Monday, December 9th, from 5pm - 8pm (ish)
        Marshall Community Center, Conference room
       1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, December 14th, from 12pm-3pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave).
Saturday, January 11th, from 9am-12pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)
Monday, January 13th, from 5pm - 8pm (ish)
        Marshall Community Center, Conference room
       1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)


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....   Due to the Christmas holiday, our next classes will be starting January 2019.                                                                               
....we also have home seller classes available too...link on left on website
                  
Remember...with reservation...we will throw in lunch, or dinner!  :-D
~~~~~~~~~

Happy Christmas Season!

  It's my favorite time of year!  Yay!!!  ....and time for our LAST Client Appreciation of the year!  Star Wars:  The Rise of Starwalker!   We are TWO WEEKS from that event!  HAve you emailed for your reservation?  We are full in the 21+ area, but plenty of seats in the general area are available still. 
As always...  the Client Appreciation events are just one way that Chris Berg (Cardinal Financial, 503-320-0925), and I say, THANK YOU, to you... our clients, our friends, and family.  We appreciate your continued support, and referrals. 
  So, we are smack dab in winter now where it's daylight until 2pm, and then BAM! it's darlk.  Then there is the rain too... I actually don't mind the rain so much, or winter.  For home buyers it is the best time to be looking for homes.  Yards may not look the prettiest right now, but winter is when home inspections shine.  If you are a home buyer, and you need help with closing costs, NOW is the time to be out looking at homes.  Right now is the time of year that we see the least amount of multiple offer bidding wars, and the time of  year that we see sellers most inclined to help buyers with those pesky closing costs. Yes, moving during the winter, the holidays, and the rain suck...but maybe getting help with closing costs, not having to compete with 4 other offers, and being able to see how a home actually lives during the wet weather... that is golden. 

  What should a home owner , and /or potential home buyer be looking at right now?  Well, water is the big one.  I showed a home a couple of weekends ago, during the rain, where you could see a 6 inch puddle of water sitting around the foundation of the entire West and southwest sides of the home.  I'm not kidding.... it was 6 inches deep, and pouring in the foundation vents.  Part of the repairs for this would be to move the gutter downspouts away from foundation, put in some window wells, and to re-grade the dirt away from the foundation so it all wasn't just puddling there with no where else to go but under the home.  My client did take a look under the home in the crawlspace, and yes, there was water in the crawlspace, but was it all from the water around the foundation, or from a high water table under the home?  Having a home inspection during this time of year also means when the inspector is looking in the attic space she/he will actually be able to see if the roof is leaking.  He/she can also be checking for moisture in siding or in/around windows and window trim.  In our area, it rains.... and usually much more frequently than it has been.  Take advantage of the time of year. 

 Luckily I haven't melted in the rain....yet... and while I don't like to take chances that someday it could melt me there are certain things that I am looking at with clients at this time of year. I am looking at how the water sits around the foundation, if there are window wells around the foundation vents, and while looking at those foundation vents, I am looking to see if there are holes in the vent screens. It's getting colder, and small animals are looking for warmth.  You know what is warm? Under your home.  If there is a torn foundation vent screen, these animals will go under your home.  What do they do there?  Well, like you would, they set up house.  They have an area of the visquean (or all of it) for their potty area, they will pull down insulation for a nice warm bed, and if  the home has forced air with duct work under the home?  Good grief...that's like winning the small animal lottery!  I've seen (ok, the inspectors have seen because I don't go under the home!) pictures of small animals that have actually torn INTO the ducts under the home and made a nice, cozy nest for themselves....complete with blowing warm air....nice... well, nice for them, but not nice for the homeowner. 
   We are looking at the furnace to see if it has been serviced within the last year.  Have the wall heaters been vacuumed out? Years, and years ago....1997, to be exact,my husband and I rented an older home in Vancouver.  It was a cold, wet winter, and we left to go do something... I don't remember what, but I do remember coming home after dark to see a fire truck in front of our home....lights shining.  We pretty much freaked out.  My younger brother was staying with us and fell asleep on the couch.  He woke up to go to his room, opened the door, and the wall was on FIRE!  He ran to the kitchen, called 911 (no cell phones back then folks), and filled pans with water to try to put it out.  Long story short, his room was on fire!  That room had cedar walls which helped slow down how fast the fire could have gone, and his throwing water on the wall helped, and the fact that the fire station was very close was helpful.  That room was shot with smoke damage, but it could have been much worse.  The culprit of the fire?  Dust, and dander build up in the (very old) wall heater.  All heating sources have a danger, part of being a homeowner is maintaining your heating sources. If you have a fireplace, and are using it (even if it just occasionally), please have it cleaned by a chimney company.  I've had clients call me because of chimney fires.... Don't burn paper products in your fireplace...no papers, no wrapping paper, no bills, no boxes, etc...  a fireplace is not an incinerator...it's for wood only.  
  Other things that a Realtor will be looking for (and homeowners should be doing/checking out)... new batteries in the smoke detectors because well, christmas trees, making sure that the electrical panels aren't recalled, making sure the home has carbon monoxide detectors (one on every level, and no higher than your knee), checking out the water heater for earthquake straps & overflow pipe, and don't forget the roof!  Especially this time of year, we'll be looking at the roof for any missing shingles too.

If you are a homeowner, and thinking about selling your home, now is a great time to go over your home with your favorite Realtor, or have an inspector come through your home.  If you need an inspector name/number, give me a holler...  I can give you a couple that are very good.  Any questions about anything you read here?  I'm hear to answer your questions!
If you are thinking about buying a home, now is the time to be out there looking for the best home for your family, and to be able to have that inspection during a time of year that you maybe hadn't thought about.  
Start the new year with your very own home adventure.  I am always happy, and excited, to help!  Now, if you don't mind... Rudolph the Red-Nosed Reindeer is on and I have to sing (badly, and off-key) along.....  
  
Information is power,  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.  
If you have any questions, or comments please get a hold of me anytime.  You can call, text, email, or even facebook me.  Please remember that while I mean these emails/blogs to be helpful, and educational, I am still hoping that you will call, or email me as I would be honored to help you with your home buying, or home selling adventure.

