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Want to Buy a home?  Where to Start?

12/29/2017

4 Comments

 
Picture
Upcoming Free (& non-promotional) Home Buyer Classes: 
   
Saturday January 6 , from 9am-12pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Thursday, January 11, from 5pm-8pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)


Saturday, January 20, from 12pm-3pm (ish)
Vancouver YMCA, conference room
11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Rd/112th Ave)
                                                                 
 
If these class dates and/or times don't work for you, please let us know.  We understand that you have lives, and families, and work.  We will work something out that works better with your schedule.  Just let us know....                                                                                  
....we also have home seller classes available too...link on left on website
                  

Remember...with reservation...we will throw in lunch, or dinner!  :-D
~~~~~~~~~
                                                                    
Hey there!

   Happy New Years!  :-)  2018...  does anyone else feel that 2017 flew by?  When you're young they tell you that time goes by faster as you get older.... I am here to tell you that it really is true.  I guess we all need to listen to Dr. Who, and to stop blinking!!!  ....sigh...  

   I hope you had a wonderful Christmas with friends, family, and food.... holiday food really is the best.  With the new year starting though, a lot of folks start thinking about new things, and resolutions.  I'm not a fan of resolutions... unless they are to eat more bacon, read more books, crochet more blankets, or help folks buy (or sell) a home.... those are about the only resolutions I can keep!  Do you have resolutions?  Do you keep yours?  

   The holidays are really about family & home, I think.....having friends & families over for the holidays, or going to someone else's home for the holiday celebrations.  Add that to the new year, and new beginnings and many people start thinking about the next big step.  Is it time for a new home...a bigger home?  Maybe a smaller home, or are you renting your home, but want to be a homeowner? 


Purchasing a home, whether it's your first home, or you've owned homes before, is one of the four BIG steps we take in life.  What most folks don't know is where to start, and what questions do you need to ask yourself?  What questions do you ask a lender? A Realtor?  What about classes?  There are SO many right now (it's because it IS the beginning of the year), but how do you KNOW which one is going to give you the best information?    There are definitely some questions you should ask....

Let's start with questions to ask yourself.... 

#1...  Do you have a steady income? 
When you decide it is time to try to buy a home, a lender is going to want to see a steady income.  Have you been on your job for at least 6 months?  Were you working before that?  Was it in the same industry?  If you weren't working before your current job, were you in school?  Were you in school for the occupation you are in, or something similar?  Are you self employed?  Do you have at least 2 years of 1099's and tax records to prove your income?  These are all questions a lender will ask, and need answers to.  Want more information on this part?  Contact Chris Berg at Pinnacle Mortgage for answers.  He can be reached at cberg@pcmloan.com , or at 503-320-0925.  Don't let the 503 number fool you....he is local.  :-)

Owning a home is usually a bit more expensive than renting.  With the rising costs of monthly rent, your rent and mortgage payment may be about the same, but owning does have a few more expenses.  When you rent, and something breaks, or has an issue, you call your landlord, or rental management company, and eventually things get repaired.  When you own a home, YOU are the landlord, and so you need to budget for those home repair issues that will come up.  Take $20 from each check and have it automatically deposited in a credit union or financial institution of your choice.  Do not have a check book or card for this account.  This is your home maintenance fund.  You know I love the home warranty, and remember that you can continue it year after year.  Use this fund to pay for that next year of the home warranty.  However, remember that the home warranty does not cover roofing, windows, walls, flooring, or siding.  This account should also be used to maintain and take care of those items as well.  

#2...How much debt to you have?
