When it comes to shopping for a mortgage to buy a house, one critical factor to check is your credit score. Lenders use your credit score (aka FICO score) to decide whether to loan you money to buy a home and at what interest rate.
“Lenders grant credit based on their confidence you can be trusted to pay back what you borrowed,” says Stephen Rosen, head of sales at mortgage company Better. “If you are worthy of a lender’s financial trust, you are said to be creditworthy, or to have ‘good credit.’ Building credit is almost like building a reputation with lenders.”
Credit scores range from 300 to 850. While the definition of good/bad credit varies slightly from creditor to creditor, here’s a general rundown:
Excellent credit score: 750–850
Good credit score: 700–749
Fair credit score: 650–699
Poor credit score: 649 and lower
Unfortunately, it’s easy to make mistakes that lower your credit score and jeopardize your odds of getting a home loan. Here are the five worst credit mistakes a homebuyer can make—plus how to turn things around and get your credit back on track.
1. History of late or missing payments
Whether or not you’ve paid your bills is a top concern for lenders. As such, your payment history makes up 35% of your credit score. Late payments, missed payments, and loan defaults like tax liens take a heavy toll on credit. Even worse, if you have not made a payment on your credit card debts for a while—six months or more—your creditor can “charge off” your account as uncollectable and sell it to a collection agency.
The obvious fix here is to pay off your debts on time or by remembering your monthly payment.
“Generally speaking, what helps build credit is paying your balance on time,” says Ace Watanasuparp, national director of strategic sales for Citizens Home Mortgage. “Set up automatic payments to ensure that you never miss one, and if you have the funds, set up the automatic payments a day or two before the due date.”
If auto-paying isn’t your thing, set calendar reminders for each bill’s due date to make sure everything gets paid on time, Rosen suggests.
2. High credit balances
Your debt load makes up 30% of your credit score. As such, carrying a high credit card balance can also drag down your score.
Ideally, you want your credit utilization—the amount of debt you have compared with your credit limit—to be low, about 30% to 40% of your credit limit. So if you have a $5,000 credit limit, using $2,000 a month rather than maxing out the whole $5,000 will help you build a better credit score.
“The lower your outstanding balances, the better your credit score,” Rosen adds. He suggests setting up credit card alerts so you can keep up with how much of your credit limit is being used.
3. Short or spotty credit history
The length of your credit history makes up 15% of your score. And the longer your accounts remain open, the better. This includes your credit cards, student loans, car loans, or rental history.
“Lenders will want the client to have more than 24 months of credit history,” Watanasuparp says.
If you have old credit cards that are still good but you don’t use them, don’t close those accounts. Closing paid-off credit cards can actually harm your credit score, as it reduces the overall length of your credit history.
“It’s better to keep it open and use the credit line from time to time than closing the credit card,” Rosen says.
4. Limited mix of credit
Credit mix is the variety of loans in your credit file, such as credit cards, student loans, and car loans. Having a mix of credit is good, because it demonstrates you can juggle paying off several different debts at a time. A mix of credit contributes to 10% of your credit score.
“Ignoring credit mix can drag down your credit score,” Rosen says. On the flip side, “understanding and improving it can give you a boost.”
However, don’t open extra credit cards or take out new loans for the sake of having a good mix of credit if you can’t handle paying them, Watanasuparp warns. Otherwise, it will do more harm than good.
5. Too much new credit
New credit makes up 10% of your score. What lenders don’t want to see is that you have opened numerous low-limit credit card accounts, or put in multiple applications for new credit within a short period of time. They interpret this as a signal that you have difficulty handling credit. Furthermore, opening new lines of credit decreases the average length of your credit history, which can also hurt your score.
You could have too much credit if you struggle to make your monthly payments, and have a high amount of debt—especially new debt. So avoid opening new lines of credit unless necessary and when you know you can pay your bill each month.
How long does it take to repair your credit score?
If you’ve made a credit mistake like one of those listed above, it’s not the end of the world. Just start now to build up your credit again. However, it will take time, so be patient.
“Repairing your credit involves smaller tasks that can take anywhere from several weeks to several years to complete,” Rosen says.
Some of the items that stay on your credit report for years include the following:
Bankruptcy: seven to 10 years
Foreclosure/mortgage default: seven years
Tax liens (unpaid property tax): up to 10 years for unpaid liens
Charged-off accounts: seven years
Lawsuits and judgments: seven years (even if a judgment has been satisfied)
Past credit score blemishes won’t necessarily prevent you from getting a mortgage, however. Talk with your lender and be prepared to explain what happened in the past and what steps you have made to correct the issue.
For this and related articles, please visit Realtor.com
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Winter is right around the corner! For some, this is simply a cooler time of year. For others, a blanket of snow and freezing temperatures are in the forecast. Whatever your local climate during the colder months, taking time to prepare your home now will be beneficial throughout the season.
If you want to reduce heating costs and protect your home, this list of winterization tips will keep you warm and safe all winter long.
Easy Ways to Save Energy.
Install a programmable thermostat. Did you know the Department of Energy recommends keeping the heater at 68°F during the day in the winter? To keep energy costs down, a programmable thermostat is ideal. This gadget lets you customize your heating system to reduce the temperature where possible and warm things up when it’s time to get comfortable.
Keep drafts out of your home. Weather stripping, door sweeps, storm doors, and storm windows are a few simple additions to reduce heat loss during the winter months. These add-ons can be inexpensive and easy, especially when you consider the savings you’ll see on your monthly heating bill.
Clean or replace your furnace filter. Before you turn your furnace on, take time to check the filter. A dirty filter clogged with lint, pollen, dust, and other gunk can spread allergens throughout the house, obstruct airflow, and lead to expensive repairs. Stocking up on your filter of choice early will further simplify this easy task!
Reverse ceiling fans. Most ceiling fans allow you to change the direction and speed of the rotation. By simply reversing your fans and slowing them down, warm air will be pushed gently down to floor level, creating a more comfortable environment without upping your heating bill.
Get an energy audit. Your local power company may offer energy assessments. This service is often free, and will help you identify changes to make your home more energy efficient and save on your energy bill.
