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Making Your Home Deposit Go Further Without Feeling Financially Pinched

Saving up to purchase a home feels daunting. You’ll need to come up with a 5% deposit out of your own finances. Also, the more you save, the better your interest rate. Yet how to save more funds at a faster rate? Here are some tips you can use to make your home deposit go further so you get the place that you desire. 

Look for the Best Bank Account Rates 

You have to place the saved money somewhere. Different banks offer varied interest rates, so you will want to check out their rate terms and conditions so you can build your savings faster. Some places may offer you up to 5% interest. Review the competitive rates to select the one where you will be able to grow your savings. 

Qualify for Help to Buy Programs 

There are a range of different schemes available to help people purchase a home. A first-time home buyer can get into the Help to Buy ISA program where if you save up to £12,000, you will be able to get a 25% return that is tax free. Another program is the Help to Buy Equity Loan that is open to everyone (not just to first home buyers). If you are able to save 5% on your home deposit, you can get a loan of 20% to 40% of the property value. 

Buy a Home with Someone Else 

If you know of a friend, relative or partner who is looking for homes to buy, you can buy a place together. So you only have to save up for half the deposit. Just make sure you can be comfortable living with the person under one roof and discuss what will happen if you or the other person decides to sell their share of the house. 

Get the home you need without going through financial hardship. Check out the above ideas on how to make your deposit go further so you can purchase a home. 

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Increase the Curb Appeal of Your Home This Spring

Selling a home? Increase the curb appeal without spending a lot of money by doing the following tasks. While these ideas won’t significantly increase the value of your home, it will entice people to stop by and check out the interior of the house as you may get a great sales quote on the spot. 

Wash the House 

The rainwater won’t wash away the years of grime that has stuck to the siding and the brick. You’ll be amazed how a little soap and water can restore the color of the exterior. Use a soft bristle brush and be careful when using pressure washers on the materials as you could damage certain architectural aspects of the house. Instead, use the power washer on walkways and driveways to blast away the oil and stains. 

Add a Splash of Paint to Outdoor Structures 

A lot of people forget to brighten up the look of separate garages, garden sheds, and fences as they focus most of their attention on the house. Make sure to repair, wash and paint or stain these structures so they are presentable. You may even decide to paint the house. 

Make Minor Repairs 

Potential homebuyers will notice the minor problems you may have skipped over, such as cracked caulking around windows, sagging gutters or loose mortar on flagstone walkways and brick steps. Many of these repairs won’t break your budget and can be performed quickly. 

Spruce up the Yard 

It is usually a good idea to wait until after the last frost before planting flowers. Yet you still have time to weed the garden and prune certain flowering shrubs and bushes while they are still dormant. Clean up the property and add bright flowers to tended beds so the yard looks beautiful. 

By using the above tips, you can have a beautiful property this spring. Once buyers see the curb appeal, they will eagerly want to check out the rest of the house. 

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Consider Saving Your Tax Refund for Home Down Payment

Usually when you get your tax refund, you think about buying a new car or using it to go on a vacation. Yet if you plan to move to a new home in the next few years, you may want to consider saving the refund to place it toward the down payment. 

Why Save Your Tax Refund? 

Collect more interest: The refund you get from the IRS doesn’t include any interest. Yet if you place the refund into an interest-bearing checking or savings account, you can grow your money from the compounded interest. After several years of saving your tax refund, you will have even more money to place toward the new house. 

Make a bigger down payment: People will often look for home programs, such as an FHA, so they can take advantage of the low 3.5% down payment option. However, when you make a higher down payment toward a home, such as 10% or even 20%, most lenders will offer better interest rates. You also can get a smaller mortgage loan that you can pay off sooner. Combine your tax refund with what you have saved already for the down payment to get a range of additional benefits toward your mortgage loan. 

Have Emergency Repair Funds: Even if you have more than enough money to cover the down payment, it’s still a good idea to save the tax refund for unexpected surprises. You may find a serious issue with the home that needs to be repaired quickly. The tax refund can go toward those repairs without hampering your other finances. 

There are many advantages to saving your tax refund. Whether you are putting it toward the down payment, making an emergency repair fund, or paying off your debts to improve your credit, the extra refund money can make it easier to purchase a home. 

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The Million Dollar Question: Should You Buy or Rent?

When it comes to renting a place or buying a home, everyone’s preferences and lifestyles are different. For some people, it is more ideal to rent a home or apartment because they can live closer to the downtown area near their work. Other people want to purchase a house because they plan to live in it for a long period of time as they want to have children. 

