You may have heard that the Federal Reserve raised rates last week… But what does that mean if you are looking to buy a home in the near future? Many in the housing industry have predicted that the Federal Open Market Committee (FOMC), the policy-making arm of the Federal Reserve, would vote to raise the federal fund’s target rate at their December meeting. For only the second time in a decade, this is exactly what happened. There were many factors that contributed to the 0.25 point increase (from 0.50 to 0.75), but many are pointing to the latest jobs report and low unemployment rate (4.6%) as the main reason. Tim Manni, Mortgage Expert at Nerd Wallet, had this to say,
“Homebuyers shouldn’t be particularly concerned with [last week’s] Fed move. Even with rates hovering over 4 percent, they’re still historically low. Most market observers are expecting a gradual rise in home loan rates in the near term, anticipating mortgage rates to stay under 5 percent through 2017.”
Only time will tell what the long-term impact of the rate hike will be, but in the short term, there should be no reason for alarm.
Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Windermere Top Producer Cary Perkin
Once spring arrives, Portland starts looking its prettiest!Our native rhododendron, azaleas, camillias, quince, magnolias, apple and cherry blossoms seem to brighten every path, street and yard. It's a beautiful time for a walking tour. Even if it drizzles a little bit, there are plenty of places to pop into for a local coffee or libation.Mike's History Tours are an option for those who aren't from Portland and aren't sure where to start. For only $20 you can learn from a native, and visit sites that many Portlanders don't know the history of – and certainly you'll enjoy springing these facts on your friends! If you're a local, what a fun diversion and a chance to learn about virtually every building in the neighborhood.Portlanders, here's a challenge for you:MIKE'S HISTORY FUN QUIZ #1The Ringside Steakhouse building on West Burnside
was once the home of . . .A. A Piggly Wiggly Grocery StoreB. An Auto Body ShopC. A Boxing ArenaD. A Computer Repair Shop
The Besaw's Restaurant building at NW 23rd and
Savier was once the home of . . .
A. A Barber Shop
B. A Grocery Store
C. A Drug Store
D. A Laundromat
The north side of the Uptown Shopping Center
was once . . .
A. A Horse Stable
B. A Hospital
C. A Circus Grounds
D. A Brewery
The Montgomery Park building at NW 27th and
Vaughn Street was once . . .
A. The Vaughn Street Ball Park
B. A Sears, Roebuck & Company Catalog Sales
Outlet & Retail Store.
C. A Montgomery Ward & Company Catalog Sales
Outlet & Retail Store.
D. A Meier & Frank Company Warehouse & Toyland.
The site of Meriwether's Restaurant on NW Vaughn
was once . . .
A. The entrance to the 1925 Meriwether Lewis
B. The entrance to the 1939 Lewis & Clark Worlds
C. The entrance to the 1936 Summer Olympics.
D. The entrance to the 1905 Lewis & Clark
(The correct answers are found on Mike's home page)
I'd love to take you on a real estate tour, visiting some of our neighborhood's prettiest homes for sale. Your first stop will be the former Mills residence at 733 NW 20th Avenue, our beautiful, historic office.
If you're ready to move to NW Portland, just call!Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Thank you for your business and all your referrals… what a wondeful year it was.
My clients are full of questions. People I meet socially are full of real estate questions. Everybody has a question about real estate. Here's a good one with a simple answer.
Q: Sometimes you have a fabulous house, priced where the market statistics tell you it should be, and there is a steady trickle of showings, but no offers. If the neighborhood is good (location) and there's nothing left for the buyers to repair and the house is clean and show-ready, (conditon) is it the price?
A: There are basically three factors in the equation. When two out of three can't or don't need to be changed, you have to look at the third.
In this case it must be the price. There is a simple 21 day formula for determining if a price reduction is in order.
1. If there are showings and perhaps an offer that didn't come together, a 3% price reduction may be in order.
2. If there are showings, but no offers, a 4% price reduction may be needed.
3. Finally, if the property is not getting any showings or offers, a 5% reduction may put you in a position to get things moving, and offers coming in.
Obviously, depending on the price range, these percentages may differ, but this is a good rule of thumb. Watch the number of showings, and after 2-3 weeks, you'll have your answer.
Contact me any time with your real estate questions!
It can sometimes be difficult helping people through the emotional decisions and proceedings as they buy and sell their houses. Certain people rise to the occasion, and others try to drag you downwhen they get tired, grouchy or worried. I've experienced both lately.
Years ago I was told that I'd meet "givers" and "takers," and to try to stick with the "givers." (I don't mean material gifts – I'm talking about their spirits.) Below are little notes from two "givers" who I have had the pleasure of working with recently. They both arrived yesterday, and they absolutely made my day, especially after wrestling with my feelings after a "taker" got super grouchy last week. It's no surprise that these "giver" clients were referred from other clients and friends who are also "givers."
" Dear Cary,
You are amazing! I can't thank you enough for working so hard for us through this entire process. We knew from the get-go you were a stellar realtor, but honestly, you are such a good friend too. We are so blessed to be working with you! You really are our Care Bear 🙂 "
Nghi & Aaron
For everything, over and over. You are such a gem. Pure sunshine.
It was so lovely to see you today, as always.
Have a great week and weekend.
I don't have words for how much I appreciate you.
Best to you always 🙂
I'm giving thanks for having the opportunity to work with such lovely people!!