Safety Tips for Winter.
Protect your pipes. For much of the United States, the coldest months bring the risk of frozen pipes that can burst and cause water damage. You can winterize indoor pipes with insulation, drain exterior pipes, and turn off and insulate exterior faucets. Be sure to take time to check for leaks.
Inspect the attic. Attic importance is twofold. First, it is where roof problems show themselves, with water damage and mold as two common indicators. Second, proper attic insulation is key for keeping heating costs down and the cold out. If your inspection reveals drips or cold spots, it’s probably time for roof repairs or insulation improvements.
Clean your fireplace and chimney. With over 20,000 fires caused by chimneys each year, servicing your fireplace is critical to keeping your house safe. Start by hiring a professional chimney sweep to thoroughly clean soot and other debris before winter use. Continue to keep your fires safe by cleaning out any ash that accumulates in the firebox.
Trim branches. Snow and ice buildup can cause branches to snap, leading to property damage or downed power lines. Trimming foliage near your house and calling in professionals for larger branches will keep your home safe.
Prepare for winter weather conditions. Taking the time to put fall tools away, prep your winter maintenance gear, and store or protect patio furniture from the elements will leave you ready for the season.
A good move as we enter the new year is to contact one of our dedicated loan officers! They can direct you to local professionals, review financing options, and help you secure a renovation loan to fund projects big and small. Your loan officer will take the time to discuss your mortgage and how we can meet your home financing needs now, and for years to come.
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It took what felt like forever to spot him. I was pretty sure I had identified the correct tree, but the correct branch? The tree had so many branches! And they were all covered in leaves! But finally—
“Oh!” I gasped. “Oh.” For there was the purple finch, and the tiny thing was beautiful: a little ball of a bird that to my eye looked more rose red than purple. Through my binoculars I watched him swivel his head, then throw it back—what an adorably chunky beak he had—as he began to trill. His feathered throat pulsed. Mine froze in awe.
My first outing with Güero Bird Club was off to a cracking start. Yes, that Güero: I’d gathered early that morning with about 10 others, Gen Z to boomer, for a birdsong walk organized by Audrey Tawdry, kitchen manager of the popular Kerns torta shop. (No tortas were served, but Tawdry brought coffee and mini muffins.) Over the next two hours, as we weaved slowly through Kelley Point Park, I marveled at the weird and delightful descriptions unleashed by my fellow birders. House finches, Tawdry said, have a song that reminds her of Benson Bubblers. Swallows, said someone else, sound like ray guns. The brown-headed cowbird? That one’s a TV turning on. We used our eyes, too, of course. Someone pointed out two American goldfinches perched high in a tree like lemon drops. For many minutes, we simply watched a bald eagle that had landed near us, its back turned but its face in profile, the sharp hook of its enormous beak slicing the air.
Sometimes Güero Bird Club outings draw just a few people. Sometimes they draw more than 40.
The bird-watching boom could have been a pandemic blip, a hobby for the stressful but stagnant days of lockdown. But the old-fashioned pursuit has held on. In part this is thanks to newfangled tools such as Merlin, an app with an amazing (though imperfect) ability to identify birds by sound; it’s seen more than 10 million new users since the Sound ID function, developed by the Cornell Lab of Ornithology, was added in 2021. And, in Portland, it’s also thanks to groups like Güero Bird Club, just one of many grassroots bird-watching gangs turning novices into nerds.
On that morning with the purple finch, I felt the pull.
The bird-watching bug bit Tawdry when she was a senior in college in Binghamton, New York. She and her best friend had signed up for a biology class taught by a hippie wetlands ecologist and a vest-wearing British entomologist. Students received a CD with about a dozen local birdsongs on it, and Tawdry played hers as she drove friends around in her 2001 silver Volkswagen Beetle.
“I would probably fit, like, seven college kids in at once, and I’d always have my birdsongs on,” she says. “I still remember those songs.”
Her aunt and uncle gave her binoculars for graduation, and she had her own moment of awe that summer, at a park near her childhood home in the Hudson Valley. As sunset approached, a yellow-shafted flicker flew by. “I remember seeing this gold flash underneath their wings and gasping,” she says.
She took to carrying her binoculars everywhere, which meant that looking at birds “just kind of followed [her] around,” including on her 2015 move to Portland. But the idea of assembling a flock didn’t spark until 2020, when the city was in lockdown and Güero was doing a brisk takeout business. She and then-coworker Greg Smith, who also happens to be a seabird biologist, were constantly swapping reports. Owner Megan Sanchez noticed. “She would hear us and be like, ‘Did you bring enough to share?’” Tawdry says. “I guess we made it sound fun.”
No binoculars? Güero Bird Club has spares to share.
Güero Bird Club officially launched in 2021. Three years in, the format is largely unchanged. Weekly walks, which are free and open to all, take place year-round, in both morning and evening, at one of any avian hot spots in Portland: Mount Tabor, Oaks Bottom, Powell Butte. Tawdry provides binoculars to those who need them. After coffee, socializing, and quick intros, the group strolls for about two hours, pausing often.
The simplicity and consistency are part of the appeal. But each outing takes on a different flavor. A few weeks after my birdsong walk, I joined a Wednesday gathering at Whitaker Ponds, a nature park in the Cully neighborhood. This time I gawked at the fancy feathers worn by a great white egret; the breeding plumage looked to me like a ballerina’s long tulle skirt. I learned from Tawdry that flycatchers hatch with innate knowledge of their song, unlike most other birds that learn it from their parents, and from another member of the group about the carpenter bees that shimmered iridescent green on a decaying log.
The bird-watching boom could have been a pandemic blip, but the pursuit has held on.
Inspired, I began carrying my binoculars on neighborhood walks. Suddenly I was the one pointing out goldfinches. My ears, too, began to parse one sound from another. I finally understood the song sparrow’s mic check—the bird, which abounds in Portland, has a way of announcing itself with a few clanging notes before dashing into something more melodic.
