Your FICO Score

While there are other scoring systems for purchasing a car, or your insurance rates, the one score used in real estate that will determine your interest rate is the FICO score. In the loan making days where the ability to fog a mirror may have earned a 680 score qualifying for the best rates, optimal pricing now needs 720 plus. An increment of a few points shy of that number can cost you thousands in interest fees over the course of your loan and limit how much you can borrow- and how much house you can afford.

So what is your credit score now, and what effects your score? Federal law gives you access to your credit report once every 12 months at www.annualcreditreport.com. This will allow you to see what is being reported to the three main credit bureaus, but will not give you your score which you can access for a fee at MyFico.

Five Determining Factors for your FICO

1) 35% is based on your payment history for all accounts.

2) 30% is based on the amount you owe on revolving accounts (includes same as cash offers).

3) 15% is based on how long you have been using credit.

4) 10% is based on your applications for new credit

5) 10% is based on types on credit used (mix of credit).

A good place to start is to look at your free credit report yearly and clear up any errors on the report.

How can FICO scores be improved?

Keep payments current and avoid late payments, especially 30 days late. Keep credit card debt below 30% of the credit limit. Limit applications for new revolving debt- credit cards, department stores, etc., especially if you are considering a home purchase in the near future.

(Source: FICO)

Portland Heights

Perched over the city with sweeping views, this premiere listing is perfect for the purchaser that wants a penthouse feel with the privacy of a detached home. Architect Bob Thompson, designer of the Nike campus and Fox Tower completed this home in 2001. A sexy, fortress-like stainless steel front door contrasts gorgeously with vintage Portland street cobblestones at the entrance. You almost can't imagine how stunning the 220 degree city view is to experience. An exterior lap pool appears to be hovering on the edge of the city. No expense was spared in the finishes throughout the 7,500 square feet: clear maple floors, Arclinea custom cabinetry, extensive carrara marble, hydronic floor heat, and integrated sound impart to this home a feeling closer to LA than Portland. The architect even designed the stainless steel hinged doors on the homes gas fireplaces. $4,850,000

The Gregory: Pearl District

The Gregory was at the forefront of the condominium market in the Pearl District, and there is nothing else like it in terms of style. The Gregory wasn't just some slapdash construction, looking as if it might have actually been built during the Art Deco era rather than 2001. This unit is one of the largest available right now at almost 2500 square feet. Most of the square footage is used in the main living area, which looks onto a 500+ foot terrace that wraps around two sides of the building with a west hills view. The units owner, a designer- has updated all the finishes which compete evenly with any recently finished condo in the city, nicely mixing beautiful finished surfaces with a semi-industrial feel. Two prime parking spaces. Could be a bit high at $1,470,000

Arlington Heights

I'm sure we've all been in homes that have felt much bigger- or much smaller than the actual square footage. Of course, it's all about how the space is used, and this house is a prime example of a great use of space. Arlington Heights is the neighborhood that shares Hoyt Arboretum, and many homes here lack even a modicum of yard space. Here we have a yard. The living room overlooks the yard, a quite ample dining room that opens to a very nicely remodeled kitchen. There are three nice sized bedrooms on the second floor that share a bath, but there's a powder room on the main and another full bath off the family room in the finished basement. All that, and a tip top curb appeal on a very quiet street in the Ainsworth, Lincoln High School hub. $650,000

Raleigh Hills Mid Century 2

This home is owned by designers and it really knocks your socks off when you get inside. Two decks off the super hip and vaulted main living space overlook the pool. Travertine marble, dark wood floors, and speakers and sound built in on the main floor make this the place to gather. With over 4,000 square feet, there's a huge family room downstairs that opens by sliders to the pool area. One can imagine older kids hanging out down here in the summer, or a great media room for all ages. A few rooms are still left to be done, but the seller's have conveniently gathered reasonable bids for the kitchen and master bath. $620,000

