for years to come.
5. Overlooking hidden costs. In addition to that monthly mortgage payment, you need to consider the cost of home maintenance, utilities and property taxes. If you are buying an older home, you may end up needing money to cover the cost of repairs and renovations. While the selling price can give you a fair idea of what you will be investing for your home, you also need to look at all of the extra costs required to maintain your home and cover property taxes.
Your lender or realtor may not necessarily be the best source for this type of information, so start researching costs on your own. Turn to a home inspector for a list of existing or potential problems that may need to be taken care of in the near future. Consider getting quotes from renovation specialists or builders in the area to price out potential updates and home improvement projects. Also, don't overlook moving costs and extra furniture you might have to purchase to furnish a larger living space.
*courtesy of USNews.com
Your upcoming investment could end up being a bad decision if you overlook some important facts about home ownership and sign that contract before you're really ready.
Here are five mistakes first time homebuyers need to avoid:
1. Searching for the dream home before getting prequalified for a loan. Save yourself the disappointment of not being able to afford the home of your dreams by getting prequalified for your loan before you start house hunting. Instead of picking out a price range and searching listings, take the time to talk to a lender about how much house you can realistically afford and what the monthly payment breakdown – with all taxes and other fees included – will be. The amount you are preapproved for will help you create a realistic budget for your home search.
2. Delaying the buying process in hopes of a better rate. Mike Schenk, vice president of economics and statistics at the Credit Union National Association, points out that adjustable rates are now at rock bottom at about 3 percent. If you really are ready to make the commitment for home ownership, talk to a lender about securing a loan at an adjustable rate instead of a fixed rate.
3. Thinking short term. It's easy to get carried away with that new home search and overlook some important information about the neighborhood you would move to, future developments in the area and the resale value of your home. As a first-time homebuyer, the idea of selling your home in the near future probably isn't at the top of the priority list, but it should be. "Buy that first house with the idea that you can resell it with some ease should your plans change in five years," says Mike Bacsi, senior mortgage loan officer and assistant vice president at Johnson Bank. "Hold off on buying the super charming or quirky house until you are financially established and can afford the charm."
You also need to think about the long-term effects of your decision to buy that home. If the neighborhood is undergoing any type of redevelopment phase, the value of your home could increase in the near future. If you end up buying an older home in hopes it will appreciate in value, keep in mind that your investment could be a risky one.
4. Making an emotional decision. While the right home for you is a matter of personal preference and affordability, you need to separate your emotions from the decision before signing the contract. Turning a blind eye on that moldy basement or creaky floorboards because you're enamored with the architectural style of the house can lead to financial troubles in the future. You want to make sure you're investing in a home that will offer you a good return on your investment and ideally has a good resale value.
Take the time to run the numbers, create a pro and con list of each property and use an objective approach for your homebuying decision. Remember that even realtors and homeowners selling a home on their own will be pitching their property to prospective buyers using all types of marketing strategies. Keep an open mind, but also do your homework to make sure you're investing in a home that you can be happy with for years to come.
5. Overlooking hidden costs. In addition to that monthly mortgage payment, you need to consider the cost of home maintenance, utilities and property taxes. If you are buying an older home, you may end up needing money to cover the cost of repairs and renovations. While the selling price can give you a fair idea of what you will be investing for your home, you also need to look at all of the extra costs required to maintain your home and cover property taxes.
Your lender or realtor may not necessarily be the best source for this type of information, so start researching costs on your own. Turn to a home inspector for a list of existing or potential problems that may need to be taken care of in the near future. Consider getting quotes from renovation specialists or builders in the area to price out potential updates and home improvement projects. Also, don't overlook moving costs and extra furniture you might have to purchase to furnish a larger living space.
*courtesy of USNews.com
Tuesday, October 8, 2013
THE 10 PERCENT DOWN PAYMENT IS BACK!
Remember the 10 percent down payment on a house? After virtually disappearing for years, it's back.
Around the country, some lenders are offering 90 percent financing again on all loan types. For example, San Francisco-based RPM Mortgage resumed offering "piggyback" loans in the first quarter of 2013 after discontinuing them during the height of the credit crisis in late 2007, according to Vice President Julian Hebron. (A piggyback loan enables a home buyer to put only 10 percent down without having to buy mortgage insurance. This is done by getting two loans totaling 90 percent.) MS.ads.drawAd('cau'); Related Articles You Can Live in One of American's 5 Safest Cities Why Investing in Real Estate is a Good Play: Stockpick Whiz Kid The Massive Rent Increases Are Going to Keep Coming Renting? Get the Biggest Bang for Your Buck in These Cities You Can Move to America's 5 Most Saintly Cities.
In Monroe, NY, Rosalie Cook of Weichert Realtors says she is seeing buyer down payments range from all cash to as little as 5 percent. Mortgage lender Tom Gildea of Prospect Lending in Rockland County, NY agrees, saying that he's doing loans with as little as 5 percent down "all day long." Those 5 percent down deals are with private mortgage insurance, are only for conforming loans (less than $417,000) and are reserved for borrowers with excellent credit, verifiable income and little debt.
Mortgages used to be easy
Before the credit crisis of the mid-2000s, getting a home loan was simple. Your down payment was small — if you even had to make one. To qualify, all you had to do was "state" your income and sign on the dotted line.
Of course, that was the kind of lending that got us into the credit crisis. After the bust, many lenders started requiring a minimum of 20 percent down. Coming up with that much money was a stumbling block for many would-be home buyers. In addition, buyers were already worried about the economy or were uncertain about their jobs, making buying a home not only difficult but also downright scary.
The result: Even though home prices had plummeted and mortgage rates were at historic lows, many potential buyers were forced to sit on the sidelines for years.
Today, many real estate markets around the country are heating up again. While the economic recovery still has its fits and starts, people are feeling confident about their jobs. They're watching their 401(k) and stock portfolios climb back to pre-2008 levels. And so, they're out looking for homes to buy again.
Lenders have loosened up but are still cautious
Mortgage lenders are seeing these trends, too, which is why they're starting to ease down payment restrictions. This time around, though, lenders are much more discerning about who gets to put 10 percent down. As RPM Mortgage's Hebron puts it: To qualify, your monthly housing, car, student loan, and credit card debt can't be higher than 45 percent of your monthly income. And you must have a credit score above 700.
The good news is that more potential buyers who otherwise would have been shut out of the market, due to the lack of a 20 percent down payment, can now jump in.
Leveraging cheap money
Even if you have the 20 percent to put down, you might consider opting for a 10 percent down payment instead. For instance, if you're buying a home that needs a lot of work, you could put 10 percent down and use the other 10 percent to finance improvements. You might even consider investing that 10 percent in stocks or mutual funds, though that comes with obvious risks.
A 10 percent down payment has its disadvantages, too. If you put just 10 percent down and home prices decline later, you could end up underwater — owing more on the mortgage than your home is worth. When that happens, you could be stuck in your home, unable to sell — just as so many homeowners were after the housing crisis kicked in around 2006-2007.
Also, if you have little equity and you go to sell, you could face another problem. The size of your loan, along with the costs of selling your property, could total more than the sale price, a financial hit that can be tough to absorb.
If you qualify for a 10 percent down payment, and it's the only way you can get into a home, it may be worth the potential risks. Bottom line: Talk to your mortgage professional and real estate agent about your options. Think strategically and long-term about what you're doing. Don't just make a 10 percent down payment because you can.
