Buy a Home for Your Valentine!!

Posted on February 14, 2014 by Erin Johnston

Here are Distinctive Properties, Inc. weekends open houses, there are quite a few so stop in, check them out and meet our agents!!

Saturday, February 15th

Pasco Homes:

TRICITYMLS1945186310 WASHOUGAL, Open 1-3:00.  $170,000.  3 BR, 2 ba open plan w/vaulted ceilings.  Spacious entry, oversize trek deck w/Pergola, fire pit area.  Storage barn w/power & blt-in dog area.  (194518).  Host:  Bill Alsdurf, Distinctive Properties, Inc., 222-9690 or 783-1431. Sandifur, Convention, 3 Rivers Dr to Washougal.

 

Sunday, February 16th

Pasco Homes:

TRICITYMLS1940401814 N 11th AVE, Open 12-1:30.  $119,900.  Fully fenced, heat pump, underground timed sprinklers, finished ½ bsmnt, 2 liv areas to enjoy.  These are just some of the extras in this cute home.  (194040).  Host: Susan Bond, 521-5167 or 783-1431.  Court St to N on 13th to Astor Way to N on 11th, Pasco.

TRICITYMLS19479219 IVY LN, Open 2-4:00. $320,000.  One of a Kind!  Unique home w/many special features.  Master ba like a French spa!  Bonus rm w/a view you will love.. (194792).  Host: Susan Bond, 521-5167 or 783-1431. Court St to Rd 72/Heather Ln to Ivy Ln, Pasco.

Kennewick Homes:

TRICITYMLS1900233803 W 40TH PL, Open 1-3:00.  $360,000.  Don’t miss this rare opportunity to own a premier view of the Tri-Cities. 4 BR, 2.5 ba & 3666 s.f. of living spaces!  Drastically reduced. Realtor owned. (190023).  Host: Bill Alsdurf, 222-9690 or 783-1431.  S 395, Hildebrand, Canyon Lakes Dr, W 40th Pl, Kennewick.

TRICITYMLS1850881802 S HARRISON, Open 1-3:00.  $235,000.  Better than brand new!  2010 2 story Creekstone community.  4 BR w/3 car garage & a bonus rm.  Gas fireplace, custom features throughout…. (185088).  Host: Kim Keller, 531-8592 or 783-1431.  S Irving, W 18th, S Harrison, Kennewick.

TRICITYMLS1941024612 S NEEL ST, Open 1-3:00.  $455,000.  Luxurious custom blt home.  Master on main, fam rm up & down, 2 fireplaces.  Coffered ceilings, granite, formal din rm & panoramic view. (194102).  Host: Judy Dubsky, 539-1710 or 783-1431. Canyon Lakes Dr, Olson, 46th, Kennewick.

TRICITYMLS1936383014 TACOMA PL, Open 2-4:00.  $254,900.  Beautiful 2 story, 4 BR, fam rm, loft  area, dining rm.  Cute front porch. A very entertaining room. (193638).  Host: Cindy Elliott, 947-5871 or 783-1431. 27th, Tacoma, Kennewick.

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Looking for Your New Home

Posted on February 13, 2014 by Erin Johnston

Usually the first step to finding your new home is to decide whether you want to live in Pasco, Richland, Kennewick or a surrounding area of the Tri Cities. If you want to get more from the resale in the future you should look into the neighborhood info and surrounding schools. Living in an area with good schools, those that have high teacher to student ratios and high graduation rates, even if you don’t have children in school could give you an advantage when it comes time to sell. Also check into the housing market for that area, if the homes are selling close or above asking price it shows the neighborhood is a desirable one. If you are able try to buy in the colder months of the year when real estate slows down. Sellers may be more willing to negotiate during this time and you might have less competition.

As you search for homes on the internet, don’t overly restrict your search criteria. It is always best to search for homes that are 10% above and 10% below your price range and add a 10 mile cushion to your specified location. When you find homes you are interested in, either save it, print it, or add it to your favorites. Write down the MLS # and take the information to your agent. Also let your agent know your preferences as sometimes they may find houses you overlooked or were just listed.

