Palouse Living, February, 2022

Palouse LIVING Your resource for buying, selling and enjoying your home on the Palouse.

February 2022 A supplement of the Lewiston Tribune & Moscow-Pullman Daily News

Inside:

SELLING YOUR HOME IN THE WINTER

PALOUSE LIVING

2 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Selling Your Home in the Winter Greenshoot Media

Just like the temperatures, the housing market tends to cool off in the winter. But with demands sitting where it is these days, there really isn’t a bad time to put your house on the market. Here are some pros and cons of selling during winter from Moving.com.

Pro: Limited Inventory Restricts Options and Motivates Buyers Because fewer people sell in winter, that means less competition for your home and buyers are even more limited than they already are in this market.

With fewer homes for sale, it makes it easier for your home to stand out amidst the competition.

Buyers that are looking for a home during the winter months are also typically more motivated to buy. These are people that mean business, not just nosy neighbors who suddenly decide to jump into the real estate market.

It could be that they’re relocating or suddenly need a new space — whatever it is, winter buyers mean business.

They want to get in your home quickly and for a good price.

Pro: Your Real Estate Agent is Focused on You Along with fewer homes for sale comes

the fact that your real estate agent will have a smaller portfolio in the winter, meaning they can spend more time and energy marketing your property.

Realtor.com says that community real estate agents are the experts in knowing what buyers (and sellers!) want in your area. They track trends and know what sells fastest and for what price point. The site recommends finding a reputable agent by asking friends and family for recommendations, looking for real estate signs in your area, attending open houses and meeting agents, and calling brokerages around your home.

Con: Curb Appeal May be Lacking Your lawn and garden may not look in tip-top shape during the dreary winter months, even if you live in a warmer climate. But there are still things you can do to help out, including shoveling snow and keeping driveways and sidewalks clear, fixing air leaks and making sure your home is properly winterized.

You can also turn this gloomy time of year to your favor. This is a great time of year to show off any energy efficient upgrades you’ve made. Some features to highlight would be smart

thermostats, solar panels, window treatments, energy efficient windows and doors, insulation, a newer HVAC system and a tankless hot water heater.

Con: Leaving the House is Harder Showing your home to potential buyers means that you (and your pets) need to be out of the house. And that’s not as easy during winter. In warmer months, it’s a piece of cake to pop down to the local park for half an hour or so, but win rainy, cold months, you might end up huddled in the car. Have a plan for showings and be prepared for lastminute ones.

Getting Your Home Ready for Market No matter what time of year you’re getting ready to sell your home, there is probably plenty of work to be done to get your house ready for the market.

Realtor.com offers this 12-point checklist to getting your home ready to sell. realtor.com/advice/sell/home-selling-checklist-things-to-do-before-selling.

PALOUSE LIVING

Lewiston Tribune & Moscow-Pullman Daily News | February 5, 2022 | 3

WELLS FARGO HOME MORTGAGE/LEWIST

Home financing that works for you There are many choices when buying a home, from the neighborhood to the number of bedrooms. You want a house that fits your needs, and home financing that does, too.

Wells Fargo can help with a wide variety of loans and mortgage programs for: • First-time homebuyers • Buyers who need a larger loan amount • Military members and veterans • Buyers of newly constructed homes • Buyers with other unique needs

Let’s connect.

Crystal Nelson Home Mortgage Consultant 208-799-6707 crystal.d.nelson@wellsfargo.com www.wfhm.com/crystal-nelson1 NMLSR ID 189090

Teresa Koepke Home Mortgage Consultant 208-799-6204 teresa.d.koepke@wellsfargo.com www.teresakoepke.com NMLSR ID 755325

Wesley Gossage We’ll review your information and let you know what options are available.

Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS5463479 Expires 05/2022

Branch Manager 208-799-6255 wesley.gossage@wellsfargo.com NMLSR ID 400369

PALOUSE LIVING

4 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Creating a Standout Listing

Beauty S IN STONE. SET

GRANITE CONCEPTS

LARGEST SELECTION IN THE REGION! (208) 08) 746 746-8196 8196 | 4 402 4020 0 Hatwai 0 H wai Road Road, L Lewisto Lewiston ston GraniteConceptsNW.com | /GraniteConcepts Kitchens • Bathrooms • Desks • BBQs • Fire Pits • Fireplaces *ANOTHER BEAUTIFUL KITCHEN WITH GRANITE CONCEPTS

Greenshoot Media

In a buyers’ market, your listing has to have a look and feel that sparks interest from a potentially overwhelmed purchasing crowd.

They’ve got options, so you need to stand out. But that doesn’t mean your listing isn’t as important if you’re trying to move a property in a sellers’ market.

When homes are being quickly snapped up, potential homebuyers rely on the internet more than ever — because a potential sale has to proceed so quickly. Here are a few key tips that will help make your real estate listing stand out.

Make It Personal A great listing must hit the standard marks: Include all pertinent information about the property and price, along with multiple photographs from both inside and out. But these everyday details should be paired with a bit of emotional appeal. Separating from the pack might come down to creative descriptions, a touch of humor or a detail only a local would know about the neighborhood.

Homebuyers will remember what you did differently, no matter how many more times they swipe on the real estate site.

What Are Multiple Listing Services?

MLSs are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property. To learn more about MLS and how it works, the National Association of Realtors prepared this informative article at bit.ly/3BMUJBS.

PALOUSE LIVING

Lewiston Tribune & Moscow-Pullman Daily News | February 5, 2022 | 5

Gone are the days when a standard photograph from the front curb is enough to sell a home to discerning buyers. Don’t just take a picture in every room, either; take them from different perspectives, offering your potential buyer a better sense of the space. Don’t forget to highlight outdoor living spaces, too — and think of angles that will artfully show off all of the sweat equity you put in to get the landscaping just right. A spacious, welcoming backyard is a huge selling point, whether it’s to use for a garden party or for future expansion plans.

You might also have to get creative to avoid the small flaws that any lived-in home acquires over time.

viewing. At the same time, there are many buyers who won’t get serious about any property before they’ve seen it for themselves. Then there are those who are only just beginning to consider a move and might be trying to get a real-time feel for what’s available in their chosen neighborhood. All of them could end up at your doorstep when you schedule an open house. Keep in mind, however, that an overstuffed schedule might keep some away, so provide more than one opportunity — and at different times of the day. This will help ensure that the largest number of possible buyers can get there. Advertise online, in print and through directional signs that lead new visitors through the area and to your home.

Open Your Home

Widen Your Scope

Be Creative Visually

There’s no overstating the role that home selling websites play in today’s marketplace, but nothing seals the deal like an in-person

Moving is about more than the building and the lot. It’s about everything that’s nearby,

including schools, churches, stores and parks. HOAs often provide value-added amenities like pools or tennis courts, but are there also nearby public facilities like libraries? Is your neighborhood school highly rated? Is the area’s hottest new restaurant within walking distance? Include it all in your home listing, along with

other vital statistics about the area. These details give purpose and depth to your listing, setting it apart from those who focus solely on standard information like square footage. It’s even more important in a competitive market, where proximity to retail or entertainment districts might help seal the deal.

A home to call your own.

Complete your mortgage online in minutes at p1fcu.org and make your dream home into a reality.

P1FCU

NMLS ID #527990

6 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Tips For Home Buyers During A Seller’s Market Metro Editorial A combination of factors, including low interest rates and a pandemicdriven decision by many city dwellers to look for houses in the suburbs, has created a housing boom for much of 2020 and 2021. That boom has created an undeniable seller’s market in real estate.

Just what is a seller’s market? The financial resource Investopedia defines it as a marketplace in which there are fewer goods for sale than there are interested buyers, giving sellers the ability to dictate prices. Since mid2020, there has been an extremely low inventory of homes for sale but a very high interest among purchasing parties.