While birding alone had its pleasures, I missed the collective knowledge of the group, the experience of shared wonder. Tawdry’s main goal with Güero Bird Club is to encourage curiosity, and she describes what she does as hosting: she makes a plan, disarms by explicitly inviting oohs and aahs, and then steps back. Sometimes she greets a mere handful on a frigid February morning. Other times it’s a blowout, as on a Sunday in May when I found myself among more than 40 others, moving amoeba-like up the slopes of Mount Tabor.
The party, admittedly, was too big. But at the summit, we spread out. Many were drawn to a regal pair of bald eagles. Others delighted at a red-breasted nuthatch dancing up and down the trunk of a tree. I hung back for a moment and watched not the birds but the people watching the birds—watched as they flapped their arms, summoning others to come see the cool thing they could see. “Objectively the cutest, most wholesome thing in Portland,” said Morgan Quirk, an architectural historian I’d met that morning. “I can’t get enough.”
Neither can I.
Gateway Birds: Five feathered friends that call Portland home
Anna’s Hummingbird
Tough, tiny, year-round Portland resident. Buzzy, high-pitched song recalls an exceptionally squeaky door hinge. Males sport brilliant magenta feathers from throat to head and court potential mates with dramatic dive-bombs.
Northern Flicker
Brownish, distinctively spotted woodpecker likely drumming in a backyard near you. Typically nests in holes in trees (in early summer, listen for nestlings chirping nonstop). Frequently found rooting in leaf litter for ants. Look for red mustache on males and black bib on all.
Dark-Eyed Junco
Abundant, energetic, seed-eating sparrow. Often seen hopping on ground and darting in underbrush. Vast geographic variation: all juncos have pinkish bills and white tail feathers that flash in flight; Oregon’s dark-eyed form has handsome black hood, brown back, and whitish belly. Ticking, metallic trill.
Wood Duck
Striking, ornately patterned duck living in watery habitat across Portland. Significantly smaller than mallards (ducklings, accordingly, are stupid cute). Nests in tree cavities. Males wear iridescent purple and green; females have eyes ringed in white.
Cooper’s Hawk
Crow-sized raptor with a barrel-shaped body, steely face, and sharply hooked beak. In flight, look for long tail feathers edged in white. Fast, stealthy, and possibly preying on other birds at your backyard feeder.
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The pandemic sent the real estate market into overdrive before higher mortgage rates caused a virtual standstill. But now, the number of homes for sale is the highest since 2019, including in pandemic “boomtowns.”
The total number of homes for sale in October was 29.2% higher than the year before, marking the 12th consecutive month of growth.
“Sellers continued to increase their activity this October. Total active listings increased to highs not seen since before the pandemic,” says Realtor.com® senior economist Ralph McLaughlin in a new monthly housing report. “We noted last month that the sharp decrease in mortgage rates in mid-August could lead to an increase in listings in the coming months as lower rates begin to entice the marginal homeowner to sell.”
Pandemic “boomtowns” lead surge in homes for sale
In a bit of welcome news for buyers across the country, active home listings are up in all four regions of the U.S.
Leading the charge is the South, with a whopping 34.0% increase, closely followed by the West at 33.6%, the Midwest at 19.8%, and the Northeast, which still saw a healthy uptick of 14.3%.
The Southern boomtowns that rose to prominence during the pandemic are once again making waves—with welcome surges in housing stock. Austin, TX, tops the list with a 40.1% jump in inventory, trailed by Memphis, TN, (+39.2%); and Orlando, FL, (+26.6%). These metro areas now boast listings that have surpassed pre-pandemic levels—a notable shift.
Metros that saw the largest increases in the number of homes for sale included San Diego, CA, at 63.5%; Seattle, WA, at 60.5%; and Denver, CO, at 59.5%.
Austin, TX, tops the list with a 40.1% jump in inventory.
(Getty Images)
Fresh listings flourish
The uptick in housing stock is not due to old, stale listings piling up—newly listed homes surged 4.9% above last year’s levels, reflecting a solid spike in seller activity.
Home shoppers in search of fresh listings will have the most luck in the West, where there are 7.0% more newly listed homes than in October 2023. New listings also grew by 5.1% in the Midwest, 3.2% in the Northeast, and 2.9% in the South.
The metros that saw the largest increase in fresh listings compared with last year included Baltimore, MD, at 24.9%; Washington, D.C., at 19.4%; and Seattle at 17.5%
And those figures could climb even higher before year’s end.
“November and December are usually some of the colder months in the housing market, but it’s possible we’ll also see an increase in listing activity in these months after the uncertainty of the presidential election subsides,” says McLaughlin.
The South and West are closest to bridging the inventory gap.
(Realtor.com)
Home prices remain high
Home shoppers may have more homes to choose from, yet home prices didn’t budge and instead held steady at $424,950—exactly where prices were last October.
“However, when a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year,” says McLaughlin.
In another blow to budget-minded buyers, even though the median home price remained stable, the median price per square foot continued to rise, increasing 2.1% in October compared with the year prior.
Meanwhile, the price per square foot grew by an astonishing 50.5% on average since October 2019.
In the 50 largest metros, the markets that experienced the biggest increase in price per square foot over the past five years include the New York metro area, up 72.3%; Hartford, CT, up 63.2%; and Boston, MA, up 60.8%.
There is a break in the affordability headwinds, however. Sellers slashed prices on 18.6% of listings in October, the same percentage as the year prior.
The New York metro area experienced one of the biggest increases in price per square foot over the past five years.
(Getty Images)
Homes are taking longer to sell
Another upside of rising housing stock is that buyers can take their time making an offer. As a result, the typical home spent 58 days on the market in October, eight days longer than the same time last year.
“This marks the slowest October since 2019, marking the seventh month in a row in which homes spent more time on the market compared with the previous year,” says McLaughlin.
Yet buyers who’ve been on the fence about entering the market may not want to take too long on their home-shopping journey, as the competition is poised to increase.
“Since most sellers also become buyers, an increase in new listings also means that there’s an increase in buyers,” notes McLaughlin. “We now expect homebuying activity to begin to tick higher on a year-over-basis through November and December, both because of falling rates as well as a low 2023 benchmark.”
