Keller Williams Mid Willamette real estate agent

Keller Williams Mid Willamette real estate agent
Steve Frisbie is a licensed real estate agent in the State of Oregon. REALTOR®. Equal Opportunity Housing Provider. Each office is independently owned and operated.

Wednesday, February 19, 2020

How much can a mortgage change at different interest rates?

Basically, the higher your interest rate goes, the more your mortgage is going to run.  This graphic compares a 250k mortgage payment at historic rates versus today 's (more or less, it can change daily) rates.

Tuesday, February 18, 2020

There are some financial advantages to buying a home rather than renting...

The Overlooked Financial Advantages of Homeownership

The Overlooked Financial Advantages of Homeownership | MyKCM

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability.

1. You Won’t Always Have a Monthly Housing Payment

According to a recent article by the National Association of Realtors (NAR):
“If you’ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you won’t have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.”
As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity. As you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. The same piece states:
“Both the interest and property tax portion of your mortgage is a tax deduction. As long as the balance of your mortgage is less than the total price of your home, the interest is 100% deductible on your tax return.”
Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.

3. Monthly Housing Costs Are Predictable

A third item noted in the article is how monthly costs become more predictable with homeownership:
As a homeowner, your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a long period of time, unlike the unpredictability of renting.”
With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

Bottom Line

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, let’s get together to determine if buying a home sooner rather than later is right for you.

Monday, February 17, 2020

Sunday, February 16, 2020

Should I wait before buying a house....

This video is actually from last year, but prices are still rising and the video still applies...


Some of the best reasons to wait on a home purchase are paying down debt and building up a down payment, but waiting to buy because prices may go down backfires quite often. If you are paying rent, perhaps it's worth your while to compare it to what a house will cost to buy. There are low to no down payment options available to many people nowadays, maybe it's time to think about purchasing a new home. If you have questions, contact me and we can work the numbers and see if home buying is something that works for you.

Saturday, February 15, 2020

Do you need a fan in your bathroom?

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Friday, February 14, 2020

Are home prices expected to go up or down?

Should I wait to sell my house?

The #1 Reason to List Your House Right Now

The #1 Reason to List Your House Right Now | MyKCM

The success of the U.S. residential real estate market, like any other market, is determined by supply and demand. This means we need to look at how many potential purchasers are in the market versus the number of houses that are available to buy. With early 2020 housing data now rolling in, it’s quite evident there are two big stories impacting this year’s residential real estate market:
1. Buyer demand is already extremely strong
2. Housing supply is at a historically low level

Demand

ShowingTime is a firm that compiles data from property showings scheduled across the country. The latest ShowingTime Showing Index reveals how showings have increased in each of the country’s four regions for five months in a row.

Supply

Move.com also just released information indicating that the number of homes currently for sale has declined rapidly and now sits at the lowest level in almost a decade. They explained,
“National housing inventory declined 13.6 percent in January, the steepest year-over-year decrease in more than 4 years, pushing the supply of for sale homes in the U.S. to its lowest level since realtor.com began tracking the data in 2012.”
In response to these numbers, Danielle Hale, Chief Economist at realtor.com, said,
"Homebuyers took advantage of low mortgage rates and stable listing prices to drive sales higher at the end of 2019, further depleting the already limited inventory of homes for sale. With fewer homes coming up for sale, we've hit another new low of for sale-listings in January."
The decrease in inventory impacted every price range, too. Here’s a graph showing the data released by move.com:The #1 Reason to List Your House Right Now | MyKCM

Bottom Line

Since there’s a historic shortage of homes for sale, putting your home on the market today could drive an excellent price and give you additional negotiating leverage when selling your house. Let’s get together to determine if listing your house now is your best move.

Here are some inexpensive garage storage ideas....

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

Thursday, February 13, 2020

Here's some statistics on Corvallis and North Albany home sales in 2019...

I received this graphic from AmeriTitle and thought I'd pass it along...

 An important number on there is the median days on market. That means half the homes on the market took longer, half were sold faster.  At 56/57 days that's pretty impressive, especially considering that number typically includes the closing process which can often take 30 days or more.  If you are putting your home up for sale in Corvallis or North Albany, be prepared to have it sell quickly.