    As always....this is just a quick overview.... again...and I can't say this enough...please remember that your agent is NOT a salesperson, and should not be acting like one.  Real Estate is not really about houses, it is about relationships.  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.  

 
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:
What do I need to buy a home,

What if I don't have a Down Payment? .....  &....
What is closing costs?  
Debt to Income Ratios....What is this?


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 education classes?  Go to www.learningtobuyahome.com or 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).

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

Saturday, November 2nd, from 9am-12pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)
Tuesday, November 12th, from 5pm - 8pm (ish)
        Marshall Community Center, Conference room
       1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, November 16th, from 11am-2pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/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

 Happy (almost) Halloween!  

Chris Berg (Cardinal Financial) & I have very EXCITING NEWS...  it is CLIENT APPRECIATION EVENT TIME!

  WooHoo! Chris & I are very excited to have TWO events this winter...

Saturday, November 23rd from 3pm-6pm for FROZEN 2
(short notice..I know, but we just got the contract from AMC)
&
Saturday, December 21, from 3pm-6pm for Star Wars: The Rise of Skywalker

This is just one of our ways that we say, Thank You, for choosing Chris Berg & I to help you with your Home Buying, your Home Selling, and your Lending/Refinancing decisions & business. Your friendship, and Your Referrals mean everything to us. Thank you for referring us to your friends, family, & co-workers
THANK YOU!
....now... disclaimers... 21+ area fills up quickly. Please make sure that if you request those seats that you are, indeed, 21+. (wait...does AMC actually have 21+ over? oh well... that's what we are going to continue to call it)
Please RSVP tickets to either Chris Berg or myself. You can message us here, tag us on Client Appreciation posts, or email us at chris.berg@cardinalfinancial.com & traciedemars@aol.com . 
 We will also be doing eventbrite for this...as soon as we figure out how to set that up.  LOL
*seating is first come, first served. This event is for clients... past, present, and yes, for future clients too.*

Now...for the less fun stuff, but still good information. We are going to jump right into this weeks topic though, because it is a LONG one this week.  I promise to keep it short, and sweet next time though.  :-)  

What is Delayed Possession?  Why is it important?  

  In our current market, many homeowners are selling their homes, and moving into new ones.  When a seller is living in their home, and selling it to buy a new one, they need the equity from their current home to buy the new home.  So far...so good... right?   
Step 1:
 Homeowner puts home on the market.
Step 2:
homeowner/seller gets offer, accepts, and goes pending
Step 3:
Now homeowner/seller has to find a new home, and goes out house-hunting
Step 4:
Homeowner/now buyer finds a home, makes offer, and gets accepted.  Yay!!

However...remember that homeowner-seller (now buyer) can't buy new home until they sell old home, right?  They are using the equity from the 'old' home to buy the 'new' home.  Now, this part is all about timing...  follow me here...
Homeowner-seller (now buyer) has to close on old house first (as seller), and then close on the new home (as buyer) AFTER the 'old' home closes .  This is called a "simultaneous closing"...meaning homeowner-seller (now buyer ) closes on old house on Tuesday, and using the equity from their old home, closes on new home on Wednesday...or closes on both homes on the same day.  Of course, the homeowner-seller (now buyer) can not move into their new home until it closes, and they can't close on their new home until they close on their old home...so what does the homeowner-seller (now buyer) do?  Why..they ask for Delayed Possession, of course. 
  The homeowner-seller (now buyer) requests that their buyers (for their old home) gives them time in their old home after closing so they can move into their new home.  At this point you might think that this all comes after the deal is accepted, but it's not.  The delayed possession is agreed upon when the offer is written.  

  Ok...  so we're out looking at homes... some are vacant, and many have homeowners in them.  We find the 'perfect' home, but the listing says that the seller needs time after closing to move into their new home. The seller is asking for Delayed Possession.  Maybe the seller counters your offer requesting delayed possession... either scenario is likely.   Sometimes delayed possession is only a few days, and sometimes it is a couple of weeks.  In the case of multiple offers, and it's only a few days, the buyer might say, "go ahead and stay in our new home (your old home) for a couple of days after closing...rent free.  Sometimes, when there is no other offers, or the sellers is asking for more than just a couple of days, the buyer will request 'rentback'.  This means that the seller will pay rent for the period of time that they're still in the home after closing on it to the new buyers.   We can always ask for rentback when the seller is requesting delayed possession...again, this means that the seller will pay you rent for the period of time that the seller stays in the home after closing...usually at an amount equal to one day of your mortgage per every day they are there.  However, just a reminder, in a multiple offer situation you might not be asking for rent back to make your offer more 'competitive'.  


  Now that you know what Delayed Possession is... let's explain it a bit further.  Once you close on your new home your home owners insurance kicks in.  The homeowner-seller  switches over to a renters insurance.  Renters insurance, as you know, only covers the contents of the home...not the home itself... that's yours since you are now the homeowner.    So what happens if 'what if' does happen?

 This next story happened a few  years ago now, but I had a client who put her home on the market, she received 5 offers on her home.  Three of the offers offered my client delayed possession, and the offer she accepted gave her 14 days after closing to close and move into her new home...rent free.  This was a good thing for her because it actually took us 6 days after closing her home to close on her new home because her seller had not done the requested repairs from the inspection, and we refused to close until we had those receipts showing those repairs had been done.  Sometimes...this happens too.  Always get your receipts for repairs prior to closing, and if you want a walk-through of the home...get that done before closing too.  Once it closes... it's hard to go back.  Anyhow, we closed on her New home on a Monday, and keys were transferred the next day because HER seller needed 24 hours after closing to move.  
That Friday night my client, and her SO packed up her home, and left at 10pm.  Plan was to finish on Saturday afternoon after work, and clean the home Saturday evening/Sunday.  I received a call from her  Saturday afternoon, when she got there, that she thinks someone broke into their old home after they left on Friday because a window was ajar, the back door was unlocked, and they found folded cardboard on the basement floor, a couple of empty beer cans, and the unwrapped remains of the kid's halloween candy that was left in the home.  They noticed the spare keys were missing, and a couple of other small items...but all in all.... nothing else seemed to be amiss.  It was weird...and kind of funny...  someone broke in, ate all the candy (touching nothing in a full fridge or freezer), drank a couple of beers...and took a nap.  She switched out the locks though, and braced the ajar window, to be on the safe side since the spare keys were now missing.  