Raleigh Hills Mid Century

I walked through a 7,000,000 home today, and this home still comes out as one of my favorites of the newer listings in the Portland real estate market. Why? It has so many great elements of an original condition ranch, in a great neighborhood and entry level price. Be prepared when you look at the pictures though- they are some of the most unfortunate photos I have ever seen. Behind the horrific photos- see the original fireplaces, the super hip room divider, original light fixtures and a great entertaining living room as well as a small family area off the kitchen and a small but very nice back yard. I didn't pull up carpet, but I would hope to find hardwoods underneath. This home has all the makings of an Atomic Ranch. Let me show it to you, so you can see in person. $375,000

Interior Designers Shop the World

How do you make your multi-million dollars house stand out from the rest? Hire your decorator to scour the ends of the earth to select tile straight from the quarries of Italy, oversee just the right color of hand glazed tiles in India, and choose the "just right" patina on reclaimed centuries old teak from Indonesia. Plan on flying your designer first class, and paying $350 an hour or $5,000 a room. Read the NYTimes story on the new Trophy Hunters.

Seattle Exploration

Three whole nights in Seattle recently gave us ample time to explore and re-explore some of our favorite sights with Jeff's mom and dad. Surprisingly, one of the most stunning places to visit is the central downtown library.

Yes, the library. Opened in 2004, it is quite an experience. A series of screens shows the titles of books being checked out in real time. Neon escalators take you past projected images of eyeballs.

It feels like being in a space age church of books.

Shopping on Ballard Avenue is like our NW 23rd but higher end. You must go into the jewelry store called Souvenir- the jewelry is displayed so artfully, one just marvels as much as the display- such as the store windows, as the jewelry itself.

A short jaunt down to Tacoma, to the Museum of Glass was my second visit there, which was more enjoyable than the first.

I enjoy the Hot Shop where one can watch the visiting artist explain the process as you watch the team blow and work with the glass. A treat was the featured artist Preston Singletary, a Tlingit glass artist who interprets the medium to appear as bone, wood, and other natural materials. Exterior stairs take you up past a huge silver dome that covers the Hot Shop, and surprisingly puts you on top of an overpass featuring a wall of whimsical vases.

While I've enjoyed Armandino Batali's (yes, Mario's dad) fine sausage at restaurants, we finally got to enjoy the shrine to cured meats at it's source, Salumi.

It was extremely casual dining, with a line of staff standing behind the  counter making sandwiches to order while another line of customers snakes slowly into the narrow space, crammed with diners. We enjoy eating both low and high on about any part of the hog, so the experience was fun.

Other stops? Pikes Market, the outdoor Sculpture Garden, and views from Queen Anne hill. Other restaurants enjoyed were Lark, Serious Pie, Spring Hill, Le Pichet, and Campagne. See all the sights and get inspired for your next trip north.

Raleigh Park

Buy this mid century home and almost assure yourself a spot in Atomic Ranch magazine. Architect designed, it is sited perfectly on almost an acre lot of beautiful grounds, very naturally landscaped with a lovely creek bubbling through the lower part of the property. The home itself is almost 100% intact from it's 1957 birthday, and has a northwest regional, and seems to be an homage to architect John Yeon. The home oozes with potential, and one would hope the new owner will be respectful to the homes heritage while making it more livable. I envision vaulting the ceiling and allowing much more light in, and updating the radiant oil heating system for a start. A very special home that I would love to show to you. $675,000

Super Contemporary

This home is one of the most unusual homes I have ever seenin Portland. Built by local architect Richard Appleman in 1972, this Arlington Heights home has a decidedly Asian influence. While over 4,600 square feet, all the living spaces are highly compartmentalized. The entry area which is typically a small foyer, in this case runs along the length of the front of the home with a wide marble floor. It seems well suited for hanging large art pieces. The kitchen is one of the more open spaces and employs high contrast between white and black surfaces, opening out to an entertaining deck with built in barbeque area. The home divides itself between three levels, with the downstairs holding a large room that would work well as a media area. All walls are painted in high gloss enamel. I imagine the new owners to be entertainers with guests dressed in slinky outfits holding martinis. $950,000

Arlington Heights

With Hoyt Arboretum right in the neighborhood, and just a short ride into the city one can hike up hills in the morning and dine well downtown in the evening. This home feels and looks like a solid as a rock Bauman built home, and offers that great suburban ranch feel, yet with mountain views. It sits on a dead end street and offers one level living with 3 bedrooms and two baths. For the square footage, at just under 2200, the price seems a bit steep. $775,000

Borrowing Lower Energy Costs

Many of us live in vintage homes with varying degrees of insulation and energy efficiency. Among that group, many of us would like to make our homes more efficient but lack the resources to make those changes, instead paying high energy bills month after month (after month).

