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traciedemars · 5 years ago

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Let's talk about CLOSING COSTS! Upcoming Free (& non-promotional) Home Buyer & Seller Classes: Until further notice, all classes are going to be held virtually due to the Coronavirus. Please email [email protected], or [email protected] for a link & password to the classes. Thank you! Home Buyer Classes: Saturday, May 9th, from 9am-11am Saturday, May 16th, from 12pm-2pm Tuesday, May 19th, from 5pm-7pm Saturday, May 30th, from 11am-1pm Seller Classes: Saturday, May 16th, from 9am-11am Thursday May 21st, from 5pm-7pm 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.... Good morning... or afternoon? I have lost all sense of time, and dates. It's a weird time in our lives right now. A few weeks ago when I wrote up the 'Forbearance and what it really means' blog, I thought that we would all be back to 'normal' by now...whatever 'normal' is... However, I think we can all agree that 2020 is the year that time forgot, and here we were all excited about holidays falling on weekend days... Chris & I are getting used to the virtual classes, and people seem to like them. It is a shorter time frame though so there are things we simply do not have time to cover, and that's why I need to step these up again to at least every other week instead of just once a month as I've been doing. Please, if you have any questions, send them over to me, and I will be happy to help! Chris and I are both still working. I am still showing homes, and writing up offers, but showing homes is a bit trickier right now as we do want everyone to be safe, and we have to work within the guidelines that we have been given. Who says an old dog can't learn new tricks??? Just a quick message... usually about now we would be having our Client Appreciation Event where we THANK YOU for your friendship, your referrals, your continued business & support...and well, just for being part of our lives! We LOVE YOU. Let's be honest...that's not happening this year, so be on the lookout for a little something-something from me and Chris Berg in your mailbox in the next few weeks. When you get it you just have to tag us on the social media of your choice...Facebook? Instagram? ...and maybe leave us a glowing review somewhere?? We miss you!! I want to go over Closing costs this time, and 'hopefully' I will be able to get a short video out on this too. I am working on that one... Let me know what you think! Closing costs are an important part of the home buying (or selling) process, but no one really knows what they are, are often how much they're going to be....and why is that? Well, first you need to know that there are 28 people involved in the purchase/sale of a home. You will most likely only ever see four of them.... your lender, your agent, your inspector, and your title officer at the end. You'll hear a lot about appraisers, and underwriters, but that is a different blog. Everyone has a job to do in the transfer of the property from the seller to the buyer....and everyone needs to get paid. Your buyers agent is FREE (don't get caught by 'buyers agency fees' as those are not common), but that may be the only free thing you get. Seriously... you don't have to pay for a buyers agent! There is your good news. :-D So what the heck is closing costs then? Lots of people talk about closing costs, but most people don't understand what they are...or how they're paid. Closing costs have two separate parts really...1....the part associated with your loan, and 2...the part associated with the title company and changing the ownership of the home to you.. One thing you need to know is that closing costs are not set...in other words...one persons closing costs will not be the same as another persons closing costs. Why? Because ...1....every person has a different loan based on their credit scores, type of loan, amount of home buying, amount (if any) of downpayment, what day they're closing (keys) on, interest rate, APR rate, lender they're using (some have more fees than others), etc... See how complicated that can get? So what about the second part? Well, that can differ as well based on the title company since not every title company charges exactly the same for their individual costs. Then there is also the costs for the property taxes of the home, time of year you are buying based on when the taxes are due/have been paid, cost of your home owners insurance, amount of loan interest, and more. Even more confusing, yes? Ok...now I know you are thinking that this weeks post is pointless then, but really, I have a point! :-) My point is that closing costs are variable based on you, your loan, your lender, your (soon to be) new home, and on the title company. So how do you figure that out? Well, really no one can figure out HOW much your closing costs are going to be until you have an accepted offer on a home...then we can figure out what your closing costs will be because you will have a home to base numbers off of, a loan chosen, a lender, and the title company picked out. Most numbers in real estate are a guesstimate until you have all the pieces in place...all the ducks in order...so to speak. When you are getting pre-approved, your lender will base all your numbers on a guesstimate...what we think your costs are going to be. Most times lenders, etc will guess high so that the numbers will come in smaller and more affordable for you. It is always better to look like a hero than a zero! :-) I know, I know...still not very helpful is