Because buying or selling a home is such a big decision in our lives, the need for clear, trustworthy information and guidance is crucial. And while no one can give you perfect advice, when you align yourself with an expert, you’ll get the best advice for your situation.
An Expert Will Give You the Best Advice Possible
Let’s say you need an attorney, so you seek out an expert in the type of law required for your case. When you go to their office, they won’t immediately tell you how the case is going to end or how the judge or jury will rule. What a good attorney can do, though, is discuss the most effective strategies you can take. They may recommend one or two approaches they believe will work well for your case.
Then, they’ll leave you to make the decision on which option you want to pursue. Once you decide, they can help you put a plan together based on the facts at hand. They’ll use their expert knowledge to work toward the resolution you want and make whatever modifications in the strategy necessary to try and achieve that outcome.
Similarly, the job of a trusted real estate professional is to give you the best advice for your situation. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. They can’t because it’s impossible to know exactly what’s going to happen throughout your transaction. They also can’t predict exactly what will happen with conditions in today’s housing market.
But an expert real estate advisor is knowledgeable about market trends and the ins and outs of the homebuying and selling process. With that knowledge, they can anticipate what could happen based on your situation and help you put together a solid plan. And they’ll guide you through the process, helping you make decisions along the way.
That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with an expert real estate advisor.
Bottom Line
If you want trustworthy advice when buying or selling a home, let’s connect so you have an expert real estate advisor on your side.
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Summertime in Colorado! Does it get any better than this? Denver is notoriously sunny – take note in some of our other videos where we report on this – and Summer is quite literally where our weather is sublime! Our warm, dry climate makes for the perfect combination to explore the Denver area and beyond. We’re going to share with you a list of the BEST Summer Events in and around Denver:
1) Live Music: It is no secret Denver is home to many unique indoor music venues, but where we really shine is when the weather turns nice and the outdoor music scene comes alive. Red Rocks – need we say more?? Of course, because we also have The Denver Botanic Gardens, Fiddlers Green, Sculpture Park, Levitt Pavilion (did you know this one has a FREE concert series? See a link below to check it out!), PLUS many neighborhoods now doing their own outdoor summer concert series.
2) Camping: Did you know you don’t have to drive all the way to the mountains to get in a weekend of camping? We have many campgrounds located conveniently within 45 minutes of the city – some of our local State Parks such as Golden Gate Canyon, Cherry Creek or Chatfield also offer camping options. Plus, these close-in options also offer amenities like mountain or road biking, hiking/walking
3) See Art: First Friday Art Walks along Santa Fe in the Santa Fe Arts District (First Friday Art Walks — Denver’s Art District on Santa Fe (denversartdistrict.org), Chalk Art Festival in its NEW home in Golden Triangle (used to be on Larimer Square) Denver Chalk Art Festival – Chalk, Art, Festival; New for 2022 is Art RiNo, being held September 5th to 11th to coincide with Westward Music Showcase (Art Rino), and last but not least is the Cherry Creek Arts Festival over the 4th of July Weekend. The Cherry Creek Arts Festival is a long-standing popular event, taking place since 1991!
4) Go on a Culinary Adventure: Summer is the perfect time to branch out of your usual hangouts and try some new restaurants, breweries, dessert spots – especially when they have some killer patios! Here are 3 of our favorites right now:
Craft beer — dozens of them — is the backbone of this sprawling 12-acre Littleton -based campus trumpeting a behemoth restaurant and bar, a lovely wraparound porch that peers over thicketed open space and a delightful beer garden scattered with shaded picnic tables and lawn games — essentially everything you could possibly envision in your beervana dreams. Warm-weather outdoor concerts, firepits and a solid menu of beer-friendly food temptations (think charcuterie and cheese, fish-and-chips, elk burgers and chili) furthers the argument to plop your butt in a seat here as often as possible.
Leave it to restaurateur and design genius Justin Cucci (from Linger, Ophelia’s, Vital Root, and Root Down) to erect an epic rooftop patio with equally glorious skyline views from its elevated perch in Lower Highland (LoHi) An elevator whisks you up to the fifth floor of El Five, where Mediterranean tapas and creative cocktails timed for the seasons intersect, and while both the food and libations are noteworthy, we wouldn’t fault Cucci if he charged an entrance fee just for the opportunity to behold the bright lights of the big city from that sky-high deck.
this place might have settled into its digs by now (and we know you know about the famed ice shots and basically that this is the after-dark spot in RiNo), but we’re focusing our love on its spacious patio for all your margarita-drinkin’, taco-lovin’ needs. And when the weather’s good (it’s Denver, so almost always), even the indoor roof opens up to let in sunshine and fresh air.