Data from the National Association of Realtors indicated that, by the end of February 2021, housing inventory fell to a record low of 1.02 million units. These factors have led to a surge in competition from buyers, including bidding wars on homes and all-cash offers to entice sellers. In December 2020, the median listing prices for single-family homes shot up 13.4 percent from the same time the previous year, according to Realtor. com, and it hasn’t slowed down much since. Jeffrey Mezger, a 40-year veteran of the real estate industry and CEO of KB Home, says it’s the best seller’s housing market he’s seen in his career.

So where does this leave buyers interested in relocating? Here are some tips.

Consider areas with slower overall price growth E xperts say the southern and midwestern United States offer the best value for home shoppers because of their meager price growth. ClearCapital, which tracks housing values, says San

Antonio, St. Louis and the Dallas/Fort Worth areas experienced the least price appreciation from 2019 into 2020.

Get preapproval or have your funds ready Speed is the way to go if a buyer is interested in a property and wants to make an offer. Real estate professionals say buyers should be “offer ready,” which means having a mortgage preapproval letter or proof of funds for a down payment ready to go. Failure to have funds in check can slow down the process or compel sellers to reject an offer.

Work with a real estate agent These are complicated times and it pays for buyers to have a professional working in their corner. A real estate agent uses his or her knowledge to make a timely offer and negotiate on the buyer’s behalf.

He or she also will provide insight into specific neighborhoods, amenities and school districts.

Eliminate certain contingencies from the equation Contingencies are factors that must be met before a sale can go through, according to the relocation site Moving. com. A common contingency is the need to sell one’s current home before closing on another. Asking for extended closing periods or certain home repairs are some additional contingencies that can make buyers less attractive to sellers.

Make it personal Buyers can offer a personalized note with the offer that may connect with the seller emotionally and set one them apart from others who have made similar offers.

Buying in a seller’s market can be challenging. But some strategies can set buyers apart from the pack.

PALOUSE LIVING

PALOUSE LIVING

Lewiston Tribune & Moscow-Pullman Daily News | February 5, 2022 | 7

ICCU

FROM DREAM HOME TO YOUR HOME. Whether building, buying, or moving up, Idaho Central Credit Union has the home loan to fit your needs.

• Fast approvals and closings

• Special first-time homebuyer loans

• No-fee and low-cost loan options

• IHFA, FHA, VA, and Rural Housing loans

• Construction loans available

• #1 Mortgage lender in Idaho*

Apply online or stop by your local branch.

*Based on 2021 Idaho county data.

WE BELIEVE home really is sweet.

PALOUSE LIVING

8 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Don’t Skip the Inspection Greenshoot Media So, you’ve finally found your forever home. Don’t be afraid to have someone take a closer look at it before you buy, just to make sure there aren’t huge unseen issues. If you unwittingly buy a lemon of a house, forever might end sooner than you think. Here’s how to get the peace of mind that comes with a thorough pre-purchase inspection.

What to Ask Begin by asking your potential home inspector if he or she is certified and licensed. Some states don’t require that, but this documentation works as an important safeguard for you.

You’ll know they’ve been professionally trained to do the work. Ask if they’re bonded and insured; this protects both of you if there is a mistake or something missed in the inspection.

More generally, you might also ask how long the inspection will take. If the answer is less than two hours, you

can be assured that they aren’t doing a thorough enough job. Finally, make sure they provide a full report — with pictures — after the inspection. You’ll need it before pursuing any remedy.

What They Do A licensed home inspector will look at the home without benefit of your rose-colored glasses, searching for maintenance problems, unscrupulous contractor behavior, or other issues that can have huge financial implications for you as a new owner.

They’ll be aware of local codes, and provide up-to-date information on the condition of everything from the foundation to roof — including electrical, appliances and plumbing.

They occasionally find issues that are so serious that they scuttle buyers contracts, though more often these reports are used to strike deals for repairs.

What to Watch For Pay special attention to notes from your inspector involving wiring or plumbing, as these jobs can have associated costs in the hundreds — or thousands — of dollars.

New builds may also trigger questions about adherence to local codes, a red flag for any potential buyer. Often these issues can be avoided in advance by checking a

contractor’s references through feedback forums on sites such as Yelp, Google or Angie’s List where discussions are held by former clients. Secure a neutral inspector with no ties to the builder so you can be assured he evaluates everything impartially. Your real-estate agent can help, if you’re moving to a new areS and are unsure who to hire.