For this and similar articles, please visit Realtor.com
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Living on the water isn’t for everyone, but with the rising cost of homeownership—something small and waterside might be just what you’re after. One such solution? Living on a houseboat.
A houseboat, not to be confused with a floating home, is a boat that’s been outfitted into a personal dwelling—with or without self-propulsion (aka a way to move around).
Houseboat communities exist all over the country, but they are especially prevalent in coastal areas like Oregon, Washington, California, and New York.
“In some high-priced markets, buying a houseboat could be one way to afford a home,” says Hannah Jones, senior economic research analyst at Realtor.com®. “Depending on the location and style of houseboat, buying a water-mobile home can be an investment in a unique way of life that may be more appealing than purchasing a home on land.”
But if you’re a land lover, how can you know if you’re suited to a home that moves with the tides?
To help, we spoke to several experienced houseboat owners to find out exactly what it’s like to live on one of these cozy floating vessels. Here are their seven takeaways for the houseboat-curious.
1. Waterfront living can be budget-friendly
If you’ve been seeking a waterfront property without the high-end price tag, houseboat life might just fit the bill.
“There are so many pros to living on a houseboat, but the primary one is that you can own a luxury waterfront property for an economical price,” says Brandon Eshaghoff, houseboat owner and founder of houseboat manufacturer The American Houseboat. “You don’t need to pay property taxes, so your monthly living expenses can be noticeably lower.”
Houseboat living tip: Before purchasing, check marina fees and regulations. These can vary widely and significantly affect your budget.
2. Nature is all around
Another favorite aspect of houseboat life that you might not expect? The abundance of nature you’ll encounter—even in urban waterways just outside major cities.
“You really experience the changes of the season with such a close proximity to nature,” says Sal Cataldi, a retired publicist who has lived on a house barge in Port Washington, NY, for nearly 20 years.
“It’s a great novelty for my friends to come and visit,” Cataldi says. “There’s a real calming effect of living on the water.”
Houseboat living tip: Houseboaters should keep a good pair of binoculars at the ready to see the stunning wildlife and scenery around them. Many install bird feeders and plant gardens on their decks to attract local wildlife.
3. Prepare for tight corridors
An important logistical consideration of houseboat living is that you’ll be in close quarters.
“One of the biggest differences in day-to-day life aboard a floating home is that you will have to learn to navigate the tight corridors,” says Eshaghoff.
For reference, a typical houseboat is only 14 feet wide, so spaces like hallways will definitely feel tighter.
“Depending on your layout and interior furniture, there’s generally less space available than in a traditional home,” says Eshaghoff.
Houseboat living tip: Embrace minimalism! Given the space squeeze, prioritize essential items and use multifunctional or collapsible furniture as way to maximize space efficiency.
4. Storage is limited
Speaking of tight spaces, you might also need to downsize what you own if you plan on living full-time in a houseboat.
“On average, houseboats offer approximately 600 square feet of indoor and outdoor space per floor, which means there will be a limited amount of storage space and generally less cabinet and closet space available,” says Eshaghoff.
Houseboat living tip: Use furniture with built-in storage to make the most of the limited space, and keep your living area organized. Consider vacuum-sealed storage bags for clothing and other items. Install shelves and hooks to utilize vertical space effectively.
5. Some basic tasks could be harder
Another limiting factor of houseboats is their electricity, which is crucial for basic tasks like washing clothes.
“Many houseboats lack the electrical capacity to accommodate laundry machines, requiring owners to transport laundry to nearby laundromats or utilize communal laundry facilities at certain marinas,” says Eshaghoff.
Houseboat living tip: Look for homes in marinas that offer laundry facilities, or invest in a compact, energy-efficient washer/dryer combo that suits the boat’s power supply. Solar panels can also be a good investment to enhance your electrical capacity.
6. Mortgages and insurance could be harder to get
When it comes to financing your houseboat, it’s good to keep in mind that getting a mortgage or comprehensive insurance policy might be difficult.
“You really can’t get a mortgage; where I am, it’s all cash deals,” says Cataldi. “You also would be hard-pressed to find insurance that covers sinking. So you are taking a chance that you could lose your investment.”
Houseboat living tip: Seek financial advice to prepare for a cash purchase, and thoroughly research houseboat-specific insurance options. Consider joining a houseboat association that might offer resources and advice on securing insurance.
7. A sense of adventure is required
The biggest thing to understand about houseboat life is that you need to embark on it with a healthy sense of adventure.
“Realize you’ll have to be a bit more self-reliant,” says Cataldi. “But it’s such a great life and a great way for kids to grow up. And you’ll be among people who are a little more adventurous and swashbuckling.”
Houseboat living tip: Embrace the lifestyle, and enjoy the unique experiences that come with living on the water. Engage in local activities, and build relationships within the houseboat community. Take advantage of your location by exploring water sports and fishing, too.
Are you interested in leaving land behind and calling the water home? Then check out these houseboat listing photos to start your search.
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Klew Yeh Mori was sick of throwing away money on her son Shoji‘s college housing with so little to show for it.
His freshman dorm at the University of Portland had not been cheap, and the expensive condo she rented for him sophomore year had a lot of maintenance issues that the landlord simply chose to ignore.
That’s when Mori, a real estate agent and resident of Salt Lake City, decided to try a different approach: When it came time to renew her son’s lease, she purchased an investment property in Portland, OR, where he could live instead.
“I don’t have to waste money on rent anymore, and now we are collecting rental income from his roommates to help with household expenses,” Mori explains. “It’s a win-win for me.”
Shoji Mori, on the far right, with his roommates in front of the Portland, OR, investment property
(Shoji Mori)
Mori isn’t the only parent who’s figured out that buying a property where their college-age kids can live is a smart idea that can pay off now and down the road.
“Purchasing homes for college-age children can be an intriguing investment strategy among parents,” says Realtor.com® economist Ralph McLaughlin. “By buying a property near their child’s university, parents can provide a stable and convenient living arrangement for their child but also capitalize on the potential for financial gains when compared to their child renting a home or living in a dormitory.”
