February 8, 2024

West + Main Homes

Colorado, Colorado Springs, Minnesota, Mountains, National, North Carolina, Oklahoma, Oregon

Why Pre-Approval Is Even More Important This Year

February 8, 2024

West + Main Homes

Colorado, Colorado Springs, Minnesota, Mountains, National, North Carolina, Oklahoma, Oregon

On the road to becoming a homeowner?

If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.

What Pre-Approval Is

As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.

From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:

“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”

Now, that last piece is especially important. While home affordability is getting better, it’s still tight. So, getting a good idea of what you can borrow can help you really wrap your head around the financial side of things. It doesn’t mean you should borrow the full amount. It just tells you what you can borrow from that lender.

This sets you up to make an informed decision about your numbers. That way you’re able to tailor your home search to what you’re actually comfortable with budget-wise and can act fast when you find a home you love.

Why Pre-Approval Is So Important in 2024

If you want to buy a home this year, there’s another reason you’re going to want to be sure you’re working with a trusted lender to make this a priority.

While more homes are being listed for sale, the overall number of available homes is still below the norm. At the same time, the recent downward trend in mortgage rates compared to last year is bringing more buyers back into the market. That imbalance of more demand than supply creates a bit of a tug-of-war for you.

It means you’ll likely find you have more competition from other buyers as more and more people who were sitting on the sidelines when mortgage rates were higher decide to jump back in. But pre-approval can help with that too.

Pre-approval shows sellers you mean business because you’ve already undergone a credit and financial check. As Greg McBride, Chief Financial Analyst at Bankrate, says:

“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”

Sellers love that because that makes it more likely the sale will move forward without unexpected delays or issues. And if you may be competing with another buyer to land your dream home, why wouldn’t you do this to help stack the deck in your favor?

Bottom Line

If you’re looking to buy a home in 2024, know that getting pre-approved is going to be a key piece of the puzzle. With lower mortgage rates bringing more buyers back into the market, this can help you make a strong offer that stands out from the crowd.

Should You Do Home Upgrades Now or Right Before You Sell?

February 8, 2024

West + Main Homes

Colorado, Colorado Springs, Minnesota, Mountains, National, North Carolina, Oklahoma, Oregon

Home sellers are often told to make upgrades to their house before they sell. But when is the best time to get those home improvements underway, in terms of scoring the best ROI?

It’s a tough balance to strike. After all, the sooner you remodel your kitchen or retile the bathroom, the more you’ll get to enjoy it all yourself. But if you make those improvements too long before you sell, you risk them looking run-down and outdated by the time you want to market your home. So, when’s the right time to give the green light?

If you’re agonizing over such questions, we can end your misery now—in a good way! Here’s how far in advance of listing your home you should do certain home improvements, so they’ll still look fresh enough to fetch top dollar.

7 to 10 years out

Well, you’re quite a planner, aren’t you? That’s cool … we’ll play the long game with you. Here are upgrades you can safely undertake when you still have significant time until your sale.

1. Redo your landscaping

This is truly one of the few housing projects that gets better with age, since shrubs and trees only improve as they mature. And, bonus: It’s likely that it will never look dated, says Lisa Shiroff of Leafy Green Landscaping in Buena, NJ. However, she cautions, think twice about unique or difficult-to-maintain items if you are concerned with resale value—we’re talking elements like a meditation nook, bocce ball court, or koi pond.

“Most people are not willing to invest the time, energy, or finances to maintain those areas, so keep your additions relatively mainstream and user-friendly,” Shiroff says.

2. Update the garage door

Believe it or not, updating your garage door is the top upgrade you can make in terms of return on investment.

“Curb appeal is key when you’re getting ready to sell your home, and garage doors can dramatically improve the look of your home,” says Matt Edstrom of GoodLife Home Loans in Laguna Hills, CA. Since garage doors can last for up to 40 years, this is an update you can enjoy right now, without worrying about taking a depreciation hit.

3. Replace your roof

If your roof is more than 20 years old and you plan on selling, you may want to replace it, suggests Taylor Willson, owner of Willson Home Inspection Inc. in Tampa, FL. For one thing, you may receive immediate savings from your insurance company, he says, and beyond that, “A newer roof is a great selling point.” Choose a hardy material, like concrete tiles or asphalt shingles, that have a long useful life.

4. Keep up on repairs

Repairs should have a permanent spot on your “to do” list. If it’s broke, then, yes, please fix it.

“Don’t put off repairs while you wait for the optimum time,” says Cristina Miguélez, remodeling specialist at Fixr.com. “They help your home retain value and can keep a small problem from becoming exponentially bigger.”

