Decorate Safely This Holiday Season

Delta Media Group

Decorating for the holidays is one of the fun perks of being a homeowner, because your whole property becomes a blank canvas. Decorating is a great opportunity to get in the spirit of the season, show off your sense of style, and get your kids (even more) excited for the holidays. No matter how you choose to decorate your home this holiday season, just remember that it's also important to keep home safety in mind as you deck the halls. We've put together 5 decorating tips to help keep your home safe, without cramping your holiday decorating style.

1. Check It Twice – Holiday lights are among the most popular decorations, and for good reason! They're bright, beautiful, and can transform the look of your entire property. Before you start stringing up those lights, however, be sure to check for any signs of wear. If there are broken lights or exposed wires, it's time to purchase some new outdoor holiday lights. Remember that outdoor lights are exposed to the elements, so even minimal signs of wear can pose a risk.  Bonus Tip: If you're in the market for new lights, try LED lighting rather than incandescent bulbs. LED lights are more energy efficient, burn cooler than incandescent bulbs, and come in just about any color you can imagine.

2. Don't Overload Outlets – Overloading a single outlet is a fire risk, even if you're plugging in new, energy efficient decorations. Avoiding tangled wires is also good for holiday decorating safety, and it's easier to do when you use multiple outlets. Always plug decorations into outlets with Ground Fault Circuit Interrupters, which are designed to shut down the circuit automatically if certain signs of electrical danger are detected.

3. Indoor/Outdoor – That giant, inflatable Santa Claus won't fit in your living room, so it's probably a safe bet that he can be used outside. But not every decoration makes the distinction so clear. For any decorations that rely on electricity, always check whether they're rated for outdoor use before you plug them in outside. This is a great step to take care of while you're shopping for decorations, as the necessary info should be available right on the packaging.

4. Rooftop and Ladder Safety – For many homeowners, the holiday season is one of the few times each year when we take our ladders out of long-term storage and venture onto our rooftops. Stay safe by taking your time, having a plan, and wearing sturdy boots (or sneakers) with strong treads. If you do plan on climbing on your roof or using a ladder to decorate, never do so alone. Make sure there's someone on the ground to "spot" you and aid if you run into trouble.

5. Clean Gutters – Since you're likely to be spending time up there anyway, it's a great idea to clean your gutters before stringing up any holiday lights. Dried leaves and plant matter in gutters can serve as kindling when a faulty wire leaks electricity. As a bonus, keeping your gutters clean is a great way to lower your risk of water-related roof damage throughout the year.

The biggest thing to remember for holiday decorating home safety is that electricity can be dangerous, especially if you're using older decorations. Check any decorations for signs of wear before putting them up, make sure that any decorations you wish to use outside are rated for outdoor use, and keep your gutters clean to reduce fire risk. And of course, don't forget to have fun!

MAINTENANCE HACKS FOR YOUR HOME

From our friends at Delta Media Group

Little fixes around the home can take time and money. Try one of our quick tips to save both! 

1. Fasten a Tennis Ball to your Mop Handles
   Never get on your hands and knees again to scrub scuff marks off your floor. Simply attach a fuzzy tennis ball to the end of your mop handle, and whenever you find a difficult scuff, flip the mop over and use the tennis ball to buff the mark from the floor.
   
   Bonus Hack: Keeping a couple of tennis balls in your swimming pool helps remove the oils, lotions, and sunscreens from the water.
   
   
2. Plunge the Clogs from the Drains
   The next time your bathtub or sink drain backs up, don't reach for a bottle of expensive chemical drain cleaner. Grab your toilet plunger instead. Fill the basin with a few inches of water, use a bit of cloth to cover the overfill hole, and use the plunger over the drain. More often than the clog loosens after just a few plunges.
   
   
3. Easy Spackle
   If your drywall cracks, make your own spackling compound by mixing a small amount of baking soda with glue.
   
   
4. Loosen Stubborn Nails
   Whenever you engage in a home improvement project, there always seems to be that one nail that refuses to come out. A homeowner's trick that frequently works involves using a hairdryer to warm the nail, causing it to expand, creating a larger hole so that after the nail cools and returns to normal size, you can easily remove it.
   
   
5. Repair Windows
   If you have a small hole or crack in your windows, fill the space with clear nail polish. It prevents the hole/crack from spreading when the temps drop below freezing.
   
