Posted May 22 2017, 12:00 PM PDT by Matthew Gardner, Chief Economist, Windermere Real Estate
The Trump Administration’s Impact on U.S. Housing
Will the Trump administration have an impact on the U.S. housing market? Windermere Chief Economist, Matthew Gardner, weighs in on how mortgage rates, inflation, and the possible repeal of Dodd-Frank could impact housing in the foreseeable future.
The number of homes under contract to sell in February 2015 increased to their highest level since June 2013, thanks to big gains in the Midwest and West, according to the NATIONAL ASSOCIATION OF REALTORS®.
NAR’s Pending Home Sales Index measures the number of homes that have sold, but haven’t yet made it to the closing table. The index has increased year-over-year for six consecutive months and is above 100 — considered an average level of activity — for the 10th consecutive month.
NAR Chief Economist Lawrence Yun attributes the gains — and the prospect for an uptick in sales in the coming months — to an “improving labor market, mortgage rates hovering around 4%, and the likelihood of more renters looking to hedge against increasing rents.”
The one obstacle, especially for first-time buyers, is the relatively low number of homes for sale, he says.
“Several markets remain highly competitive due to supply pressures, and REALTORS® are reporting severe shortages of move-in ready and available properties in lower price ranges,” Yun says. “The return of first-time buyers this year will depend on how quickly inventory shows up in the market.”
So far the signs are promising for the spring market: The percentage of first-time buyers increased slightly for the first time in February since November 2014, up to 29% from 28% in January.
Pending Home Sales by Region
February 2015 vs. February 2014
National Up 3.1% Up 12.0%
Northeast Down 2.3% Up 4.1%
Midwest Up 11.6% Up 13.8%
South Down 1.4% Up 10.8%
West Up 6.6% Up 18.3%
Read more: http://www.houselogic.com/blog/support-home-ownership/home-sale-contracts-number-first-time-buyers-rise-february-2015/#ixzz42LBSIDEs
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The decision to purchase a home is a highly personal one, based on both tangible and intangible factors. Beyond your personal situation, local market conditions, financing costs, and future expectations must also be evaluated.
The following list of questions can help you decide if you are ready to move forward with a home purchase. Your Accredited Buyer’s Representative (ABR) can help you sort through these issues and provide essential local market perspectives.
If you purchase a home, how long do you expect to live there?
What can you afford to pay each month for housing-related expenses?
What are the total costs of home ownership? This may include:
- Mortgage payments (based on various interest rate and term assumptions)
- Property taxes
- Homeowner’s insurance
- Maintenance costs
- Any other special fees?
Do you expect these housing-related expenses to increase or decrease? (changes in interest rates may be a bigger factor than others
What additional expenses are required to complete a purchase? (closing costs, moving expenses, etc.)
How much will your home ownership costs decline after adjusting for interest expense deductions and property taxes (if applicable)?
Are local market prices favorable to purchasing? What are your expectations on future prices?
Do you qualify for any special purchasing assistance programs that can help reduce the cost of home ownership?
If you are now a renter, what are your total housing expenses? (monthly rent, utilities, housing assessment, parking, etc.?)
How does renting vs. buying factor into your long-term investing goals?
What are your personal preferences regarding the type of housing you wish to live in? How does location factor into your housing preferences.
How do you expect your personal situation to change, in terms of future housing needs?
What are your expectations concerning future employment?
What are your long-term personal and financial goals, with regard to housing?
Brought to you by REBAC. a subsidiary or the National Association of Realtors (NAR)
For more information go to www.REBAC.net
The Accredited Buyer’s Representative (ABR®) designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of REALTORS® (NAR).
To learn more about REBAC and access various home buyer resources, please
re about REBAC and access various home buyer resources, please viReredaent-to-Own:
Rent-To-OwnAC and access various home buyer resources, please visiRent-to-Own:
Is this a good option for you?
A buyer is eager to purchase a home, but needs more time to qualify for a mortgage.
A seller is eager to generate income on a vacant property. For this buyer and seller, a rent-toown
contract may be an attractive alternative to an immediate transaction.
Offered by individual sellers, and occasionally by developers of multi-unit properties, rent-to-own contracts typically include an up-front fee, plus monthly payments comprised of two omponents—rent and additional charges that count towards a down payment. For example, assume you agree to buy a $195,000 home, paying $3,000 up front and monthly payments of $1,400 ($400 of which accumulates toward the sale price). At the end of a one-year contract, you’d have $7,800 towards a down payment; $17,400 after three years. But if you decide not to proceed on the purchase, it is unlikely that any of your beyond-rent payments will be refunded. For this reason, buyers should only consider a rent-to-own optionif they are very serious about purchasing a home, but need more time to arrange financing or haveother legitimate reservations.
Rent-to-own contracts may be a good choice if:
A buyer wants to take advantage of an attractive selling price, but needs more time to save enough
for the down payment. An interested buyer needs time to improve their credit history and qualify for a better mortgage nterest rate. A buyer wants to make certain a house has no serious flaws, or wants to experience living in a neighborhood before becoming an owner. If this buyer decides not to proceed, they may forfeit the money credited to a purchase. But these losses could be small compared to the potential cost of multiple real estate transactions and/or property repairs in order to resell the house and find adifferent home. In all cases, buyers should plan carefully and make every attempt to ensure they cancomplete a purchase transaction at the conclusion of the contract. It’s also essential to work with a qualified real estate attorney to make sure the contract terms are favorable to your needs and the seller is a legitimate owner.
