What's More Affordable?! Renting vs Buying

Hi Again Friends!

I recently had a conversation with a young lady who shared with me that she had made the move to Salem from Portland.  One of the primary reasons she shared was the ever climbing cost to rent in the Portland Metro area.

It might be hard to believe - but rents, even here in Salem, are seeing increases pretty much across the board.  And more often than not  folks, like my earlier conversation, believe that renting is more affordable than purchasing.  Or that they can't make ownership work within their monthly budget.  

Here's a quick graphic that might help dispel that worry.

Of course, you always want to run your household's income/expenses to verify these percentages - but at the very least this might be a catalyst to have a more in depth conversation with a mortgage professional to see what you really can afford!

As always, please let me know if you have any questions or if I can be of any help.

~Amy

Source: KCMBlog.com

Should You Sell Before Spring?!

Hi Friends!

Last week a ground hog (aka "Punxsutawney Phil") didn't see his shadow & foretold of an early spring! Which is great news for all our gardens!

But it got me thinking -- would it be best for Sellers to continue to wait until Spring has sprung to list their homes? Take a look at this short article that offers some great points on why listing your home now might actually be in your favor:

"No Matter Which Groundhog You Listen To, You Should Sell Before Spring!

Is spring closer than we think? Depending on which Groundhog you witnessed today, you may have less time than you think to get your home on the market before the busy spring season.

Many sellers feel that the spring is the best time to place their home on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages.

Here are five reasons to sell now.

1. Demand is Strong

Foot traffic refers to the number of people out actually physically looking at homes right now. The latest foot traffic numbers show that buyers are still out in force looking for their dream home. These buyers are ready, willing and able to buy…and are in the market right now!

Take advantage of the strong buyer activity currently in the market. 

2. There Is Less Competition Now

Housing supply just dropped to 3.9 months, which is well under the 6 months’ supply that is needed for a normal housing market. This means, in many areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last three years. Many of these homes will be coming to the market in the near future.

Also, new construction of single-family homes is again beginning to increase. A study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will increase in the spring. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

One of the biggest challenges of the housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. There is less overall business done in the winter. Therefore, the process will be less onerous than it will be in the spring. Getting your house sold and closed before the spring delays begin will lend itself to a smoother transaction.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.4% over the next 12 months according to CoreLogic. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to rise by three-quarters of a percent by the end of 2016.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important."

Demand is high my friends -- and our inventory is lagging to meet that demand, which creates a desirable environment for Sellers!  If you, or someone you know, are considering selling their home - we are here to help!

As always, please let me know if you have any questions at all!

~Amy

Source: KCMBlog.com

8 Ways to Boost Your Home Value!

Greetings Friends!

Can you believe that January is already nearly over?! It always takes me by surprise how quickly time can pass!

But with many of us still committed to our New Year's resolutions - I thought there may be some of you who have house projects on your list & consequently may be wondering what items are worthwhile projects when thinking long term and/or best return.

I came across this article in my reading & thought it offered great insight on just that topic!

8 Ways to Boost Your Home Value

From big ticket items to small staging changes - there are are many ways to help increase your home's value.  

And if you, or someone you know, are considering listing your home - this list of items might be especially helpful!

As always, please let me know if you have any questions at all!

~Amy

Source: Yahoo.com/realestate 

4 Reasons to Buy NOW Before Winter Hits!

Hi Friends!

We're already into the thick of fall -- with winter right around the corner!  

Here's a quick article with some insight on why it may be wise for you to take advantage of the real estate market now - before we find ourselves in the middle winter.

4 Reasons to Buy NOW Before Winter Hits!

Though you, or someone you know, may be on the fence about getting in to the market - there really is no better time than now to take that jump.  And we will there with you every step of the way!

~Amy

Source: KCMBlog.com

Credit Score Requirements Lower as Interest Rates Creep Higher!

Hi Friends!

Now is definitely the time to take advantage of the still historically low interest rates before their continue their upward trend!  

Take a look at this graphic -- it's clear that interest rates are heading upward.  

If you or someone you know is thinking of making their first, or next, move - please let us know how we can help!  

~Amy
Source: KCMBlog.com

Why You Should Stop Renting & Buy Today!

Hi Friends!

So many out there, especially in our younger generations, are wondering if now is a good time or not to make that first purchase rather than renting.  Interest rates, property taxes, etc -- they're all things people have to take into consideration.

But take a look at this article to help dispel a few of those concerns: Why You Should Stop Renting & Buy Today!

And if you, or someone you know, is ready to take that next step -- please don't hesitate to call!  Our full service team is ready to help you navigate this path!

~Amy

5 Financial Reasons to Buy A Home

There are always many factors that go in to deciding whether or not to enter the real estate market.  

Here are a few that I have found to be sound reasons on why now might be the ideal time!

5 Financial Reasons to Buy A Home

"We have reported many times that the American Dream of homeownership is alive and well. The personal reasons to own differ for each buyer, with many basic similarities.

Eric Belsky, the Managing Director of the Joint Center of Housing Studies at Harvard University expanded on the top 5 financial benefits of homeownership in his paper -The Dream Lives On: the Future of Homeownership in America.

Here are the five reasons, each followed by an excerpt from the study: 

1.) Housing is typically the one leveraged investment available.

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2.) You're paying for housing whether you own or rent.

“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”

3.) Owning is usually a form of “forced savings”.

“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4.) There are substantial tax benefits to owning.

“Homeowners are able to deduct mortgage interest and property taxes from income...On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5.) Owning is a hedge against inflation.

“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”

Bottom Line

We realize that homeownership makes sense for many Americans for an assortment of social and family reasons. It also makes sense financially. If you are considering a purchase this year, contact a local professional who can help evaluate your ability to do so."

If you, or someone you know, is considering making their first or next home purchase - I would love to walk alongside!

~Amy

Source: KCMBlog.com

Selling Your Home? Price It Right From the Start!

Hi Friends!

Even with our improving market here in the Salem-Keizer area, pricing a home to sell still requires expertise & knowledge.

I came across this article in my reading recently and thought it shared some great insight on why it's wise to property price your home from the beginning.

Take a look: Selling Your Home? Price It Right From the Start! and let me know your thoughts!

And if you're curious if now is the right time to be selling your home, please don't hesitate to call! I'd love to set up a consultation in my office to connect.

As always - please let me know if you have any questions!

~Amy

Source: KCMBlog.com

BANK OF AMERICA CLIENTS - ALERT

As a Short Sale Specialist, approved by Bank of America, this is an email I received from them today.  If you, or someone you know, is underwater on your mortgage, and it's held by Bank of America - please help me spread the word.  This is an amazing opportunity for help.

Short Sale Relocation Assistance Program:
Your clients could receive
$2,500 to $30,000 in relocation assistance 

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That's why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. 

Don't miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today at (Your Favorite Agent Knows Where!)

Determining your clients' eligibility is easy:

• Once you initiate the short sale at (Your Favorite Agent Knows Where!) we'll evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America's proprietary program. Specific investor participation and eligibility criteria do apply to these programs.
______________________________________________________________________________

Call Me!

Ciao for now,
Amy

Handling the Stress of an Unaffordable Mortgage Payment

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me. It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability. I'm available through my website: www.amyhelps.info or at my office at 503-371-5209.