THE LRR SUMMER NEWSLETTER IS HERE!
Check out Living Room Realty’s Summer newsletter full of stories, recipes, horoscopes, and so much more!
Tag: mortgage rates
REAL ESTATE NEWS: ARCHITECTURAL STYLES IN PORTLAND
ARCHITECTURAL STYLES IN PORTLAND
Portland homes definitely have style! Whenever we host an open house or tour property with a person who is new to town, we always hear about how gorgeous the houses are (we agree)! Portland has many different styles of homes, and a large portion of them commonly fall into these categories.
PORTLAND NEWS: HAPPY EARTH DAY
HAPPY EARTH DAY!!
Monday, April 22, 2024
Isn’t every day Earth Day? We think so! The great thing about a day to celebrate the planet is that it gives us time and focus to decide how we can do better and perhaps either work on a project or make lasting changes. Here is a list of events around the Portland area to get out and participate in Earth Day activities and here are some great ideas for making your life more earth-friendly!
REAL ESTATE NEWS: LIVINGROOM SPRING NEWSLETTER!
THE LRR SPRING NEWSLETTER IS HERE!
Check out Living Room Realty’s Spring newsletter full of stories, recipes, horoscopes, and so much more!
PORTLAND NEWS: 12 SEASONS OF PORTLAND
12 SEASONS OF PORTLAND
THIS IS A FUNNY ONE! PORTLAND IS KNOWN FOR (4) SEASONS. BUT IF YOU ASK ANY LOCAL, THEY MAY SAY WE HAVE MANY MORE! WE HAVE SEEN THIS FUN LIST FLOATING AROUND SOCIAL MEDIA AND THOUGHT IT WOULD BE FUN TO SHARE!
THE 12 SEASONS OF PORTLAND…
WINTER
FOOL’S SPRING
2ND WINTER
SPRING OF DECEPTION/RAINBOW SEASON
3RD WINTER
THE POLLENING
ACTUAL SPRING
SUMMER
HELL’S FRONT PORCH
FALSE FALL
SECOND SUMMER
ACTUAL FALL
and back to where we started… WINTER
WHICH SEASON DO YOU THINK WE ARE IN?
REAL ESTATE NEWS: CELEBRATING OUR TEAM!
CELEBRATING OUR TEAM!
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On this International Women’s Day, we want to highlight this ALL WOMAN team and celebrate their spirit, determination, and the amazing energy they bring to work every day.
When they are not hard at work for you, here are some fun things to know about our team members (and a SPECIAL SHOUT OUT below):
Aryne, our lead Buyer’s Agent loves getting into challenging yoga poses, enjoying sports with her family, and hiking both in nature and around the city!
Dulcinea, our lead Seller’s Agent loves entertaining, traveling the world, art and design, and spending time with her family + pets!
Jen Barefield, our Operations Manager loves to throw pots on the wheel, spend time with her dogs and family, and loves to dig in the dirt in her amazing garden.
Isabelle Richard, our Team Assistant… SPECIAL SHOUTOUT to Isabelle who has been working with us since July 2021. Isabelle is an avid cook and loves to go for long city walks. We couldn’t have found a better team assistant. She is about to say good-bye to us and move into a new field as an assistant apparel buyer.
We will miss her dearly and are so happy for her and her new adventure! Go, Isabelle!
#portlandrealestate #toprealestateagentspdx #realestateportland #livingroomrealty #ADUexperts #ADUspecialists #ADUconsultation #realestateagent #topagents #bestportlandrealtor #buyingahouse #sellingyourhome #buyingandsellingrealestate #investmentproperty #firsttimehomebuyer #paringdown #emptynesters #excellentclientcare #bestexperience #propertymavens #dulcineamyersnewcomb #aryneblumklotz #buying #selling #wheresyourlivingroom #movingtoportland #relocation #lovewhereyoulive #buyyourdreamhome
REAL ESTATE NEWS: A NEW BILL TO HELP BUILD MORE AFFORDABLE HOUSING
GOVERNER KOTEK INTRODUCES A NEW BILL
TO HELP BUILD MORE AFFORDABLE HOUSING
SB1537 DESCRIPTION: “Requires the Department of Land Conservation and Development and the Department of Consumer and Business Services to jointly establish and administer the Housing Accountability and Production Office.” See more HERE.