   
6. Caulking Made Easy
   Caulking isn't always a favorite home maintenance chore. Many struggle to keep the tip of the caulk gun straight or they find that they get caulk everywhere but the spot they want it at. Rather than having a professional come into handle routine caulking for you, stock up on painter's tape. Simply place a strip of painter's tape above and below the area you need to be caulked. Caulk the area and peel the tape away while the caulk is still wet. All the mess goes on the tape.
   
   
7. Fix Holes in Drywall
   Don't worry if you get a small hole in your drywall. Fixing it is easy. Home improvement experts will tell you that you'll need to invest in paper tape or mesh. However, those with strong home maintenance skills know that all they really need is a small makeup brush to spackle their walls. Use the brush to fill the hole with spackle and sandpaper to sand down the spackle.
   
   
8. Take the Elbow Grease Out of Shower Cleaning
   Rather than scrub by hand, easily clean your shower by fastening a foam ball to your cordless drill attachment. It'll have your shower gleaming in no time.

Coldwell Banker Scores First in Agent Satisfaction. Again.

Confucius said, "Choose a job you love, and you will never have to work a day in your life." 

The real estate professionals across the Coldwell Banker brand are passionate about their industry – and about their brand. For the third time, Coldwell Banker Real Estate ranked #1 in agent satisfaction in the annual "Agent Priorities" report conducted by Quester.

Designed to keep what's important to agents top of mind, the report zeroes in on topics such as work/life balance, brand image, support, tools, and culture. Knowing what makes an agent more likely to stay with a company is a key component in what brokerages can do to foster positive work environments and grow their agents' businesses.

On a local level, Coldwell Banker Tomlinson combines the strength of the national tools with additional services designed to help our Realtors® list, sell, and learn.

Full-time managing brokers are in place to provide immediate assistance. Offices are staffed with Agent Services Experts (ASEs) to help with marketing, paperwork, and training. A company-wide marketing team is in place to create campaigns that support current market trends, listing types, and services.

With continuing education an important aspect of any business, Coldwell Banker Tomlinson offers in-house classes, regular lunch 'n' learn trainings, continuing education at no cost, and national certifications and classes.

To read the results of the report, visit the Coldwell Banker Blue Matter blog.

Home Repairs that Can't Wait

Delta Media Group

Home improvement can be costly and time-consuming, so it's no surprise that many homeowners put off making repairs as long as possible. Smaller repairs can usually be safely left until the timing is more advantageous, perhaps when you have more money in the bank or some vacation time. There are some repairs, however, that should be taken care of as soon as possible. These home repairs are so important that failing to make them could result in serious injury and increased costs.

1. Electrical System
   Some home improvement projects include work on the electrical system, such as installing a ceiling fan or changing a light switch. These are examples of repairs that can be done whenever you can fit them into your schedule. Some electrical problems require immediate action, though. These include unexplained circuit breaker failures, flickering or inconstant lighting, and switch plates and outlet covers that feel warm or hot. If you notice any of these problems, it's a good idea to enlist the help of a qualified electrician as soon as possible.
   
   
2. Roofing
   The roof is an important part of your home's defense against the elements. Leaks, missing or damaged shingles, and sagging areas need to be addressed as soon as you notice them. A sagging roof could collapse under the weight of snow or heavy wind and may indicate other problems like improper attic ventilation. In addition, small leaks and damaged areas can lead to big problems like rotted support beams, mold growth, and an overall weakened structure.
   
   
3. Foundation
   Foundation cracks are a fairly common problem, but many people choose to ignore them when they're small. This leads to their spread and growth, eventually becoming so problematic that it can cost many thousands of dollars to repair. While smaller cracks don't typically contribute to structural instability, as they grow larger, they increasingly undermine the foundation's integrity. In extreme cases, this can lead to the collapse of the entire home. Have foundation problems been addressed as soon as they arise, both to save money and ensure safety?
   
   
4. Gas Lines
   Gas leaks in your home can be extremely dangerous. Natural gas and propane are dense and have a tendency to "sink" below regular air. They pool in the low areas of your home, meaning that you're more likely to smell them (they smell like sulfur; "rotten eggs") on the first floor or in the basement if you have one. Anytime you smell gas, or even think you smell gas, get yourself and your family out of the home immediately and call the gas company from outside. Repairs to gas lines should be made before you return to your home, and only by experienced professionals.
   
   
5. Plumbing
   Water leaks and damaged pipes give mold a perfect environment to take hold in your walls, and you may not notice a leak until long after it started. Should you notice any dark spots or weakened areas in walls, or water bills that seem abnormally high, it's important to find the cause and address it before it leads to larger problems.

