The PDX Realtor

7 Reason to Own your Portland Home

March 1st, 2012

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7 Reasons to Own Your Portland Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number ofU.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

5 Things to Know about Homeowners Insurance

February 28th, 2012

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Homeowners insurance tends to be one of those things that people think about after the fire burns the house down or the flood heavily damages the home. Doing a little extra research when you are beginning the home buying process can potentially save you and your family a lot of heartache down the road.

Tax Benefits of Home Ownership!

February 27th, 2012

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Oh, I’ll never forget how glorious the time was when I did my taxes after having bought our first home. As I left my accountant’s office I felt this weird sensation on my face. I think it was….wait…a smile? This was huge considering the previous year I left feeling like I had just gotten run over by a truck. The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

Assume:

$9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
______

$12,577 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

$3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

by Betsy Ballantyne (info provided by Realtor.com)

betsy@betsyballantyne.com

10 Questions to Ask your Lender

February 25th, 2012

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1. What are the most popular mortgages you offer? Why are they so popular?

2. Which type of mortgage plan do you think would be best for me? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)

Where and Why are Foreigners Buying U.S. Real Estate?

February 24th, 2012

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Very cool infographic on where and why foreigners are buying United States real estate. When times are tough, there is always someone cashing in . Our housing crisis which led to very low home prices caught the attention of many foreign investors. 8% of real estate is purchased by foreign investors. So which states are they purchasing in? And where are these people from? Check it out!

Taking the Stress out of Homebuying in Portland

February 22nd, 2012

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Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

5 Common First Time Home Buyer Mistakes

February 20th, 2012

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Buying a home is a big deal but don’t freak out! This purchase, for most people, is the largest purchase you will make. And for something that involves hundreds of thousands of dollars…well it should be a little complicated. Preparation is key. So when you are getting ready to make your first Portland home purchase, check out this list below.

Tiny Houses are all the Rage!

February 17th, 2012

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Forget the giant house with a bunch of unused space and a big price tag! The new rage is tiny houses! Yay! Here’s a list of some of the coolest tiny homes, with one even being from Portland. Go here.

The Latest Portland Housing Report

February 16th, 2012

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The year has started off on a very positive note. Sales activity in the Portland metro area continued to show improvement in closed and pending sales when comparing this January to the same month a year ago. Closed sales experienced a 18.3% increase, posting the highest numbers for January since 2007. Pending sales saw growth of 22.4% in the same comparison. What this means is that people are getting out there and buying…finally.

Market time also improved, decreasing from 160 to 136 days. That’s great news for sellers who are hoping to get their home sold in a timely manner. And lastly, inventory is up! This is very good news because for the past 6 months the inventory levels have continued to drop and finally they have bounced back up to levels last seen in July of 2011. For more of the report, see below. And if you are thinking of buying or selling a home, please let me know!
January 2012 Portland Market Report

Graphic of Mortgage/Financing Options!

February 15th, 2012

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As I’ve said many times before, I love finding a great info-graphic! I just learned that they were referred to as info-graphics, btw. So here’s another one I found on different financing options that are out there. This one was last updated in August 2011, so it shouldn’t be too far off!