it? I am sorry. Closing costs are as individual as you are. However, 98% of buyers will request the seller to pay for 2%-3% of their closing costs. Where does that number come from though as even this number changes depending on the person, their loan, the home involved, etc. Well, to start... a FHA loan requires 3.5% downpayment. FHA is the most common loan type for buyers as it is very forgiving, and easier for the majority of folks to get pre-approved for. There are some loans, and yes, grants too, that can take care of that down payment for you....meaning a ZERO down loan for you, the buyer. There are some additional fees to using these down payment assistance programs that is part of your closing costs. There is also a zero down USDA loan that has other fees associated with it. On average, the costs between title, loan, lender, taxes, interest, insurance, etc....run about 2%-3% of the homes purchase price....rarely does it run more. When listing a home, I (and many other agents) include at least some seller paid closing costs to the sales price of the home. This is done because so many buyers request those from the seller, and this way it isn't a surprise to the seller. So, yes, some sellers will pay for your closing costs when buying a home...of course, that depends on if there are other offers involved. In a multiple offer situation the seller may not pay any closing costs. One thing you need to know though is that if you ask for 3% in closing costs, and the lender only needs 2%, you don't get that other 1%....it goes back to the seller. You can't get cash back from buying a home....unless you are having your earnest money &/or appraisal fee returned to you...this happens if you are using a loan that covers your costs and fees. Usually your appraisal is part of your closing costs (but paid for at time of appraisal), and your earnest money is applied toward your down payment, or your closing costs. Again, 85% of the time a buyer will request some of the closing costs to be paid for by the seller. The other 15% of the time a buyer will pay their own closing costs so they don't have to finance them. Right there is the REALITY of closing costs. The seller never actually 'pays' for your closing costs... the buyer is financing them into the purchase price of the home...adding the closing costs to their loan. The seller is merely accepting less than the purchase price so that the buyer can do this. If you remember ANYTHING about this email...that is what you should remember.So, if a buyer has their own down payment, the lender can also help pay closing costs, and this can be done a couple of different ways. If a buyer is using one of the down payment assistance loans or grants, or the USDA loan, the lender can't help pay those closing costs. The buyer can use their earnest money towards these though. Not asking a seller for help with closing costs does make for a 'stronger' offer, but let's be honest...that isn't always an option for a lot of people. However, if able to do so, sometimes people will use the zero down loan or the down payment assistance loans, and use the money they have for their own closing costs, but asking the seller for help with closing costs is quite common. Really it depends on many things. In short....buyers responsibility for closing costs are:* Lender's Title Insurance Policy* Half of the escrow fee* Home Inspection (paid for at time of inspection)* Recording fees* First year Homeowners Insurance Premium* First year Flood Insurance (if applies)* Pro-rated property taxes* Appraisal fee (paid for when appraisal is ordered)* Survey fee (if required)* HOA fees (if applies)* Pro-rated HOA fees (if applies)* Lender fees; appraisal fee (see above), credit report, loan origination fee, pre-paid interest, private mortgage insurance All of these fees can change depending on the title company, the lender you've hired (closing costs can differ between lenders as some charge more & some charge less), the home insurance company you are using, the home inspector you've hired, the appraisers and what they're charging (and if you need a rush), etc.. Let me see if I can't make that part a bit easier... I am going to give you 2 loans to choose from, and we are going to PRETEND that I am loaning you $1,000 for a year First loan is 0% interest. Second loan is 5% interest. What loan do you want? The 0% one, right? Most people (in the class) always choose this one, but frankly, there's not enough detail here for you choose a loan, so let's take it a step further.... I have to charge you (the buyer) closing costs. Closing costs is to pay for all those 28 people that are involved in the purchase/sale of a home. The seller has their own portion of closing costs to pay as well. On 'average', the closing costs for the seller are going to be about 8%-9% of the purchase price. Yep... there's a cost to buy a home, and a cost to sell a home too. First loan at 0% Second loan at 5% Remember...closing costs.... Bank one charges $200 Bank two charges $100 So, what happens a year from now? How much of your money do I have a year from now when you come back and pay me back my $1000 that I loaned to you? Well....let's break that down... Remember that the original $1000 doesn't count because it was already my money. I loaned it to you, and now you are paying it back to me... First loan at 0% Second loan at 5% Closing costs.... Bank one charges $200 Bank two charges $100 Interest... Bank one has 0% Bank two has $50 ---------- ------------ How much of your money do I have? With Bank one I have $200 Wit h Bank two I have $150