One remedy that may fit some homeowners and small businesses is the GreenStreet Lending program at Umpqua bank- a joint venture with Energy Trust of Oregon. The program makes loans to qualified customers from $1,000 to $50,000 for improvements such as insulation, air and duct sealing, windows, solar energy systems and efficient heating and cooling systems.

The loan can be secured by your home or unsecured, though the rate is currently 8% for an unsecured and 6.75% for a secured loan set up on auto pay. Of course a home equity line may still be an option and the current rate is about 5% right now.

If you are considering improvements along these lines it makes more sense to take out such a loan rather than put these improvements on a credit card with rates in the double digits. For more details check out the GreenStreet Lending website, or speak to a real person as I did this morning:  Aaron Labadie of Umpqua Bank at 503-449-2027.

Radon: Not Limited to Basements

Be prudent and consider have your home tested for radon. The EPA estimates lung cancer, as a result of exposure to radon, the cause of over 20,000 deaths a year. A naturally occurring gas, radon is pulled into the home when slight pressure differences between the home and soil allow it to be pulled inside in a vacuum-like effect.

This can occur whether your home is on slab, over a crawl space, or you have a basement.

Consider having your home tested for radon. My own home, in zip code 97225 is on the list for "moderate potential" for radon in the Portland area. Before purchasing the home we had it tested and lab results showed higher than recommended levels of radon in the daylight basement. Echotech performed a remediation service and I feel so much better about my family's everyday health. Testing is easy and relatively inexpensive.

If only they could remove "those last few pounds" as easily.  Enlarged map of affected zip codes.

Street of Eames Private Dinner

Street of Eames has kicked off it's fund raising this year with a private dinner at the John and Karen Hoke residence. Their ongoing fundraising plan, as the Street of Eames wrapped up their final tour this year, is to raise funds through private dinners at architecturally important homes as well as lectures.

The Hoke's home was designed by award winning architect, Jeff Kovel of Skylab Architecture among whose designs include the Departure Lounge and Restaurant and the Doug Fir.

Dinner will be multi-course and wine paired courtesy of Naomi Pomeroy of Beast restaurant. Naomi is a 2010 finalist for the James Beard Foundation Best Chef: Northwest and is featured in "O, The Oprah Magazine" in the April 20 2010 issue. The restaurant describes itself as "frank in our appreciation of meat", and Naomi caused a bit of a stir with an advertisement that featured her cradling an expired pig. It was a beautiful picture that was not appreciated by all.

Just a few tickets were left as of yesterday, with tickets costing $450 per person, with most of the ticket price tax deductible.

A more affordable evening an June 2nd at Rejuvenation features architect Saul Zaik at 6:00.

Market Action April 2010

March, and now April have been extremely hot in our local real estate market. Starting in January we had 12.6 months of inventory, and by April that had been whittled down to 7.3%. Compared with April 2009, closed sales jumped up by 49% and pending sales jumped by 60%. We are still taking into account the first time home buyer's credit which required buyers to have a contract by April 30th and to close on that home by June 30th, 2010. Looking at the May sales will be imperative in judging whether prices have dropped enough to have a substantial pool of buyers long term.

Case in point, one of the slowest markets in the last year has been Lake Oswego and West Lynn, with DOM (days on market) at well over 200. The year to date average sales price has been $461,000. Sales are up in that area over 84% from last year with DOM down to 147. Are these first time home buyers or have we reached a good intersection of more affordable prices combined with low interest rates? At this sales price, it certainly points to a more affordable market.

North Portland has the lowest prices in the close-in Portland area averaging $232,000 for this year with a very respectable 77 days of average market time. North Portland also has much fewer active listings, at 498 compared to over 1,000 in most areas which probably effects the demand.