“Parents investing in housing in college towns where their kids go to school is actually incredibly common,” says Jameson Tyler Drew, developer and president of Anubis Properties in Whittier, CA. “For instance, in Muncie, IN, a large, well-kept house within walking distance of the Ball State University can be purchased for under $150,000. After taxes and fees, this comes out to about a $860 payment with 20% down. Or you could rent the home next door for $850 a month. For those who can afford it, it’s a no-brainer.”
The Oregon home Klew Yeh Mori purchased is just steps away from the University of Portland.
Mori knew she wanted a newer property, since it rains a lot in Portland, which can lead to a lot of mold issues. The home, priced at $820,000, sparked a bidding war, which she won in 2022 by paying $970,000 in cash.
From there, she put both her name and her son’s on the deed. The fact that it’s an owner-occupied property, which is Shoji’s primary residence, will allow them both to reap tax benefits later.
“When we sell it, Shoji and I can each pocket up to $250,000 profit without paying Uncle Sam,” Mori says.
They collect $2,900 a month from three renters.
“When you factor in the rental income plus the money I’m saving on his college rental, I’m getting a much bigger return on my money than if I had just kept my cash in a savings account,” Mori explains.
And since real estate in college towns tends to be robust and rise over time, the odds of Mori’s investment losing value is unlikely.
“It’s almost certain that the demand will be there for rental properties in a college town,” says Samantha Sousa, a real estate broker in Visalia, CA. “With college towns, property values historically rise, so if parents do decide to sell after a few years, they will likely benefit from the equity built.”
Drew agrees that having an investment property for college kids comes with a variety of benefits.
“The pros are obvious,” he says. “When including your son or daughter on the title and paying on time, it dramatically improves their credit history. Of course, they can also share in any profits that might come from the sale of the house in the future. There are also multiple tax write-offs that aren’t usually available to renting college students. Lastly, you don’t have to worry about losing your security deposit.”
But as is the case with any investment, there are possible downsides and risks.
“The cons are that your college-aged kid is now in charge of household maintenance and paying bills on time,” Drew says. “For some kids not used to that responsibility, it can end badly. These houses can turn into nonstop parties if the person isn’t mature enough, or worse. Ownership also means that there’s no landlord to call when things break—and they will.”
Avoiding family drama
Yet despite the risks, Atlanta real estate agent and attorney Bruce Ailion purchased homes for all his kids when they were in college, and highly recommends it to others.
“Dorms and apartments are more densely populated, the space provided is small, and the distractions are high,” he says. “We have five children, three with doctorates, two with undergraduate degrees, no student loans, and all have jobs. Given our children’s success in school, I have to wonder if being in an owned property contributed to that success.”
But to avoid drama or resentment among siblings, Ailion recommends keeping things fair and square when you have multiple kids.
“When purchasing, it is essential to be consistent between the children,” he advises. “I consider that to mean allocating the same resources to each. In some markets, that may result in a nicer place but with an equal contribution.”
As for Shoji and his mom, owning a property together has strengthened their relationship and brought them closer.
“We get along better and argue less,” Shoji says. “I now see what it takes to own a home behind the scenes, and I have a much bigger appreciation for everything my mom has done for me.”
Not only has this been a smart move financially, it’s also taught him some important life lessons that money can’t buy.
“I run the household, collect the rent, and pay all the house bills out of a designated account, which made me become much more responsible,” 22-year-old Shoji says. “I’m doing things like changing the garbage disposal, staining the deck, and fixing the dishwasher. This situation forced me to put on my big-boy pants and figure stuff out.”
Mori expects that this investment will pay off not only during her child’s college years, but beyond that if she keeps the property as a rental property for future students.
“Such properties can serve as a primary residence for the student during their college years and later be rented out to other students or sold after the child graduates,” McLaughlin says. “This dual-purpose investment can help offset the costs of higher education and offer a steady stream of rental income, making it an attractive option for families looking to invest in real estate while also providing some use-value to their college-age children.”
But perhaps the biggest benefit in Mori’s mind is that her son may be at college, but still feels like he’s home.
“It gives him more of a home-away-from-home environment while he is away at school,” she explains.
For this and related articles, please visit Realtor.com
https://www.altpdx.com/wp-content/uploads/2019/11/logo-horizontal.png00altpdxhttps://www.altpdx.com/wp-content/uploads/2019/11/logo-horizontal.pngaltpdx2024-11-02 21:48:332024-10-02 21:54:31Why College Kids Are Bypassing Dorms and Living in Investment Properties—Courtesy of Mom and Dad
People love to dole out unsolicited advice. Some of it is actually useful. Other tips you hear, though, may do more harm than good—particularly when it comes to your credit score.
Establishing credit and maintaining a good credit score (also known as a FICO score) is essential if you hope to get a mortgage to buy a home someday.
“Good credit proves to lenders that you’re a reliable and trustworthy person who will pay back the money you owe,” says Ace Watanasuparp, national director of strategic sales at Citizens Home Mortgage.
Having good credit helps you not only get a mortgage, but one with a low interest rate, which will lower your monthly payments and the overall amount you pay for the home. And even if your credit score isn’t stellar right now, Watanasuparp says it’s never too late to start repairing it.
Yet this is where bad advice from uninformed yet well-meaning friends and family could lead you astray. Want some guidance separating fact from fiction? Here’s a look at some of the worst credit-building advice floating around out there that actually isn’t true.
1. To build credit, you’ve got to use credit—lots of it!
Many may insist that the only way to establish good credit is to use it—liberally. While it’s true that utilizing some level of credit is important, more is definitely not better.
“Carrying a high balance on your credit card has the potential to hurt your score,” says Stephen Rosen, head of sales at the mortgage company Better. “And on top of that, you will end up paying more each month, due to interest.”
Credit utilization, or the amount of credit you’re using, makes up 30% of your FICO score. The higher your credit card balance, the higher your utilization rate, which hurts your credit score. So pay as much as you can on your credit card bill each month.
That said, keeping a modest credit card balance can help, Watanasuparp says. A good rule is to use only 30% to 40% of your maximum credit line. So, for a credit card with a $10,000 limit, keep the balance to no more than $3,000 or $4,000.
