Real Estate Guide

Real Estate

YOUR HOME | YOUR LIFE

A special publication from

The Headlight-Herald, The Chronicle, The News Guard, and North Coast Citizen

2 • Real Estate Guide

Wednesday, July 30, 2014

Auto • Home • Life • Commercial

Lori Schiewe

REAL ESTATE n o r t h w e s t

503-397-3240 503-728-0161

Insurance Agency, Inc.

(541) 265-2362 Phone (541) 574-0667 Fax

715 S.W. Hurbert St. Ste B Newport, Oregon 97365

lschiewe@farmersagent.com

Summa Real Estate NW located at 1570 Columbia Blvd, St.Helens (across from Post office)

is open and ready to list your home and help you buy one.

We are locally owned and operated with advanced technology to give you the best advantage in selling your home.

Give us a chance to help you! Stop by and see us anytime, and remember advice is always free!

We have 3 locations to cover your needs:

St.Helens 503-397-3240 Scappoose 503-987-1429 Clatskanie 503-728-0161 L51948

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Wednesday, July 30, 2014

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Real Estate Guide • 3

Check Your Property Lines

urchasing a home is one thing. Purchasing a plot of land is another. Whether you’re buying land with your home or a separate parcel, it is crucial to understand exactly where your property lines begin and end. Unfortunately, doing so can be an expensive endeavor.

It is up to you to assess whether the price equals value for your needs. For instance, if you have big plans for a section of the land that you “assume” is yours, then you may find yourself in a land dispute later down the line if you find out it actually belongs to your neighbor.

option. Buyers who choose not to purchase a survey are taking the risk of not getting what they thought was included in the deal, because many real estate agencies use estimates from tax assessment offices to define property lines.

Depending on your location – city surveys can be substantially more expensive than rural ones – you can expect to pay at least GET A SURVEY The option to have a land survey- $1,000 for your survey. A hefty or mark the exact property lines of price tag for sure, but one that can serve as an investment to know your location is exactly that – an

exactly what plot of land you are purchasing.

breaks down the included land by feet. Grab a notebook and pen while you’re reviewing the description and plot out the land yourself.

DO YOUR RESEARCH This will give you a general idea of If you want to avoid paying the how the land is broken up. high costs of a • Ask Around: If you have access survey, you can do some things on your own that may help give you to the current or former owners of an estimate of your property lines. your property, ask them for a • Check the Legal Description: rough estimate of the property Your real-estate agent will likely lines. They may have had it surhelp you through the process of veyed in the past and can help you reading through the legal descrip- understand where your land ends tion of a potential purchase, which and your neighbors’ begins.

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e pride ourselves on making sure our pricing is easy for you to understand, with no hidden costs, and we’ll gladly help you compare offers from other lenders.”

Amy Welby comes from a large family and understands the importance of community.

Amy’s 8 years of experience in the mortgage industry have taught her to assess each borrower’s individual needs for a smooth home buying experience.

Pat Olson has been helping Columbia County families purchase homes for almost 20 years. Her dedication to getting clients into homes they can afford has earned her a strong reputation in the community.

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Fixed-rate mortgages

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Helocs (Home equity line of credit)

Amy Welby Loan Officer | NMLS-326254 503.543.9797 office 503.369.7789 cell awelby@nwmortgagegroup.com

Pat Olson NMLS-40562 Northwest Mortgage Group, Inc. Not all applicants will qualify.

Loan Officer | NMLS-112877 503.543.9797 office 503.396.1309 cell polson@nwmortgagegroup.com

4 • Real Estate Guide

The level of service you’ve been waiting for, just waiting for you.

Another reason why Stewart Title is the right title company for you.

At Stewart Title you’ll receive a level of service you’re probably not used to. We will work with you to determine how the many resources Stewart provides can best be put to use for your transactions. And, we can provide you access to all of the experts Stewart has throughout the world ready to help you. So, with Stewart Title, getting great service is as easy as, well, ringing a bell.

Contact us to learn more about the great service you’ll receive at Stewart Title and why we’re the right choice for you.

Stewart Title Company – Lincoln County 1105 SE Jetty Ave., Ste. A, Lincoln City, OR 97367 (541) 996-2100 407 N. Coast Hwy., Ste. 200, Newport, OR 97365 (541) 574-3334 infolincoln@stewart.com stewart.com/newport

© 2014 Stewart.

