Janel Voth Realtor

10/27/2021

The cost of waiting to buy.

You may be asking yourself what this phrase even means. After all, delaying a home purchase allows you to save more money, right? Actually it may not...

The “cost of waiting to buy” represents the additional funds needed to buy a home if prices and interest rates were to increase over a period of time. When one or both of these values increase, you will pay more to own your home.

If you’re thinking of buying a home, but don’t feel quite ready, think again! You may think waiting a few months won’t make a big difference financially, but the real estate market has shown it can — and will!

To determine if you should buy now or wait another year, ask yourself two simple questions:

1 - Do I think home values will be higher a year from now?
2 - Do I think mortgage rates will be higher a year from now?

When interest rates rise or property values increase, so does your monthly payment.

Additionally, if you are renting you are missing the opportunity to pay down the mortgage. For instance, if you’re currently renting at $2,000 a month, that money is considered a loss. However, if you’re paying $2,000 a month towards a mortgage, part of that money is going towards the principal of the loan and you’re building that important home equity. Also, there are tax benefits to home ownership (which will be covered in another posting).

The Bottom Line - You may think you’re saving money by delaying the purchase of your next home. But there are many other ways in which waiting can costs you.

Ready to take the next step? Contact me to start the conversation.

10/25/2021

Skyrocketing Home Prices Could Taper Off, But Not By Much according to Forbes.

Home prices have shot up over the past year, and many experts believe there’s even more room for prices to grow.

Home builders have struggled to keep up this year as buyers from all walks of life have flooded in, including millennials, repeat buyers and investors. Transplants from areas like New York, Los Angeles and Silicon Valley are pricing out locals as many buyers have transitioned to permanent remote work.

For example, Bend, Oregon, had the highest year-over-year (YOY) price increase in August at 37.2%, followed closely by Twin Falls, Idaho, with a 35.8% YOY rise. These are two prime examples of cities overtaken by transplants in search of more affordable housing.

Although most forecasters predict steadily rising prices, there’s a consensus that the increase will not be as astronomical as we’ve seen in recent months.

“There will only be a 4% to 5% home price appreciation over the next 12 months,” Yun says.

This estimate is a drop from the 19.7% YOY average home price growth in July, according to the S&P CoreLogic Case-Shiller National Home Price Index, which tracks average home prices in major U.S. metros. July broke a record for the biggest jump in growth.

10/24/2021

Signs of Cooling Buyer Demand???

Typically, the housing market cools down in the fall and winter, then picks up during the spring and summer. These seasonal trends were obliterated when Covid-19 hit. But there are some early indications that the frantic home buying stories seen earlier this year is now easing.

Applications for mortgages to purchase a home were down by 6.9% during the week ending Oct. 1 compared to the week before, according to the latest data from the MBA’s Weekly Mortgage Applications Survey.

While this isn’t a huge drop, it’s still worth paying attention to in light of similar housing trends. In August, the average number of offers per home for sale fell to four offers, from 5.1 in May, according to the NAR. With fewer offers, buyers have a better chance of getting a home. Less competition also means fewer people around to bid up the purchase price.

10/22/2021

Do I Need a Home Warranty?

When you purchase a home, chances are you will be offered a home warranty as protection against costly unforeseen repairs. It sounds like a great idea, but should everyone purchase a home warranty?

A home warranty can be an excellent option to protect your home investment. When coupled with a good homeowners insurance policy, you can have most of your bases covered. However, if you purchased a new home, many house systems and appliances are covered by manufacturer or builders warranties.

Purchasing a home warranty is also a great tool for sellers to give buyers piece of mind.

Below is a list of pros and cons to help you decide if a Home Warranty is right for you.

Pros:
- Peace of mind for those purchasing a home with used appliances and older systems
- Convenience. (There is no need to spend time researching dozens of repair technicians.) The home warranty company has a network of trusted professionals.
- No DIY skills or tools needed
- Relatively inexpensive to purchase. The average monthly fees are less than $100.

Cons:
- Set coverage limits per repair or per year
- Service call fees. Every time an incident happens, you’ll have to pay a service call fee that may range from $50 to $75.
- Fine print. Claims can be denied if an item has not been properly maintained. The warranty provider may require you to show proof of maintenance.
- Less Control. Home warranty companies determine whether to fix or replace a system.
- You might never use it.