2. Close your credit cards once you pay them off
Closing a credit card once you’ve paid it off may seem like a logical thing to do—that way, no more debt! Yet in reality, closing cards is a bad idea.
“Closing recently paid off accounts can shorten your credit history, especially if it’s one of your oldest accounts to date,” Rosen says.
Credit history, or how long you’ve had credit accounts, makes up about 15% of your credit score.
Instead of closing the cards, Watanasuparp suggests keeping them open and using them from time to time—and always paying off the balance whenever possible.
3. The occasional late or missed payment is no big deal
Late or missing bill payments happen to just about everyone, and therefore may seem like NBD. On the contrary! Paying your bills on time has a huge effect on your credit, accounting for 35% of your FICO score.
It doesn’t matter how much credit you have, as long as you can manage it, meaning you have enough money to pay your bills and that you’re paying them on time, Watanasuparp says.
“It becomes a problem when you are not able to responsibly manage these lines of credit, and you start falling behind on payments, and you no longer have the funds to back your credit,” he says.
Consistently paying late or not at all suggests that you might not be able to make your mortgage payments either, so it could be tough to get a home loan. Setting up automatic payments or calendar reminders will help you avoid missing payments.
4. You can boost your credit score by adding your spouse to your accounts
If your spouse has excellent credit—but yours is subpar—you may have heard that adding your upstanding partner to your own credit accounts will help raise your own score. Sorry, but it’s not that simple.
Credit scores are unique to each individual, Rosen says, so merging accounts won’t boost your credit. However, there is one way a high-scoring partner does work in your favor.
“When it comes to applying for new credit with your partner, such as filling out a joint application for a mortgage, each partner’s credit score is taken into consideration by the lenders,” he says.
Lenders will often average out a couple’s scores to determine your overall creditworthiness as a team. So in this sense, your partner could help you get a loan with good terms.
Once you’ve got a loan together—and if it gets paid on time—this will start reflecting positively on both your credit reports. This takes time, however, so don’t expect any miracles overnight.
5. You should constantly check your credit report
These days, sites like CreditKarma.com make it easy (and free) to check your credit score and report on a daily basis. But that doesn’t mean you should.
Watanasuparp says you only need to check your credit score and report once a year—or every three to six months before getting a mortgage—to make sure there are no errors or late payments that you’re not aware of.
6. Getting a credit report will lower your score
The good news is that checking your credit yourself through an official report from one of the primary reporting agencies is a soft inquiry, which won’t affect your credit score.
However, loan applications for new credit cards or mortgages are considered hard inquiries, and will show up and stay on the report for up to two years, briefly lowering your score.
“My advice is to avoid loan applications for at least six months before you apply for a mortgage. This will ensure your best possible credit score is on file,” Rosen says.
Then, you can shop around with multiple lenders to find the one offering the best rate.
7. You need to hire a credit repair agency to clean up your credit
Credit repair agencies promise to repair your credit for a fee, by checking your credit report for errors and disputing them for you. However, it’s usually unnecessary.
You can dispute information on your credit report yourself for free, using AnnualCreditReport.com, a federally authorized site.
Furthermore, no one can remove accurate information, such as a history of late payments, from the report, Rosen says.
“There’s nothing that a credit repair company can do for you that you can’t do yourself,” he says. “The only legitimate way to enhance your credit score is to practice good credit management.”
For this and related articles, please visit Realtor.com
Explore the themes of the book through events and discussions. Check the events calendar for information. From January to March, 2025 you can attend events surrounding the book and its themes.
Everybody Reads will conclude with “An Evening with Javier Zamora” on Tuesday, March 11, 2025 at 7:30 pm at the Arlene Schnitzer Concert Hall. Tickets are available from Literary Arts.
About the book
Solito is an account of Zamora’s 3,000-mile journey from El Salvador to the United States when he was nine years old. His crossing involved perilous boat trips and relentless desert treks during two life-altering months alongside a group of strangers who became an unexpected family.
He traveled unaccompanied by boat, bus, and foot. After a coyote abandoned his group in Oaxaca, Javier managed to make it to Arizona with the aid of other migrants.
About the author
Javier Zamora was born in La Herradura, El Salvador in 1990. When he was a year old, his father fled El Salvador due to the US-funded Salvadoran Civil War (1980-1992). His mother followed her husband in 1995 when Javier was about to turn five. Zamora was left in the care of his grandparents who raised him until he migrated to the US when he was nine. His first poetry collection, Unaccompanied, explores some of these themes.
Everybody Reads 2025, a community reading project of Multnomah County Library, is made possible by gifts to The Library Foundation with the author’s appearance made possible by Literary Arts.
For this and other local library news, please visit multcolib.org
Linn-Benton Community College is finding ways to teach math in more applied ways, so that students can pick up those skills and get into the workplace.
It’s 7:15 on a cold gray Monday morning in May at Linn-Benton Community College. Math professor Michael Lopez, in a hoodie and jeans, a tape measure on his belt, paces in front of the 14 students in his “math for welders” class.
“I’m your OSHA inspector,” he says. “Three sixteenths of an inch difference, you’re in violation. You’re going to get a fine.”
Linn-Benton Community College math professor Michael Lopez helps a student work through an algorithm for calculating ladder rung placement in his math for welders class.
Jan Sonnenmair for The Hechinger Report
He’s just given them a project they might have to do on the job: figure out the rung spacing on an external steel ladder that attaches to a wall. Thousands of dollars are at stake in such builds, and they’re complicated: Some clients want the fewest possible rungs to save money, others a specific distance between steps. To pass inspection, rungs must be evenly spaced to within one sixteenth of an inch, the top rung exactly flush with the top of the wall.
The exercise could be an algebra problem, but Lopez gives them a six-step algorithm that doesn’t use algebraic letters and symbols. Instead, they get real-world industry variables: tolerances, basic rung spacing, wall height.
Lopez breaks the class into five teams. Each team is assigned different wall heights and client specs, and they get to work calculating where to place the rungs. Lopez will inspect each team’s work and pass or fail the job.
