Home Buyers Archives - SkyBlue Portland

Forget the Price of the Home. The Cost is What Matters.

Home buying activity (demand) is up, and the number of available listings (supply) is down. When demand outpaces supply, prices appreciate. That’s why firms are beginning to increase their projections for home price appreciation going forward. As an example, CoreLogic increased their 12-month projection for home values from 4.5% to 5.6% over the last few months. The reacceleration of home values will cause some to again voice concerns about affordability. Just last week, however, First American came out with a data analysis that explains how price is not … Continue reading...

This is Not 2008 All Over Again: The Mortgage Lending Factor

Some are afraid the real estate market may be looking a lot like it did prior to the housing crash in 2008. One of the factors they’re pointing at is the availability of mortgage money. Recent articles about the availability of low-down payment loans and down payment assistance programs are causing concern that we’re returning to the bad habits of a decade ago. Let’s alleviate the fears about the current mortgage market. The Mortgage Bankers’ Association releases an index several times a year titled: The Mortgage Credit Availability Index (MCAI). According to their … Continue reading...

Taking the Fear Out of the Mortgage Process

A considerable number of potential buyers shy away from the real estate market because they’re uncertain about the buying process – particularly when it comes to qualifying for a mortgage. For many, the mortgage process can be scary, but it doesn’t have to be! In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and a good credit history. Once you’re ready to apply, here are 5 easy steps Freddie Macsuggests to follow: Find out your … Continue reading...

Sellers: Now Is the Time to Buy!

Falling interest rates coupled with increasing inventory create the ideal market to find the home of your dreams. There's no time like the present to move up! Let's get together to discuss your options. … Continue reading...

62% of Buyers Are Wrong About Down Payment Needs

If you're a first-time buyer saving for a downpayment, you may be closer to homeownership than you think. According to the ‘2019 Home Buyer Report’ conducted by Nerdwallet, “More than 6 in 10 (62%) Americans believe you must put at least 20% down in order to purchase a home.” Unfortunately, this lack of accurate information about the home-buying process keeps many buyers on the sidelines. Today there are multiple programs available that enable home buyers to purchase a home with far less than 20% down. “The truth: 32% of current U.S. homeowners put 5% or less down on … Continue reading...

What You Need to Know About the Mortgage Process

Many buyers are purchasing homes with down payments as little as 3%. You may already qualify for a loan, even if you don’t have perfect credit. Your local professionals are here to help you determine how much you can afford, so take advantage of the opportunity to learn more. … Continue reading...

What to Expect from Your Home Inspection

Congratulations! Your offer was accepted. Now what? The next step is to conduct a professional home inspection. In Oregon, you have a 10 business day contingency period to complete the inspection and come to terms with the seller if any repairs are required. The inspection process gives you an opportunity to closely look at the house and make sure you're making a sound buying decision. If issues are discovered during the inspection, the contingency allows you to ask the sellers to make repairs, renegotiate the price you offered for the home, or in some cases, you may decide … Continue reading...

A Recession Does Not Equal a Housing Crisis

Recently, there's been a lot of news surrounding an impending recession. However, the same experts predicting an economic slowdown also believe it will not be caused by the housing market. If you're thinking of buying or selling a home, there's no need to panic- let's get together to address your concerns and talk about what's really happening. … Continue reading...

What’s the Latest on Interest Rates?

More good news for home buyers! Mortgage rates have fallen by over a full percentage point since Q4 of 2018, and are currently at near-historic lows. Lower interest rates means you can buy more house for the same monthly payment or have a lower money payment. According to Freddie Mac’s Primary Mortgage Market Survey, “the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.” Sam Khater, the Chief Economist at Freddie Mac, notes how this is great news for home buyers. He states, “…consumer sentiment remains buoyed … Continue reading...

One More Time… You Do Not Need 20% Down to Buy a Home

So, you think you need a 20% down payment to buy a home in 2019? Not true. Not true. Not true. The biggest roadblock renters face when deciding to buy a home is saving for the down payment. Which is a challenge with rising rent prices eating into the savings plan each month. Along with the challenge of rising rent prices, surveys show that non-homeowners believe they need 20% or more for a down payment. Double whammy! According to the “Barriers to Accessing Homeownership” study commissioned in partnership between the Urban Institute, Down Payment Resource, and … Continue reading...