First-Time Home Buyers Lead Uptick in Mortgage Apps

Brian Chandler Parker Co Real Estate Pages From Buying a home summer 2021

New Guidelines for Mortage Loans Help Buyers

Mortgage demand for home purchases reversed course last week, after falling for the past month, the Mortgage Bankers Association reported Wednesday.

Mortgage applications to purchase a home increased 2% for the week and offered a signal that more first-time buyers may be emerging. Still, purchase applications are 18% lower than a year ago, the MBA said.

Higher prices and the scarcity of housing inventories have been blamed on slowing many segments of the housing market.

“The higher level of purchase activity last week was driven by more government purchase applications, including a 3.3% increase in FHA loans,” said Joel Kan, an MBA economist. “With low for-sale inventory keeping home price appreciation in many markets at record highs, the jump in FHA purchase applications is potentially a sign that more first-time buyers are finding purchase options despite the high prices.”

Mortgage rates rose slightly last week but remain near historical lows and didn’t prove to be a deterrent to home shoppers. The average contract interest rate for the 30-year fixed-rate mortgage with conforming loan balances rose to 2.99%, with points decreasing to 0.30, for loans with a 20% down payment, according to the MBA.

“Homeowners continue to respond to lower rates, with refinance activity climbing to the highest level since February 2021,” Kan said. Applications to refinance rose 3% last week but remain 8% lower than a year ago.

Source:

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What’s Motivating People To Move Right Now?

Brian Chandler Realtor Parker Colorado SRES

This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to reconsider what homeownership means and what they find most valuable in their living spaces.

According to the 2020 Annual National Movers Study:

Parker Colorado Brian Chandler Realtor“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life.”

With a new perspective on homeownership, here are some of the reasons people are reconsidering where they live and making moves right now.

1. Working from Home

Remote work became the new norm, and for some, it’s persisting longer than initially expected. Many in the workforce today are discovering they don’t need to live so close to the office anymore and they can get more for their money if they move a little further outside the city limits. Apartment List notes:

“The COVID pandemic has sparked a rebound in residential migration: survey data suggest that 16 percent of American workers moved between April 2020 and April 2021, up from 14 percent in 2019 and the first increase in migration in over a decade… One of the major drivers in this trend is remote work, which expanded greatly in response to COVID and will remain prevalent even after the pandemic wanes. No longer tethered to a physical job site, remote workers were 53 percent more likely to move this past year than on-site workers.”

If you’ve tried to convert your guest room or your dining room into a home office with minimal success, it may be time to find a larger home. The reality is, your current house may not be optimally designed for this kind of space, making remote work very challenging.

2. Room for Fitness & Activities

Staying healthy and active is a top priority for many Americans, and dreams of having space for a home gym are growing stronger. A recent survey of 4,538 active adults from 122 countries noted the three fastest-growing fitness trends amongst active adults:

  • At-home fitness equipment (up 50%)
  • Personal trainers/nutritionists (up 48%)
  • Online fitness courses, classes, and subscriptions (up 17%)

Having room to maintain a healthy lifestyle at home – physically and mentally – may prompt you to consider a new place to live that includes space for at-home workouts, hobbies, and activities for your household.

3. Outdoor Space

Better Homes & Gardens recently released the outdoor living trends for this year, and three of them are:

  • Outdoor Kitchens: 60% of homeowners are looking to add outdoor kitchens.
  • Edible Garden: Millions of people began gardening during the pandemic . . . to supplement pantries with homegrown fruits, vegetables, and herbs.
  • Secluded Spaces: As outdoor activity increases, so does the need for privacy.

You may not, however, currently have the space you need for these designated areas – inside or out.

Bottom Line

If you’re clamoring for more room to accommodate your changing needs, making a move may be your best bet, especially while you can take advantage of today’s low mortgage rates. It’s a great time to get more home for your money, just when you need it most.

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What To Know Before You Buy Your Dream Home

Common Things to Look Out for Before Buying Your Dream HomeDream Home Image 1

When shopping for your dream home, what is the best way to get the exact home you want or the next best thing to it?

You have to know what you want.

Most people assume they know what they want in their home the first time they start thinking of buying a new home. But what they often have are vague ideas of what they do or do not want. That is the reason a lot of buyers, after spending copious amounts of time searching for their dream home, still end up disappointed.

