Real Estate Information Archive

Wishing you all a wonderful 2018! Happy New Year!!! 

Good Monday Morning!

I find that many clients that I assist are confused about the difference between a CMA (market Analysis) and an appraisal.  There is a difference and the two are used for different purposes.  The following is an article from "Realty Times" that will give you a good idea about what both are and what they are used for.

As part of the homebuying process, your real estate agent may create a comprehensive market analysis or CMA. Later, when you apply for a mortgage, a bank appraisal is conducted by a licensed appraiser. Are CMAs and appraisals the same thing?

While both CMAs and appraisals help determine a home's market value, their purposes are not the same. The CMA is a sales tool to help you find an offer price for the home you want to buy. The homes in the CMA include the home you want to buy plus similar nearby homes. This helps you see how the home you want compares to other homes so you have an idea what to offer.

A real estate professional may prepare a CMA for their sellers to help them choose a listing price. The CMA includes recently sold homes and homes for sale in the seller's neighborhood that are most similar to the seller's home in appearance, features, and general price range.

Although the CMA is used to help determine current market value, the seller's home is typically not even featured in the CMA. The CMA is merely a guide to help the seller learn what's happening in their local market, so they can better understand where their home fits in term of price ranges, based on location, features, size, condition and other factors.

The CMA offers the same advantages to you as a buyer. They help you better understand the local market. You can expand the search and get different results in a CMA simply by changing the zip code or the price range or the number of bedrooms and baths.

Appraisals are all about risk retention for banks and their customers. If the buyer is receiving financing through a bank, the bank will order an appraisal.

Unlike the CMA, a bank appraisal is a professional determination of a home's value. It's performed by a licensed appraiser, using guidelines established by the Federal Housing Finance Agency, which regulates federal housing loan guarantors such as FHA, VA and housing loan purchasers Fannie Mae and Freddie Mac.

An appraisal is a comprehensive look at a home's location, condition, age and relativity to the market of like properties. It reflects only the data that comes form historic sales, typically over the past six months and does not consider market conditions and existing competing homes like a CMA does.

Have An Awesome Week!

Good Monday Morning!

Here are the residential home sales numbers for October of 2014.  October was one of the best sales months in the Eugene and Springfield area in years.  Note that the inventory of homes currently on the market for sale has declined to 3.8 months of active inventory.  This is also the lowest inventory of homes actively for sale that we have seen in many years.

If you are considering the sale of your home, I have one word of advice and that is to get your home on the market," NOW"!  Take advantage of the low inventory and lack of competition.  It won't last!

393 Lenore LOOP Price: $249,000 Beds: 3 Baths: 2 Sq Ft: 1649 Pristine & brand new! This beautiful home offers spacious entry, laminate wood floors, granite counters, vaulted ceiling, gas fireplace & Great Room. Dining area with slider, kitchen with stainless steel appliances, island, eating bar & recessed lig... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Now that we are well into Fall and the weather has certainly changed, it is that time of year to make sure that your home is prepared for the weather ahead.  Here is an informative article from Realty Times that gives you some great inofrmation on winterizing your home.

April may bring showers, but winter weather can bring all sorts of other unexpected and expensive damages to your home. Fall's cool temperatures are a reminder that winter days are on their way - take stock of what you may need to do to prepare your home beforehand, and you'll be ready for the onslaught of ice and snow. Here are several simple, cost-effective tasks you can do now to make the transition into the colder months easier.

1. Clean Out Your Gutter

Once the leaves are off the trees it's time to clean out your gutters. Poorly maintained gutters can damage the roof of your home as well the exterior. When snow and ice mix with clogged gutters, it's a recipe for disaster, inside and out. Leaves and debris will prevent moisture from running off the roof, resulting in ice dams and water leaks. Before flurries form make sure to clear out any waste that's accumulated, and also be sure to note any missing or broken pieces and have them repaired. Remove potentially hazardous branches, or structurally unsound trees that could pose problems under the weight of snow or in the midst of a dangerous windstorm.