1000 Friends of Oregon breaks down how bill SB1537 can better support equitable housing policy. See more HERE.
REAL ESTATE NEWS: WHAT’S THE BEST TIME TO LIST MY HOUSE IN 2024?
WHAT’S THE BEST TIME TO LIST MY HOUSE IN 2024?
Sellers want to know! Folks are coming out of the woodwork to call us and ask…”When should I list my home this year?” You might be wondering, why is this year different? Drum roll please… it’s a presidential election year. Some experts predict that the spring and summer will be great times to list, while the fall will be quieter than usual… Hmmm… less competition for sellers or a listing that sits? Reach out to us today to discuss this more! We are here to help.
REAL ESTATE NEWS: HOW MUCH IS YOUR HOME WORTH?
HOW MUCH IS YOUR HOME WORTH?
You may have no thoughts on selling your home anytime soon, but knowing the current value of your home is critical in being able to make those spontaneous decisions. Whether you want to go live abroad, have been thinking that it might be cool to move to another neighborhood, town, or state, or are looking in the future to care for a loved one, knowing your home’s current value allows you to make on-the-fly decisions. We tell our clients all the time, “plan ahead to be spontaneous”! Book an appointment with us today to find out your property’s value.
REAL ESTATE NEWS: WE SELL A LOT OF PROPERTIES
WE SELL A LOT OF PROPERTIES…
OUR LISTINGS AVERAGE OVER THE LAST 5 YEARS:
6.6 DAYS ON THE MARKET
5.65% OVER ASKING
Since 2019 our listings have gone pending in under ONE week and at almost 6% above the list price.
How do we do it?
Data Based Pricing – The list price is a marketing tool! We conduct detailed research on the local real estate market at large and your property specifically to determine a list price that will attract the most qualified buyers. Final list price is based on real numbers and up to date data.
Prepping With Purpose – Home sellers who clear the clutter, deep clean their homes and tidy their yards, complete light repairs, paint and stage they get the biggest bang for their buck. Buyers who can see the highlights and features of a property without distraction make strong offers and envision themselves in the space make strong offers and successfully close deals.
New Year, New Home: Homebuying in 2024
Time to gear up for the holidays (or not, for those who don’t partake) and think of those new year “resolutions”. With the new year looming upon us, what better way to start it than with a new home of your own? Whether you’re a first time buyer or upgrading to the next bigger & better thing, now’s a great time to kickstart a plan for your housing goals!
You’ve likely heard the rumors; mortgage rates are coming down in 2024. Some projections include numbers coming down as low as the high 4-percent range (whoa!). While it’s important to note that these are all predictions, we are likely going to see some sort of positive change with mortgage rates sometime in the new year.
While any sort of drop in rates is most certainly helpful for homebuyers, keep this in mind: lower rates, higher competition. Read that one more time to really let that (likely possibility) sink in. It may not come as a surprise that the housing market starts to heat up once rates come down; it totally makes sense! How can you avoid a potential homebuying frenzy and multiple offer situation, you ask? Get started on your homebuying journey while it’s still seasonably slow! This will also create an opportunity to refinance as soon as you’re able — especially if those rates do fall to some reasonable numbers in the near future.
Want more info? Reach out to me directly, I’d love to assist with your home buying and selling needs!
Our Takeaways from the 2021 Economic Forecast
Our team “went” to the 2021 First American Title Economic Forecast. Presenter John Mitchell discussed our local and national economies. Where are we now? Where are we headed?
- Oregon was the #3 state to move to in 2020 behind South Carolina + Idaho. People are still moving here and they want to buy YOUR house.
- Oregon was #32 in job growth in 2020 so why are they moving here? Is it because 2020 proved that many of us can work from home successfully and we’d rather live someplace great than move to where the office is?
