Real Estate Blog - Blog Archive: February, 2018

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February 2018

Found 7 blog entries for February 2018.

Three years ago, we wrote a blog post claiming Portland is ADU City (Baby) and predicted we’d see more and more pop up in our neighborhoods. Well, sure enough, Portland’s ADU trend is rising to new heights.

Why? Simply put, there’s still a housing shortage. Because ADUs are allowed in more areas than duplexes, triplexes, and apartments, many people are turning to building a second, compact home right in their backyard. Moreover, local government in Portland and other major cities with housing shortage are widely encouraging this movement, so much so that since 2010 the City of Portland has been waiving expensive system development fees, saving up to $19,000 in building costs. In 2016 alone, the city issued 615 permits for new ADUs.

So what is an

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Many of us have been following the 2018 Winter Olympics in Pyeongchang, South Korea, which began on February 8th and here in the PNW we're all about winter sports! In fact, there are a handful Olympic athletes competing in this year's games.

Ferguson began his snowboarding career early and competed in the Winter Youth Olympic Games in Austria, 2012 for slopestyle and won gold. Later he won a silver medal at the 2016 Winter X Games superpipe. Early in the 2018 games, he competed in the superpipe with competitors like the illustrious Shaun White, where Ferguson finished just shy of a medal in 4th place.

Tommy Ford, Bend: Alpine skiing

Ford gained his amazing alpine skiing skills as a

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You’ve most likely heard the rule: Save for a 20% down payment before you buy a home. The logic behind saving 20% is solid, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

However, there can actually be financial benefits to putting down a small down payment, as low as 3 %, rather than parting with so much cash up front, even if you have the money available.

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and the lower your down payment, the more you’ll pay. You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will

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The Tax Cuts and Jobs Act, signed into law December 22, 2017, significantly affects real estate. We outlined the provisions affecting homeowners in our 12/20/17 blog "Tax Cuts and Jobs Act vs Portland Real Estate." This post covers the provisions directly affecting real estate investors.

Changes that are particularly relevant to real estate investors, large and small:

1031 Exchanges

Old Law

    • No gain or loss is recognized if property held for productive use in a trade or business or for investment is exchanged for property of a "like kind" which is to be held for productive use in a trade or business or for investment.

New Law

    • The tax-deferred like-kind exchange rules will apply only to real property.

Capital

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Each year the National Association of Realtors reports on the cost of common remodeling projects and how much they add to the value of a typical home. The following are the estimates for the Portland area published in 2018.

The cost data comes from HomeTech Information Systems, a remodeling estimating software company, and is adjusted for regional pricing variations.  The added value estimates are based on sampled NAR members’ professional judgment, not actual sales. ©2018 Hanley Wood, LLC. Reproduced by permission. Complete city data from the 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

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The Wall Street Journal reported last week that homeownership rates are on the rise for the first time in 13 years thanks to the highly scrutinized generation: millennials. 

Despite rising house prices, tight supply, and strict lending conditions, millennials stayed committed to their financial goals and spurred buying activity. The rate was reported at 64.2% in the fourth quarter of 2017, up from 63.7% in 2016. The biggest increase was with buyers under the age of 35, rising from 34.7% to 36%. This annual increase marks a crucial turning point because it comes after the federal government reined in bubble-era policies that encouraged banks to ease lending standards to boost homeownership. Not only does demand for homes help drive construction,

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