5 years out

This is a good time to start thinking about big-ticket items that will affect your resale and that you won’t want to pay for all at once. Here are some to consider.

1. Replace major systems

We’re talking HVAC systems, plumbing—anything whose average life expectancy is relatively long, and where you want your listing to showcase that these key systems are less than five years old. Replacing them now allows you to enjoy the improved operation and potential energy savings, while avoiding a concession in the sale price when the time comes, Willson says.

2. Check on anything with a warranty

This is also a good time to do a check on any items that have a current warranty—such as windows and appliances—while they are still covered.

3. Switch out your front door

Another important element of “curb appeal,” your front door can really make your house pop, as well as potentially increase your energy efficiency. Front doors can last for decades, but they are also exposed to the elements, so this is a good time frame to allow you to enjoy the aesthetics and energy savings, without running the risk that it will look too weathered come sales time.

2 years out

Two years is nothing in a home’s history, so it’s time to really start getting serious. Here’s what to do to start prepping for a relatively imminent sale.

1. Reno the kitchen or bathroom

This can be subjective, but you’re probably safe doing an overhaul in this time frame if you are hoping to get some personal enjoyment out of your updates. Miguélez suggests, however, that you pick your decor carefully to avoid being stuck with an upgrade that’s already dated.

“A ‘trend’ is something that’s predicted to last roughly 10 years, so your safest best is to find a look that’s been on the upswing for roughly two to three years,” Miguélez explains. “That means it will look relevant for a while, rather than something that is already five years old and potentially nearing its expiration date.”

Dawson recommends seeking the opinion of a local real estate agent, who can steer you to cost-effective updates that will increase the value of your home without over-improving it. And, she says, beware of DIY.

“If you don’t have extensive prior experience, hiring a professional is going to be cheaper in the long run, because the DIY look is unappealing to your potential buyer.”

2. Get to organizing

This is also a good time to start cleaning out storage areas, closets, cabinets, the garage, the attic—anyplace you have an accumulation of stuff, Dawson says. Your future self will thank you for getting this time-consuming project out of the way now.

3. Have a home inspection

Very few sellers do this, but it’s smart to have your home professionally inspected right about now, so you won’t run into any nasty surprises when selling time rolls around.

“It is always less expensive to repair items before you get into negotiations with a buyer,” Dawson points out.

1 year or less

It’s crunch time, and now is the time to attend to all the high-traffic areas, as well as make improvements that will freshen up your listing.

1. Redo flooring

Pets and kids can scratch up your floors quickly, so wait as long as you can before refinishing floors. Replace carpet, too, if it’s dingy, and especially if it has pet odors.

2. Roll on a fresh coat of paint

Walls get dinged up constantly, so painting right before putting your house on the market can really make it sparkle. It’s also a quick job that you can get done in a week or two.

3. Replace all your accessory items

These are things like bedding, throw pillows, chair cushions, patio furniture, shower curtains, plumbing fixtures, cabinet pulls—all the embellishments that provide the “lipstick” for the foundational elements. Shop those sales and switch out everything you can, Dawson recommends.

“You want the house to shine like a new penny, not appear to be well-loved,” she says.

Don’t Wait Until Spring To Sell Your House

February 8, 2024

West + Main Homes

Colorado, Colorado Springs, Minnesota, Mountains, National, North Carolina, Oklahoma, Oregon

As you think about the year ahead, one of your big goals may be moving.

But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts forecast home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.

4. Leverage Your Equity

Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.

If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you're thinking about selling your house and moving to another one, connect with a local real estate agent to get the process started now so you can get a leg up on your competition.

The Best Things to do in Bend For February

February 5, 2024

West + Main Homes

Oregon

If there’s snow in the mountains and heart-shaped cutouts in shop windows, it must be February in Bend.

It’s a month filled with wintery fun and fireside snuggles, with Valentine’s Day landing right in the middle like a bright cupid’s arrow. There’s love in the air, along with that crisp winter chill.

Wondering what to do, see, eat, or drink this February in Bend? Here’s what’s happening in this itty-bitty month packed with lotsa heart and soul.

Love is in the air

I’ll admit up front that I perhaps put overemphasis on the love aspect of our shortest month. Blame Visit Bend’s use of a tourism blogger who’s also a USA Today bestselling romance author. Guess I’m wired to see love all around?

In 13+ years of this blog, I’ve rounded up wintery ways to show your love, some fabulous Valentine’s dates, and Valentine’s gifts to exchange besides germs (it was pandemic times, what can I say?)

I guarantee I’ll never run out of romance-inspired blog ideas, but my author career has little to do with it. There’s simply something magical in Bend each February.