So with bank one it's going to cost you 20% to borrow that money for a year, & with bank two it's going to be 15%... which one is better now? This is a very simplified example, but you get it. There is a lot more to closing costs & buying a home than just interest rate. You could have an amazing, unheard of interest rate, but the costs to get that rate could end up being astronomical, and not worth it over the length of your ownership. Remember that interest rates are NOT controlled or governed by the lenders....it is by the GOVERNMENT. All lenders are very close to each other because the interest rate is not in their control. Realistically speaking it is how much they are going to CHARGE you for the loan and the interest rate that is going to matter. as always....I am available for questions...as is Chris Berg with Cardinal Financial ([email protected] or [email protected] & 503-320-0925 cell) One last thing you need to remember is that a real estate agent is not a sales person. It is not our job to 'sell' you anything. We are assistants, advisers, guidance, and help. You should not feel as if your agent is trying to sell you a home, or anything else, our job should be to help you in getting the home you want. This being said remember that you do not get T-Bone steaks for the price of hamburger...Look ONLY at homes within your budget. ALWAYS ask questions, and expect answers without a lot of lingo. I was always told that if you can't explain something in a way that the other person can understand clearly, it is because you don't understand it yourself. :-) 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: Can you buy a home with ZERO out of pocket??What are the costs of buying a home? ALL of them??Buyers Agency...what are they really, and do you have to sign one? Last Month: What does forbearance really mean? 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 [email protected] “Interested in free and non promotional home education classes? Go to www.learningtobuyahome.com or www.freesellerclasses.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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traciedemars · 5 years ago

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How Long is the Home Buying Process.... aka...When do I get Keys???? Home Education Information & Classes for Buyers & Sellers...

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

Thursday, March 12th, from 5pm - 8pm (ish) Marshall Community Center, Conference room 1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, March 21st, from 11am-2pm (ish) Vancouver YMCA, conference room 11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave).

Monday, April 6th, from 5pm - 8pm (ish) Marshall Community Center, Conference room 1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, April 11th, from 9am-12pm (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...look for link on top of website

Happy March & Daylight Savings Time!

Spring! It's coming! I can feel it... and so an the plants, and the trees. My daffy's are blooming, and the market is absolutely crazy. The real estate market runs on a pretty basic pattern...unless something out of the normal happens. The best time of year to be a seller is February through early June. The best time of the year to be a buyer is June - August, and again, October - January. So, why is this? Well, the majority of potential buyers use their tax refunds for down payments and/or closing costs, and most people get their tax returns starting in February. Most people who are thinking about selling don't put their homes on the market though until after spring break. This is why the market is so brutal right now. There are more buyers than there are homes for sale. It will ease up a bit about mid-April, but still be pretty crazy. Once kids start getting out of school in June, the market changes again. The summer has more homes for sale, and less buyers so it's a good time to be a buyer, but not too bad of a time to be a seller either as the market picks up again when kids go back to school in September. In September & October we see folks buying hoping to get in before the holidays. After Halloween the market dies because of the holidays & the weather, but that is a great time to be a buyer. This is the most common cycle we see in real estate but things like the teacher strike we saw a few years ago can disrupt the cycle.

Now, honestly, the best time to buy or sell a home is when it is the BEST time for your family. I can give you all the information, but ultimately, you need to decide when it is the best time for your family to make THAT move. So, what's your first step? Talking to a lender about how much you are pre-approved for. There's nothing a realtor can do for you until we know what price range you are looking at. This can also determine when is a good time for you to be out there on the house hunt. What if you are selling & buying? Well, then you want to start with your Realtor to see what your current home is worth, and what you would be looking at after selling. Then you would go to your lender to get pre-approved...just like we had just talked about.

