Maybe this is the year you’ve decided you just aren’t going to go another year with two growing kids (or even just one) in a house that was cozy already with just the adults that live there.

Maybe [...]]]> The weekend after Thanksgiving seems like the perfect time to reflect on our home sweet homes.

Maybe this is the year you’ve decided you just aren’t going to go another year with two growing kids (or even just one) in a house that was cozy already with just the adults that live there.

Maybe you are ready to go from renting to owning, owning to renting, hoping to downsize your monthly mortgage payments or just curious how the market is doing these days.

We have two great Roost sponsors who keep us updated on the housing market in general and especially on our little corner of the universe right around the swap shop. Jarrett Altman has been selling SE homes for over 10 years and has lived in Sunnyside for 15. You’ll see her Neighborhood Works home-for-sale signs all around this part of town. She knows Victorians, craftsman homes and bungalows inside and out. Her favorite person to work with on loans is Melissa Guthrie who formed her own one-woman business, MortgagesDirect, 11 years ago.

Melissa is great to know because she has access to all the same loans as a large brokerage firm without the impersonal large scale processes that can let important things fall through the cracks. When we work with Melissa, she’s our right-down-the-street broker and receptionist, processor and closer, manager and customer service.

Unfortunately, neither Jarrett or Melissa have a crystal ball in a back room to check what loan rates and housing prices will be over the next year. But after a decade in real estate, they have a wealth of information to help us make well educated decisions.

Melissa expects loan rates will be volatile for a little bit longer, maybe getting a bit worse before they start to improve. On refinances, she knows it’s good to start the process early and get approved so that you are ready to close when rates go down. If you wait to start the processing of your loan until the rate is where you want it…you could lose out on getting the best price. Due to the influx of loans that typically comes in when rates are down, volume goes way up (everyone is running to get their loan applications in), processing/underwriting time is longer (as banks don’t hire more underwriters…so you basically wait in line….). If you are already approved, you can float your rate right up until 15 days before you close to help you get that better price right when the rates are low.

Rule of thumb on a refinance is you want to be at least 1% below your current rate to recoup your costs within a 2 year period. Whether you are refinancing or financing, the best rates are on loans with 740 or above credit scores. Best way to keep your score down….don’t open any new credit, keep paying monthly on the credit that you have on time, keep balances to within 30 to 40% of whatever your max revolving credit line is on credit cards. Make sure any old snafus are cleared up. Paying off credit is not always a good thing…..payment histories play an important role in keeping a good credit score as well.

Housing prices in the Sunnyside neighborhood haven’t changed much since we checked in with Jarrett this summer. Cute 2 bedroom cottages are still in the low 300′s, sometimes as low as $260,000. Expect to pay somewhere in the mid 300′s for basic 3 beds, two bath homes and around $500,000 for a really nice 3-4 bedroom house with all the bedrooms upstairs that is “done” as far as modern upgrades and renovations.

If you’ve been putting off selling because you figured your property would just sit if priced for what you really wanted to sell it for, there’s finally some good news to report. The inventory of short sell and bank owned properties from this last big downturn has pretty much all cleared out and there is very little listed right now, especially in popular areas like Sunnyside.

You can go through the holidays in your own home, list your house in January or February and have less competition on the market until the bigger influx of spring listings that usually happens each year.

The houses Jarrett is just putting on the market right now are a good sample of what’s available in Sunnyside. This Tuesday is the first day you can see her newest listing: a 2 bedroom, one bath bungalow with a separate downstairs living space (good for a relative since it doesn’t have its own bath). On the market for $315,000, it’s a true inner Southeast home – no back yard to speak of but it has an awesome front porch.

Early spring she’ll have a small 3 bedroom, 2 bath in the mid 300′s and a 3 bedroom, two bath Victorian with a separate apartment and a two car garage in the low 500′s.

She has sellers waiting to list because they need to find what they want to buy first -both smaller and larger than what they have now – in the same neighborhood that they already love. If you are looking to trade up or down or are just getting into the neighborhood, letting Jarrett know what you are looking for could help get more houses on the market.

You wouldn’t always think of real estate agents as a resource for rentals but Jarrett often knows of short term rentals and families that almost sold but are deciding to get renters instead.

If you want to live closer to the swap shop or have a need to downsize or upsize your family footprint, Melissa and Jarrett are great neighbors to know.

To put their experience and great neighborhood spirit to work for you:

Neighborhood Works

Jarrett Altman

(503) 407-4200

jarrett©nworksrealty•com

MortgagesDirect

Melissa Guthrie

office: 503-233-8750

cell: 512-797-4662

fax: 512-233-0571

maguthrie©earthlink•net or mguthrie©mortgagesdirect•com