Managing Home Improvement Tasks

It can be tempting to leave smaller home improvement tasks until "later," but keep in mind that doing so could cost you more in the long run. Not every repair constitutes an emergency, but that doesn't mean that non-emergency repairs should be ignored. Keep on top of home maintenance and repairs by keeping a checklist of necessary tasks; focus on completing one each weekend or each month. This will help you keep your home improvement projects from piling up and becoming major problems.

Ideas for Upgrading Your Patio

Delta Media Group

Maybe you've been pondering all those cool ideas seen on TV and the web about redoing your drab slab of a concrete patio so that it's a standout feature of your indoor/outdoor entertainment area. Here's the deal. We are all in love with the idea of extending our living and entertainment area into the outdoors. And why not? There are dozens of relatively inexpensive and yet innovative hacks that will make your outdoors as inviting as the indoors, so let's start working from the ground up by renovating that boring, cracked, or scuffed-up concrete patio and see how dazzling it can be.

1. Paint it.
   For basic painting, you will need concrete binding primer; concrete paint; painter's tape, a roller tray with liners (for fast cleanup), a paint roller, nap roller covers, and paintbrushes.
   
   Pressure wash the patio and let it dry. Cover up with painter's tape everything you don't want to be painted. Apply concrete binding primer, allowing it to dry one to four hours prior to painting. Apply two coats of paint, allowing the first coat to dry overnight. Wait 72 hours before you move furniture back onto the patio.
   
   
2. Stain it.
   Apply a stain over the patio, then seal it. 
   
   
3. Paint a pattern.
   Using a circular saw, score a concrete slab with a diamond pattern, then paint it with two shades of gray concrete paint. You can also use a stencil to create interesting patterns like a carpet design.  
   
   
4. Lay decking on top of the concrete.
   Not a fan of concrete? You can lay decking on top of the concrete and attach white fascia boards along the sides.
   
   
5. Create a stamped concrete patio.
   Stamped concrete is wildly popular these days. A bit cheaper than pavers, it comes in a variety of patterns and colors. Installers will try to delay cracking (be advised, it will crack someday) by installing control joints. Obviously, you will have to pour concrete and stamp the new concrete before it hardens. So if you've already got a concrete slab there, you'll have to figure out how to get rid of it. 
   
   
6. Fake a stone look.
   Another redo that involves pouring new concrete is to fake the look of brick or stone with a patterned rubber roller. You'll need a concrete roller to create indentations that look like brick or stone, and those rollers can be costly. Concrete stamping mats are a more affordable option. These flexible pieces of rubber have embossed patterns. Stamp them on wet concrete and apply pressure. Lift the mat and repeat the process. 
   
   
7. Resurface with pavers.
   How about resurfacing your patio with clay pavers? These bricks are hard-fired in a kiln, so they are extra-strong and can stand up to the harsh sun and inclement weather. Less expensive than stone, clay pavers cost more than concrete pavers. 

Although all these projects are relatively inexpensive, you can obviously spend more on some than others. So if cost is a factor, then you may want to go with simple painting or staining.

Once you're done with your new floor, it's time to think about decorating. You might start with a weather-resistant outdoor rug, perhaps in the dining area. Decorate with flower boxes or containers of flowers that can change with the season and move indoors when it's cold. Hang up strands of lights. Add a water feature, which could be a fountain with plumbing or a self-contained model that runs on electricity and recirculates the water.

Let your creativity and inner interior decorator run wild as you think up ways to jazz up that formerly dull space and make it shine.

Have you made some updates to your outdoor living space? Show us some pictures in the comments! 

DIY Products for Spring Cleaning

Sometimes it seems there is no end to house cleaning, and while there is no clear-cut answer for how to keep your home perfectly clean at all times, it might be surprising just how much you can do with a little baking soda and white vinegar.

Spot Cleaner for Carpet

• After cleaning up any excess spill, sprinkle the carpet with baking soda or cornstarch. Let stand for 10 minutes and then vacuum.
• Mix one tablespoon clear dishwashing liquid and one tablespoon white vinegar with two cups of warm water.
• Using a white cloth, blot the stain with the vinegar solution.
• Sponge with cold water and blot dry.

Oven Cleaner

• Make a paste of baking soda and water.
• Coat the oven (or just the dirty parts) with the paste and let stand overnight. Be sure to avoid the heating elements and bare metal.
• Use a plastic spatula to remove the paste. (Wear rubber gloves.)
• Wipe away any residue with a clean, wet sponge.