PALOUSE LIVING

Lewiston Tribune & Moscow-Pullman Daily News | February 5, 2022 | 9

Understanding PMI

Greenshoot Media

First-time homebuyers might be surprised to learn that your monthly mortgage payment is more than the amount due on your home loan.

That’s what’s called the principal; the payment also includes interest, taxes and something else: private mortgage insurance, or PMI. Understanding how PMI works is an important part of any homebuying experience.

What Is It? PMI is an additional fee that lenders attach to conventional loans as a safeguard. Established in 1998 by the Homeowner’s Protect Act, private mortgage insurance is designed to encourage banks to lend to those with smaller down payments or fewer resources for mortgage payments, since it protects them from borrower default.

Lenders have less risk, and buyers in turn have more choice in buying a new home.

Do You Need PMI? PMI is provided by individual outside companies, and arranged for by your chosen lender. It’s typically required when you make a down payment of less than 20 percent of the total home purchase price. PMI is also

usually needed if you refinance with a conventional loan, but have less than 20 percent of the value of your home in equity.

How Do I Pay? Your PMI premium is most commonly paid as part of your regular monthly mortgage obligation. Details about it can be found under the closing disclosure heading in the projected payments section of your loan documents. Loan estimates distributed before you sign the mortgage will detail the amount. Some lenders offer different payment options, however, so ask if there are other choices available.

For example, PMI can sometimes be paid as an up-front one-time premium at your closing. Just be aware that you may not receive a refund on this premium in certain instances if you refinance or move.

Can I Avoid PMI? Anyone who applies a down payment of more than 20 percent and agrees to carry a loan balance for the rest can choose to waive PMI coverage. Those with PMI can sometimes set a date of termination with their lender, after which the policy will be canceled — as long as mortgage payments have

been consistently made. Recently, it’s become more difficult to receive a PMI termination without some sort of refinancing, so review your agreement

before signing. You may also no longer need PMI coverage if the value of your home has significantly increased.

PALOUSE LIVING

10 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Dealing with HOAs

Greenshoot Media Homeowners associations can provide important protections for residents, ensuring that the

neighborhood retains an agreed-upon look and feel.

HOA dues help with general maintenance, provide certain

amenities that otherwise might not be available, and shelter everyone from undue risk through the purchase of common insurance. It’s important to evaluate these association rules before purchasing, however, because you want to make sure that they meet your own personal needs regarding rules and cost. Here’s how to evaluate an HOA.

How Much Does It Cost?

Being part of a homeowners association means following certain terms, rules and conditions. It also means paying monthly dues. The amount varies depending on a range of factors. Fees can be higher depending on the number of amenities, and their required upkeep. A tennis court, for instance, can be relatively easy to maintain. Pools, on the other hand, are labor intensive — and that costs money. Your dues are also determined by the size of the community. These costs go down per home when they’re distributed among more residents.

There are also bills associated with maintenance in common areas, including repairs and landscaping.

Who Decides?

Pre-purchase questions about HOA business should be directed to

members of the association’s board of directors. These boards may be run by outside management companies for some neighborhoods, in particular new builds, but more often consist of a group of interested volunteer neighbors.

They’re responsible for distributing paid dues toward services provided for in the HOA charter, and adjusting the fee depending on cost-of-living increases or another unforeseen cost issue. Be sure to ask about any special assessments — one-time or non-annual fees — that may have been levied before you buy.

Check the Restrictions The HOA’s terms and conditions will outline what is, and is not, allowed in your prospective neighborhood. In some cases, unfortunately, these rules may disqualify certain purchases: Some HOAs place restrictions on pets; others regulate ownership based on the age of residents. As a new buyer, you’re bound by these rules so make sure they fit your particular lifestyle.

Gated communities provide an extra layer of welcome security, but may also limit when and who may visit. Handy types should pay close attention, too: Many HOAs limit the style and scope of remodeling projects. Some don’t allow any modifications at all.

