At BST Realty LLC, we have agents that in-depth knowledge of what the Willamette Valley has to offer. But, did you know we also have agents who can help you out if you’re thinking about buying or selling on the coast? That’s right, we may have offices in Keizer and Silverton, and we are also able to help you with your real estate dreams in so many places! From the lush greens of the valley to the cool blues of the coast, whatever color palette you’re thinking about, we are here to make sure you get there!
Perhaps you’re thinking the mountains of the Willamette Valley are more your style. Or, maybe the ocean is calling your name. At BST Realty LLC, we’ve got you covered. No matter your lifestyle, we will listen carefully to make sure you’re on the pathway to your real estate goals. This may mean a cabin on the outskirts of Sublimity, or perhaps a home in McMinnville that’s close to your favorite wineries. It would be right in the heart of Salem, or a beach bungalow in adorable Manzanita. Whatever your preferences are, we will provide simply the best service to get you to where you want to be.
Imagine waking up with the waves greeting you at your window, or being able to take a short jaunt to get your favorite cup of coffee downtown. We get that each person has their own way they want to live life, and that’s beautiful. Oregon has so much to offer, and we’re here to help you navigate the real estate process. Our agents come from a variety of backgrounds and are experts of the Willamette Valley and beyond. Are you ready to begin exploring what it may look like? Let’s get started on this amazing journey together!
Where the road takes you in real estate may be a bit uncertain, but that’s okay. We are here to help you figure out the best way to navigate through the entire process. It’s actually still about the journey rather than the destination. Because the journey usually determines where you end up. Our agents are experts at understanding the terrain when it comes to real estate. Sometimes there may be a bumpy road, but we’re here to make it more smooth. We are here to help alleviate any kind of stress you may be feeling. Because our ultimate goal is to help people achieve their real estate dreams.
Think of us as an advocate and a cheerleader all in one. Our agents are fierce negotiators. At BST Realty LLC, we listen deeply to what you have to say because your values and goals are important. We want to make sure that we’re providing simply the best service to get you to where you want to be. In fact, we won Best Real Estate Company in the Willamette Valley for 2021. So, of course, must continue upholding that type of quality service. As far as the cheerleader role is concerned, we also love to celebrate wins with our clients! It’s lovely when all the pieces come together, and our clients are happy. Because, after all, when our clients flourish, we do, too.
Even though summer is winding down a bit, it’s always a good time to explore possibilities in real estate. Whether you’re a Buyer or a Seller, there are great resources we can connect you with. It’s also a good time to make a plan for what the future may look like. Perhaps that means getting a lender or determining the value of your home. Or, perhaps you’re ready to make the leap because now’s the time! Either way, we will do simply our best in helping you achieve your real estate goals and make them a reality! Give us a call, and let’s get started on this journey together.
When you’re somewhere completely new, it may be a bit overwhelming. Picture that you’re in the forest, a place you haven’t gone before. You may think to yourself…are there bears around the corner? Now, picture going to a trailhead you frequent, you’re not as uncertain as to what is around the bend. You’re more comfortable, and perhaps there are even some favorite parts to the trail you look forward to, and maybe you even take it faster sometimes to shake things up a bit. New things can sometimes feel scary. When it comes to real estate, some people feel the same way when they’re new to the game. It’s okay, you have simply the best guide on your side when you’re with us.
Your Home Pathway
At BST Realty LLC, we are here to make sure you know where all the bumps in the road and wonderful spring waters are located. We want to make sure you have a pleasant journey and get to where you want to be. Think of us as a trail guide. We’ve been down this type of path before, and we know what to look out for and what supplies to bring. For example, if you’re a first-time home buyer, we can be a resource to you for connecting you with lenders, contractors, and much more. We love being helpful, and a big part of our job is to make sure that the process is as smooth as possible.
If you’re a seller, perhaps you want a broker who truly understands the value of your home and how to best make it shine. If don’t want to feel stuck in the woods, have no fear, we are here to help guide you! Our agents are also expert negotiators. We are here to help advocate for you in simply the best possible way. Because, at the end of the day, we just love helping people.
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.
In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the report:
What Does This Mean for Homeowners?
Home prices are climbing today, and the data in the survey indicates they’ll continue to increase, but at rates that approach a more normal pace. Even still, the amount of household wealth a homeowner stands to earn going forward is substantial. This truly becomes clear when we consider a scenario using a median-priced home purchased in January of 2021 and the projected rate of appreciation on that home over the next five years. As the graph below illustrates, a homeowner could increase their net worth bya significant amount – over $93,000 dollars by 2026.
Home Price Appreciation and Home Equity
CoreLogic recently released their quarterly Homeowner Equity Insights Report, which tracks the year-over-year increases in equity. It shows an average annual gain of $33,400 per borrower over the past 12 months. In the report, Dr. Frank Nothaft, Chief Economist for CoreLogic, further explains:
“Double-digit home price growth in the past year has bolstered home equity to a record amount. The national CoreLogic Home Price Index recorded an 11.4% rise in the year through March 2021, leading to a $216,000 increase in the average amount of equity held by homeowners with a mortgage.”