5) Water Parks: Denver is known for being notoriously dry and arid which is why when the sun comes out and the weather heats up you gotta get creative on how to beat the heat. Top places include Water World, Elitch’s, Pirates Cove, Splash Pads at Union Station, Centennial Center, City Park, and the Denver Parks and Rec public pools. Want a longer daytime outing? Get your “beach fix” in by visiting Cherry Creek Reservoir or Chatfield Reservoir – set up on the beach, go paddleboarding or find someone with a boat for some motorized water sports!
6) Get Your Festival On! So many to choose from! For the taco aficionados check out ‘Top Taco’. This event takes place in Westminster in June and features more than 50 restaurants! For Barbecue fans, you must attend the Denver Barbecue Festival – a 3 Day event taking place at Empower Field at Mile High! Looking for some theater? Check out the Colorado Shakespeare Festival in Boulder! For over 60 seasons – this festival has delighted audiences with classic theatre under the stars. Two other popular summer activities include Denver Pride Festival and Parade AND the Five Points Jazz Festival – both taking place in June!
A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.
The National Bureau of Economic Research (NBER) defines a recession this way:
“A recession is a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”
To help show that home prices don’t fall every time there’s a recession, take a look at the historical data. There have been six recessions in this country over the past four decades. As the graph below shows, looking at the recessions going all the way back to the 1980s, home prices appreciated four times and depreciated only two times. So, historically, there’s proof that when the economy slows down, it doesn’t mean home values will fall or depreciate.
The first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.
Bottom Line
We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History proves a recession doesn’t equal a housing crisis.
https://denverlivinghomes.com/wp-content/uploads/2022/05/20220519-KCM-Share-549x300-1.jpg300549bradleymayhewhttps://nelsonteam.wpengine.com/wp-content/uploads/2019/12/NT_Secondary_Black-300x140.pngbradleymayhew2022-05-19 10:00:082022-05-19 10:00:08The One Thing Every Homeowner Needs To Know About a Recession
If you’re trying to decide whether to rent or buy a home, you’re probably weighing a few different factors. The financial benefits of homeownership might be one of the reasons you want to make a purchase if you’re a renter, but the decision can also be motivated by having a place that’s uniquely your own.
If you want to express yourself by upgrading and customizing your living space but are feeling held back by your rental agreement, it might be time to consider the perks of owning your home.
A Little Change Can Bring Lots of Joy
There’s a significant level of pride that comes from owning a home. That’s because it’s a space that truly belongs to you.
A recent report from the National Association of Realtors (NAR) shows making updates or remodeling your home can help you feel more at ease and comfortable in your living space. NAR measures this with a Joy Score that indicates how much happiness specific home upgrades bring. According to NAR:
“There were numerous interior projects that received a perfect Joy Score of 10: paint entire interior of home, paint one room of home, add a new home office, hardwood flooring refinish, new wood flooring, closet renovation, insulation upgrade, and attic conversion to living area.”
The report also breaks down just how much each of these projects can enhance your emotional attachment to your home, even leading you to want to spend even more time in the space (see graph below):
And while many of the items NAR highlights are larger tasks, some, like painting rooms, are much smaller. Even those quicker projects can still bring you a greater sense of joy and accomplishment. Not to mention when you make upgrades in your home, you could be increasing its value which also gives your net worth a boost if you invest your time and effort wisely.
You’re Free To Update Your Home to Your Heart’s Content
These types of updates can result in additional happiness when you complete them, but there’s another reason you can feel good as a homeowner. In most situations, you’re free to renovate or update the interior of your home without needing additional permission. But as Business Insiderpoints out, renters may not have the same freedom:
“Your landlord won’t always approve changes when you rent. But you have the power to update the home when you’re the owner. (Just make sure any big changes are approved by your homeowner’s association, if necessary.)”
If you do make changes as a renter, there’s a good chance you’ll need to revert them back at the end of your lease based on your rental agreement. That can add additional costs when you move out. That’s one major benefit of owning your own home. Unless there are specific homeowner’s association requirements, you typically won’t have to worry about the changes you can and can’t make.
Bottom Line
Deciding whether to rent or buy is a personal decision. The financial benefits are critical, but don’t overlook the emotional impact homeownership can have. Let’s connect to discuss all the benefits you can enjoy when you purchase your own home.
https://denverlivinghomes.com/wp-content/uploads/2022/05/20220518-KCM-Share-549x300-1.jpg300549bradleymayhewhttps://nelsonteam.wpengine.com/wp-content/uploads/2019/12/NT_Secondary_Black-300x140.pngbradleymayhew2022-05-18 10:00:072022-05-18 10:00:07How Homeownership Can Bring You Joy
If you’re thinking about buying a home, you’ve probably heard mortgage rates are rising and have wondered what that means for you. Since mortgage rates have increased over two percentage points this year, it’s natural to think about how this will impact your homeownership plans.
