Can you Really Afford It?

Can I afford to buy a home? Buyers are understandably freaking out and feeling like they can’t afford a home.
Well, if you have been following the real estate market recently, I’m sure you’re well aware of the
shifting market. For months, even years, the market has tilted more favorably for sellers. There
have been high home prices, a lack of inventory, and multiple offer scenarios almost across the
board. But as we wind down 2022, what are we seeing in Q4? And what key factors
are affecting home affordability in today’s market? Hi, I am Cynthia Lowry with Brokers Guild Real Estate. Today, three
factors are used to gauge home affordability: Home price, current mortgage rates, and wages.
So, let’s look at all three to see what challenges buyers might face in today’s market. The
fluctuation in mortgage rates is what buyers seem to be most focused on today in their search.
So, how will rising interest rates determine what a buyer can afford? This year rates are almost
four percentage points higher than at the beginning of quarter one. According to Len Kiefer,
Deputy Chief Economist at Freddie Mac, and I quote, “The 30-year fixed mortgage rate has
increased 3.83 percentage points since the end of last year. That’s the biggest year-to-date
increase in rates in over 50 years.” Because of these rate hikes impacting how much it costs to
finance a home, that may be pricing buyers out of the market. Also, looking at current home
prices when looking at buyer affordability is essential. Although home prices have come down
in recent months, they are still much higher than they were “pre-pandemic.” So, if you combine
the higher-than-usual home prices and mortgage rate spikes, this can make affordability a
challenge for some buyers. And what about wages? The good news: wages have grown over
time, so more buyers are taking home more money in their pockets. This will help balance out
the affordability with the higher mortgage rates and home prices and allow serious buyers to
continue buying homes. Buying a home involves many variables, so it is always best to have a
trusted real estate agent with enough experience and knowledge to navigate you from start to
finish. Feel free to reach out to my team and I so we can help you make the most informed
decisions on affordability with your home search. Cynthia Lowry, 303-884-6741

Will Home Equity keep Foreclosures Sidelined?

Will Home Equity keep Foreclosures Sidelined?
Will we see more foreclosures in 2023, and are we heading into a crash? With all the latest
headlines regarding the recession and the slowing housing market, it’s no surprise that many
people are worried about foreclosures being at the forefront moving into 2023. However, most
experts agree there is very little chance that foreclosures will dominate the market like we saw
back in the 2008 housing crash. So, why is that? Hi, I am Cynthia Lowry with Brokers Guild Real Estate. According to
Mark Fleming, chief economist at First American, he says, “Don’t expect a housing bust like the
mid-2000s, as lending standards in this housing cycle have been much tighter and homeowners
have historically high levels of home equity, so there likely will not be a surge in the foreclosure
market.” This is good news for most homeowners, but a small percentage may be coming face
to face with the possibility of foreclosure. As a homeowner under challenging situations, it is
critical to understand that options are available to you, with home equity being on top. So it’s
essential to identify and understand what home equity is. Home equity is the difference
between what you owe on your mortgage and the home’s current market value. And although
we have seen prices come down this year, home prices are still relatively high, which means
there is a good chance you have a lot of equity. Simply put, if your home is worth more now,
you may be able to sell it and use the equity to pay off your mortgage and any late payments,
thereby avoiding foreclosure. If you are a homeowner facing some potential foreclosure
hardships, let’s connect so we can explore all your options to determine how much equity you
may have in your home and see if selling is the best option for you. I’m always here to help,
so give me a call. Don’t try to navigate these markets on your own; that’s why you have experts
like me supporting you along the way. Give me a call. I’m happy to Help! 303-884-6741

What purchase leverage opportunities do you have in today’s market as a buyer?

If you are a homebuyer in today’s market, you may have opportunities that you are unaware of.
This year we have seen a shift in the real estate market and it is proving to be more
advantageous for buyers than the last two years.
So what does that mean for you as a buyer? In the last two years, the market has seen a
buying frenzy where there was lack of inventory, multiple offers and buyers being outbid by
thousands of dollars which has been more beneficial to the seller. BUT because of the shift,
today’s buyer is in a better negotiating position
So what are some items buyers can ask for in their purchase from a seller?:

1. 2/1 Rate Buy Down is all the buzz these days. A 2/1 buydown program is a type of
   financing option to reduce your interest rate for the first two years of a mortgage. That
   means your interest rate is reduced by 2% the first yr and 1% of the second yr.
2. Seller Closing Cost credit – Sellers can provide a credit to help buyers with their
   closing costs.
3. Down Payment Assistance – There are several down payment options available
   today to assist buyers with their purchase, find out what you can qualify for.
4. Seller concessions for repairs – Seller may be willing to do repairs needed from
   inspections or offer a credit
5. Negotiation of price – sellers may be more willing to reduce their price in a slower
   market