2. Have Your Heating System Checked

You don't want to be the person waiting in the frigid cold for a repairman to come when your heater stops in the dead of winter. Instead, have an inspector come in and make sure that the system is well ventilated and running smoothly before the first cold snap hits. Inspections generally run between $70-$100. If you live in an area where winter storms consistently knock out both electricity and heat, consider investing in a small generator. Learn more about what you can do to ensure that your system is operating properly, and give yourself time to make any needed repairs before winter comes and the heating companies are overbooked.

3. Have a Snow Preparedness Kit

It's happened to all of us. Waking up to discover a solid two feet of fluffy white snow layering the ground, only to realize that we've just got one old, dull shovel to dig ourselves free. Before stores are bought out of the necessities, make sure you have everything you need in case of a blizzard:  a shovel, flashlights with extra batteries, one or two bags of road salt to coat the driveway, sidewalk, and walkways, and an ice scraper or two. Keep an emergency kit in a designated spot, and when you awake and find yourself trapped in a winter wonderland, you won't be stuck trying to come up with new and inventive ways of unearthing your car tires.

4. Reverse Your Ceiling Fans

Ceiling fans aren't only useful in the summer months. If your fan has a reverse switch, you can keep your home extra warm in the winter by reversing the cycle of the blades. Having the blades rotate in the opposite direction will create an updraft. Since heat rises, this pushes the hot air down and re-distributes it throughout your house. It's especially useful for homes that have high ceilings.

5. Caulk Doors and Windows

In the depths of winter the average home can lose nearly one third of its heat through drafty windows and doors. If the gap between your windows and doors is greater than the width of a nickel, it's time to reapply some exterior caulk to prevent this heat from escaping. Silicone caulk is highly recommended due to its non-shrinking quality and impermeability to the harsh elements. Block drafts from coming under doors with "draft dodger" door stoppers. You can easily make your own at home. Taking these extra steps will ensure that when the temperature drops, the cold and unforgiving air will stay outside where it belongs, and save you any money you'd be spending on additional heating.

Have An Wesome Week!

THIS WEEKS HOT HOME LISTING!

393 Lenore LOOP Price: $249,000 Beds: 3 Baths: 2 Sq Ft: 1649 Pristine & brand new! This beautiful home offers spacious entry, laminate wood floors, granite counters, vaulted ceiling, gas fireplace & Great Room. Dining area with slider, kitchen with stainless steel appliances, island, eating bar & recessed lig... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

This post includes just a few tips for regular home maintenance. They will keep your home in better condition, save you money, and keep you more safe.

Replace your air filter. After a hot summer, you should replace the filter if you have not already done so. It will make your HVAC system last longer and run more efficiently if you replace every 3 months.

Seal your grout and natural stone. Grout in wet areas and most natural stone should be sealed regularly, preferably every year.

Check for leaks. Run all your faucets for 10 seconds and take a quick look under the sinks to make sure there is no water leaking from supply or drain lines. A small leak can turn into a big leak without attention. For bonus points, get under the house and check the crawl space.

Earthquake-proof. It’s been too long since a major temblor, so it’s easy to forget earthquake safety. Bookshelves, mirrors, and other heavy objects should be tightly secured. Ensure that heavy objects are not over areas that you regularly sleep or sit.

Article originally posted on realtytimes.com

393 Lenore LOOP Price: $249,000 Beds: 3 Baths: 2 Sq Ft: 1649 Pristine & brand new! This beautiful home offers spacious entry, laminate wood floors, granite counters, vaulted ceiling, gas fireplace & Great Room. Dining area with slider, kitchen with stainless steel appliances, island, eating bar & recessed lig... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

The housing market in the Eugene and Springfield area remains very stable at this point.  There are some slight variations from month to month with the number of sales and months of inventory, but overall the market remains steady.  Home prices are also remaining fairly steady with the price of home continuiing on a slow, but steady growth curve.  Here are the numbers for Lane County home sale activity from the month of August 2014.