  Then I got a frantic call Sunday night...  well, it wasn't so harmless after all...  this halloween candy-napper had also cut the lines to the heat pump & furnace and stripped out the copper lines...about 10ft of it.   S/he also cut the the clutch out of my clients SO's motorcycle.  Now...we have an issue.... who is responsible for this?  I called the buyer/new homeowners agent to let her know what was going on so she could let her clients, the new homeowners, know.  So what happens now?  Well, the buyer/new home owner's insurance needs to be notified, and my client (the seller) is responsible for their co-pay/deductible.  Why does it shake out this way?  Because the rental agreement says that the new homeowners insurance is to take care of it because they own the home now.... but the original purchase/sale agreement says that the home will be received by the new homeowner in the same condition as it was when they made the offer, and did the home inspection.  All systems/appliances also need to be in working order, and my client had not transferred keys yet because she is not the renter and in possession of the home still.  

 I'll be honest with you... this could have gotten very ugly...  in the end, my client was going to either pay for the deductible, or the damage...whatever is less, but she wasn't happy about it.  It ended up being cheaper to pay the new homeowners deductible.  While the new home owners, and their insurance were liable, she was still in possession of the home so it's a mixed bag.  She spent her last night in the old home to make sure that halloween candy napper didn't come back...with her two big dogs, and a bat.  

  This is an extreme situation, and was the first time, and thankfully only time, in 15 years I have had something like this happen at this stage in the transaction.  Typically, with delayed possession we worry more about whether or not the home is left in a clean condition, or if the homeowner/seller is going to leave the home a mess, or trash still in the home.  I know plenty of agents, including myself, who have spent time cleaning a home after a seller left it messy.  When the home is vacant prior to closing (even if it is after signing), we can do a walk through of the vacant home...in fact, I am doing a walk through of a vacant home on Friday.  When the homeowner/seller isn't moving out until after closing though...a walk through is more difficult since the sellers are still in possession of the home.  95% of the time, the homeowner/seller leaves the home empty and fairly clean...but sometimes we deal with that 5% of the time when they don't.  During the home inspection period, you can request that the seller has the home professionally cleaned (and/or the carpets professionally cleaned) upon closing, and pre-paid.  Receipts are important.  Of course, if the home has bigger repair considerations during the inspection, you may want to concentrate on getting those repairs, and the receipts for those repairs.  

  This one is pretty fresh still.... I had a closing last month where the seller had 24 hours after closing to move into their new home, and was going to have the home professionally cleaned.  This was a hectic transaction to begin with, and the seller had been caught hiding things about the home.  Oy vay..., and he was texting threats to both his agent & me.  It was a crap-show.  However, it was also a very good deal for my buyers.  I showed up to the home to get keys, and to make certain that the sellers were gone.  They were!  Hallelujah!  ...and then they were not.. oh no...  Yep, seller showed up and parked in the driveway.  I thought, "ok...he's just going to pay for the housecleaner that was in the home", but oh no...he got in a fight with the housecleaner, and then took off.  She started packing up, but wait!  The home wasn't clean yet!  So, they got in an argument because the seller refused to pay her because she wouldn't clean is crap out of the garage.  Housecleaners do not do that.  So, what do we do?  Well, part of real estate is that sometimes it falls on us to make it right....as much as we can.  I paid the housecleaner to finish the job, and I called my son in law and husband to help clean out the garage with my buyer.  My husband switched out all their locks, for safety.  Now...what you don't know yet is that the seller took the mailbox, removed laundry room shelves, and .... get this... removed the laundry room cupboards.  He literally cut the molding, and unscrewed the cupboards from the wall.  Yeah.. that was an attached item and shouldn't be removed.  So what happens with all of that?  Nothing....  Again, this was an extreme case. The seller was crazy, and even refused to sign for 3 days.  See... he didn't actually want to sell...it was his wife who wanted to sell, so he made it difficult every step of the way.  Good times.....

When I am working with a seller as a sellers agent, I advise them to just have a housecleaner come in when they are moved out... it is a little bit of money, but relieves so much stress for them, and for their buyer.  Usually they do this, and it is nice for the new homeowners to take possession of a clean home. Per the contract, the home is to be left in a 'broom clean' condition.....swept, vacuumed, mopped, wiped down, etc.  However, one persons idea of clean is not the next persons idea of clean.  I also remind sellers to remove all garbage from the garage and around the home.  Many sellers leave extra paint, maybe extra flooring, or other such items for the new homeowners....in fact... I left those items for the new homeowners when I sold my old home.  This is pretty common, and usually appreciated.

When I am working with a buyer, I'm always hoping that the home is left clean, and usually it is.  Most sellers do leave the home clean....thankfully.  Sometimes though...... sometimes sellers leave other items.  Usually it isn't too much, and usually just things they 'forgot'.  Call your Realtor, and we will help you deal with it.  It's what we do.  What you are reading here are two very extreme cases.   This doesn't usually happen... it's very rare, so you can start breathing again.  :-)  

Anyhow, this all being said... Delayed Possession is something we are dealing with right now, and fairly frequently as more and more homeowners are selling their current homes to move into their next home.  It's important to understand how it works, and ways that we can try to protect you.  Remember...walk throughs (if we can), and receipts.  Those are 2 key things.  In short though... don't be afraid of delayed possession as it is pretty likely you may be in this position.  We have delayed possessions quite frequently where nothing exciting happens.  I like it when nothing exciting happens.   I tell you...there's a reason why I don't drink much... I'm afraid if I start..that I won't stop some days.... 


Upcoming Topics:
What happens AFTER the home inspection?
What do I need to buy a home,
What if I don't have a Down Payment? 
Pre-Approvals...what, why... and the importance of getting one
Debt to Income Ratios....What is this?


Last Week:  Buyers Due Diligence

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, or to www.learningtobuyahome.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).

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

​Saturday, August 17th, from 9am-12pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)
Tuesday, August 20th, from 5pm - 8pm (ish)
        Marshall Community Center, Conference room
       1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, August 24th, from 12pm-3pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/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
