For Sale: Main Level Modern Condo in Arbor Crossing at Quatama

Modern condo with beautiful interior finishes, new light fixtures and stainless steel appliances in kitchen with eating bar. Enjoy easy living on the main level with enclosed patio for barbecue.

Located in a quiet area of the subdivision, steps to the Max station and close to Tanasbourne, Intel and Nike. Also great as a rental property.

HOA includes gym, club house with party room, internet, pool, playground, and more!

670 NE Roydon Lane, Hillsboro OR 97006, $220,000 Exclusively listed by Shawn Realty, Quatama Listing Company.

See other details: https://bit.ly/2NhzEYX

Home Video Tour

Home Gallery

  • 670 NE Roydon Lane - Front
  • 670 NE Roydon Lane - Living Room
  • 670 NE Roydon Lane - Living Room
  • 670 NE Roydon Lane - Living Room
  • 670 NE Roydon Lane - Kitchen
  • 670 NE Roydon Lane - Kitchen
  • 670 NE Roydon Lane - Kitchen
  • 670 NE Roydon Lane - First Bedroom
  • 670 NE Roydon Lane - Second Bedroom
  • 670 NE Roydon Lane - Second Bedroom
  • 670 NE Roydon Lane - Bathroom
  • 670 NE Roydon Lane - Laundry
  • 670 NE Roydon Lane - Covered Patio
  • 670 NE Roydon Lane - Club House
  • 670 NE Roydon Lane - Gym
  • 670 NE Roydon Lane - Playground
  • 670 NE Roydon Lane - Train Station

If you are interested in buying or selling listings like this in Quatama, please let us know!

Townhouse For Sale: 8837 SE 13th Avenue in Sellwood

8837 SE 13th Ave - Front

Beautiful Modern Townhouse in the heart of Sellwood!

Versatile living with two large master suites, lower level bedroom/office with a powder room and separate entrance.

Enjoy an elegant home with warm hardwood floors, new carpet, gourmet kitchen (includes stainless steel appliances such as gas stove, refrigerator and two ovens). Open and bright main floor with its high ceiling, sunny windows and gas fireplace.

Located in a quiet area that is close to shops, restaurants, trails, etc. Definitely the best mix of city and suburban living!

8837 SE 13th Avenue, Portland OR 97202, $440,000 Exclusively listed by Shawn Realty, Sellwood Listing Company.

See other details: http://bit.ly/2OCQMLf

Home Video Tour

Home Gallery

If you are interested in buying or selling listings like this in Sellwood, please let us know!

Portland Real Estate Next 7 Years

I was in my 5th year of selling real estate when I predicted the future of the Portland real estate market in 2012, connecting the dots…

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I was wrong about two things:

  • How long the flat equity period would last (I bought into the National Association of Realtors’s (NAR) prediction); it was much shorter, which was less than a year.  The flat equity period didn’t really exist and looking back, 2012 was already an upswing market. 
  • I was too conservative with a projection of a 5% annual appreciation; it was 10-15% in some of the years from 2014-2018 (in Portland, Oregon).

I was correct:

  • The best time to sell is coming if sellers can wait 5 years or more.
  • Market prediction.. for sellers, it depends, for buyers, it is the best time to buy!

First of all, thanks to all of your support, I was able to make a new company of my own. I’m very excited for new opportunities and growth. I hope to be a part of your success and growth as well.   I believe that entrepreneurship should be encouraged for everyone – if you own a business and/or want to build a business, talk to me  to bounce off your business ideas.   I love that kind of talk. 

So here’s my market update for the next 7 years!!

  • 3-5% of steady appreciation & no double digit appreciation for a while… So I will try not to use the word, “best to buy or sell”.  Because It depends on your individual situation, so I’ll break it down for everyone.  No one size fits all, like socks.
  • Thinking about buying? Then pay attention to the interest rates.  You can’t really control house price (just like stock price), but If you see close to 4%, it’s time to buy.  Just make sure to pay fair market price on the property. 
  • If you are renting and plan to be in the Portland area for more than 3 years, buy one sooner than later.  The rent is still very high, which can go toward a house payment that will let you own something in a few decades or at least give you some cash when you sell and leave town. 
  • If you are thinking about selling, you will see a small but steady equity building, so assess the property. For example, if you own a home that is valued below $425k right now in the Portland Metro area, consider turning that into an investment property.  If that is not an option, now is a good time to leverage the interest rate to downsize or upsize, depending on your real estate needs.  Be careful about dealing with iBuyer programs out there.  Big companies are reaching out to homeowners very aggressively.  Their main goal is to make a profit.  Shawn Realty’s main goal is to protect our clients best interest and then make a profit, fiduciary or non-fiduciary. If you’d like an assessment of your situation and your property, I’ll be more than happy to help you out with that, so just let me know. 
  • For Investors, Focus on the long term holding strategy, 15-30 years, not so much of short term strategy or cash flow.
    I believe that everyone should have some kind of investment, preferably in real estate, which is one of the most stable investments.