The expected, sustained growth of home prices means homeowners can continue to build on the past year’s record levels of home equity – and their financial prosperity. It also presents today’s homeowners with a unique opportunity: using their growing equity for a home upgrade. With so few homes available to purchase and strong buyer demand, there may not be a better time to sell your current house and move into one that better meets your needs.
When it comes to buying a house, you’re looking for the perfect place to call home. The problem is, in today’s market there just aren’t that many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal. Here are five things to keep in mind when you’re ready to make an offer.
1. Know Your Numbers
Having a complete understanding of your budget and how much house you can afford is essential. That’s why you should connect with a lender to get pre-approved for a loan early in the homebuying process. Taking this step shows sellers you’re a serious, qualified buyer and can give you a competitive edge in a bidding war.
2. Brace for a Fast Pace
Today’s market is dynamic and fast-paced. According to the Realtors Confidence Index from the National Association of Realtors (NAR), the average home is on the market for just 17 days – that means from start to finish, a house for sale in today’s climate is active for roughly 2.5 weeks. A skilled agent will do everything they can to help you stay on top of every possible opportunity. And, as soon as you find the right home for your needs, that agent will help you draft and submit your best offer as quickly as possible.
3. Lean on a Real Estate Professional
While homebuying may seem like a whirlwind process to you, local real estate agents do this every day, and we know what works. That expertise can be used to give you a significant leg up on your competition. An agent can help you consider what levers you can pull that might be enticing to a seller, like:
Offering flexible rent-back options to give the seller more time to move out
Your ability to do a quick close or make an offer that’s not contingent on the sale of your current home
It may seem simple, but catering to what a seller may need can help your offer stand out.
4. Make a Strong, but Fair Offer
Let’s face it – we all love a good deal. In the past, offering at or near the asking price was enough to make your offer appealing to sellers. In today’s market, that’s often not the case. According to Lawrence Yun, Chief Economist at NAR:
“For every listing there are 5.1 offers. Half of the homes are being sold above list price.”
In such a competitive market, emotions and prices can run high. Use an agent as your trusted advisor to make a strong, but fair offer based on market value, recent sales, and demand.
5. Be a Flexible Negotiator
If you followed tip #3, you drafted the offer with the seller’s needs in mind. That said, the seller may still counter with their own changes. Be prepared to amend your offer to include flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Just remember, there are certain contingencies you don’t want to forego. Freddie Macexplains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
When it’s time to make an offer, it’s important to consider not just what you need, but what the seller may need too. Let’s connect so you have expert advice on this step in the homebuying process to put your best offer on the table.
A recent Survey of Consumer Finances study released by the Federal Reserve reveals the net worth of homeowners is forty times greater than that of renters. If you’re wondering if homeownership is a good investment, the study clearly answers that question, and the answer is yes.
Do Americans believe a home is a better investment than stocks?
In a post on the Liberty Street Economics blog, the Federal Reserve Bank of New York notes that 93.3% of Americans believe buying a home is definitely or probably a better investment than buying stocks.
Here’s how the results break down:The survey also shows a wide range of reasons why Americans feel that way (respondents were able to pick more than one answer):
The data show how strongly Americans believe in homeownership as an investment. That belief is warranted. The Liberty Street Economics blog put it best by saying:
“Housing represents the largest asset owned by most households and is a major means of wealth accumulation, particularly for the middle class.”
Signs of spring are all around. In the Willamette Valley, you can begin to experience the wonderfully delicate Trillium plant blooming among the ferns and clovers beginning to emerge. This may signal to us the need for starting anew and being more open to possibilities. When it comes to buying or selling a home, it may feel a bit overwhelming at first. At BST Realty LLC, we are here to help alleviate any stresses you may have. That way, your experience is more enjoyable. Especially, when it comes to something as important as a home. Let’s figure out your home pathway this spring!
Simply the Best Service
At BST Realty LLC, we have experienced agents who are ready to serve you. We provide simply the best service for your and your family. When it comes to being a Buyer, that may mean connecting you with the resources you may need to determine what type of home is best suitable for your budget. If you’re a Seller, that may mean connecting you with resources that will showcase your home’s unique features. The world of real estate may feel complex, but that’s why we are here to help make it more enjoyable. That way, you may focus on other matters like determining if the style of home is right for you, job responsibilities, and more.
We are here for the long run. We believe in maintaining long-lasting relationships. That’s because we value our community. When our clients flourish, we flourish. And we are here to help support you at every point in your homeownership pathway. Whether you’re thinking about buying or selling, let’s talk. Let’s explore what is possible for you and your family. From there, we can devise a plan that best suits your wants and needs, and checks all the boxes. Give us a call, and let’s make your real estate dreams a reality!