Grout Cleaners

• Fill a spray bottle with equal amounts of white vinegar and water and generously spray the tile/grout. Let sit about five minutes.
• Scrub area with a grout brush, or even a toothbrush.
• Rinse with warm water.
• If stains are more stubborn, mix a paste of baking soda and water and using your grout brush, work it into the grout.
• Immediately follow with the vinegar spray. This should cause the baking soda paste to bubble.
• Use your brush to finish cleaning.
• Rinse with warm water.
• For mold or mildewed grout, hydrogen peroxide is a gem. Spray it on the stain, let sit for a few minutes, and then scrub with your grout brush. You can even mix baking soda and hydrogen peroxide into a paste for a stronger clean. Apply the paste to the grout lines, wait a few minutes, scrub and then rinse with water.
• NOTE: Do not apply vinegar to grout that has not been properly sealed.

Showerhead Cleaner

• Carefully mix 1/3 cup baking soda with 1 cup white vinegar in a plastic bag.
• Place the bag over the showerhead, submerging the head in the mixture; secure bag with rubber band or twist-tie.
• Let soak for at least 3 hours.
• Wipe clean.

 Window Cleaner

• Mix together in a spray bottle: ¼ cup vinegar, ½ tsp natural liquid soap, and 2 cups water. Shake to blend.
• Spray on windows and use newspaper to rub dry & clean, avoiding the window frames (newspaper can leave dark marks on the frames).

What will 2022 Bring?

Recently, Coldwell Banker Tomlinson Realtors®, managers, and staff were honored with a visit from the President and CEO of Coldwell Banker Real Estate LLC, Ryan Gorman. Responsible for the operations that support our network of 94,000 real estate professionals in 3,000 offices in 43 countries across the globe, he made the trip from CB's New Jersey headquarters to speak with us about the wild ride that was 2021 and share his predictions about the state of our industry moving through 2022.

Though he foresees a continuation of a seller's market, he believes it won't be "the crazy, crazy" atmosphere we saw in 2021.  "Interest rates are ticking up which will slow things a bit," he said, but "inbound migration will continue to be strong, so it will be a long time before the market shifts."

When asked if he was surprised by the activity during the pandemic, he told us that though he did not predict the "nearly 10 years of appreciation in 18 months" in our area, Ryan said he wasn't surprised to see the market remain strong. Despite the economic downturn, "we had the most equity in homes that we had literally ever had (not on a percentage basis, but on an absolute basis), and we had tighter underwriting for almost 15 years by that point than we had almost ever had, so people had good opportunities."

Contributing to the history-making market, he noted, was that for the past five or so years our area has been named to list after list of best places to live, work, and raise a family, so as people were able to work, not only remotely, but more independently, they began to make good on the question if you could live anywhere, why not live somewhere great?  

In discussing the issue of low inventory, he is quick to point out that even buyers who have been in their homes two or three months may have equity that could propel them to look at selling to purchase something that better fits their dreams and goals and encouraged agents to inform their previous buyers what their homes are worth today. Buyers, he said, can leverage their equity to move more affordably to another neighborhood or city.

Recently named a "Real Estate Newsmaker" for 2021 and "Influencer" for 2022 by RisMedia, a highly respected real estate news and information service, Ryan says is most proud of Coldwell Banker's integrity. "Integrity is first. That's an easy answer. Coldwell Banker was founded on honesty and integrity, and that has lasted."

To learn more about Ryan's strategies for Coldwell Banker in 2022, check out his interview with Jordan Grice of RisMedia.

Search for your new home at cbspokane.com.

2021 is almost over, and it's a good time to reflect upon the year, your wins, losses, and any lessons learned. Every new year brings with it possibilities to improve. It offers you a chance to reinvent yourself, and if you're in the market for a new home, our real estate agents can help you start the new year on a high note by helping you find your dream home.

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The last 18 months changed what many buyers are looking for in a home. Recently, the American Institute of Architects released their AIA Home Design Trends Survey results for Q3 2021. The survey reveals the following:

• 70% of respondents want more outdoor living space
• 69% of respondents want a home office (48% wanted multiple offices)
• 46% of respondents want a multi-function room/flexible space
• 42% of respondents want an au pair/in-law suite
• 39% of respondents want an exercise room/yoga space

If you're a homeowner who wants to add any of the above, you have two options: renovate your current house or buy a home that already has the spaces you desire. The decision you make could be determined by factors like:

1. A possible desire to relocate
2. The difference in the cost of a renovation versus a purchase
3. Finding an existing home or designing a new home that has exactly what you want (versus trying to restructure the layout of your current house)

In either case, you'll need access to capital: the funds for the renovation or the down payment your next home would require. The great news is that the money you need probably already exists in your current home in the form of equity.