Tuesday, February 11, 2020

How do I sell my home quickly?



This video shares some good ideas on selling a home quickly.

  Access - Many buyers will be wary if they can not get into a property.  Access can begin with the MLS listing, get as many professional photos (I work with a photographer) as the MLS allows on the listing, and ensure the listing is complete and accurate. After that, the easier it is to show a home, the easier it'll be to get buyers through the front door.  Homes can and do get under contract without pre-offer showings on occasion, but homes with good access typically generate more interest more quickly.

  Staging - Staging doesn't necessarily have to go all out in our market right now, but clean and clutter free will do a lot to help a home sell. On slower moving or high end properties, proper staging can make a big difference. Clean is a priority for any home.  I'm happy to take look at homes and provide suggestions to help them sell quicker. I also have access to professional home stagers if needed.

  Price to sell - This doesn't mean you need to give away the farm, but you should be pricing your property at or just slightly below (in hopes of generating multiple offers) market price if you want it to move.  Buyers will generally not pay above market price for a property, while many sellers will have emotional attachments to their property and have a tough time letting a property go for what is market price at that moment. Market prices can change fast these days, and online pricing resources aren't necessarily spot on, in some cases quite off, and being a local Realtor, I can help narrow down the price correctly.  Even if a seller is willing to listen to offers, properties priced too high can actually scare off offers, and if a home that is overpriced sits too long, a price drop may not help it generate a lot of new buyer activity, so it's best to be priced in the correct range from the get-go.

  My goal is to get you the best possible price, as quickly as possible.

    Steve


Looks like homeownership rates are back on the rise....

Here's a recent post from Keeping Current Matters:

Homeownership Rate on the Rise to a 6-Year High

Homeownership Rate on the Rise to a 6-Year High | MyKCM

Homeownership Rate on the Rise to a 6-Year High | MyKCMRegardless of the lack of inventory on the market, the U.S. homeownership rate has climbed to a 6-year high. The United States Census Bureau reported that it increased to 65.1% in the fourth quarter of 2019, representing the highest level in the past six years. See the graph below:This increase does not come as a surprise. According to realtor.com,
“The largest cohort of the millennial generation turns 30-years-old in 2020 and they are hitting the housing market in full force. At the end of the fourth quarter of 2019, millennials made up the largest generational segment of homebuyers, growing their share of home purchase mortgages to 48 percent.”
With so many Millennials entering a homebuying phase of life and getting into the market, the Millennial Report also explains,
“Homeownership is an even bigger goal for younger generations. Of those with savings, 41 percent of Gen Z and 40 percent of younger millennials are saving to buy a home.”
Today’s low interest rates are providing a break to new homeowners too, regardless of generation, making homeownership more desirable and achievable at the same time. Freddie Mac explains,
“The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”
The increase in homeownership rate was also represented by race and ethnicity of the householders. HousingWire explains,
“The homeownership rate for black Americans in 2019’s fourth quarter rose to 44%, a seven-year high, increasing from the record low it reached in 2019’s second quarter. The rate for Hispanic Americans was 48.1%, a two-year high, the Census data showed…The rate for white Americans was 73.7%, an eight-year high.”
Homeownership Rate on the Rise to a 6-Year High | MyKCMSee the graph below:

Bottom Line

If you’re considering buying a home this year, let’s get together to set a plan that will help you get one step closer to achieving your dream.

Sunday, February 9, 2020

Renting versus buying in Corvallis...

Tired of your rent going up? Consider buying, mortgage rates are low and you can lock in your payments for years.

Here's a little story from my past... Back in the 80's I lived in a 5 bedroom house down near campus a bunch of us rented for $1100 a month from what I recall. I got to talking with the landlord and they said they were thinking about putting the house on the market for 72K.

Now interest rates were in the 14% range back in '84-'85 and even with interest rates that high (we have it real good now with current interest rates, it's a great time to be buying) it would have saved us a bit of money to buy the house. Of course, we were a bunch of college aged kids all planning on going our separate ways and couldn't swing it, but it was an interesting thought.  Since I now have access to past listings I decided to look up the most recent sale, and that house sold in the mid-400s and was renting out at over 3K a month.  Woulda,coulda, shoulda...  anyways, I'm a firm believer that if you are planning on staying put for 5-6 years or more buying should be a strongly considered if you can make it happen.

