Tag: first time home buyer

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest numbers shows mostly robust activity in Portland and the Lake Oswego/West Linn areas for July.

According to the RMLS Market Action Report for the Portland Metro Area  July, 2014:

  • At 2,678, July Closed Sales rose 2.3% over the month prior (June), but fell 3.2% when compared with July of 2013.
  • There were 3,954 New Listings in July... 2.0% higher than July 2013, but down 3% from the month prior when there were 4,078.
  • The Average Sale Price in July, $344,700, was up nearly $10,000 (9,900)  from the month prior!  In addition the first seven months of 2014 are logging an Average Sale Price of $331,400, which is up 7.9% over the same time period in 2013.
  • July Pending Sales (accepted offers), at 2,802, were down 5.5%  from the month prior. This seems to indicate a slowing where Buyers were not making as many offers in July. That said, the Pending sales are up 2.3% over July 2013 .

The combined areas of Lake Oswego and West Linn  for July reported:

    • 557 Active Listings
    • 230 New Listings
    • 148 Pending Sales
    • 157 Closed Sales
    • An average Sale Price of $560,900.
    • Average Time on the Market: 85 Days
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Market Activity ~ Aug 11-17, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 15 New properties enter the market, 23 move to Pending status, and 16 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on Mkt (Aug 11-17, 2014)

List Price Address # Beds # Baths Total SF Prop Type
$149,900 245 CERVANTES 2 2 1292 CONDO
$189,000 203 OSWEGO SMT #203 2 2 1506 CONDO
$315,000 2 THE GROTTO 3 2 1156 DETACHD
$349,000 16494 INVERURIE RD 3 1 1200 DETACHD
$394,900 10 ABELARD ST 3 2 1874 DETACHD
$410,000 123 CONDOLEA DR 3 3 2143 CONDO
$449,900 16902 CHAPIN WAY 3 2.1 1993 DETACHD
$450,000 6055 SW CARMAN DR 3 3 2460 DETACHD
$499,900 1001 BULLOCK ST 3 2 2008 DETACHD
$718,000 5726 CHARLES CIR 4 3.1 3173 DETACHD
$899,500 737 COUNTRY CLUB RD 4 2.1 3242 DETACHD
$925,000 1776 OAK ST 4 3.2 4012 DETACHD
$1,295,000 689 G AVE 4 2.1 3100 DETACHD
$1,649,500 1400 RIDGECREST DR 4 4 3859 DETACHD
$2,375,000 18022 SKYLAND CIR 4 5.1 9265 DETACHD

PENDING SALES (Aug 11-17, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #54 $89,900 1 1 617 CONDO 2
3884 BOTTICELLI ST #34 $140,000 2 1.1 1132 CONDO 150
432 5TH ST #1 $279,900 2 1.1 1092 CONDO 57
5720 KENNY ST $289,900 3 2 1416 DETACHD 64
1310 OAK TER $379,000 3 1 900 DETACHD 17
16998 GREENTREE AVE $398,500 4 2.1 2392 DETACHD 64
3225 TEMPEST DR $448,000 3 2.1 2231 DETACHD 48
257 C AVE $449,000 4 2 1600 DETACHD 105
23 TOUCHSTONE $479,000 5 4 3144 DETACHD 81
17187 CARLSON CT $495,000 4 3 2082 DETACHD 10
1023 GANS ST $495,000 3 2.1 2770 DETACHD 3
5101 DAWN AVE $499,000 5 3 2700 DETACHD 260
1286 LARCH ST $549,900 4 2.1 2410 DETACHD 97
1403 GREENTREE CIR $649,900 5 3.1 4047 DETACHD 47
1640 OAK ST $675,000 4 2.1 3301 DETACHD 186
18020 SKYLAND CIR $799,999 4 3.1 3210 DETACHD 43
17288 LOWENBERG TER $875,000 4 3.1 3467 DETACHD 22
16672 FIR LN $899,000 4 4.1 4179 DETACHD 119
257 IRON MOUNTAIN BLVD $899,000 4 2.2 3746 DETACHD 52
590 OAK MEADOW DR $1,249,000 4 4.1 4673 DETACHD 106
13777 CAMEO CT $1,700,000 4 5.1 7300 DETACHD 38
1633 LESLIE LN $1,850,000 5 4.1 5921 DETACHD 88
616 CABANA LN $2,895,000 4 4 3800 DETACHD 390

