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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (July 22, 2016)
July 2016 // Real Estate & Home Builders Guide // 13M FOR SUBSCRIPTIONS MAIL TO: Eastern Oregon R eal E state & H om ebu ilders G u ide 3 ZONES TO SERVE YOU! W M E E = EAST: Umatilla, Morrow, Gilliam & Wheeler Counties M = MOUNTAIN: Union, Wallowa, Baker, Grant, Malheur & Harney Counties W= WEST: Umatilla, Morrow, Gilliam & Wheeler Counties 211 SE Byers • Pendleton, Oregon 97801 541-278-2670 • 1-800-987-7511 I’d like to order a subscription(s) for the following newspaper(s). E M W (Circle one) I am enclosing $16 for my subscription for 12 issues. Name Address City, State, Zip Phone # MC/VISA exp. date For Further information Change this... on Eastern Oregon contact these Chambers of Commerce Baker City 490 Campbell 541-523-5855 into SOLD Boardman 101 Olson Rd. 541-481-3014 THIS! Enterprise 107 S.W. First 541-426-4622 Hermiston Heppner John Day La Grande Milton-Freewater Pendleton Umatilla 415 S. Hwy 395 289 N. Main 281 West Main 102 Elm 505 Ward 501 S. Main 1530 Sixth 541-567-6151 Look for your 541-676-5536 next home in 541-575-0547 ONE place, The 541-963-8588 Eastern Oregon 541-938-5563 Real Estate & 541-276-7411 Home Builders Guide! 541-922-4825 Mortgage rates reach nearly their lowest point since 2012 By Ilyce Glink and Samuel J. Tamkin Tribune Content Agency Thanks to the Brexit vote and the uncertainty this caused in the bond market, this week mortgage interest rates fell to nearly the lowest point in history. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates on 30-year mortgages landed at 3.41 percent, just 10 basis points (1/10 of 1 percent) off the all-time low reached in November, 2012. As you might expect, the number of people who put in applications to reinance their mortgages jumped. Reinancing your mortgage has a number of short-term and long-term beneits, particularly if you missed the 2012 super-low interest rate window: You can lower your monthly payments, which will put more after-tax cash into your pocket today, and you can potentially shorten your loan term, which will put a lot more cash in your pocket over the long run. Lenders are now regularly quoting ixed-rate mortgages with 10-year terms and the interest rates are eye-pop- pingly low: 2.8 percent for a 10-year loan. On a $100,000 mortgage at 2.8 percent OFFICE for 10 years, you’d pay just $14,768 in interest over the entire life of the loan. That’s almost like borrowing money for free. Not everyone will qualify for these sorts of low interest rates. You need to have excellent credit, and a decent amount of equity in your home (certainly more than 20 percent helps). And because banks continue to ask for nearly every document under the sun, you’ll also need to have the fortitude to comply with seemingly endless requests for paperwork. Assuming all that, you’ll be sitting pretty with maybe a new loan carrying the lowest interest rate on your block or in your building. And, that’s something to brag about at the water cooler. It may also help explain a conundrum that real estate industry observers have begun to noodle about: the relative lack of homes for sale. There’s been a lot of attention focused on why millennials aren’t buying homes at the rate and at the age of the previous generation. Some of the ideas include the fact that Millen- nials are overwhelmed with student loans; they prefer living close to work; they’d rather be renters than owners to have increased lexibility; #3179RR HOME OVERLOOKING BEAUTIFUL JOHN DAY GOLF COURSE. Sale incl golf cart! Drive down driveway & onto course. Nice private 1296 +/- SF log-sided & upgraded 1984 Silvercrest DW 3BD/2BA w/cov deck, sprinklered yd, storage bldg & tool shed. On very low maint 2.89 +/- acs w/city water & septic. 59489 Vista Ln, JD. $169,000 RMLS#16009193 160 E. MAIN • JOHN DAY, OR 97845 5415752121 / 8885752121 with the types of jobs they have (many of them 1099 or minimum wage), they don’t qualify under stringent new banking rules put in place since the great recession; and, they don’t have any savings. All of this makes sense. But by the same token, there aren’t a lot of homes available for sale in the irst-time buyer price range (or even the trade-up range). But we believe that the super-low mortgage rates that have been loating around since the recession coupled with the destroyed inancial lives of millions of baby boomers and Generation X has a lot to do with it. When the Great Recession really set in, millions of inancial lives were destroyed. Millions of homes went into foreclosure or were sold thru a short-sale, and billions, if not trillions, of equity was lost. (Home prices have come back, but those homeowners who lost their homes have not enjoyed the price appreciation.) At the same time, millions of baby boomers and Gen Xers lost billions in their 401(k) accounts when the stock market crashed. Or, they had to cash out their retirement savings in order to stay aloat when they lost their jobs. FEATURED HOME! #3177A BUILD YOUR DREAM HOME ON THIS 5+ ACS. Fabulous view of valley & mtns. Lots of privacy. Water & sewer avail at prop. DEQ-approved for sand fi lter septic sys. See to appreciate. Airport Rd., JD. $37,500 #3178RR COUNTRY HOME ON 2.8 +/- BEAUTIFUL RMLS#16373002 Jerry Franklin, GRI (ABR)/SRES ACS OUTSIDE SPRAY. Pasture w/seasonal cr. Principal Broker/Owner, #3164R NEW LISTING!!! 1832+/- SF 2-story 3BD/1BA. Built in Enjoy outdoor views from lg paved patio w/gazebo. Spa- 541-820-3721 1908. Enclosed porch 8’x28’, 24’x40’ garage, 6’ x 8’ deck. cious, open 3BD/2BA w/mstr suite, laundry & pantry. Wood and oil heat. Must see to appreciate everything this Wendy Hull, GRI 36’x36’ shop w/concrete fl oor, 220V & 14’ door. 12’X12 home has to off er. 210 S. Eagle St Long Creek $61,400 Principal Broker, 541-620-4239 shed. Home on gravity-fed spring water. 43190 Kahler RMLS#16098879 Michal Madden Basin Rd. $245,000 RMLS#16318699 Broker, 541-620-4408 #3167A PRIVATE AND SECLUDED 5.84+/- acres bordering Kathy Endicott Forest Service in the Pines, ready to build or use as a #3103RR REDUCED TO SELL! CUSTOM 3000 +/- SF LOG HOME Principal Broker, 541-620-2960 overlooking John Day Valley. 44 +/- acs just 4 mi to town. 2 recreational retreat. Power/well already in/DEQ approved Traci Frazier to 3 BD/2BA, extra large loft, offi ce, sunroom w/hot tub. 3-bay for septic/paved road to property/year round accessible/ garage & shop on lower level. Call to view. 26874 Ridge Rd, JD. nice shop/with attached covered parking. Laycock Creek Broker, 541-620-0925 $325,000 NOW $299,900! RMLS#15616139 Rd, Mount Vernon $149,000 RMLS#16341626 Shanna Langley Broker, 541-791-1180 See our listings at: www.easternoregonrealty.net • www.eastoregonrealestate.com • www.farmseller.com • www.rmls.com