*courtesy of Zillow.com
Around the country, some lenders are offering 90 percent financing again on all loan types. For example, San Francisco-based RPM Mortgage resumed offering "piggyback" loans in the first quarter of 2013 after discontinuing them during the height of the credit crisis in late 2007, according to Vice President Julian Hebron. (A piggyback loan enables a home buyer to put only 10 percent down without having to buy mortgage insurance. This is done by getting two loans totaling 90 percent.) MS.ads.drawAd('cau'); Related Articles You Can Live in One of American's 5 Safest Cities Why Investing in Real Estate is a Good Play: Stockpick Whiz Kid The Massive Rent Increases Are Going to Keep Coming Renting? Get the Biggest Bang for Your Buck in These Cities You Can Move to America's 5 Most Saintly Cities.
In Monroe, NY, Rosalie Cook of Weichert Realtors says she is seeing buyer down payments range from all cash to as little as 5 percent. Mortgage lender Tom Gildea of Prospect Lending in Rockland County, NY agrees, saying that he's doing loans with as little as 5 percent down "all day long." Those 5 percent down deals are with private mortgage insurance, are only for conforming loans (less than $417,000) and are reserved for borrowers with excellent credit, verifiable income and little debt.
Mortgages used to be easy
Before the credit crisis of the mid-2000s, getting a home loan was simple. Your down payment was small — if you even had to make one. To qualify, all you had to do was "state" your income and sign on the dotted line.
Of course, that was the kind of lending that got us into the credit crisis. After the bust, many lenders started requiring a minimum of 20 percent down. Coming up with that much money was a stumbling block for many would-be home buyers. In addition, buyers were already worried about the economy or were uncertain about their jobs, making buying a home not only difficult but also downright scary.
The result: Even though home prices had plummeted and mortgage rates were at historic lows, many potential buyers were forced to sit on the sidelines for years.
Today, many real estate markets around the country are heating up again. While the economic recovery still has its fits and starts, people are feeling confident about their jobs. They're watching their 401(k) and stock portfolios climb back to pre-2008 levels. And so, they're out looking for homes to buy again.
Lenders have loosened up but are still cautious
Mortgage lenders are seeing these trends, too, which is why they're starting to ease down payment restrictions. This time around, though, lenders are much more discerning about who gets to put 10 percent down. As RPM Mortgage's Hebron puts it: To qualify, your monthly housing, car, student loan, and credit card debt can't be higher than 45 percent of your monthly income. And you must have a credit score above 700.
The good news is that more potential buyers who otherwise would have been shut out of the market, due to the lack of a 20 percent down payment, can now jump in.
Leveraging cheap money
Even if you have the 20 percent to put down, you might consider opting for a 10 percent down payment instead. For instance, if you're buying a home that needs a lot of work, you could put 10 percent down and use the other 10 percent to finance improvements. You might even consider investing that 10 percent in stocks or mutual funds, though that comes with obvious risks.
A 10 percent down payment has its disadvantages, too. If you put just 10 percent down and home prices decline later, you could end up underwater — owing more on the mortgage than your home is worth. When that happens, you could be stuck in your home, unable to sell — just as so many homeowners were after the housing crisis kicked in around 2006-2007.
Also, if you have little equity and you go to sell, you could face another problem. The size of your loan, along with the costs of selling your property, could total more than the sale price, a financial hit that can be tough to absorb.
If you qualify for a 10 percent down payment, and it's the only way you can get into a home, it may be worth the potential risks. Bottom line: Talk to your mortgage professional and real estate agent about your options. Think strategically and long-term about what you're doing. Don't just make a 10 percent down payment because you can.
*courtesy of Zillow.com
Wednesday, October 2, 2013
GOVERNMENT SHUTDOWN COULD SLOW MORTGAGE LOANS
A short federal government shutdown won't derail the housing recovery, but it could delay closing of some home loans.
If the shutdown runs less than week, no big deal, lenders and mortgage experts say. Most loans take 30 to 60 days to close, and a short delay in processing won't likely affect that.
But if the shutdown goes longer, "We will be delaying closings," says David Zugheri, executive vice president of Houston-based Envoy Mortgage.
Q&A: 27 more questions answered about the shutdown
The biggest holdup is likely to involve the IRS.
When they consider a mortgage application, lenders pull borrower tax records direct from the IRS. Without an IRS response, "That will be where the holdup occurs," says Don Frommeyer, president of the National Association of Mortgage Brokers.
At Envoy, brokers rushed in recent days to get such requests in so fewer loans would be affected, Zugheri says. Builder Fulton Homes in Phoenix did the same, says Dennis Webb, vice president of operations.
Even so, a shutdown running longer than a week could result in loan delays, Zugheri says. He estimates 25% of his company's loan closings — or several hundred nationwide — could be delayed, largely because of the IRS issue.
GOP: Republicans offer piecemeal plan to mitigate closure
Wells Fargo says IRS information requests were already processed for most loans in the pipeline. New applicants will go through the same check. Wells Fargo says it expects the IRS to quickly resume processing requests once the shutdown has ended.
FHA borrowers, who account for about 15% of the market, may see additional hassles.
The U.S. Housing and Urban Development's contingency plan says FHA will have "limited staff" during a shutdown and that the closing of FHA-insured loans may be delayed.
Even so, bigger lenders will continue to close FHA loans because they have authority from the FHA to assure the agency that the loan has been properly checked, says Michael Copley, retail lending executive at TD Bank.
About 80% of FHA loans are endorsed by lenders with that authority, HUD says.
Smaller lenders may not have that authority, so their FHA business could be affected more, Copley says.
If the shutdown goes longer than three weeks, look for ripple effects, says Guy Cecala, publisher of Inside Mortgage Finance.
OBAMA: President says GOP has ability to reopen government
For instance, home sellers may be hesitant to accept offers from FHA borrowers, who are often first-time borrowers with low down payments, because they fear loan-closing delays, he says.
Last week, the average 30-year fixed-rate loan hit its lowest level since July, Freddie Mac says. Typically, lenders lock rates for 45 to 60 days while loans get processed, says Keith Gumbinger of mortgage tracker HSH Associates.
Consumers concerned about loan-closing delays should check with lenders to see what rate-lock extensions are available, he says.
*courtesy of USA Today
If the shutdown runs less than week, no big deal, lenders and mortgage experts say. Most loans take 30 to 60 days to close, and a short delay in processing won't likely affect that.
But if the shutdown goes longer, "We will be delaying closings," says David Zugheri, executive vice president of Houston-based Envoy Mortgage.
Q&A: 27 more questions answered about the shutdown
The biggest holdup is likely to involve the IRS.
When they consider a mortgage application, lenders pull borrower tax records direct from the IRS. Without an IRS response, "That will be where the holdup occurs," says Don Frommeyer, president of the National Association of Mortgage Brokers.
At Envoy, brokers rushed in recent days to get such requests in so fewer loans would be affected, Zugheri says. Builder Fulton Homes in Phoenix did the same, says Dennis Webb, vice president of operations.
Even so, a shutdown running longer than a week could result in loan delays, Zugheri says. He estimates 25% of his company's loan closings — or several hundred nationwide — could be delayed, largely because of the IRS issue.