So, one of the questions we get a LOT is how long is the home buying process? Of course, what people really want to know is when do they get keys? So...when does this all happen? The home buying process is sometimes super short, and sometimes takes a long time. On average, most people write an offer on one of the first 6 homes they see. Weird? Not really if you think about it.... when you get pre-approved you have an idea of the home you are looking for. Your Realtor is going to do everything they can to help you find that home. First, we are going to hope that the home you are hoping to find is in your price range, but if it is... we're going to find it. Now, sometimes, it can take longer....especially depending on the time of year. The real estate market ebbs and flows and runs on a pretty cyclical nature. There are times of the year where it's better to be a seller, and times of the year when it is better to be a buyer. How long it takes to get a home under contract really depends on these factors. However, what happens after the home is under contract....

Once we have a home under contract with an accepted offer, that home goes PENDING (Congratulations!). This is when things really start moving. A copy of the signed around purchase & sale agreement goes to your lender and to the escrow/title company. The escrow company opens escrow on the home, and does a title search. The lender will call you to come in and sign your lending documents. Now that you have a home under contract, the loan application, and process can begin. On your end, we need to schedule the home inspection. We have 10 days to have the home inspection completed and to request any repairs. Once the inspection process is complete, the appraisal process begins. Remember that the home inspection is for your information, and the appraisal is for the banks information. Once the appraisal is in, the file goes to the underwriters again for their approval. Once we have the underwriters approval, closing documents are ordered. You will receive an email asking you to acknowledge receipt of the closing documents. From receipt of the closing documents you have 3 days before you can sign at title. Everyone always ask, "when is my signing appointment?" We don't know...yet... You see, once the title company receives the documents from the lender, they have to balance those papers, and numbers, and information with the lender to verify that all the information is correct. Until they are 'balanced' with the lender, they can not set up the signing appointment. Once this is all done, the title officer will call you for a signing appointment. Yay! Signing appointments are often same, or next, day. The title officer will also let you know how much (if anything) you need to bring into signing with you. Signing & closing gets mixed up quite often, but they are totally different steps. Signing is when you meet with the title officer at the escrow office to sign acceptance of the loan, and of the property you are purchasing. You will receive copies of everything you have signed and get sent home....to wait.... Why? Because now we move on to the last step in your home buying process, the closing.

Once you, and the seller have signed, all the paperwork goes back to the underwriters to sign off on, and then to the lenders to fund. After funding happens, you will probably get a call from your lender letting you know it's all done. Ok, well, they are all done. We, however, are not... Once funding happens (and this is when the banks get their monies), all the information goes back to the title company. The title company then sends the necessary information to the courthouse to record your sale. Recording is closing...this is when the home becomes yours. Recording happens during business days from 10am-12pm & from 3pm-5pm. Once the home records in your name, the title officer calls your Realtor to let me know that you are recorded. Congratulations!! NOW I can call you to meet up for those magical KEYS!!

One thing to mention...your lender, and your Realtor....we do NOT give out your information. We value your privacy. Recording on a home purchase, or sale, is matter of public record though. You WILL start getting tons of crap mail, and calls because it is public record. If you are not sure about anything you are receiving, please call your lender, or Realtor, we can let you know if it is spam, or something you need, or help you get information on where to ask.

So, how long does this take? Depending on your loan type, and the speed that you can get your information to your lender, and the speed we can get inspectors and appraisers out, anywhere from 3 weeks to 6 weeks to get from accepted contract to keys. Average is about 40 days. I've got one right now that we are closing in 2 weeks!!! I've got another one that just received keys that went into 6 weeks because the appraiser called out a repair. Wait, hold the phone!!! That can happen???? Why, yes, it can...but that is an email for a different day. :-D

Thank you, as always, for reading this. I hope this helps you this week! Please, if you have any questions, please feel free to call, email, text, or even facebook me anytime. I am always here to help!

Information is power, and I hope that I am 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.

I hope that explains this a bit, but if you have any questions, or comments please call or email me anytime! 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. I would love to help you with your home buying, or home selling 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's the difference between Inspection & Appraisal?

Last Month: Showings...what you need to know

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 [email protected]

“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).

#traciedemars #traciedemarsrealtor #traciedemarsrealestate #traciedemarsremax #remaxrealtor #remax #pnwrealtor #learningtobuyahomedotcom #learningtobuyahome #traciedemarspnwrealtor #sellersagent #buyersagent #knowledgeispower #knowingishalfthebattle #homebuyerseducation #homesellerseducation

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traciedemars · 7 years ago

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

Saturday, October 7th, from 9am-12pm (ish) Marshall Community Center, conference room 1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, October 21st, from 11am - 2pm (ish) Vancouver YMCA, conference room 11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave)

Monday, October 23rd,Â 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~~~~~~~~~

Welcome Fall!

