Deb Tebbs Group

Cascade Sotheby's International Realty

Monthly Archives: December 2015

Do you still need a Realtor® to find Bend Oregon homes for sale?

Bend Oregon homes

One of the biggest questions on the minds of many people is will we still need a Realtor® in 2016 to find Bend Oregon homes for sale? And the answer to this question is yes.

In this post I will provide you with three reasons why you will still need a Realtor® in 2016 to find Bend Oregon Homes for Sale and how a qualified Real Estate agent will help you with all of your Real Estate needs.

#1 – Real Estate Agents Have Real Local Experience

Even though the Internet is full of online resources like Zillow and Trulia that you can use to find a home in 2016 the reality is that the data you will find on many of these websites is either inaccurate or outdated.

When you hire a Realtor® to find Bend Oregon Homes for Sale you will benefit from having an agent who works in the field on a daily basis and they will many times know of properties before they come to market and are listed online.

Working with a Realtor® will give you the competitive advantage over another buyer who is relying on online data for buying the right home.

#2 – Only A Real Estate Agent Will Know The Finer Details Of A Home

Although a Real Estate website may provide you with the aesthetic details about Bend Oregon Homes For Sale the reality is that an online search can only go so far because a computer can’t tell you if a home was built with potentially hazardous materials or has details that you will want to change when you move in to improve the safety and security of your home.

#3 – An Experienced Agent Will Advise You On Offering The Right Price For A Home

Last of all, but most important, an experienced Real Estate Agent will advise you on the right price to submit on Bend Oregon For Sale rather than just relying on online data which can be off by as much as 40 percent or up to 12 months old.

Search for Bend Oregon Homes 

Save time and money when searching for Bend Oregon Homes for Sale by working with an experienced Real Estate Agent.

To get started with searching for a Bend Oregon home for sale contact the Deb Tebbs group today by clicking here to connect with us online or calling us at (541) 323-4823.

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Is December A Great Time To Buy A Bend Oregon Home? The Answer Is Yes

Bend Oregon Craftsman Home

By Deb Tebbs Group

December is typically a busy month thanks to holidays like Christmas and New Year’s but is it still a great time to buy a Bend Oregon Home? The answer to this question is yes.

In this post we will answer why December is a great time to buy a home in Bend and how you can prepare to find your dream home this month.

 Why Homeowners Are Eager To Sell

 One of the biggest reasons why December is a great time of year to buy a Bend Oregon home for sale is because there are fewer buyers who are searching for homes compared to other months of the year because most buyers will pause their home buying activities temporarily until after the holidays have ended.

 This means that for buyers who are searching for homes in Bend right now they can find owners who are eager to sell since they may have seen a decline in interest from buyers since Thanksgiving.

 Winter Is a Great Time to Fully Test a Home

 Another benefit of buying a Bend home during December is that you can really see what a home has to offer in terms of the HVAC, heater, roof, windows and doors since winter weather will take a toll on any home and really show buyers and sellers what the home needs before the Real Estate transaction can be approved.

 Although December is a busy time of year don’t hesitate to have a home fully inspected before purchasing it because the home inspection is one of the most critical parts of buying a Bend Oregon home and this can literally save you tens of thousands of dollars.

 More Reasons To Buy A Bend Oregon Home During The Winter

Less Market Activity – Lots of family, school, and work activities, combined with the weather in many locations, lead to fewer real estate transactions over the holidays. Since fewer people overall are looking to buy houses, you will have less competition for your preferred house – and this gives you leverage.

 Holiday home sellers often have to adjust their price downward or make other concessions if they want to sell. Keep this in mind as you search for homes. Bargains may be available, and listed prices may be more open to negotiation.

 Motivated Sellers – People who are selling their homes over the holidays often have great incentive to sell, such as an upcoming job relocation. If a house has already been on the market for some time, that incentive is multiplied.

 You may be able to use this urgency to your advantage (assuming you are not in a similarly urgent need to buy). Negotiate fairly but firmly with sellers and you should be able to extract a lower price and/or other concessions like paying part of the closing costs.

 Potential Tax Advantages – If you itemize your taxes, you can deduct any points you paid upon closing, as well as property taxes and mortgage interest. Whether it is to your advantage to buy before or after year’s end depends on factors such as how many other deductions you have this year and expect to have next year.

 It is best to consult with a tax professional before purchase. Even though you do not want to make a decision on a home purchase strictly for tax reasons, it could be to your benefit to close before the end of the year.

 Better Interest Rates – Within the general trend of interest rates, there is often a cyclical trend of lower interest rates during the holidays – not from the generosity of lenders but due to limited demand forcing greater competition among lenders.

 There are plenty of factors that can obscure or swamp this cycle, but in general, you should see preferable interest rates around the holidays compared to the times immediately before or after.

 Faster Closings – Generally, all parties involved have incentive to complete transactions toward the end of the year. Lenders want to close their books, real estate agents want to receive their commissions before the year closes, sellers want to move on to their new home and settle in for the holidays – and just like the sellers, you want to settle in as well.

