‘Yikes!’ 7 Filthy Spots Everyone Sees But You

Thinking about selling your home this Spring?  Be sure you don't fall into the camp of homeowners who may be 'selectively blind' to the grime in their homes.  Taken from a recent Houselogic article, here are 7 areas you're likely to miss.  Check the article to find the best ways to make them presentable before Buyers enter your home!

1. Light Fixtures - possibly loaded with dust and dead bugs.

2. Toilet Body - clean not only the inside of the bowl, but the outer parts and pieces.

3. Dust Collectors - TV mounts, picture frames, remotes, keyboards etc.

4. Drawer Organizers - silverware trays, drawer separator catch crumbs and dirt over time.

5. Ice Maker - good to clean and sanitize every once in awhile

6. Appliance Handles - touched daily, multiple times!

7. Glass and Mirrors - finger prints, dust and streaks may be present


Read the full article here: 'Yikes" 7 Filthy Spots Everyone Sees But You

Precautions Taken When Showing Homes During COVID-19

It's an extraordinary time we're living in faced with the virus pandemic and stay-at-home order from our governing bodies.  People may be in transition, relocating to be near family, needing to down-size for financial reason or facing other circumstances requiring them to either sell or purchase a home at this time. For some, real estate activity is still taking place.

I gather a supply of items when heading out to show my Buyers any home that is currently on the market for sale - booties and latex gloves for all, wipes, hand sanitizer, etc.  Ensuring that we have permission from the seller to show their home, my clients and I follow pretty strict protocols to ensure everyone's safety during the home search and purchase processes.

Showing instructions include:  

• Having Buyers drive by the property before arranging a showing to ensure they are comfortable with the location, neighborhood and exterior of the home.
• Only having the buying parties present at the time of showing (no friends or non-decision-making family members, and it is best to leave young children at home.)
• Riding separately to the showing.
• Upon arrival, maintaining six feet of separation.
• Sanitizing our hands upon entering the home and when we leave the home.
• Sorry, no bathroom breaks
• Wearing booties and taking them with you after the showing.
• Avoiding touching anything in the home including door handles, countertops, light switches, and blinds. The seller has been instructed to keep lights on and doors open for your viewing ease.
• If surfaces are touched, disinfecting the area or informing me of what was touched.
• One party through the home at a time. If there is someone showing the property when you arrive, please wait in the driveway of near the curb.

Generally, home inspectors, appraisers and contractors are open to having the respective client (buyer, homeowner, agent) present while they are at the home being purchased.  At this time, however, many of our service providers are requesting no one be present while they are conducting their business on the property.  This is quite different than what we are used to and require patience, understanding and cooperation from all parties.  

If you, or someone you know, are in need of making a transition at this time, let's talk about how best to go about meeting your real estate need while taking steps to keep everyone safe and healthy.

4 Tips to Keep Your Dream of Homeownership Moving Forward

Some Highlights:

• Don’t put your homeownership plans on hold just because you’re stuck inside.
• There are several things you can do right now to keep your home search moving forward.
• Connect with an agent, learn about resource programs for things like down payments, and get pre-approved today.

Mortgage Rates Hitting a floor ... and Why

We all have been glued to our news sources the last few weeks.  You, like many, have likely seen that the Federal Reserve has taken action to cut the Fed Funds rate to zero.  Many people have been asking if their mortgage rate will also drop or if they can get a near zero rate for their loan.  I received an email from one of my lenders yesterday that provided information on the relationship between the Federal Funds rate and mortgage rates, that I think is worthwhile to pass along.

A Few Things You Need to Know

1. The Fed does not control mortgage rate.  Their cuts apply to the rate for loans between the Fed and banks or from one bank to another.

2. The Fed's actions most quickly impact the rates on the U.S. Treasury Securities. These markets can influence Mortgage Backed Securities, which then in turn influence mortgage rates.

3. In times of uncertainty, there are other factors that can overrule the norm. Remember 2008? Despite aggressive cuts by the Fed, mortgage rates hit a floor and never fell further. The same is happening right now.

So Why Is This Happening?

