Northwest Living, February, 2022

FEBRUARY 2022

Your resource for buying, selling, and enjoying your home in the Inland Northwest.

INSIDE:

A SUPPLEMENT OF THE LEWISTON TRIBUNE

Assist 2 Sell Discovery Real Estate ...... 5 Century 21 Price Right ............. 12 & 13 Coldwell Banker Tomlinson .............. 11 Jan McCoy Properties .......................... 6 Rock N’ Roll Realty .............................. 8

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2 | February 2, 2022 | Lewiston Tribune

SELLING YOUR HOME IN THE WINTER Greenshoot Media

Just like the temperatures, the housing market tends to cool off in the winter. But with demands sitting where it is these days, there really isn’t a bad time to put your house on the market.

Here are some pros and cons of selling during winter from Moving.com.

PRO: LIMITED INVENTORY RESTRICTS OPTIONS AND MOTIVATES BUYERS Because fewer people sell in winter, that means less competition for your home and buyers are even more limited than they already are in this market.

With fewer homes for sale, it makes it easier for your home to stand out amidst the competition.

Buyers that are looking for a home during the winter months are also typically more motivated to buy. These are people that mean business, not just nosy neighbors who suddenly decide

to jump into the real estate market.

It could be that they’re relocating or suddenly need a new space — whatever it is, winter buyers mean business. They want to get in your home quickly and for a good price.

PRO: YOUR REAL ESTATE AGENT IS FOCUSED ON YOU Along with fewer homes for sale comes the fact that your real estate agent will have a smaller portfolio in the winter, meaning they can spend more time and energy marketing your property.

Realtor.com says that community real estate agents are the experts in knowing what buyers (and sellers!) want in your area. They track trends and know what sells fastest and for what price point. The site recommends finding a reputable agent by asking friends and family for recommendations, looking for real estate signs in your area, attending open

houses and meeting agents, and calling brokerages around your home.

CON: CURB APPEAL MAY BE LACKING Your lawn and garden may not look in tip-top shape during the dreary winter months, even if you live in a warmer climate. But there are still things you can do to help out, including shoveling snow and keeping driveways and sidewalks clear, fixing air leaks and making sure your home is properly winterized.

You can also turn this gloomy time of year to your favor. This is a great time of year to show off any energy efficient upgrades you’ve made. Some features to

highlight would be smart thermostats, solar panels, window treatments, energy efficient windows and doors, insulation, a newer HVAC system and a tankless hot water heater.

CON: LEAVING THE HOUSE IS HARDER Showing your home to potential buyers means that you (and your pets) need to be out of the house. And that’s not as easy during winter. In warmer months, it’s a piece of cake to pop down to the local park for half an hour or so, but win rainy, cold months, you might end up huddled in the car. Have a plan for showings and be prepared for lastminute ones.

GETTING YOUR HOME READY FOR MARKET No matter what time of year you’re getting ready to sell your home, there is probably plenty of work to be done to get your house ready for the market. Realtor.com offers this 12-point checklist to getting your home ready to sell. realtor.com/advice/sell/home-selling-checklistthings-to-do-before-selling.

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WELLS FARGO HOME MORTGAGE/LEWIST

Home financing that works for you There are many choices when buying a home, from the neighborhood to the number of bedrooms. You want a house that fits your needs, and home financing that does, too.

Wells Fargo can help with a wide variety of loans and mortgage programs for: • First-time homebuyers • Buyers who need a larger loan amount • Military members and veterans • Buyers of newly constructed homes • Buyers with other unique needs

Let’s connect.

Crystal Nelson Home Mortgage Consultant 208-799-6707 crystal.d.nelson@wellsfargo.com www.wfhm.com/crystal-nelson1 NMLSR ID 189090

Teresa Koepke Home Mortgage Consultant 208-799-6204 teresa.d.koepke@wellsfargo.com www.teresakoepke.com NMLSR ID 755325

Wesley Gossage We’ll review your information and let you know what options are available.

Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS5463479 Expires 05/2022

Branch Manager 208-799-6255 wesley.gossage@wellsfargo.com NMLSR ID 400369

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4 | February 2, 2022 | Lewiston Tribune

CREATING A STANDOUT LISTING

Greenshoot Media

In a buyers’ market, your listing has to have a look and feel that sparks interest from a potentially overwhelmed purchasing crowd.