- The Case Shiller Index indicates that as of October 2020, sale prices were up 8.9% in Portland. Value has risen a lot in the last year.
- Now that national plans are being set in motion to control the virus and jump start the economy, the recovery is underway, but the trajectory is uncertain. We don’t know what the impact on real estate will be. We do know that today’s market favors sellers – thanks to little inventory and low interest rates, but we don’t know what the rest of the year will look like. This may be the very best moment to sell.
- Covid has driven people home! Everyone is working, playing, schooling, “entertaining,” and learning how to thrive at home which means they need properties that will meet their needs. This need is encouraging moving, refinancing, remodeling and reevaluating where and how folks want to live. As people make plans for the post-pandemic period the realities are:
- Mortgage rates are VERY low
- Demand for new and creative spaces is rising
- Many people did NOT lose their jobs they just have to do them at home and they need space, technology, innovation, storage and versatility.
- Real estate figured it out – Zoom showings and listing appointments, drone photos and video, virtual house tours, floor plans, Covid safety plan, real shoppers vs. folks who love visiting open houses. Real estate brokers can successfully help people buy and sell during a pandemic and we may even be doing our jobs better.
About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.
Mortgage Rates + You’re Monthly Bottom Line
Hi Folks,
Ready to buy and want to know if now is a good time? Yes! If you look at how mortgage rates can effect your monthly bottom line, these new low rates can make a big impact on your bottom line. Below is a great explanation from MONEY UNDER 30.
How a 1 percent difference in mortgage rate affects how much you pay
Do you know what is a cash out refinance? A cash-out refinance will replace what you owe on your current home loan with a new mortgage for a higher amount.
In our example, let’s say you’re looking to take out a home loan for $200,000. If you get a 30-year mortgage and you put down a 20 percent down payment of $40,000, you’ll have a $160,000 mortgage. If you only put down 10 percent, you’ll have a $180,000 mortgage. The following table shows you how much you’ll pay—both per month and over the life of the loan—in each scenario.
| Mortgage Rate | Payment, 20% Down | 30-Yr. Interest, 20% Down | Payment, 10% Down | 30-Yr. Interest, 10% Down |
|---|---|---|---|---|
| 3.5% | $718 | $98,650 | $808* | $110,981 |
| 3.75% | $741 | $106,755 | $834* | %120,099 |
| 4% | $764 | $114,991 | $859* | $129,365 |
| 4.25% | $787 | $123,357 | $885* | $138,777 |
| 4.5% | $811 | $131,851 | $912* | $148,332 |
*Payment amounts shown do not include private mortgage insurance (PMI), which may be required on loans with down payments of less than 20 percent. Actual monthly payment may be higher.
This calculation does also not include property taxes, which could raise the cost substantially if you live in a high-tax area, or homeowner’s association (HOA) fees if you live in a condo or housing association with shared expenses.
In this example, 1 percent difference in mortgage rate results in a monthly payment that’s close to $100 higher. But the real difference is how much more you’ll pay in interest over 30 years…more than $33,000! And just think, if we lived in the 1980s when the highest mortgage rate was 18 percent, you’d be paying thousands a month just in interest!
Calculate your own mortgage rate using our simple mortgage rate calculator.
Summary
In short, mortgage rates matter. While a difference of 1 percent may not seem substantial, even when you’re comparing monthly mortgage payments on a modest loan amount, the additional amount you could end up paying in interest is staggering. And, of course, the larger your loan amount, the greater these differences will be. Being able to qualify for a low mortgage rate will keep your payment lower, yes, but it’ll also allow you to save tens of thousands of dollars over your lifetime.
-Sourced by MONEY UNDER 30.
About Us:
Over the course of their professional partnership, Aryne + Dulcinea have helped over 200 clients prosper in their new lives. During this time, they have prided themselves in their top-notch selling abilities, with homes outperforming market standards, consistently exceeding list price while most of their listings sell in under 7 days. Whether you’re looking to buy or sell, Aryne & Dulcinea will work in collaboration to guide you in investing in your future and reaching your real estate goals.