1. Volume. Demand for mortgage purchases and refinances are stretching the lending industry capacity. To slow the demand, rates may hover at higher levels. 

2. Reduced Investment. When investors know that borrowers will refinance early, they expect to lose income. What that means is that investors will buy fewer new mortgages that are backed by securities. Less demand, means higher mortgage rates.

The Facts
A 0% Fed funds rate will not lead to a 0% mortgage loan rate. Mortgage bonds will always have a level under which investors will not purchase them, and mortgage rates reflect that threshold.

The Good News
Mortgage rates are still at historical lows. Now is the opportunity to save significantly by refinancing or locking in a great rate on a purchase. If you are considering purchasing or refinancing this year, now is the time to get your things in order so you can take advantage of rate fluctuations and save yourself some money.

If you need a referral to a mortgage lender to assist you in re-financing or getting pre-approved for a home purchase, give me a call!

Information from Team Irwin, Directors Mortgage Lake Oswego OR

Are We About to See a New Wave of Foreclosures?

There's a lot of evidence showing that today's housing market is nothing like it was during the last recession.  Here is a quick video with 5 graphs that show this housing market is not the same as last time.

With all of the havoc being caused by COVID-19, many are concerned we may see a new wave of foreclosures. Restaurants, airlines, hotels, and many other industries are furloughing workers or dramatically cutting their hours. Without a job, many homeowners are wondering how they’ll be able to afford their mortgage payments.

In spite of this, there are actually many reasons we won’t see a surge in the number of foreclosures like we did during the housing crash over ten years ago. Here are just a few of those reasons:

The Government Learned its Lesson the Last Time

During the previous housing crash, the government was slow to recognize the challenges homeowners were having and waited too long to grant relief. Today, action is being taken swiftly. Just this week:

• The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days.
• The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 days.”

Homeowners Learned their Lesson the Last Time

When the housing market was going strong in the early 2000s, homeowners gained a tremendous amount of equity in their homes. Many began to tap into that equity. Some started to use their homes as ATM machines to purchase luxury items like cars, jet-skis, and lavish vacations. When prices dipped, many found themselves in a negative equity situation (where the mortgage was greater than the value of their homes). Some just walked away, leaving the banks with no other option but to foreclose on their properties.

Today, the home equity situation in America is vastly different. From 2005-2007, homeowners cashed out $824 billion worth of home equity by refinancing. In the last three years, they cashed out only $232 billion, less than one-third of that amount. That has led to:

• 37% of homes in America having no mortgage at all
• Of the remaining 63%, more than 1 in 4 having over 50% equity

Even if prices dip (and most experts are not predicting that they will), most homeowners will still have vast amounts of value in their homes and will not walk away from that money.

There Will Be Help Available to Individuals and Small Businesses

The government is aware of the financial pain this virus has caused and will continue to cause. Yesterday, the Associated Press reported:

“In a memorandum, Treasury proposed two $250 billion cash infusions to individuals: A first set of checks issued starting April 6, with a second wave in mid-May. The amounts would depend on income and family size.”

The plan also recommends $300 billion for small businesses.

Bottom Line

These are not going to be easy times. However, the lessons learned from the last crisis have Americans better prepared to weather the financial storm. For those who can’t, help is on the way.

Enjoy some St. Patrick's Day Celebrations!

Enjoy one or more of these holiday activites - 

and may the luck of the Irish be with you!

Murphy's Furniture St. Patrick's Day Parade
1151 NE Grant St., Hillsboro
Saturday, March 14th  9:00am - 12:00pm
murphysfurniture.net/events/st-patricks-day-parade

All-Ireland Cultural Society of Oregon 
St. Patrick's Day Festival
1333 NE MLK, Jr. Blvd,  Portland
Tuesday, March 17th  2:30pm - 7:45pm
Doors open at 2 p.m.
Oregonirishsociety.org/st-patricks-day-celebration



Shamrock Run                                                      Paddy's Irish Pub's St. Patrick's Day Festival
Tom McCall Waterfront Park, Portland                 65 SW Yamhill St., Portland
Sunday, March 15th Starting at 8am                    Tuesday, March 17th
Shamrockrunportland.com                                   Pub opens at 10am, tent at 11am
                                                                              paddys.com/st-patricks-day