This is a big one.  We all have debt, and don't get me wrong....I think Dave Ramsey is a good guy with many excellent ideas, but there is one area that he preaches that actually hurts you in the pursuit of buying a home.  The idea of a cash based living style is wonderful, but when it comes to buying a home this will actually hurt you.  Strange as it is, having NO credit is worse than having BAD credit!  Some debt is actually good....not a lot...but some.  A lender will base the amount of your pre-approval on how much income you have vs how much debt you have.  Your mortgage payment can only be a certain percentage of your disposable income which, in a nutshell, is your income minus your debt.  Some debt is good because it gives you a history of payments.  Are you credit worthy?  Do you pay your debts?  Do you pay those debts on time?  Are you reliable?  Too much debt is bad because the ratio of your debt to your income is too high.  When you are applying for a mortgage, that is (for some of us) the largest debt we will ever carry.  How do lenders know if you will pay back that debt?  They will look at your credit score...which is determined by how well you pay your current debt.  This kinds of leads me to our next question.

#3...  What is your credit score?
Ah yes...the dreaded credit score!  In the upcoming weeks we will spend some time talking about credit scores...the good, the bad, and the ugly.  For right now though, a credit score is based on your credit history.  It tells the lender a story about your reliability of repaying your debt.  Frankly, at some time, we all have credit issues...or at least most of us do.  Many moons ago, when my husband and I were in the early years of our marriage, we had 'issues'.  We had 2 young children, and a ton of medical debt.  When our son was a baby, we declared chapter 7 bankruptcy.  At the time it was the only thing we could do.  My husbands wages were being garnished, and we couldn't even afford diapers.  We were, in a word, BROKE...and only going broker.  So, we made the decision to go bankrupt.  It was, looking back at it, really the best decision we could have made.  After the discharge, we took it upon ourselves to learn about how 'this' all works.  I think they should teach budgeting, and credit in schools.  This lack of understanding gets a lot of young adults in trouble....of course....just like everything else here this is just my opinion  :-)  So, we learned, and we made better decisions, and choices.  We learned to live within our means.  We learned to stock up, and save.  We went back to school to better ourselves, and our situations so we could provide a better life for (at the time) two children.  Our oldest daughter was married this year, and like most young couples they are broke. I guess it is where most of us start. She *barely* remembers what it was like when she was very young.
A credit score is based on what type of credit you have, if you make your payments on time (late payments ding your credit score), how much credit you are carrying, and if you pay off your credit in a timely fashion.  Do you have a car loan?  Do you make the minimum credit payment, or more?  Have you paid off a debt?  If you have paid off a credit card....don't close the account because closing the account can hurt your credit score.  Cut up the card if you want, but keep the account open.  Do you have high credit balances?  Lenders don't like to see this because if you have high credit balances it means you have less credit to draw on in case of emergency, and let's face it, we all have emergencies sometimes.  
In short, a credit score is based on your past credit history, and lenders use this number to determine how risky it is to loan to you.  With lending...it is all about risk.  They prefer to loan money to individuals with reliability.  They don't want to loan money to individuals with a high risk...someone who most likely won't pay back the money.  
So what can you do if your credit score is somewhat, less than stellar?  Call your lender, or call Chris.  They can go over your credit report with you, and point out the areas that you need to address.  They can, and should, actually HELP you to understand your credit report, and should be able to give you some steps to take to better your credit score.  Is it hard work?  Yes...but the end result is absolutely worth it.  It may take some time, but if you do all the steps, we can....and will...help you find a home.  

What is 'good' credit?  Most loans will want to say a 'mid-score' of at least 620.  There are three credit scoring companies, Equifax, Transunion, and Experian.  The lender will use the middle score of the three.  The better the credit score, the lower your interest rate for some loans as they have determined you have less risk. With a few loans, you can go as low at 580 on your credit score, but there are some 'hiccups' with that.  The majority of loan programs, especially the loan programs that help home buyers with downpayment will require a 620 mid score to loan money to buy a home.     


#4... Do you have a down payment?  Do you need help with one?
There is quite a few down payment grants & loans out there that can help with that.  Yes, there really is!  Many lenders, and classes will talk about one...maybe 2, of them...but there are some grants to help with your down payment too.  No lie...  There is also other ways to come up with a down payment....401k, 'gifts', tax refunds, etc.  All of these options (and the pros/cons of each) are discussed by Chris Berg at the free & non-promotional home buyer education classes.  Remember that you do need money for a earnest money deposit, the home inspection, and the appraisal though.  Anyone who tells you that you don't need any money to buy a home is blowing smoke.... *and I'll let you finish that*   