As you are deciding on whether buying or renting is best for you, you have to take a look at your present finances and where you want to live, as well as your current and future lifestyle goals. Here are several things to consider to help narrow down your choice. 

Renting a Home or an Apartment 

Renting a home or apartment is desirable for people who are constantly on the move for work. They have more of a mobile lifestyle, and purchasing a home that they will hardly live in isn’t always desirable. In addition, rental prices may be lower than mortgage payments in certain locations. So a person can save money if their finances are currently tight. Another advantage to renting is that you don’t have to deal with the responsibility or costs when it comes to dealing with apartment repairs. These repairs, and costs, fall on the landlord. 

Buying a Home 

Buying a home becomes ideal when you are looking to build a retirement savings. With a home, you can begin to build equity that can be tapped into. You will also be able to will it to beneficiaries as part of your retirement estate. 

In time, the mortgage payments will always be less than rental payments. Rent can go through a yearly increase while your mortgage payments stay the same rate. Also, you will be able to eventually pay off the mortgage and own your home outright. While you have to make all repairs yourself and pay for those costs, you also can make changes to your home, which is not allowed for a rental property. If the time comes to sell the house, you will be able to pocket the sales proceeds. 

The choice of buying or renting a place will be based on a person’s circumstances. In the long run, you can build equity and make lower payments when purchasing a home. Consider all the advantages and disadvantages before making such a big decision. 

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Buying a Home Near a School: Is it a Good Idea?

As you are searching for a new home to buy, you happen to see one that is perfect. It has everything you are looking for: a large outdoor space, plenty of bedrooms, and a newly updated kitchen. Yet the one thing you aren’t sure about is its location. The house is near a school, as you wonder whether buying the home here would be a good idea.

Homes Near Schools Offer a Range of Benefits

While you may be worried about having the occasional kid taking a shortcut through your yard to make it to school on time before the bell rings, having a house in walking distance to a school can offer advantages to you and your family. If you currently have children that will be attending, or will soon attend, the school, they will have an easy commute to get to the building.

Even if you don’t currently have children but plan to have them someday, buying a home in a school area will allow you to properly prepare for the day when you have kids. You don’t have to worry about finding a home later on as you will already be established in the neighborhood. Also, your neighbors and other people in the community will be there to help you out by offering you advice about the school and the activities they provide.

Advantages to People Who Don’t Plan on Having Families

Even if you don’t plan to have children, purchasing a home can be an ideal investment. If you are going to be living in the house only for 3 years to 5 years before selling it off, you can market the house to a larger selection of buyers. Home buyers who are looking for properties near a school will be more interested in your property than in others. You can make this into a great selling point in the home listings as you can appeal to families.

If you are searching for a home to purchase in a school area, you need to understand the school district boundary lines if there is more than one school nearby. This tactic will ensure that your child can go to the school of your choosing. Taking the chance of purchasing a home near a good school offers a range of benefits to you and your family, as you can find a wonderful place to live in and a place where your child can get a great education.

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January Real Estate Forecast shows an energetic start to the 2018 Central Oregon Real Estate Market

The beginning of 2018 showed a robust start to the year in real estate. January was a highly active month, with a higher number of active listings, a higher number of completed sales, a higher number of pending sales compared to January 2017, all  expected to close in February. All indications point to a strong spring in Bend.

Extremely Strong Seller’s Market

The number of active listings increased this January compared to 2017, going from 355 to 409. Central Oregon is currently experiencing a strong seller’s market, with anticipated inventory increasing in time for Spring Selling trends. Now is a great time for property owners to list their homes in order to have less spring competition by other home sellers entering the market.

High Pending Sales

January was an exceptionally strong month for pending listings with 207 this January vs. January 2017 with 185 pending. With the number of pending listings in January sky rocketing compared to the last few years, it’s fair to expect a chart topping spring season. We expect these pending sales to complete in February, making February sold properties higher than previously anticipated. It shows that now is a great time to buy and that the Central Oregon Real Estate Market is still thriving through the winter months.

Average Completed Sales

Given the mild winter weather we’ve experienced this January, a higher number of completed sales is to be expected with more buyers enticed to get out and about checking out neighborhoods, new construction, locations, etc. Considering the high number of pending sales, the number of sold properties for the month of January was expected to be higher due to shoppers grabbing onto spring season thoughts earlier in the New Year.

