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Here’s What Mortgage ‘Rate Lock’ Looks Like, in One Chart

by Amy McLeod Group


In 2017, MarketWatch documented many of the reasons there aren’t enough homes to buy. One of the most striking forces in the housing market right now is “rate lock,” the idea that homeowners with ultra-low mortgage rates can’t bear to give up those loans and, in buying a new home, get stuck with a mortgage with a much higher rate.

Real estate data provider Black Knight shared data that illustrated the phenomenon. Among all homes listed for sale at that time, those with a mortgage that had a “5-handle,” a rate between 5.00 and 5.99%, were far more likely to be listed for sale than those with a 3-handle.


MarketWatch recently asked Black Knight for an update. The chart above shows the picture a year and a half later.

In its October Mortgage Monitor, Black Knight notes that homes purchased with the lowest interest rates in history, are also likely to have been bargains, since that was a particularly iffy moment just after the housing crisis. “At the bottom of the market in 2012 the average U.S. home sold for $199K, while interest rates hit a low 3.35%,” Black Knight analysts wrote.

“The same home today would not only cost 50% more (nearly $300K), but the interest rate on the mortgage would also be >1.5% higher. The $741 monthly mortgage payment on that house in 2012 (assuming 20% down) would be $1,257 today, a 70% increase to purchase the same home.”

That’s why Black Knight refers to “affordability lock,” rather than using the popular term “rate lock.”

By: Realtor.com,  

Exploring Salem Oregon: Breakfast with Santa at the Carousel

by Amy McLeod Group


Saturday, December 8, 2018 - 8:00 AM to 9:30 AM

Come and visit Santa at Salem’s Riverfront Carousel!  Enjoy a catered breakfast, receive a special gift, ride the carousel, and take photos!  Reservations are required. $20 per person.

Salem’s Riverfront Carousel
101 Front St. NE
Salem, OR 97301

Call 503-540-0374 for reservations.

Event Website

Courtesy of Amy McLeod, The McLeod Group Network

Photo Credit: travelsalem.com

Where Are Interest Rates Headed in 2019?

by Amy McLeod Group


The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate, the greater the payment will be. That is why it is important to know where rates are headed when deciding to start your home search.

Below is a chart created using Freddie Mac’s U.S. Economic & Housing Marketing Outlook. As you can see, interest rates are projected to increase steadily throughout 2019.

How Will This Impact Your Mortgage Payment?

Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly. But don’t let the prediction that rates will increase stop you from purchasing your dream home this year!

Let’s take a look at a historical view of interest rates over the last 45 years.

Bottom Line

Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.

Let The McLeod Group Network assist with ALL your Real Estate needs! 971.208.5093 or admin@mgnrealtors.com.

By: KCM Crew

4 Reasons to Buy A Home This Winter!

by Amy McLeod Group


Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on With Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Let The McLeod Group Network help you find your newhome! 971.208.5093 or admin@mgnrealtors.com.

By: KCM Crew

Exploring Salem Oregon: Christmas in the Garden

by Amy McLeod Group

November 23, 2018 - December 31, 2018 (closed 12/24 & 12/25)

Twinkling lights, artisan vendors, ice skating, photos with Santa, traditional German food, carolers, and more!  Pricing and activities vary by night.

Oregon Garden Resort
895 W Main St.
Silverton, OR 97381

For more information call: 503-874-2539

Event Website

Courtesy of Amy McLeod, The McLeod Group Network

Photo Credit: oregongarden.org

Your Listing Is Turning Buyers Off! Here's Why

by Amy McLeod Group


The best way to get potential buyers through the door and interested in your home is with a stellar online listing. Photos of the house and a description of the property are standard fare, but not all listings do what they're supposed to do. In fact, some might actually do more harm than good.

In many ways, trying to sell your home is like applying for a job, and your online listing is the resume or cover letter. If it’s not polished, you’ll never even get to the next phase.

So, what are the parts of a listing that can turn buyers off? Below are some of the worst offenses.

1. Lackluster (or non-existent) description

It can be hard to sum up your home in a couple of paragraphs. However, if you want to attract buyers, you’ll need to paint an inviting picture of the property.

“If it is a lakefront home, highlight the best parts of living on the lake; if it is an urban town, mention that you are within walking distance of top-rated restaurants,” says Cynthia Emerling, listing specialist at Finger Lakes Premier Properties in Canandaigua, NY.

Work with your real estate agent to pinpoint what buyers are looking for in your area, so you can mention it as early as possible in the listing description.

For example, Emerling’s company specializes in lakefront vacation homes, so “the views, the dock, and the topography of the land are all features that we highlight prominently.”