#5....  Have you taken a home buyer education class?
Buying a home, or taking that first step to buying a home, is a tense, exciting, thrilling, fun, and yet scary time for everyone.  These classes are about 3 - 3 1/2 hours long and will go over the entire real estate process & what the papers all really mean to you.  The lender will go over the entire loan process including closing costs, down payment loans/grants, and the loans (including the 100% loans), the pros & cons of each (not just the good stuff, but the things you really do need to know too) , credit (and help to get you there), interest rates, and more.  The real estate portion will help you understand the steps, the questions to ask a Realtor (see next weeks email), inspections, appraisals, earnest money, and what all those papers involved in an offer really mean.  The classes are free, non-promotional, and taught at community centers for your convenience.   Before you talk with a Realtor, or a lender, and definitely BEFORE you sign any papers with either a Realtor or a lender... TAKE A CLASS.  A home buyer education class should be your first step....not the last one.  When you call to rsvp for a class.... ask how long the Realtor and lender have been teaching classes.  Ask how long the Realtor has been licensed.  Ask where the classes are being held at....are you going to a lender office?  A real estate office?  What will they go over?  There's nothing wrong with taking more than one class too..  Buying (and selling) a home are some of the biggest things that you will ever do.  The only thing that will cost you more money is having a child....and wouldn't it have been nice to have a handbook for that?  :-D    
               
      Information is power, and I hope that I am able to help you.  Good luck, and as always...May the odds be ever in your favor out there....  If you are looking for a real estate agent, I would love to be able to help you.                                                                       
 
    As always....this is just a quick overview.... please remember that your agent, and your lender work for YOU.  You drive the bus...we are merely GPS to help you get to your goals.  Like the classes, this weekly blog email is to help you with your home adventure.  The goal is to be informative and non-promotional.  :-)  We are, however, hoping you will call and want us to help with your adventure.  

If you have any questions about this, or something you have heard...or if you would like me to help you with your home adventure, please call, email,  text, or facebook me anytime.  I am, as always, happy to help!
 
Thank you again for your business and your referrals!!  ...and thank you for referring these classes to your friends, family, and co-workers. 
 
 .   ..disclaimer...if you have already purchased a home, or would no longer like to receive these emails, please let me know and I will be happy to remove you from any further mailings... 
 
 
Next Week:   Interview Questions to hire a Realtor

                            
Last Week:   Winter time & buying (or not) buying a home                                                                             
Have a great day, and I will talk to you soon,  
;-D  
Tracie DeMars  
Real Estate broker   
Re/Max - Van Mall  
360/ 903-3504 cell  
360/ 882-3600 fax  
www.traciedemars.com  
traciedemars@aol.com  
   
“Interested in free and non promotional home buying or selling classes?  Go to www.traciedemars.com  for local upcoming classes, or facebook: Tracie DeMars Real Estate for my home adventure education blog.  Classes are now available for home owners thinking about selling their home.  Links are on the left."


"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be."   
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).
​

4 Comments

December 22nd, 2017

12/22/2017

0 Comments

 
Picture
Upcoming Free (& non-promotional) Home Buyer Classes: 


Saturday, January 6, from 9am-12 (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)


Thursday, January 11, from 5pm-8pm (ish)
   Marshall Community Center
   1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)                        

Saturday January 20, from 12pm-3pm (ish)
       Vancouver YMCA
       11324 NE 51st Circle, Vancouver WA (SR 500 & 112th/Gher Road)


  If these class dates and/or times don't work for you, please let us know.  We understand that you have lives, and families, and work.  We will work something out that works better with your schedule.  Just let us know....                                                                                  
....we also have home seller classes available too...link on left on website
                  

Remember...with reservation...we will throw in lunch, or dinner!  :-D
~~~~~~~~~
                                                                    