We are proud to announce that BST Realty LLC has way more than doubled in its sales within the last two years. Now, that’s something to celebrate. When our business flourishes, so do our clients. It’s a win-win for everyone involved! We believe in community, and it’s been wonderful to be able to help our community thrive. We think of it as double the win. Especially, during the last year of such change. Of course, being successful at real estate means being adaptable to change. After all, it makes sense since a home is usually a central part of life. And, as we all know, life serves up changes from time to time. At BST Realty LLC, we are all about providing simply the best service to our clients.
Here to Serve You and Your Family
We truly value our expert team of agents who are working hard each year to make wonderful things happen. Our agents are here to help serve you and your family get to where you want to be. They are expert negotiators ready to help guide you through the real estate process. If you’re a Buyer who is nervous about buying your first home, we’ve got you covered. Our agents are here to be resources and help guide you in unfamiliar territory. If you’re a Seller, our agents are also savvy at showcasing your home’s best attributes and skilled at negotiation.
Let’s Win Together!
At BST Realty LLC, we are so happy to be able to serve our community. We genuinely care about our client’s well-being and building long-term relationships. Spring is a great time to begin thinking about real estate. You may have noticed more homes coming on the market. If you’re interested in viewing homes or potentially putting your home on the market, we are here to help make your real estate dreams come true. Give us a call, and let’s get started on this journey together!
If you’re planning to buy a home this year, saving for a down payment is one of the most important steps in the process. One of the best ways to jumpstart your savings is by starting with the help of your tax refund.
Using data from the Internal Revenue Service (IRS), it’s estimated that Americans can expect an average refund of $2,925 when filing their taxes this year. The map below shows the average anticipated tax refund by state:Thanks to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. In addition, Veterans Affairs Loans allow many veterans to put 0% down. You may have heard the common myth that you need to put 20% down when you buy a home, but thankfully for most homebuyers, a 20% down payment isn’t actually required. It’s important to work with your real estate professional and your lender to understand all of your options.
How can your tax refund help?
If you’re a first-time buyer, your tax refund may cover more of a down payment than you realize.
If you take into account the median home sale price by state, the map below shows the percentage of a 3% down payment that’s covered by the average anticipated tax refund:The darker the blue, the closer your tax refund gets you to homeownership when you qualify for one of the low down payment programs. Maybe this is the year to plan ahead and put your tax refund toward the down payment on a home.
Not enough money from your tax return?
A recent paper from the National Bureau of Economic Research found that, of the households that received a stimulus check last year, “One third report that they primarily saved the stimulus money.” If you had the opportunity to save your Economic Impact Payments, you may consider putting that money toward your down payment or closing costs as well. Your trusted real estate professional can also advise you on the down payment assistance programs available in your area.
Saving for a down payment can seem like a daunting task, but it doesn’t have to be. This year, your tax refund and your stimulus savings could add up big when it comes to reaching your homeownership goals.
According to data from the most recent Origination Insight Report by Ellie Mae, the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. While stricter lending standards could be a challenge for some, many buyers may be surprised by the options that are still available for borrowers with lower credit scores.
The fact that the average American has seen their credit score go up in recent years is a great sign of financial health. As someone’s score rises, they’re building toward a stronger financial future. As more Americans with strong credit enter the housing market, we see a natural increase in the FICO® score distribution of closed loans, as shown in the graph below:If your credit score is below 750, it’s easy to see this data and fear that you may not be able to qualify for a mortgage. However, that’s not always the case. While the majority of borrowers right now do have a score above 750, there’s more to qualifying for a mortgage than just the credit score, and there are still options that allow people with lower credit scores to buy their dream home. Here’s what Experian, a global leader in consumer and business credit reporting, says:
Federal Housing Administration (FHA) loans:“With a 3.5% down payment, homebuyers may be able to get an FHA loan with a 580 credit score or higher. If you can manage a 10% down payment, though, that minimum goes as low as 500.”
Conventional loans:“The most popular loan type typically comes with a 620 minimum credit score.”
S. Department of Agriculture (USDA) loans:“In general, lenders require a minimum credit score of 640 for a USDA loan, though some may go as low as 580.”
S. Department of Veterans Affairs (VA) loans:“VA loans don’t technically have a minimum credit score, but lenders will typically require between 580 and 620.”
There’s no doubt a higher credit score will give you more options and better terms when applying for a mortgage, especially when lending is tight like it is right now. When planning to buy a home, speaking to an expert about steps you can take to improve your credit score is essential so you’re in the best position possible. However, don’t rule yourself out if your score is less than perfect – today’s market is still full of opportunity.
Don’t let assumptions about whether your credit score is strong enough put a premature end to your homeownership goals. Let’s connect today to discuss the options that are best for you.