Kells Irish Pub St. Patrick's 5 Day Festival          St. Agatha's Parade and Festival
112 SW 2nd Ave.  Portland                                  7960 SE 15th Ave., Portland
March 13th - 17th                                                 Saturday, March 14th  12pm Parade
Kellsportland.com/st-patrick-s-festival                 stagatjaschoolpdx.us/st-patricks-day

February 2020 Real Estate Market Statistics

The following is the latest Real Estate Market Statistics for February 2020.
Click here for the full report

• Sales:   1,897 in February 2020 vs 1,726 last February:  9.9%

• Pending Sales:   2,598 in February 2020 vs 2,208 last February:  17.7%

• New Listings:   2,759 in February 2020 vs 2,444 last February:  12.9%

• Average Sales Price:   $460,200 in February 2020 vs $438,2000 last February:  5.0%

• Total Market Time: 68 days in February 2020 vs 75 days last February:  -9.7%

• Inventory in Months: 1.9 months in February 2020 vs 2.7 months last February

Inventory by Area:

• NW Washington County   2.43 months
• Beaverton/Aloha               1.28 months
• Hillsboro/Forest Grove     1.61 months

Successful Transition from First home to Move-Up Home in Forest Grove!

Congratulations!

The Johnson's have successfully sold their first home in Forest Grove and up-sized to a bigger, newer home, still in Forest Grove, to accommodate their growing family!  Same Schools, same general neighborhood to keep in touch with friends and same convenient access to work - it's a win all around!

The Difference an Hour Makes

Some Highlights:

• Don’t forget to set your clocks forward this Sunday, March 8 at 2:00 AM EST in observance of Daylight Saving Time, unless you’re a resident of Arizona or Hawaii!
• Every hour in the United States, 568 homes are sold and median home values rise by $1.92.
• As we “spring forward” this year, let’s get together to see how you can take advantage of every hour in the housing market.

Three Reasons Why Pre-Approval Is the First Step in the 2020 Homebuying Journey

When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” The advantage tips toward the seller as low inventory heats up the competition among those searching for a place to call their own. This can create multiple offer scenarios and bidding wars, making it tough for buyers to land their dream homes – unless they stand out from the crowd. Here are three reasons why pre-approval should be your first step in the homebuying process.

1. Gain a Competitive Advantage

Low inventory, like we have today, means homebuyers need every advantage they can get to make a strong impression and close the deal. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. For one, it shows the sellers you’re serious about buying a home, which is always a plus in your corner.

2. Accelerate the Homebuying Process

Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive arena like we have today, being ready to put your best foot forward when the time comes may be the leg-up you need to cross the finish line first and land the home of your dreams.

3. Know What You Can Borrow and Afford

Here’s the other thing: if you’re pre-approved, you also have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach.

Freddie Mac sets out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

Local real estate professionals also have relationships with lenders who can help you through this process, so partnering with a trusted advisor will be key for that introduction. Once you select a lender, you’ll need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac also describes the ‘4 Cs’ that help determine the amount you’ll be qualified to borrow:

1. Capacity: Your current and future ability to make your payments
2. Capital or Cash Reserves: The money, savings, and investments you have that can be sold quickly for cash
3. Collateral: The home, or type of home, that you would like to purchase
4. Credit: Your history of paying bills and other debts on time

While there are still many additional steps you’ll need to take in the homebuying process, it’s clear why pre-approval is always the best place to begin. It’s your chance to gain the competitive edge you may need if you’re serious about owning a home.

Bottom Line

Getting started with pre-approval is a great way to begin the homebuying journey. Let’s get together today to make sure you’re on the fastest path to homeownership.

Impact of the Coronavirus on the U.S. Housing Market

The Coronavirus (COVID-19) has caused massive global uncertainty, including a U.S. stock market correction no one could have seen coming. While much of the news has been about the effect on various markets, let’s also acknowledge the true impact it continues to have on lives and families around the world.

With all this uncertainty, how do you make powerful and confident decisions in regard to your real estate plans?