Wednesday, July 30, 2014

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Selling Your Vacant Home

f you’ve tried to sell a vacant home, then you understand the importance of unloading it quickly. There is a lot of money on the table because of ongoing mortgage, maintenance, insurance and other carrying costs that need to be paid for all these months that the property is sitting on the market.

That money can be better spent fixing up your new home or cushioning your savings account.

The beneficial aspect to selling a vacant home is not having to load up and leave every time a prospective buyer requests a showing. It also allows you to keep the home nice, tidy and staged in a manner you feel comfortable in displaying.

Unfortunately, in many cases selling a vacant home can offer more challenges than selling a full one. But there are some ways to make your vacant home more attractive to buyers. Here are tips: When potential buyers walk into a home on the market, they imagine themselves living there. That’s why keeping some decorations on the walls and furniture on the floors can be a good tactic in catching their attention. A completely vacant home is void of the personality and reference points that buyers depend on to decide if it is the right fit for them.

While going out and purchasing furniture to fill your vacant home may not be the smartest investment, try to leave behind a few smaller pieces if possible.

Any extra picture frames or wall art pieces can go a long way in giving your home some life. However, be prepared to negotiate everything you leave behind as buy-

ers may fall in love with certain items or furniture pieces.

Drop the Price Nothing says “ready to negotiate” like dropping the price a couple of times during the first six months of a listing. Your actions in doing so will send a message to buyers that your home can be purchased at a great deal compared to other comparable listings on the market.

Small, strategic reductions during peak market times like early spring can generate buzz and increase the amount of foot traffic through your home. Every time you reduce, you send off a barrage of notifications to local real-estate agents, who can then tell their clients about the change in pricing.

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Wednesday, July 30, 2014

Real Estate Guide • 5

Taxes and Insurance

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mortgage payment can comprise more than the price of the home plus interest.

Homeowners must pay property taxes and secure some type of home insurance in addition to their principal and interest payments.

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In many cases, lenders require buyers to pay into an escrow account, from which your lender keeps enough money to cover your taxes and insurance.

Unless you are granted another payment arrangement, your mortgage payment will include payments to your escrow.

Depending on how much land you purchase, you can generally tack on a couple hundred dollars a month to cover your taxes and insurance.

Tax and Insurance Payments The convenient part of an escrow account is that your lender makes your payment for you. This helps you avoid missed or overlooked payments and ensures you have enough money in the account to cover the bills.

If you’re buying a home, the seller will likely disclose the amount of the annual property taxes on the house

when it is listed for sale.

This ­information is also readily available from your local property tax assessor. A local insurance agent could also give you a rough estimate on coverage for the home.

Add the numbers up and divide them by 12 to get an idea of what you’ll be paying into escrow.

Protect Yourself It is important to make sure your lender or mortgage servicer is retaining and making the correct amount of tax and insurance ­payments. You should receive a periodic statement showing how much is in your escrow account and can compare the statements with your property tax bill and ­homeowners’ policy.

The Real Estate Settlement Procedures Act is enforced by the U.S. Department of Housing and Urban Development. This is the major law covering escrow accounts.

6 • Real Estate Guide

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Wednesday, Real Estate JulyGuide 30, 2014 •7

Pay Your Mortgage Off Faster

atiently paying off your 30-year fixed-rate mortgage? Though there is nothing wrong with making the minimum payment every month, you can take some simple steps to cut off substantial amounts of interest and time from your mortgage.

BI-WEEKLY PAYMENTS

Pa y i n g h a l f yo u r m o r t g a g e e v e r y t w o we e k s i n s t e a d o f a f u l l p a yment once a month is t h e e q u i va l e n t o f 13 months of payments e a c h ye a r. If yo u r b u d g e t can accommodate this s t ra t e g y, yo u r p r i n c i p a l a m o u n t w i l l d e c re a s e f a s t e r a l o n g w i t h yo u r ­i n t e re s t c o s t s.

T h e f o l l ow i n g c a l c u l a t i o n f ro m w w w. b i l l s. c o m s h ow s e x a c t l y h ow m u c h yo u c a n s a v e i n t h e l o n g r u n by m a k i n g b i - we e k l y p a y m e n t s.