Math is a giant hurdle for most community college students pursuing welding and other career and technical degrees. About a dozen years ago, Linn-Benton’s administration looked at their data and found that many students in career and technical education, or CTE, were getting most of the way toward a degree but were stopped by a math course, said the college’s president, Lisa Avery. That’s not unusual: Up to 60 percent of students entering community college are unprepared for college-level work, and the subject they most often need help with is math.
The college asked the math department to design courses tailored to those students, starting with its welding, culinary arts and criminal justice programs. The first of those, math for welders, rolled out in 2013.
More than a decade later, welding department instructors say that math for welders has had a huge impact on student performance. Since 2017, 93% of students taking it have passed, and 83% have achieved all the course’s learning goals, including the ability to use arithmetic, geometry, algebra and trigonometry to solve welding problems, school data show. Two years ago, Linn-Benton asked Lopez to design a similar course for its automotive technology program; they began to offer that course last fall.
Robert Van Etta, a student in Linn-Benton Community College’s math for welders class, marks out the spacing for ladder rungs, part of a lesson in using algebraic concepts to solve real-world challenges.
Jan Sonnenmair for The Hechinger Report
Math for welders changed student Zane Azmane’s view of what he could do.
“I absolutely hated math in high school. It didn’t apply to anything I needed at the moment,” said Azmane, 20, who failed several semesters of math early in high school but last year got a B in the Linn-Benton course. “We actually learned equations I’m going to use, like setting ladder rungs,” he said.
Linn-Benton’s aim is to change how students pursuing technical degrees learn math by making it directly applicable to their technical specialties.
Some researchers think these small-scale efforts to teach math in context could transform how it’s taught more broadly.
Among strategies to help college students who struggle with math, giving them contextual curriculums seems to have “the strongest theoretical base and perhaps the strongest empirical support,” according to a 2011 paper by Columbia University Teachers College researcher Dolores Perin. (The Hechinger Report is an independent unit of Teachers College.)
Perin’s paper echoed the results of a 2006 study of math in CTE involving 131 CTE high school teachers and almost 3,000 students. Students in the study who were taught math through an applied approach performed significantly better on two of three standardized tests than those taught math in a more traditional way. (The applied math students also performed better on the third test, though the results didn’t reach the statistical significance threshold.)
So far, there haven’t been systematic studies of math in CTE at the college level, said James Stone, director of the National Research Center for Career and Technical Education at the Southern Regional Education Board, who ran the 2006 study.
Keith Perkins, right, works through an algorithm for calculating ladder rung spacing in Linn-Benton Community College’s math for welders class.
Jan Sonnenmair for The Hechinger Report
Stone explained how math in context works. Students start with a practical problem and learn a math principle for solving it. Next, they use the principle to solve a similar practical problem, to see that it applies generally. Finally, they apply the principle on paper, in say, a standardized test.
“I like to say math is just like a wrench: It’s another tool in the toolbox to solve a workplace problem,” said Stone. “People learn almost anything better in context because then it has meaning.”
Linn-Benton dean Steve Schilling offers an example. Carpenters use a well-known 3-4-5 rule to get a square corner — lay out two boards at a square angle and mark one board at 3 feet and the other at 4 feet. Now a straight line joining the two marks should measure exactly 5 feet — if it doesn’t, the boards are out of square.
The rule is based on the Pythagorean theorem, a method for calculating the lengths of a right triangle’s sides: a2 + b2 = c2. When explaining to students why the theorem describes the rule, the instructor uses math terms — “adjacent side,” “opposite side,” “hypotenuse” — that they’ll need to use on a math test, said Schilling. When using practical skills like the 3-4-5 rule on a project, “at first, they don’t even realize they’re doing math,” he said.
Oregon appears to be one of the few places where this approach is spreading, if slowly.
Three hours south of Linn-Benton, Doug Gardner, an instructor in the Rogue Community College math department (he is now its chair), had long struggled with a persistent question from students: “Why do we need to know this?”
The answer couldn’t just be that they needed it for their next, higher-level math class, Gardner said. “It became my life’s work to have an answer to that question.”
Meanwhile, Algebra I was a huge barrier for many Rogue Community College students. About a third of those taking the course or a lower-level math course failed or withdrew. That meant they had to retake the class and likely stay another term to graduate; since many were older students with families and obligations, hundreds dropped out, school administrators said.
For those who stayed, lack of math knowledge hurt their job skills. Pipe fitters, for example, are among the higher-paid welders, said welding department chair Todd Giesbrecht, but they need a solid understanding of the math involved.
“Whether they’re making elbows, whether they’re making dump truck bodies, they’re installing steam pipe, all of those things involve math,” he said.
So, in 2010, Gardner applied for and got a National Science Foundation grant to create two new applied algebra courses. Instead of abstract formulas, students would learn practical ones: how to calculate the volume of a wheelbarrow of gravel and the number of wheelbarrows needed to cover an area, or how much a beam of a certain size and type will bend under a certain load.
Math proficiency is critical to jobs in welding and other technical fields, but a huge hurdle for most community college students pursuing career and technical degrees. Some colleges have succeeded in improving math learning by tailoring instruction to those technical fields.
Jan Sonnenmair for The Hechinger Report
Since then, the pass rate in the applied algebra class has averaged 73 percent while that of the traditional course has continued to hover around 59 percent, according to Gardner. Even modest gains like that are hard to achieve, said Navarro Chandler, a dean at the college.
“Any move over 2%, we call that a win,” he said.
One day in May, math professor Kathleen Foster was teaching applied algebra in a sun-drenched classroom on Rogue’s wooded campus and launched into a lesson about the Pythagorean theorem and why it’s an essential tool for building home interiors and steel structures.
She presented the formula, then jumped to illustrated exercises: What’s the right length for diagonal braces in a lookout tower to ensure that the structure will hold? What length does the diagonal top plate for a stair wall need to be to ensure that the wall’s corners are perfectly square?
