Weekend Projects: Declutter an Area You Think Will Fill Up

One of the best (and least obvious) decluttering tips is to prevent clutter before items enter your home.

You may have heard of the one-in, one-out rule, which instructs minimalists and clutter-resisters to donate or toss one item for every new thing they bring into their home. The idea is that, theoretically, you’ll never become overrun with stuff because you’ll never have more than you have right now.

I don’t know about you, but I can never remember to do this! I’ll try harder because I think it’s a great strategy, but these days, I declutter when I can’t stand an overstuffed, disorganized space even one more second. But I’d love to switch from an approach that’s more like putting out clutter fires to one that prevents the “fire” in the first place.

This weekend, just prior to a likely influx of new things over the course of the next month, we’re going to do an exercise that does just that.

This Weekend: Declutter an area you think will fill up.

You may have a good idea of what kinds of gifts friends and family will send to your household for the holidays. In anticipation of them, focus your attention on the areas of your home or the categories of items that you think may fill up.

Here are some examples:

Toys. If you have young children, you may experience an influx of toys. Before this happens, go through your existing toys. Involve your kids if you can, explaining beforehand what you are going to do together and why. Point out that they can send off the toys they’ve outgrown to other children who will love and play with them.

Clothing. Maybe you open a matching set of Christmas PJs on Christmas Eve. Go through and donate any pajamas and loungewear that are outgrown or no longer used. Or maybe you and your sibling(s) gift each other a nice, cozy sweater every winter. Sort through your collection and pass along anything you don’t reach for any more.

Kitchenware. If you love to cook and bake, your loved ones know this and no doubt support you (and enjoy the fruits of your labor!). You may be receiving new cookware, bakeware, and cooking tools. To prepare, and to avoid overcrowded drawers and cupboards, thin out your current collection to the “best, favorite, and necessary.”

Books. Gifting books is a favorite way for bibliophiles to spread their love of reading with one another. If you expect your library to grow this season, consider culling your current book collection. It might feel like sacrilege, but remember that for the extraordinary to shine, you have to edit out the just-okays. Rather than maintaining a watered-down assemblage that includes books you would never reread or recommend, take this opportunity to transform your library into a set of tomes that express who you are.

Remember: This is about improvement, not perfection. Each week you can either choose to work on the assignment we’ve sent you or tackle another project you’ve been meaning to get to. It’s also completely okay to skip a weekend if you’re busy or not feeling the assignment.

Get more tips like this on Apartment Therapy.

Related Links

• The housing market is still savagely unhealthy

• How Does The Escrow Process Work in Real Estate

• After You Sell Your House, Make Sure You Do These 10 Things

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

After You Sell Your House, Make Sure You Do These 10 Things

After you sell your house, you’re done, right? You can walk away and celebrate?

Well, not exactly! After you sell your house, you certainly should celebrate, but you have more things to think about, from tax prep to buying your next house. In “House Selling for Dummies,” authors Eric Tyson and Ray Brown lay out things you can do to save money and increase your peace of mind, post-sale.

What to do after you sell your house

You’re going to need to do something with any proceeds you have left from the sale. Plus there are tax implications to consider, and if you haven’t already, you need to think about where you’re going to live long term.

Here are some tips from Tyson and Brown that can help guide you after you sell your house:

1. Keep copies of all paperwork related to the closing and settlement after you sell your house

Although it might be tempting to shred the paperwork or put it in storage, you’ll want to have it handy for April 15. When you file your taxes, you’ll need documentation for the expenses and proceeds of the sale. And after you file your return, you’ll want to keep the paperwork in case you’re audited.

2. Keep proof of improvements and prior purchases

This is for tax purposes, too. The IRS allows you to add the cost of improvements to your home’s cost basis during the time you own the home, which is nice if you have a sizable capital gain. But to use this tax provision, you need to keep receipts for everything you spent on home improvement.

3. Stay on top of tax laws after you sell

Because tax laws constantly change, you’ll want to keep current to avoid losing money. For example, a recent law allows you to exclude from tax a significant portion of the profits from the sale of your primary residence.

4. Put your proceeds in a money market fund

If you sell and then don’t immediately buy, you’ll need a safe place to put your money. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges.

5. Choose your next home carefully

Scope out a variety of areas and housing options that meet your family’s needs.

6. Don’t feel pressured to buy

Take your time purchasing your next home; rent for awhile if you’d like extra time or want to try an area out first before buying. “Keep in mind that you have two years to defer tax on your house-sale profits,” Tyson and Brown point out.

7. Reevaluate your personal finances

If your situation changes before you buy another house – you get a promotion, have a baby, go through a divorce – you’ll need to rethink your finances and how much you can afford to pay for your new house.

8. Think about what you need from an agent to help you buy

Carefully consider whether the agent who helped sell your house can meet your needs when you’re buying. Buying and selling require different skills. And, if you’re moving to a new area, you may want someone familiar with the area.