Bend restaurants bust out specialty menus filled with comfort food and prix fixe dinners designed for romantic dates. Tour companies like Wanderlust bust out Valentine’s packages (and I’m still all heart-eyed over a coworker’s Wanderlust snowshoe wedding last year). Out at Juniper Preserve, try the one-of-a-kind experience of a romantic dinner in a lava tube cave.

Why not embrace February as a chance to show your sweetheart how much you care?

Book a couples’ massage day at a Bend day spa. Take a romantic twirl together with a skate date at The Pavilion’s ice rink. Pick a Bend Sno-Park and make snow angels together. Heck, go the freebie route and use a fingertip to draw a heart in frost on your honey’s car window.

No sweetie in your arms this year? Show your love for Bend’s wild places when you practice Leave No Trace principles while exploring outdoors.

If Rover’s the love of your life, spread the love from him to Bend pet stores with a visit to Bendy Dog or Bend Pet Express for a fresh bag of treats and a blingy new collar.

There’s enough love in Bend to leave you dizzy. Spread some around this February!

Squeeze in some snow play

Mt. Bachelor boasts one of the longest ski seasons in North America, spanning from November through the end of May (weather permitting).

But don’t get cocky thinking you’ve still got half a season left.

March and April get busy with crowds of spring breakers flocking from around the Pacific Northwest. While May can bring epic bluebird days, it can also bring naked ski slopes if it’s not a great snow year.

You never know what you’ll get, so February’s a great time to get serious about booking your winter trip. Schedule some ski lessons or that sled dog ride you’ve been dreaming of.

Plan ahead by buying tickets for Winter Pridefest before midnight on February 1. That’s how you score the best price for this amazing event happening March 7-10.

If snowmobiling’s on your bucket list, now’s the best time to book that grand adventure. Add it to a romantic winter getaway complete with a couples’ cross country ski outing or a snowshoeing trip to a snuggly, cozy warming hut.

We’re back to romance again, aren’t we?

Embrace your love of beer

Fans of beer-centric events like Bend Brewfest and Bend Ale Trail Month may not know of February’s lesser-known beer celebration.

But Zwickelmania and its assortment of tours, tastings, and prizes is one of my favorite beer events of the year.

Sponsored by the Oregon Brewers Guild, it’s typically split into two weekends, with Portland peeps getting their own event a week before Bend’s breweries throw open their doors for throngs of beer fans. It’s a more intimate event than you’ll find at some of those bigger shindigs, with a chance to chat with brewers and sample seasonal beers. Some even offer kiddie games and other family fun.

Can’t make it out that weekend? February’s still a great time to sample all those hearty winter ales and thick porters along the Bend Ale Trail. With summer’s crowds a distant memory, you’ll have an easier time finding tables or fireside sipping spots at your favorite Bend brewery.

They’re playing our song

Considering the size of this shortest month, February sure brings a lot to the table for Bend’s music front.

One of my favorite musical events kicks off when Bend A Cappella Fest takes the stage. It’s the Northwest’s only festival focusing on masterclasses, a cappella performances, and camaraderie. Each year’s lineup is different, but you’ll almost always see names you recognize from shows like Pitch Perfect or The Sing-Off. Grab tickets early, since this one tends to sell out.

Speaking of tickets getting snapped up fast, it pays to plan ahead for Jazz at the Oxford. This seasonal series spans November through March, and many snows sell out quickly. Take a look at what’s on tap for February, then cross your fingers you snag seats for a show at this uber-cool series.

While you’re feeling classy, browse the schedule for Central Oregon Symphony. Winter concerts range from brass musicians to string shows and more. Tickets often sell for tiny prices at modest venues like local high schools.

If opera’s your jam, it’s worth a look at what’s happening with Opera Bend.
Pro tip: By the time February hits, Hayden Homes Amphitheater has usually announced about a dozen summer concerts, with more on the way. Watch closely, as popular acts sell out in minutes. Make sure you’re on their email list so you don’t miss any concert announcements. Then plan to pounce fast when you see one you like.

Bust out those boots

It’s not all snow and ice when you head for Bend in winter. You’ll find plenty of inspiring winter hikes from Sawyer Park to the Tam a Lau Trail to good ol’ Pilot Butte.

We’re still a few months out from snow gates opening at popular spots like Tumalo Falls, the Cascade Lakes Scenic Byway, and Newberry National Volcanic Monument, but why miss the chance to explore in uniquely wintery ways?

Book a fat bike tour with Cog Wild for the thrill of cycling on snow. If that’s not your scene, find plenty of snow-free routes on the Cascades Gravel Scenic Bikeway.

Take a chance on only-in-winter adventures like snowshoeing or ice skating, then wrap things up with some fireside suds at your favorite Bend brewery.