When the time comes to actually start looking at houses, bring along a notebook and camera to help you remember details of that particular house. After all when you look at a bunch in one day, they can tend to blur together and by having a description or photos on hand, you can refresh your memory and allow you to revisit the pros and cons of each home.

Distinctive Properties, Inc.
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Tips on Using Salt to Melt Ice Safely Around Your Home

Posted on February 7, 2014 by Erin Johnston

With the recent snow we have received in Pasco, Richland, Kennewick and the other Tri Cities areas, ice will follow.

We all know salt melts ice, but some deicers can be harmful to pets, plants, and our water supply. Here are some tips on choosing deicers.

Snow de-icer on a porchMake sure your ice melter is the right kind for your climate.

There’s no denying it: Ice on steps and walkways is extremely dangerous, leading to countless injuries each year. It’s bad enough if you or a family member take a tumble, but it may be even worse if someone else does. Under certain circumstances, you could be liable if someone slips and injures themselves while on your property.

Thankfully, salt and ice can’t co-exist. Commercial deicers use various chemical variations of salt to melt away dangerous ice on patios, walkways, and driveways.

Unfortunately, those same chemicals can harm fish, wildlife, and household pets. In addition, they can corrode your hard masonry outdoor surfaces.

How salt works on ice

Salt and deicers are effective ice-melting agents because they lower the freezing point of water, turning ice back into water. Salts and deicers are cheap, effective, simple to use, and easier than attacking ice with brute physical force.

What’s the problem?

That same chemical magic that turns ice into water creates a very salty brine that can make household pets sick, and eats away at outdoor hardscaping made of concrete, brick, and stone.

Deicing products also can damage your plants by altering the chemical composition of the soil in planting beds and yards. Inside the home, tracked-in salt can mar carpets and wood floors.

The problem is bigger than your back yard, too.

“Salt is very soluble, and it runs off into nearby creeks, rivers, and lakes, where it can have a tremendous effect on native plants,” explains Jim Bissell, Director of Conservation at Cleveland’s Museum of Natural History.

Deicing products are blamed for fish and amphibian kills, aquatic dead zones, and corrosion of vehicles, bridges and roadways, plus a host of other environmental ills.

Choosing the right salt and deicing product

As a shopper for deicing products, you’ll have to balance your needs with any environmental concerns.

Ignore packaging promises like “natural,” “pet-friendly,” or “environmentally safe” — those labels can be misleading and inaccurate. Buyers should also take with a grain of salt claims that a product works to sub-arctic temps, as those results rarely are duplicated in real-world applications.

In general, the lower the price of the product, the more salt it contains and the more potentially harmful it is to the environment. Check product labels to figure out the chief ingredients in these popular deicing products:

  • Sodium chloride: Also known as rock salt, this basic compound is one of the cheapest ice melters on the market. It has the lowest price per pound, but it’s the hardest on the environment and not that effective at temps less than 15 degrees F. Cost: $6 for a 50-lb. bag.
  • Calcium chloride: One of the best choices for super-cold climates, it’s effective down to minus 25 degrees F. It’s a better environmental choice than sodium chloride. Cost: $20 for a 50-lb. bag.
  • Calcium magnesium acetate: Relatively new on the market, it’s a salt-free product that’s touted as environmentally friendly, but that claim has yet to be tested in the long run. It costs more than other deicers. Cost: $30 for a 50 lb. bag.

Other options

Unfortunately, there are few proven eco-friendly alternatives to chemical deicers. Some products have lower salt content but include glycols, fertilizers, and urea, which are blamed for aquatic dead zones, algae blooms, and other water-quality issues.

Sand does not melt ice, but it can aid in traction. While not directly harmful to the landscape, sand can clog storm sewers and it must be cleaned up at some point by the home owner.