                                ~~~~~~~~

Happy Sunday!
Sweet Summertime....  Sorry about the email/blog silence lately...  in June, Chris Berg and I started a radio ad on 102.3 & 620, and they needed some analytics from the running of that for awhile.  We didn't want to mess it up with analytics from the email/blog.  It's been so weird not sending this out for awhile though.  Always remember that if you ever have any questions you can always email, call, or text me anytime.  I am always here to help.  I also have all of these on the blog page at www.learningtobuyahome.com too.  You can also browse through those too. 
Now... the Clark County Fair starts this Friday!   The fair runs from Friday, August 2 through Sunday, August 11th.  Chris Berg and I will be at the Clark County Fair again this year... because we are crazy.  Please, stop by and say, "hi!" to us... it is the one thing that keeps up sane while we are there.  It's a long 10 days and we will be there EVERY day.  I will be at the booth (inside the cool big exhibit hall, second booth to the right of the main doors) from 10am-4pm, and Chris will be there from 4pm-10pm....  EVERY DAY.  So, please... stop by... talk to us... help us preserve what little sanity we have left.... AND … tell us you saw/read this post AND we have something pretty cool for you. Why? Because I went a little crazy on the promotional items, and I need to get them out of my garage so I can park in there again before the weather starts to turn.  Help a gal out...  

  So this week let's talk a bit about the market...  I've have a few people ask me if the market is starting to 'turn'... and my answer is a mixed bag.  First things first....it's summer, and weather has a LOT to do with real estate, which is kind of weird, but there is a reasoning behind it.  The BEST months of the year to be a buyer is always going to be the winter months of November, December, and January.  There are couple of reasons for this ….  weather (cold, crappy, rainy, and sometimes snowy), and the holidays.... not many folks want to be out looking or selling during the holidays.  Because of these reasons, home typically 'sit' on the market for a bit longer.  This is good for buyers because it gives people time to think before jumping on a home and making an offer, and because the market is a bit 'softer' during these months, there are less multiple offer situations and more sellers are willing to pay some closing costs.  The down side of these months is that there aren't usually as many homes for sale on the market....this is an upside for the seller, as there is less competition for the seller.  The second BEST months of the year to be a buyer are JULY and AUGUST...  why?  because again....it's HOT, and surprisingly the hotter it is the less people are out looking at homes.  People want to go the lakes, rivers, and beaches when it is hot....they don't want to go look at homes.  Also, there is less buyer competition during these months because it is summer, and during that time of year there are additional childcare costs, getting ready for school costs, and vacations.  One of the pluses about the summer months over the winter months is that there is usually a lot more homes for sale during these months.  The craziest time of year to be a buyer is always during February through June as this is usually the busiest time as people have tax refunds to use for down payments (if you don't have one though there are programs to help with this), and closing costs.  February and June can go either way....depending on the year, but during this time there tends to be less homes on the market and a LOT more buyer competition so more multiple offers, homes sell for more than listing price, and sellers are less likely to pay any closing costs.  
  So what if you have a home to sell, and need to buy one too?  The summer and winter months are your best friend too.  The spring might be easier to sell, but as a buyer you will have a more difficult time with that 'sell my home first' contingency (more about this on an upcoming blog). The summer and winter months will give you a more solid buyer, and availability to purchase your new home with being contingent on the sale of your current home.   
  Does this explain the price drops you are seeing?  Yes... the market is always on steroids during the spring, and when people list during the summer they see this, but as the home sits on the market for a bit longer, the price drops start happening. For buyers this is good....  multiple offers are difficult for everyone, and many buyers need some closing costs assistance. If you are a buyer.... go look at homes when it is hot as hades out there...  it is a good thing!  
  The home market really follows interest rates  Interest rates went up for a bit, and the market softened a bit.  Interest rates dropped again recently, and that has helped some buyers with the amount they're pre-approved for.  Remember that you are pre-approved for a monthly home payment (not a purchase price).  The monthly home payment is directly related to interest rates....so as rates go up, a buyer is pre-approved for less.  I'm talking to my buyers right now, and reminding them that the home they purchase is really a 7-10 year home.  The market has been going up for quite awhile, but it's not skyrocketing like it was.  
  We see many more homeowners following the interest rates, and seeing home prices start to soften, so we are seeing more home inventory hitting the market....again... this is a good thing as it will ease up the low supply/high demand that caused home prices to skyrocket. 
   Please remember a couple of things....I might have been called a witch a time or two, but my powers of seeing the future are not very good. My magic wand is a hit and miss, and that silly 8 ball lies to me quite frequently.  All we can do is listen to the economists, watch and follow the trends, and rely of past economic predictions. 
  Good news is that YES, due to higher inventory and lower demand and this infernal heat, we ARE seeing price drops.  We are also seeing sellers assisting with buyers closing
  Is there a crash coming?  Not that anyone sees....no...  What the economists are talking about is a 'market correction'  where rising interest rates control the skyrocketing home prices.  When that is coming is anyone's guess though....   Please remember that your home is just that...your home.  While it is an investment...it's an investment in your future.  Owning a home is a long term investment.  

  Now for those of you who love this heat....  I am too fluffy, pale, and my hair is too frizzy for this kind of madness.... :-)


   I hope that explains this a bit, but if you have any questions, or comments please call or email me anytime!  I am here to help...

Your agent is NOT a salesperson, and should not be acting like one.  Real Estate is not really about houses, it is about relationships.  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:
Rules to seeing homes (for Buyers & Sellers)
Contingencies, Rentback, and Pre-Possession (oh my!), 
 Buyers Due Diligence, &....
What happens after an offer is made?

Last Week:  What's in a mortgage & 'escrow'?



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.learningtobuyahome.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).



   

​Upcoming Free (& non-promotional) Home Buyer Classes:
Monday, June 17th, from 5pm - 8pm (ish)
        Marshall Community Center, Conference room
       1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, June 22nd, from 12pm-3pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/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....                                                                                  
...www.learningtobuyahome.com for seller class schedule....
                  
Remember...with reservation...we will throw in lunch, or dinner!  :-D
~~~~~~~~~
Happy Sunday~


