Have you Given Up On Your Dream of Owning a Home? Feeling Stuck?

Consider these Scenarios

Have you given up on the dream of owning a home?  Are you finding yourself stuck and not sure what to do next?  Well, today I would like you to consider some of these scenarios to help you get back out there and win at owning your own home and not paying a landlord’s rent.  

There is no question we have seen a really rapid shift in the Denver Metro Real Estate Market.  This has seller’s scratching their heads and learning patience, price reduction and compromise on the new market and what it is going to take to get a home sold.

For buyers,  even though you might be thinking the interest rates are currently daunting there are a few ways to look at this and it is a relearning or, managing expectations. After years of bidding wars and disappointment your time has come to weild your muscle in the current market.   Consider a few of these things. 

You won’t generally be submitting an offer against multiple bids.  This is a savings of $$$$ of dollars not bidding above the asking price to beat out other offers.

You may be able to offer at list price or with a good agent, even negotiate under list!

Consider the fact that, you can actually negotiate on inspection items that might have run into the thousands because buyers wanted a home so badly and the competition was so fierce they acquiesced on inspection items.

Then there was the additional appraisal gap measure, another leverage for buyers that cost them at the closing table, again, thousands of dollars over list price.

Also, another consideration is to have an agent represent you on the purchase of a new build home, again, the builder pays the buyer’s agent and you get representation on the process, contracts, inspections and warranty issues.  There are more available new homes, move in ready and buyer incentives.  Ask me about new home construction.

There are some lending issues to consider also.  The popular saying right now is to date the rate and marry the home. This means doing something many of us have done in the past, at anywhere from 10-18% interest on a home.   You get into your home, pay a mortgage and when rates lower, 

you can refinance.  Home ownership and equity building always trumps renting and zero gain equity.

Also, with a savvy knowledgeable real estate agent and a great lender, you can research loans that will give you a buy down option.  One scenario here is, the first year you have a 2% buydown and the second year a 1% decrease on your interest rate payment. 

Another scenario, work with the seller on concessions.  Maybe in lieu of a price reduction your agent can help you be creative in buying down points of interest on your loan. This really is a win win over the life of a loan. 

So while we are adjusting to the increase in interest rates, some questions you might like to ask yourself are:   Is hesitating going to cost me as rates increase over the next few months

          Am I really going to miss out on the opportunity to find the right home, at a fair price with some negotiation moxy to get me out of a rental situation or living with parents or family?

It is really about educating yourself and gaining the knowledge and assistance of a seasoned agent to help you get UNSTUCK and make your dream a reality.  REALITY, REAL ESTATE.  HOME. 

Really, I love what I do. Reach out with a call/text or email with any questions you might have. I have an awesome lender team that will guide you through the process whether it is an initial application or the steps to rebuild your credit and empower you to be a homeowner!

Call today!

Cynthia Lowry

Brokers Guild Real Estate

303-884-6741 (cell)

CynthiaLowryre@gmail.com

DenverFamilyHomes.com

Selling in a Shifting Market

Insights and Tips for Selling

There is no lack of hype on the changing Real Estate Market across the country and the Denver Metro Area is no different.  Have you found yourself considering selling your home after the frenetic cycle has shifted and unsure of what that would look like? The real truth is,  people always need to buy and sell.  If you are a seasoned member of this cycle of life, you already are aware of the highs and lows of real estate and have watched it shift over the years and are likely taking it in stride. Maybe it is time for you to downsize or maybe there is that transition nearer to family and grandchildren.  Maybe you have done all the child rearing and want to try a condo downtown near the sports venues and the arts! No matter your motivation the possibilities are still there.

If you are younger, it may be a bit more disconcerting for you as you see interest rates changing and home values leveling out. If a move is in your future, a work transfer, growing family or desire for more work from home space do know it is still possible.  Over our lifetime we can transition homes several times, and that means different market cycles. 

The most important aspect of our changing market is managing expectations.  Homes may not sell as quickly or at the price they were demanding in previous months and using a contingency is now a very real part of our new reality.  Also, concessions towards buyers closing costs or buying down points are back on the negotiating table.

As they say,  “Date the Rate and Marry the Home”  This lends to the possibility of refinancing as rates reduce in the future.

So on the tips and cycle of your home sale.  One of the most important things is always the first impression so curb appeal is very real.   I would recommend renting a power washer and cleaning the exterior of your home.  This includes driveways and sidewalks.  Think of it as hygiene for your home! Keeping the front entry clear of cobwebs, bugs and bird poo.  Also, the front door should be free of peeling paint. Consider a  fresh coat of  paint on the door and a nice mat.

You will want to minimize everything. Less is truly more.  Declutter, declutter, declutter.  Fill a bag each day for donation. Make it a family competition and have everyone fill a bag a day.  A POD on the driveway is much better than a plethora of “things” in the house.  As you go inside the home, make sure to work with your agent on staging. 77% of buyers agents say that staging a home makes it easier for buyers to visualize themselves living in it. And staging will help your home stand out against thecompetition by showcasing the very best features of your home to the buyers. Also,researchers say that professionally staged homes can sell for as much as 10% more than homes that are not staged. And the good news is, I  actually can include a professional staging consultation as a part of my service. 