Tips for using deicing products

  • Buy the right blend. By having a product that best suits your climatic conditions and average low temps, you’ll need to use less of it.
  • Keep walkways shoveled in the first place as snow quickly becomes ice when walked upon.
  • Pre-treat walkways before the storm hits. You’ll need less deicer in the long run.
  • Mix sand with salt — you’ll use less to melt ice, and gain the traction provided by sand.
  • Store ice-melt products in airtight containers to maintain maximum effectiveness

 

Read more: http://www.houselogic.com/home-advice/seasonal-maintenance/salt-ice-winter-maintenance/#ixzz2sfx2Unvt

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VA Loans and 10 Things You May Not Know About Them

Posted on February 5, 2014 by Erin Johnston

VA loans are flexible, no down payment loans for military borrowers. VA loans have unique benefits and not all borrowers are aware of these, even those who are long time borrowers. Here are 10 things you may not know.

  1. As long as you pay off the loan each time, you can use you VA entitlement over and over.
  2. VA loans are designed for single family homes that are move in ready.
  3. You cannot use your VA loan for investment properties or vacation homes, they have to be your primary residence.
  4. VA loans are not actually issued by the VA, but instead the loans are only guaranteed by the VA.
  5. The VA also guarantees up to a quarter of the loan amount giving lenders peace of mind and obtaining great rates for service members.
  6. Even if you have a history of foreclosure, even on a past VA loan, or bankruptcy, service member can still obtain a VA loan.
  7. VA loans carry a mandatory funding fee. This fee is about 2 percent of the loan and is required whether you are refinancing or purchasing. The fee is designed to help the VA keep going and can be rolled into the loan.
  8. VA loans only allow a co-borrower if they are your spouse or another eligible veteran who will be sharing the home with you.
  9. VA loans do not have mortgage insurance.
  10. VA loans also do not have a pre-payment penalty, meaning you can make extra payments on the loan anytime without any added fees.
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Mortgage Rates Continue Downward Trend

Posted on January 31, 2014 by Erin Johnston

Mortgage rates for the most popular loans decreased this week as reports of a weakening economic recovery showed a decline in December new home sales. Adding to the drop in averages — for the fourth consecutive week — was another study that showed a decrease in November home prices.

The two new reports have furthered the belief among some experts that the economy and housing market may be too weak to handle a large upswing in home prices in the short-term. In the long-term, mortgage rates are still expected to rise considerably in 2014.

This week the average rate on a 30-year fixed loan dipped to 4.32 percent from 4.39 percent, according to the latest survey from mortgage buyer Freddie Mac. One month ago, that rate stood at an average of 4.51 percent. A year ago, the going rate for a 30-year fixed-rate loan was 3.53 percent — 0.79 percentage point below where it stands today.

The average rate on a 15-year fixed loan also saw its fourth consecutive decline, easing to 3.40 percent from last week’s 3.44 percent. A month ago it averaged 3.56 percent, and a year ago 2.81 percent.

Averages on hybrid adjustable-rate mortgages were mixed. After seeing a slight increase a week ago, the average for the five-year ARM fell to 3.12 percent from 3.15 percent. The one-year ARM registered a slight uptick, settling at 2.55 percent from last week’s 2.54 percent.

“Mortgage rates eased somewhat as new home sales fell 7 percent in December to a seasonally adjusted pace of 414,000 units, below the consensus,” said Freddie Mac Chief Economist Frank Nothaft in a statement. “The S&P/Case-Shiller 20-city composite house price index declined 0.1 percent for the month of November, the first decrease since November 2012.”

Mortgage rates had been rising steadily in December after the Federal Reserve announced it would begin to curb its bond-buying stimulus program in January. However, rates have eased over recent concerns that the market would not be able to support a dramatic upward shift in home prices.

The bond-purchase program has helped offset dramatic gains in real estate prices and kept affordability elevated while the market has stabilized. Despite the recent economic reporting, the housing market at large continues to show signs of recovery.

In the latest Mortgage Rate Trend Index by Bankrate.com, 42 percent of the analysts polled believe mortgage rates will continue to drop over the next week, while another 29 percent believe rates will hold steady.

“Weakness in emerging markets over the last week has really changed the markets’ view to a more ‘risk off’ perspective,” said Michael Becker, mortgage banker for Baltimore’s WCS Funding Group. “As a result, Treasuries are benefiting from a flight to safety. This is sending bond yields and mortgage rates lower, and I expect this to continue for a little while longer. This will give us lower rates in the coming week.”

