Homebuyers Guide - Homebuyers Guide

Homebuyer's Guide 2 2015 015

The Right Realtor How to select the right one for you — Page 9

13 Reasons To buy now!

— Page 18

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City vs.

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ith both locations offering pros and cons, the best place to buy is still largely a matter of personal preference.

Buyers face a number of key decisions when embarking on the home buying process. Before they can narrow down their choices to identify their favorite neighbor-

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new or used house: that is the question.

In most places, anyway. In Snohomish County, on the other hand, most of the developable land already has been put to use, said Glenda Krull, president of the Snohomish County-Camano Association of Realtors.

“It’s not something I see too much of anymore,” she says. “The county is pretty much built-out.”

Doug Montgomery, a lender with Primary Residential Mortgage, agreed. “This entire region is currently running short on buildable lots, and that’s going to become critical in the next year, yearand-a-half,” he said.

So it’s up or out?

Not really. There’s some new construction, on piecemeal plats strung together by eager developers or as in-fill housing, that sometimes becomes available in Snohomish County. Nationwide, according to Steve Melman, director of economic services for the National Association of Home Builders in Washington, D.C., the average rate is one new-home

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“It just depends on what you’re looking for,” Melman said.

Better efficiencies Some people have their hearts set on buying new. Just like new car owners yearning for that new car scent.

One of the advantages of moving into a new home is “monthly energy costs are going to be under control because you’re going to be so much better insulated,” Melman said.

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New homes come equipped with EnergyStar-rated appliances, too, which meet the most recent requirements set by the U.S. Environmental Protection Agency.

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> continued from pg. 4 nance,” Metcalf said. “On a new house, things should have a warranty on it. If you’re buying used, you’re buying as-is. But if you have a good inspection done ahead of time, you can find issues [before closing].”

Better choices Some people choose their new home based on location. Is it within commuting distance of work? Is it near the right schools?

Others are more interested in the location of the house itself.

Or the way it makes them feel upon seeing it, moving around inside of it. All of this matters, when it comes to buying a new home.

In a new home, however, Melman said, “you have an incredible amount of improvement in building materials. Despite the recession and the period since, quality has improved dramatically. Roofing, walls, flooring: The choices you have are much broader now. You probably wouldn’t have those choices if you went with existing housing, unless you’re renovating from scratch.”

Chances are, he added, the architecture is going to be more dramatic, too, in a new home.

“The design of new homes has improved,” Melman said. “The great room is so popular now. Do you want Roofing, walls, flooring: more space with fewer The choices you have are walls. You can do that. much broader now.

With existing, you’re going to have a more traditional footprint, and if you want to change that around, you’re going to have to dramatically remodel. Sometimes that’s better to do from scratch.”

With new, Metcalf said, more choices are at your fingertips.

“If you’re building new, the new code means it’s going to be more energy-efficient, with more state-of-the-art products that are used,” Metcalf said. “And most of the time, the floor plans are more updated, like open floor plans. If you buy new, you can choose, but if you buy used, you get what you get.”

More home Whether you buy a new or existing home, it can either be set

> continued on pg. 7 Homebuyer’s Guide | MAY 2015

> continued from pg. 6 into a track of appreciation or depreciation, said Metcalf. Location is perhaps the most important factor involved in this.

“Appreciation is not a guaranteed item,” he said. “Not everybody is going to appreciate.”

Buying new at least means you’re several years away from normal wear and tear starting to show. This is the time to make your home even more than it was when you found it.

“When you get a new home, you’re not going to have any maintenance for a while,” said Melman. “It’s like with a new car. You’re going to be in pretty good shape for five years. With a home, it’s five, 10 years before you have to do anything significant with it. But the whole point of a new home is to improve your lifestyle, the whole efficiency of how you run your lifestyle.”

If the builder is still trying to sell off other lots, Melman added, that’s a bonus.