They’ve got options, so you need to stand out. But that doesn’t mean your listing isn’t as important if you’re trying to move a property in a sellers’ market.

When homes are being quickly snapped up, potential homebuyers rely on the internet more than ever — because a potential sale has to proceed so quickly. Here are a few key tips that

will help make your real estate listing stand out.

MAKE IT PERSONAL A great listing must hit the standard marks: Include all pertinent information about the property and price, along with multiple photographs from both inside and out. But these everyday details should be paired with a bit of emotional appeal. Separating from the pack might come down to creative descriptions, a touch of humor or a detail only a local would know about the neighborhood.

Homebuyers will remember what you did differently, no matter how many more times they swipe on the real estate site.

BE CREATIVE VISUALLY Gone are the days when a standard photograph from the front curb is enough to sell a home to discerning buyers. Don’t just take a picture in every room, either; take them from different perspectives, offering your potential buyer a better sense of the space. Don’t forget to highlight outdoor living spaces, too — and think of angles that will artfully show

off all of the sweat equity you put in to get the landscaping just right. A spacious, welcoming backyard is a huge selling point, whether it’s to use for a garden party or for future expansion plans. You might also have to get creative to avoid the small flaws that any lived-in home acquires over time.

OPEN YOUR HOME There’s no overstating the role that home selling websites play in today’s marketplace, but nothing seals the deal like an in-person viewing. At the same time, there are many buyers who

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All of them could end up at your doorstep when you schedule an open house.

Keep in mind, however, that an overstuffed schedule might keep some away, so provide more than one opportunity — and at different times of the day. This will help ensure that the largest number of possible buyers can get there. Advertise online, in print and through directional signs that lead new visitors through the area and to your home.

highly rated? Is the area’s hottest new restaurant within walking distance?

Include it all in your home listing, along with other vital statistics about the area. These details give purpose and depth to your listing, setting it apart from those who focus solely on standard information like square footage.

It’s even more important in a competitive market, where proximity to retail or entertainment districts might help seal the deal.

WIDEN YOUR SCOPE Moving is about more than the building and the lot. It’s about everything that’s nearby, including schools, churches, stores and parks. HOAs often provide value-added amenities like pools or tennis courts, but are there also nearby public facilities like libraries? Is your neighborhood school

No matter what time of year you’re getting ready to sell your home, there is probably plenty of work to be done to get your house ready for the market.

Realtor.com offers this 12-point checklist to getting your home ready to sell. realtor.com/advice/sell/home-selling-checklist-things-to-do-before-selling.

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6 | February 2, 2022 | Lewiston Tribune

TIPS FOR HOME BUYERS DURING A SELLER’S MARKET Metro Editorial A combination of factors, including low interest rates and a pandemic-driven decision by many city dwellers to look for houses in the suburbs, has created a housing boom for much of 2020 and 2021. That boom has created an undeniable seller’s market in real estate.

Just what is a seller’s market? The financial resource Investopedia defines it as a marketplace in which there are fewer goods for sale than there are interested buyers, giving sellers the ability to dictate prices.

Since mid-2020, there has been an extremely low inventory of homes for sale but a very high interest among purchasing parties.

Data from the National Association of Realtors indicated that, by the end of February 2021, housing inventory fell to a record low of 1.02 million units. These

factors have led to a surge in competition from buyers, including bidding wars on homes and all-cash offers to entice sellers. In December 2020, the median listing prices for single-family homes shot up 13.4 percent from the same time the previous year, according to Realtor. com, and it hasn’t slowed down much since. Jeffrey Mezger, a 40-year veteran of the real estate industry and CEO of KB Home, says it’s the best seller’s housing market he’s seen in his career.

So where does this leave buyers interested in relocating? Here are some tips.

CONSIDER AREAS WITH SLOWER OVERALL PRICE GROWTH Experts say the southern and midwestern United States offer the best value for home shoppers because of their meager price growth. ClearCapital, which tracks housing values, says San Antonio, St. Louis and the Dallas/Fort Worth areas experienced the least price appreciation from 2019 into 2020.

GET PREAPPROVAL OR HAVE YOUR FUNDS READY Speed is the way to go if a buyer is interested in a property and wants to make an offer. Real estate professionals say buyers should be “offer ready,” which means having a mortgage preapproval letter or proof of funds for a down payment ready to go. Failure to have funds in check can slow down the process or compel sellers to reject an offer.