SOLD  (Aug 11-17, 2014)

Address Open Price Closed Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #61 $229,900 $209,900 2 2 1305 CONDO 136
5054 FOOTHILLS DR C $239,000 $228,500 3 2 1252 CONDO 245
13 SAINT HELENS CIR $364,900 $300,000 3 2.1 2022 DETACHD 143
1285 OAK TER $325,000 $315,000 3 1.1 1150 DETACHD 11
164 KINGSGATE RD $359,000 $355,000 3 2 1757 DETACHD 3
15465 TANAGER DR $379,000 $387,520 2 2 1535 DETACHD 6
13753 PROVINCIAL HILL DR $479,900 $475,000 3 2.1 1935 DETACHD 4
10 HOTSPUR ST $492,000 $499,000 4 2.1 2313 DETACHD 4
73 TANGLEWOOD DR $509,900 $510,000 4 3.1 4278 DETACHD 13
18212 INDIAN CREEK DR $549,900 $554,900 4 2.1 2251 DETACHD 6
15254 CANDLEWOOD CT $599,000 $570,000 5 3 2968 DETACHD 126
5807 RIDGETOP CT $659,900 $590,000 5 2.1 2650 DETACHD 23
14246 KIMBERLY CIR $669,000 $675,000 4 2.1 3520 DETACHD 25
1245 CHANDLER RD $797,500 $711,750 4 4 3278 DETACHD 158
5676 SUNCREEK DR $799,000 $800,000 4 3.1 3312 DETACHD 2
4591 DOGWOOD DR $889,000 $889,000 4 3.1 4177 DETACHD 2

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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The Haps in Lake Oswego

sunDianne and I hope you are enjoying your summertime! If you are one of our many Lake Oswego readers, or working on moving to Lake Oswego (call us if you need help : ), here are some of the fun August activities you may want to sample:

* Annual Photo Contest! – Entries must be submitted by 5 p.m Sep. 4th – Photo Submission Categories include Life, Places, People, Positive Aging, Youth and Pets in Lake Oswego – Click HERE for more info.

* Collector Car & Classic Boat Pre- Show and Show – Sat & Sun/Aug 16th  & 17th – Foothills Dock / & George Rogers Park  – Click HERE for more details.

* Lake Oswego Farmers Market – Every Saturday, 8:30 – 1:30PM – Millennium Plaza Park -Click HERE for more details.

* Moonlight & Music Concerts – Every Sun – 6:00-7:30PM – Millennium Plaza Park  (Aaron Meyer Aug 10th)  – All are Welcome.  Click HERE for more info.

* Movies in the Park –  Every Thursday –  8:00-10:00PM – Millenium Plaza Park – Click HERE for more info.

* Master the Art of Poetry – Every Saturday – 10 – 11:15AM  – Lake Oswego West End Building  Click HERE for more info.

Very Best,

Linda

 

 

 

 

 Note: This is not intended to solicit existing business relationships from other Realtors.

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Market Activity ~ July 28-Aug 3, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 19 New properties enter the market, 20 move to Pending status, and 19 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on Mkt (July 28-Aug 3, 2014)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #110 $149,000 2 2 1000 CONDO
5225 JEAN RD #605 $199,900 2 2 1400 CONDO
16200 PACIFIC HWY #15 $279,900 2 2 1200 CONDO
466 5TH ST #14 $310,000 2 1.1 1092 CONDO
6243 SW DAWN ST $314,000 3 1.1 1254 DETACHD
1310 OAK TER $379,000 3 1 900 DETACHD
17226 TUALATIN ST $435,000 4 2.1 1942 DETACHD
18929 LONGFELLOW AVE $446,000 3 2 1800 DETACHD
47 DA VINCI ST $489,900 3 2.1 2445 DETACHD
17187 CARLSON CT $495,000 4 3 2082 DETACHD
2802 GREENTREE RD $499,500 3 2 2548 DETACHD
435 7TH ST $649,000 2 2 2010 DETACHD
1766 PALISADES TERRACE DR $799,000 4 2.1 2792 DETACHD
1057 BULLOCK ST $950,000 4 3.1 4700 DETACHD
718 MAPLE ST $1,385,000 3 2.1 4023 DETACHD
16525 MAPLE CIR $1,450,000 3 3.1 3443 DETACHD
17515 BLUE HERON RD $2,595,000 5 5.2 6314 DETACHD
2490 SUMMIT DR $2,595,000 4 2 3000 DETACHD
3796 LAKEVIEW BLVD $2,995,000 3 2.1 4150 DETACHD

