Real Estate Weekly: November 25, 2022

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Now could be the time to sell a new home and earn a slice of the real estate pie.

Record-low interest rates is renewing interest in the housing market for many people.

“When sellers are interviewing real estate agents to market their homes, their primary focus is usually on the advertising that the agent will offer them,” says Jessica Goodbody of Weichert Realtors.

Let us help you meet your marketing goals by advertising your listings in Real Estate Weekly.

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The best cities for retirees to consider moving to

By Erik J. Martin CTW Features\

You’ve worked hard your entire career and likely established strong roots in your chosen community. Now, with retirement looming or recently occur ring, you’re probably eager to spread your wings and soar beyond mere shortterm travel plans. This could be an ideal window to consider relocating to an entirely new market – perhaps in a faraway state where a new excit ing chapter of your life is waiting to unfold.

Problem is, with so

many different cities and desirable areas for retirees to choose from, where should you look?

“Retirement is supposed to be the next best chapter of your life, so you want to get where you choose to live right. If where you currently reside doesn’t cater to how you want to live during retirement, especially when it comes to amenities, activities, and social connections, it’s time to ponder moving to a new city,” suggests Matiah Fischer, founder of RetireBetterNow.com and a Las Vegas Realtor.

Hardly a surprise, Fischer

recommends taking a closer look at Sin City.

“There’s so much to do in Vegas, much more than just the Strip. There are world-famous shows and professional sports, abundant outdoor activities, outstanding communities and housing options, a great climate, interest ing people from all over the world, and no state income tax,” he notes.

Ask Shaun Martin, CEO of a full-service real estate investment company, and he’ll tell you that Port land, Oregon, is the ideal spot for enjoying your post-working years.

“If you want a change from your current locale or are just looking for something different, think about moving somewhere where there are plenty of opportunities for fun activities and entertain ment explicitly tailored toward older adults – like casinos, golf courses, and spas. That’s why my first recommendation would be Portland, where a ton of outdoor activities await including hiking and biking along the Colum bia River,” says Martin. “There are also plenty of cultural activities and festivals as well as muse

ums and galleries to check out, and the cost of living is low compared to other major US cities.”

Don’t sleep on San Diego, suggests real estate investor Alex Capozzolo.

“It’s one of the most desirable year-round vaca tion spots in the nation for a reason. Unlike some other coastal locations, the weather in San Diego is tempered by the Pacific Ocean, which results in relatively cool summers and warm winters. And there is minimal rainfall,” he explains. “There are nearly 70 miles of ocean beaches for all types of activities and exploration. And there are more than 90 golf courses, too.”

Brian Burke, owner and managing broker of Kenna Real Estate in Littleton, Colorado, surprisingly doesn’t nominate a city in his home state. Instead, he strongly recommends Charleston, South Carolina.

“If you want to retire in a beautiful coastal city, Charleston can be a great option. It offers access to a safe and affordable neighborhood along with mesmerizing scenic beau ty. The city is safer than 21% of US cities, and you get access to amazing healthcare services,” Burke points out. “Plus, you won’t need to pay any tax on Social Security bene fits, and Charleston offers one of the lowest property tax rates in the country.” Tropical paradise is a strong pull for many

retirees yearning for a new address, which is why Harold X Clarke, founder/CEO of Harold X Clarke Advisors, recommends Honolulu.

“There’s no better place to live than in Hawaii –more specifically, Ho nolulu, which offers the perfect balance of island life with city entertainment. We’ve got pristine golf courses, hiking trails, luxury shopping centers, breathtaking art galleries, and much more,” Clarke says.

Florida may be less desirable to some due to hurricane activity, but that doesn’t stop David Tully, a Realtor for eXp Realty in Reno from advocating for Palm Coast, Florida.

“The quality of life is good here, with a 19% population growth last year. The median cost of a mortgage is just under $1,300, with rental homes at roughly the same range,” he says.

Whatever cities make your shortlist, don’t choose a location based on price only.

“It could be cheaper to move to the middle of nowhere, but if you thrive on socialization, your de cision could be a mistake. Make a list of lifestyle must-haves and factor those in when choosing a location,” suggests Capoz zolo. “Also, don’t relocate too far away from basic services and healthcare providers.”

Using rental payments to better your credit score

Question:

We are long-time renters but now want to buy. We spoke with a mortgage loan officer and were told that rental payments normally do not count toward credit scores. This is ridiculous. Rent is our biggest expense, and we pay faithfully each month. How can we use our rental payments to get better credit scores?

