Higher interest rates, now solidly above 5% on a 30-year mortgage, likely helped slow home sales in metro Denver last month, and the number of listings available is surging. But when it comes to calming those gale-force gains in home prices, the windows are still rattling something fierce. The number of residential properties available for sale shot up another 44.2% between March and April, following an 81% gain between March and February, according to a monthly update from the Denver Metro Association of Realtors, which covers an 11-county area. Normally, the gain in listings between … Continue reading...
What is a Townhome
As a buyer, there are a variety of property types you can purchase. For example, you might buy a single-family home, an apartment, or a condo. Or, you might buy a townhouse. Townhouses are a popular property option, particularly for first-time buyers. But a lot of people have questions about townhouses, like what, exactly, are they—and why should someone consider buying one? If you have questions about whether a townhouse is the right option for you, a recent article from realtor.com answered key questions buyers might have about townhouses, including: What is a … Continue reading...
The American Dream
Making the American Dream Come True for You Buying your first home is exciting. For most people, it’s the fulfillment of a life-long dream — The American Dream — of homeownership. Taking that plunge can feel overwhelming, too. There are so many things to consider, so many choices to make, and far too many unknowns. But, breaking it all down into smaller, more digestible pieces can help take away much of the anxiety that accompanies making such a big commitment. Hiring a real estate agent is the first step for nearly everyone when they’re ready to buy a home. … Continue reading...
Looking at the Market
This past week, home loan rates touched the highest level in a decade as global bond yields were on the rise. Let's discuss some potentially positive signals for those looking for a rate peak as well as what to watch for next week. "So, you got to let me know, Should I stay or should I go" Should I Stay or Should I Go ... The Clash "Be greedy when others are fearful" – legendary investor, Warren Buffet. The rate of change or the speed at which home loan rates have moved higher is historic. It has also elevated uncertainty and fear that rates … Continue reading...
Why You Should Buy Now
As we jump into spring, historically we see an increase in homes available for sale. Coming off the lowest months of inventory to date, this would be welcomed by eager home buyers as interest rates also continue to rise. Beyond the seasonal uptick in listings, there’s a chance we may see a wave of new builds on the horizon as well. Before we take a look at inventory, let’s quickly revisit mortgage rates and home prices. As you know, they both continue to climb, but to what extent? 30-year fixed rates are about 1.5% - 1.75% higher than in January, sitting between … Continue reading...
What the Average Homeowner Made in the Last Year in Equity
If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest, so bidding wars are … Continue reading...
Why We are Not in a Housing Bubble
With home prices continuing to deliver double-digit increases, some are concerned were in a housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons. 1. The housing market isn't driven by risky mortgage loans. Back in 2006, nearly everyone could qualify for a loan. The Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association is an indicator of the availability of mortgage money. The higher the index, the easier it is to obtain a mortgage. The MCAI more … Continue reading...
My What You Need to Know
When it comes to buying a house, you're looking for the perfect place to call home. The problem is, in todays market there just aren't that many homes available to purchase. With inventory hovering near record lows and sky-high buyer demand, a multi-offer scenario is the new normal. Here are five things to keep in mind when you're ready to make an offer. 1. Know Your Numbers Having a complete understanding of your budget and how much house you can afford is essential. That's why you should connect with a lender to get pre-approved for a … Continue reading...