Also keep in mind that the online listing might initially show just a couple of lines of text, so make sure the most eye-catching information appears first.

2. Too much (or the wrong type of) information

Colorful listing photos or descriptions are sure to entice, but you have to be objective. Your favorite aspects of the home might not have the same effect on buyers.

“I had one seller that wanted to include photos of bunnies that lived in the backyard,” says Kris Lippi, real estate broker and owner of Get Listed Realty in Hartford, CT.

However, Lippi didn’t think that would necessarily be a selling point—and buyers might actually be concerned that the rabbits were destroying the lawn.

3. Amateur photographs


Photography equipment should never be showing in your listing photos!

Really Bad MLS Photos/Facebook

Your smartphone takes some really good photos, but that doesn’t mean they’re good enough to be used in your online listing.

“Everyone thinks they can take quality pictures with their smartphones and save a few dollars, but you only get one chance to impress potential buyers online,” says Robert Taylor, owner of The Real Estate Solutions Guy, a house-flipping company in Sacramento, CA.

That's why it's important to feature high-quality photographs shot by someone who has experience taking photos for online listings.

“A professional photographer will have the correct camera lenses, lighting, and angles to allow the entire room to be seen in a single photo," Taylor says.

Jim Stevenson, a real estate agent at Realty One Group in Doylestown, PA, agrees that pictures taken by camera phone are no match for high-quality professional photos.

“I can't tell you how many times I've seen the infamous ‘real estate agent in a mirror' shot," Stevenson says. “When the photo quality is lacking, it sends a message that your home is low quality, too.”

4. Not staging your home


By not staging a home, you're missing out on the opportunity to show potential buyers how the space can be used.

realtor.com

While many buyers like to think of a new house as a blank canvas for their own furniture and design tastes, leaving the rooms completely devoid of furniture and art in the listing photos can hurt you in the long run. Buyers like to see the potential of the home, so staging is highly recommended.

“When a house is staged, you can get the sense of use and purpose for each space,” says Matt Morgus, a San Francisco-based real estate agent.

That's especially important for houses with open floor plans.

“Open floor plans are extremely popular to home buyers in today’s market, but sometimes it’s hard to differentiate a space with no furniture,” Morgus says.

5. Too many days on the market

Buyers look closely at the listing price and days on the market (DOM) because this information can help them determine whether the house is priced too low or too high—and how much they should offer if they're interested.

Because every real estate market is different, there isn't a hard and fast number of days it takes for a listing to be considered stale. However, most real estate agents agree that it takes about 30 days on the market for a listing to lose its luster.

So how can you revive a stale listing? Additional marketing efforts like new photos or an added incentive (free tacos with purchase, anyone?) may help. But the most effective way to generate more buzz about your property is with a price adjustment.

"If you have been on the market for a while and activity has stalled, you should consider reducing the price,” Lippi advises. “Even if you reduce it by a small amount, it will show up in buyers’ emails again and appear online as a price correction, and this gets eyes on your listing.”

The best tactic, ultimately, is to price the house correctly the first time, so it doesn't end up languishing on the market for a couple of weeks.

“An overpriced home will force a seller to drop the price of their home numerous times to reach the ‘sweet spot’ where buyers become interested in the listing,” says Breyer.

Let The McLeod Group Network help you sell your home! 971.208.5093 or admin@mgnrealtors.com.

By: Realtor.com, Terri Williams


Painting appliances is one of the best ways to update your kitchen without having to take on an expensive renovation. Like painting exposed bricks or a bathtub, putting on a fresh coat of appliance paint can make your hardworking machines look brand-new. But before you grab a paintbrush, here's what you need to know.

Appliance paint is different

You can achieve professional-looking results by painting your appliances yourself. However, this is not the time to use up that extra wall paint in those rusty cans in your garage. Appliance paint is specially formulated for metal surfaces and for the kind of extra-tough wear and tear to which appliances are subjected.


Refrigerator painted with white appliance paint- 
Rust-Oleum

Types of appliances that can be painted

The type of appliance you’re painting will determine which type of appliance paint you should get.

“Appliance paint is available in heat-resistant finishes, which would work best for your appliances that get warm over an extended period of time,” according to Amy Davis, a franchise consultant for Five Star Painting.

In fact, you should use only high-heat paint on your stove, oven, or toaster—but avoid painting the actual heat coils.

"Spray paint should not be used on any surface that comes in direct contact with food, as our paint is not tested for food safety,” says Melinda Childress, product marketing manager at Sherwin-Williams.

For appliances like the refrigerator or dishwasher that can get wet, you'll achieve the best results by choosing a moisture-resistant appliance paint.