Friday, February 7, 2020

Are first time buyers looking for existing homes or newly built homes.....

First-Time Buyers Are Searching for Existing Homes This Year

First-Time Buyers Are Searching for Existing Homes This Year | MyKCM

In the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning to buy a home over the next 12 months. The report indicates the percentage of all buyers that will be first-time buyers looking to purchase a home grew from 58% in Q4 2018 to 63% in Q4 2019.
The results revealed,
“Millennials are the most likely generation to be making plans to purchase a home within a year (19%), followed by Gen Z (13%) and Gen X (12%)…Prospective buyers in the youngest two generations are primarily first-time buyers:  88% of Gen Z buyers and 78% of Millennial buyers are reaching out to homeownership for the first time in their lives.”
With a high demand from first-time homebuyers and a shortage of inventory in the current market, selling your existing home this year might be your best move. Why? Because when homebuyers begin their search, they’re not all looking for new construction. Many are eager to find a little charm and character in a place to call home – possibly yours.
In fact, according to the same study, there is a significant demand for existing homes:
“In terms of the type of home these prospective home buyers are interested in, 40% are looking to buy an existing home and 19% a newly-built home. The remaining 41% would buy either a new or existing home.”
With showing activity up among buyers and more new construction coming to market, as a homeowner, you have the opportunity to sell your existing house now and move up into a new one, or downsize into a home that better fits your current and ever-changing needs.

Bottom Line

Not all buyers are looking for a newly built house. If you’re ready to take advantage of low mortgage rates and a high demand for your existing home, let’s get together to determine how we will market the charming details of your current house to potential buyers.

How much mortgage can I afford?

Visit houselogic.com for more articles like this.
Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®


Thursday, February 6, 2020

Homeowners are generally pretty happy to no longer be renting....



I'm not going to guarantee owning a home is going to make you happier, but if you are frustrated about paying someone else's mortgage while renting when you could pay your own mortgage and likely be building equity, let's talk.

Wednesday, February 5, 2020

Here's some thoughts on housing availability...

Here's a little article on housing shortages around the country from Keeping Current Matters.  Corvallis is not immune to this, there hasn't been a lot of building new subdivisions and it's helped keep Corvallis housing prices fairly high.  We're starting to see some new subdivisions again it seems.


Where Have All the Houses Disappeared To?

Where Have All the Houses Disappeared To? | MyKCM

If you’re following what’s happening in the current housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory available to today’s buyers. Another reason is that the inventory of existing homes for sale is shrinking. According to the most recent Existing Home Sales Report from the National Association of Realtors (NAR), sales are up 10.8% from the same time last year. That exceeds expectations and is great news.
The troubling news from the report is that the sold inventory is not being replaced. As NAR explained,
“Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago. Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales.”
The situation was also addressed in a recent Zillow article stating,
“The number of for-sale homes in the U.S. is at its lowest point in at least seven years, and the shortage appears poised to get worse before it gets better.”
Bill McBride of Calculated Risk further noted,
“Inventory always decreases sharply in December as people take their homes off the market for the holidays. However, based on the data I've collected, this was the lowest level for inventory in at least three decades (the previous low was 1.43 million in December 1993).”

Why is inventory falling so dramatically? I thought the housing market had softened.

A year ago, that was the case – but the market shifted again. Skylar Olsen, Director of Economic Research at Zillow, explains,
"A year ago, a combination of a government shutdown, stock market slump and mortgage rate spike caused a long-anticipated inventory rise. That supposed boom turned out to be a short-lived mirage as buyers came back into the market and more than erased the inventory gains. As a natural reaction, the recent slowdown in home values looks like it's set to reverse back to accelerating growth right as we head into home shopping season with demand outpacing supply."

What does this mean if you’re a homeowner thinking of selling?

Now is a great time to consider putting your home on the market. The competition (number of houses on the market) has not been this low in decades. It’s best not to wait for the inventory (both existing homes and new construction) to increase in the spring, as it always does.