Cheers to this short but oh-so-sweet month in Bend!

The Housing Market’s ‘Affordability Picture’ May Finally Be Coming Into Focus

February 2, 2024

West + Main Homes

Colorado, Colorado Springs, Minnesota, Mountains, National, Oklahoma, North Carolina, Oregon

As of late, the housing market seems to be in standby mode, ready to rev up if mortgage rates fall or further stagnate if rates rise.

Currently, mortgage rates are toggling back and forth in the mid-6% range, down from the high 7% range in the fall of last year. According to the latest Freddie Mac data, rates for a 30-year fixed-rate home loan ticked down to an average of 6.63% for the week ending Feb. 1. (Last week’s rate averaged 6.69%.)

Yet the suspended state of rates does not mean there was complete stasis in the real estate market. While the big picture might show a market barely shifting gears, a closer look at the latest Realtor.com® data at the end of January reveals a different story—maybe even a (gasp) happy story where the market is picking up steam.

We’ll explain what the latest housing market data means for buyers and sellers in this newest installment of “How’s the Housing Market This Week?”

Real estate listings have returned

The engine powering the housing market’s surprising burst of activity is the number of homes for sale, which shot up by 10.1% year over year for the week ending Jan. 27.

“For a 12th consecutive week, active listings registered above the prior-year level, which means that today’s home shoppers have more homes to choose from,” says Realtor.com Chief Economist Danielle Hale in her most recent analysis.

Many of these listings are newly on the market, too, with 2.1% more home sellers jumping in this week compared with a year earlier.

“While the jump was not as big as seen in recent weeks, further improvement in new listings will help contribute to a recovery in active listings, meaning more options for home shoppers,” explains Hale.

This influx of listings has many buyers ready and raring to make a deal with their checkbooks at the ready.

Homes were snapped up three days faster for the week ending Jan. 27 compared with this time last year. This marked 17 weeks the typical home spent less time on the market than the same week the year prior. (The typical home spent 69 days on the market in January.)

In general, though, it’s worth remembering that overall housing inventory remains a whopping 40% below 2017 to 2019 levels. Still, this latest uptick in listings is a welcome step in the right direction.

The mortgage rate outlook

The Federal Reserve met at the very end of January. While it didn’t raise its interest rates to combat inflation, it didn’t lower them either. That means mortgage rates, which generally follow the same trajectory as the Fed’s rates, aren’t likely to drop by as much as many homebuyers had hoped.

“Incoming data will continue to be an important arbiter of the likely rate path, and the Fed is waiting to see what results, alongside everyone else,” says Hale. For example, if the data shows that inflation has fallen below the Fed’s 2% target, the Fed could cut rates sooner.

Hale explains that buyers and sellers face an unknown future as to exactly when—and in what direction—rates might go. However, she predicts “the general trend is likely to be lower, in line with Realtor.com’s 2024 Housing Forecast and also in line with consumer expectations, which have pivoted toward this reality in recent weeks.”

Sam Khater, Freddie Mac’s chief economist, agrees.

“Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation, we expect rates to decline further,” he said in a statement.

Why home prices still seem stuck

Mortgage rates aren’t the only variable seemingly stuck in limbo. Home prices have also “been in a rough holding pattern since May 2023,” explains Hale.

Indeed, the median list price was up just 0.2% for the week ending Jan. 27 compared with the same week last year. (The median list price in January was $409,500.)

List prices typically dip during winter, then rise once temperatures warm up as home shoppers show up in droves. This seasonal upswing typically starts as early as January.

“The nation’s median home listing price typically rises after the first week of the year,” says Hale. This year, however, it might not be by much.

“We may not see the intensity of increase that we’ve seen in 2021 to 2023,” adds Hale.

Hale predicts that cooling home price growth might, along with softening mortgage rates, “give buyer incomes a chance to catch up and improve the affordability picture.”

Blog

On the road to becoming a homeowner?

Read more at KeepingCurrentMatters.com

Related Links

Home sellers are often told to make upgrades to their house before they sell. But when is the best time to get those home improvements underway, in terms of scoring the best ROI?

Read more at Realtor.com

Related Links

As you think about the year ahead, one of your big goals may be moving.

Read more at KeepingCurrentMatters.com

Related Links

If there’s snow in the mountains and heart-shaped cutouts in shop windows, it must be February in Bend.

Read more at VisitBend.com

Related Links

As of late, the housing market seems to be in standby mode, ready to rev up if mortgage rates fall or further stagnate if rates rise.

Real estate listings have returned

The mortgage rate outlook

Why home prices still seem stuck

Read more at Realtor.com

Related Links

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