Mo n t h l y m o r t g a g e p a yment ( 1 2 m o n t h s / 1 2 p a yments): $997 In t e re s t p a i d ov e r t h e life of the loan: $209,263 Pa i d o f f i n 3 0 ye a r s Ha l f p a y m e n t ( 1 3 months/26 payments): $498 ($997/2) In t e re s t p a i d ov e r t h e life of the loan: $155,938 Pa i d o f f i n 2 2 - 2 3 ye a r s

MAKE AN EXTRA PAYMENT

In s t e a d o f s p e n d i n g yo u r t a x re f u n d o n a n e w c a r o r T V, c o n s i d e r p u t t i n g i t t ow a rd yo u r m o r t g a g e. L i k e w i s e, a h o l i d a y b o n u s o r i n s u r-

a n c e ov e r p a y m e n t re i m b u r s e m e n t o f f e r g re a t ways to get ahead on yo u r m o r t g a g e.

D o n’t t h i n k o f t h e e x t ra c h e c k s a s “ b o n u s e s,” b u t ra t h e r a s p ra c t i c a l i n v e s t m e n t s i n t o yo u r m o r t g a g e. It c a n b e a t o u g h p ra c t i c e t o a s c r i b e

t o, b u t i n t h e e n d i t w i l l s a v e yo u m o n e y a n d re d u c e t h e a m o u n t t i m e yo u a re p a y i n g o n yo u r h o m e.

REFINANCE NOW

Ra t e s f o r b o t h t h e 3 0 - ye a r a n d 1 5 - ye a r

f i x e d - ra t e m o r t g a g e s a re s t i l l n e a r h i s t o r i c a l l ow s, making this the perfect t i m e t o re f i n a n c e yo u r m o r t g a g e. Re d u c i n g yo u r i n t e re s t ra t e c a n m a k e a w o r l d o f d i f f e re n c e i n s h a v i n g t i m e o f f yo u r p a y b a c k s c h e d u l e, s o c o n s i d e r yo u r o p t i o n s

a n d d o t h e m a t h b e f o re m a k i n g yo u r d e c i s i o n .

Re f i n a n c e ra t e s va r y f ro m l e n d e r t o l e n d e r.

Sh o p a ro u n d w i t h va r i o u s b a n k s o r c re d i t unions to find the one that would best w o rk f o r yo u r s i t u a t i o n .

Wednesday, July 30, 2014

Real Estate Guide • 7

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Generational Optimism

ong crippled by the ­economic downturn and negative ­perceptions, the housing market is bouncing back — especially if you ask members of the Millennial ­generation.

In a recent study by the National Association of Realtors, 87 percent of buyers age 33 and younger considered their home purchase a good financial investment. Survey participants cited their aspirations and long-term stability as factors in their optimism for the market.

Other results from the Home Buyer and Seller Generational Trends study included: • Debt delays: Of the 20 percent of Millennial buyers who took longer to save for a down payment, 56 percent cited stu-

dent loan debt as the biggest obstacle.

• Young buyers: The median age of the Millennial home buyer was 29, their median income was $73,600 and they typically bought an 1,800-square-foot home costing $180,000.

• Prior arrangements: Sixty-two percent of Millennials rented an apartment prior to purchasing their home while 20 percent lived with their parents, relatives or friends.

• Deciding factor: The main reason Millennial buyers took

the leap was to “own a home of my own.”

• Going green: Young buyers tend to place more importance on environmentally friendly features in their homes, as well as factors such as commuting costs, energy efficiency, landscaping and community features.

• Online savvy: Millennials were more likely to first learn about the home they purchased through the Internet than through a real-estate agent. They were also very likely to spend time researching information

and browsing through photos online.

• Finding an agent: Young buyers and sellers alike were most likely to find a real-estate agent through a referral or a friend, or they used the same agent from a previous transaction.

• Selling stats: Optimism also reigned supreme on the selling side of the market for the millennial generation. Young sellers were most likely in need of a larger home or were moving for a job.

Jesse Arthur Owner-Broker

1812 3rd St., Tillamook, Oregon • Office Phone: 503-842-2800 4805 Hwy. W., Netarts Oregon • Office Phone: 503-842-2828

H52773

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MLS 11-‐603 $559,000