“If you buy now and decide, say, you

A new home has several advantages over a used home.

want a different color in the powder room,” Melman said, “if the builder is still in the subdivision, you can usually get them to come back in and repaint the room. Done.”

Working with the builder has other advantages, too, Melman said.

“Mortgages rates are at historic lows,” he said, “so you’re going to have a good mortgage no matter what you do, but builders can give extra support in closing costs and, sometimes in the past, builders have bought down a mortgage for a year or two. And sometimes builders know lend-

ers and can refer people.”

If you’re happy with the location, however, whether a home is new or used can be new to you.

“Over time,” Melman said, “if you have a new home and it’s state-of-the-art, that will keep you in good shape for a while. If it’s existing, you may have to do more renovations sooner. So you may have fallen back sooner. If you’ve chosen the right location, whether it’s new or existing, that’s probably going to put you in pretty good stead for a long time.”

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Additionally, suburban homes offer more space for the buck. The price per square foot is usually lower in the suburb than in the city, meaning buyers can often get a larger property in the suburbs than they could get in the city for the same price.

Suburbs also typically offer larger lots with spacious backyards, as well as lower crime rates, better performing schools and a quieter, safer and less fast-paced environment with fewer cars on the roads. Many suburbanites find that these factors make it easier — and cheaper — to get car and homeowners insurance.

There are a lot of advantages to living in the suburbs, but suburban life isn’t all picket fences all the time. For example, because most jobs are still concentrated in urban areas, living in the suburb may involve a daily commute to and from a nearby city, in which case the miles on the vehicle, as well as the time and gas spent on the commute, can quickly add up. Additionally, because suburbs tend to offer fewer public transportation options, buyers will also have to plan a gas budget for running regular errands – something that may not have been required in a big-city setting, where numerous business are within walking distance.

The prevalence of various shopping, dining and entertainment options is definitely an area where the city reigns supreme.

Buyers who enjoy having something new and exciting to do every night or each weekend may be more comfortable in a big-city environment that offers a thriving nightlife.

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Homebuyer’s Guide | MAY 2015

How to select the

right Realtor

W

for you

hether you are a first-time homebuyer or an experienced seller, it is important to find the right Realtor to help assist you in your real estate needs.

Realtors are not all created equal, and finding the right person to meet your specific real estate needs is essential.

First, make sure you find a Realtor that has in-depth knowledge and experience with the type of transaction you are making. Do they specialize in first-time homebuyers? Is the Realtor well-known for selling luxury real estate?

Are they a pro at handling outof-state relocations? Do not choose a Realtor simply because they have sold a lot of homes. Make sure they will be able to navigate your specific situation confidently.

In addition to selecting someone with market knowledge it is important to ask about the Realtor’s experience and reputation. These are all

important factors that will give insight into how a Realtor will handle your real estate needs.

The Realtor should be comfortable sharing with you how many years have they been in business, references of previous clients and any real estate credentials or additional real estate education they have.

Credentials are important.

They can show how dedicated your Realtor is to furthering their knowledge and continuing to grow with the everchanging real estate industry.

You may see abbreviations after a Realtor’s name and these show credentials they have obtained. Some examples are CRS (Certified Residential Specialist) who handles residential transactions; ABR (Accredited Buyer’s Representative) is a Realtor who is certified and specializes in representing buyers; and SRES (Seniors Real Estate Specialist) specializes in buyers and sellers over the age of 50.

Finding the right person to meet your specific real estate needs is essential.

Lastly, make sure you like your Realtor. You will be working very closely together and it is important that you like their style of interacting. This will ensure you are comfortable coming to them with your

questions and concerns. A Realtor should make buying or selling a home easier on you, and finding someone who is receptive to your communication style can help things run smoothly.

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13

MORTGAGE RATES

Mortgage rates are low right now, Wheeler said, but they are on the rise. So it might be good to lock in a good rate now.

“

The upward pressure is just continuing, and now it looks like interest rates may also be moving up soon.