GOP: Republicans offer piecemeal plan to mitigate closure
Wells Fargo says IRS information requests were already processed for most loans in the pipeline. New applicants will go through the same check. Wells Fargo says it expects the IRS to quickly resume processing requests once the shutdown has ended.
FHA borrowers, who account for about 15% of the market, may see additional hassles.
The U.S. Housing and Urban Development's contingency plan says FHA will have "limited staff" during a shutdown and that the closing of FHA-insured loans may be delayed.
Even so, bigger lenders will continue to close FHA loans because they have authority from the FHA to assure the agency that the loan has been properly checked, says Michael Copley, retail lending executive at TD Bank.
About 80% of FHA loans are endorsed by lenders with that authority, HUD says.
Smaller lenders may not have that authority, so their FHA business could be affected more, Copley says.
If the shutdown goes longer than three weeks, look for ripple effects, says Guy Cecala, publisher of Inside Mortgage Finance.
OBAMA: President says GOP has ability to reopen government
For instance, home sellers may be hesitant to accept offers from FHA borrowers, who are often first-time borrowers with low down payments, because they fear loan-closing delays, he says.
Last week, the average 30-year fixed-rate loan hit its lowest level since July, Freddie Mac says. Typically, lenders lock rates for 45 to 60 days while loans get processed, says Keith Gumbinger of mortgage tracker HSH Associates.
Consumers concerned about loan-closing delays should check with lenders to see what rate-lock extensions are available, he says.
*courtesy of USA Today
Thursday, September 26, 2013
TO RENOVATE OR REBUILD, THAT IS THE QUESTION.
The housing stock is getting older in many parts of the country, and more home owners are facing the need to make drastic upgrades. In some cases, home owners are facing an even bigger decision, such as whether to tear down and rebuild a new home.
The following infographic from Blu Homes, a builder of prefab green homes, provides information to help home owners reach a cost-effective decision on whether to renovate or rebuild, including even how to recycle your old home and ways to incorporate green features too.
The following infographic from Blu Homes, a builder of prefab green homes, provides information to help home owners reach a cost-effective decision on whether to renovate or rebuild, including even how to recycle your old home and ways to incorporate green features too.
*courtesy of the National Association of Realtors
Wednesday, September 18, 2013
FIVE MORTGAGE TIPS FOR TODAY'S HOUSING MARKET
You want to beat the rising cost of homes and increasing interest rates by buying a home soon — but are you going to be able to get a mortgage?
The latest Case-Shiller housing data shows prices have gone up a little over 12% in just a year, and the National Association of Realtors’ latest numbers are even more optimistic, showing a nearly 14% year-over-year increase. Meanwhile, the rate for a 30-year mortgage has shot up by more than a percentage point in the past three months and is now hovering a bit over 4.5%.
Of course, those home prices haven’t rebounded to anything close to their pre-recession peak in most markets, and interest rates are still low by historical standards, so if you’re thinking of buying a home sometime in the future, doing so sooner rather than later might make economic sense.
The “but” here is that getting a mortgage, though easier than it was a couple of years ago, is still a challenge for many Americans. Data from the Ellie Mae Origination Insight Report shows that in July, the average mortgage applicant approved for a conventional loan had a FICO score of 759. Meanwhile, even the ones who applied and were rejected had FICO scores averaging 726. This is actually an improvement over last year, when borrowers had an average FICO score of 763. But the days of waltzing into a bank with a 640 FICO score and getting pre-approved on the spot are over.
(MORE: Housing Report: Tight Inventory, Still-Rising Prices)
As a result, about a third of home purchases are being made by people — investors, foreign buyers, or wealthy Americans — who just plunk down cash for a house. That’s great if you happen to have $213,500 — the average amount of an existing-home sale in July, according to the National Association of Realtors — laying around, but if you don’t, here are some tips on how to give yourself the best shot at getting a mortgage.
Improve your credit score. ”Credit is getting a bit looser recently, but even people with high credit scores are being denied loans,” says Jed Kolko, economist at real estate site Trulia.com, an observation that’s borne out by that Ellie Mae data. Order your credit report from annualcreditreport.com so you know what you’re dealing with, especially if you’ve never checked your credit before. Getting any mistakes corrected should be your first order of business. After that, look to lower your utilization ratio — the percentage of your available credit you’ve used at any given time. The typical rule of thumb is to keep it under 30%, but lower is better.
Don’t open any new cards. This is old advice, but it’s even more important now that lenders have such high expectations. You might think adding a new credit card would help your utilization ratio, but applying for credit shortly before or during the application process pulls down your credit score. It could be only a few points, but that could affect your rate and even whether you’ll be approved for a loan at all.
Here’s the exception to this rule: If you’re new to the world of credit, apply for the best credit card you think you can get six months or more before you plan to begin the mortgage application process. Since you’ll ding your credit score a little bit, you want to space it out so you get the benefit that credit has on your utilization ratio without taking the hit for opening the new card.
(MORE: Rising Interest Rates and the Fate of the Housing Market)
Put more money down. ”Zero-down loans are rare nowadays compared with the bubble years,” Kolko says. That said, don’t despair if you don’t have 20% of the purchase price saved up.
“Lenders are more willing to work with consumers these days even if someone doesn’t have a perfect score,” says Ken Lin, CEO of CreditKarma.com. “For example, if you have a little lower credit score, but can put down 20% or maybe you only have 5% to put down but a great credit score, you can still qualify for a mortgage,” he says.
Pay down your debt. “Because home prices are rising faster than incomes, and also because mortgage rates are rising, the debt-to-income ratio will become a hurdle for more buyers,” Kolko warns. He says monthly payments have risen 20% in just a year thanks to the combination of rising home prices and interest rates.
“When you think about just your housing costs, your debt load— which includes taxes and homeowners insurance — should be 28% or less of your gross monthly income,” Lin advises. But once you add debt from credit cards and auto and student loans, the amount shouldn’t be higher than 36% of your income, he says. The Ellie Mae data shows that successful mortgage borrowers have an average housing debt-to-income ratio that’s even lower, at 24%.
Give yourself more time than you think you need. Improving your credit score and socking away a down payment takes time. Lin suggests giving yourself a six-month head start. In theory, credit report errors can be cleared up in 30 days or less, but an investigation last year found that getting even simple stuff fixed can drag on for months in some cases.
*courtesy of Time
The latest Case-Shiller housing data shows prices have gone up a little over 12% in just a year, and the National Association of Realtors’ latest numbers are even more optimistic, showing a nearly 14% year-over-year increase. Meanwhile, the rate for a 30-year mortgage has shot up by more than a percentage point in the past three months and is now hovering a bit over 4.5%.
Of course, those home prices haven’t rebounded to anything close to their pre-recession peak in most markets, and interest rates are still low by historical standards, so if you’re thinking of buying a home sometime in the future, doing so sooner rather than later might make economic sense.
The “but” here is that getting a mortgage, though easier than it was a couple of years ago, is still a challenge for many Americans. Data from the Ellie Mae Origination Insight Report shows that in July, the average mortgage applicant approved for a conventional loan had a FICO score of 759. Meanwhile, even the ones who applied and were rejected had FICO scores averaging 726. This is actually an improvement over last year, when borrowers had an average FICO score of 763. But the days of waltzing into a bank with a 640 FICO score and getting pre-approved on the spot are over.