James Butler-Kyniston, 30, who is pursuing a degree as a machinist, said that the exercises covered in Foster’s class are directly applicable to his future career. One exercise had them calculate how large a metal sheet you would need to manufacture a certain number of parts at one time, a skill he’s used in the lab.
“Algebraic formulas apply to a lot of things, but since you don’t have any examples to tie them to, you end up thinking they’re useless,” he said.
Unlike at Linn-Benton, students at Rogue in any degree field can take this course, so some of the applied examples don’t work for everyone. Butler-Kyniston said he thinks applied math works better if it’s tailored to a specific set of majors.
Still, Foster’s class could rescue the college plans of at least one student. Kayla LeMaster, 41, is on her second try at a two-year degree. She had to drop out in 2012 after getting injured in a house fire. She’s going for a degree that will let her transfer to the University of Oregon to major in psychology; she hopes to eventually work as a school counselor or in some other job supporting kids.
But her graduation from Rogue hangs by a thread because she needs a math credit. She struggled in the traditional algebra class and had to withdraw, and the same happened in a statistics course. Applied algebra is her last chance.
“When you add the alphabet to math, it doesn’t make sense,” she said. By contrast, in the examples in Foster’s class, “you get into that work mode, a job site somewhere, and you can see the problem in your head.” She got an A on her first test. “I’m getting it,” she said.
Gardner worries about the consequences of the traditional abstract approach to teaching math. When he was in college, “nobody ever showed me one formula that calculated anything really interesting,” he said. “I just think we’re doing a terrible job. Applied math is so fun.”
Oregon’s leaders appear to see merit in teaching math in context. In 2021, state legislators passed a law requiring all four-year colleges to accept an applied math community-college course called Math in Society as satisfying the math requirement for a four-year degree. In that course, instead of studying theoretical algebra, students learn how to use probability and statistics to interpret the results in scientific papers and how political rules like apportionment and gerrymandering affect elections, said Kathy Smith, a math professor at Central Oregon Community College.
“If I had my way, this is how algebra would be taught to every student, the applied version,” said Gardner. “And then if a student says, ‘This is great, but I want to go further,’ then you sign up for the theoretical version.”
At the level of individual schools, lack of money and time constrain the spread of applied math. Stone’s team works with high schools around the country to design contextual math courses for career and technical students. They tried to work with a few community colleges, but their CTE faculty, many of whom are part-timers on contract, didn’t have time to partner with their math departments to come up with a new curriculum, a yearlong process, Stone said.
Linn-Benton was able to invest the time and money because its math department was big enough to take on the task, said Avery. And both Linn-Benton and Rogue may be outliers because they have math faculty with technical backgrounds: Lopez worked as a carpenter and sheriff’s deputy and served three tours as a machine gunner in Iraq, and Gardner was a construction contractor who still designs houses.
“I have up to 16 house plans in the works during construction season,” he said.
Back in Lopez’s class, on a sunny Wednesday, students are done calculating where their ladder rungs should go and now must mark them on the wall. One team struggles. “I don’t understand any of this,” says Keith Perkins, 40, who’s going for a welding degree and wants to get into the local pipe fitters union.
“I know, but you’re not doing the steps in the right order,” says Lopez. “Walk me through it. Tell me what you did, starting with step 1.”
As teams finish up, Lopez inspects their work. “That’s one thirty-second shy. But I wouldn’t worry too much about it,” he tells one group. “OSHA’s not going to knock you down for that.”
Three teams pass, two fail — but this is the place to make mistakes, not out on the job, Lopez tells them.
“This stuff is hard,” said Perkins. “I hated math in school. Still hate it. But we use it every day.”
https://www.altpdx.com/wp-content/uploads/2019/11/logo-horizontal.png00altpdxhttps://www.altpdx.com/wp-content/uploads/2019/11/logo-horizontal.pngaltpdx2024-10-28 21:45:172024-10-02 21:46:55Math ends the education journeys of thousands of community college students. An Oregon college is among those trying something new
The former Los Angeles residence of Marilyn Monroe has been saved from the wrecking ball.
The abode of the Hollywood legend was added to a list of local historical landmarks by the Los Angeles City Council, which voted unanimously to preserve it, the New York Post reported.
Located in the Brentwood neighborhood, the home was the site of her untimely death in 1962 at age 36.
“There is no other person or place in the city of Los Angeles as iconic as Marilyn Monroe and her Brentwood home,” said council member Traci Park, who introduced the landmark proposal. “To lose this piece of history, the only home that Marilyn Monroe ever owned, would be a devastating blow for historic preservation and for a city where less than 3% of historic designations are associated with women’s heritage.”
Marilyn Monroe’s former L.A. home has been designated a landmark.
(Realtor.com)
Preservation in dispute
The homeowners are real estate heiress Brinah Milstein and her husband, Roy Bank, a reality TV producer. They reportedly bought the property last August for about $8,350,000.
Milstein and Bank also own the property next door and planned to expand their adjacent home onto the grounds of the Monroe home. The city had approved their demolition permit—until it was temporarily halted while the home’s landmark status was considered.
The homeowners filed a lawsuit to stop the designation, claiming “illegal and unconstitutional conduct” by the city “with respect to the house where Marilyn Monroe occasionally lived for a mere six months before she tragically committed suicide 61 years ago.”
The suit claims the home has been “substantially altered” since Monroe’s death. “There is not a single piece of the house that includes any physical evidence that Ms. Monroe ever spent a day at the house, not a piece of furniture, not a paint chip, not a carpet, nothing,” the lawsuit said.
As a topper, the lawsuit adds the home is a nuisance as it draws throngs of looky-loos and tour buses.
Hollywood history
Monroe is said to have purchased the home for $77,000 in February 1962, about six months before her death.
She furnished it with items picked up in Mexico, including tiles and textiles. She called her casa a “fortress where I can feel safe from the world.”
The hacienda-style exterior has remained relatively unchanged over the years. The 2,600-square-foot, four-bedroom, three-bath abode dates to 1929 and sits behind a privacy wall.
Original details include beamed ceilings, terra-cotta tile floors, and casement windows. The half-acre lot includes a pool and citrus orchard.
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