Home Equity Is Skyrocketing

The record-setting increases in home prices over the last two years dramatically improved homeowners' equity. Odeta Kushi, Deputy Chief Economist at First American, quantifies the amount of equity homeowners gained recently:

"Remember U.S. households own nearly $35 trillion in owner-occupied real estate, just over $11 trillion in debt, and the remaining ~$24 trillion in equity. In inflation adjusted terms, homeowners in Q2 had an average of $280,000 in equity- a historic high."

As a homeowner, the money you need to purchase the perfect home or renovate your current house may be right at your fingertips. However, waiting to make your decision may increase the cost of tapping that equity.

If you decide to renovate, you'll need to refinance (or take out an equity loan) to access the equity. If you decide to move instead and use your equity as a down payment, you'll still need to mortgage the remaining difference between the down payment and the cost of your next home.

Mortgage rates are forecast to increase over the next year. Waiting to leverage your equity will probably mean you'll pay more to do so. According to the latest data from the Federal Housing Finance Agency (FHFA), almost 57% of current mortgage holders have a mortgage rate of 4% or below. If you're one of those homeowners, you can keep your mortgage rate under 4% by doing it now. If you're one of the 43% of homeowners with a mortgage rate over 4%, you may be able to do a cash-out refinance or buy a more expensive home without significantly increasing your monthly payment.

First Step: Determine the Amount of Equity in Your Home

If you're ready to either redesign your current house or find an existing or newly constructed home that has everything you want, the first thing you need to do is determine how much equity you have in your current home. To do that, you'll need two things:

1. The current mortgage balance on your home
2. The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To find the current market value of your house, you can pay several hundreds of dollars for an appraisal, or you can contact a local real estate professional who will be able to present to you, at no charge, a professional equity assessment report.

Bottom Line

If the past 18 months have refocused your thoughts on what you want from your house, now may be the time to either renovate or make a move to the perfect home. Contact us today to help guide you through the process and help determine what makes the most sense for you!

Your entryway is the first space guests experience when they step into your home. And more importantly, it is the first space you experience when you get home! As such, you really want your entryway to feel warm and welcoming. Here are a few useful tips to help you make your entryway a sight to behold.

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When looking at Spokane homes for sale, buyers often plan how they might fix up a home or make it their own. The right home improvements can go a long way towards making a home more livable and increasing its value. But as your list of home improvement projects grows, how do you decide which ones to tackle first? Here are some tips to help you prioritize your to-do list.

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From the March 2021 issue of @Home with Coldwell Banker Tomlinson.  Written by Chris Canning, Coldwell Banker Tomlinson Realtor®

As both a licensed REALTOR® and home builder, I often scroll through my Facebook feed and see homes advertised by our area homebuilders and fellow real estate agents. I often see such remarks as: "They want how much for that house? They're crazy!" or "Why can't builders build more affordable homes?" The general public is not aware of the obstacles faced by members of the industry tasked with meeting the demand for housing. Chief among these obstacles are: 1. A lack of affordable land. 2. Dramatic increases in the cost of materials. 3. The scarcity of qualified tradespeople.

1. Land

   The first line item on any builder's ledger is lot cost. At present, Spokane is faced with issues in obtaining, developing, and delivering reasonably priced lots to builders. Briefly stated, Spokane's Comprehensive Plan dictates when, where, and how development and construction can take place. Its purpose is to prioritize use of existing infrastructure and improvements before venturing into areas that would require expanding infrastructure. Unfortunately, the land within the boundaries of our "Comp Plan" that was easiest and most cost-effective to develop is gone, leaving only very complicated, expensive, steep, rocky, pieces of property to develop. Consequently, developers and builders are forced to confront more expensive and complicated properties and projects. Many consumers who are able are paying these increases, while others have simply been forced out of the market. Let's assume a builder can build a home for $200.00/sq/ft and obtain a fair profit. If the builder is able to obtain a building lot for $60,000, and builds a 1,500 sq/ft rancher – he would need to charge $360,000 for this home. If, due to scarcity, the cost of the lot rises to $80,000, the result is an increase in the finished cost of the home of about $22,000. Otherwise, the builder sees his/her margin of profit slip, which would make it more difficult to obtain financing. Ultimately, the consumer bears the brunt of the cost increase, while the only party to benefit is the original landowner.
    