White refrigerator painted with stainless steel appliance paint - Giani 

Choosing the right appliance paint

Rust-Oleum, Krylon, and Giani are three popular household appliance paint brands. Rust-Oleum and Krylon are both available in black, white, almond, and bisque/biscuit colors. And Giani offers Liquid Stainless Steel, a DIY kit that allows you to give your boring, outdated appliances the sleek, luxurious look of stainless steel.

Davis recommends spray paints because they are easy to use on appliances.

Prepping appliances for painting

To achieve professional-looking results, you’ll need to adhere to tried-and-true pre-painting rituals.

“A thorough cleaning will be the No.1 prep step for most appliances, since they are subject to fingerprints, grease, and food residue,” says Childress.

If the appliance is old and has traces of rust, she recommends sanding the rust to remove it before you start painting.

A lot of people try to skip the cleaning and sanding steps, but if you don’t remove grime and other residue, the paint won’t adhere to your appliances.

“You should also unplug the appliance, and remove or cover all the hardware and handles,” Davis says.

When you start painting

The best way to avoid a mishap is to follow the manufacturer's instructions on the product you're using.

To avoid inhaling paint fumes, don't paint your appliances indoors. Instead, paint outdoors or in a well-ventilated garage.

Also, it’s best to have everything that you need on hand before you start on your project.

You'll need the following tools and materials, according to Ami Gruenenfelder at the Giani paint company:

  • Painters tape
  • Paint roller tray (unless youre using spray paint)
  • Phillips head screwdriver (for detaching handles)
  • Fine #600 grit sandpaper (for sanding any accidental drips)
  • Water-based plastic primer (any plastic areas must be primed prior to using appliance paint)

Contact The McLeod Group Network for all your Real Estate needs! 971.208.5093 or admin@mgnrealtors.com. 

By: Realtor.com, Terri Williams

939 Orchard St N: Hard-to-Find Bruces Acres 4 Bedroom Home!

by Amy McLeod Group

Salem-Keizer OR Real Estate For Sale
939 Orchard St N, Keizer, OR  97303

Peaceful, private and close to everything! This hard to find two-story home in Bruces Acres offers so much in quality and location! The bright and airy flowing floor plan at 939 Orchard St N is highlighted by 4 spacious bedrooms, 2.5 baths, easy care flooring, neutral colors, modern fixtures and lighting, plus an attached 2 car garage and RV pad. Large windows fill the living room with natural light creating a cozy atmosphere for everyday living. The connecting dining area is perfect for casual meals with enough space for formal gatherings. This stylish and functional kitchen features espresso colored cabinets, stainless steel appliances, a breakfast bar and double sink with views to the backyard. Vaulted ceilings, a cooling ceiling fan, display shelf and private bathroom make this master suite a relaxing retreat. Plush carpeting and abundant closet space highlight the 3 secondary bedrooms. The generously sized backyard is fenced for privacy with a patio for BBQ’s and a hot tub to kick back and relax after a long day. Pack your bags and come on over, we are sure you will want to stay!

The McLeod Group Network has distinguished themselves as a leader in the Salem Oregon real estate market. As a full service, real estate team - focused on working with our Seller and Buyer clients to help achieve their real estate goals!

We bring a keen eye for the details of buying or selling a Salem Oregon home and seemingly boundless determination and energy, which is why our clients benefit from our unique brand of real estate service. Rooted in Tradition, focused on the Future –The McLeod Group Network will help make the most of your Salem Oregon real estate experience. With over 40 years of combined experience, you can rest assured that your real estate transaction will be handled and cared for with the utmost respect and attention to detail. Give us a call today 503-798-4001 and discover the difference we can make during your family's move.

Exploring Salem Oregon: Salem Convention Center Tree Lighting with Santa

by Amy McLeod Group

Sunday, November 25, 2018 - 5:00 PM

Come hear the Just for Fun Singers and enjoy free coffee, cookies and hot cocoa!  Arts and crafts for all ages. And Santa Claus!  Free admission.

Salem Convention Center
200 Commercial St. SE
Salem, OR 97301

503-589-1700

Courtesy of Amy McLeod, The McLeod Group Network

Photo Credit: travelsalem.com

Warm Wishes for a Very Happy Thanksgiving!

by Amy McLeod Group

Displaying blog entries 1-10 of 302

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Contact Information

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The McLeod Group Network
Keller Williams Capital City
1900 Hines St SE #220
Salem OR 97302
971-208-5093
Fax: 971-599-5229

**Disclaimer: Amy McLeod, and her team, do not initiate, process, or service mortgages.  And provide this information only as a service.  You should confirm information here with your Licensed Mortgage Lender.