2535 PIERCE ST Price: $359,000 Beds: 3 Baths: 3 ½ Baths: 1 Sq Ft: 2359 Amazing gem in the hills! Beautiful city view from above! Enjoy serenity and privacy while nestled in the trees! Great room layout, recessed lights, skylights, travertine tile floors, vaulted living room ceiling, 2 decks. Granite counters in kitchen... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

Depending upon your stage in life and your economic position, the size of home you purchase can be a large consideration.  This article from "Realty Times" gives some insight into making the home size decision.

Do I purchase a large home or a smaller home? This can be a tricky question to answer. Partly because our needs change over the years and decades. After kids leave home, maybe smaller is better but prior to that, maybe a bigger home is what you're seeking–room for the kids, dog, and tons of the kids' sleepover friends.

The trends reflect our indecisiveness too. Sometimes McMansions are on the rise and then there's the complete opposite: tiny, tiny homes. In fact, you can watch fascinating shows online about families of four with a couple of dogs moving into these tiny well-designed homes or homes on wheels.

While that small may be far too small, size is a big consideration. It's also something you should think about before you go house-hunting for that perfect home.

Of course,while there are many personal reasons involved in choosing which size home is the best fit, there are also some very important considerations that can help you decide.

Here are few things to help you weigh your options.

The bigger the home, usually the higher the mortgage. You pay for what you get. It's likely the mortgage payments will be more. However, a smaller home with more amenities is sometimes not that far off in price from a larger home that gives you a bit more square footage.

Think about if you are planning to stay in the home a long time. If so, getting a bit more square footage now might be better than having to move again in a short period of time when you may outgrow the home.

Decide how much home you're willing to maintain. For instance, do you want the responsibility of a big back yard or do you want to have something in a planned development, such as a town home, where there is limited yard space to decorate and maintain. That reduced yard size can give you a lot more freedom and leave you with more money in your bank account as opposed to paying for landscaping maintenance.

Do you work from home or might you someday? This is really important these days as more and more people are working from home and setting up desk space on the dining room table is not optimal. If you think you might be working from home someday, look for a home that will have enough space for you to work, even it it's just a screened-off nook somewhere in the house. No doubt, you'll find a good use for the space, whether or not you actually work from home

If you want a bigger home but aren't sure you can afford it, consider your options. Can you get a roommate? Increase your income? Decrease your debt? Or maybe you can wait a little bit longer and save more to get into the home you really want.

The important thing is to think about the size and style of home you want before you start your house-hunting. This will help you target homes that are most suitable for your needs. Be sure to consult with experts to get the best advice and find out how much home you can really afford.

 Have An Awsome Week!

THIS WEEKS HOT HOME LISTING!

4091 SCENIC DR Price: $258,900 Beds: 3 Baths: 2 ½ Baths: 1 Sq Ft: 1836 Delightfully updated home with extras! Shop with workbench, built-ins and sink. Bonus/rec room, 3 sliders, great room layout, RV parking, tons of storage space & utility room. Living room with wood fireplace and extra-wide slider opens to large kitc... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

When I meet with home owners who are considering the sale of their home, one of the main questions I am asked is, "should I remodel and stay in my home or sell?" Also, many sellers make the mistake of doing expensive upgrades to their home prior to selling it.  The following is an informative article from Realty Times that addresses these issues.

Pending home sales are down 7.3 percent from one year ago, according to the National Association of Realtors, and this trend is likely to continue until wages increase and credit becomes more available to average borrowers. Obtaining a mortgage is a daunting task these days, even for those with reasonable credit scores. Those in the market for a new home or planning to remodel their existing one should consider the following factors before committing to either option:

Local Market Conditions

There are two dynamics to buying a new home: selling your existing one, and then getting a good price and rate on the new one. Some markets are actually conducive to doing both smoothly and efficiently.

Las Vegas is the top market for sellers, experiencing a 33 percent year-over-year increase in asking prices from July 2013 to 2014, according to data compiled by Trulia. The Sin City also experienced a 5.2 percent drop in home values from April to July of this year. Part of this, again, can be attributed to the monetary policies of the Fed in 2014.