It's supposed to be in the 90's this week?  Blech....  I know that some people love the heat, but I may be too fluffy for the heat.  Thank goodness for Air Conditioning this week.  So, Chris and I get asked about closing costs all the time.  What are they?  How much are they?  What are they for?  How can you plan for them?  

 Buying a home will be the largest purchase you ever make.  The only thing that will cost your more than buying a home is having a child.  :-)  Like a child, you have to take care of your home though, and there is more to home ownership than most people realize.  
   Every month you pay bills, and your mortgage payment will most likely be your largest monthly expenditure, but what is it?  We will talk about how a mortgage payment works soon, but this week, let's talk about the five parts of a mortgage payment.  

Now...what is all in your payment?
 
   There are four parts to your mortgage payment...it is called a PITI payment.  What that means is Principal, Interest, Taxes, and Insurance.  For example, if my payment was $2000, my principal/interest portion would be about  $1300 a month, and the other $700 a month would be put into an escrow account.  Out of this account comes the homeowners insurance payment once a year, and property taxes are also paid from this account twice a year.  All of these fees are wrapped into the monthly mortgage payment.  Anytime you are using a FHA, or any government type of loan like RD (USDA), or the downpayment assistance programs & grants (like Home Advantage), these fees must be wrapped into the mortgage payment.   If you don't have a 20% down payment (like 99.9% people), then your mortgage payment will actually have FIVE PARTS with the fifth part being Mortgage Insurance. Another insurance that 'could' come out of the escrow payment is flood insurance.  If you live in a flood plain (I used to), then you will be required to carry flood insurance.  Flood insurance would be wrapped up into your mortgage payment, and be deposited into your escrow payment for a payment once a year.  

So what's an escrow account?
  Your escrow account, as mentioned above is the account that holds the money taken from your mortgage payment every month to pay for those parts of your mortgage that are NOT principal and interest.  Every year your mortgage company will evaluate your escrow account to be certain that they're collecting enough to pay for these items.  As property taxes go up (or down) based on home value, your home owners insurance should also change to cover your homes value.  If your values are going up, then the amount you need in your escrow account will also need to increase.  You will receive a letter from your escrow account every year to update you whether you have enough in your payment to cover escrow, or if you have too much in your escrow account.  If you have too much in your escrow account then you might receive a check, and new payment amount.  If you don't have enough forecasted in your account, then they will ask you to mail in a check to cover the difference, or your mortgage payment will be adjusted to cover the difference.  

Mortgage Insurance vs Homeowners Insurance
 Mortgage insurance is different than home owners (sometimes called, Hazard) insurance.  In a nutshell, mortgage Insurance protects the lender in case you default on your loan, and homeowners insurance protects you & the lender in case something happens to the home....ie.. a fire, a tree falling on your home, a car driving into your home, burst pipes, etc.  

Homeowners Insurance
   Now, please remember, you do choose your insurance company!  One of the things I suggest to clients is to contact their insurance company after they make their offer and to do a couple of things...(1) Has there been any water of fire claims in the past 3-5 years on this home?, and (2) How much would the insurance be for this home?  Average homeowners insurance is about $500-$700 a year....again, it is wrapped up into your monthly mortgage payment so it is NOT another extra expense.  You do get to choose your company, and many companies will give you discounts for 'bundling' your policies...like, home, car, life, etc.  It doesn't hurt to call around for quotes.  Once you choose a company, you will want to request that your insurance agent send over an 'insurance binder' over to your lender. 

Property Taxes
  Taxes are decided by the county, and are usually paid twice a year. You may get a copy of the tax bill, but again, it is paid by your mortgage company out of your escrow account.  I always get phone calls when these bills come out.  :-D  No worries...it is just for your records, and I encourage your phone calls!!  :-)  Please remember that 'Tax Assessed Value' is NOT market value.  Property taxes are assessed every year, but based off of sales from a year to two years prior.  

Principal & Interest
   Now...your principal and interest portion of your mortgage payment.  As we know a portion of your mortgage payment every month goes toward the principal amount that your borrowed to purchase your home, and a portion goes toward the interest that the lender is charging you.  In the beginning of your loan the smaller amount goes toward principal, and the larger portion goes toward interest...this eventually switches.  We all know the wisdom of making an additional payment every year on your mortgage to reduce your loan time.  Some banks will offer to take your payment in two week portions, and make your additional payment for you.  Honestly I don't advise this.....before you think I am crazy, this is the reason why....the bank actually holds your money and makes your additional payment at the end of the year.  This isn't the best way for you, really....  I always pay between $25-$100 extra on my mortgage every month depending upon our finances that month, but apply it directly towards my principal borrowed amount.  At the end of the year I have made that extra payment directly towards my principal, which is less money I can be charged interest on!  This will shorten my loan length considerably.  In the end I actually pay MORE on the principal amount than I would have if I had just made one extra payment.  My suggestion to all my clients is to take that $20 from each paycheck and put it into that credit union far away (with no debit card or checkbook for) that is for your home repairs that are needed as a homeowner.  If you just put at least $25 per month extra toward your principal loan amount you will also be shortening your loan time.  This sounds like a lot...but really is it?  It is a trip to McD's (for my family anyhow as we have 2 adults, a third grader, and either my adult son, and/or my adult daughter and her husband, and baby.), or a couple of Dutch Brothers trips a month...but it will help you in the long run immensely.   I won't lie... I love my Dutch Bros though.  :-)
   So there are the 5 parts of your mortgage payment...Principal, Interest, Taxes, and Insurance...both Mortgage & Homeowners.....all tidily wrapped up into one payment every month..

  Yay!  I kept it shorter this week!  :-D  It's like going to the grocery store, and only coming out with the items you went in for....ok, who am I kidding...that never happens!  
  
          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....  AND 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.... again...and I can't say this enough...please remember that your agent is NOT a salesperson, and should not be acting like one.  Real Estate is not really about houses, it is about relationships.  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: 55 things not to do when buying a home.
                                  When is a pre-approval not a pre-approval?
Last Week:  Types of Realtors & Compensation...explained


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.learningtobuyahome.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).

​Upcoming Free (& non-promotional) Home Buyer Classes:  
...we also have home seller classes available.  Link on left on website page

Saturday, May 4th, from 9am-12pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Tuesday, May 7th, from 5pm-8pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, May 18th, from 11am-2pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave).
 
Thursday, May 30th, from 5pm-8pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)



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!  Guess what time it is? 
No... not Miller Time... (ewww)... It's Client Appreciation Event time!  On Saturday, 5/4 from 3pm-6pm (ish as the movies 3 hours & 2 minutes long)  Chris Berg & I will be hosting what is projected to be the biggest opening movie of all time...  Infinity War: ENDGAME!  This movie is projected to earn 900 MILLION dollars in the opening weekend!  Holy Moly...  that's almost a BILLION dollars the opening weekend!  So, here we go...let's be part of it!  So, you know the rules...  our client appreciation events are for past, current, and clients who want to be working with us to buy a home, sell a home, or to refinance a home.  We appreciate our clients because we know that without you... well, without our clients, what would Chris and I be doing? Well, not hosting really awesome movies with cool pens.  For tickets, please email me or Chris Berg at chris.berg@cardinalfinancial.com with how many adult/kid tickets you need.  Thank YOU!!!  Thank you for your continued business, and your Referrals.   Come watch a movie with us!  