(MORE: Housing Report: Tight Inventory, Still-Rising Prices)
As a result, about a third of home purchases are being made by people — investors, foreign buyers, or wealthy Americans — who just plunk down cash for a house. That’s great if you happen to have $213,500 — the average amount of an existing-home sale in July, according to the National Association of Realtors — laying around, but if you don’t, here are some tips on how to give yourself the best shot at getting a mortgage.
Improve your credit score. ”Credit is getting a bit looser recently, but even people with high credit scores are being denied loans,” says Jed Kolko, economist at real estate site Trulia.com, an observation that’s borne out by that Ellie Mae data. Order your credit report from annualcreditreport.com so you know what you’re dealing with, especially if you’ve never checked your credit before. Getting any mistakes corrected should be your first order of business. After that, look to lower your utilization ratio — the percentage of your available credit you’ve used at any given time. The typical rule of thumb is to keep it under 30%, but lower is better.
Don’t open any new cards. This is old advice, but it’s even more important now that lenders have such high expectations. You might think adding a new credit card would help your utilization ratio, but applying for credit shortly before or during the application process pulls down your credit score. It could be only a few points, but that could affect your rate and even whether you’ll be approved for a loan at all.
Here’s the exception to this rule: If you’re new to the world of credit, apply for the best credit card you think you can get six months or more before you plan to begin the mortgage application process. Since you’ll ding your credit score a little bit, you want to space it out so you get the benefit that credit has on your utilization ratio without taking the hit for opening the new card.
(MORE: Rising Interest Rates and the Fate of the Housing Market)
Put more money down. ”Zero-down loans are rare nowadays compared with the bubble years,” Kolko says. That said, don’t despair if you don’t have 20% of the purchase price saved up.
“Lenders are more willing to work with consumers these days even if someone doesn’t have a perfect score,” says Ken Lin, CEO of CreditKarma.com. “For example, if you have a little lower credit score, but can put down 20% or maybe you only have 5% to put down but a great credit score, you can still qualify for a mortgage,” he says.
Pay down your debt. “Because home prices are rising faster than incomes, and also because mortgage rates are rising, the debt-to-income ratio will become a hurdle for more buyers,” Kolko warns. He says monthly payments have risen 20% in just a year thanks to the combination of rising home prices and interest rates.
“When you think about just your housing costs, your debt load— which includes taxes and homeowners insurance — should be 28% or less of your gross monthly income,” Lin advises. But once you add debt from credit cards and auto and student loans, the amount shouldn’t be higher than 36% of your income, he says. The Ellie Mae data shows that successful mortgage borrowers have an average housing debt-to-income ratio that’s even lower, at 24%.
Give yourself more time than you think you need. Improving your credit score and socking away a down payment takes time. Lin suggests giving yourself a six-month head start. In theory, credit report errors can be cleared up in 30 days or less, but an investigation last year found that getting even simple stuff fixed can drag on for months in some cases.
*courtesy of Time
Wednesday, September 11, 2013
PORTLAND, OREGON A POPULAR MOVING DESTINATION
Remember those reports about how Portlanders are more likely to move to Seattle than vice-versa?
It turns out there’s more to the story.
Portland is plenty popular, according to United Van Lines' annual tally of moving destinations.
Portland saw 42 percent more inbound moves than outbound during the peak summer moving season, placing it second in the nation for net migration.
Overall, Portland was the No. 7 most popular destination for movers and Seattle was No. 5.
St. Louis-based United credits the growing tech sector for the overall migration patterns, which show the Pacific Northwest and Northern California as the fastest-growing areas.
“The continued growing in the tech sector is drawing people to Northern California, but the high cost of living in Silicon Valley is causing tech companies and workers to migrate north to Seattle. Portland is also experiencing unprecedented growth attracting a range of millennials and retirees relocating for amenities such as public transit, green space, local arts and a vibrant urban culture,” said Michael Stoll, chair of the Department of Public Policy at the University of California, Los Angeles.
United Van Lines said the summer 2013 moving season was one of the busiest since the recession, with an 85 percent increase compared to the prior year.
Washington, D.C., had the dubious distinction of being both the most popular city to move to and the most popular city to move from.
United studied domestic moves between May 1 and Aug. 31, when approximately 35 percent of all household moves take place. Its data included nearly 45,000 interstate moves managed by United itself.
*courtesy of Portland Business Journal
It turns out there’s more to the story.
Portland is plenty popular, according to United Van Lines' annual tally of moving destinations.
Portland saw 42 percent more inbound moves than outbound during the peak summer moving season, placing it second in the nation for net migration.
Overall, Portland was the No. 7 most popular destination for movers and Seattle was No. 5.
St. Louis-based United credits the growing tech sector for the overall migration patterns, which show the Pacific Northwest and Northern California as the fastest-growing areas.
“The continued growing in the tech sector is drawing people to Northern California, but the high cost of living in Silicon Valley is causing tech companies and workers to migrate north to Seattle. Portland is also experiencing unprecedented growth attracting a range of millennials and retirees relocating for amenities such as public transit, green space, local arts and a vibrant urban culture,” said Michael Stoll, chair of the Department of Public Policy at the University of California, Los Angeles.
United Van Lines said the summer 2013 moving season was one of the busiest since the recession, with an 85 percent increase compared to the prior year.
Washington, D.C., had the dubious distinction of being both the most popular city to move to and the most popular city to move from.
United studied domestic moves between May 1 and Aug. 31, when approximately 35 percent of all household moves take place. Its data included nearly 45,000 interstate moves managed by United itself.
*courtesy of Portland Business Journal
Tuesday, September 3, 2013
HOW TO MAKE THE MOST OUT OF SMALL KITCHENS
Many people complain about small kitchens but tiny spaces aren't always to be dreaded. If you're selling your home and your kitchen is, well, compact, know that you can find ways to achieve big appeal with a little creativity.
Bring in the light. Sometimes small kitchens can be dark, making them feel even smaller. But if you remove the curtains from any windows in your small kitchen, it'll let light in and open up the area. Instead of curtains, you can use small blinds that are recessed inside the frame of the window. These are easy to clean and still provide some privacy even when the blinds are open.
De-Clutter the counter tops and the walls. Most people have a tendency to let kitchen clutter build up on the counter tops and walls. Removing items from the counters, kitchen table, and even off the walls will make the space feel bigger. Yes, I know these items on the counters are useful but when you're selling your home, a little inconvenience may help you receive a higher offer and you'll probably agree, that's worth it! Take the appliances and either store them in the kitchen cabinets or, if there isn't enough room, pack them up. You're moving soon, anyway. Clearing off photos and miscellaneous papers that are stuck on your refrigerator door or kitchen walls will also help make your kitchen look bigger. If you're tight for space, mounted storage units can be added to your kitchen walls to free up limited counter-top space. But again, too many storage units, even the decorative kind, will give people a feeling like the walls are closing in on them. The same goes for hanging pot racks from the ceiling. Be sure to leave some open wall space and to use storage units that aren't completely solid. The open units, if the shelves aren't stuffed, will give a less closed-in feeling.
Opt for lighter and brighter wall color. Going with lighter colors tends to open up a room. Light and bright colors are also very inviting and friendly, making them a perfect choice for the kitchen. You can use a darker accent trim to create some contrast. You can also use decorations including floral arrangements or even some colorful kitchen appliances to add spice to the kitchen.