Source: http://www.realtor.com/news/mortgage-rates-continue-downward-trend/#.Uuw75WeA05s

Distinctive Properties, Inc.

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Budgeting ? Don’t Make These 4 Classic Mistakes

Posted on January 30, 2014 by Erin Johnston

If you planned out to start 2014 with a budget, you are not alone. Last year nearly half of all Americans were unable to afford basic need bills such as medical car or housing and 1/3 were living day to day having no savings. Although, most of their financial hardships aren’t due to spending habits, but instead simple money mistakes most of us also are guilty of. Here are 4 things to avoid while preparing and following a budget.

  1. Too Much or Too Little

    Often careless spending can get out of hand so budgeting is a must for managing your expenses well. When you have a well-planned budget it is nearly impossible to lose track of all the impulse or unnecessary purchases you may make and also give you a look at your unique spending habits.

     

    Although spending behavior is does play a factor in your budget, it is not always the cause of the difficulty in sticking to one. One reason people find it difficult to stay on a budget is, they either track too much or too little. By having a vague budget with only significant, expected expenses could lead to undercompensating and overspending. On the other hand having a budget that is too detailed could leave you tired of even doing your budget. Finding the middle ground for your budget tracking is actually as easy as checking your habits, such as do you purchase something on a daily basis or is it a rare splurge. If you do purchase it on a daily or weekly basis the item should be added to your budget.

  2. Planning Ahead

    Another common pitfall for budget trackers is failing to plan ahead by accounting for those expected expenses like your car payment or mortgage. Placing these expenses at the top of your budget allows you to see an estimate of what you finances look like once you have subtracted these expenses. If you have an emergency fund that you pay into or a savings account that you place money in on a monthly basis you should also include these as an expected expense.

    Having an emergency fund is highly recommended and experts say that you should have at least 6 months of living expenses in such a fund. This allows for sudden and costly emergencies.

  3. Too Strict or Not Specific Enough

    You should be specific not strict in your budget. Allow some room for miscellaneous purchases. Organize your budget in to categories such as:

                Needs: mortgage, car payments, groceries, etc.

                Wants: cable, cell phone or other optionals you have

                Savings

  4. Don’t Give Up

    Giving up is the most common mistake made when budgeting. Creating the routine and sticking to it can be very difficult, so give yourself some room to make mistakes. Allow yourself to be able to make adjustments as life is continually changing, this is the best way to find out what works for you. Just don’t give up!

Distinctive Properties, Inc.
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Mortgage Rates Dip for Second Consecutive Week

Posted on January 24, 2014 by Erin Johnston

There is good news for those looking to buy a home or have homes for sale in Pasco, Richland, Kennewick and the surrounding Tri Cities areas.

Mortgage rates dipped for the second consecutive week, with the most popular loans falling to their lowest marks since late November.

Key rates saw a sharp dip last week amid signs that the economy and housing market may be too weak to handle a large upswing in home prices.

The 30-year fixed-rate average sank for the fourth consecutive week and is now at 4.39 percent, a decline of 0.02 percentage point week-over-week, according to the latest survey from mortgage buyer Freddie Mac. The popular loan averaged 4.53 percent at the start of 2014 and was at 3.53 percent a year ago.

The 15-year fixed-rate average also declined, falling to 3.44 percent from 3.45 percent. It has fallen in each of the last three weeks and is now at its lowest point since the last week of November. A year ago, the 15-year rate averaged 2.81 percent — a difference of .63 percentage point year-over-year.

Averages for hybrid adjustable rate mortgages were mixed. Previously at 3.1 percent, the five-year ARM increased by 0.05 percentage point to 3.15 percent this week. After holding steady at 2.56 percent for one month, the one-year ARM saw a slight dip this week, falling 0.02 percentage point to 2.54 percent.

“Mortgage rates were flat to down a little this week amid reports that inflation remains subdued,” Frank Nothaft, Freddie vice president and chief economist, said in a statement. “The Consumer Price Index was up 0.3 percent in December after being unchanged in November. For the year as a whole, consumer prices rose just 1.5 percent in 2013.”