WORK WITH A REAL ESTATE AGENT These are complicated times and it pays for buyers to have a professional working in their corner. A real estate agent uses his or her knowledge to make a timely offer and negotiate on the buyer’s behalf. He or she also will provide insight into specific neighborhoods, amenities and school districts.

ELIMINATE CERTAIN CONTINGENCIES FROM THE EQUATION Contingencies are factors that must be met before a sale can go through, according to the relocation site Moving.

com. A common contingency is the need to sell one’s current home before closing on another. Asking for extended closing periods or certain home repairs are some additional contingencies that can make buyers less attractive to sellers.

MAKE IT PERSONAL Buyers can offer a personalized note with the offer that may connect with the seller emotionally and set one them apart from others who have made similar offers.

Buying in a seller’s market can be challenging. But some strategies can set buyers apart from the pack.

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8 | February 2, 2022 | Lewiston Tribune

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FACTORS TO CONSIDER BEFORE INVESTING IN REAL ESTATE Metro Editorial The appreciation of real estate over time has long made owning a home or an investment property a sound financial strategy.

Prospective home buyers spend considerable time looking for a property they’re hoping to call home. Various factors, including property taxes and the reputation of local schools, may be considered as homeowners decide where to look for a new home. That vetting process is equally important, albeit slightly different, when buyers are consider investing in properties they don’t intend to live in.

Real estate can be a great way to diversify an investment portfolio and earn extra income.

Before shopping for an investment property, novice investors may want to consider certain factors to determine if real estate is the best investment vehicle for them.

RENTAL POTENTIAL AND THE LOCAL LABOR FORCE Location is a significant factor to consider when investing in real estate, but recent

shifts in how and where people work could change the real estate investment landscape. A 2020 Gartner, Inc., survey of more than 300 financial executives and leaders in the finance industry found that roughly 25 percent will move at least one out of every five of their on-site workers to permanently remote positions in the years ahead. Economists note that this shift to remote working could be among the more lasting trends to emerge from the pandemic. Before investing in real estate, prospective investors should examine local trends to see if more and more locals are working remotely, and whether or not that’s affecting the market for rentals.

TO FLIP OR NOT TO FLIP Flipping properties gained popularity in the second decade of this century, but figures from the property database curator ATTOM Data Solutions indicates that returns on investments in flipped properties declined for the third straight year in 2020. Though flipping can still yield a strong return, investors may not realize the returns on flipped properties that they might have realized as recently as

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five years ago. Potential investors should conduct some research regarding real estate market trends, including flipping data where available, to make the most informed decision possible.

CONDITION OF THE PROPERTY Product shortages were another trend to emerge during the pandemic, and disruptions to the supply chain will not necessarily go away anytime soon. In addition, the cost of various products associated with home improvements, including lumber, skyrocketed during the pandemic. The

National Association of Home Builders noted that while lumber prices declined in 2021, the price of lumber packages quoted to builders remained high. That means real estate investors who invest in properties that will need work could be forced to pay a lot to fix these properties. And ongoing supply chain issues could extend the time it takes to renovate a property. Investors must be able to bear these costs and lag times to make the most off their real estate investments.

Investment properties can be a great way to diversify a portfolio. Potential investors must consider a host of factors to determine if real estate is an investment they want to make.

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10 | February 2, 2022 | Lewiston Tribune

FIXING YOUR CREDIT

Your credit score plays a determining role in how much you’ll pay for a home over the lifetime of your mortgage.

A better score means lower interest rates, and that saved income stays in your bank account. That’s why it may be smart to fix your credit before beginning your new home search. Here’s a step-by-step guide.

CHECK YOUR REPORT Begin by finding out how you’re doing through the three main reporting agencies, Equifax, Experian and TransUnion. Each of them will issue one free report per year, after a written request. Some banks and credit-card companies will also offer more regular access

to your scores. Pay close attention to your number, since these are the same credit bureaus that lenders will be contacting.

You’ll earn more attractive loan options with better scores, including an opportunity to make a lower down payment.

You’ll potentially get a more favorable interest rate, too.

purchase a property. Consider opening a low-interest credit card account, which you can use to charge select essentials.

It’s important, however, that you pay off the card on time, every month, for your score will improve. If you let a balance carry forward — or worse, miss a payment — your numbers could be negatively impacted. Disciplined charging and regular payments can lead directly to better mortgage options. Just make sure the card is reporting your activity to the three main credit agencies.