9. Think through your next down payment

Brown and Tyson recommend putting at least 20 percent down on your next house in order to qualify for the best mortgage programs. If you can afford more than 20 percent, consider whether it’s better to put that money in the down payment or to invest the money elsewhere.

“Younger home buyers willing to take on more investment risk should lean toward a 20-percent down payment, whereas older home buyers, who tend to invest less aggressively, should opt for larger down payments,” the pair recommends.

10. Remember to send change-of-address notices

The U.S. Postal Service recommends you complete your change of address 30 days before you move.

Get more like this on Realtor.com

Related Links

• The housing market is still savagely unhealthy

• How Does The Escrow Process Work in Real Estate

• Mortgage rate locks tumble amid sharp rate rise

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

How Does The Escrow Process Work in Real Estate

When you are buying a home, some parts of the transaction can be confusing, and the escrow meaning is one of them. It is not unusual for homebuyers to ask, what is an escrow account and how will it affect me in the buying process?

Having escrow funds ensures that the buyer has some skin in the game and will not walk from the transaction.

Let's look at how escrow works and what you need to know when you encounter this when buying a home. As a first-time homebuyer, it is one of the essential things to know about.

What is an Escrow?

Escrow deposits are a way for a third party to hold onto an asset until both sides of the financial transaction have completed their obligations.

When you buy a home, this will mean giving your earnest money deposit to a third party until closing. This money is placed in an escrow account until the purchase agreement conditions have been met.

The escrow held is typically one to five percent of the purchase price. It can vary tremendously based on where you're located and familiar traditions.

After getting an accepted offer on a home, it will mean handing over a check to your escrow agent to be safely deposited with the escrow company. The company is the third party that will oversee some of the documents and funds involved at the start of the process and at closing.

Escrow funds are almost always held by one of three parties—a real estate broker, an escrow company or an attorney.

Let’s look at some of the stages you’ll need to go through before your funds are released from escrow and close on the home.

Home Loan Approval

Before you make an offer on a home, you should have already received pre-approval for a mortgage. When you have the address of the home you want to buy, your lender can begin the underwriting process to approve the loan.

Your lender will give you a breakdown of your closing costs and other fees. They will also need an appraisal of the home to know they aren’t lending more than it is worth.

Should you end up in foreclosure, the lender doesn’t want to lose out financially. The buyer will pay for a house appraisal, and the result could be a problem if it finds the value is less than the offer amount. If that happens, you aren’t going to get the loan you expect unless you can pay the difference or negotiate with the seller to reduce the price.

If the appraisal is lower than you expect, there are other options, like changing lenders and getting another estimate. You can also challenge the finding, though you will need some solid evidence to prove the home is worth more.

If none of these options resolves the situation, you can still walk away from the deal. But if the appraisal is dealt with, the contingency can be removed.

If your lender hasn’t found any problems with your application, they should give you a written loan commitment. At this point, any financing contingency has been fulfilled and you are closer to owning the home.

Seller Disclosures

If there are any problems that the seller or their real estate agent is aware of, they will create a written notification. Perhaps, something about the home doesn’t meet the housing code, and it hasn’t been previously mentioned in the listing.

Even if there isn’t this type of disclosure, any problems should be revealed in the home inspection. While you don’t have to get the home inspected, it is in your best interests to do so. There are other inspections you might need as well:

• Pest Inspection - To check for termites and other problems

• Environmental Inspection - To look for mold, radon, and any potential contamination from hazardous materials.

• Geologic Check - If the home is in an earthquake or flood zone.

Title Insurance

Lenders typically require title insurance and title reports. The report ensures that there isn't a problem with the title, like liens or other claims to the home. If someone makes a claim of ownership over the house in the future, title insurance ensures the lender is covered.

Buyers have the option to purchase their own title insurance policy. When getting a home loan, every lender will require a buyer to buy lender's title insurance.

Final Walk-Through

When you are through the other stages, it is advisable to make a last check of the home before closing. This will let you make sure the house is in the same condition and that items have been left that were agreed upon.

Closing Escrow

At closing, you will have documents to check and sign. It would be best to take your time to ensure that everything is as it should be. With signatures on all the dotted lines, you’ll need to pay your down payment with a cashier’s check or wire transfer.

The escrow company will now release your earnest money to help you cover the costs required at closing. You will also be given the keys as the home's new owner.

Final Thoughts

Understanding how escrow works in real estate is essential for buyers and sellers. It is not uncommon for disputes over escrow deposits if a home sale goes south. It is crucial to understand that the third party holding the money cannot release the funds to either party during a dispute.

If there is no resolution with dispersing the funds, the court will eventually decide it.

Get more content like this on RISMedia.

Related Links

• The housing market is still savagely unhealthy

• 5 predictions for the second half of the 2022 housing marketIs It Okay to Keep Moving Around Your Houseplants?