Bottom Line

The supply of homes for sale is at a historic low. Buyer demand is surprisingly strong. Now would be a great time to sell.

Tuesday, February 4, 2020

Monday, February 3, 2020

Here's some basic potential pricing info on kitchen remodeling...

Visit houselogic.com for more articles like this.
Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®

I figured this would be a great article to pass along.  We keep thinking of things we'd like to do to our house and it's a decent reference for ideas.
   

  Steve 

Here's a few reasons selling in winter can be a good idea....

Here's some Corvallis residential real estate sale statistics from January....



Thought I'd post the most recent stats passed along to me at work. These are taken from the Willamette Valley Multiple Listing Service.  This is a bit busier winter than we had the last year. If you have any questions or real estate needs- text, call or email me and I'll be happy to help.

Some information on pre-approval for loans...

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

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

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.

Saturday, February 1, 2020

Homes do sell year round....




If you are thinking of selling your home and waiting until "the busy season" for real estate to sell, keep this in mind, people are looking year round and there may be a buyer for your home today.

Buying vs Renting? Here's a couple of thoughts....

Thursday, January 30, 2020

Vinyard Mountain Trail hike at the Lewisburg Saddle...

I tried a "new to me" trail out at the Lewisburg Saddle just north of Corvallis the other day.  You start at the main entrance and take the upper road then take the first road to the right.
The "trail" starts as a roadway then becomes a trail at some point. Right now the trail portion of it can be kind of muddy and potentially a bit slick.   
 It takes you up to the towers on Vinyard mountain and then loops bach around to the road that goes to the entrance.  The loop is about 3.5 miles with a total elevation change of a bit over 500 feet.

Are you thinking about selling your home? Here's some questions to ask...

Is a recession coming? Predicting the future can be tough....

Strength of the Economy Is Surprising the Experts

Strength of the Economy Is Surprising the Experts | MyKCM

We’re currently in the longest economic recovery in U.S. history. That has caused some to ask experts to project when the next economic slowdown (recession) could occur. Two years ago, 67% of the economists surveyed by the Wall Street Journal (WSJ) for the Economic Forecasting Survey predicted we would have a recession no later than the end of this year (2020). The same study done just three months ago showed more than one third of the economists still saw an economic slowdown right around the corner.
The news caused concern among consumers. This is evidenced by a recent survey done by realtor.com that shows 53% of home purchasers (first-time and repeat buyers) currently in the market believe a recession will occur by the end of this year.

Wait! It seems the experts are changing their minds….

Now, in an article earlier this month, the Wall Street Journal (WSJ) revealed only 14.3% of those economists now believe we’re in danger of a recession occurring this year (see graph below):Strength of the Economy Is Surprising the Experts | MyKCMThe WSJ article strongly stated,
“The U.S. expansion, now in its 11th year, will continue through the 2020 presidential election with a healthy labor market backing it up, economists say.”
This optimism regarding the economy was repeated by others as well.
“Just months after almost everyone on Wall Street worried that a recession was just around the corner, Goldman Sachs said a downturn is unlikely over the next several years. In fact, the firm’s economists stopped just short of saying that the U.S. economy is recession-proof.”
“When Barron’s gathers some of Wall Street’s best minds—as we do every January for our annual Roundtable—we expect some consensus, some disagreement…But the 10 veteran investors and economists who convened in New York on Jan. 6 at the Barron’s offices agree that there’s almost no chance of a recession this year.”
“The U.S. economy is heading into 2020 at a pace of steady, sustained growth after a series of interest rate cuts and the apparent resolution of two trade-related threats mostly eliminated the risk of a recession.”
"I expect that the U.S. economy will avoid a recession in 2020."

Bottom Line

There probably won’t be a recession this year. That’s good news for you, whether you’re looking to buy or sell a home.

Appraisals are an important part of the home buying process and can affect your loan, here's some more information...

Hi everyone. Here's some great information on the appraisal process I'd thought I'd pass along. One note, I feel the price mentioned in the article is quite low for our area in most cases. Steve

Visit houselogic.com for more articles like this.

Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®