If buyers don’t define what they want, how can they know when they have found it?

When searching for your dream home, the best way to avoid wasting your time or your agent’s time is to know what you want from the outset. Just like when you set work, business, or personal goals, the objectives you set, have to be SMART. The parameters for finding your dream home must be Specific, Measurable, Attainable, Relevant, and Time-based.

How do you set SMART parameters for finding a dream home? Here are some of the significant factors you should consider.

  1. The type of building structure

Your preferred home could be a condominium, single-family dwelling, split-level home, or other types of structure. Each building structure carries its unique implications. For instance, although a villa-type home offers more space than a condo, maintenance costs are higher. Conversely, the maintenance cost may be more or equal to the maintenance costs for a bungalow or villa if the condo is in an expensive part of the town.

  1. The architectural style

Dream Home Image Architecture

Do you want the home to have an architectural style reminiscent of specific geographies or eras? Do you prefer a Victorian style, Cape Cod, Mediterranean, Mid-Century Modern, Georgian, Ranch, etc.? Or you want the minimalist design of a condo community? No one style is better than the other; some people find one plan more appealing than others, based on their lifestyle and personality.

  1. How much space do you need?

We all want a lot of space, but how much space do you need? More importantly, how much space can you effectively manage? Bear in mind that more area equals more cleaning and higher energy bills. If you want more space, do you want it inside the home or around the yard? Is there enough storage, or would you like to do projects in the future that will require space?

  1. Your preferred layout

Some home designs prioritize the living space over the bedrooms by assigning it more space. Other plans do the reverse. Some homes follow an open floor plan, while others follow a closed-floor plan. From an individual point of view, each floor plan has its pros and cons. The layout you choose is a matter of your needs; consider the merits of each design before you commit to any particular setup.

  1. What are your must-have features?

There is no end to the features people desire in their homes. What are the things you have dreamed of having for a long time? Do you want tall windows with a view of the scenic outdoors? Do you want a home gym or mini theatre? Do you want a kitchen big enough to host a small party? Or you want space for a man-cave or to pursue a hobby?

Where do you want your home?

Dream Home Image Location

Here is where you think of the kind of neighbors you want and the amenities you prefer near the home. Do you want a rural, semirural, suburban, or urban area? What amenities do you need or what can’t you live without having? Possible amenities could include multimodal transport, shopping or entertainment centers, academic institutions, parks & forest reserves, sports facilities, children’s schools, public utilities, and many more.

  1. How old or new should the home be?

Older homes have charm and history. Many of them have handmade features. Newer homes have more up-to-date designs, recent technology, and more space. Older homes may require some work to bring them into shape. But the fresher a home, the less work you have to do on it. Older homes may fetch more money if you decide to sell the property.

  1. How much can you comfortably afford?

No doubt, a beautiful home overlooking the beach with pretty coconut trees moving in the wind would make you happy. But can you afford such a house at this time? And if you can, does it make sense? When trying to determine how much housing you can afford, don’t focus on the home’s sales price alone. Maintenance costs should be an essential part of those calculations.

  1. Prioritize your needs in order of importance

After you have noted everything you want in your dream home, you should prioritize those desires. Separate them into wishes and needs. Give attention to your wishes only after you fully satisfy your necessities. Following this method will help you avoid the mistake a lot of buyers make. They buy their dream home based on its aesthetic appeal and overlook the functionality of that home.

Brian Chandler of RE/MAX Alliance in Parker Colorado specializes in homes for sale and consulting with homebuyers on current housing inventory. Brian is a Top Agent Realtor with over 40 years of sales experience.

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5 Simple Steps To Selling Your Home Fast

Brian Chandler Top Agent Colorado

5 Simple Steps To Selling Your Home Fast

selling your home fast image 1

Why selling your home fast is more important than you may think. Every day that your listed property goes unsold, it takes money out of your pocket. How much does it cost to sell your home?

When you put your home on sale, the costs associated with owning that home do not suddenly stop. Even if you have moved out of the property, you will still have to pay the mortgage, real estate taxes, insurance, home maintenance costs, and, possibly, utilities.

When you eventually sell the home, there will be other costs. But the most costly to you is the time the home spends on the market. Homes that spend a long time on the market sell for less than similar homes that spend a shorter time on the market.