10/21/2021

Winter is coming.... A few simple steps now can save you from significant hassles later in the winter.

Fall Home Maintenance Checklist

1. Aerate your lawn to allow moisture and nutrients to get into the roots. When you’re done, spread fertilizer then grass seed.

2. Drain all garden hoses and store them indoors to protect them from the elements and turn off all outdoor faucets and drain the exterior pipes to avoid freezing and bursting (and potential water damage).

3. Trim any tree limbs that are getting close to power lines or the roof of your house. Also, be sure to check for dead or weak limbs that could break easily with the weight of the wind, snow or ice.

4. Survey your roof for any damage or missing shingles.

5. Clear your gutters and eaves of leaves, sticks, and other debris so that rainwater can flow freely through them.

6. Rake and remove leaves if they are not being mulched while mowing (which is better). Leaves piled up over winter are mostly not good for lawns, driveways, and roofs/gutters.

7. Stop cold air and water from entering your home by caulking and sealing around exterior door and window frames. Apply weatherstripping in these areas as well. Add door sweeps to the bottoms of drafty doors.

8. Replace the filter in your furnace. Schedule inspections for your HVAC system and fireplace/chimney before their cold weather workout begins.

9. Seal any gaps around your home where critters may try to enter in the winter months.

10. Test your smoke detectors and carbon monoxide detectors and replace the batteries as needed. Check your fire extinguisher expiration date and replace if it’s passed.

10/19/2021

What are "seller concessions"?

Seller concessions are certain costs associated with homebuying that the seller agrees to pay. These can include costs related to home improvements or repairs that are needed, as well as closing costs or fees, which are the final expenses associated with closing on a home loan.

Closing costs are typically from 2% to 5% of the financed amount and are usually paid by the borrower, with a few exceptions.

Read more about seller concessions below.

Whether you’re buying or selling a home, seller concessions can be used to sweeten a deal and sometimes help speed up the sales process. Even so, there are some downsides as well. So if you’re buying or selling a home soon, find out how seller concessions fit into the big picture. How Seller Con

10/18/2021

Thinking of selling? Why Fall may be the new Spring.

Most homeowners who are planning to sell their homes think it is best to wait until the spring market to list their homes. In the past the conventional wisdom was that more buyers were looking in the spring months and so the odds of selling your home at your desired price are better.

If you have not noticed, things have changed. Here is why selling your home THIS fall, might be the wiser move.

1. SERIOUS BUYERS
People need to move at all times of the year. While yes, there may be fewer buyers in the fall market than in the spring market, there are more SERIOUS buyers looking in the fall than in any other time of the year.

2. INTEREST RATES ARE DOWN
Interest rates are still incredibly low & real estate loves low interest rates! Lower rates mean more purchasing power for buyers.

3. LESS INVENTORY
The best of all reasons for selling now is that fewer houses are listed in the fall months so buyers have fewer homes from which to choose. A smaller housing inventory means that odds of a buyer wanting YOUR home increase.

4. THE FRUSTRATION FACTOR.
Many buyers were overwhelmed with the competition and "frenzy" over the summer and simply stopped looking. With the market slowing these buyers are now back on the hunt and eager to buy before interest rates increase.

10/18/2021

Do you want to escrow that?🤷‍♂️

The average homeowner lives in a home for 10 years, according to the 2019 Profile of Home Buyers and Sellers from the National Association of Realtors. This means that, not counting refinances, the typical homeowner is exposed to mortgage jargon once each decade. That’s not enough to become fluen

10/18/2021

Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better home offices or just fear of missing out. The Federal Reserve’s steps last year to keep the financial markets liquid and to ensure mortgage rates stayed low have continued. But the low mortgage rates pale in comparison to soaring housing prices in the past year.

Today’s hot housing market is one of the peculiar outcrops of the pandemic. Housing supply was already low before Covid-19, but it was further hampered as lockdowns took place and people began looking for new homes, driven by a host of reasons—from the desire to leave populated cities to better ...

08/04/2018

So many great things in the pipeline !

08/03/2018

Great location!

07/31/2018

We are still riding high from our recent move to Compass & are so thankful for all of your positive feedback. We've rounded up the top questions we've had from our friends and clients. So excited for the journey & to help all of our clients find their place in the world. http://ow.ly/5e0W30ld36p