 Since all parties are motivated and there are fewer transactions taking place during this time, it should be easier to put everything in place for a smooth and rapid closing.

These factors do not always apply. For example, if you are trying to buy a home in a winter ski resort area or similar high-demand winter destination, these dynamics may be reversed – except for the tax implications. However, for the majority of Americans, the holidays represent an opportunity to buy a home under mostly favorable economic conditions.

 The weather may still be frightful, but your opportunities to buy a home around the holidays may be just as delightful. Enjoy the holiday season as you explore your options. Don’t forget to give Santa your forwarding address!

 Source – moneytips.com

Contact the Deb Tebbs Group

To get started with searching for a Bend Oregon home for sale contact the Deb Tebbs group today by clicking here to connect with us online or calling us at (541) 323-4823.

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Can I Still Buy A Bend Oregon Home Even With Student Loan Debt?

home buying tips

Bend Oregon Home

 

By Deb Tebbs Group

As long time Realtors® one of the most common questions that we’ve been asked over the years is can I still buy Bend Oregon Home even if I have student loan debt? And the answer to this question is it depends but, there still is hope out there thanks to the looser lending standards over the last 10 years which have made it easier for people to buy homes than ever before.

Buying a Bend Oregon Home with Student Loan Debt

So you’re planning on buying a Bend Oregon Home and you have some student loan debt, although in the past this may have been bad news for some homebuyers, the reality is that there are some lenders out there who will approve you for a mortgage loan if you meet the following criteria:

Good FICO Score – Should be at least 700 or better

Lower Debt-To-Income Ratio (DTI) – Must be at least 33% of income.

Solid Payment History – All of your bills must be paid on time each month.

The Role Of Your Student Loans

Excellent Employment Record – You must be working at one job for at least one year and not be planning on changing jobs soon. Let’s say you’re a recent college graduate earning $45,473 annually –  the average for the college class of 2014. Your gross monthly income would be about $3,789. You have a car loan monthly payment of $200 and a credit card payment of another $200. On top of that, let’s say you have $30,000 in student loans, about the average amount of debt for graduating college seniors. Assuming this is an unsubsidized Stafford loan at 4.6 percent interest, you’ll be left with a monthly payment of $312.

Now, let’s say you’re applying for a home loan of $222,261 with a $1,061 monthly payment – the national average. Your total monthly debt payments would total $1,773 and your debt-to-income ratio would be around 46 percent, putting you over the 43 percent threshold and potentially out of luck for buying that particular house.

Source – USNews

Lenders Can Get Creative with Debt

There’s no denying that in today’s world many lenders are literally willing to go the extra mile to obtain more business and prequalified buyers for mortgage loans including getting creative with the buyers debt.

Some of the strategies that lenders can use to get creative with the buyers debt include the following:

  • Student Loan Debt – Your lender may advise you to defer your student loan repayments for up to 12 months because it’s possible that they won’t view a deferred student loan debt as part of your Debt-To-Income Ratio.
  • Auto Loan – If you currently have 10 payments or less on your auto loan your lender may not include that auto loan as part of your DTI.

Things to Do Financially Before Buying a Home

Buying a Bend Oregon Home can require a lot of “leg work” financially if you’ve never gotten your finances in shape before.

Before going out to get pre-qualified for a mortgage loan make sure you use this checklist to confirm that you’re ready to meet with a lender.

Paperwork – Gather your financial paperwork including two years-worth of W2’s, Federal income tax returns, paycheck stubs and your bank statements.

Financial Gifts – Be ready to show complete documentation for financial gifts from friends or relatives if you’re planning on using those gifts as part of your down payment on a home.

Smart Debt Management – Pay down all balances on credit cards and other loans to under 30% of the loan and don’t close credit accounts after you’ve paid them off because it only helps you to keep those accounts open.

Fix or Improve your Credit Score (FICO Score)

One way to do this, on top of paying your bills on time, is to keep your credit card balances at or below the 30% threshold of the max available credit.  This can potentially save a buyer thousands of dollars over the life of the loan. Higher credit scores would typically give you better interest rates.

Avoid quick fixes. Do not close existing credit accounts if you do not use them.  Also, do not pay all of your card balances to zero at once, unless you can do this every month; any change can be viewed as a quick fix.  (In general, you do not want to change the way you utilize your credit.) Quick fixes can negatively impair your credit.  In the months leading up to a home purchase, keep paying your bills as you usually do; do not close any old credit lines and try to avoid opening up any new ones.

Maintain Healthy Debt – If you don’t have a substantial credit history, lenders might not have enough data to approve you for a loan. Maintaining healthy debt and being a responsible borrower can help you avoid being labeled as a “thin file”.

To obtain your credit score, you can request a FREE Annual Credit Report here. Make sure your credit report is accurate and up-to-date. If you have suspicious or dated transactions listed on your credit report, one option is to hire a credit repair agency to send legal verification letters on your behalf.

Source – Studentloanhero.com

Buy a Bend Oregon Home

To learn more information about what you need to do to buy a Bend Oregon Home contact the Deb Tebbs Group today by calling us at (541) 323-4823 or connect with us online.

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