I love fall... I love the crisp mornings, the smells, the leaves turning color, the upcoming holidays....everything! Yay for fall....and yes, I love the rain when it comes, but right now...it's some perfect fall weather so no complaint. :-D Honestly though... the weather, and how gorgeous it is, is almost obscene considering all that is going on in our world right now. I had a really cute Hocus Pocus (one of my favorite October movies) meme that I was going to use this week, but decided that this one is more appropriate right now. You don't have to type, "yes", either... :-)

Just a reminder as well, that we have our semi-annual Client Appreciation Movie coming up.... STAR WARS: THE LAST JEDI!!! WooHoo!! :-D We're still going back and forth on a another movie, or if we want to do something else... I will keep you informed, but we're always open to ideas. WE appreciate you! We appreciate your referrals, and your friendship.....every day... :-)

This week we're going to spend some time talking about down payment. Like Closing Costs, or money that folks need to buy a home....there seems to be a lot of misinformation regarding this. Many banks, or lenders, will tell you different things...or different down payment dollar amounts that you will need because that is what THEIR lending institution will allow, but there's always more options. Please remember that I am NOT a lender. Please call or email Chris Berg at Pinnacle Mortgage for more information on any of these, or feel free to come to one of the classes. We are here to help. Chris's information is: 503-320-0925 &

[email protected]

... or you can Facebook him as well.

FHA: FHA is the king loan as most folks will use this when buying a home. Chris says that, with FHA, you can buy a home with as low as a 580 credit score, but it's rough... 620, or higher, and you will love him. FHA requires the lowest down payment, and that is 3.5% of the purchase price. If you have your down payment, the lender can help with your closing costs. We will talk about Closing costs next week.

Conventional: You can get a conventional loan with a down payment of 3% of the purchase price if you or the home meet certain criteria or 5% down if you make too much money for the program, but interest rates tend to be higher with this loan, and the best rates go to those folks with 720 or higher credit scores.

USDA or Rural: This is a zero down payment loan....(remember that you do still have to have some money to buy a home...see last weeks email). USDA is location specific though as you have to buy in their approved areas....and they don't like barns, or acreage. This is not just a loan for a first time buyer either... as long as you meet income limits & credit score... it can be used. VA: Have to be a veteran, or spouse of a deceased veteran who died in service. No down payment required. This really is the best loan program there is, and frankly our military vets & folks deserve it. Those are the 4 basic loans and, in some form or another, most lenders work with them or offer variations of them. However, what if you don't have money for a down payment? You have your earnest money, your inspection fee, and your appraisal fee (unless you're VA which includes the appraisal fee)...but you really want to buy your OWN home? ....and you don't want to live in a USDA approved area? You want to live in Vancouver? Well, there's programs for that too! From Chris: Here is the information on a couple of loans that the big banks and credit unions don’t offer that may help you get into a home now: WSHFC Home Advantage: This is for Washington residents buying a home that they are going to use as their primary residence. They offer a 2nd mortgage to cover your down payment with 0% interest and no payments on that 2nd

mortgage for 30 years. Also only need a 620 credit score to qualify. Those are the pros.Â Cons include higher interest rate on the 1st mortgage, more closing costs, 3rdparty underwriting, and there is a max income (for all living in the home) that you have to be under. Chenoa Down Payment Assistance: This is a cool option. Works for multiple states (including WA and OR).Â First mortgage is FHA and the 2nd

mortgage (if you are under the max income threshold) that covers your down payment is forgiven after you have made your on time payments for 36 months. Good news is that if you make more than the max income for the program you can still do it, you just have to pay the 2nd

mortgage back. Cons are mostly in the fact that the rate for the 1stmortgage is higher than if you had a down payment. Long story short, there are several low/zero down payment options for you to consider. You will always get a better deal if you have a down payment but if you don’t I have got you covered.

....and don't forget gifts. If you have a family member who wants to help you, gifts can be used to help with your down payment, or earnest money. This is actually quite common. Another way to get a down payment is to use your 401k.Â If you have a 401k, or retirement account, most of those have special options that you can use to get money out for your down payment. So...whether you have your down payment, or you need help with a down payment... there are options, and help available We are always here to answer any questions you might have. It's what we do... :-) 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:

Flash vs Bones...what should a buyer be looking for in homes?