”

— Peter Wheeler Pacific Ridge Homes

PRICES

The average sales price for singlefamily homes in Snohomish County at $330,000. While that may seem pricey, it’s lower than King County’s median. Wheeler said it’s a smart time to buy since home prices will probably increase later this year.

reasons to buy

now

MORTGAGE RATES

O

ne of the most important decisions a person can make is to buy a house. Of course there are many benefits to homeownership, but there are several factors to consider before you decide to buy your own home.

In Snohomish County, people want to buy houses, but there aren’t a lot of listings making it a competitive market for buyers.

“With the pressure on the market right now, it’s driving up prices pretty fast,” said Peter Wheeler of Pacific Ridge Homes. “The upward pressure is just continuing, and now it looks like interest rates may also be moving up soon.”

Here are a few things to consider about buying a home:

Mortgage Calculator https://markf.mortgagemapp.com

When you own a home, you build equity the longer you own the home. Equity is the difference between your loan balance and your home’s market value. So if you sold your house today and paid off the bank, the equity is what you’d walk away with.

PLANTING ROOTS

Usually when you own a home, you

are there for more than just a few years. Once you put down roots, you become part of the community.

ty. While a mortgage might be just as much as rent, you are at least gaining something in the long run.

INVENTORY

Wheeler said it’s a seller’s market, so you need to get in while the mortgage rates are still on the lower side.

NEW HOMES

You don’t have to buy from a seller.

You can always opt for a new build and be involved in how your future home looks.

EXPENSIVE RENT

Rent is one of the biggest expenses that people pay every month, and while you pay out every month, you don’t get much of a return and you don’t build equi-

RETIREMENT INVESTMENT

Homeownership is your biggest financial investment. So once you buy, you can start saving even more for your future since you aren’t spending tons of money on rent.

home, you can deduct items such as real estate taxes to private mortgage insurance.

BUILDING YOUR CREDIT SCORE

Paying your mortgage on time every month can boost your credit score, which can help you get a loan or a lowinterest credit card.

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Many times this assistance allows homebuyers to purchase a home much sooner than they thought possible.*

One of the most attractive features of the program is that YOU DON’T HAVE TO BE A FIRST-TIME HOMEBUYER. Even if you owned a home in the past, you may qualify.

The Program is available for the purchase of an owner-occupied principal residence, including condominiums and planned unit developments, and offered in various states.

DECORATING

When you own your own home, you can decorate it however you see fit without getting permission from a landlord.

TAXES

Homeownership also gives tax deductions to homeowners. Once you own a

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Interest rates are predicted to rise soon.

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Homebuyer’s Guide | MAY 2015

Homeownership is part of the American Dream. While the past several years made it more difficult to achieve that dream, the economy has been improving and people are getting homes they can afford. Pam Valadez of Eagle Home Mortgages said, “The trend is people are going farther out now to qualify and to buy the home that meets their needs,” she said.

If you get a fixed mortgage, you are locked in and the monthly bill remains the same.

Down Payment Assistance Grant The NHF Platinum homebuyer assistance program currently provides eligible families and individuals with a grant that does not have to be repaid.

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Honest appraisals A A home appraisal is a key part of the real estate transaction.

benefit buyers, sellers, lenders

home appraisal is a key part of the real estate transaction when applying for a mortgage, refinancing an existing mortgage or selling a home to a non-cash buyer. An unbiased, professional evaluation of a home’s true market value, a home appraisal, plays an essential role in the real estate process and benefits everyone involved First and foremost, home appraisals serve as risk-mitigation tools for financial lenders to deter-

mine loan-to-value ratio and risk, in order to ensure that homebuyers — or homeowners, in the case of refinancing — are not borrowing more than the property is worth.

Should the borrower default on the loan, the lender hopes to recoup the investment by reselling the home; an appraisal prevents the bank from lending more than it could potentially recoup. Home appraisals also protect buyers

> continued on pg. 13

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Homebuyer’s Guide | MAY 2015

> continued from pg. 12 against purchasing a property that’s worth less than they’re willing to offer for it.