Final Analysis

The Central Oregon Real Estate market is expected to see a lot of traffic in the coming warmer months, as the Bend area is still experiencing energetic interest. We’re predicting that fewer priced reductions will take place, as the low number of listings encourages more competition per property, and negates the need to price more competitively. With a strong seller’s market, now is the time to get a property listed. Learn about what we can do to help you with buying or selling real estate by visiting dukewarner.com, browsing our Facebook page, or calling us at (541) 382-8262.

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Keeping Organized Even When Searching For a New Home

When you are house searching, you will be overwhelmed with all of the information that the house seller and the realtor will provide to you. After you have seen multiple houses in one week, you can start to get confused on which house had the marble backsplash in the kitchen or the spa jets in the bathroom. In addition, you have to deal with getting all your pre-approval paperwork in order, house appraisal documents, and house listings you may have printed out the night before. Here are several tips to help you stay organized while looking at properties. 

Keeping Properties Straight After the Visit 

Are you the type of person that forgets what a property had after visiting it, or confusing one property for the next? One way to remember all the details in each house is to have a list that has the properties address on the top. This list will have all the things you are looking for in a home, and allow you to write down additional things that you loved or hated about the property. Then you can place a checkmark if the property meets your preferences. It is also ideal to take photos of the house regarding certain features. 

Creating a Filing System 

When you get home after visiting a house, you can place all the information you have for that property in a folder so you can later compare the house against other properties to narrow down your choices. Make a filing system to hold your photos and any brochures or additional information you may obtain from realtors. Then you can easily pull out the information and narrow down your house buying choices. In addition, you can make a spreadsheet or comparison chart where you can place in the property information to make it easier to see which houses met your preferences, and which ones fell short. 

Keep a Calendar for House Showings 

With the number of house showings that can pop up in a week, you can begin to lose track of which open house dates are nearing. Either use a paper calendar, or an online calendar, to track upcoming house showing dates so you don’t overbook your schedule where you are looking at several houses on one day. 

Looking at houses shouldn’t be a stressful or disorganized experience. Use the following tips to keep a better track of the houses you have seen, and the ones you will look at soon so you can find the perfect property for your needs. 

Call your Bend Oregon Realtor today.

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Buying a Home? 4 Real Reasons We Seek Homeownership

Ask several homeowners the reason why they bought their properties, and you will receive a variety of different reasons. You will find that many of them based their decisions on financial reasons, such as wanting to avoid rising rental prices, seeking to take advantage of the tax benefits, or they desire to build up equity for a nest egg during retirement. Yet there are many emotional factors that may be the real reasons why a person decided to own a home, as we have listed 4 of those reasons below.

Need More Space for a Growing Family

As your family grows larger, you simply need more space. You could be running out of room for the spouse, the kids and all of your pets in your old place. Purchasing a house will allow you to pick the right place that will offer enough space for your present and future needs. It also provides you with more options in changing the home so you can have enough room for your entire family.

Have More Freedom to Do Whatever You Want

Unlike an apartment or rental house, you can’t knock down a wall if you want to have a more open floor plan or when you want to build an addition because you have an elderly parent who needs personal care. Buying a property allows you to renovate it to your heart’s content. You can have all the features and amenities you want that will fit into your lifestyle. You can remodel the home to fit into our interior design style while gaining the peace and comfort you desire.

Obtain Long-Term Stability and Security

When you find the neighborhood that feels right for you, you don’t want to leave it. Owning a home allows you to become a part of the community, as you build social relationships that can strengthen the neighborhood. You are also able to move to an area that offers the best of what you are looking for in shopping, schools and employment stability.

You Get to Have More Privacy

Another great aspect about buying a home is that you don’t have to deal with other tenants or landlords any longer. Your family won’t have to listen to loud banging noises from other apartments, or yearly inspections conducted by the landlord who is peeking into every nook and cranny of the rental home. You finally gain the privacy you desire that cannot be found when you rent a place to live.

Homeownership May Be Right for You

There are many valid reasons why you may want to buy a home. Homeownership can be a big lifestyle change and an emotional investment. Think about the reasons why you are looking to buy a home, then consider all the advantages and disadvantages. Sit down with the entire family and discuss your options. Then speak with an experienced realty company that can help you obtain financing and search for a property that will fit into your needs as well as your budget.

Call your Bend Oregon Realtor today.

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December Real Estate Forecast shows a hardy finale to a notably active year in the Central Oregon Real Estate Market

2017 was another great year for real estate in Central Oregon, and December closed out the year with a strong finish. Sales were about flush with November sales, with a slight dip in inventory.  A consistent number of pending sales are expected to complete in early 2018. Here’s deeper look.

