Real Estate Information Archive

Along with death and taxes, the only thing you can count on in life is change. Perhaps nowhere else in the financial world is this more evident than in the real estate market. Regardless of where you are trying to buy or sell a home, you should prepare yourself for frequent, often unpredictable fluctuations in the market.

For those of us who are not real estate professionals or market, it's important to just remember that when the market slows down, home prices typically drop. Conversely, when the market activity is high, home prices tend to rise.

Remember, every real estate market is different, with different highs and lows, and different reasons for both. As always, your best resource for up-to-date real estate market information is your real estate agent.

Slow Market

Selling a home can be just as stressful and frustrating as buying one, especially when the real estate market refuses to stabilize. Here are some things to help you weather the storm.

When the market begins to slow down, it is tempting as a home seller to lower the asking price of your home. Sometimes this is necessary; however this may not always the best course of action. Even though homes may not be selling as quickly in a slower market, homes that are in good condition still command top dollar. Home buyers entering a slow market have more time to shop, but will still know the value of a well-priced home in good condition.

A relatively slow real estate market can look a lot like a buyer's market; however, it is more often a leveling of buying and selling activity.

Once again, your most reliable source on the actual health of your local real estate market is your real estate agent. Furthermore, an agent will have tools to compare the most recently sold properties to those that are still active on the market.

Active Market

Even if you're in a seller's market, a market with high buying and selling activity, an overpriced home will be recognized as such and remain unsold. Savvy home buyers learn to spot the differences defining a competitive real estate market and an unreasonably priced house. It is in a seller’s best interest to communicate with a real estate agent and ensure their home is well-priced.

Sellers in a developing neighborhood with a lot of new construction taking place should be aware that their home is likely in competition with home builder incentives, such as free appliances or paying buyers' closing costs.

The simplest, easiest and most productive way for buyers to find the best deals in their area is to consult with a real estate agent. It's their job to not only stay on top of the frequent fluctuations in the real estate market, but also to clearly relay that information to clients.

Also, a real estate agent will help you put together a plan, based on what you've said you're looking for, so that you are able to quickly act when you find your best match in a home.

The kitchen is the hub of your home. It's where you entertain, eat and, of course, cook. In today's marketplace, top kitchen remodeling projects include adding an island, stainless steel appliances, farmhouse sinks, as well as customizable countertops and kitchen cabinets.

Before you try to hone in on specific items to remodel or replace in your kitchen, it might be best to take a step back and look at the big picture. From this perspective, consider how you want your kitchen to look by envisioning its overall layout, total amount of storage space and finally the types of materials you want to use.

Layout

Space is perhaps the most important factor to consider when planning your kitchen revamp. If you're working with a small space, one of your best options is a galley-style layout. This allows you to make the most of your relatively limited horizontal space by stacking shelves and counters vertically, utilizing innovative and double-duty containers.

If you're working with a large kitchen space, you might want to give a U-shape or an L-shape design, incorporating a centralized peninsula or island.

The bottom line with your kitchen's layout is to mold and shape it into a space that best fits how you and your family use the room.

Storage

Dishes, pots, pans, utensils and small appliances need to have viable and easy-to-get-to resting places. The more you use it, the closer at-hand you will want to store it.

Space-saving items, such as spice racks, stackable cookware and islands with a lot of drawers and cabinets, can be your best friends when revamping your kitchen. Designate a spot for your most frequently used items on the countertop. Conversely, you can free up some extra space by storing your rarely used kitchen accessories in a storage closet or your basement.

Materials

One of the best ways to avoid a cookie cutter kitchen design is to use vibrant, colorful and high-quality materials.

This is where you can really let your personality shine. As opposed to your relatively standard and limited options with storage and layout, the more interesting and eclectic your materials are, the more interesting and eclectic your new kitchen will be. Consider limestone, stainless steel or concrete for your countertops, mosaic tile for your backsplash, or frosted cabinets to give your kitchen some extra sparkle and shine.

Undergoing a kitchen remodel project can be a big task, but can also have great benefits and increase the value of your home.

The mortgage industry is ringing in the New Year with some significant changes, some of which include the following:

Ability-to-Repay Mandate

The CFPB (Consumer Financial Protection Bureau) created the Ability-to-Repay Mandate in order to establish the "gold-standard" for lenders to make sure borrowers are actually qualified to be a borrower.

Lenders will use a specific set of required income, assets and obligation guidelines to determine if potential loan borrowers qualify before ruling them eligible. These new guidelines create the defining standard for what the government considers a “Qualified Mortgage.”

Decrease in FHA Loan Limit

In 2014, the Federal Housing Administration (FHA) has deemed that a mortgage cannot exceed $625,000, down from $729,750 in 2013, which is a decrease of $104,750. Potential home buyers who want to secure a loan larger than $625,000 need to specify "jumbo loan" on their application. Of course, this type of loan will almost certainly require a larger down payment.

Don Frommeyer, President of the Association of Mortgage Professionals, said that while this change shouldn't have a significant impact on most of the country, borrowers seeking homes in areas that have a relatively high average selling price might be scared away from the 20 percent down payment inherent to jumbo loans, compared to the approximately 3.5 percent down payment on a traditional loan.

Caps on Loan Origination Fees

The fees and points associated with a Qualified Mortgage will be capped at 3 percent, starting on Friday, Jan. 10th, 2014.

Tighter Regulations for Self-Employed

The aforementioned changes to the Qualified Mortgage process will also make it more difficult for self-employed folks, who typically don't have to mess with a W-2, to qualify for loans. This is primarily due to the fact that without a W-2, self-employed people face an uphill battle trying to accurately prove their income-to-debt ratio.

For more information, you may visit the National Association of Mortgage Brokers website at: www.namb.org.

The World Indoor Track and Field Championships are coming to Portland's Oregon Convention Center in March of 2016. The event, which is expected to draw more than 600 athletes and more than 8,000 spectators, is sponsored by Nike and the International Association of Athletics Federations. The three-day meet typically features athletes from more than 200 countries, from Austria to Zambia. The event is also expected to draw a worldwide television audience of more than 1.3 million viewers. This will be just the second time the event has been held in the United States. The first World Track Championships were held in Indianapolis in 1987.

About the World Track Championships

Begun in 1987, the World Indoor Track and Field Championships are held every two years and feature 13 events for male athletes and 13 events for female athletes. Similar to the Olympic Games, the first, second and third-place finishers are awarded medals. 

The 2016 event will include more than contests over three days, such as a fan festivals, concerts and other off-track events.

About the Oregon Convention Center

Opened in 1990, the Oregon Convention Center is located along the Willamette River in the heart of Portland. A new 200 meter IAAF-certified track is being built at the center, which will be used for 13 events.

Oregon, the corporate headquarters for Nike, is already the training home for many of the world's best track and field athletes. Organizers are excited to be hosting the event in 2016, just a few months before the 2016 Summer Olympics in Rio de Janiero, Brazil.