A better score means lower interest rates and saved income.

RAISE YOUR SCORE If you find that you can’t secure the best loan because of a lower score, don’t worry: There are options to raise it before you

PRE-QUALIFICATION If you’re worried about living within your means, avoid creating a mountain of debt — or halting the sale process entirely — by pre-qualifying for a loan. You’ll understand in advance which home fits your specific budget.

This document from your loan officer actually does more than outline the limit of your loan; it also helps you buy with confidence because you have a better sense of what your payment structure and interest rate will be. A pre-qualification letter aids in negotiations with a seller too, since they know you’re in a healthy position to buy.

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12 | February 2, 2022 | Lewiston Tribune

UNDERSTANDING PMI Greenshoot Media

First-time homebuyers might be surprised to learn that your monthly mortgage payment is more than the amount due on your home loan.

That’s what’s called the principal; the payment also includes interest, taxes and something else: private mortgage insurance, or PMI. Understanding how PMI works is an important part of any homebuying experience.

WHAT IS IT? PMI is an additional fee that lenders attach to conventional loans as a safeguard. Established in 1998 by the Homeowner’s Protect Act, private mortgage insurance is designed to encourage banks to lend to those with smaller down payments or fewer resources for mortgage payments, since it protects them from borrower default. Lenders have less risk, and

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buyers in turn have more choice in buying a new home.

DO YOU NEED PMI? PMI is provided by individual outside companies, and arranged for by your chosen lender. It’s typically required when you make a down payment of less than 20 percent of the total home purchase price. PMI is also usually needed if you refinance with a conventional loan, but have less than 20 percent of the value of your home in equity.

HOW DO I PAY? Your PMI premium is most commonly paid as part of your regular monthly mortgage obligation. Details about it can be found under the closing disclosure heading in the projected payments section of your loan documents.

Loan estimates distributed before you sign the mortgage will detail the amount. Some lenders offer different payment options, however, so ask if

there are other choices available. For example, PMI can sometimes be paid as an up-front one-time premium at your closing. Just be aware that you may not receive a refund on this premium in certain instances if you refinance or move.

CAN I AVOID PMI? Anyone who applies a down payment of more than 20 percent and agrees to carry a loan balance for the rest can choose to waive PMI coverage. Those with PMI can sometimes set a date of termination with their lender, after which the policy will be canceled — as long as mortgage payments have been consistently made. Recently, it’s become more difficult to receive a PMI termination without some sort of refinancing, so review your agreement before signing. You may also no longer need PMI coverage if the value of your home has significantly increased.

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DEALING WITH HOAS Greenshoot Media

Homeowners associations can provide important protections for residents, ensuring that the neighborhood retains an agreedupon look and feel.

HOA dues help with general maintenance, provide certain amenities that otherwise might not be available, and shelter everyone from undue risk through the purchase of common insurance. It’s important to evaluate these association rules before purchasing, however, because you want to make sure that they meet your own personal needs regarding rules and cost. Here’s how to evaluate an HOA. HOW MUCH DOES IT COST? Being part of a homeowners association means following certain terms, rules and conditions. It also means paying monthly dues.

The amount varies depending on a range of factors. Fees can be

higher depending on the number of amenities, and their required upkeep.

A tennis court, for instance, can be relatively easy to maintain. Pools, on the other hand, are labor intensive — and that costs money. Your dues are also determined by the size of the community. These costs go down per home when they’re distributed among more residents. There are also bills associated with maintenance in common areas, including repairs and landscaping.

WHO DECIDES? Pre-purchase questions about HOA business should be directed to members of the association’s board of directors. These boards may be run by outside management companies for some neighborhoods, in particular new builds, but more often consist of a group of interested volunteer neighbors. They’re responsible for distributing paid dues toward services provided for in the HOA charter, and adjusting the fee depending on

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cost-of-living increases or another unforeseen cost issue. Be sure to ask about any special assessments — onetime or non-annual fees — that may have been levied before you buy.

CHECK THE RESTRICTIONS The HOA’s terms and conditions will outline what is, and is not, allowed in your prospective neighborhood. In some cases, unfortunately, these rules may disqualify certain purchases: Some

HOAs place restrictions on pets; others regulate ownership based on the age of residents. As a new buyer, you’re bound by these rules so make sure they fit your particular lifestyle.