PENDING SALES (July 28-Aug 3, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
510 S STATE ST $150,000 1 1 829 CONDO 4
750 1ST ST D25 $224,900 2 2 1350 CONDO 34
73 CONDOLEA WAY #73 $279,000 2 2 2131 CONDO 87
1720 BONNIEBRAE DR $287,500 2 2 1611 ATTACHD 66
139 DEL PRADO ST $399,000 4 2 2967 DETACHD 68
15 TOUCHSTONE $425,000 4 2.1 2276 DETACHD 34
17441 CARDINAL DR $449,500 3 2.1 1836 DETACHD 2
523 2ND ST #105 $465,000 2 2 1274 CONDO 12
7 WINDSOR CT $479,900 5 2.1 2728 DETACHD 62
54 AQUINAS ST $499,900 4 2.1 2632 DETACHD 90
876 SUNNY HILL DR $519,000 4 2.1 2164 DETACHD 52
11 MASARYK ST $549,900 5 4 4823 DETACHD 375
555 COUNTRY CLUB RD $639,900 3 2.5 2133 DETACHD 22
2751 SUMMIT DR $648,950 3 2 2418 DETACHD 2
18322 ANDUIN TER $670,000 4 2.1 3771 DETACHD 106
4096 COLTSFOOT LN $699,000 4 2.1 3316 DETACHD 4
5347 DENTON DR $785,000 4 2.1 3240 DETACHD 1
4591 DOGWOOD DR $889,000 4 3.1 4177 DETACHD 2
50 BRIARWOOD RD $989,000 6 6 7773 DETACHD 185
16775 GRAEF CIR $1,450,000 3 2.1 2448 DETACHD 52

SOLD  (July 28-Aug 3, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5225 JEAN RD #506 $159,900 $157,000 2 2 1100 CONDO 7
3834 BOTTICELLI ST $190,000 $175,755 2 2 1055 CONDO 137
4711 REMBRANDT LN $399,900 $399,900 3 2.1 2050 DETACHD 36
342 5TH ST $399,000 $402,800 2 1 872 DETACHD 5
14584 WILMOT WAY $439,000 $414,000 4 2.1 1939 DETACHD 57
708 SUNNY HILL DR $495,000 $465,000 3 2 1977 DETACHD 33
1950 GREEN ACRES LN $525,000 $465,000 4 2.1 2659 DETACHD 485
14318 MEADOW GRASS ST $495,000 $473,142 3 2.1 2326 DETACHD 26
16943 GREENTREE AVE $499,000 $475,000 4 3.1 2433 DETACHD 29
4581 TRILLIUM WOODS $567,890 $570,000 3 2.1 2211 ATTACHD 2
577 LAUREL ST $629,900 $647,400 4 3.1 2747 DETACHD 45
17879 SUNDOWN CT $635,000 $657,000 4 2.1 4172 DETACHD 3
14167 EDENBERRY DR $659,000 $659,000 4 2.1 2851 DETACHD 9
4393 SUNDEW CT $784,900 $660,000 4 2.1 4881 DETACHD 72
654 RIDGEWAY RD $825,000 $700,000 4 2 1795 DETACHD 27
14480 KRUSE OAKS BLVD $999,800 $975,000 4 3.1 4661 DETACHD 12
17521 RIDGEVIEW LN $1,379,900 $1,290,000 4 3.1 4813 DETACHD 80
17353 CANAL CIR $1,395,000 $1,400,000 5 4 3329 DETACHD 336
13648 Goodall RD Lot 1 $1,499,000 $1,425,000 4 4.2 5206 DETACHD 513

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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The Big Picture ~ Buying a Home

hurdleLet me just start by saying… I LOVE working with Buyers. My experience is that most Realtors will not venture to say this as the perception is that there is much more labor involved for the Realtor in driving folks to look at properties, working through the inspection, lending and other processes, etc. But me? My background is in Marketing… so I find it easy to list, advertise and sell someone’s home, but I have the most FUN when working with Buyers. It’s something about the adventure of helping someone find a home they Love. It’s researching, finding, and then walking with them into “the one” and watching the looks on their faces. It’s a lot of things for me. It’s the feeling I got into real estate for… and I’m all about Quality of Life- mine and yours. In fact, helping people improve theirs is another reason I got into real estate!