Mortgage rates had been rising steadily in December after the Federal Reserve announced it would begin to curb its bond-buying stimulus program in January. The bond-purchase program has helped offset dramatic gains in real estate prices and kept affordability elevated while the market has stabilized.

While home sales have slowed since the Fed’s announcement, the rebounding housing market continues to show signs of recovery. As the recovery progresses, key rates are expected to see a significant rise. In the short-term, however, rates are expected to hold steady.

In the latest Mortgage Rate Trend Index by Bankrate.com, the majority of loan experts polled believe that rates will remain relatively unchanged over the next week.

“If the Fed announces a continued tapering at next week’s meeting, that gives a vote of confidence in the economy that will eventually push mortgage rates higher,” opined Greg McBride, senior financial analyst for Bankrate.com. “But it’s wait-and-see mode in the meantime.”

 

Source: http://www.realtor.com/news/mortgage-rates-dip-for-second-consecutive-week/#.UuL472fTk5s

Distinctive Properties, Inc.
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2014 Home Prices Expected To Remain Close To The Same

Posted on January 22, 2014 by Erin Johnston

2014 will still be a seller’s market as prices are not expected to rise as much as last year. Although inventory is improving, it is still about 15% below the normal. This is also great for buyers, because less home owners are distressed causing fewer investors to purchase. Here are a few tips for you, whether you plan on selling, buying, or continuing to own your home in Pasco, Richland, or Kennewick, to take advantage of the housing market.

Buyers

Rates are forecasted to rise to above the 5% mark in 2014, so waiting for more inventory could possibly hurt you. Working with a local company with ties to appraisers could speed up the process of purchasing a house.

Also you do not want to give a low offer as multiple bids can be common and the seller won’t take yours into consideration if you go to low. Ask your agent what the market looks like in that area and give a credible offer; most offers accepted are about 1% below the asking price.

Owners

With home prices rising, so is the equity in your home. This can make it easier to borrow against the property allowing you to pay for overdue repairs or renovations that you have been waiting for, which in turn will add to the value of your home.

With home improvements expected to rise, especially the kitchen and bathroom jobs, it is important to keep resale in mind. Be careful on how big you go with the remodels as the over the top projects costing roughly $110,000 or more usually recoup less than 60% from resale while those moderate ones costing roughly $ 57,500 tend to recoup 69% of the cost in resale.

If you needed, now is also a good time to get a home equity loan as rates have fallen to about 5.1% and it is not expected to get raised by the Federal Government till 2015. Credit Unions are often th best place to get these types of loans.

Sellers

It’s always a tough decision to know when the best time to list your home is. Keep an eye on the surrounding market and ask your agent for a monthly report on the number of active listings in comparison to the closed listings. When you see a big uptick in the active vs closing listings, you will know prices and sales are getting ready to slow down and it could be the best time for you to list.

When you do list, make sure the asking price is fair. List too high and you may end up waiting much longer until buyers see a price that is reasonable.

Also a good way to possible avoid the headache of a low appraisal is to be there when the appraiser comes by. As the owner, you would be able to point out any improvements and help them understand what has gone on in the home.

 

Distinctive Properties, Inc.
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New Mortgage Rules In Effect

Posted on January 17, 2014 by Erin Johnston

Starting January 10th, 2014, new rules will be instated designed to help make mortgages safer. Unfortunately, these new rules come at a difficult time as fewer homeowners are refinancing and could result in less choice for borrowers. With lending already being complicated, smaller banks may have trouble complying with the new rules that will require any lenders to ensure the monthly mortgage payments are affordable for the buyers. If they fail to ensure, they will end up paying strict penalties.

Previously, banks would issue loans without verifying borrowers income and assets, now they must carefully examine and check pay checks, bank statements, tax returns, and any other paperwork the borrowers provide to ensure the borrower’s ability to repay the loan. Lenders will now have to require the total debt payments for the borrowers does not exceed 43% of their total income. Banks are going to have to update their underwriting policies and procedures, change their technology, and retrain staff.

Although bigger banks can handle the cost, there is concern that some smaller banks may to be able to afford the extra manpower that may be required to comply, Though other experts believe that lenders will find a way to make the rules work despite the size of the lending bank.

 

Distinctive Properties, Inc. 
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