When considering their next move, home buyers sometimes find themselves drawn to trendy areas. Perhaps it's a city with a big music scene or an irresistible cultural vibe. However, moving to one of these cities may be more expensive than it seems.
Newcomers to Portland, Oregon are one example. This city is a popular destination for those who crave the lifestyle it offers. However, not all new arrivals are aware of what's been nicknamed the "culture tax", especially those relocating from states with no state income tax.
Some would-be Portland residents do the math and find more economical options. For example, a move to nearby Vancouver, Washington, puts Portland only 10 miles away. Others decide to rent out their existing home and become renters themselves. Spending just a few months as a renter in a trendy city can help make the right decision, instead of one that might eventually become unaffordable.
No matter what your plans are, APM Loan Advisors can help you decide on your next move by presenting one or more mortgage options, or by providing you with a fast, free loan pre-qualification.
It's become a common assumption that rising property prices are largely due to fewer homes being built due to zoning restrictions and opposition to new development. However, recent research challenges these beliefs, as it uncovered a different culprit: unevenly rising wages.
As the job market evolves, some are seeing their income increase faster than others. This, in turn, makes home ownership more affordable to some, but not all. The researchers concluded that income inequality is why home ownership has become unaffordable for many Americans.
Another, more obvious factor: different metro areas become more or less popular every year, and home prices reflect these changes. For example, areas popular with remote workers during 2021 and 2022 may see more sellers than buyers, as some corporations are actively eliminating the home office option for their staff.
The takeaway isn't discouraging so much as clarifying. Understanding what's actually driving prices — supply, demand, or the gap between high earners and everyone else — matters when weighing solutions. Staying informed puts consumers in a better position to make decisions that work for their own circumstances.
While retirement is designed to provide rewards for hard work and smart investing, it doesn't always mean that retirees can put their investments on autopilot. Today's retirees are coping with high interest rates, sticky inflation and volatile stock markets. This means that a low-risk portfolio may not generate enough growth to sustain a longer retirement.
Instead, today's retirees can choose to diversify their portfolio, so their existing funds will last the length of their retirement.
Treasury Inflation-Protected Securities, or TIPS, are U.S. government bonds whose principal adjusts with inflation, helping preserve purchasing power over time. With inflation still very much in the picture, and with oil prices at high levels, retirees may want to consider these to protect income from future inflation.
High-Yield Savings Accounts can provide retirees with better rates than a typical savings account, while also providing easy access to funds. They may be a better place to stash funds that will be needed sooner than later.
Laddered Certificates of Deposit (CDs) can lock in today's rates at zero market risk. However, these assets are locked in until maturity. Opening several CDs with different maturity dates — commonly known as laddering — can be the solution to limited liquidity, balancing access and yield.
Municipal Bonds can be an option for retirees in a higher tax bracket, since these offer tax-free income. Municipal bonds, or munis, are issued by state and local governments to fund projects like schools, roads and hospitals. However, retirees in low tax brackets won't benefit as much as those in higher tax brackets, and some munis do carry risk.
The information in this article is provided for general informational purposes only and should not be construed as investment, financial, tax, or legal advice. For guidance tailored to your individual financial situation, contact your APM Loan Advisor for a referral to a qualified investment advisor or Certified Financial Planner (CFP®).
If a home sale doesn't close as planned, it can be frustrating, especially if you had already begun planning your next move. However, it's become more common, especially when rates change without warning.
If you plan to relist soon, here are some things to keep in mind. A thoughtful reset can put you in a stronger position than before, but simply hitting the "relist" button may backfire as buyers and agents can see this history. Instead, take a look at why the sale fell through and address these if possible.
If the buyer's home inspector found major issues, have these repaired before relisting. Bringing in your own inspector can help you make sure this doesn't happen again.
If the home price caused the buyer to back out, it's time to reset this for today's market. Even a small change will help your home appear in more buyer searches and generate new interest.
If the buyer wasn't able to qualify for financing, this is where an APM Loan Advisor can help. Ask interested buyers to contact your advisor so they can review their finances and credit history. If you've decided to work with a new agent, contact your APM Loan Advisor for a referral.
Other relisting strategies include updated photos, more decluttering, and carrying out some affordable upgrades to curb appeal like new landscaping.
From summer vacations to holiday shopping, many expenses that may feel like financial curveballs are actually predictable. However, it's not always easy to plan ahead for them, especially when you're juggling other expenses. One solution: set up a sinking fund. It's different from an emergency fund, as it helps you finance annual and quarterly expenses before they arrive, instead of unexpected bills.
Sinking funds are nothing new. One of the first was set up by the English government during the 1700s for the purpose of "sinking" the national debt.
Here are some expenses that a sinking fund may help you manage:
Insurance and/or tax bills
Vacations
Pet care
Holiday gifts and entertaining
Back-to-school shopping
If you decide to set up your own sinking fund, you'll first need to review your last 12 months of expenses and identify those similar to the ones listed above. Next, estimate each item's annual cost.
Choosing an account for your sinking funds is next. Be sure that the funds are liquid — this means that you can access them without penalty. An account that allows you to make automatic transfers is also a good idea.
Now you're ready to set up savings targets. For example, if your next family trip to the beach will cost around $3,000, you'll want to put aside around $250 a month.
Sinking funds won't eliminate every financial challenge, but they can help you avoid last-minute tradeoffs like withdrawing from an emergency fund or using a high-interest credit card.
A classic salad can become a summer favorite when you import flavors straight from a backyard cookout. This BBQ Chicken Cobb Salad created by Snoop Dogg also features blue corn tortilla chips for an extra crunch.
Even if you secretly enjoy dusting and vacuuming, you probably don't have the time to do this twice — but if you don't clean areas and items in the right order, this could happen. Here's a guide that will help you do a better job in less time.
Before you begin, declutter where possible and take inventory of your cleaning supplies. Next, decide which rooms you want to tackle first - you can prioritize if you like. Give yourself up to a week to finish spring cleaning.
Begin by cleaning higher items first. This is important, because if you don't clean these until later, you may end up having to re-clean anything that's under them. You can wipe or vacuum ceiling fan blades first, then spray your cleaning cloth so you don't spray the ceiling instead.
Walls are next. Before cleaning any smudges, use a vacuum to remove any cobwebs near the ceiling.
If your home has window blinds, you may want to clean one room's worth each day. If curtains don't require dry cleaning, you can freshen them up in the dryer.
Upholstered furniture will need a complete vacuum, including under the cushions. Neutralize any pet odors with your favorite fabric refresher.
Since cleaning countertops is something you do frequently, concentrate on cabinets, doorknobs, drawer handles and light switches.
Check your refrigerator and oven manuals and clean inside and out.
Before you start on floors, clean baseboards and door frames.
Vacuum rugs and carpets and decide if they need professional cleaning.
Hardwood and laminate floors may look similar, but depending on their finish, they may need different cleaners. For example, hardwood floors may or may not have a protective finish. Use a microfiber mop to prevent scratching the finish.