Days on the market (DOM) is something buyers look at to determine which homes are fresh. The longer a home goes unsold, the lower the offer buyers make for it. That is so because they think there is something wrong with the home or that the seller could be desperate to sell.

As a homeowner about to sell your home, you want to reduce your carrying costs. The best way to do this is to make sure the house sells fast. Selling your home fast will reduce the anxiety you feel during the period. Here are five steps you can take to make this happen.

  1. Make a good impression

The first impression prospective buyers have of your home can make all the difference. That is true whether they are encountering the property online or viewing it physically. To make the best first impression:

  • Perform the necessary repairs: These do not have to be major repairs, but things like fixing loose tiles or touching up the paint.selling your home fast image 2
  • Clean and declutter: The less crowded the home is, the better it will look in photos and the more spacious it will appear.
  • Boost curb appeal: Improve the exterior of the house; the landscape, front entryway, roof, fence, and other outdoor elements
  • Hire a professional stager: A professional stager can help your home outshine the competition.
  1. Work with the best agents

Some sellers view the money spent to hire a competent estate agent as a burden. Realtors know the real estate market and can help you make or save money by selling your home fast. Although there are millions of estate agents, not all of them can help your home sell faster. 

The best agents have the networks and systems to get properties off the market in record time. You can find the best agents in your area by doing a Google search for the best agents in that location. From the search result, look for the agents with hundreds of positive reviews.

  1. Look for alternative ways to sell your home

Alternative methods of selling your home may fetch you a little less money, but they will help you sell fast:

  • Sell to a wholesaler: These companies pay cash and save you the hassles of dealing with banks. 
  • Sell to an investor: Investors usually want to flip the home (resell it) or use it as a rental property, so they often look to buy below market price. One of the fastest ways to selling your home quickly.
  • Sell to a developer: If your home is on a large lot, a developer could be interested in buying it because they can build a bigger house on the lot.
  1. Price the home competitively

selling your home fast image 3Selling for lower than the market value of your home is one of the best ways to attract attention from buyers and sell your property in record time. To sell at a lower price, you do not need to slash the sales price by 20%. 

On the other hand, a 10% price drop or a difference of $20,000 between the list price of your home and similar homes in your location will grab attention. By doing this, you reduce the risk of selling below your desired price and the time the property stays on the market. What you lost in money, you make up for in time; you gain some and lose some, but overall you earn more.

  1. Make them an offer that they can’t refuse

Another tip to selling your home quickly is that you can sweeten the deal for potential buyers by offering something that makes it easier for buyers or reduces their costs. Examples of things you can do in this regard include:

  • Pay some or all of the closing costs: Closing costs are usually between 2% to 5% of the sales price of the home. Knowing that they don’t have this cost is a huge incentive for buyers.
  • Offer to pay other fees: Fees associated with the sale of a home are; escrow, home appraisal, recording and transfer of the property, and more. By relieving the buyer of the burden of paying these fees, you make your home easier to buy.
  • Do a pre-listing home inspection: This will improve buyer confidence and remove delays.

Finally, don’t forget to be pleasant and responsive; it can make a lot of difference.

Brian Chandler of RE/MAX Alliance in Parker Colorado specializes in homes for sale and consulting with homebuyers on current housing inventory. Brian is a Top Agent Realtor with over 40 years of sales experience.

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How To Get A Home Loan: Guide For First-Time Homebuyers

Brian Chandler Real Estate Seller Report RE/MAX homebuyer

How To Get A Home Loan: Guide For First-Time Homebuyers

First Time Buyer Home LoansAre you looking to obtain your first home loan?

Buying your first home is a huge undertaking. A lot of decisions must be made and one of these concerns your home loan. There are numerous financing options available, but that doesn’t make the final decision any easier.

The key to making the most out of your first home purchase is reading up on the basics of property financing. In the long run, proper research and knowledge can save you a surprising amount of time and money, says Onsite Property.

Now we are going over the main things you should know about getting a home loan. You’ll learn about the various loan types, common requirements, and the important factors to consider before obtaining a home loan.

What Type of Home Loans Are Available?

Certain home loans work better under unique circumstances. When you pick the right type of mortgage loan, you’ll save money on fees, down payment, and interest.