• Mortgage rate locks tumble amid sharp rate rise

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

Mortgage rate locks tumble amid sharp rate rise

Black Knight and Mortgage Capital Trading both show that mortgage rate lock and cash-out refinance rate lock volume dipped in April

Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed. 

Total mortgage rate locks by dollar volume were down 5% in April from the previous month, according to MCT’s monthly Mortgage Lock Volume Indices report. Compared with the same period last year, the number of rate locks by mortgage volume was down 25.4%. 

The average 30-year conforming mortgage rate climbed to 5.27% last week, marking the highest average since 2009, according to Freddie Mac PMMS. Black Knight’s Optimal Blue OBMMI pricing engine, which considers refinancings and additional data from the Mortgage Bankers Association, finished the month of April at 5.42%.

Refinancing has seen the biggest impact of the rising-rate pressure. Rate locks for rate-and-term refinances, which is driven primarily by a drop in interest rates to lower monthly mortgage payments, were down 36.4% in April from the previous month. Compared with April 2021, rate-and-term refinances were down 89.2%. 

Cash-out refinance activity, in contrast, is led by increasing home values by homeowners seeking to tap into their home equity. In April, cash-out refinance rate locks were down 31.1% from March and slumped 51.7% from a year earlier.

Black Knight’s monthly originations market monitor report showed a similar downward trend of mortgage rate locks. Rate lock production volume activity was down 20.3% month over month, driven by a 50% drop in rate-term-refinance lending activity.

Cash-out refi locks dipped 40% in April as homeowners likely sought other products including Home Equity Line of Credits [HELOCs] or second linens, to access tappable equity without sacrificing historically low first-lien mortgage rates, which were secured with real estate as collateral.

In a traditional home equity product, the lender disburses a lump sum of cash upfront to the buyer, who then pays the loan back in fixed-rate payments. A HELOC, by contrast, is a revolving line of credit that allows borrowing as needed, with a variable interest rate. 

April’s decline in rate lock activity is “hardly surprising,” said Scott Happ, president at Optimal Blue, citing half of all mortgage holders holding current first lien rates below 3.5%. The combined decline in refinance locks pushed the refi share of the market down to 20% last month, marking the lowest point on record since at least January 2018, when Optimal Blue began tracking the metric. 

“That being said, while purchase locks were down somewhat from March, they remained flat from last April, reflecting consistent and resilient demand from homebuyers,” Happ said in a statement. 

Purchase rate locks measured by MCT, however, were up 2.2% month over month in April and 7.55% from a year earlier, “a bright spot even as mortgage rates have increased rapidly in 2022.”

MCT, founded in 2001, launched its first monthly mortgage lock volume report on Monday. The indices are based on the actual dollar volume of locked loans, not the numbers of applications. 

“Especially in a tight purchase market. Applications are a less reliable metric for the mortgage industry as there is a higher likelihood of having multiple applications per funded loan,” the MCT report noted. 

Black Knight’s monthly market monitor reports provide origination metrics for the U.S. and the top 20 metropolitan statistical areas by share of total origination volume. The New York-Newark-Jersey City regions had the highest rate lock volume at 4.1% in April. The Los Angeles-Long Beach-Anaheim regions had the second-highest lock volume rate (3.9%) trailed by the Washington-Arlington-Alexandria (3.8%) region. 

Read more like this on Housing Wire.

Related Links

• The housing market is still savagely unhealthy

• 5 predictions for the second half of the 2022 housing marketIs It Okay to Keep Moving Around Your Houseplants?

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

Search Homes in Colorado

Search Homes in Oklahoma

Search Homes in Oregon

Central Oregon Real Estate Market Report from April 2022

Inventory levels remain low, but increased slightly last month in Bend and Redmond, at a month’s supply. Prices have slowed their meteoric rise, but continue to remain strong as we move into the heart of the Spring market.

Mortgage rates rose steadily again, more than a half percentage point from where we started the month and are now hovering at 5.27% on 30-year fixed rates according to Freddie Mac.

“While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming months.”

Redmond saw an uptick in the median price this month, while Bend, La Pine, Sisters and other outlying areas saw a slight decrease in prices and more days on market than in March.

Sunriver was the outlier in the region, crossing the 1 Million Dollar mark for the first time ever.

Inventory of Bend area homes for sale grew to its highest number in recent months and is double of April 2021. The market is headed in a healthy direction but still has a long way to go.

Download the Full Report

---

BEND AREA
$770,000
Median Price
4 Days on Market

REDMOND AREA
$538,000
Median Price
6 Days on Market

JEFFERSON COUNTY
$338,000
Median Price
20 Days on Market

SUNRIVER
$1,065,000
Median Price
8 Days on Market

LA PINE
$449,000
Median Price
108 Days on Market

SISTERS
$650,000
Median Price
5 Days on Market

CROOK COUNTY
$394,000
Median Price
7 Days on Market

---

Thank you to Beacon Appraisal Group for compiling this report. Prepared by Donnie Montagner with information from the MLS of Central Oregon with permission from COAR.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.