Today, buyers are reacting in one of two ways: they’re either making the decision to buy now before rates climb higher or they’re waiting it out in hopes rates will fall. Let’s look at some context that can help you understand why so many buyers are jumping off the fence and into action rather than waiting to buy.
A Look Back: How the Current Mortgage Rate Compares to Historical Data
One factor that could help you make your decision to buy now is how today’s mortgage rates compare to historical data. While higher than the average 30-year fixed rate in recent years, the latest rates are still comparatively low when you look at the bigger picture of where rates have been since 1971 (see graph below):
Mark Fleming, Chief Economist at First American, explains it like this:
“. . . historical context is important. An average 30-year, fixed mortgage rate of 5.5 percent is still well below the historical average of nearly 8 percent.”
If you’re deciding whether to buy now or wait, this is important context to have. Today’s mortgage rate still gives you a window of opportunity to lock in a rate that’s comparatively lower than decades past.
A Look Ahead: What Happens if Rates Climb Further
The buyers who are springing into action now are also motivated to make their move because they know rates have risen steadily this year, and they’re eager to get ahead of any further increases.
Why? When mortgage rates climb, they impact the monthly mortgage payment you’ll have on the home you’re buying. Basically, it’ll likely cost you more to buy a home if you wait. Experts say mortgage rates will rise (although more moderately) in the months ahead. Odeta Kushi, Deputy Chief Economist at First American, explains:
“. . . ongoing inflationary pressure remains likely to push mortgage rates even higher in the months to come.”
So, if you’re ready and financially able to buy now, it may make more sense to get off the fence and make your purchase sooner rather than later. As Nadia Evangelou, Senior Economist at the National Association of Realtors (NAR), says:
“With even higher interest rates on the horizon, I don’t see any reason to hold off from purchasing a home right now. If you feel financially secure, you should start looking for a home.”
At the end of the day, there is no perfect advice on when to buy a home. What you should do depends on your goals, your finances, and your personal situation. Use this information with the help of local real estate professionals to make an informed decision on what’s best for you. The Mortgage Reportssums it up best:
“. . . if you’re on the fence about whether to buy now or wait for a better deal, buying sooner rather than later might be wise. That said, home buying is always a personal decision. Whether you should buy in 2022 depends on your financial situation and the local housing market where you live.”
Bottom Line
For many buyers, rising mortgage rates are motivating them to act now and make a purchase before rates rise higher. To decide what move is best for you, let’s connect so you have expert advice on your side.
https://denverlivinghomes.com/wp-content/uploads/2022/05/20220517-KCM-Share-549x300-1.jpg300549bradleymayhewhttps://nelsonteam.wpengine.com/wp-content/uploads/2019/12/NT_Secondary_Black-300x140.pngbradleymayhew2022-05-17 10:00:462022-05-17 10:00:46Why Rising Mortgage Rates Push Buyers off the Fence
In today’s housing market, homeowners have a great opportunity to sell their house and receive the best terms for their personal situation. That’s because there’s a limited number of homes for sale, which is creating competition among buyers. Right now, homebuyers want three things:
These buyer needs give you an amazing advantage – also known as leverage – when you sell.
What Does This Mean for Sellers Today?
You might already realize this enables you to sell at a good price, but you’re also in a great position to get the best terms to suit your needs.
According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average home sold is receiving 4.8 offers. That’s why there’s a good chance you’ll get offers from multiple buyers who are willing to compete for your house. When you do, you should look closely at the terms of each offer to find out which one has the best options for you.
And if you have questions at any point in the process, remember your trusted real estate advisor can help. They’re experts who understand the fine print, know how to compare the terms of various offers, and will help you select the best one for your situation.
Bottom Line
If you’re thinking of selling your home, know buyer demand in today’s market gives you a great opportunity to get the best terms and price when you sell your house. Let’s connect today to discuss how much leverage you have as a seller in today’s market.
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If you’re thinking about selling your house, let’s connect so you have expert advice that’s customized to your home and our local area.
https://denverlivinghomes.com/wp-content/uploads/2022/05/20220513-KCM-Share-549x300-1.png300549bradleymayhewhttps://nelsonteam.wpengine.com/wp-content/uploads/2019/12/NT_Secondary_Black-300x140.pngbradleymayhew2022-05-13 10:00:162022-05-13 10:00:16Should You Update Your House Before Selling? Ask a Real Estate Professional. [INFOGRAPHIC]
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time.