  Has anyone noticed the slow down?  Oh...how can you tell?  All the Facebook ads?  Good gravy, it's gotten crazy!  The market has slowed down from last year, and for many people in the industry this means that they are looking for any way to reach potential clients. Unfortunately some of the information that they're floating around is ... to be polite...  bonkers, and did I mention incorrect?  What is funny is that I keep seeing the same ad...over and over, but shared by different Realtors, and lenders.  So, let's go over some of the questions I've been asked recently, or read that some in my industry were sharing...  

How about we play a game of True or False?

1.  A client of mine took a class recently where the Realtor teaching the class told folks in the class that Buyers could not close on a home if their drivers licenses did not have their new address on it.  
FALSE:  to close on a home you do need to bring a copy of your current drivers license to the title company with you.  You do NOT have to have the address of the home you are buying on it.  I moved in 2017, and didn't update my license address until a year later when I needed to renew my license. Now, it is advised that you probably update your license with your new address sooner than I did... but not before closing. 

2.  You can buy a home with zero money out of pocket.
FALSE:  You CAN BUY a home with NO down payment as there are programs to assist with down payment, and yes, people use these programs ALL the time.  Don't let any lender tell you that these programs don't exist... because they really do.  That being said, however... you do need some money though.  As a buyer you will need to come up with an Earnest Money Deposit....You will need to pay for a Home Inspection...You will need to pay for an Appraisal.  I have done a blog on these fees if you would like to go towww.freehomebuyerclasses.com to hit that up.  There are also a few other 


3.  You get a better 'deal' if you call & work with the sellers agent
FALSE:  Oh my heavens... is there a more FALSE statement than this?  I'm not certain... maybe #1?  Anyhow, working with the sellers agent, or someone on their team is like being married, getting divorced, and calling your soon-to-be ex's lawyer and asking if they'll help you too.  I can not tell you what to do...I'm not your mother... but you should ALWAYS have YOUR OWN Realtor.  Your Realtor works for you... their job is to protect you to the best of their experience, skills, and knowledge.  The sellers Realtor's job is to do the same for their client...the seller.  

4.  You need to pay a 'buyers agent fee'
FALSE:  sigh... FALSE...  this is like part 2 of #3.  When a seller signs a contract to sell their home, part of that contract goes over the commission they are going to pay their agent.  The sellers agent then splits that commission with the buyers agent.  Some Realtors/Companies talk about 'listing fees' and 'buyers fees'.  Ok...they do this to make their fees seem 'cheaper' than other peoples.  It's like telling someone...  "I'll sell your home for only 3%, and only for 3% when you buy."  Ok... so 3+3 still equals 6, right?  If you choose to pay a buyers agency fee... you can, but most likely... you shouldn't be.  If you are selling your home and something sounds to good to be true, maybe it is?  Ask what the fees include?  Remember high school English...  Who, what, when, where...and how... Always ask questions.  

5.  You need to sign this contract
TRUE & FALSE:  When you are selling your home, yes, you will sign a contract with your Realtor for a certain length of time to represent you, and to market your home to potential buyers and their Realtors.  You will want to know what the release terms, commission, and marketing is...and what that all entails  When you are buying a home... no, you do not have to sign a contract with your Realtor to buy that home.  Signing a contract with a Realtor to help with buying a home actually protects the Realtor more than you.  You do not have to sign a contract with a Realtor to see homes in a new development.  Again, I have a blog regarding agency, who does what and questions to ask... where?  See #2.  

6. I saw a Sponsored Facebook Ad today that gave a list of things that 'buyers should know' before buying a home.  One of these 'list items' said that a buyer should 'budget for homeowners insurance & property taxes'.  
FALSE!  Do Realtors who pay money to sponsor these even read them before they post them???  No... as a buyer you do NOT need to budget for homeowners insurance OR property taxes.  Your Mortgage Payment will INCLUDE these items as part of your payment.  These are not items you pay separately.  

7.  Whether this is your first home, or you've bought homes before, you should take a home buyer class
TRUE.  Yes, you should take a home buyers class, but unfortunately not all classes are created the same.  Sadly, getting a Real Estate License in Washington is ridiculously easy, and one of the first things they tell new Realtors to do is to host a home buyers class.  However, as seen with these items above that I've been asked recently, most people teaching classes have no idea what they're even talking about.  Ask questions...  how long have you been licensed?  How long have you taught classes?  Where do you teach classes at?  How many homes have you sold?  What can you tell me about the classes you teach?  
So, why are these questions important?  Because most classes are a way for the lender/Realtor teaching the class to try to get clients.  Now honestly, anyone who teaches a class is hoping you will call them to help you with your adventure, yes... even me.  However, we strive to keep our classes as non-promotional as possible which is why we teach them at community centers like Marshall & the YMCA.  We know that 3 hours (ish) is a long time so we try to also have fun with and during the classes as people usually remember more with humor.  
There is a plethora of mis-information out there that just keeps getting shared because someone doesn't know.  Don't be mis-informed because in real estate what you don't know CAN financially hurt you.  There's like a million (only slight exaggeration) of home buyers classes on facebook right now... try to make certain you are taking a class that has some history to it...not a class that is squeaky new.

8.  You don't need to take a class if you are selling a home (or buying a home)
 FALSE.  I was talking with someone the other day who called me with a question.  They're working with a lender who told them to call a Realtor whose number he gave them.  They told the lender that they were scheduled to take a home buyers class (not one I teach), and the lender told them that they didn't need a class.  That he (the lender) and the Realtor that he told them to call could help them with anything they needed to know.  Why do you think that the lender didn't want them to take a class?  Isn't more knowledge good?  One of their friends told them to call me to ask me some questions they had, and these were two questions they asked.  There are many good Realtors & lenders out there.  There are also many, many classes right now.  Many of these classes are promotional classes meaning that the classes are not so much about information, but more about trying to get clients.... a lot like open houses are more about trying to get peoples names, numbers, and email addresses and less about selling a home.  The lender in question was afraid that these folks would go to a class and not work with them anymore. This lender was also worried that their clients would get some of that mis-information that is going around.  Classes are good, and information is good.  Questions are the BEST though.  Call around... ask lenders questions, and ask Realtors questions... you will get a 'feel' about who knows what, and who's feeding you a line.  These folks did not like the Realtor they were told to call.  They are also purchasing in an area that I can not help them as I don't work in Oregon.  I gave them a couple of numbers of Realtors that I know that can help them, but told them they can always call me with questions.We're here to help...