These are the most common types of home loans available today:

  • Fixed-rate mortgage. This type of loan is a conventional choice for most first-time home buyers. The fixed-rate mortgage involves a single interest rate and monthly payment. Usually, the loan lifetime is 15 or 30 years.
  • FHA loan. The Federal Housing Administration loan has a very liberal down payment. Since these loans are backed by the government, you can put down a minimum of 3.5%. This is much less compared to typical home loans that demand a down payment of 20%.
  • Adjustable-rate mortgage (ARM). Is your credit score on the lower end? Then adjustable-rate mortgage might be your best solution. The interest rates are lower for a fixed period. Then the interest rates are annually adjusted in light of the current interest rates.
  • Jumbo mortgage. This is a conventional loan with limits that go over the federal loan limits. The jumbo mortgages work well for buying a home in an expensive neighborhood. But you need to have a high FICO score, great debt-to-income ratio, and plenty of assets on your savings account or in cash.

Top Tips on How To Get A Home Loan

#1: Compare the Offers

What are the best home loans?

Never rely on quotes provided by a single lender. Compare the offers from numerous loan providers to find out which one of them provides the best terms. Note that interest rates aren’t the only criteria. You should account for various fees that accompany the loan offer.

#2: Check Your Credit Score

A good credit score attracts better deals on your home loan. Get a credit report before getting quotes from lenders. Sometimes you may discover that some improvements are needed to boost your score.

#3: Use a Mortgage Calculator

There are many mortgage calculators online that demonstrate the financial implications of various loan offers. By using these calculators, you’ll have the possibility to compare the lenders and establish realistic expectations for the loan amount you can sustain with your income.

#4: Save More Money

It’s recommended to have at least half a year’s worth of loan payments in your savings account. This is the best approach because if there are going to be unexpected events, you are still able to continue paying for your home.

Biggers savings come in handy when you are deciding how much you can have as your down payment. The more you’ll pay down in the beginning, the less stress and costs you have to incur in the long run.

#5: Get a Preapproval

Mortgage preapproval has two major benefits. First, you’ll find out what is the potential lending range under your circumstances. The other benefit is that sellers will have proof that you carry the financial backing needed to close the deal.

Home Loan Approval

#6: Avoid New Debt

Did you know that lending companies check your debt-to-income ratio? You should pay down any existing debt, if possible. And avoiding the accumulation of new debt is essential. When you have a high debt ratio, many lenders may turn down your home loan request.

In a nutshell: How to Get a Home Loan

When you are looking for the means to purchase your first home, getting a home loan is the best course of action for many buyers. Follow these tips and suggestions to minimize the costs and worries related to your home loan:

  • Check your credit score and make some improvements if necessary.
  • Save as much money as you can and pay down any debt.
  • Get a preapproval to see your expected mortgage range.
  • Weight the pros and cons of different types of home loans.

Brian Chandler of RE/MAX Alliance in Parker Colorado specializes in homes for sale and consulting with homebuyers on current housing inventory. Brian is a Top Agent Realtor with over 40 years of sales experience.

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Homeownership – The Major Financial Benefits

homeownership benefits of

Homeownership Is Full of Financial Benefits

Homeownership Is Full of Financial Benefits | MyKCM

Fannie Mae survey recently revealed some of the most highly-rated benefits of homeownership, which continue to be key drivers in today’s power-packed housing market. Here are the top four financial benefits of owning a home according to consumer respondents:

  • 88% – a better chance of saving for retirement
  • 87% – the best investment plan
  • 85% – the chance to be better off financially
  • 85% – the chance to build up wealth

Additional financial advantages of homeownership included in the survey are having the best overall tax situation and being able to live within your budget.

Does homeownership actually give you a better chance to build wealth?

No one can question a person’s unique feelings about the importance of homeownership. However, it’s fair to ask if the numbers justify homeownership as a financial asset.

Last fall, the Federal Reserve released the Survey of Consumer Finances, a report done every three years, with the latest edition covering through 2019. Their findings confirmed that homeownership is a clear financial benefit. The survey found that homeowners have forty times higher net worth than renters ($255,000 for homeowners compared to $6,300 for renters).