2. Materials

   You may have heard in the news recently that lumber prices have nearly doubled in our area and elsewhere across the nation. However, it's not just lumber that has seen extensive price increases due to scarcity. Across the board (no pun intended), shortages in roofing, wiring, flooring and other materials, have significantly increased the cost of building a new home today.
    

3. Skilled Labor

   Ask any home builder in town why homes are costing more, and be prepared for a lecture on the shortage of labor in the building trades. As a millennial, I was pushed hard to pursue a career requiring a college degree. I wish I had known then how much demand Spokane would have for skilled labor in the building trades in 2021! Talking to the many friends and family I have working as skilled tradespeople, I find that every one of them is inundated with work, to the extent that they can choose whom they work for and what they should be paid. As a result, while today's new homes are not framed any straighter or plumbed more reliably than those built five years ago, they are a lot more expensive to build, and, thus, to buy.
   
   

Lurking behind every one of these factors in the increasing cost of new homes is the Demon of Demand. As long as Spokane remains the wonderful place to live it is and always has been, we can expect to see increases in the cost of housing, though perhaps less steep than we are coping with now, extending into the future.

Whether you have lived in your home for several years or several decades, there may come a time when you decide to put your home up for sale. To tackle the challenge, our real estate agents will guide you through the process to make sure your home makes a big impression on potential buyers looking for Spokane homes for sale.

Putting your home on the market can be a stressful event, but you can eliminate stress by knowing what to do before listing your home. Prepare you home for the busy spring market by following these tips. 

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Even though your pets are part of your family, potential buyers are likely to be less than thrilled about your four-legged family members. When it's time to show your home, here are a few things pet owners should do to ensure their home looks its best when compared to other Spokane homes for sale. 

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When revamping your kitchen, you might be tempted to go with the most recent design or that trendy color of the year. Just because it's trending doesn't mean you should go for it.

We can tell you that kitchen design trends come and go, but certain classic looks have stood the test of time. These designs are simple, beautiful, and appeal to a wide audience. And because the kitchen is one of the most expensive areas to renovate, it's smart to stick with what's tried and true. Here are the top 7 timeless kitchen trends that have been loved for decades.

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After buying a home, you may feel as if you've completed a marathon and are due for a little downtime to settle in and rest. But don't sit too long; there's still plenty to do.

We recommend prioritizing the many must-dos that will ensure your safety and comfort in your new Spokane home. Here are five things to get started on.

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In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.¹ And while many have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today's rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven't always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.² As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It's hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.³

Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012.3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.⁴

So what's causing today's rates to sink to unprecedented lows? Economic uncertainty.

Mortgage rates generally follow bond yields, because the majority of U.S. mortgages are packaged together and sold as bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. Increased demand has driven bond yields—and mortgage rates—down.⁵

However, according to National Association of Realtors Chief Economist Lawrence Yun, "the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities." According to Yun, "we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed's stance."⁶

How do low mortgage rates benefit current homeowners?

Low mortgage rates increase buyer demand, which is good news for sellers. But what if you don't have any plans to sell your home? Can current homeowners benefit from falling mortgage rates? Yes, they can!

A growing number of homeowners are capitalizing on today's rock-bottom rates by refinancing their existing mortgages. In fact, refinance applications have surged over the past few months—and for a good reason.⁷ Reduced interest rates can save homeowners a bundle on both monthly payments and total payments over the lifetime of a mortgage.

The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.

Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage

Be sure to factor in any prepayment penalties on your current mortgage and closing costs for your new mortgage. For a refinance, expect to pay between 2% to 5% of your loan amount.⁸ You can divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use an online refinance calculator. For a more precise calculation of your potential savings, we'd be happy to connect you with a mortgage professional in our network who can help you decide if refinancing is a good option for you.

How do low mortgage rates benefit home buyers?

We've already shown how low rates can save you money on your mortgage payments. But they can also give a boost to your budget by increasing your purchasing power. For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000.

Now let's assume the mortgage rate falls to 4.0%. At that rate, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment. That's a budget increase of $35,000!

If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month. That's $76,000 over your original budget! All because the interest rate fell by two percentage points. If you've been priced out of the market before, today's low rates may put you in a better position to afford your dream home.

On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighborhood. So if you're planning to move, don't miss out on the phenomenal discount you can get with today's historically-low rates.