1. There Are Fewer Homeowners in Trouble
Today’s data shows that most homeowners are exiting their forbearance plan either fully caught up on payments or with a plan from the bank that restructured their loan in a way that allowed them to start making payments again. The graph below depicts those findings from the Mortgage Bankers Association (MBA):
The same MBA report mentioned above estimates there are approximately 525,000 homeowners who remain in forbearance today. Thankfully, those people still have the chance to work out a suitable repayment plan with the servicing company that represents their lender.
2. Most Homeowners Have Enough Equity To Sell Their Homes
For those who are exiting the forbearance program without a plan in place, many will have enough equity to sell their homes instead of facing foreclosures. Due to rapidly rising home prices over the last two years, the average homeowner has gained record amounts of equity in their home.
Marina Walsh, CMB, Vice President of Industry Analysis at MBA, says:
“Given the nation’s limited housing inventory and the variety of home retention and foreclosure alternatives on the table across various loan
types, . . . Borrowers have more choices today to either stay in their homes or sell without resorting to a foreclosure.”
3. There Have Been Fewer Foreclosures over the Last Two Years
One of the seldom-reported benefits of the forbearance program was it gave homeowners facing difficulties an extra two years to get their finances in order and work out a plan with their lender. That helped prevent the foreclosures that normally would have come to the market had the new forbearance program not been available.
Even as people leave the forbearance program, there are still fewer foreclosures happening today than before the pandemic. That means, while there are more foreclosures now compared to last year (when foreclosures were paused), the number is still well below what the housing market has seen in a more typical year, like 2017-2019 (see graph below):
4. The Current Market Can Easily Absorb New Listings
When the foreclosures in 2008 hit the market, they added to the oversupply of houses that were already for sale. It’s exactly the opposite today. The latest Existing Home Sales Report from the National Association of Realtors (NAR) reveals:
“Total housing inventory at the end of March totaled 950,000 units, up 11.8% from February and down 9.5% from one year ago (1.05 million). Unsold inventory sits at a 2.0-month supply at the present sales pace, up from 1.7 months in February and down from 2.1 months in March 2021.”
A balanced market would have approximately a six-month supply of inventory. At 2.0 months, today’s housing market is severely understocked. Even if one million homes enter the market, there still won’t be enough inventory to meet the current demand.
Bottom Line
If you see headlines about the increasing number of foreclosures today, remember context is important. While it’s true the number of foreclosures is higher now than it was last year, foreclosures are still well below pre-pandemic years.
If you have questions, let’s connect to talk through the latest market conditions and what they mean for you.
https://denverlivinghomes.com/wp-content/uploads/2022/05/20220512-KCM-Share-549x300-1.jpg300549bradleymayhewhttps://nelsonteam.wpengine.com/wp-content/uploads/2019/12/NT_Secondary_Black-300x140.pngbradleymayhew2022-05-12 10:00:142022-05-12 10:00:14What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market
According to a recent survey from the National Association of Realtors (NAR), one of the top challenges buyers face in today’s housing market is finding a home that meets their needs. That’s largely because the inventory of homes for sale is so low today.
If you’re looking to buy a home, you may have noticed this yourself. But there is good news. Recent data shows more sellers are listing their houses this season, which may give you more options for your home search.
Early Signs Inventory May Be Growing
The latest data from realtor.com shows the number of listings coming onto the market, known in the industry as “new listings,” has increased since the start of the year (see graph below):
This indicates more sellers are listing their homes for sale each month this year. And according to realtor.com, this growth is expected to continue. Their research finds the majority of potential sellers plan to list their homes over the next six months. Realtor.com says:
“. . .markets may see a noticeable bump in the number of homes for sale as we move through spring and into summer. A majority of homeowners planning to sell this year indicated that they aim to list in the next six months, with almost 10% having already placed their properties on the market.”
Homes Are Still Selling Quickly
But while new listings are increasing, it’s important to know they’re also selling quickly. The latest Realtors Confidence Index from NAR shows the median days on market for recently sold homes since the beginning of the year (see chart below). The time on market has decreased month-over-month. That means homes are selling even faster than they did the previous month.
What That Means for You
While a low-inventory market is difficult to navigate as a buyer, there is hope. The growing number of new listings and the expectation more sellers will list their homes in the coming months is great news if you’ve had a hard time finding a home that fits your needs. Just remember, those new listings are going fast. That means you’ll want to keep your foot on the gas and be ready to act if you find a home you love this season.
Your agent can help you stay on top of the latest listings in your area so you can find the home that’s right for you and submit your strongest offer as quickly as possible.
Bottom Line
If you’ve been having a hard time finding your dream home, stick with your search. More options are coming to market and your ideal home could be one of them. Let’s connect so you can stay up to date on the latest listings in our market, so you can be ready to move fast when you find the one that’s right for you.
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