The National Association of Realtors (NAR) anticipates:

“At the very least, the coronavirus could cause some people to put home sales on hold."

While this is an understandable approach, it is important to balance that with how it may end up costing you in the long run. If you’re considering buying or selling a home, it is key to educate yourself so that you can take thoughtful and intentional next steps for your future.

For example, when there’s fear in the world, we see lower mortgage interest rates as investors flee stocks for the safety of U.S. bonds. This connection should be considered when making real estate decisions.

According to the National Association of Home Builders (NAHB):

“The Fed’s action was expected but perhaps not to this degree and timing. And the policy change was consistent with recent declines for interest rates in the bond market. These declines should push mortgage interest rates closer to a low 3% average for the 30-year fixed rate mortgage.”

This is exactly what we’re experiencing right now as mortgage interest rates hover at the lowest levels in the history of the housing market.

Bottom Line

The full impact of the Coronavirus is still not yet known. It is in times like these that working with an informed and educated real estate professional can make all the difference in the world.

The Many Benefits of Aging in a Community

Recently, I assisted in the move of my mother-in-law into a retirement community. She had lived on her own since her husband passed over 15 years ago, attempting to age in place. Most of those years, she did well!  The time came, however, when the upkeep of the home and yard became too much and her social life was dwindling.  

During her first weeks in her new apartment, she is already experiencing many of the benefits of being in a community with people who share common interests, goals and challenges.  She is enjoying the increased socialization and decreased worry over maintaining the home and yard.

Read the following article for more benefits of living in a retirement community.

There’s comfort in being around people who share common interests, goals, and challenges. That comfort in a community doesn’t wane with age – it actually deepens. Whether it’s proudly talking about grandchildren or lamenting the fact that our eyes aren’t as good as they used to be, it helps to be around people who not only understand what we’re saying but actually feel the same joys and concerns as well.

That’s why many boomers are deciding to move into an active adult community. In the latest 55places National Housing Survey, they were described by one out of three seniors as an “outgoing, social community of likeminded people.”

Bill Ness, Chief Executive Officer and Founder of 55places.com, explains:

“Baby boomers are now reaching the age when moving to an active adult community is the ideal opportunity for them…Many boomers now want to downsize, experience a maintenance-free lifestyle, and pursue more social opportunities. It’s exciting that there are so many choices for baby boomers.”

The Kiplinger report also chimed in on this subject:

“While most seniors say they want to age in place, a much smaller percentage of them actually manage to accomplish it, studies show. Transportation is often a problem; when you can no longer drive, you can’t get to medical appointments or to other outings.”

Driving may not be a challenge right now, but think about what it may be like to drive 10, 20, or 30 years down the road.

There are also health challenges brought on by a possible lack of socialization when living at home versus a community of seniors. Sarah J. Stevenson is an author who writes about seniors. In a recent blog post for A Place for Mom, she explains:

“Social contacts tend to decrease as we age for reasons such as retirement, the death of friends and family, or lack of mobility.”

Thankfully, research from the same article suggests if you’re spending time with others in a community, thus reducing the impact of loneliness and isolation, there’s less of a risk of developing high blood pressure, obesity, heart disease, a weakened immune system, depression, anxiety, cognitive decline, Alzheimer’s disease, and early death.

Though the familiarity of our current home may bring a feeling of warmth, comfort, and convenience, it’s important to understand that staying there may mean missing out on crucial socialization opportunities. Living with adult children, joining a retirement community, or moving to an assisted living facility can help us continue to be with people we enjoy every day.

Bottom Line

“Aging-in-place” definitely has its advantages, but it could mean getting “stuck-in-place” too. There are many health benefits derived from socialization with a community of people that shares common interests. It’s important to take the need for human interaction into consideration when making a decision about where to spend the later years in life.

What's Happening in March 2020!

• It's always a joy for us each March to select which restaurants we'll enjoy during the            Portland Dining Month!  
• The weekend of March 13-15 is Filled with St. Patrick's Day Events and Celebrations  
• Or head down to the coast for a little whale watching near the end of the month.

Lots of options to choose from this month - Enjoy!

Event information courtesy of Big Weekend Calendars www.bigweekendcalendars.com