Monday, October 14, 2013

Fixer up properties in Denver

There are still some Fixer up properties to be had in Denver.

This is an example of great property located in the RiNo district in Denver.  Comps that were fixed up in the area were selling for $70k more that the sold price.

check out more here

Is selling to your 'friend' a good thing to do?

Coming Soon
Many homes are getting sold prior to officially going on the market these days. 

It can happen for a variety of reasons.Some are outright sinister and unethical. Most are innocent.
As a general rule, you are always likely to get the very highest net price by fully exposing your home to the broadest possible market rather than having it viewed by only a selected buyer that you happen to know.

However, there can be very legitimate reasons why you'd want me to pre-promote your property and show it to some limited number of buyers prior to it officially hitting the market.

For more info on this and to read a sample scenario of this, CLICK HERE

Sunday, October 13, 2013

Is now a good time to buy a home in light of the Government Shut down ??

I have been asked a lot recently about whether now is a good time to buy a home, especially in light of the Government Shut down.  Will rates go up?  Will my loan close??

Regarding rates, they have actually dropped.  A continuation of a shut down would cause a significant panic in the market and likely cause investors to run to ‘security’.  Mortgage Backed Securities (MBS's) have traditionally been a great source for security as they’re private bonds.  If Uncle Sam is out of commission, MBS’s could be an even better safe haven for investors.  The current, historically low rates are a function of the uncertainty and fear in the market place.  More fear is likely to produce lower rates, not higher. 

It isn’t possible to provide a guarantee of a rate until you are under contract.  HOWEVER, there is still much good news to consider along these lines.  Rates have been historically low; one of the lowest in 70 years.   Rates are still very low (mid to low 4’s right now) so the difference in payment on the same loan.  

This is a good reason to consider moving sooner rather than later..  Economists are projecting rates in the mid to high 5’s within 12 months. While that will mean strong recovery and better than average appreciation in home value, it will also make homes a bit less affordable.  

IF YOU ARE THINKING OF BUYING, SOONER IS BETTER THAN LATER.


Tuesday, October 8, 2013

Why you should buy a home before 2014

 WHY YOU SHOULD BUY AND SELL YOUR HOME BEFORE 2014
2013 has seen a much welcomed relief in the Real Estate Market.  The year started off with quite a boom, as inventory reduced, causing pent up demand with Buyers scrambling to find properties.  It was quite common to see properties hitting the market and them having multiple offers and under contract the same day.  According to National Association of Realtors data, July 2013 experienced a phenomenal 17.2% year-over-year increase in the annual pace of home sales compared to July of 2012. Accordingly, the United States is on pace for the best year in residential home sales since the housing boom occurred in 2006.
SO WHY DOES THIS MAKE IT AN IDEAL MARKET TO BUY OR SELL ?? WHY YOU SHOULD BUY AND SELL YOUR HOME BEFORE 2014
If the recession hadn’t hit in 2008, the yellow line shows how the market should have progressed.  The prices in 2013 are still below where they should be, but as the economy continues to progress, houses prices are recovering.  There has been a significant rise from 2011 to 2013 and forecasters are predicting this will continue upwards.
 WHY YOU SHOULD BUY AND SELL YOUR HOME BEFORE 2014
Here is a chart showing how mortgage rates changed since 1972. Once a 16.6% rate .. yikes! Mortgage rates have continued to fall and 2012 saw soon amazing rates. The rates today are
CONV 30 YEAR FIXED - 4.25%/ 4.42% APR
CONV 15 YEAR FIXED - 3.25% / 3.58% APR
FHA 30 YEAR FIXED - 3.75%/ 4.02% APR
FHA 15 YEAR FIXED - 3.25% / 3.59% APR
We did see them go up, and drop a little, but they are forecasting this to rise in 2014.
(Conventional loans are based on $300,000 purchase price with 20% down with a 740 credit score and 43% debt-to-income ratio.
FHA loans are based on $300,000 purchase price with 3.5% down with a 740 credit score and 43% debt-to-income ratio.
Jumbo loans are based on $600,000 purchase price with 20% down with a 740 credit score and 43% debt-to-income ratio.)
Only time will tell how long housing prices and interest rates will remain so attractive.
Sources : The Real Estate Word, Brian Icenhower, National Assoication of Realtors, Freddie Mac, Colorado Home Realty
- See more at: http://juliereddingtonrealestate.com/why-you-should-buy-and-sell-your-home-before-2014/#sthash.avfLEGZu.dpuf