Ok, on that note. I thought I’d talk a little about the “Big Picture” perspective as you move through a transaction. What does the whole thing mean? …For you to spell out what you’re looking for, finally make a decision on one home that is so right for you, and then negotiate through all that follows to get to the finish line. I find that many Buyers don’t know what they’re in for when they start the process, and can potentially lose the Big Picture half-way through. Explaining that is something I incorporate into information at the start of our relationship, and/but…there’s nothing like getting into the middle of it to really throw a Buyer for a loop sometimes. Don’t let a surmountable obstacle become so large that the Big Picture is obscured. There are hurdles in all transactions…and your Realtor will help you jump them.

Hurdle #1– When you find the home of your dreams, it will have a price tag. The first order of business is to assess the lay of the land in that regard with your Realtor, and make a decision on what to offer. (Is it a competitive situation? Has the property been on the market for many months? Is it way overpriced?) Then the offer is made. The Seller will either accept your offer, counter it with their own idea of what they want to see as the sale price or in some instances reject your offer. In most cases the two parties land somewhere price-wise that they can both live with. Ok. That was hurdle number one.

Hurdle #2– You will generally (unless otherwise agreed-to) have ten busines days in which to conduct inspections and be “all negotiated” at midnight on the last of those days. Your Realtor will help you through this process, and most people these days will have a general inspection, a sewer scope and a radon test. You may opt otherwise, but those are generally called for. The inspector(s) WILL find all kinds of things wrong with your dream home. It’s their job to do so. Unless you’re buying new construction (and even then) there will be issues that maybe are 1) “FYI’s” for future maintenance, and 2) issues that need attention (like clogged gutters maybe, venting needed for bathrooms or kitchen, perhaps vapor barrier needed under the home, a tune-up on the furnace sometimes, etc) and possibly 3) issues that present safety concerns (improper wiring, structural concerns, code violations, etc). In the state of Oregon the Seller is selling the home “as-is”. That means they are not obligated to fix anything for you, and/but most people are reasonable, and a good discussion with your Realtor will help you decide which things on your pared-down list make the most sense to ask for, if any. Then a discussion via “addendums” begins with the Seller. Most people end up landing somewhere where all parties feel comfortable.

Hurdle #3– Once you’ve accomplished negotiating through all of that, and you now know you are moving forward, the Appraisal is usually ordered. This tells you and the bank that the price you’ve all agreed on is reasonable on planet earth ; ) The bank wants to make absolutely sure they don’t lend over “appraised value” and you are not obligated (unless you’ve specifically agreed to it) to pay more than appraised value for the home. If the home appraises lower than your agreed-upon sale price, you have choices that you can discuss with your Realtor.

Hurdle #4– Assuming you make it to this last hurdle, the Lender and your Realtor will be working closely with you to help you make sure that you comply with anything that the Lender’s “Underwriter” requests of you. This could involve bank statements, pay stubs, and any number of things that the Underwriter deems necessary to move the file out of their department and make it possible for the Lender to “draw documents”.

The last part of the process is you, your Realtor, your Escrow Officer, and sometimes your Lender sitting at the “Closing Table”…with you signing papers! This occurs at least one or two days prior to your contract’s “Closing Date”. The Closing Date is when the sale is recorded with the county, and funds are released, and the house is yours!

Ok… I had to say all that to get to this: You are going to jump all these hurdles unless you become so upset by any one of them that you derail the process, thereby making the end-goal of furniture-arrangement off-limits : ) Are there ever insurmountable issues that arise? Yes. But those are few and far between. Most everything can be worked through if you stay with it. So… keep perspective as you move through the process, remember your end goal, trust your Realtor, and trust yourself. If the Big Picture dominates your thinking, you’ll make great decisions all the way through : )

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest numbers show robust activity in Portland and the Lake Oswego/West Linn areas for June.