Monthly Number of Sales and Price Reductions

The monthly number of sales stayed at a solidly consistent high in the market. The number of price reductions in the month of December were nearly half than the month before. Price reductions typically happen when properties sit on the market too long, with little to no interest, and it typically means that the property hasn’t been priced correctly. With fewer price reductions in December, we can expect to see more sales moving into the first couple months of 2018.

Steady Inventory

Inventory has remained decent and on par with the previous month. A steady listing of homes speaks to the strong market which remains in Bend. Homeowners are not waiting to the traditional Spring Time to list their property and buyers aren’t waiting until Spring to home shop.

Typically, the real estate market becomes more of a seller’s market during the winter months, with fewer listings available, but this year an steady inventory flow is changing the dynamic.  Property owners should continue to work towards a timely sell and potential buyers will enjoy more selection than usual this winter. Duke Warner has months of inventory for every price point under $525,000 in Bend being less than two months.

Consistent Pending Sales

Pending sales stayed at a high number for the month of December. If there’s ever a drop in the number of pending sales, it typically means that buyers are getting more cautious and are analyzing pricing more before purchasing. But given the consistent pending sales from October to December, buyers are taking advantage of the number of available listings, and sales haven’t slowed down much at all.

Final Analysis

All of this proves that we can expect an active beginning to 2018, that will carry on into the coming Spring and Summer months.

Sales are expected to remain at slightly above average numbers. Due to the interest in the Central Oregon Real Estate Market, we can expect that fewer price reductions will take place.

The seller’s market will continue into the New Year, with more out-of-staters moving here and as millennial’s begin to purchase their starter homes. The time to get a property listed is now, with the expectation of significant activity and lots of serious buyers early in 2018.

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5 Reasons That You May Want to Avoid FSBO

It is time to sell your home. You can’t wait to find the perfect buyer who will pay your asking price so you can move on to owning another home. Yet you still have to overcome the major obstacle in selling the house. While other neighbors on the street are using agents, you are wondering if placing a “For Sale by Owner” (FSBO) sign up in the window and handling the work yourself is the better option.

Why Do People Get Involved with FSBO?

One of the main reasons is that they believe they can save on agent costs. A homeowner is looking for every shortcut where they don’t have to pay more money to sell their house so they can reap in the most profits. They often see the real estate commission paid to the broker as an unnecessary expense.

Another reason is that a homeowner feels that they want to be in more control of the sale. Some homeowners are afraid that the real estate agent will not provide them any appropriate updates regarding marketing and selling the house. The homeowner may also feel that the agent isn’t putting in enough work to get buyers into the house, or that those tasks are easy enough for the homeowner to do themselves.

Reasons Why You Should Avoid Going the FSBO Route

1: You won’t really save on the commission.

This reason is because there is a history of homeowners overpricing the value of their homes to make up the commission costs that they will pay to the broker. So a buyer will go into the deal by giving a lower quote to compensate for that higher price. If you end up agreeing to the lower quote, you end up losing in the end based on all the added expenses you take on in marketing and advertising the home — along with other extra fees.

2: You may accidentally underprice the house.

Real estate agents are always paying attention to the comps in a particular neighborhood. Unfortunately, market prices can fluctuate, as the price you decided to place on the house a year ago might not be what the house value is today when you finally list the house on the market. So you can lose out on money and not discover the discrepancy until after the deal is complete.

  1. You won’t have access to a large buyer audience.

Many agents have a marketing and advertising strategy they use to reach the widest audience of potential buyers. In addition to advertising in print and the MLS, they will have dedicated real estate listing pages on their websites, video tours posted on YouTube, and periodic sales pitches on many social media platforms. Unlike an agent who already has a large online following of potential buyers, you may not have the same online marketing reach.

  1. You can’t screen people before they look at the house.

There are real buyers, and then there are just people who want to browse through a house because they have nothing better to do for the weekend. An agent can review the buyer’s information to ensure they are financially capable and committed to buying a house today. This can save you time, money and work.

  1. You may not be good at house negotiations.

You don’t want to scare off a buyer when they give you a price that is significantly lower than what you expect. Most often, taking the FSBO route will put you into negotiations that can become intense and create hard feelings because you are still emotionally-attached to the house. Having someone else perform the negotiations who is experienced and calm can help you sell the house quickly.

There are many challenges in selling a house as an FSBO. Consider all your options and then get the professional help you need from a Bend real estate agent.