The difference in net worth between homeowners and renters has continued to grow. Here’s a graph showing the results of the last four Fed surveys:Homeownership Is Full of Financial Benefits | MyKCM The above graph only includes data through 2019, but according to CoreLogic, the equity held by homeowners grew by $26,300 over the last twelve months alone. That means the gap between the net worth of homeowners and renters has probably widened even further over the last year.

Some might argue the difference in net worth may be due to homeowners normally having larger incomes than renters and therefore the ability to save more money. However, a study by First American shows homeowners have greater net worth than renters regardless of their income level. Here are the findings:Homeownership Is Full of Financial Benefits | MyKCM Others may think homeowners are older and that’s why they have a greater net worth. However, a Joint Center for Housing Studies of Harvard University report on homeowners and renters over the age of 65 reveals:

“The ability to build equity puts homeowners far ahead of renters in terms of household wealth…the median owner age 65 and over had home equity of $143,500 and net wealth of $319,200. By comparison, the net wealth of the same-age renter was just $6,700.”

Homeowners 65 and older have 47.6 times greater net worth than renters.

Bottom Line

The idea of homeownership as a direct way to build your net worth has met the test of time. Let’s connect if you’re ready to take steps toward becoming a homeowner.

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Move-In Ready Vs. Fixer-Upper: What home to Buy?

Brian Chandler RE/MAX Parker Colorado

Move-In Ready Vs. Fixer-Upper: What to Buy? 

 

Brian Chandler Top Agent Colorado

 

 

 

Which is the better strategy when shopping for a new home?

Should you buy a rundown home and bring it into shape before you move in? Or should you save yourself the stress and buy a home you can move into right away? 

If you are in the market for a new home, this is a question worth considering. But, before we discuss the “whys” and “why nots” of the two scenarios, why would anyone even think of buying a fixer-upper? 

Although it makes no sense to a lot of buyers, buying a fixer-upper is not a bad idea, if you look at it from a price perspective. In the face of rising home prices, some buyers are turning to fixer-upper as a way to save money.

Buyers who cannot afford the home they want can still get a home similar to their dream home if they buy a fixer-upper. Because the fixer-upper is in a bad shape, it will be cheaper. The only catch is that they must be ready to put in some work to knock the home into shape.

This sounds great, except for one thing: plans that look good on paper may fail in the real world. There are many things to consider before buying a fixer-upper. Before you choose to buy a fixer-upper or move-in ready home, you should first weigh the pros and cons of both options. Only after you have done this are you in the position to make a good decision. 

So, what are the reasons to buy or not to buy a fixer-upper home versus a move-in ready home?

Buying a fixer-upper

Brian Chandler Top Agent Colorado

Pros

  • Cheaper

On average, buying a fixer-upper will cost you 8% less than buying a move-in ready home. Saving more on the purchase may even be more depending on the time of year you buy.

  • Lower taxes

Given that property taxes are based on the purchase price of the home, the tax on a fixer-upper will be lower than the tax on a move-in ready home.

  • Customization

Perhaps the biggest benefit of buying a fixer-upper is you will get the home you want from the get-go. If you buy a move-in ready home, you may eventually renovate it to suit your preferences. But with a fixer-upper, you can do this from day one.

  • Sweat equity

After you renovate a fixer-upper, its value will usually shoot up dramatically. You can decide to flip the home for immediate profit, suggests Bighorn Rentals.

Cons

  • Runaway costs

The 8% difference between the price of a fixer-upper and a move-in ready home may not be enough to cover the cost of renovating the home. Since it is best to renovate the home to the level of homes in the neighborhood and permits may be needed, the cost of renovating a fixer-upper may exceed the budget.

Brian Chandler Realtor Parker Colorado SRES

  • It’s a lot of work

Renovating a home takes a lot of time and energy. Even if you hire the best contractor, it also helps to have an idea of what you are doing. On average, getting the home ready can take between four to eight months.

  • It is unpredictable

Even if you had a home inspection done before buying the home, a rundown home may surprise you with problems that will push your renovation costs through the roof. In addition to unpredictable costs, the renovation timeline is also unpredictable.

  • Additional costs

There are additional costs when you buy a fixer-upper. After paying for the home, you still have to live somewhere until the renovations are finished. Any additional time to the renovation timetable will cost you even more.