Because home appraisals most benefit the financial lender, the lender is usually the one who sets the home appraisal into motion during the mortgage approval process. However, even though the home appraisal is performed at the lender’s request, paying for the appraisal is the responsibility of the borrower.

A home appraisal can cost anywhere from $300 to more than $700, depending on the type of property; home appraisal costs are typically paid as part of the mortgage costs at the time of closing.

Home appraisers must be certified and licensed in Washington state. Additionally, industry code of consult regulations prevent lenders

from contacting home appraisers directly, requiring them to instead work through impartial appraisal management companies.

Appraisers have two primary methods for determining just how much a home is worth: the sales-comparison method, which compares and analyzes three or four similar Appraisals protect buyers against purchasing a homes in the area; property that’s worth less than their offer . and the cost method, which evaluates the reproduction costs of a new property. Regardless of description of any improve- sketches.

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New construction offers open living, smart-home technology and outdoor luxury

Outdoor living spaces are a climbing trend in new homes.

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smart-home technologies that may not be possible in an older home.

Entertaining is something almost every family does and new homes often feature open floor plans to make gatherings O U T D O O R L I V I N G S PA C E S more comfortLarge L U X U R I O U S M A S T E R R E T R E AT S able. kitchens with S M A R T- H O M E T E C H N O L O G I E S islands opening O P E N L I V I N G S PA C E S to a family room uilding a new home is a great way to make your dream home a reality and offers the opportunity to incorporate trends like grand outdoor living spaces, luxurious master retreats and

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or extra living space make a casual get-together enjoyable for everyone, even the cook.

Open living spaces also give families more time together and often include an informal dining space or breakfast bar for family meals.

Outdoor living spaces are also a climbing trend in new homes. Everything from resort-style swimming pools and spas to outdoor living rooms complete with couches and a fireplace are becoming much more common. Many outdoor spaces are even including a kitchen space and speaker systems.

Lavish master retreats allow for a separate living space to unwind apart from the main living space, and newly built-homes are incorporating sitting areas, outdoor terraces and even fireplaces in the owner’s suite. The en suite spa-like bathrooms often feature a large soaking tub and a separate freestanding shower and

spacious master closets.

Materials are another item in new construction homes where trends are often changing. While granite is still popular, quartzite and quartz are becoming a main feature in kitchens and bathrooms.

Copper accents are also making appearances as kitchen backsplashes and even ceilings.

Technology is now prevalent in almost every aspect of out lives, and new construction homes are featuring many smarthome features, most that can be controlled directly from a mobile device or c o m p u t e r.

Checking the thermostat, arming the alarm and even checking if the garage door was left open are now accessible when away from the home.

With so many trends in new construction, homeowners are able to build homes with any modern amenity that they can imagine.

Homebuyer’s Guide | MAY 2015

The advantages to obtaining a mortgage

T

here are so many advantages to having a mortgage, and according to LoanStar Home Lending senior loan officer Sarah Baker, it’s the biggest investment one will ever make.

For one, paying a mortgage benefits the payer, not like renting where that payment is of benefit to the homeowner.

“When you rent, you are paying for someone else’s lifestyle,” explained Baker. “When you pay a mortgage, you are paying for your own. Your home will most likely appreciate, leaving you with a nest egg for your future. By renting, you are losing out on that and rental rates keep going up. With a fixed-rate mortgage, your pay-

ments stay the same for 30 years.”

Baker also feels the ideal process for applying for a mortgage should start with a licensed mortgage originator.

“Find someone that is available when you are and who you feel has satisfactorily answered your questions,” Baker said. “Even if you are months away, an experienced originator will make sure that you aren’t unintentionally doing anything that can complicate the loan process, or sometimes even jeopardize your ability to purchase a home.”

Knowing what complications may arise in purchasing a home can also lessen the stress

of the whole process.