Regardless, homeowners who act quickly to sell in cities with significant year-over-year price gains (including most of Northern California, Salt Lake City, and Portland, Oregon) will likely walk away with enough cash for a down payment on a new home. The Bay Area in particular is a prime sellers' market. Despite high prices, inventories there remain low, which means homes are snapped up almost as soon as they become available.

Check with a local real estate agent to get details on both home prices and inventory in your area.

Counterproductive Upgrades

Steven Melman of the National Association of Home Builders told Market Watch that Americans spent $130 billion upgrading their homes in 2013, up 3.1 percent from 2012. But homeowners spent far less per project over the past four years. The average renovation so far in 2014 costs $4,000, down from $6,200 in 2010, according the American Express Spending and Savings Tracker.

Renovating is obviously less expensive than purchasing a new home. But the task is not without its own hurdles. The first step to remodeling a home is coming up with the capital to do it. Most people will need to take out a home equity loan or line of credit, which in turn creates new debt.

Homeowners should only consider remodeling if it will increase the value of their home over time.Adding smart home appliances, energy-efficient windows, and lighting are the most common renovations that almost always provide a good return. Consult the annual Cost vs. Value Reportpublished by Remodeling magazine before starting any project.

Future Market Conditions

A study commissioned by the nonprofit urban leadership firm CEOs for Cities found that homes within walking distance of schools, malls, parks and other amenities are worth more than those in areas where you have to drive to get anywhere. Whenever you see construction projects happening near your neighborhood, find out what is being built.

Despite the negative reception Wal-Mart stores typically receive when being built, their overall positive effect on home values is difficult to ignore. Researchers at the University of Chicago and Brigham Young University found in a 2012 study that homes within a half-mile from new Wal-Mart stores experienced a 3 percent increase in property values. Research all current and future construction projects near your neighborhood before considering a sale.

The choice to buy new or remodel is a personal one. But exercising due diligence will ensure you're making the right decision.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

2535 PIERCE ST Price: $359,000 Beds: 3 Baths: 3 ½ Baths: 1 Sq Ft: 2359 Amazing gem in the hills! Beautiful city view from above! Enjoy serenity and privacy while nestled in the trees! Great room layout, recessed lights, skylights, travertine tile floors, vaulted living room ceiling, 2 decks. Granite counters in kitchen... View this property >>

AND HERE'S YOUR MONDAY MORNING COFFEE!! 

Good Monday Morning!

A large percentage of home sales today are to first time home buyers.  The current market of low mortgage interest rates has given first time buyers an excellent opportunity to become home buyers.  The following is an article from Realty Times that offers some great tips for anyone considering the opurchase of their first home.

Before you start seriously shopping for a home, there's some groundwork you should do to put yourself in the best position to buy a home.

Start early, a couple of months before you talk to a lender or hire a real estate professional.

Check and repair your credit

The Fair Credit Reporting Act requires the three nationwide consumer credit report companies, Equifax, Experian, and TransUnion, to provide you with a free copy of your credit report and FICO scores upon request once a year. You can order the reports by visiting AnnualCreditReport.com, or call 1-877-322-8228.

Each credit report company has its own criteria for scoring your credit report. A lender will usually use the middle FICO score. All three scores need to be as high as possible for you to receive the best interest rates.

If you can, order the reports at least three months before applying for your home loan. If you find a mistake you need to correct, or you want to improve your score by paying down an account, you'll need at least two months before the credit score improves.

You can dispute an inaccurate item on the report by contacting the consumer reporting company and the information provider in writing. Be sure to include copies of your proof.

Don't accidentally raise your scores

Lenders not only look at how much credit you're using, they consider how much credit you have available. However, now is not the time to be opening any new accounts or closing existing accounts.

Don't purchase furniture or a new car or any other big ticket item before buying a home. Lenders are very careful about the amount of debt you have and how much you pay down every month on the debt payments you have.