According to the RMLS Market Action Report for the Portland Metro Area  June, 2014:

  • At 2,617, June Closed Sales rose 4.2% over last June’s  2,511, and was the strongest June for closed sales in the region since 2007!
  • There were 4,078 New Listings in June... 8.7% higherer than June 2013, but down 2.7% from May when there were 4,192.
  • The Average Sale Price in June was $334,800, down just $500. from May’s $335,300.
  • June Pending Sales (accepted offers) were down slightly at 0.8% from May to 2,965, and/but rose 5.7% from June 2013.

The combined areas of Lake Oswego and West Linn  for June reported:

    • 539 Active Listings
    • 252 New Listings
    • 162 Pending Sales
    • 156 Closed Sales
    • An average Sale Price of $527,300.
    • Average Time on the Market: 74 Days
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More Control Issues

I wrote a couple of weeks ago about what you have control over when Selling your home and what you do not.  I promised to address some “control issues” around Buying as well, and so here are a few thoughts:

Lenders:  Do you have control over whether you are approved to purchase a home that you fall in love with? Yes. When you begin your search for a new home, the first stop ought to be a good lender.  A decent percentage of home Buyers do not begin this way, and it is the source of much disappointment and frustration.  I often will take Sellers out looking for properties when I list their home on the market so that they can begin to get an idea of what they like & don’t like in a new home, (and it gives them the opportunity to see how other homes are presented… giving them *hopefully* an incentive to tidy theirs up and create a good showing : )  Very often these clients of mine poo poo talking to a lender before we venture out… they think they know about what they are approved for, and/or will tell me they talked w/someone awhile back who approved them for such & such.  I’ll admit to giving in at times to Buyers who have not yet been to a lender or who have not handed me an approval letter as yet, and I will tell you I have seen tears when people think they’ve found “the one” & then decide that’s a good time to talk to a lender. Here are some pointers:

  • Get the facts up front before you begin looking for properties.  That way you are only looking at homes you would be actually able to purchase. In any undertaking, you want to begin with facts so that you can make good decisions about how to proceed.
  • Don’t worry about taking a lender’s time before you have a property in mind.  This is what they do.  They are used to it.
  • Listen to your Realtor and any other qualified advisors when you are looking for a good lender.  Get a good referral.  You should have at least three from which to choose. ***The lender is the entity holding the most amount of control in the end stages of any mortgage transaction.  A lender who knows and works well with your Realtor will be inclined to nurture the process… especially in the end stages.  And one who is experienced and skilled will be able to field any last-minute issues that may arise so that you actually get to the completion of your transaction.

Negotiating – Do you have control of the negotiation process? Yes.

So, you’ve fallen in love with a property, and you are “countering” with the Sellers over various items.  Your job is to keep a cool head, and remember what is important to you.  Your Realtor will give you good advice on pros & cons of different options, and in the end, it is your decision how to proceed.  Remember your budget and look at the bottom line.  That said, also give some thought to how important a few dollars a month may or may not be to you if you are achieving other goals.  Remember… You’re in the driver’s seat. You get to decide what’s right or wrong for you.

Earnest Money or Promissory Note? – You make this decision too, and the one about how much it will be.  I advise my clients that the earnest money is their statement to the Seller reflecting their sincerity (earnestness : ) in wanting to purchase their home.  The Seller will be taking their home off of the market if they accept your offer, and so you are showing good faith, and in the event you do NOT abide by the contract you are, in essence, compensating them for taking their home off the market for you for a time.

An earnest money check always gives a better impression with an offer (and you are trying to get them to agree to accept your offer right?) than a promissory note. The exception to this would be if you are out of state and making an offer without the ability to hand your Realtor an earnest money check.  People tend to understand this circumstance.

Your earnest money goes toward the bottom line of your transaction, and is held by the escrow office as a neutral third party while your transaction is in process.    If, for instance, you find something during your inspection period that causes you to want to retract your offer, escrow will return your earnest money, and you can begin looking for another suitable property.  The contract also states that you must be able to get funding… so if you are not able to obtain funding through no fault of your own, you should receive your earnest money back as well.  If the home does not appraise for at least the sale price, and either you, the Seller, or both of you are unwilling to negotiate price or come to some other arrangement, you should receive your earnest money back. The only way to lose your earnest money, really, is to violate some term of the contract.  As long as you meet the time lines in the contract, and perform as you have agreed, your earnest money is safe.