If you, or someone you know is thinking about selling a home.  YES, you should absolutely take a class.  There are seller classes available at www.learningtobuyahome.com...again...non-promotional & free.  Take a home buyers class as well.  Knowledge is never a bad thing, and whether buying, or selling...there's a lot to know, vocabulary to go over, paperwork to discuss, and so much more.  It's scarier to sell a home because it IS your home.  When you are selling and buying at the same time... it's a juggling process.  You need to know how that works because GI Joe still knows what they're talking about.  


9.  You need a 700 or better credit score to buy a home
FALSE.  You can buy a home with a credit score of 580, but it will be more difficult, and there will be higher fees & interest rates.  Their will be some programs that you can not utilize unless you have a 620 credit score.  Those 40 points though...  a good lender can help you with that.  A credit score is a way for lenders to determine how much of a 'risk' you are....how likely you are to pay back the loan.  The higher the credit score, the lower the interest rate. However, I will tell you that the VAST majority of folks have credit scores in the mid-600 range...and they purchase homes ALL the time.  In fact....coolest story...  I talked with a gal about a year and half ago with a credit score in the low 500's. About a week ago their family received keys to their very own home!  4 bedrooms, living room, vaulted family room with brick fireplace, and a remodeled kitchen....with a HUGE yard for their puppies and kids.  Her landlord had given her a 30 day notice because he decided to sell the home.  We had 30 days to find a home, do the inspections, the appraisal, and close on the home.  Challenge accepted!  We did it!!  

10.  You can be too old for Disney...  
FALSE!  You are NEVER to old to enjoy Disney!  Ok, Ok, Ok... So I had someone call me wanting to look at homes because they were pre-approved.  Perfect!  That is what we want...  Meet with a lender, get pre-approved, and THEN go look at homes with your Realtor.  I ask about the type of home they are hoping to find,  what price range, type of loan, and who their lender is.  This is where it got weird...  they told me they took a 'quiz' on the lenders facebook page that took them to the lenders website page where the 'quiz' told them how much they were pre-approved for.  Ummm....no...  you are not really pre-approved.  But the website said they were, and they answered all the questions on the quiz.  Yeah... that's not how this work...that's not how any of this works.... It's not that easy.  When meeting with a lender they will want to meet with you...in person... and see copies of your bank statements, paycheck stubs, credit reports, and yes, W-2's as well.  The file has to be approved with the underwriters so that you are really pre-approved.  Remember that getting pre-approved doesn't mean that you are guaranteed to buy a home...  a pre-approval is a snapshot of your current financial situation...if your financial situation changes AT ALL that means that your pre-approval changes as well.  I had a client lose their loan because they were working too much overtime.  :-(  I have a client who is a bartender... she couldn't deposit her tips for 3 months because it's not just money OUT that is being tracked, but money IN too.

Lots of information this week...sorry!  I also apologize for not being timely this year with these.  The last 6 weeks has been crazy in my home as my oldest daughter was pregnant with a high risk pregnancy and we've had a LOT of doctor appointments these past few weeks.  Last week, my daughter and son-in-law had a beautiful little girl...born at 35 weeks.  She was in NICU for 5 days, but they brought her home just this week.  She's amazing!  It is very weird to be a 'grandma', as I still have a 9 year old.  :-D  That is what we get for having babies young, and older too.  Now... if anyone wants to tell me how young I look...  I am forever grateful!!    


  I'm always available to answer your questions, so feel free to reach out to me anytime.  :-)    

  Remember that this is just a quick overview.... again...and I can't say this enough...please remember that your agent is NOT a salesperson, and should not be acting like one.  Real Estate is not really about houses, it is more about relationships.  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.  :-)  All home buying adventures should START with the Home Buyer Education Classes. Don't talk to lenders/agents until after the classes so you know the questions to ask, what all the paperwork means, and fully understand the process.  

As always...the classes are Free and Non-Promotional.  After teaching these classes for 14 years, we are not there to promote ourselves, or any 'special' agenda like some classes, and while we certainly hope you will call Chris or I, or both of us, to help with your home adventure, that certainly isn't the main focus of the classes.  If you have any questions about this, or something you have heard... or if you would like me to assist you with your home adventure... please call, email, or text.  We are here 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:
Delayed Possession... What is this & what does it mean to you
Interest Rates (information from Chris Berg,Cardinal Financial)
What do I need to buy a home,
Hiring a Realtor...questions to ask,

What if I don't have a Down Payment? .....  &....
Debt to Income Ratios....What is this?


Last Week: Property Taxes (the elephant in the room) 


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).

Upcoming Free (& non-promotional) Home Buyer Classes:  
...we also have home seller classes available.  Link on left on website page

Saturday, March 16th, from 11am-2pm (ish)
​       Vancouver YMCA, conference room
       11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave).

Monday, February 18th, from 5pm-8pm (ish)
       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, March 30th, from 10am-1pm (ish)
​       Marshall Community Center, conference room
       1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)



