Oregon recently approved an interesting statewide program accessible to low- and moderate-income borrowers. The state has put together a great FAQ sheet, and Guild Mortgage did a great job talking through the nuances of the program requirements, limitations, and opportunities in this short video. If you're in the midst of or lead up to the home buying process, it's worth learning more about it. Please reach out if you have questions.
Guild Mortgage FLEX program explainer>>
Oregon Flex Lending Borrower FAQs>>
Good News for FHFA Borrowers /
The Federal Housing Finance Agency (FHFA), which oversees Freddie Mac and Fannie Mae programs, announced a little over a week ago that they are doing away with the Debt-to-Income Ratio based fee slated to go into effect this August. Under the proposed fee program, borrowers whose house payment and other debts combined exceeded 40% of their monthly gross income would be charged a 0.375% fee on their loan amount.
We were super happy to see that fee go away, as it was going to make it that much more difficult for lower-income borrowers to afford a home.
RMLS Market Action Report /
We have access to some new market data snapshots, and we'd love to know your thoughts.
Let us know if you prefer weekly, monthly, or both>>
Although we continue to struggle with inventory (April's listings were down a whopping 28% from April 2022's already low numbers), we did see a minimal increase compared to the previous month. Also, when I call to schedule photography shoots and staging for my new listings, their lead times are much longer, so I think we will have more to choose from this Summer. Partly, this matches our historic seasonal trends, but if we have learned anything, it is that things are not always reliably consistent.
Pending and closed sales are down 28% and 38%, respectively, so the lack of inventory and higher interest rates have also hit hard on the sales department. That being said, listings priced appropriately continue to attract multiple and sometimes over full price offers, as the market is hungry for quality properties.
View the most recent market action report here>>
Yards Are Great (if you're into that kind of thing) /
Photo by Jason Long on Unsplash
We are deep into spring, and Portland is officially in bloom. It's that time of year when trees are flush with greenery; there are petals just about everywhere, including the sidewalks, and many of us get excited about gardening. Drive by any nursery or garden center on a sunny Saturday morning, and you'll see their parking lots full of cars because this is the season for every gardener, not just the dyed-in-the-wool variety. Even I got swept up in the excitement this year and decided to start some tomatoes from seed, something I haven't done since probably third grade.
Last week I told one of my clients about my little gardening project and how much delight I've gotten from seeing each small transition from seed to sprout to leaf development. Upon hearing this, my client reminded me of something she was thankful I'd said to her and her partner over a decade ago when we were in the thick of the search for their first home. At the time, they lived in a small apartment without any outdoor space, and one of the things they were sure they wanted was a nice big yard.
One morning we walked through a property with a substantial outdoor area that she was excited about, and I asked her if she had gardened much before. When she said no, I offered that some people I knew had started their gardening journeys with a couple of raised beds so they could gauge how much they enjoyed spending their free time doing yard work. The property they bought months later had less yard space, and she admitted that she is grateful for that now. Over the years, she's come to understand that while she enjoys gardening, she also enjoys many other things. So whenever there's an uptick in yardwork, she feels a bit put out.
When you haven't owned a property before (and even if you have), it can be challenging to know precisely how you will feel about the various kinds of work involved in updating and maintaining the inside and outside of a home. When we are inundated with images about the joys of gardening or backyard entertaining, those ideas can make it a little bit harder to imagine what other experiences are possible and connect with our desires.
Of course, not everyone with a large yard is an avid gardener. Some homeowners hire people to do that work for them, which is great if that's within your budget. In much the same way that we encourage folks to inquire about utility costs for a property, we think it's a good idea to consider, and even ask about, annual landscaping costs, too, including estimates for an arborist if there are any large trees on the property. Yard maintenance is one of the many expenditures of money and (or) labor involved in homeownership that you want to examine within the context of your current lifestyle and budget.
If you already know you love spending time outdoors but don't like digging, pruning, or mowing, you might consider investing in a low-maintenance xeriscaped yard with a seating area like a patio. You may also be perfectly happy so long as you can see trees from your windows and walk to a park in under twenty minutes. Everyone is different–that's the beauty of it. Our goal, as always, is to support you in finding the homeownership situation most compatible with your needs and lifestyle.
Drop us a line if you want to talk through your outdoor ambitions>>
Thinking Ahead: Tradespeople Are Busy /
Demand for skilled tradespeople steadily increased throughout the Covid-19 pandemic as people opted to relocate and remodel per their new work- and home-life needs. That backlog is gradually clearing, but we still hear from folks struggling to get bids or get projects on the books.
Clients are often asking for referrals to tradespeople. If you've had a positive experience with a tradesperson recently–whether for painting, carpentry, plumbing, landscaping, heating/cooling, or solar installation–we would love to hear from you>>
If you've got a great tradesperson lined up and you have questions about contracts, this handy resource, created by the Construction Contractors Board, has answers. Plus, the CCB is offering a free webinar about how to hire a licensed contractor on Tuesday, April 11th.
Remember, we love hearing about your properties' evolution, especially when you send photos! We’re also happy to discuss any questions you have about the value or timing of maintenance or remodel projects.
Photo by jesse orrico on Unsplash
Mutual Aid Focus: Portland Housing Solidarity /
This is a coalition of activists and organizers aligned around their goals to redistribute housing-related wealth and privilege and interrupt racialized disparities in homeownership and inequitable cycles of intergenerational wealth.
In addition to their community-building work, PDX Housing Solidarity offers educational workshops and materials about racialized disparities in housing-related wealth. They also connect people interested in wealth redistribution with resources and opportunities to take action.
Whether you have 'more than enough' and are looking for ways to redistribute resources or seeking ways to volunteer time and skills toward the goal of redistributing housing-related wealth and privilege, Portland Housing Solidarity is a great place to learn and get involved.