Last Week:

Can you buy a home with ZERO out of pocket?

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 [email protected]

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.

- Shel Silverstein, American poet, cartoonist and composer, (1930 -Â 1999). This message and any attachments may contain confidential or privileged information and are only for the use of the intended recipient of this message. If you are not the intended recipient, please notify the sender by return email, and delete or destroy this and all copies of this message and all attachments. Any unauthorized disclosure, use, distribution, or reproduction of this message or any attachments is prohibited and may be unlawful.

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traciedemars · 5 years ago

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Holy Price Reductions! (home education for Buyers/Sellers) 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).

....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

[email protected]

“Interested in free and non promotional home education classes? Go to www.learningtobuyahome.com for l

ocal upcoming home buyer and home SELLER classes, or facebook: Tracie DeMars Real Estate for my home buyer education blog.”

- Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

#traciedemars #traciedemarsrealtor #traciedemarspnw #traciedemarsremax #traciedemarspnwrealtor #traciedemarsrealestate #learningtobuyahome #learningtobuyahomedotcom #homebuyereducation #homesellereducation #freehomebuyerclasses #freehomesellersclasses #sellereducation #pricereducations #vancouverwa #clarkcountywarealtor #vancouverwarealtor

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traciedemars · 6 years ago

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What’s in a mortgage payment & what is ‘escrow’? Home Buyer & Home Seller Educations

www.learningtobuyahome.com

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 [email protected] “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).

#traciedemars #traciedemarsrealestate #traciedemarsrealtor #traciedemarspnwrealtor #pnwrealtor #traciedemarsremax #remax #homebuyereducation #homesellereducation #learningtobuyahomedotcom #learningtobuyahome #freehomebuyerclasses #freehomesellersclasses #vancouverwa #knowledgeispower #mortgagepayment #escrow

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traciedemars · 6 years ago

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Property Taxes (the elephant in the room) 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 ([email protected]) 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 [email protected] “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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traciedemars · 6 years ago

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Home Buying/Selling True or False information for home buyers/sellers www.learningtobuyahome.com www.traciedemars.com 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 [email protected] 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 agentFALSE: 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 classTRUE. 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 homeFALSE. 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 [email protected] “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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traciedemars · 6 years ago