“Know your own finances and what payment you are comfortable making and how much money you have to invest in your purchase,” said Baker. “Make sure to communicate that with your loan originator before they issue you a preapproval so that your budget is accommodated and you aren’t scrambling to come up with extra money at closing.

“Disclose everything to your loan originator and follow their instructions. They are an advocate for you, but they can’t help with anything they don’t know about.”

In addition, a minimum credit score of 580 is what most agents look for when deciding to accept an individual’s mortgage application. Baker added that even if a person’s credit has taken a hit, there is no need to worry.

“It may take a little patience,

Call me today for prequalification on your next home.

Buying a home is often the biggest investment one will ever make.

but if you are truly financially ready, then you can qualify for a home,” Baker said. “If you know that your credit may need a little help, partner with a loan originator six months before your purchase goal date. Don’t ever try to fix your credit on your own. I am a strong believer that if owning a home is a dream of yours, you can make it happen.”

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NMLS/CL 1094582 15

What to do

after the

closing

Right away, new homeowners need to tell themselves to maintain their investment.

S

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16

o you’ve found your new home. The deal is closed. Now what?

Don’t just focus on the move. It’s important to take a broader view of the future if this home is going to be something more like a prized investment.

Right away, according to Glenda Krull, president of the Snohomish County-Camano Association of Realtors, new homeowners need to tell themselves, “Maintain this house!”

“Make sure that you perform the maintenance,” she says. “Go into the crawl spaces, see if there’s any water intrusion or rodent infestations, those places you don’t see normally.”

According to Cheryl Munn, owner of Premier Real

Estate in Granite Falls, what’s important is to keep it appreciating: “If it’s in good condition, keep up the maintenance, the furnace, the duct work. Keep the plants away from the house.

Keep the gutters clean, the windows and doors caulked.”

From Day One, they should set up a maintenance schedule to ensure that the hot water heater and electrical systems are inspected by professionals. If any defects are found, they should be fixed.

“That’s why I also tell especially young (homebuyers) to build an emergency fund for the house,” Krull says. “So they’re not caught off guard if something breaks down.”

Munn agrees: “Get in the

> continued on pg. 17

Homebuyer’s Guide | MAY 2015

> continued from pg. 16 habit of putting a little money away. Don’t think there isn’t a house that doesn’t need repairs every now and then.”

This means it’s time to start managing your money. In the closing documents, the monthly mortgage payment should be calculated based on the interest, taxes, home owner’s insurance and principal payment. This doesn’t factor in any possible utility bill hikes or association fees that owners of condominiums or townhomes will have to pay too.

If you’re planning on buying new furniture or appliances for the home, Krull advises you to hold off until the deal is done.

“Typically, people are so excited to get in immediately and hopefully they don’t buy anything major until after the closing because you don’t

Put aside a little money for those times when repairs are needed. want to mess up your credit,” Krull says.

With every season, Munn says, keep an eye out for the details.

“It’s the little things,” she says, “that can eat away at you

really quick.”

Especially on an older home. But that’s not to say that older homes aren’t jewels awaiting a buffing.

“A lot of people are doing that, fixing up old homes,” she

says, “rather than tearing down the old. Just because something is old doesn’t mean it isn’t good anymore.

Some people turn older homes into very beautiful homes.”

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Buying a home

shouldn’t be a gamble

Home viewing tips: INSIDE:

S

o, you want to buy a new home and you have found a few potential properties. But how can you tell the difference between a “dream home” and a “heap of junk?”

Buying a home is a big decision that should be made rationally.

For this reason, there are certain things you should look for when visiting a house for the first time.

For example: ■ Are the walls straight?

■ Is the chimney in good condition?

■ Does the foundation show signs of cracks or weakness?

■ Are there large trees planted too closely to the house?

■ Do the exterior doors shut properly?

■ Are there any drafts around them once they are shut?

■ Are there any cracks in the walls close to doorframes, window frames or in the corner of ceilings?

■ Is the ceiling level?

■ Do all the inside doors open and shut properly?

■ Do the windows open and shut properly?

