Richard Jurvelin
May 2019

Daily News And Advice
Today's Feature Stories

New Program Allows Short-Term Rental Income to Be Used for Refinances

More and more travelers are using services like VRBO instead of hotel rooms when traveling in the United States and abroad, and more and more investors are turning to vacation homes to put some passive income in their pockets. Now, a new loan will make the rental income from these properties easier to use for mortgage qualifications when they go to refinance.


Gen Xers Driving Multi-Generational Housing Trend

This Is Us. Jane the Virgin. Black-ish. What do they have in common? They are all family television programs that have members of multiple generations living under one roof. But the reality of multi-generational living is more than storyline fodder.

According to the 2019 Home Buyer and Seller Generational Trends report by the National Association of REALTORS® (NAR), this continues to be a growing trend among homebuyers, and it’s being driven largely by Gen Xers. Not only does this group make up the second-largest band of homebuyers today at 24%, one in six have purchased a multi-gen home.

That surpasses “younger Baby Boomers as the generation most likely to do so,” said Multi-Housing News. “Of the Gen X multi-generational buyers, 52 percent said they did so to accommodate adult children who moved back home or never left.” Nine percent of millennials purchased a multi-generational property they could share with aging parents, per the report.

There are a number of factors at play here, such as the rising housing prices encompassing both for sale properties and rentals, and the staggering amount of student debt holding that may be holding buyers back. According to the NAR report, “Gen Xers and older millennial buyers carry the highest median student debt balances” at $30,000.

“The high cost of rent and lack of affordable housing inventory is sending adult children back to their parents’ homes either out of necessity or an attempt to save money,” said Lawrence Yun, chief economist at NAR. “While these multigenerational homes may not be what a majority of Americans expect out of homeownership, this method allows younger potential buyers the opportunity to gain their financial footing and transition into homeownership. In fact, younger millennials are the most likely to move directly out of their parents’ homes into homeownership, circumventing renting altogether.”

If you’re looking to take the multigenerational plunge, these tips will help you find the right place and make it work.

Look for a home that was built with multi-generational living in mind

Schumacher Homes, Lennar, and Plantation Homes are just a few of the builders offering a multi-gen solution in a brand-new residence.

Tailor your home search

If a brand-new home or one that’s already prepared for multi-generational living isn’t doable, look for a home that’s easily convertible. A downstairs bedroom and bath is key for older residents, and if it has a bathroom en-suite—even better! A home with a basement or attic may seem like an ideal place to turn into a grandparent’s haven, but stairs can be dangerous. Also, if an aging parent uses a walker or wheelchair, the upstairs may become inaccessible to them.

A property with a guesthouse or enough land on which to place a granny suite or tiny home is another option. Just make sure the land is zoned properly to accommodate this type of structure.

Make smart renovations

Why not just renovate your existing home? Taking down walls to create an open floorplan is a smart move that can have a positive impact on your home’s value. Creating a more open space can also help make a home more accessible for aging parents.

The National Association of Home Builders’ (NAHB) Aging-In-Place Remodeling Checklist recommends a “5-foot by 5-foot clear/turn space in living area, kitchen, a bedroom, and a bathroom.” Wide hallways that measure a minimum of 36-inches across, good lighting, and non-slip flooring are a few more key recommendations.


5 DIY Things You Can Do Now to Lower Your Electric Bills This Summer

Every year at this time you, (and we!) start thinking about what we can do to lower our energy output, and therefore our utility bills. If you live in a place where summer heat is an issue, you could be looking at substantially higher costs during the summer. The harsh summer sun and west-facing windows in our Texas house means our electric bill soars to around $350 during the season after topping out at just around $60 for the month in winter.


Get Your Home Ready for Spring in 7 Simple Steps

Whether spring-cleaning is an ongoing ritual for you or a once-in-a-blue-moon struggle, the spring months are an ideal time for a home scrub down. From the standard deep clean to the budget review, make sure these seven tasks are on your spring-cleaning checklist for a summer-ready home.


5 Reasons Every Agent Needs Video Marketing

Anymore, agents are utilizing social media, newsletters, mailers, and so much more in their marketing plans in order to stay in front of past, present, and potential clients, but one of the most valuable tools that every agent needs to add to their marketing repertoire is the use of engaging videos. Don’t believe us? Here are five reasons why every real estate agent should be using video marketing:

5. They’ll remember you

According to Insivia, the average viewer FULL STORY->

Redfin Goes Direct with Buyers: The Future of Real Estate or Back to a Bad Idea?

Redfin just rolled out Redfin Direct, a new-old program that seeks to eliminate agents for buyers, and we have questions. Well, one big two-part question, really: Is this a disruptive move whose time is come or a way to fleece homebuyers who don’t know any better?

At this point, the jury is out. But people have some feelings.

What is Redfin Direct?

“Real-estate broker Redfin Corp. will allow visitors to its website to make an offer on a house with a click of a FULL STORY->

Home Upgrades Millennials Love

A recent study by COUNTRY Financial showed that young people care more about buying a home than getting married, paying off student loans, and traveling. But in the hot real estate market in the Portland area and surrounding suburbs, younger home buyers can’t be too selective. In fact, they’ll often end up with a fixer-upper in need of a little TLC.

In this article, we’ll talk about a few of the home upgrades and modern features first-time younger homebuyers should FULL STORY->

4 Hazards Facing New First-Time Homebuyers

Home ownership is a cornerstone of the American dream. Unfortunately, there are many ways that the American dream can turn into your family’s personal nightmare.

These hazards include purchasing more house than you can really afford (becoming house poor), unexpected surprises that weren’t identified during the home inspection, and finding out that your pre-approval for financing is about as flimsy as the paper it’s written on.


Replacing Your Roof? Now You Can Use Shingles That Improve Air Quality!

Your typical roof keeps the rain out. A Tesla roof turns the top of your house into an energy source. And now the latest roof innovation aims to improve the quality of the air we breathe. You’ve gotta love innovation.

The new smog-reducing roof Granules from 3M will “harness the power of the sun to improve air quality, a first of its kind roof type,” said the company. “The smog-reducing granules are mixed with standard roofing granules allowing shingles FULL STORY->

Mortgage Rates
Averages as of May 2019:

30 yr. fixed: 4.2%
15 yr. fixed: 3.64%
5/1 yr. adj: 3.77%

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1000 Northwest Blvd. #200
Coeur d'Alene, ID 83814

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