Well, I hope that these tidbits were helpful.  That’s enough discussion of  “control issues” for now…  I’ve got to run and assist some fantastic Buyers in making some decisions of their own!

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Green Water (ing)

perennialThough you wouldn’t know it today to look out my window (cloudy & some drizzle), it is summer, sunbeams have been out in force, and temps have been shooting up along with the plants in our yards and gardens. Some of this has to do with the heat, and some has to do with the fact that we are watering things while there is heat. At this time of year, and especially during a recession, we all need a refresher course on watering, and Lake Oswego is only too happy to oblige!

7dees2Water conservation experts from the Regional Water Providers Consortium (RWPC) are visiting Lake Oswego for a session with local residents where they plan to hand out free water gauges and lots of good tips for water-efficient landscaping and maintenance. This event will be held this Saturday, June 13th, at Dennis’ 7 Dees Garden Center, 1090 McVey Ave., from 10 AM to 2 PM.

The Consortium has an amazing website that reminds me how much there grass4is to learn. I remember thinking, when I was much younger and of course knew much more than I do today (or thought I did), that being a native of Southern California (Hey… No ribbing… I’ve been here since 1978!) , I had a very hard time believing that there was truly any need to conserve water in Oregon… I mean come on! With all the rainfall, the huge river running through town, the snowy mountain peaks dribbling water through Portland all year long… How was I supposed to believe that we actually needed to pay much attention at all to water consumption? Well, in recent years we have all learned how integral our activities are to maintaining the living environment we so cherish and want to hand to our children. There really are limits to what nature can provide us in our current numbers & given the constraints of our infrastructure. Then, there is that money thing… Practical tips for saving money while saving water? I’m all ears!
Among the vast array of uselful material to be found at the RWPC site are the following good pieces of information:

  • Use Mulch! It is important to know what kind to use however: –Organic Mulches (aged manure, bark chips, wood chips) and compost material will significantly decrease the amount of water you will need for plant health. Specifically, the addition of as little as 5% organic material can quadruple your soil’s ability to store water, decreasing the watering needed. – Inorganic mulches like stones, concrete and gravel can be great for creating landscape patterns etc., but also “re-radiate” the sun’s heat and cause an increase in the amount of water needed to care for surrounding plants.
  • Create Watering Zones – These would be areas of your property wherein similar types of plants reside hopefully having similar watering requirements. (Lawn areas, rose garden, annual garden, perennial garden etc) This way you avoid the “one system fits all” mentality and the over-watering that results for some garden areas.
  • Adjust Watering Schedules Frequently – As the temperatures shift during the summer, you will want to adjust your watering schedules accordingly.
  • Managed Stress in the Landscape – There are all sorts of seemingly complicated formulas to help you determine how much to water a lawn at any given temperature. The RWPC site simplifies this information and helps you understand the “Stressing” concept, which basically means watering as little as possible forcing lawns to use their natural coping mechanisms and give you a green lawn all summer without the heavy over-watering that is so prevalent.
  • Water Plants Thoroughly but Infrequently – This causes roots to go deeper and therefore be more drought resistant/require less watering.
  • Water When Temps are Cooler – Preferably before 10:00AM or after 6:00PM.
  • Use Drip Irrigation Where Possible – Large water droplets close to the ground are much more efficient than sprinkler systems which lose a lot of water to evaporation.
  • Don’t Water in the Rain – Use rain sensors and gauges to eliminate unnecessary automatic watering when it is raining.
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First Time Home Buyer? ~ What to Expect:

house

I was reading an article recently regarding the $8,000. tax credit for first time home buyers, and the writer expressed shock at how many people are completely unaware of it. I have noticed in my own practice recently that the larger PR machine has evidently not been doing a very good job at educating the public, as some of my clients reveal innocence on this subject as well when they discuss their leisurely plans to purchase “sometime in January of next year” etc. (the tax credit is only applicable if the home purchase is completed before December 1st of this year.) I also have heard more & more folks lately talking about attending “First Time Home Buyer Classes” presented usually by Realtors and Mortgage Brokers as a service to the public.

It seems to me that there is a real need for information out there right now. I thought I’d give a little primer below on at least the basics of what to expect during your first home-buying experience. Hope you find it helpful!

(Note: The sequence below does not apply to each and every transaction as each is individual and scenarios/time lines obviously vary. Your Realtor will be doing many more things behind the scenes than I indicate below as well, but I am sticking to outlining YOUR experience and how you can expect that to unfold… generally speaking.)