Wall-mounted appliances and reduced counter-top depth. Wall-mounted or under-the-cabinets-mounted appliances can save valuable kitchen counter-top space. You might even have a way to wall-mount your kitchen faucet. In one small home design, the faucet was mounted to the wall, creating a very distinctive look. The counter-top was a standard 24 inches deep but elsewhere the counter-top was reduced just slightly down to 21 inches–very subtle and hardly noticeable but it allowed more floor space in a tiny kitchen. Small kitchens don't have to be an eyesore. Some even prefer less space because there's less to clean. If you know the audience you're marketing your home to, you can play up the home's best features–including, perhaps, a small, quaint, and simple kitchen.
*courtesy of Realty Times
*courtesy of Realty Times
Tuesday, August 20, 2013
THE EXPERTS AGREE, NO SIGNS OF HOUSING MARKET SLOWING DOWN
Despite all odds against the housing recovery, the market is steadily improving and housing experts do not expect the sector to lose its momentum any time soon.
Regardless of an inadequately housing supply, rising home prices reacting to strong demand and difficult lending environment, market expectations remain bullish on housing.
Nonetheless, housing is in its early stages of recovery and panelists at the Bipartisan Policy Center’s conference believe it’s not time for the Federal Reserve to take their foot off the bond-buying gas pedal just yet.
"There is a cyclical and structural nature to the problem," explained Paul Weech of Housing Partnership Network.
He added, "We haven’t solved for the underlying structural problem and if we revert back to the norm, we still have millions of homes trying to get back in the full market recovery."
One of the major factors still impacting the housing market is underwriting standards.
Fannie Mae senior vice president and chief economist Doug Duncan pointed out that there is a high correlation between the business cycle and the credit cycle, which will ultimately lead to an established fixed floor of the credit box.
"If in the regulatory process we can establish a fixed floor then we’ll change fundamentally the level of housing," Duncan explained.
Looking to the future state of housing, experts agreed that immigration will play a significant role in the housing recovery.
Data taken from 2012 and estimated through 2050 shows that the economy will have 15 million less workers if the immigration rate continues, meaning less people in the housing market and less people paying into their entitlements, Duncan noted.
Another group of Americans that will affect the future of housing is the baby boomer generation, which is the fastest growing age group.
Many have a desire to remain in a home, but want to be mobile. As a result, homebuilders are trying to find new ways to accommodate these needs as well as attract first-time homebuyers to market.
Conine Residential Group president Kent Conine explained that homebuilders are introducing new innovations and productions into the marketplace.
For instance, Conine is in the process of developing a system in which seniors sell their current homes and downgrade to plain vanilla property, which will allow them to travel, while still maintaining a home.
On the reverse side, many homebuilders are going back into the inner cities to tear renovate properties in the hopes of enticing first-time homebuyers into the market.
"While it’s far from where it needs to be, housing is improving," stated Realogy Holdings Corp. chairman and chief executive officer Richard Smith.
He concluded, "If given a little nudge from regulators and Congress to put in some definitive rules, housing has only one way to go, up."
*courtesy of Housing Wire
Regardless of an inadequately housing supply, rising home prices reacting to strong demand and difficult lending environment, market expectations remain bullish on housing.
Nonetheless, housing is in its early stages of recovery and panelists at the Bipartisan Policy Center’s conference believe it’s not time for the Federal Reserve to take their foot off the bond-buying gas pedal just yet.
"There is a cyclical and structural nature to the problem," explained Paul Weech of Housing Partnership Network.
He added, "We haven’t solved for the underlying structural problem and if we revert back to the norm, we still have millions of homes trying to get back in the full market recovery."
One of the major factors still impacting the housing market is underwriting standards.
Fannie Mae senior vice president and chief economist Doug Duncan pointed out that there is a high correlation between the business cycle and the credit cycle, which will ultimately lead to an established fixed floor of the credit box.
"If in the regulatory process we can establish a fixed floor then we’ll change fundamentally the level of housing," Duncan explained.
Looking to the future state of housing, experts agreed that immigration will play a significant role in the housing recovery.
Data taken from 2012 and estimated through 2050 shows that the economy will have 15 million less workers if the immigration rate continues, meaning less people in the housing market and less people paying into their entitlements, Duncan noted.
Another group of Americans that will affect the future of housing is the baby boomer generation, which is the fastest growing age group.
Many have a desire to remain in a home, but want to be mobile. As a result, homebuilders are trying to find new ways to accommodate these needs as well as attract first-time homebuyers to market.
Conine Residential Group president Kent Conine explained that homebuilders are introducing new innovations and productions into the marketplace.
For instance, Conine is in the process of developing a system in which seniors sell their current homes and downgrade to plain vanilla property, which will allow them to travel, while still maintaining a home.
On the reverse side, many homebuilders are going back into the inner cities to tear renovate properties in the hopes of enticing first-time homebuyers into the market.
"While it’s far from where it needs to be, housing is improving," stated Realogy Holdings Corp. chairman and chief executive officer Richard Smith.
He concluded, "If given a little nudge from regulators and Congress to put in some definitive rules, housing has only one way to go, up."
*courtesy of Housing Wire
Wednesday, August 14, 2013
NEW FORECLOSURE PROGRAM FOR OREGON
A new state program to prevent home foreclosures launches today in 33 Oregon counties.
The Home Rescue Program will provide a year’s worth of mortgage payments, up to a total of $20,000, and up to $10,000 in back payments to bring mortgages current.
The Eugene Register Guard reports that the program aims to provide help to about 25-hundred homeowners.
The Oregon Housing and Community Services agency started accepting applications online today at noon.
To qualify, applicants must be able to show that their income is at least 10 percent lower than it was in 2011 or 2012, and meet other eligibility requirements.
But you do not have to be behind on your mortgage payments to qualify.
Only 100 homeowners will be accepted in the first round, because it will take time to process the applications.
Multnomah, Clackamas and Washington Counties will be added to the program later.
*courtesy of OPB
Tuesday, August 6, 2013
5 THINGS TO KNOW ABOUT RISING INTEREST RATES
1. No more record rates, but still cheap loans
If the economy continues to improve as anticipated, rates will keep inching up. Freddie Mac expects the 30-year to reach 4.7% by the end of 2014. IHS Global Insight forecasts that rates won't hit 6% until 2017.
2. The refi window is starting to close
The rate bump is already cooling off refis, but most homeowners with the equity and stellar credit to refinance have already done so.
If you didn't have enough equity to qualify, check again -- rising prices pushed 850,000 homes into the black in the first quarter, according to CoreLogic. Plus, the recovery may lead lenders to loosen up.
The average credit score for an approved mortgage has been 761, says the National Association of Realtors, up from the normal 720.
3. Higher rates won't scuttle the housing recovery
At worst, this turnaround will only dampen the pace of growth, says IHS U.S. economist Patrick Newport. A healthier economy is what's boosting prices. Rates would have to rise sharply to make a mark. "Going up three percentage points would be a major wet blanket," says Bob Walters, chief economist of Quicken Loans.
Related: Mortgage rate rise will not push up home prices
With prices rising, sellers can be patient. For buyers, mortgages are still historically cheap.
4. Once you're ready to buy, lock in
To avoid any short-term spikes, Washington, D.C., mortgage banker Frank Donnelly recommends locking in as soon as you can (typically when you sign a contract).