Answer:

For as long as anyone can remember, renters have been treated unfairly when it comes to rent and credit standing. Car and credit card payments show up on credit reports, but usually not rent. The result is what you might expect.

“Credit history,” said Fannie Mae, “is a key element in evaluating a borrower’s ability to make a mortgage payment, but fewer than 5% of renters today have their rent payments reported on their credit bureau report, putting many prospective first-time homebuyers at a disadvantage.”

But here’s the good news. Renters – finally – can benefit from payments made in full and on time because of underwriting changes made by Fannie Mae and Freddie Mac.

The way the programs work is that the borrower gives permission for the lender to electronically review bank accounts. Those accounts can show payments to landlords each month.

This is a big step forward, but it’s not enough. The problem is that millions of households are “unbanked,” a fancy expression that means they do not have a checking, savings, or other accounts with a bank or credit union. These households typically pay their rent and other expenses with cash or through non-bank systems.

Freddie Mac, under the new standards, will count not only payments made through banks but also through other payment options.

“Eligible rent payment data,” says Freddie Mac, “includes check, electronic transactions or digital payments made through Zelle, Venmo, or PayPal.”

In addition to Fannie Mae and Freddie Mac, the FHA announced in late September that it would review rental payment information for first-time borrowers.

“If you’re regularly paying your rent on time, that’s a good indication you will also pay your mortgage on time,” said Federal Housing Commissioner Julia

Q&A Q&A

ASK OUR BROKER

By Peter G. Miller

Gordon.

What about those who only pay by cash?

Speak with lenders to review the requirements for manual underwriting. In general, get – and keep –monthly rental receipts for at least the last 12 months. They’re evidence of payment. Some states require that landlords provide such receipts for cash payments. It’s also a good idea to get a statement from the landlord saying that monthly payments have been made on time and in full for the past year.

In addition to credit, there’s another reason lenders want to know about monthly rent.

Purchasing a home may cause monthly housing costs to rise above current rental payments. Higher payments, by themselves, can be acceptable, but when payments increase too much – whatever “too much” is – lenders worry about “payment shock,” a situation where monthly housing costs jump so much that payments cannot be sustained. Being able to show monthly rental costs – and having proof that such payments were made in full and on time – will do much to relieve possible lender anxiety.

Email your real estate questions to Mr. Miller at peter@ctwfeatures.com.

Making a new place your hometown

By Marilyn Kennedy Melia CTW Features

More Americans have been making big moves: Out of an urban center to an outly ing suburb, or to new towns and cities that promise more affordable, easier living.

Except that, initially, the quest for a more enjoyable living may not feel very comfort able, caution people who’ve felt the loneliness a new locale can engender.

Make-up artist and author Mandie Brice, who’s moved to a new metropolitan area every two years for the past six-plus says she tries to remember the pain of feeling lost amid unfa miliar people and surroundings because as an introvert, that’s how she fights the temptation

to “decide it’s easier to stay home” rather than go to one of the activities she’s scheduled.

She’s found local events on the Meetup app, Facebook groups, and the Eventbrite site where she can chat with new people.

Indeed, there are proven strategies that can help you root, say those who’ve relocated and real estate professionals: Old friends lead to new ones.

People who already know you “are likely to know someone you’d be compatible with and have fun with,” says Brice. Ask friends and family to give you referrals of anyone they know in an area and post your plea on social media so that your entire network can make suggestions.

Find structured activities you’ll enjoy.

Every town has organizations to volunteer at, like the library or a local school, suggests Alison Bernstein, founder of real estate advi sory Suburban Jungle.

Keep a daily routine.

When she moved from Orlando, FL to Los Angeles, “I would mainly go to the gym at the same time and after you go consistently you start seeing the same people,” shares UCLA student Genesis Gutierrez.

Ask your agent for introductions.

Since real estate agents are in the peoplemoving business, your agent in your new hometown might be able to connect you with others who’ve recently moved from out-oftown.

4317

Classic 1920s farmhouse with 1368 sq ft, 2 beds/1 bath, and den. Beautiful woodwork and floors throughout the home, including many built-ins; please take note of the shelves in the den. Home sits on peaceful, mostly pastured 5 acres with outbuildings (a barn and a storage building). A large, covered front porch and a two -tier deck on the west side of the home enhance your enjoyment of the outdoors; the back door deck is covered and offers built-in seating. Gated drive. Fruit trees, grape vines, and a garden area enhance this peaceful homestead. Fenced on three sides with the four th side being the road.

MLS#2004946

5 Acres

104 n hAw thorne st, Burlington $379,000 Danya Wolf (360) 708-8294

ABLE! 1226

Alpine View DriVe, eAglemont

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