1. Home-Buying Class Presented by Joe Buffington & Tara Cawlthorp 2. Meet Joe and Tara Joe Buffington Redfin Agent 177+ Homes Closed 4.9 star rating (111 reviews) Tara Cowlthorp Redfin Agent 67+ Homes Closed 4.6 star rating (43 reviews) 3. About Redfin A better way to buy & sell On Your Side Redfin Agents are paid based on your satisfaction, not commission, so your interests always come first. Smarter & Faster Move quickly and confidently with our easy online tools and the most complete and accurate home sales data available. You Get More Get full service and better results while saving thousands in fees. 100% Team Support Youll work with a team of real estate pros, so theres always someone ready to help. 4. Agenda 1. Local Real Estate Trends 2. Home-Buying Process 3. Recap 4. Conclusion 5. #1. Local Real Estate Trends 6. Lake Oswego Real Estate Overview Median List Price $789K Median List $/Sq. Ft. $271 Median Sale Price $474K Median Sale $/Sq. Ft. $223 Median Sale/List 98.1% Average Number of Offers 2.9 Average Down Payment 29.5% Number of Homes Sold 268 Calculated using the last 90 days 7. Trending: Bidding Wars 8. New Construction 9. Foreclosures & Short Sales 10. #2. Home-Buying Process 11. Before You Buy Rent vs. own Length of ownership Life changes (family, job) Personal finances 12. Overview of the Home-Buying Process 1. Research 2. Search for Homes 3. Finance Your Home 4. Make Your Offer 5. Closing Process 13. 1. Research Home wish list Location & neighborhoods Mortgage loans & pre-approval Real estate agents & reviews 14. 2. Search for Homes Create a wish list for home features Check out open houses See homes in person on home tours Save searches on Redfin and get notifications on the Redfin app & email 15. See Homes in Person 21 16. 3. Finance Your Home Review your finances Check your credit score Find the right loan Get pre-approved 17. Local Recommended Lenders In no way does Redfin benefit financially from recommending lenders we just think theyre great lenders! 18. Latest Mortgage Rates Type of Loan June 19th, 2015 May 14th, 2015 30-Year Fixed 4.00% 3.85% 15-Year Fixed 3.23% 3.07% 5/1 ARM 3.00% 2.88% 1-Year ARM 2.53% 2.51% 19. Break! Joe Buffington firstname.lastname@example.org Tara Cowlthorp email@example.com 20. 4. Make Your Offer Pricing & comparables Common contingencies Negotiations Mutual acceptance 21. 5. Closing Process Inspection Appraisal Financing & approval Title Closing! 22. The Closing Process Success! The seller has agreed with your price and terms. Youve achieved mutual acceptance. Deposit your earnest money to prove youre serious about the offer. The seller will disclose any known problems with the property. The homes owner history and title for liens, encroachments, and easements is reviewed. Schedule a professional home inspection. Your agent will have recom- mendations. Select your lender and submit your loan within three days of mutual acceptance. Take your final walkthrough to look for any issues since the inspection. Sign all of the paperwork at your signing appointment. Get your keys, take possession, and start moving! Receive your Redfin commission refund. Complete the Redfin survey for your agent. 23. Home Inspection 24. Congratulations, You bought a home! 25. #3. Recap 26. Home Buying Timeline 27. #4. Conclusion 28. So, What Now? Make sure its the right time to buy for you. Find an agent & get pre-approved for a loan. Search for homes on Redfin.com & mobile app. See homes in person & make an offer. Buy a home! 29. Get More From Redfin Explore our online tools, including a home affordability calculator to find out how much you can afford, and the home value tool to see how much a home is worth. Take Redfin with you: Download the Redfin app for iPhone, iPad, and Android. Claim your home on Redfin and receive monthly home reports. Sell your home: Work with a Redfin Agent to sell your home and get free professional photography and online marketing to all the right buyers for a 1.5% listing fee. Check out more classes, including market trends, mortgages, home selling classes, and more at Redfin.com/Events. 30. Thanks for Coming!