■ Is the floor solid? If ceramic tiles have been used, are they cracked?

■ Has any mold or mildew built up around the windows or in the bathroom?

■ If the house has a fireplace, are there any signs of smoke over the hearth? Is the damper airproof?

■ Are there any odours in the basement? (A perfumed scent might be due to the owner trying to mask humidity or animal urine odours.)

■ Is the cement floor in good condition?

Finally, visually inspect all the drains, pipes and kitchen and bathroom fixtures to make sure they are in good condition. Making a checklist of the above questions and bringing it with you when visiting new homes can be a great help.

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hen you buy a home, you are buying a living environment that extends beyond the limits of your property. This environment includes all the services, businesses, neighboring homes, schools and public spaces that surround you.

Do you want to be located next to the industrial area where you will be working? Do you want to be conveniently located next to a major highway? But what about the noise and pollution that come with them? Perhaps you like the convenience of being close to a school, shopping mall or good restaurants. But how close is too close?

Sometimes you can be close to these conveniences but still find ways to have privacy and tranquility. Having large, mature trees on your property is one way to block out noise. It’s also worth learning about the habits of your future neighbors. Perhaps one of them is an avid motorcyclist or handyman who likes to do his thing at the crack of dawn.

You might want to be located near public transportation with ample parking space if you have to commute to work each day. Other nearby services you may want to look for include a police station and fire hall, which will lower the cost of home insurance.

So before making a bid on a home, take a good look at what surrounds it. You might even want to visit the area at different times of the day in order to get an earful of what types of noise and activity are typical for the area.

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Homebuyer’s Guide | MAY 2015

There are a lot of “firsts” when buying a home.

Calling a REALTOR® should be one of them.

ng the decision to buy a homeThere is a dream come the initial are a true. lot But of after “firsts” when

buying a home. ement, there are some realitiesCalling to face: setting a price range, finding a should be one of them. a REALTOR ®

e that fits your needs, home viewings, deciphering the jargon, negotiations, Making the decision to buy a home is a dream come true. But after the initial paperwork—the list goes on and on. excitement, there are some realities to face: setting a price range, finding a ® ® Association of REALTORS , to need a REALTOR , a member place thatoffitsthe yourNational needs, home viewings, deciphering the jargon, negotiations, ® the paperwork—the list goes on and on. ain every detail and walk you through each step. REALTORS know your You need a REALTOR , a member of the National Association of REALTORS , to area, the ins and outsexplain of theevery process andwalk theyyoualways best know your detail and through act eachwith step. your REALTORS ® local area,to themake ins andyour outs home of the process they always act with your best buyinganddreams a reality. ests in mind. Call a REALTOR ®

®

®

interests in mind. Call a REALTOR® to make your home buying dreams a reality.

® e members of the National ©2014 Association of REALTORS REALTORS are members of the National Association of REALTORS ®

®

Snohomish County Camano Association of REALTORS®

® SnohomishEverett, County WA Camano Association of REALTORS Everett, WA425-339-1388 www.sccar.com 425-339-1388 www.sccar.com 1304794

MAY 2015 | Homebuyer’s Guide

19

WHY WINDERMERE?

40

ARLINGTON

210 E. Burke Ave.

360.435.0700 EVERETT SOUTH 425.338.0600

20

LAKE STEVENS

MARYSVILLE

425.335.4666

360.653.2509

9327 - 4th St. NE, Suite 3

9502 19th Ave. SE, Suite A

1306595

RELATIONSHIPS COMMUNITY COLLABORATION PROFESSIONALISM

Forty years ago, Windermere set out to change the real estate industry by putting relationships before sales quotas, with an emphasis on service to our clients and our community.

801 State Ave.

MONROE

800 West Main St.

360.794.3777

STANWOOD

CAMANO ISLAND

360.629.8233

360.387.4663

7359 267th St. NW, Suite D

818 N. Sunrise Blvd.

windermere.com Homebuyer’s Guide | MAY 2015