Get Loan Pre-approval

Don't start house hunting without knowing how much home you can buy. To find out, you have to apply for a loan, which means you're sharing financial information with the lender such as income and work history, student loans, child support or alimony, and credit card balances.

Contact your lender for a preapproval letter. The letter shows that the lender has taken a 1003 loan application, studied your debt ratios to your income, and helped you select a loan program such as fixed rate, ARMs (adjustable rate mortgages), FHA or VA government-backed loans, etc.

Your lender will confirm your down payment source, interest rate, type of loan that's best for your circumstances, and the terms of your loan. The lender will give you a loan commitment based on your qualifications. The home you select must meet appraisal, and the underwriting department must approve the loan.

A preapproval letter will open doors for you, pardon the pun. Sellers will be impressed because you're prepared to buy and that a lender has agreed to process your loan. Your real estate agent will have to know the terms of your loan in order to write your offer.

Find out about federal, state, and local government incentives

Get help with your loan rate, closing costs and/or down payments through federal and state housing authority programs. For example, there are also incentives for workforce personnel – police, fire fighters/emergency services personnel and teachers.

Each community is different, so click on HUD's Housing Authorities to find out what's being offered in your community. Your city may be offering tax incentives to revitalize a designated public improvement area.

Narrow the choices

Think about how you want to live. One story or two? Low-maintenance condo or big yard for the kids? New or older home?

Drive through the neighborhoods you're interested in and look at homes. Visit a few open houses in the neighborhoods you will consider. They will usually be listed in your local newspaper with the hours hosted. Be sure to tell the real estate professional hosting the open house that you are already working with a buyer's agent.

With Google maps, video, virtual tours, multiple photos, school reports, neighborhood reports and more available online or on phone apps, you can get a good idea of what neighborhoods, home styles, and home prices are like where you want to live.

Find an Experienced Real Estate Broker or Agent

Buying a first home is a complex process. An experienced real estate broker or agent will assist you all through the process: the home search, comparable homes sold, making an offer, inspection, repairs, and the appraisal, as well as help you find the best value, neighborhood, and quality home for your budget and requirements.

The seller's real estate broker pays your broker or agent out of your loan proceeds. If you don't use your own agent, the seller's broker keeps the commission, so you might as well avail yourself of professional advice. Your real estate broker or agent works in your best interest.

Don't expect perfection

There's no perfect home. You may want all the latest amenities of a new home, but even new homes come at a price, including longer commutes, higher community fees, and bigger pricetags.

Homes that need updating are priced below homes that are up to the minute and move-in ready. That could be to your financial advantage, so try to look beyond outdated fixtures and focus instead on the floorplan and dimensions. Ignore the seller's tastes and imagine each room clean and clear of clutter and with your own things in them.

Most cosmetic changes are relatively inexpensive, and you can even pay for them with your mortgage loan, in some cases. Talk to your lender.

Think long-term investment

Buying a home can be a wise financial investment, if you buy right and hold your home for long-term gain. Because of closing and moving costs, it's nearly impossible to buy a home and sell it immediately for a large gain, but it is possible to sell after a couple of years with no capital gains tax should you make a profit.

According to the National Association of REALTORS^®, home equity growth beats inflation by about one to two percent annually, not to mention government subsidies for home ownership in the form of tax relief and other incentives.

However, if you look at owning a home strictly as an investment, you'll miss many pleasures. Look at your home as a home, rather than part of your portfolio. Buying a home allows you to live in the neighborhood you want for as long as you want, without having to worry that the landlord is going to sell out from under you. Your stake in a home makes you part of the community, committed to making it a better place to live.

Have An Awesome Week!

THIS WEEKS HOT HOME LISTING!

649 ST ANDREWS LOOP Price: $539,000 Beds: 5 Baths: 4 ½ Baths: 1 Sq Ft: 5568 Outstanding value at $96 per sq ft - Hardwood flooring, granite counters, travertine tile, hickory cabinets, two walk-in closets, solid core 8ft doors, creek views, next to Emerald Valley Golf Resort. Too many high end amenities to list. Less than 2... View this property >>

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