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Is Big Brother Watching??? Well...maybe? (home buyer/seller education) Upcoming Free (& non-promotional) Home Buyer Classes: ...we also have home seller classes available. Link on left on website page Saturday, February 16th, from 12pm-3pm (ish) Vancouver YMCA, conference room 11324 NE 51st Circle, Vancouver WA (corner of SR500 & Gher Road/112th Ave Tuesday, February 19th, from 5pm - 8pm (ish) Marshall Community Center, Conference room 1009 E McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)Saturday, March 2nd, from 9am-12pm (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.... Remember...with reservation...we will throw in lunch, or dinner! :-D ~~~~~~~~~ Happy Snow Day~ SNOW!! Just when you thought winter wasn't coming, it decided to come with some friends....snow, ice, and cold. I mean...it's no polar vortex (yeah... I'm never moving out that area), but still... I think February is pushing winter just a bit too far. I remember, as a kid, we'd often get snow or ice in December, and January. By the time we hit February, well, that is spring planning time. This year, we were all talking smack about the weather, and how warm it's been.. Winter must have heard us and realized that somehow, while putting the mid & east coasts on a deep freeze, he forgot all about us Weatherfolk are talking about more snow/ice/cold tomorrow, and into early next week too? Well, I guess there's no help for it..... TIME TO RUSH THE STORES FOR SUPPLIES! Oh wait... everyone already did that! Sorry.. Portland is out of Kale. I went to the store on Thursday night, and hit up Petsmart for cat food & litter too. I can live without a lot of things over a potential weekend storm, but not being able to change the cat litter? Yeah... I can't do that! I guess that shows where my priorities lie, doesn't it? The cats must be taken care of first... So, talking about people listening in... I'm going to tell you a story that happened a couple of weeks ago.... I had listed one of my clients homes and marked it active on the RMLS.com on a Thursday morning. After 3 days on the market we had 5 offers on the home. As we are going over the offers, my clients were attaching the offers to the agents who showed the home. Things like, "oh that offer was from that family with the 2 little kids that really loved the room colors" and "that offer was from that older couple", and then we got to the 3rd offer and my clients look at each other and say, "oh...it was that agent..." I asked what agent, and they told me how when the young female agent came in she 'tossed' her card on a table, and then talked disparagingly to her clients with snide remarks about their home, the listed price, the sellers agent (me), and was just (they felt) very disrespectful and rude, from the moment she walked in. My clients point blank said, "we're not accepting that offer". Ok.... well, it wasn't the best offer we had, but even if had been... they did not want to accept the offer because of the attitude, and comments of that young female Realtor. So ...how did they know all of these things? Our homes are BUGGED! Well...not really, but kind of. With the rise of xfinity, or Ring, or any other number of home surveillance gears, what you say, or do may not be as private as you think. I have the Ring set up outside my home so that I can see folks coming up to my drive, or on my front step I can hear everything they say, and talk to them as well. I have clients who have 'nanny-cams' set up inside their homes. I have clients with whole house set ups too. This is becoming more common. Yes, you are not supposed to be recorded without your knowledge or permission, but... well, think of all the 'porch pirates' at Christmas time... they didn't give permission, and don't often know they are being recorded, do they? Maybe porch pirates don't care if they're being recorded? I don't know... but I am waiting for someone to get recorded taking someone's package dressed as a real pirate. When looking at homes, talk about the pros and cons and feeling of the home IN THE CAR. Do not discuss the home, or the potential offer in front of the home, or inside the home. Honestly not every home has an in-home video surveillance, but enough of them do that you do need to think about it. The thing you may dislike about the home and can't wait to change may very well be the one thing that they're in love with and hearing you talk about changing it can make the sellers look dis-favorably on your offer. In a multiple offer situation...anything can change the tide toward, or away from, your offer. As a Realtor will we know whether or not the home has video in front, or inside? Nope.. sometimes we can see it (I always look for a possible camera), but otherwise.. we won't know. It's safer to assume that someone may be watching, or listening to you as you enter their home, and sometimes while you are inside the home. I know I said it above, but I will again say it... do NOT talk about any potential offer, or what it might be inside the home. Never say anything about the home, the Realtors involved, the list price (and/or whether or not you agree with the list price), or about the decoration while anywhere near or inside the home. Save the discussion for inside the vehicle. Always better to be safe than sorry.. And speaking of 'better to be safe than sorry'.... For the homeowners, there have been reports of potential buyers, and unfortunately, even Realtors doing things inappropriate inside homes for sale, taking things that don't belong to them, or touching things that they shouldn't be. This is not the norm, and it is pretty rare, but it does happen. A couple of examples... years ago during an open house for a model home in a new community there was a gal who asked why the master bedroom was locked and why they couldn't see it... The gal I was working with looked at me with an 'oh no' expression as we realized that we hadn't seen this one couple come back downstairs for about 15 minutes... yep, you guessed why... She knocked on the door and told them in a no-nonsense voice that cops had been called (she hadn't). A couple of minutes later a couple come out, and we had to cancel the rest of the open house while the housekeeper had to come in. Ewwwww..... Another open house... very early in my Realtor career, in an owner occupied home. There was this one family who came in complete with dirty shoes and started to make themselves at home on the furniture, laying on the bed (sorry, those don't stay), and worse, one kid was jumping on a bed (with dirty shoes), and another kid was in the other kids room playing with his legos (and breaking them). If you know of a kid who plays with and puts together lego sets you KNOW how bad this was. This was literally all in less than 5 minutes! I was trying to deal with the parents, get them to take care of their kids (without making them mad), keep an eye on the front door as other people came in, and honestly... I was perplexed, befuddled, and overwhelmed... luckily for me another older, more experienced agent came in with her client, and took command of the situation. She pulled the 'mom card/tone' that I had been hesitant to use. Yes, the parents were upset that she told them to get control of their kids and to remember that they were in someone else's home, but she did teach me valuable lessons that day.... 1) I don't do open houses in occupied homes. 2) If I have a client who really wants one, I always have 2 people there ... for safety, and for one to keep an eye upstairs/bedrooms and one downstairs/living spaces, and most importantly 3) KEEP EVERYONE TOGETHER. In real estate there is a different kind of respect needed... you have to respect yourself. You have to have enough respect for yourself and your career to stand up to others who lack that respect for others property. Sometimes you do have to be the 'bad guy' to enforce others to respect the homes that they are seeing, and the boundaries that are respectfully put there....and it's ok. Real estate is a lot like parenting... we can't always be the 'good guy', and sometimes, well, we can't please everyone. That agent has since retired, and I've helped people buy/sell a LOT of homes since then. So what happened after that? Well, the agent who came in and put a stop to the neighbors (yes, they were NEIGHBORS!!!) shenanigans worked with the agent I was helping. The homeowners were really nice and were not surprised about the neighbors behavior.....as not shockingly, they were not friendly, and in fact, they were moving because of those neighbors. They were surprised about the behavior of them during the open house though, and never thought about warning the Realtor that they might come to the open house. I mean... why would they? Who would've ever thought? We had a housecleaner come in after the open house, and Troy got a new lego set as the neighbor little boy did destroy one of his dragons in the short time he was in there. I was young, and new, and while neither is bad, in this case (as in many cases) age and experience is what saved the day. Another story... a Realtor down south was using 'showings' to meet with her ... umm... young boyfriend. She couldn't meet him at her house because...well, that is where her husband and kids lived. Yep...and she got caught because someone had an in home surveillance system. I bet that was a shock to everyone! So, while yes, it sucks to think that someone might be watching you during a showing, you kind of have to understand where sellers are coming from anymore. As Realtors we do everything we can do to protect our clients.. when representing a seller our job is multifaceted... there's sociology, psychology, marketing, pricing, niche marketing, and of course representing the seller to best of our experience and skills... and helping the seller to realize the best profit from their real estate investment. When working with a buyer, the Realtors duty is to protect the buyer to the best of the Realtors skills, experience, and education. To help the buyer get the best home we can find them in their price range, to negotiate home inspection repairs, to walk them through the entire process, paperwork, to communicate every step so that the buyer understands and feels comfortable with the home buying process. To help that buyer find and get keys to...not just a house, but a home. A home is an investment in your future. If you take care of it, it will take care of you. We only hope our kids will take care of us someday... :-D 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... 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. 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? ..... &....What does an Agent do for me? Debt to Income Ratios....What is this? Last Week: Costs & Fees of 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 [email protected] “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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traciedemars · 6 years ago