Interest rate increases.
If rates rise, higher monthly payments could make it harder to secure financing at the conclusion of the rentto-own contract.
If market prices decline, will you be stuck paying a premium price for the home?
Conversely, if prices rise, does your contract provide protection from the seller seeking a different buyer?
Some contracts say that if payments aren’t received on time, they don’t count towards the down payment.
Make sure the seller isn’t going through foreclosure. You don’t want to make inflated payments, only to be served eviction papers when a bank takes possession of the property.
A rent-to-own contract isn’t right for every buyer. But in some cases it can be an attractive option. If you think rent-to-own may be right for you, your Accredited Buyer’s Representative can help answer your questions, find suitable properties, and direct you towards expert legal counsel.
Information provided by Real Estate Buyer's Agent council (REBAC) a subsidiary of the National Association of REALTORS (NAR) ABR
Buying a home may be the largest and most complex financial transaction you ever undertake. If you're ready to buy a home, wouldn't you prefer to work with the most qualified real estate professional you can find?
As an Accredited Buyer's Representative, I have gone through additional training, have proven experience representing buyers and that extra edge you have been looking for. I am your ABR®.
What makes an ABR® the right choice for you?
The ABR® designation is only awarded to licensed real estate professionals who complete specialized training that gives them the edge in understanding a buyer's perspective and protecting and promoting their buyer-clients' interests. Before earning the ABR® designation, buyer's reps must also demonstrate proven experience in representing buyers. Further, they are committed to maintaining their professional edge by staying current on the latest issues and trends in buyer representation.
In addition to knowing the dynamics of the local market, REALTORS® with the ABR® designation understand the special needs of buyers. They have additional knowledge and experience that takes them a step beyond an agent who only concentrates on listing property for sellers. An ABR® can provide you with valued assistance throughout the transaction and help you make informed decisions that will lead to a successful home purchase.
As an ABR®, I can help you:
- Understand your specific needs and wants, and locate appropriate properties
- Assist you in determining how much you can afford (pre-qualify your mortgage)
- Preview and/or accompany you in viewing properties
- Advise you in formulating your offer
- Help you develop your negotiating strategy
- Provide a list of qualified vendors (inspectors, attorneys, lenders, etc.) for other services you may need
- Keep track of every detail throughout the transaction — to closing and beyond
Not all buyers' representatives are equal. Only a buyer's rep who has earned the Accredited Buyer's Representative designation has made the extra effort to raise the bar, with additional training and experience. If you work with an ABR®, you can feel confident that you'll receive the highest level of buyer-representation services.
The ABR® designation is awarded by the Real Estate Buyer's Agent Council (REBAC), a wholly-owned subsidiary of the National Association of REALTORS® (NAR).
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Download this great Home search app. You can be on a walk or drive and this app will help you search local home listings right in your area.
Once you have a listing you are interested in give me a call on my cell 541-326-6262 or email me at Pfrimmer@windermere.com and I can get you all the additional information you need or set up a showing.
Go to the App Store to downloan this great Mobile search App. Out for a walk of drive? You can instantly call up local listing.
For additional information give me a call on my cell 541-326-6262 or email me at Pfrimmer@windermere.com.
If you drive a car, truck or van for work, you'll want to make sure you know standard mileage rates the Internal Revenue Service (IRS) has set for 2014.
These mileage rates are used to calculate deductible costs for driving an automobile for business, charitable, medical and moving purposes. So when it comes to filing your taxes this year, you'll need these numbers!
New for 2014
As of January 1, 2014, the standard mileage rates are as follows:
- Businesses = 56 cents per mile driven
- Medical or moving = 23.5 cents per mile driven
- Charitable organizations = 14 cents per mile driven
Make Sure You Qualify
Before you calculate your deduction, make sure you qualify. The IRS reminds taxpayers that they cannot use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
Although the IRS provides the standard mileage rate for ease and convenience, you're not required to use it. If you prefer, you can calculate the actual costs of using your vehicle instead of using the standard mileage rates.
Remember, if you have questions or concerns, talk to a tax consultant or accountant to discuss your options and unique situation. Please feel free to pass these tips along to your team, clients, and colleagues.
In the Medford Mailtribune they have a great Wine Map and information in invididual wine tasting venues. Check out this link
Southern Oregon wine making dates back to 1852 with Peter Britt, who first planted grapes and operated a winery in Jacksonville. Today Southern Oregon’s rugged mountain valleys and diverse climates allow for a wide variety of intensely flavored wine grapes to be grown. The varied hillsides and valleys with their microclimates enable both cool- and warm-climate varietals. In some areas pinot noir, pinot gris, riesling, sauvignon blanc, chardonnay, and gewürztraminer thrive, while the hot summers ripen big reds such as cabernet sauvignon, cabernet franc, tempranillo, merlot, malbec, dolcetto, zinfandel, grenache and syrah. In addition to albarino, pinot blanc, gruner veltliner, marsanne, rousanne, baco noir, marachel foch, mourvedre, semillon, petite sirah and viognier.
These Foreclosure Stats as provided by Southern Oregon Multiple Listing Service.