Gated communities provide an extra layer of welcome security, but may also limit when and who may visit. Handy types should pay close attention, too: Many HOAs limit the style and scope of remodeling projects. Some don’t allow any modifications at all.

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14 | February 2, 2022 | Lewiston Tribune

BUYING A FORECLOSURE Greenshoot Media After all, banks looking to get rid of a bad debt are more apt to make a deal, and the property is already empty so setting a move-in date should be no problem. But these purchases can be far more complicated, in particular for those who are unfamiliar with their unique challenges. Here’s a look at how you can best take advantage of this tricky realestate opportunity.

START SMALLER It’s tempting, of course, to purchase more expensive foreclosures, in particular if you’re considering a remodel and quick resale. But these high risk deals can leave buyers stranded with unwanted property if the resale market is sluggish for larger homes. Instead, considering opting for a smaller, cheaper home — and plan to stay put for a couple of years. That gives you

time to spruce up the place, then get a safer return on your investment. In time, you can work up to larger properties in more desirable neighborhoods, and there’s a lot less risk along the way.

BE REALISTIC Whatever size foreclosure you make an offer on, be realistic about the process.

The price is often much more affordable, but you may not find your dream home right away since the market is limited to those who have defaulted on their mortgage. At the same time, investors should know that quick-turnaround sales aren’t a sure thing, in particular when the economy is in flux. Be prepared to pay costs to renovate the home, but also property taxes if you’re there longer than expected — and perhaps continuing realestate service charges, as well.

ASK THE EXPERTS The safest foreclosure investment is using the home as your primary residence, which allows you to more deliberately build equity through remodeling and debt servicing. The properties can then be sold when the time is right, without the pressure associated with flipping a house. But even these

more straight-forward deals require the expertise of a professional who’s familiar with funding and processing a so-called REO (or real-estate owned) property for banks. Foreclosure sites are increasingly popular, but can be confusing and lack any personal attention to detail. Find a local agent who specializes in foreclosures to help you.

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DON’T SKIP THE INSPECTION So, you’ve finally found your forever home. Don’t be afraid to have someone take a closer look at it before you buy, just to make sure there aren’t huge unseen issues. If you unwittingly buy a lemon of a house, forever might end sooner than you think. Here’s how to get the peace of mind that comes with a thorough pre-purchase inspection.

WHAT TO ASK Begin by asking your potential home inspector if he or she is certified and licensed. Some states don’t require that, but this documentation works as an important safeguard for you. You’ll know they’ve been professionally trained to do the work. Ask if they’re bonded and insured; this protects both of you if there is a mistake or something missed in the inspection. More generally, you might also ask how long the inspection will take.

If the answer is less than two hours, you can be assured that they aren’t doing a thorough enough job. Finally, make sure they provide a full report — with pictures — after the inspection. You’ll need it before pursuing any remedy.

WHAT THEY DO A licensed home inspector will look at the home without benefit of your rose-colored glasses, searching for maintenance problems, unscrupulous contractor behavior, or other issues that can have huge financial implications for you as a new owner. They’ll be aware of local codes, and provide upto-date information on the condition of everything from the foundation to roof — including electrical, appliances and plumbing. They occasionally find issues that are so serious that they scuttle buyers contracts, though more often these

reports are used to strike deals for repairs.

WHAT TO WATCH FOR Pay special attention to notes from your inspector involving wiring or plumbing, as these jobs can have associated costs in the hundreds — or thousands — of dollars.

New builds may also trigger questions about adherence to local codes, a red flag for any potential buyer. Often these issues

MANN MORTGAGE

can be avoided in advance by checking a contractor’s references through feedback forums on sites such as Yelp, Google or Angie’s List where discussions are held by former clients. Secure a neutral inspector with no ties to the builder so you can be assured he evaluates everything impartially. Your real-estate agent can help, if you’re moving to a new areS and are unsure who to hire.

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16 | February 2, 2022 | Lewiston Tribune

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LCValleyHomeLoans.com 1630 23rd Ave, Ste 201A • Lewiston, ID 83501 ,

NMLS #1821425

© 2019 American Pacific Mortgage Corporation NMLS 1850. All information contained herein is for informational purposes only and while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions apply. Equal Housing Opportunity.

WESLEY RALSTIN NMLS#2229131

wesralstin@apmortgage.com

208-305-6762