PALOUSE LIVING

Lewiston Tribune & Moscow-Pullman Daily News | February 5, 2022 | 11

Buying a Foreclosure

Greenshoot Media After all, banks looking to get rid of a bad debt are more apt to make a deal, and the property is already empty so setting a movein date should be no problem. But these purchases can be far more complicated, in particular for those who are unfamiliar with their unique challenges. Here’s a look at how you can best take advantage of this tricky real-estate opportunity.

Start Smaller It’s tempting, of course, to purchase more expensive foreclosures, in particular if you’re considering a remodel and quick resale. But these high risk deals can leave buyers stranded with unwanted property if the resale market is sluggish for larger homes. Instead, considering opting for a smaller, cheaper home — and plan to stay put for a couple of years. That gives you time to spruce up the place, then get a safer return on your investment. In time, you can work up to larger properties in more desirable neighborhoods, and there’s a lot less risk along the way.

Be Realistic Whatever size foreclosure you make an

offer on, be realistic about the process. The price is often much more affordable, but you may not find your dream home right away since the market is limited to those who have defaulted on their mortgage. At the same time, investors should know that quick-turnaround sales aren’t a sure thing, in particular when the economy is in flux. Be prepared to pay costs to renovate the home, but also property taxes if you’re there longer than expected — and perhaps continuing real-estate service charges, as well.

Ask the Experts The safest foreclosure investment is using the home as your primary residence, which allows you to more deliberately build equity through remodeling and debt servicing. The properties can then be sold when the time is right, without the pressure associated with flipping a house. But even these more straight-forward deals require the expertise of a professional who’s familiar with funding and processing a so-called REO (or real-estate owned) property for banks.

Foreclosure sites are increasingly popular, but can be confusing and lack any personal attention to detail. Find a local agent who specializes in foreclosures to help you.

PALOUSE LIVING

12 | February 5, 2022 | Lewiston Tribune & Moscow-Pullman Daily News

Wondering if you need to wait until warmer weather to sell your home?

COLDWELL BANKER TOMLINSON ASSO Give us a call and we’d love to chat about all the reasons why NOW is the perfect time to get your home on the market!

Serving the Quad Cities with agents licensed in Idaho and Washington!

Mark Blehm 509.336.9935

Jason Brown 208.669.1690

Eve Fortenbery 208.301.8698

Kristin Gibson 208.791.2740

Katy Mason 208.305.3899

Shannon May 208.892.9256

Holli Ruddell 208.305.8460

Kurt Salisbury 208.301.3077

Sally Brown 208.669.1677

Chris Goff 208.413.3060

Jason Brown 208.790.2017

Patti Green-Kent 509.595.3740

Heather Meeks Jennifer Menegas 208.791.9592 208.816.8498

Lisa Salisbury 208.301.3770

Robert Shepherd 208.790.4730

Tracy Burch-Greer 208.874.7823

Becky Cawley Stephanie Clark Lyn Corey 208.791.8721 509.595.2798 208.791.6874

Cookie Crane 208.791.8029

Rick Crane 208.791.8326

Matt Groseclose 509.780.1221

Judy Higgins 208.750.5839

Ryan Higgins 208.503.0622

Kim Kirsch 509.592.8045

Jane Kolar 509.288.2087

Melanie Lange Debbie Lawrence 509.553.9451 208.301.0108

Ken Miller 208.791.6101

Bill Morscheck 509.332.9088

MickNazerali 206.794.7860

Kathy Parsells 208.791.7298

Maya Petrino 502.552.2564

Darl Roberts 509.432.1642

Fattima Rowland 208.310.0204

Adam Smith 509.552.9618

Rachel Spears Cara Thompson 208.413.0028 509.254.1244

Darce Vassar 208.790.3328

Marilyn Wilson 509.751.7887

Shantel Zacha 208.305.2133

Jordan Vorderbrueggen

509.288.0082

GUIDING YOU HOME 208-882-0800 • 217 S. Main Street, Moscow 509-334-0562 • 405 S. Grand Avenue, Pullman 208-746-7400 • 325 Main Street, Lewiston www.cbquadcities.com • Find us on