  • Retain services of a mortgage professional (lender) to give you best options for financing, and have an approval letter ready for you when you make an offer. Discuss “closing costs” with your mortgage professional, and review the “good faith estimate” that they will provide to you. (If you have a relationship with a Realtor first, ask them to recommend good resources for you.)
  • Work with your Realtor to find the home that meets your needs.
  • Work with your Realtor to determine appropriate offer & details/then write it up.
  • Realtor submits offer to Seller along with approval letter from lender and earnest money check. Note: The EM check is to show good faith, and is applied to the sale should your offer be accepted and proceed to close. Talk with your Realtor about what amount will put your best foot forward. (*Sometimes Promissory Notes may be used, and/but I highly recommend using an EM check to be taken most seriously.
  • Receive response/acceptance/counter from Seller in time frame you specified on the offer (in a normal transaction you typically ask for response within 24 hours, but if it is a “short sale”, the process of hearing back that you are indeed accepted by all parties concerned can take months.)
  • Upon mutual acceptance (usually within 1-3 days), schedule an inspection ASAP (you have 10 business days to conduct inspections & may back out if concerns arise during this time). Your Realtor will help you with this- Ask him or her for good resources to guide you through the process of inspecting the home. Prices vary, but a 2000 square foot house will often run around $400. more or less, and size as well as other factors come into play in the cost of an inspection.
  • Upon mutual acceptance, your earnest money check is sent to the Escrow Office, and held by them on your behalf until closing, or until nullification of the offer if this occurs within your inspection period.
  • Realtor writes and negotiates any Inspection Addendum items during this period according to your wishes (you will work with your Realtor to discuss and determine any give and take in the negotiation process that may occur. Your Realtor will offer you information and give professional advice, negotiating on your behalf and with your permission. You are in the driver’s seat, and you make the final decisions albeit under good counsel.
  • Upon mutual acceptance & reaching the end of your inspection period, your Realtor notifies the lender who orders the appraisal.
  • Your Realtor continues to work with the lender as the lending process moves forward. As long as the appraisal comes back at or above sale/offer price, you will proceed to closing through the underwriting process of the lender. Should the property not appraise for at least the sale amount, the lender will bring this to your attention and there will be some decisions for you to make around the sale price and your desire for the home (you are not required to pay any monies over and above the appraisal amount, and lenders will not lend more than the appraised value generally speaking.)
  • You may be requested by the underwriter to provide additional information on a case by case basis. Your Realtor will work with you and help in any way possible and appropriate to facilitate the flow of information required from you, but you are in the driver’s seat as far as responsibility to provide the necessary information to the lender.
  • When all underwriter/lender requirements have been met, the file is signed off by the underwriter, and passed to Escrow. The whole lender process usually takes around 3-4 weeks.
  • Escrow processes all paperwork, title insurance, and all distribution of funds between you and the seller as per the contract provisions agreed upon between you and the Seller. Documents are drafted, and a “signing date/time” is scheduled. (“Signing” is not the same as “Closing”.)
  • Your Realtor will often attend your signing with you to help with any questions that arise, and to offer moral support. (Frankly, I just love being a part of the exciting culmination of the home buying adventure!)
  • Escrow will then send signed documents back to the lender, and to the county. The transaction will then “close” or “fund & record” in 1-2 days after signing, at which time you will receive a call that you are a homeowner!
  • Your Realtor will usually meet you at your new home and deliver you the keys. (More fun!)
  • The whole process from offer to close usually takes around 30 days… sometimes 40-45. It can take a little longer depending on the lender, and sometimes it takes less time than that. You and your Realtor will assign a “no later than” date on your offer in conjunction with talking to the lender about their current load & closing time line. All parties are then obligated to “perform” within that time frame, or draft an addendum extending the closing date if that proves necessary and IF all parties agree to do it. (Because there always exists the possibility that one party may not agree to sign an extension addendum, and the contract specifically states “on or before” a particular date, the closing date is a binding contractual agreement and should be taken very seriously. As a buyer, your earnest money is at stake if you should not “perform” to contact terms.)

The above may be missing some pieces of the puzzle as each transaction is different, and various issues can arise during the process, but hopefully this give you a basic idea of how it will go!