How low could mortgage rates go?

No one can say with certainty how low mortgage rates will fall or when they will rise again. A lot will depend on the trajectory of the pandemic and subsequent economic impact.

Forecasters at Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.^9,10 However, economists at Fannie Mae expect them to dip even lower to an average of 2.8% next year.¹¹

Still, many experts agree that those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. It's hard to imagine that rates may drop even lower. Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.

How can I secure the best available mortgage rate?

While the average 30-year mortgage rate is hovering around 3%, you can do a quick search online and find advertised rates that are even lower. But these ultra-low mortgages are typically reserved for only prime borrowers. So what steps can you take to secure the lowest possible rate?

1. Consider a 15-Year Mortgage Term

Lock in a low rate by opting for a 15-year mortgage. If you can afford the higher monthly payment, a shorter mortgage term can save you a bundle in interest, and you'll pay off your home in half the time.¹²

2. Give Your Credit Score a Boost

The economic downturn has made lenders more cautious. These days, you'll probably need a credit score of at least 740 to secure their lowest rates.¹³ While there's no fast fix for bad credit, you can take steps to help your score before you apply for a loan:¹⁴

● Dispute inaccuracies on your credit report.
● Pay your bills on time, and catch up on any missed payments.
● Hold off on applying for new credit.
● Pay off debt, and keep balances low on your credit cards.
● Don't close unused credit cards (unless they're charging you an annual fee).

3. Make a Large Down Payment

The more equity you have in a home, the less likely you are to default on your mortgage. That's why lenders offer better rates to borrowers who make a sizable down payment. Plus, if you put down at least 20%, you can avoid paying for private mortgage insurance.

4. Pay for Points

Discount points are fees paid to the mortgage company in exchange for a lower interest rate. At a cost of 1% of the loan amount, they aren't cheap. But the investment can pay off over the long-term in interest savings.

5. Shop Around

Rates, terms, and fees can vary widely amongst mortgage providers, so do your homework. Contact several lenders to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.¹⁶

Ready to take advantage of the lowest mortgage rates in history?

Mortgage rates have never been this low. Don't miss out on your chance to lock in a great rate on a new home or refinance your existing mortgage. Either way, we can help.

We'd be happy to connect you with the most trusted mortgage professionals in our network. And if you're ready to start shopping for a new home, we'd love to assist you with your search—all at no cost to you! Contact us today to schedule a free consultation.

This article is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

If you have kids, you probably struggle with keeping their toys neat and well organized. Toys, puzzles, games, books, and the like seem to multiply and scatter on an almost daily basis, and after special occasions like Christmas and birthdays, the situation becomes even worse with a major influx of new toys.
  
To help you win the battle against the clutter, our real estate agents suggest these 7 ways to teach your kids how to declutter.

1. Start by Purging Broken and Unused Toys  
   Your kids have likely accumulated broken toys that are still taking up space, as well as those that are missing parts or have stopped working. Start by tossing these out, and then move on to toys your kids no longer play with but are still in good shape. These can be donated to a non-profit organization, sold online on a site like eBay, or given to friends.
   
   
2. Group Toys Together With Like Items  
   When you've decided what items to keep, sort them, so you have like items with like items. For example, you'll want all the building blocks together, all books together, etc. As you and your kids gather and sort, let them take another look to see if they want to purge any more items. After they see how many board games they have, for example, they may decide there are a few that they don't play with any longer or have outgrown.
     
3. Storage Bins
   Use storage bins to store like toys together, putting just one type of toy in each bin. Make them easy for your kids to access, and label them with the category of toy that's inside. For pre-readers, you can put a picture instead of words on the label. This way, kids can easily see where to find a particular toy as well as where to put it away when they're done playing with it.
   
   
4. Establish a Cleanup Routine  
   Make it part of your kids' daily routine to put away their toys before bedtime. It's often easier if each child is in charge of several categories of toys, and they work together to get the job done. Otherwise, one day's clutter will spill over into the next, and you'll soon have an explosion of toys lying around.
   
   
5. Keep the Number of Toys Under Control  
   Once you have everything organized, avoid the issue of new toys coming into your home but nothing going out. Continue to purge toys once every six months or so, with an additional big push before birthdays and other gift-giving holidays.
   
   
6. Model the Same Behavior  
   Show your kids that you follow many of the same steps when decluttering your own items. You're setting a good example if, for example, purging your own items regularly to get rid of what's broken or what you don't use.
   