Most lenders won't charge for a 45-or 60-day rate lock. Pay for a 90- or 120-day lock only if deals close slowly where you live (ask your lender); the typical cost is a quarter of a point per 30 days. With a float-down option, you'll pay less when rates fall at least a quarter point. Skip that add-on unless it's free.
5. Fixed loans usually beat adjustables
You may be eyeing adjustables, which are up less than fixed loans. An ARM is the better call only if you plan to own your home for a short time.
Related: What will your mortgage payment be?
"When you need five or six years, you might save with an adjustable," says Keith Gumbinger of the research firm HSH.com.
A monthly payment on a $250,000 mortgage is $1,194 with a 30-year loan at 4%, or $999 on a five-year ARM at 2.6%. But it's crucial to get a loan that matches your time frame.
* courtesy of CNN Money
If the economy continues to improve as anticipated, rates will keep inching up. Freddie Mac expects the 30-year to reach 4.7% by the end of 2014. IHS Global Insight forecasts that rates won't hit 6% until 2017.
2. The refi window is starting to close
The rate bump is already cooling off refis, but most homeowners with the equity and stellar credit to refinance have already done so.
If you didn't have enough equity to qualify, check again -- rising prices pushed 850,000 homes into the black in the first quarter, according to CoreLogic. Plus, the recovery may lead lenders to loosen up.
The average credit score for an approved mortgage has been 761, says the National Association of Realtors, up from the normal 720.
3. Higher rates won't scuttle the housing recovery
At worst, this turnaround will only dampen the pace of growth, says IHS U.S. economist Patrick Newport. A healthier economy is what's boosting prices. Rates would have to rise sharply to make a mark. "Going up three percentage points would be a major wet blanket," says Bob Walters, chief economist of Quicken Loans.
Related: Mortgage rate rise will not push up home prices
With prices rising, sellers can be patient. For buyers, mortgages are still historically cheap.
4. Once you're ready to buy, lock in
To avoid any short-term spikes, Washington, D.C., mortgage banker Frank Donnelly recommends locking in as soon as you can (typically when you sign a contract).
Most lenders won't charge for a 45-or 60-day rate lock. Pay for a 90- or 120-day lock only if deals close slowly where you live (ask your lender); the typical cost is a quarter of a point per 30 days. With a float-down option, you'll pay less when rates fall at least a quarter point. Skip that add-on unless it's free.
5. Fixed loans usually beat adjustables
You may be eyeing adjustables, which are up less than fixed loans. An ARM is the better call only if you plan to own your home for a short time.
Related: What will your mortgage payment be?
"When you need five or six years, you might save with an adjustable," says Keith Gumbinger of the research firm HSH.com.
A monthly payment on a $250,000 mortgage is $1,194 with a 30-year loan at 4%, or $999 on a five-year ARM at 2.6%. But it's crucial to get a loan that matches your time frame.
* courtesy of CNN Money
Tuesday, July 30, 2013
NO FEAR OF ANOTHER HOUSING BUBBLE IN PORTLAND
Recent rapid climbs in home prices don't add up to a new housing bubble, the real estate data firm CoreLogic said in a report released Tuesday (pdf).
Although home prices rose 12.2 percent in May compared with a year earlier -- 15.5 percent in Oregon -- CoreLogic said overall housing affordability remains near record highs and that rising interest rates will slow further home-price increases.
"Because mortgage rates are, by historic standards, still low, housing remains highly affordable, even with the recent increase in prices," the report said.
Bubbles are most often spotted in hindsight, CoreLogic acknowledged. But it added that "there is a long way to go before housing again becomes unaffordable." To return to affordability levels seen between 2000 and 2004, prices would have to rise 47 percent or interest rates would have to rise to 6.75 percent, the firm said.
The affordability analysis was conducted when interest rates were near an average of 3.5 percent nationally. Rates have since risen above 4.51 percent for a 30-year fixed loan, according to Freddie Mac. In the Portland area, prices and sales slipped slightly in June, perhaps reflecting a reaction to the first hint of rising rates.
*courtesy of The Oregonian
Tuesday, July 16, 2013
SUMMER CONCERTS AROUND PORTLAND
MONDAYS | |
Sellwood Riverfront Park • SE Spokane & Oaks Pkwy • 6:30 PM | |
| July 8 | Nikki Hill - Rootsy Rock ‘n Roll |
| July 15 | The James Low Western Front - Dusty, Original Folk Pop |
| July 22 | LITTLE SMILES PEDIATRIC DENTISTRY PRESENTS Brownish Black - Vintage, Basement R&B and Soul |
| July 29 | WINDERMERE CCRG, MORELAND BRANCH PRESENTS The Machete Men - Driving “Rock en Espanol” |
| Aug 5 | Lloyd Jones - Swingin’ Rhythm & Blues |
Unthank Park • July 29-August 26 | |
| July 29 | The Sounds of Danny Black - (Rock & Roll from a Solo Loop-Pedal Extraordinaire) |
| Aug 5 | R&B Astronaut - (Eclectic, Soulful R&B) |
| Aug 12 | Gold Jazz Society - (Bold, Dignified Jazz) |
| Aug 19 | Lyfted - (Energetic Fusion of Hip-Hop & Gospel … WorsHip-Hop at its finest) |
| Aug 26 | Loveness Wesa and The Bantus Band - (Exuberant African Song & Dance for the Soul) |
TUESDAYS | |
Mt Tabor Park • SE 69th & Taylor • 6:30 PM
| |
| July 9 | WARNER PACIFIC COLLEGE PRESENTS LoCura - Rebel-Spirited Bay Area Latin |
| July 16 | Sassparilla - Raucous Dust-Bowl Blues |
| July 23 | Nancy King - Portland’s Legendary Jazz Chanteuse |
| July 30 | Dr. Theopolis - Wacky Funk & Hip-Hop |
Kenton Park • N. Kilpatrick & Delaware • 6:30 PM
| |
| Aug 13 | Soul Vaccination - Horn-Driven Funky Dance Music |
| Aug 20 | The My Oh Mys - Moody Alternative Indie Pop |
| Aug 27 | Dirty Martini Trio - Harmonious Pop Siren Trio |
WEDNESDAYS | |
Willamette Park • SW Macadam & Nebraska • 6:30 PM | |
| July 10 | NATIONAL COLLEGE OF NATURAL MEDICINE PRESENTS Lisa Mann and her Really Good Band - Female-Fronted Award-Winning Blues |
| July 17 | The Buckles - Western Honky-Tonk Meets Beatles |
| July 24 | Reggie Houston - New Orleans Jazz Sax Legend |
| July 31 | The Strange Tones - Volcanic, Psychobilly Blues |
Dawson Park • N. Stanton & Williams • 6:30 PM
| |
| July 10 | PORTLAND DEVELOPMENT COMMISSION PRESENTSDevin Phillips - New Orleans Sax Sensation |
| July 17 | LEGACY EMANUEL MEDICAL CENTER PRESENTS Curtis Salgado - Triumphant, Joyful Blues |
| July 24 | Atomic Gumbo - Louisiana Roots Music |
| July 31 | LaRhonda Steele Band - Blues & Funk Diva |
Ventura Park • SE 115th & Stark • 6:30 PM
| |
| Aug 7 | Jujuba - Danceable Nigerian Afrobeat |
| Aug 14 | Midnight Honey - Harmonious Sister Soul |
Parklane Park • SE 155th & Main • 6:30 PM
| |
| Aug 21 | PORTLAND WATER BUREAU PRESENTS Contigo - Afro-Latino World Music |
| Aug 28 | SSC CONSTRUCTION PRESENTS Will West and the Friendly Strangers - Tuneful Americana |