  • Hard to finance

Finally, getting financing to buy a fixer-upper is difficult. Traditional lenders will typically not lend to you. You often have to fund the purchase using a construction loan or hard money.

Buying a move-in ready home

Brian Chandler Top Agent Colorado

Pros

  • You can move in immediately

You can start planning your move right after you conclude the purchase of your home. There is no inconvenient waiting period between purchase and completion of the renovation.

  • Easier to budget 

Controlling your costs is easier when you are buying a move-in ready home. You know how much the home will cost, as well as the other costs involved in the purchase

  • Financing is straightforward

With a move-in ready home, you only need your credit history, a good source of income, and money for the down payment/closing costs to access funding for the home.

Cons

  • Cost

A move-in ready home is more expensive. If you don’t have enough money to buy the home you want, you may have to settle for something smaller.

  • No room for customization

You are stuck with the style and design of the home when you buy a move-in ready home. You have no room to alter the home to your taste until after the purchase.

So, should you buy a move-in ready home or a fixer-upper? There is no easy answer. The right answer will be different for everyone. But in the end, it depends on your appetite for risk and how much time and energy you have.

Brian Chandler of RE/MAX Alliance in Parker Colorado specializes in homes for sale and consulting with homebuyers on current housing inventory. Brian is a Top Agent Realtor with over 40 years of sales experience.

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7455 Fairway Lane For Sale Parker Colorado Brian Chandler RE/MAX

Brian Chandler Realtor Parker Colorado Agent

Brian Chandler Realtor Parker Colorado
Recorded Info @ 720-699-9940 Ext. 7 | Fantastic Fairway Ridge home on a quiet cul-de-sac in The Pinery. 1 block from Bingham Lake, Pinery Loop Trail, Pinery Country Club, and Golf Course as well as Northeast Elementary School.

Brian Chandler Realtor Parker Colorado
Pinery Golf Course and Country Club

Plenty of room in this 5 Bedroom | 4 Bath home with 4170 Square Feet. Finished basement with an entertainment room. a beautiful floor-to-ceiling fireplace, wet bar, counter, a large bedroom, bathroom with steam shower, plus plenty of storage space.

Brian Chandler Realtor Parker Colorado
Bingham Lake Pinery Parker Colorado

There are 4 bedrooms on the top floor including the primary with a large bathroom, walk-in shower, 2 vanities, and walk-in closet. 2 other bedrooms share a full bath. Large eat-in kitchen with center island breakfast bar, stainless steel appliances, wine cooler, and refrigerator. Ample-sized fenced rear yard with covered patio, fireplace, and gas line. In addition, there is also a flat, raised area perfect for hanging out or a trampoline, swing or playset. Plus much more! DOWNLOAD A BROCHURE GO TOTHE WEBSITE

Brian Chandler Realtor Parker Colorado Top Agent
Family Room w/ Fireplace

 

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7455 Fairway lane, Parker Colorado For Sale

 

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How to Make a Winning Offer on a Home

Brian Chandler Realtor Parker Colorado SRES

How to Make a Winning Offer on a Home

How to Make a Winning Offer on a Home | MyKCM

Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the homebuying process.

1. Listen to Your Real Estate Advisor

An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:

“Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.”

A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.

3. Be Prepared to Move Quickly

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

“Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.”

5. Stay Flexible in Negotiations

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:

Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home. Let’s connect to make sure you rise to the top along the way.

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Home Mortgage Rates by Decade

Brian Chandler Realtor Parker Colorado SRES

Home Mortgage Rates by Decade

Will mortgage rates continue to go down or up? — While multiple factors can impact the fluctuation of mortgage rates, having updated information on this topic can help you to make the best decision for you and your family. Checking updated insights and information on mortgage rates regularly is recommended. And if you’re looking to start the process to buy a home a calculator can provide an idea of how your monthly payment could be based on a rate.
Home Mortgage Rates by Decade [INFOGRAPHIC] | MyKCM

Some Highlights

  • Mortgage interest rates have dropped considerably over the past year, and compared to what we’ve seen in recent decades, it’s a great time to buy a home.
  • Locking in a low rate today could save you thousands of dollars over the lifetime of your home loan, but these low rates may not last forever.
  • If you’re in a position to buy a home, let’s connect to determine your best move in today’s housing market while interest rates are still in your favor.

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