Although we are connected as a whole, every area of town has it's own eco-system of sorts- an important factor when pricing a home.

Presenting an Offer

Many buyers and sellers are unaware of a quaint custom in real estate known as "presenting an offer."

More often than not, in today's world when a buyer's agent writes an offer with their client to purchase a property, the offer is then faxed or emailed rather than presenting the offer in person to the listing agent. Our industry has changed with the prevalence electronic communications just like so many other professions have. And why would one present an offer in person- doesn't the offer speak for itself?

I would say- absolutely not. Many opportunities are lost when not presenting in person. Ideally the buyer's agent should present to both the seller and their agent. If this isn't possible, than many times the listing agent is willing to meet with the buyer's agent. In either case, this a great time to build a relationship, and allow both parties to ask pertinent questions as they come up in real time.

Case in point- I recently took some clients to see a house that I found out was going to be listed and put on the MLS that very day. The listing agent agreed that I could show my clients through the home before that, in fact- right when he was meeting with the seller getting final signatures. My clients loved the mid-century home and shared with me immediately that they wanted to write an offer.

What could be better news to a buyers agent? Except that my buyers were selling their home to get into this home- and they had just experienced a fail sale two days before.  This meant that now their offer would be completely contingent on the sale of their home- a home that wasn't even pending and in need of a buyer in a tough market. My buyers needed to know that to have an offer accepted with this contingency was a long shot- a very long shot.

The seller agreed to let me present the offer with her broker present, and I went through the terms with her page by page. My clients had decided to write an contract with very generous terms and the seller expressed a lot of enthusiasm for the offer. The seller and I struck up a friendly repoire. When I shared the contingency, she asked me how saleable my buyer's home was. I had the photos at the ready, and luckily the home was picture perfect. The listing agent was impressed that the home had been pre-inspected. The seller verbally accepted my client's offer that evening and we got the formal acceptance the following day.

I am positive this would not have been the outcome had I faxed the offer over. The listing agent would have been prudent to advise his client against a contingent offer and would probably have advised his client to put the house on the open market. As my principal broker shared with me once- "Why hitch your wagon to a slower moving wagon?"

With a good presentation, and a relationship built between all the parties, the personal touch can make all the difference. It allowed all concerned to ask questions and share information- a benefit to the seller as well.

The truly happy ending? My buyers got another offer on their home within two weeks and now they are living in their long shot.

Older Woodstoves are Out for Resale

If you are considering buying or selling a home after August of this year, this new DEQ requirement may apply to you. As part of a new program to eliminate older uncertified woodstoves, the seller will be required to remove the device from the home prior to a sale and notify the DEQ.

Uncertified woodstoves burn about 70% dirtier than certified ones. These older, polluting stoves can remain in service for dozens of years. Removing them from service would help Oregon's efforts to restore and preserve healthy air and save homeowners money. Residual wood burning is a significant source of air pollution including fine particulate and air toxics.

Some counties such as Deschutes and Klamath and the cities of Bend and Medford currently have similar rules in place.

Buckman

Just steps from the heart of "restaurant row" at 28th and E. Burnside, this new project on Pine Street won a Merit Award from AIA in 2009. Designed by Works Partnership, which brought us the bSide6 buidling on east Burnside, the building stands in stark contrast to some of it's early 20th century neighbors. The "Tandem" houses are two units, mirror images of each other, built using sustainable wood products, concrete and Earth Advantage appliances. Each has three levels, with a surprising open feeling between the first floor and the second through the use of the open metal staircase and vertical open birch planks. The bathrooms are somewhat whimsical in their use of materials and colors. The home's biggest advantage is the location, steps away from shopping, restaurants and the hub of city living. $729,000

Alameda

If you want to live a modern lifestyle in a vintage neighborhood, this could be the home for you. Thoroughly updated with modern finishes, one would never guess from the curb what lies within: dark stained floors contrast with crisp white walls, light cabinetry and imaginative lighting fixtures. Although there is yard space both front and back, that is a blank slate at this time and the home could benefit immensely from a gardeners touch. With this square footage of 2616 and the three bedrooms split between the upstairs and main, it seems highly unlikely to be sold at the current asking price of $769,000