THURSDAYS | |
Glenhaven Park • NE 82nd & Siskiyou • 6:30 PM
| |
| July 11 | Melao de Cuba - Vibrant, Traditional Cuban |
| July 18 | 7th Seal - Groovin’ Reggae & Ska |
| July 25 | Geno Michaels and Soul City- Neo-Soul, R&B, Funk |
Wallace Park • NW 25th & Raleigh • 6:30 PM
| |
| July 11 | Ashleigh Flynn - Foot-Stompin’ Original Americana |
| July 18 | SELCO COMMUNITY CREDIT UNION PRESENTS The Stolen Sweets - ‘30s Swing Jazz Confection |
| July 25 | SELCO COMMUNITY CREDIT UNION PRESENTS3 Leg Torso - Cinematic Virtuosic Chamber |
Couch Park • NW 20th & Glisan • 6:30 PM
| |
| Aug 8 | Mo Phillips - Indie Kids’ Rock |
| Aug 15 | The Chancers - Rollicking Irish Pub Tunes |
Berrydale Park • SE 92nd & Taylor • 6:30 PM | |
| Aug 15 | The Midnight Serenaders - Prohibition-Era Swing Jazz |
| Aug 22 | Casey Neill and the Norway Rats - Lyrical Indie Rock |
FRIDAYS | |
Fernhill Park • NE 37th, north of Ainsworth • 6:30 PM | |
| July 12 | Tony Starlight - Comedic ‘70s Gold |
| July 19 | Andy Stokes - Old-School Rhythm & Blues |
| July 26 | Boy and Bean - Warm Jazz-Era Harmony |
| Aug 2 | Toque Libre - Passionate Acoustic Latin |
| Aug 6 | Bonus Concert, Tuesday National Night Out CONCORDIA NEIGHBORHOOD ASSOCIATION PRESENTS Chervona - Eastern-Euro Carnival Insanity |
Lovejoy Fountain Park • SW 3rd Ave & Harrison St • 6:30 PM | |
| Aug 9 | Aaron Meyer - Portland’s Concert Rock Violinist |
| Aug 16 | ARONORA PRESENTSConjunto Alegre - Salsa, Cumbia, Bachata and more |
SUNDAYS | |
McCoy Park • N. Fiske & Trenton • 6:30 PM
| |
| July 14 | Ocean 503 - Reggae, R&B, Funk & Soul |
| July 21 | The African Showboyz - Ghanaian Percussion & Dance |
| Aug 6 | Bonus Concert, Tuesday National Night Out NEW COLUMBIA COMMUNITY CAMPUS PARTNERS PRESENTDina y Bamba Su Pilon D’Azucar - Incendiary Havana Salsa |
Elizabeth Caruthers Park • 3508 SW Moody Ave • 3:00 PM
| |
| Aug 11 | OREGON HEALTH & SCIENCE UNIVERSITY PRESENTS Bon Ton Roulet - Uproarious Cajun & Zydeco |
| Aug 18 | Luke Winslow King & Esther Rose - Washboard Pickin’ Blues |
Individuals may enter and exit the site, and watch movies and concerts from a paved pathway.See also - Washington Park Summer Festival - Ten evening performances in the Rose Garden Amphitheater
Tuesday, July 2, 2013
PORTLAND METRO 4TH OF JULY CELEBRATIONS!
The 4th of July is less than a week away. If you’re staying in town, check out these great festivities!
- July 3 | Parade: 2013 Independence Day Parade @ East Portland Community Center | Free, Band, Face Painting, Family Friendly Event
- July 3 | Oregon Garden: July 3rd Celebration: Fireworks, Music, Beer, Wine, Food
- First Thursday: Art Events & Openings | Pearl, Old Town, SW
- Waterfront Fireworks: Blues Festival Fireworks Spectacular, Largest Display in Oregon, 22 Minutes, 11,800 Shots
- Vancouver Fireworks: Independence Day @ Ft Vancouver | Fireworks, Cannons, Parades, Music
- Oaks Park Fireworks: SE Portland July 4th Fireworks Spectacular | Music, Rides, Picnic Spaces
- Corbett Celebration: July 4th Fireworks, Parade, Pie Eating Contest, Clowns
- Hood River Celebration: July 4th Parade, Fireworks, Live Music, BBQ
- Estacada Celebration: July 4th Big Bang Fun Festival | Parade, Fireworks, Carnival, Lawn Mower Races, Lumberjacks
Wednesday, June 26, 2013
HOME REPAIRS TO DO BEFORE SELLING OR REFINANCING YOUR HOME
Property values have come roaring back. Many can now refinance their loans by virtue of having additional home equity. And increased property values can also put homeowners in a better financial position to sell their home without entering short sale territory. But the fact remains: Everyone wants to attain maximum value for their real estate and home repairs can help.
So what’s the best barometer of a home’s true worth? Simple: the amount a ready, willing and able buyer is willing to pay at any given point in time. Unfortunately, appraisal estimates can be skewed, especially when not all the home repairs and improvements are taken into consideration. This is why you should weigh all home improvement decisions carefully before you commit.
When You’re Refinancing
Unlike in years past, the weight of an appraisal to determine the home value for the purposes of refinancing a mortgage is based upon the facts (which are primarily based on other homes that have sold) and what the property description is.
Improvements that may help a refinance valuation:
When Selling
A home buyer is going to take into consideration all of the facts associated with the property, location, lot size, square footage, bedrooms and bathrooms, as well as additional cosmetic improvements that have been done that add to the look and feel of the home.
Improvements that may help a sale price:
These include the high-ticket items that increase square footage. An additional bedroom or an additional bathroom increases the square footage, which in turn allows an appraiser to make higher adjustments when determining valuation against other comparable homes around the subject property.
Refinancing
Let’s say you have funds ready for possibly improving your home for long-term enjoyment. Instead of using the funds to make home improvements in an attempt to enjoy your home more, you might actually see a greater benefit if you used that money toward a refinance. Over time, the money you save from refinancing could then be put toward those home improvements down the road.
Selling in the Near Future
Typically, you won’t get a dollar-for-dollar recapture on the home improvement cost, even when selling. Because the weight is given to improvements that expand the use of the house (i.e. bedroom, bathrooms, etc.), it’s more common to expect 20 cents on the dollar, or maybe 30 cents on the dollar, depending on the improvement in such a scenario. Because the market is the strongest indicator of price, the market will dictate sales price followed by additional improvements and subsequent marketing of the home.
courtesy of Realtor.com
So what’s the best barometer of a home’s true worth? Simple: the amount a ready, willing and able buyer is willing to pay at any given point in time. Unfortunately, appraisal estimates can be skewed, especially when not all the home repairs and improvements are taken into consideration. This is why you should weigh all home improvement decisions carefully before you commit.
When You’re Refinancing
Unlike in years past, the weight of an appraisal to determine the home value for the purposes of refinancing a mortgage is based upon the facts (which are primarily based on other homes that have sold) and what the property description is.
Improvements that may help a refinance valuation:
- Additional bedroom or bathroom
- Addition to the lot size
- Addition to the garage
- Improvement that expands the “use” of the home
When Selling
A home buyer is going to take into consideration all of the facts associated with the property, location, lot size, square footage, bedrooms and bathrooms, as well as additional cosmetic improvements that have been done that add to the look and feel of the home.