   Hi!

  I am so, so sorry... I have been delinquent on getting these out.  My last one was right before Thanksgiving and vacation.  Then....when we got home we all got that super nasty crud that is going around.  Oh my stars.... we have been so sick!  I never get sick (for which I am ever so grateful), but this year...ugh... not so lucky.  I guess I was due?  Anyhow, between vacation, sickness, and Client Appreciation... I have been very behind.  My new years resolution is going to get back on track with the home adventure blog, exercise more, eat healthier, and ok... who am I kidding on the last two?   I will do better with the home adventure blog though, and getting information out about the classes.  :-)  I can handle those ones.  

  Thank you to everyone who came to the client appreciation event last Saturday for the new Star Wars: The Last Jedi movie!  I hope everyone enjoyed the lightsabers & holiday hats.  Chris Berg (pinnacle mortgage, 503-320-0925, cberg@pcmloan.com) and I are very grateful for everyone who let's us be part of their home adventures....whether you are buying a home, selling your home, refinancing... or know someone who wants to.... you know we got you!  Thank you for your continued business & your referrals.  We couldn't do this without you!!  :-)  


  So, this week, let's talk about the current market for a quick moment.....I know that it's winter, and it's the holidays, but honestly, if you are even 'thinking' about buying a home....NOW is the best time.  Yes, there are not a whole lot of homes on the market, but the market is not as competitive as it is during the spring time.  Remember that from offer to keys it will take about 6-7 weeks.  The market tends to pick up and start getting crazy again right about March-April when folks start getting their tax refunds.    

So lately I've had a few clients lately asking me where all the homes are.  Well, it's the holidays...  and many folks will wait until after the new year to put their home on the market...new year, and fresh start.  I know of a few homes getting ready to go on the market within the next month.  If you're thinking about buying ....January through March is a great time to be out there.  :-)  

Now...please remember that my magic wand is broken, and the magic 8 ball exploded all over my house with the holidays... so no one really knows what is going to happen.  However, most people in the real estate industry agrees that in 201i, we will see interest rates go up. This is a very solid bet.  It's a split decision with industry sources on when prices should plateau off.  With Seattle and the Portland area being 2 of the top markets in the United States, it really depends on how soon we will see more homes on the market.  This is a lot like foretelling the weather right now... as it really depends on when things happen.  Most industry sources do say that home prices should start plateauing though.  This doesn't mean that the home prices will not go up...they just shouldn't go up like last year.  They should steady out. As people see the change in the market coming, more homeowners should put the home on the market so they can begin their move to their new home, and this will help all the price ranges see more homes on the market...which should help with the multiple offers that we saw so much of during the spring of 2017.  2016, & spring of 2017 were awful for multiple offers. This summer, and fall were not as bad.    

  So yes, prices are still going up, but let's talk about how all that works.  I bought my old home in late 2001, with a 6.875% interest rate....don't feel bad, or shocked....in a 'healthy' market, a 'normal' interest rate would be about 7%.  We were THRILLED to be under 7%!   We sold that home this year, and it was harder than I thought it would be.  It was our first home, and we had lived there for 16 years.  It was the craziest thing, but did you know that when our buyers purchased our home for the $285,000 it was worth, with the 4% interest rate.... our mortgages were almost THE SAME!   Wait...I'm not (that) crazy...it's economics.  Yes, they bought it for more than I owed, but with a much lower interest rate.   That equaled my lower owed amount, but higher interest rate. How crazy is that???  Now, here's the crazy part... in 2016, my old house was only worth about $245,000.  NUTS!!!  My mother purchased a home in the 80's for $70,000, but her interest rate was 18.375%!!!   ....now that is crazy!!    The point of this is that while yes, prices are going up, the interest rates are still really low, so you can purchase more home.   When this changes, and interest rates rise it doesn't mean that home prices will immediately start dropping, they should start leveling off ...it will take a bit of time to balance out though.      

   I have clients asking me if they should just settle then on a home, and frankly this is a tough question.   No, you shouldn't 'just settle' on a home, but you may have to adjust either the type of home you want, the location, or be able to go up in purchase price to get what you want.  Please remember that this most likely is not your last home, but your home for the next 5-10 years....that's the average.  Whether you are buying a home, or selling a home...it is exciting, scary, fun, and frustrating.  It's a lot like a roller coaster, or driving down Mill Plain during rush hour,....or during that last month of pregnancy. I tell you....there's a reason I don't drink often.....I'm afraid once I start that I won't stop!  ;-D  (just kidding)  Having bought and sold a home this year myself, I can assure you that even if you help 40+ families a year....it's still a roller coaster when it is you on the ride.  We're here though to help...that's what we do. 

