Exploring Salem Oregon: Willamette Art Center - Spring Pottery Sale

Looking for the perfect Mother’s Day gift? The Art Center has handcrafted planters, vases, kitchenware and more created by talented, local potters. Discover a unique piece to add to your home or garden. Purchases support the WAC studio and local artists.

Willamette Art Center1820 Silverton Rd. NE
Salem, OR 97301

503-365-3911

Courtesy of Amy McLeod, The McLeod Group Network

3 Charts That Shout, ‘List Your Home Today!’

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, lets meet to evaluate the equity you have in your home, as well as the opportunities available in your market. The McLeod Group Network, 971.208.5093 or mcleodgroupoffice@gmail.com. 

by The KCM Crew

How Fast Can You Save for a Down Payment?

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long would it take you to save for a down payment in each state?

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting a 2-bedroom apartment in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Iowa can save for a down payment the quickest in just under 2 years (1.99). Below is a map created using the data for each state:

What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3% down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes attainable in a year or two in many states as shown in the map below.

Bottom Line

Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! Let The McLeod Group Network help you evaluate your ability to buy today. 971.208.5093 or mcleodgroupoffice@gmail.com. 

by The KCM Crew

Exploring Salem Oregon: Take a Walk in the Park

Saturday, April 29, 2017 - 9:00 am to 12:00 pm

Join us for a walk in the park! Pick up your passport and a balloon at the Rotary Pavilion, then walk to 6 stations & get your passport stamped at each one. At the end, grab a treat and enter your passport in a drawing to win an Attack Owl sign. A fun 2-mile walk. Hosted by Salem Parks Foundation. Suggested donation: $5 individual; $10 for families. Proceeds benefit Salem Parks.

200 Water St.
Salem, OR 97301

EVENT WEBSITE

Courtesy of Amy McLeod, The McLeod Group Network