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Holy Price Reductions, Batman! Upcoming Free (& non-promotional) Home Buyer Classes:

Tuesday, July 31st , from 5pm-8pm (ish) Marshall Community Center, conference room 1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College)

Saturday, August 18th, from 9am-12pm (ish) Marshall Community Center, conference room 1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College) Monday, August 20, from 5pm-8pm (ish) Marshall Community Center, conference room 1009 E. McLoughlin Blvd, Vancouver WA (kitty corner from Clark College) Saturday, August 25th, from 11am-2pm (ish) Vancouver YMCA, conference room 11324 NE 51st Circle, Vancouver WA (SR 500 & Gher Road/112th Ave)

....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!

Oh my goodness... have I mentioned lately how in love I am with my air conditioner??? Right now it is my favorite thing in my house... however, it is supposed to start cooling down though (thankfully), and just in time for the Clark County Fair! The fair runs from Friday, August 3 through Sunday, August 12th. 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 HOT, 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. 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 of the childcare 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 next 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!

Does this mean that prices will keep coming down? Not that we see, but we (as an industry) don't think prices will continue to rise as they have been doing. Real estate tends to run on a 10 year cycle, and yes, we are nearing (or are at) the top of the cycle again. Interest rates are going up, and we don't see those going down anytime soon. As interest rates go up, home prices will get 'softer'. 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. 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.

So what about the market? Well, the market is seeing some changes as well....with the higher interest rates folks aren't getting pre-approved for as much as they were getting pre-approved for. Those homeowners in the higher price ranges are on the market for longer and reducing prices to find buyers. It starts in the higher price ranges first and gradually starts moving down.....but the lower price ranges will always have the most buyers looking. 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. Now for those of you who love this heat.... I am too 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...

Buyers Due Diligence, &.... What happens after an offer is made?

Last Week: Why do deals fall through?

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

[email protected]

“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.”

- Shel Silverstein, American poet, cartoonist and composer, (1930 - 1999).

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