  When you are looking for a home,  you need to consider more than just the house.  You are also buying the neighborhood, the schools, the property taxes, the local parks, the neighbors, and the local infrastructure.  The home needs to 'fit' you like your favorite pair of pj's. For example....this last weekend I had a client look at a home that she liked.  On paper it was everything she said she wanted, and she couldn't find anything against the house that would cause her to not want to write an offer. So why was she hesitant?  Because this home was that sweater or shirt that looks good on the rack, and so you try it on.  It fits ok, and it looks all right, but there is just 'something' that is 'off' with it.....you can't figure it out either.  Sometimes you buy it, but never wear it, and sometimes you put it back.  Buying the 'right' home is a lot like that.  You can, and will, see homes you like, but they just don't 'fit'.  Put that home back.  Sometimes you see an item of clothing on the rack that you really don't know about....but you try it on anyway and BAM!  you look AMAZING!  Some homes don't look like much from the outside, but you get inside and they are amazing.  Remember that internet home photos are a lot like internet dating....you never know what you are going to see when you get there, and many agents hire professional photographers for a reason.  I can always tell which photos an agent did themselves, and who hired someone.   Finding the 'right' home is like sliding into your favorite jeans, or boots.....there is just something about it that 'fits'.  I see homes I 'like' all the time, but just because I like it doesn't mean it fits.  If you are obsessed with a home that you have seen though.   You really like the home, and you keep going back to the pictures, and driving by the house.....that's the 'right' home....even if it was one of the first homes you saw, or it was something you didn't think you wanted, or weren't sure about.  That home is that sweater/shirt/shoes that you just weren't sure about....until you tried it on.  Darling, you look AMAZING!   Trust your instincts....this is YOUR home, and YOUR mortgage.    With rents going up so much lately you can buy for about what your renting...or close to it. 

   What is the best time to buy, or sell?  Whenever YOU are ready.  Sometimes waiting makes sense, and sometimes it really doesn't.  I am a firm believer that the right home will always be ready when you are, and that it will all fall into place.  Remember....your agent works for you.   YOUR agent isn't a salesperson.  We shouldn't be trying to 'sell' you on anything.  YOUR agent works for YOU....not the other way around.  When you hire an agent you are hiring a representative; someone who should be looking out for your best interests. 

Information is power, and I hope that I am able to help you.  Good luck, and as always...May the odds be ever in your favor out there....  If you are looking for a real estate agent, I would love to be able to help you.                                                                       
 
    As always....this is just a quick overview.... please remember that your agent, and your lender work for YOU.  You drive the bus...we are merely GPS to help you get to your goals.  Like the classes, this weekly blog email is to help you with your home adventure.  The goal is to be informative and non-promotional.  :-)  We are, however, hoping you will call and want us to help with your adventure.  

If you have any questions about this, or something you have heard...or if you would like me to help you with your home adventure, please call, email,  text, or facebook me anytime.  I am, as always, happy to help!
 
Thank you again for your business and your referrals!!  ...and thank you for referring these classes to your friends, family, and co-workers. 
 
 .   ..disclaimer...if you have already purchased a home, or would no longer like to receive these emails, please let me know and I will be happy to remove you from any further mailings... 
 
 
Upcoming Topics:  When is a pre-approval not a pre-approval?

Last Week:   55 things NOT to do when buying a home                               
 

Have a great day, and I will talk to you soon,
;-D
Tracie DeMars
Real Estate broker 
Re/Max - Van Mall
360/ 903-3504 cell
360/ 882-3600 fax
www.traciedemars.com
traciedemars@aol.com
 
“Interested in free and non promotional home education classes?  Go to www.freehomebuyerclasses.com for local upcoming home buyer and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”


"Listen to the mustn'ts, child. Listen to the don'ts. Listen to the shouldn'ts, the impossibles, the won'ts. Listen to the never haves, then listen close to me... Anything can happen, child. Anything can be." 
   - Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

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    Tracie DeMars
    real estate broker with Re/Max

    I have been in real estate for about 16 years now, and I have seen the market up, down, and now going up again.  I teach the Clark County Free Community Classes for Home Buyers & Home Sellers to help buyers learn about the loan, and home buying process; and sellers to learn about the paperwork and process of selling a home.  We are volunteers, and have no affiliations so we are able to tell it like it is...with no sugarcoating.  The pros, the cons, we tell it all in a fun, engaging, direct manner that encourages class attendee interaction and involvement.  Classes are free and non-promotional and held at community locations.  Walk -ins are welcome and all are invited.  
    ​Whether you're buying or selling a home, Education should always be your first step! 
    **we now offer Home SELLER classes too, by reservation.  It is a sellers market out there, and the classes are designed to go over all the paperwork, the 'right' questions to ask, how to make sure your agent is really working for you, what a CMA (comparable market analysis) is, and what is considered a comparable home....and going over the settlement statement.  What are the fees?  What are you going to net???

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