October National Update on Real Estate Should I still consider selling my house in 2022? Are you still considering selling your house in 2022 but have some reservations? With the current housing market, there is no denying the market has undergone a shift. In the last couple of months, the housing market has seen a shift where the buyer demand has slowed down and the inventory of homes on the market have increased. But as a seller, should that deter you from putting your home on the market? Not necessarily. The shift can actually give a seller some unique benefits and opportunities. One of the biggest concerns for sellers is “Will I have a place to go after I sell?” If you are selling your house to make a move, chances are you will have more properties to choose from that check all the boxes for your move. And if your home is priced right, it will still be in demand. Another opportunity is that your home equity has substantially increased in the last few years making it possible to move up. According to Danielle Hale, chief economist at Realtor.com, “Homeowners trying to decide if now is the time to list, are still in a good position in many markets as a decade of rising home prices have given a substantial equity cushion.” That’s right, if you have been worried and holding off on how rising prices can affect your next home search, keep in mind increasing equity in your home can help to cover the next down payment on your next home. So, if you are still thinking of selling this year, let’s connect so I can go over current market data to help you get the best possible price for your home to make the best possible move today. Reach out if you have any questions, and, remember I love what I do and will advocate for you! Cynthia Lowry, Brokers Guild Real Estate.

Market Update What Three Things can you do as a Buyer in Today’s Housing Market?

What three things can you do as a buyer in today’s housing market?
Are you still considering buying the home of your dreams in today’s market, but are feeling a bit
uncertain about the rising mortgage rates and affordability? Hi, I am [Krista Mashore of Homes
by Krista and eXp Realty] and I want to share with you three important tips you can do as a
buyer shopping in today’s housing market so you do not have to hit pause on your plans.

Tip #1 If you have been concentrating on a specific area that now seems out of your price range, as a buyer you may need to expand your search area and criteria that could be more affordable.
Opening up your home search to a location further out may open up more options as a buyer.
Also, prioritizing your “wish list” to not include all the upgrades you had originally planned can
help reduce the cost of your purchase. These can be items you can do yourself down the road.
According to a recent article in CNET, “Area growth is likely to keep pace with the market, which
means that the outskirts of town might be hopping within five years. By searching in the nearby
cities, you may find better prices and more sq footage.”

Tip #2, work with a good lender and
experienced real estate agent who can discuss different loan types, scenarios and alternative
financing programs available to you to get the best possible rate and could save you thousands
of dollars over time.

Tip #3, In today’s market it is key as a buyer to shop for programs that
point you in the right direction for your home purchase. When shopping, look for certain options
like gift funds, down payment assistance and grants. Today there are a wide variety of programs
and benefits available for certain professions which include first responders, veterans, teachers
and medical professionals.

As always, feel free to connect with my team and I so we can
help guide you in your search in a more affordable direction. I’m (Name) and rememberI love what I do and will advocate for you!

What Four Things A Buyer Can Do In This Market?

What four things will help you obtain a better mortgage rate? Are you looking to purchase a home but the increase in mortgage rates have you a little on edge? Don’t worry, you are not alone. Most potential buyers are feeling a little unsure about interest rates in today’s market. Hi, I am Cynthia Lowry with Brokers Guild to tell you the four things you can do as a potential buyer to secure the best possible interest rate for your purchase.

#1 – Your Credit Score. Having a good credit score is crucial to obtaining a good rate. A credit score is a number from 300 to 850 that rates a buyer’s credit worthiness and predicts how likely you will pay back your loan on time.. The higher the number, the better a borrower will look to lenders. According to Freddie Mac, “When you build and maintain a strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you have paid back your loans as agreed.” 

#2 – Your loan type. Once you start shopping for homes, you will also begin shopping for mortgages to see what loan type is the best for you. There are several different types of mortgage loans that vary in rate and eligibility requirements. When working with your agent, you will determine what is available in your area and what you can qualify for.

 #3 – Your loan term. Another factor is the term of the loan, how long it will take you to repay the loan before you fully own the property. This term will also affect your rate, monthly payment and amount of interest you will pay over the course of the loan.

#4 – Your Down Payment. General rule of thumb is the larger the down payment, the more likely you will have a lower interest rate. This is because most lenders see a lower level of risk when a buyer has put more money down to purchase therefore having a bigger stake in the property. Usually putting 20% down will guarantee a better interest rate.