   
7. Give the Family a Reward  
   After a major cleanup, give the kids a reward after they're done.  Let your kids have a say in the reward so they'll be more excited about helping.

Contact us at Coldwell Banker Tomlinson to see Spokane homes for sale, whether you're looking for a home with plenty of room for kids (and their toys!) or you're ready to downsize.

There's no doubt about it. Summer is right around the corner. And with the amount of time we've all spent in various stages of quarantine and social distancing, our real estate agents are excited to spend some quality time outdoors. 

With that in mind, there's never been a better time to take your patio game to the next level. Plus, in all our years offering Spokane homes for sale, we've learned that a home's exterior is just as important as its interior. So whether you're planning on selling your home, or you just want to have a few friends over for a backyard gathering, consider these simple tips to refresh your patio this summer. 

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If you've been exploring Spokane homes for sale, you're likely very excited to find the perfect one and start your new life. However, before you can do that, you'll have to deal with the not-so-fun part -- packing and moving. While this is always at least a little bit stressful for us, it can confuse and upset your pets. 

Our REALTORS® have collected the best advice from pet owners over the years and are happy to share these tips with you. 

1. Manage Pre-Move Anxiety
   Your pets are going to know something is off as soon as you start thinking about moving. After all, you'll be packing up boxes, getting rid of junk, and deep cleaning. If you're selling your home, there are also likely to be strangers coming in and out. It's important to remember that your pets won't understand what's going on, and this will likely stress them out. To help manage this, do your best to keep things as normal as possible for them. Make sure you feed and walk them at the same time each day, play with them often, and keep them away from the moving chaos.

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For many individuals, deciding to purchase a home is one of the most important decisions they will make. However, another equally critical decision is deciding when to sell your home. Though our real estate agents can give market insight to assist with your decision, you must also weigh your financial situation and individual needs. Here are a few things to consider as you decide when to sell your home.

The Amount of Equity You Have in Your Home

The amount of equity you have in your home is an important factor in your decision to sell. If you're upside down in your mortgage (you owe more on the loan that your home is worth), it's likely best to wait to sell your home. When you're upside down on your home, you'll either need to bring cash to the table to cover the difference or get your lender to agree to a short sale. Both options are costly, and a short sale will damage your credit. 

Your Local Real Estate Market

Your local real estate market is another important item to research when deciding when you want to sell your home. When possible, wait and sell your home when property values are on the rise. This will help you obtain the highest price you can for your home. Even though no one knows exactly when Spokane homes for sale will secure the most money, your real estate agent can offer valuable insight into the current and future state of your real estate market. 

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Give a gift this holiday season that will help the newest homeowner on your list feel more at home in their new place. These fun, unique holiday gifts for homebuyers are sure to be a hit. Get gift inspiration with this list from our REALTORS®:

1. Tool Kit
   A basic tool kit is indispensable for any homeowner. It doesn't have to be super pricey; a kit that includes a hammer, pliers, screwdrivers, hacksaw, and wrenches, tape measure, and drill is sufficient. Want to throw in a bonus gift? A pack of screws, nails, and a laser level will help your loved ones hang up artwork with ease.
   
   

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Homeowner associations, or HOAs, may seem like a relatively recent concept, but the earliest ones were established by land developers back in the mid-19th century. With the growth of common-interest developments (CIDs) such as condominiums and planned single-family home communities, HOAs now govern more than 26 million homes.

Are you considering Spokane homes for sale that are part of an HOA? Make an informed decision using this list of pros and cons.

• PRO: No Yard Work
  Tired of using your leisure time to mow the lawn or shovel snow? HOAs handle the maintenance of grounds and common areas. For many people, this is the most appealing factor.
  
  
• PRO: Use of Amenities
  HOAs often provide swimming pools, tennis courts, playgrounds, and numerous other amenities for the use of residents. Instead of having to spend hundreds or thousands of dollars on construction or memberships, all costs are covered.

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Buying a new home and moving to a new town is exciting — but sometimes it can be a little scary, and at first, your new house or town might not feel like home at all. Our REALTORS® want you to know that this is completely normal. Any time you relocate away from your familiar surroundings, you're going to have instances of uncertainty.

Get acquainted with your new town and have it start feeling like home with these helpful tips. 

1. Don't Lose Touch With Your Old Home
   Moving is quite the transition, and you'll need the support of your family and friends to help. Just because you're geographically farther away doesn't mean you can't remain close. Keep in touch and openly communicate your feelings with those you trust. Even though they aren't down the street anymore, they can still offer you support.

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