Factors

  • Portland is still a very attractive city with a steady influx of people and businesses.  Both Intel and Nike are literally building and expanding.  That’s a great sign for the real estate market. 
  • Tight Urban Growth Boundaries limit the growth, so a housing shortage will continue which will push the price upward. 
  • The rent control law may have scared away some investors, but still the demand is strong. 

Have a great summer and please let me know how I can help!

4209 NE 68th Ave, Portland OR 97218

Front View

Fixer condition, Sold by Rose Way/Wellington neighborhood listing agent, Shawn Realty.

Cute, Classic & Spacious NE Bungalow backs to park! Needs TLC, so bring your ideas! Lots to love about this home: hardwoods under carpets, light-filled rooms, private fenced back yard great for entertaining, partially finished full basement with 2nd bathroom, lots of storage, large upper bedroom, and quiet and convenient neighborhood near cafes, grocery, shops, & public transportation.

If you are interested in buying or selling listings like this in Rose Way/Wellington area, please let us know!

Home Gallery

Home Tour

Time To Remove Mortgage Insurance From Your Mortgage?

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Mortgage Insurance Removal – Shawn Realty (Photo by Artem Bali on Pixel)

If you bought a home and put down less than 20% of the purchase price, there’s a good chance that you might be still paying for a monthly mortgage insurance (MI) that can be eliminated. MI usually ranges between $100 and $350 per month* and the savings can be a nice dinner out or another car payment, or just pure money saving!

What is PMI (Private Mortgage Insurance)?
PMI is insurance that protects lenders from the risk of default and foreclosure for conventional loans; for FHA loans, it’s called MIP (Mortgage Insurance Premium). Don’t mix it up with m:i, Mission Impossible. It is possible.

Federal Guideline
The federal guideline is the minimum that the lenders are required to follow; however, according to my local lender source, lenders might be more forgiving than the federal guideline, so you may be able to save on mortgage insurance sooner than you might think. If you think you might fall into one of these scenarios, you should talk to your mortgage servicer and look at your options of eliminating your mortgage insurance for good!

Possible scenarios
1 You believe that you had the mortgage long enough that your loan amount is 80% (or lower) of your original purchase price or appraisal value (whichever is lower). They call it Loan to Value ratio (LTV). For example, your current loan balance is now $320,000 and you bought it for $400,000.
2 You have been paying extra amounts monthly toward the principal over time.
3 You bought a property with more than 10% downpayment a few years ago.
4 Your home value has gone up significantly since you bought. (Ex. Portland home prices appreciated more than 30% in less than 6 years, conservatively speaking). Click here to request a free CMA (Competitive Market Analysis).

Request a Free CMA (Home Value)

*** See below for exclusions.

Steps to remove mortgage insurance
1 Contact your loan servicer and request the mortgage insurance removal process.
2 Follow the lender’s checklist, like filling out some forms.
3 Check to see if there are any automated appraisals that are free and acceptable to the lender. If not, order the appraisal per lender’s guidelines (Average appraisal cost ranges between $400-800 in Portland, Oregon, 2018).
4 Make your home look and smell nice when the appraiser visits.

It may take 20 – 45 days to complete the process, but then you can enjoy your lowered monthly mortgage payment.

Things to consider when shopping for a mortgage and after owning a home
1 First of all, if you can afford to put down 20% when buying a home, do it and ignore this article.
2 Check the mortgage insurance removal policy when shopping for a mortgage.
3 Pay down the principal (even $50/month) that will increase your home equity faster.
4 Check home appreciation once a year with your trusted real estate agent and see if your LTV is less than 80%.
5 Keep up with the monthly mortgage payment to have a good payment history and credit standing.
6 If you are considering home improvement projects, focus on equity improving items (experienced realtors know what adds most value to a home).

Other options
1 If you meet all requirements to remove mortgage insurance and if the lender doesn’t allow the removal, you may file a complaint to the Consumer Financial Protection Bureau: https://www.consumerfinance.gov/complaint/
2 Refinance your property, assuming you want to keep the property long enough to justify the cost and there’s enough equity to avoid the mortgage insurance.
3 Sell your property and upgrade or downgrade.

Mortgage Insurance Link
Homeowners Protection Act (PMI Cancellation Act)

*Based on Portland Oregon Median home price ($400,000, with average credit score, 3-15% downpayment at 4.5% interest rate for 30 year loan).
** Please check with your lenders because there are many variables and different rules about mortgage insurance removal per lenders, per loan programs and your payment history, etc.
*** FHA loan after June 3rd, 2013 with less than 10% downpayment, investment properties, not single family home, late on payment, etc. 

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