 Of course, it is always best to reach out to your local agent and expert in the market you are shopping in to guide through the process to determine the best way to obtain a lower interest rate. Feel free to reach out to me to chat. Cynthia Lowry 303-884-6741

Are Buyers in a Good Position to Buy This Fall?

Now that summer has come to an end and Fall is here, WHAT…… are the experts saying about the housing market for buyers for Fall
2022? The question is,…… “Is it still a good time for me to buy?” Well, the short answer is
YESSS.

Hi, I’m Cynthia Lowry with Brokers Guild here to tell you the Fall
housing market looks more promising for buyers than it has been in years.

According to Lisa Sturtevant, Housing Economist for
Freddie Mac, and I quote, “After the end of summer lull, and as mortgage rates stabilize, we
may see a return of buyers and a relatively strong fall housing market.” While interest rates have
gone up, much to the buyer’s advantage they are still historically low. AND along with increased
inventory, more options continue to become available to homebuyers in a market that is still
competitive but not one where a homebuyer is continuously outbid. This in turn gives buyers the
opportunity to purchase while experiencing seller concessions that may not have been available
the last couple years. This can include closing cost credits, rate buy downs and sellers covering
cost of repairs.

Also, if you are considering buying, please consider this short list of things to
concentrate on to put you in a better position: Having a good credit score, personal savings in
the bank, a down payment, what is your debt to income ratio and the type of loan. When you
combine these with the increased level of inventory that we have on the market, as a
homebuyer you are in a better position to purchase and may have more room for negotiation
depending on what the home was originally listed for. But as always, consult your experienced
real estate professional for expertise, insight and market updates. Experience in a market like
this is now more important than ever. Please feel free to reach out to me today so we can better
serve you through the buying process and help you find the home of your dreams.I’m Cynthia Lowry
and remember I love what I do as I advocate for you in the home buying and selling market.

Should We Renovate Before Selling?

Should I renovate my home in today’s market before listing it?
Are you currently looking to list your property but are wondering what you need to fix up or how
much renovation you should do before you list? In today’s market, many sellers wonder how
much work they should do before listing and is it worth it? Hi, I’m Cynthia Lowry, Brokers Guild Real Estate. The answer to this question is…… yes AND…. no depending on
what’s happening in your local market. In today’s market, increased inventory has given buyers
more options than previous years. This means as a homeowner you may not be able to ignore
some updates or repairs that may not have been necessary or that could have been overlooked
in previous months. In a recent article from realtor.com, “To stand out in today’s market, sellers
should make their home attractive to buyers which usually means some selective updates.”
However, since we are still in a seller’s market, renovating a few key areas in your home may be
enough to make your house stand out from the competition. And you will need to consider the
return on your investment. According to the 2022 remodeling impact report from National
Association of Realtors, “hardwood flooring, refinishing and putting in new wood flooring has the
most significant value in today’s market.” Also, what’s just as important, is to make sure your
real estate agent knows of any upgrades you’ve previously done. This way they can be
properly marketed to make buyers aware of your features and improvements. Finally, the best
recommendation is to spend your time and money wisely by consulting with a professional
agent, to see where the best focus should be. Feel free to reach out to my team and I, so we can guide you as you make those decisions. Remember, I love what I do and will advocate for you!

Attention Renters!

How owning a home can improve your net worth.

Today more than ever, owning a home is not only a big achievement but also a major financial
milestone to your net worth. This is because as a homeowner you are able to build equity in
your home which in turn gives your networth a boost. Hi, I’m Cynthia Lowry with Brokers Guild Real Estate, here to tell you if you want to increase your financial security…… Now
might be a good time to invest in real estate homeownership. A recent report from the National
Association of Realtors talks about the net worth of a homeowner compared to that of a renter
and finds that the average homeowner’s net worth is roughly 40 times that of a renter. This is
because as a homeowner, your equity grows as your home appreciates in value and you
continue to make monthly mortgage payments to your loan. If you are a renter, you do not have
this opportunity. In a recent article from CNET it was noted that “Homeownership is still
considered one of the most reliable ways to build wealth. When you rent, you are not investing
in your financial future the same way you are when you are paying off a mortgage.” In most
markets, home equity will continue to build wealth over time and your home will become an
asset that has the potential to appreciate in value as you continue to pay down the balance of
your mortgage. So, if you are looking to finally stop renting and want to purchase, please reach
out to my team and I, so we can help you strategize the best way possible to achieve your
dream…… and help build your financial net worth along with it. I’m Cynthia Lowry and remember, I love what I do and will advocate for you!

Marina Square Development

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