Improvements that may help a sale price:
- New paint job
- Freshly maintained landscaping
- Remodeled and/or upgraded interior
- Deck and/or patio addition
- Additional bedroom or bathroom
- Addition to the lot size
- Addition to the garage
These include the high-ticket items that increase square footage. An additional bedroom or an additional bathroom increases the square footage, which in turn allows an appraiser to make higher adjustments when determining valuation against other comparable homes around the subject property.
Refinancing
Let’s say you have funds ready for possibly improving your home for long-term enjoyment. Instead of using the funds to make home improvements in an attempt to enjoy your home more, you might actually see a greater benefit if you used that money toward a refinance. Over time, the money you save from refinancing could then be put toward those home improvements down the road.
Selling in the Near Future
Typically, you won’t get a dollar-for-dollar recapture on the home improvement cost, even when selling. Because the weight is given to improvements that expand the use of the house (i.e. bedroom, bathrooms, etc.), it’s more common to expect 20 cents on the dollar, or maybe 30 cents on the dollar, depending on the improvement in such a scenario. Because the market is the strongest indicator of price, the market will dictate sales price followed by additional improvements and subsequent marketing of the home.
courtesy of Realtor.com
Tuesday, June 18, 2013
LOW COST SUMMER FUN IN THE PORTLAND METRO AREA!
Portland Parks and Recreation
has many day camps for children all around the city. Scholarships are available based on financial need. Portland Parks and Rec also has many free activities during the summer, including movies and concerts in the park, a free swim lesson week, summer park activities, neighborhood barbecues, etc.
Portland’s Summer Playground Program
When: Weekdays throughout the summer Where: Neighborhood Portland parks A 100+ year tradition of free summer fun for Portland kids including a mobile climbing wall, crafts, organized sports, camp songs and so much more – it’s like going to summer camp, but at your neighborhood park! Check out the website to see what is offered at the park near your house.
Pioneer Square Events
Pioneer Square hosts Flicks on the Bricks, a series of free movies each Friday in July, and Noon Tunes summer concerts on Tuesdays and Thursdays. They also often have other free events, like ice cream tastings and other promotional events. Check out their calendar for more details!
Open Swim at Portland Public Pools
When: Dates throughout the summer Where: 13 different Portland public pool locations Throughout the summer, Portland public pools open their waters to free open swim times so you can visit and do some splashing for free with the entire family. The website can help you find the pool closest to your house – about half are indoor and half are outdoor.
Learn to Swim Week
When: June 18-22 Where: Neighborhood pools around Portland To kick off the swim lesson season each summer, Portland pools offer a week of free lessons to neighborhood kids! Registration is on Saturday, June 16, just before lessons begin and registration must be done in person, not online. Limited space is available.
Free Swimming! During the summer, Portland Parks and Rec’s swimming pools have a rotating schedule of free days. You can swim for free almost any day of the week, although you may have to travel! Look for the Summer Aquatics
online catalog to find out when to swim for free near you!
Free Summer Meals for children ages 1-18 are provided all over Portland and the surrounding area. Visit
http://www.summerfoodoregon.org or call 1-800-SAFENET for the site nearest you.
Sherwood Robin Hood Festival
When: July 20-21 (it’s always the third week in July)
Where: Sherwood neighborhood, just outside of downtown PortlandHow cool is this? An entire weekend festival based around the original Robin Hood – there is a parade, archery contests, castle building competitions, a knighting ceremony and much more. Fun for the entire family and best of all, it’s free.
Portland Rose Festival
When: May 20-June 17 Where: Locations all over Portland Everyone in Portland loves the Rose Festival each summer and families especially love it because most of the activities are free. Check out the website for a full schedule of the parades, clown appearances, dragon boat races and fireworks.
Tigard Balloon Festival
When: June 21-23
Where: Cook Park in Tigard
Balloon launches, soccer tournament, carnival, live music and many vendors.
Portland Children’s Museum
When: Free on the first Friday of each month from 4:00 – 8:00 pm Where: Main Children’s Museum location (4015 SW Canyon Road) The perfect spot to escape the hot Portland afternoon sun this summer – the Portland Children’s Museum. Join them on Free First Fridays to let the kids play while you wait for your house to cool down.
Oregon Maritime Museum
When: Families get in free on the third Saturday of every month Where: Near Waterfront Park in downtown Portland (SW Naito Parkway at Pine St) If you have a little one who is obsessed with boats and pirates, you should add the free family day at the Oregon Maritime Museum to your summer calendar. You’ll all love the hands-on Children’s Corner – don’t miss the super loud ship whistle!
Oregon Zoo Summer Concerts
June-August
Every summer, fans of folk, rock, world music and more stake out spots on the zoo’s amphitheater lawn, and enjoy performances from some of the hottest, most diverse acts performing today.
Story and Stroll
When: Mondays at 1:00-2:15 pm and Fridays at 10:00 – 11:15 am Where: Tryon Creek Nature Center (11321 SW Terwilliger Blvd) Designed for families with kids ages 2-6 (though all are welcome), Story and a Stroll is a fun free event that gets you outside and exploring one of Portland’s best parks. The story is read by a park naturalist and is followed by a guided walk through the park that relates to the story. Make reservations on their website, which also shows the theme for each week
Let’s Go Camping – Oregon Parks Let’s Go Camping Program
This program is for novice campers and folks who have not been camping for a long time. Each weekend during the Summer, we take a group camping in one of our state parks. The cost is only $20 PER FAMILY for the weekend. We provide tents, sleeping bags, sleeping bag liners, mattress pads and camp stoves to campers who do not have their own. We camp in a group in a different state park each weekend. Every other weekend, we are camping in a park on the Oregon Coast . Staff and volunteers camp with these campers and are available to help them. Park rangers lead the group in educational and recreational
activities at each park. Campers bring their own food but we provide dutch oven biscuits, fruit upside-down cakes, dutch oven cinnamon rolls and plenty of s’mores for everyone to enjoy around the campfire. We also do presentations to the campers on Camping Basics, Leave No Trace, 10 Essentials of Hiking, Dutch Oven cooking, as well as Fire Building and Safety. Each weekend is loaded with fun activities for the kids as well as the adults.
Trackers NW
Trackers Earth offers award-winning camps. These are some off the best and most engaging summer camps in Portland. They offder day camps fueled by compelling story and old school outdoor adventure. Their overnight camps are rooted in fantastic legend and authentic traditional skills. This summer they have camps on paintball, how to be a ninja, zombie apocalypse, archers, and secret agents. Their camps are very affordable and they will sometimes allow trade for camps (for example, you teach a class on knitting so your child can attend a Harry Potter overnight camp).
Audubon Society
The Audubon Society provides day and overnight camps for children in grades 1-12 Some examples this year include learning to fish, animal tracking, Jurassic Portland, Northwest Canoe Adventure. Ask about scholarships, they are not advertised but they are available.
OES Summer Programs
OES has Lego, Chess, Cooking, Arts, Drama, Sewing, Knitting as well as many outdoor and sports camps.
PDX Kids Calendar Summer Camps Guide
Follow this link for even more summer camp ideas.
Keep an eye on the
Red Tricycle Family Events Calendar as well for more free activities that pop up throughout the summer.
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