Next up let’s talk about marketing. You’re going to want professional photos and videos of your home. This is a legitimate fact.  According to The National Association of Realtors, 67% of buyers will walk through a home that they saw online and I estimate it to be a higher percentage than that.

So professional photos and video is an absolute must, when preparing to sell your home. 

Lastly,  now that your home is all ready for buyers, you should create a showing plan. Buyers and their agents may request a showing of your home at any time without giving you much notice so you have to be prepared. Until your home is under contract it’s important to be able to leave your home at a moment’s notice if need be. A few things you can do is plan simple meals for easyclean up and make plans for some outdoor activities. Also, find a place to put your pets duringshowings. Maybe family, that great neighbor or a good friend to take care of them or that car ride or 30 minute walk if weather permits!

These tips will help to get your home sold faster in a shifting market.

As always,  you can reach me by phone or text at 303-884-6741 and email CynthiaLowryRE@gmail.com

Cynthia Lowry

Brokers Guild Real Estate

303-884-6741

CynthiaLowryRE@gmail.com

Hidden Fees When Purchasing A Home

Purchasing a home is arguably one of the biggest financial decisions you will make in your lifetime. As you start your hunt, don’t forget there will be other costs associated with your purchase then the price of the home. Here are 5 fees to keep in mind as you begin to budget.

1. Home inspection. This is a crucial step in the home buying process. The findings that come from the inspection can help you negotiate price and repairs. Generally, you can expect to pay between $300 to $500 depending on the home and the location.
2. Title services. Title services encompass the transfer of the title from the seller and a thorough search of the property’s records to ensure to no one will pop up with a claim to the property. Additionally, you may need to buy title insurance which will protect the lender or your investment in the home.
3. Appraisal fee. Before getting a loan, you will likely be required to get an appraisal of the home to determine its estimated value. This will be conducted by a third-party company and the cost can land anywhere between $300 and $1,000, depending on the size of the home.
4. HOA fees. Many communities have a homeowners’ association that enforces monthly fees. This money is used for general maintenance and updates to areas like pools, parks, and more. Typical HOA fees are around $200 per month.
5. Taxes. The taxes each buyer pays at the closing table differ, but it is not uncommon for it to be up to two months’ worth of county and city property taxes. Additionally, there may be taxes for the transfer of the home title.

Short Sales are Hopeful Option over Foreclosure!

 

 

There are many scams out there that operate on the fear tactic motivation. If you are struggling makine mortgage payments or upside down there are options.  This is a time when stress if very high and you need to understand there are hopeful alternatives.  Be it myself or another agent that is versed in the Short Sale of homes there is hope for moving forward without foreclosure or bankruptcy that gives you options.  Here is a quick overview of some of the facts. 

 

3.5 million Foreclosed Homes from 2008-2010

• 2.2 million homeowners are severely delinquent on payments
• 11 million homeowners are in homes worth less than their mortgages which makes a Short Sale a strong option that can help preserve your credit
• 26% of residential sales in 2010 were foreclosures.
• 35% of all sales in the next 2-3 years are predicted to be distressed home sales.

It has finally reached a level of understanding that foreclosures are not the only option and you should not be plunged into hopeless options when short sales offer opportunity for preservation of your credit after working lifelong at establishing yourself.  You are not alone.

Here are Ten Options to avoid Foreclosure Today!

• Reinstatement
• Forbearance or Repayment Plan- worked out with your current mortgage holder
• Mortgage Modification-
• Rent the Property-
• Deed in Lieu of Foreclosure
• Bankruptcy- has long standing credit impact
• Refinance
• Servicemembers Civil Relief Act (military personnel only)
• Sell the Property
• Short Sale- avoid foreclosure that can prevent long term impact on your credit without the stigmas that go with the foreclosure.

Call today for information on Short Sale options and view this website for more information.  I would like to work with you and the more information you have the better decisions you can make for the needs of you and your family.

http://www.makinghomeaffordable.gov/programs/exit-gracefully/Pages/hafa.aspx

 

CALL TODAY 303-884-6741!

Streets of Southglenn Centennial, CO

Hello to all current neighbors and curious folks who might be considering a move.  The newer Streets of Southglenn has revitalized a neighborhood that is already surrounded by numerous parks, trails and areas for outdoor adventure.  The neighborhoods here have so much to offer from their highly rated schools, both public and private  with offerings of shopping, restaurants and movie theatres that are walkable.  Located at the crossroads of Arapahoe and University it has a great location with easy access to C-470 and I-25 corridors. As this is my first attempt at a blog please feel free to give me insights into what you might find informative about the area as I try to keep you informed!

http://www.facebook.com/pages/Colorado-Real-Estate-Cynthia-Lowry-Brokers-Guild-Cherry-Creek-LTD/141352075938452?ref=hld

 

Hello world!

Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!