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
~~~~~~~~~


Happy Daylight Savings time aka National Napping Day~

  After the nastiest of the last couple of weeks... what a gorgeous day!!!  ...and did you hear?  It's supposed to hit 60 degrees this week?  It's like a heat wave!  WooHoo!  Is it?  Could it be?  Spring may finally be coming...and I know we are all excited, right?  Spring also means that we have a Client Appreciation event coming up.  We will be hosting Avengers:  Endgame the first Saturday of May...yes, a week after it opens, but we are still excited, right?  If there is a different movie that you think we should host....we still have time to change it!  :-D  Let me, or Chris Berg (chris.berg@cardinalfinancial.com) know.  We are always open to suggestions.  

Ok, now to be honest with you, this is NOT the email I was going to send out this week.  There was some craziness that has been going on with social media the last week or so, and I wanted to talk about it...and I might send it out next week, but I am not sure that right now is the best time for it.  I mean...it is always a good time to talk about protecting yourself and to talk about agency, but I think I need to have that blog read by an outside source to make certain it is clear and not just venting.  You know what I mean... You spend time typing something up, and then read what you typed, and think, "oh crap...do I sound crazier than what I am talking about?"  Yeah... I better make sure first.  

So, instead  we are going to talk about something else that has been all over facebook recently.... surprise... we are going off topic *gasp*.  Let's talk about the elephant in the room...Property Taxes (insert scare music here).  
 
As you know from previous posts, a mortgage payment is one payment for you, but then it is broke down into payments within that payment. There's your actual loan amount (principal) with interest.  Your interest doesn't change (unless you refinance), so this amount is always the same, but over the course of your home ownership you pay less on interest and more towards principal. Then there is the amount that goes into your 'escrow' account.  From your escrow account is paid a couple of things... Insurances (mortgage, hazard, flood) and property taxes.  Most folks have some mortgage insurance and this is the cost to secure the loan....it protects the lender.  Your hazard insurance is another term for homeowners insurance.  This is the insurance you carry to protect the property if something outside of your care, custody, and control were to happen to the home.  It's a lot like car insurance in that it is there to protect the asset from damage and to correct, or fix, that damage, and to bring the asset (in this case, the home) back to original (before the damage) condition.  For example, if your home catches fire, you wouldn't have the money to fix that damage, but with hazard/home insurance, you would be able to correct the fire damage with only the insurance deduction out of pocket.  Flood insurance is only required if you are in a designated flood plain, and if you have it will be paid from the escrow account as well.  Then there is the amount that goes toward paying your property taxes.  The amount needed in your escrow account to pay these items can change, and as it does, your monthly mortgage payment will change too. Every year you will get a statement from your escrow account letting you know if you are paying enough into that escrow account.  In a market upswing, where your home is increasing in value, is going to usually mean you will have a deficit in that account and you will either A) have to send an additional check for $XX amount to deposit into your escrow account and your mortgage payment will now be $XXXX.xx, or B) you can spread that amount over the next 12 months of mortgage payments and your mortgage payment will now be $XXXX.xx.  I receive calls on this every year, and that is ok.  I am always here to help! 

  Property tax payment dates are weird.... they're due on April 1 (pay period from January 1 thru June 30), and again on October 1 (pay period from July 1 thru December 31).  They can be paid in full on April 1, or split with 1/2 due on April 1, and half due on October 1.  I've seen escrow statements with either option paid by the bank.  
  Remember that every year your escrow company will assess your escrow account to make sure you have enough in there, or if you have enough projected to come in via your monthly payments, to pay your insurances and taxes.  If you have too much (in a declining market), you will receive a check with the option to mail it back and your payments become XX amount, or to keep the check and your payments will be XX amount....or... (and this is the case for the past couple of years now), it is projected by your escrow company that you will NOT have enough and you have one of two options ... you can send a check to the escrow company and your payment will be XX, or you can increase your monthly payments to XXX to cover the difference.  Yes, I know that I just repeated myself, but it bears repeating.  Yes, your mortgage payment amount WILL change every year.  
  Every year the Clark County Assessors assess the value of the home for taxes.  As your home value increases, so do your property taxes.  One thing to note is that they will use information that is available based on sales average from a year or so ago for that area.  This is not current information.  Tax assessed value is not market value... I will repeat... TAX ASSESSED VALUE IS NOT MARKET VALUE.  We are in an escalating market... (aka sellers market), and home values are still going up.  This is why tax assessed value is not market value because the market is always moving and changing...ebbing and flowing... and your taxes are the same for that period.  
"For every pro...there is a con, and for every con...there is a pro" (I will give a gift card to the person who can tell me what song that line is from) ....while this is a fun song from one of my favorite Disney movies (hint, hint) it is true nonetheless.  As your market value increases, so do your property taxes, and as the market declines and values go down, so will your taxes.  As your market value increases, so does the amount you need to insure your home against catastrophe and calamity, you might want to be prepared for that.  This can also increase (or decrease) your monthly payment amount.
  It really is a case of, 'you can't have your cake and eat it too'....  everyone loves it when their home values go up, but no one likes it when their property taxes do.  I get that.  My property taxes went up a lot last year, and they will this year again as I added on to my home so now there is more to tax.  It sucks...  I get it.  However, everyone hates it when they see their home values go down...but they like it when their taxes do.  Taxes go down when home values go down, but we wouldn't see that right away.  Sigh.... can't win for losing, right?
  Be prepared though... as home values increased significantly again last year (2018), taxes will go up again next year.  The higher values jump in a year... so do your property taxes.  2016 & 2017, we saw a sharp increase in home values.  Home values did increase again in 2018, but not as much in percentage as they did the two previous years.  As an industry we still expect to see an increase in home values this year, but again, not as much as a percentage as 2016/2017, and maybe not as much as last years either.  As an industry, the thought is that the rising interest rates will help the market to 'balance out'.  Of course, as I've often said...  my crystal ball is broken and the Magic 8 Ball often lies to me.  

  

  I'm always available to answer your questions, so feel free to reach out to me anytime.  :-)    

  Remember that this is just a quick overview.... again...and I can't say this enough...please remember that your agent is NOT a salesperson, and should not be acting like one.  Real Estate is not really about houses, it is more about relationships.  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.  :-)  All home buying adventures should START with the Home Buyer Education Classes. Don't talk to lenders/agents until after the classes so you know the questions to ask, what all the paperwork means, and fully understand the process.  

As always...the classes are Free and Non-Promotional.  After teaching these classes for 14 years, we are not there to promote ourselves, or any 'special' agenda like some classes, and while we certainly hope you will call Chris or I, or both of us, to help with your home adventure, that certainly isn't the main focus of the classes.  If you have any questions about this, or something you have heard... or if you would like me to assist you with your home adventure... please call, email, or text.  We are here 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:
Delayed Possession... What is this & what does it mean to you
Interest Rates (information from Chris Berg,Cardinal Financial)
What do I need to buy a home,
Hiring a Realtor...questions to ask,

What if I don't have a Down Payment? .....  &....
Debt to Income Ratios....What is this?


Last Week: Is Big Brother Watching?  Well...maybe... 


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).​