Are you considering buying a home this year? With a solid game plan and approach to buying a home, you can plan to win in 2024. Of course you’ll need to prepare. And hey, you’re off to a great start by reading this blog—we don’t want you to fall short of your goals either. But, like with just about anything, being prepared will have you ahead of the competition—and, if rates fall significantly, there will surely be competition. A persistent shortage of homes for sale will still likely cause challenges for buyers into 2024, leaving sellers in a favorable position. However, with interest rates falling, of late, could it be the year that buyers finally have the advantage?  If you're considering house hunting this spring, make sure to allocate enough time to find the right property and bring your best negotiation skills to the table. Until then, here’s a breakdown of what's happening in today’s market and how you can prepare. Home Prices Have Stabilized. Will They Begin to Climb? The real estate landscape is currently characterized by stable home prices. After a three-year-long surge, prices have mostly held steady this past year, with some regions experiencing slight decreases and others seeing modest increases. As of November 9th, the national median price for existing homes was $430,300, according to the National Association of Realtors (NAR). Looking ahead, NAR predicts a 0.9% increase in the median price for existing homes in 2024 compared to the previous year. Fannie Mae was among the most optimistic predicting a 2.4% increase, while realtor.com® predicts a 1.7% decrease in median home value in 2024. Here in Colorado, the median home value was significantly higher than the national average at over $612,000. That means you’ll really need to save for your down payment.  The NAR recently reported a discrepancy in cash (down payment) availability between first-time and repeat buyers. First-time buyers typically make a median down payment of 8%, while repeat buyers put down a higher median of 19%. Interest Rates Remain Relatively High  In 2024, it’s high time to acknowledge that historically low mortgage rates are a thing of the past, with rates rising to a 30-year peak in October 2023. However, beginning in November rates began a six-week decline, then stabilized at the end of the year. Currently, rates are holding well below 7% and some experts think we could see rates decrease into the high 5s at some point this year, perhaps as early as Q2.  NAR predicts the 30-year fixed-rate mortgage to average 6.3% in 2024; realtor.com® projects 6.5%. This likely will improve housing affordability and entice more home buyers to return to the market, according to NAR’s Chief Economist Lawrence Yun.  The Federal Reserve's efforts to curb inflation have contributed to this trend, with 3 interest rate decreases planned for 2024, if patterns hold (always a big if). While rates may impact initial mortgage costs, it's worth considering the option to refinance if rates decrease in the future. What Can You Afford? NAR’s data shows that rates near 6.6% enable the average American family to afford a median-priced home without devoting more than 30% of their income to housing, the threshold commonly used to measure affordability. We can recommend our trusted lender partners so you can quickly and accurately determine what’s truly affordable for your unique scenario.  Competing for That Primo House According to October 2023 data from NAR, over 25% of homes are still selling above their listed price, with 28% of homes achieving this in that month. The median time homes spent on the market was 23 days, and on average, each property received 2.5 offers, indicating a persistently competitive market. NAR’s Yun emphasized the significant impact of limited housing inventory on satisfying housing demand, stating, "Multiple offers, of course, yield only one winner, with the rest left to continue their search." On the other hand, cash transactions continue to play a notable role in the marketplace, with nearly one in three sales (29%) completed in cash, up slightly from the 26% reported in 2022. So, if you have cash, you’re in a better position than most of the market. However, financing is only one aspect of competing for a home and there are many other ways to stand out.  MORE >>> Offer Strategies that Win Flexibility and Compromise As a homebuyer, there are aspects of the real estate market you simply can’t control. For instance, you can't control inventory or when someone decides to put their house up for sale. What you do have control over is your own outlook and readiness. Consider that finding the absolute perfect home should remain your BHAG (big, hairy, audacious goal) but that a "good enough for now" home can kickstart your homeownership journey sooner and may keep you from having the market pass you by. This rings particularly true for first-time buyers eager to start building equity. It’s no secret that real estate presents opportunity as a very solid investment long term, and often in the short term. Putting off buying six months or a year might mean losing out on tens of thousands of dollars. That said, if you find yourself constrained by your options consider broadening the scope of your search to include smaller homes, additional areas, or even different types of housing options such as condos or townhouses, as a suitable compromise. Perhaps you can make do with fewer bedrooms or bathrooms or adapt to a slightly outdated interior.  And, while I’m not your dad, my best fatherly advice is: keep your spirits up—even if it means tolerating less square footage or putting up with quirky linoleum floors for a bit, you'll end up with equity to remodel or sell down the line. How to Prepare: Tips for Winning in 2024 No matter which direction rates go, it’s always great to be prepared for opportunity. If you’re one who likes to prepare (and we highly recommend you do) here are some tips to prepare for and compete in the housing market in 2024 (adapted from a recent article from NerdWallet): Get your finances in order: Review your budget, down payment capabilities, and credit score. Consider consulting with a loan officer for guidance on improving your financial profile. Understand mortgage options: Explore various mortgage options beyond the misconception of needing a 20% down payment. FHA and VA mortgages, as well as down payment assistance programs, offer alternatives. Shop mortgage lenders: Compare offerings from different lenders, considering not only interest rates but also the annual percentage rate (APR) and overall loan costs. Hire a good real estate agent: Choose a buyer's agent with market expertise who can guide you through the process, provide referrals, and navigate current market conditions. Make your best offer and negotiate wisely: Beyond monetary considerations, be flexible with terms such as the closing date. Negotiate wisely and only make concessions that align with your financial capacity. Don't give up: Persistence can pay off in a competitive market. Stay optimistic, be prepared to act swiftly, and seize opportunities when they arise. Bottom Line Don’t get down about the sky-high costs and the scarcity of options, especially if you're a first-time buyer who's been holding off on the house hunt. With today’s market conditions you may experience challenges.  Our advice? Consider the long game. Waiting around for lower rates might end up with you facing even higher prices and tougher competition. So, if your heart is set on buying, focus on finding a place that checks as many of your boxes as possible within your current budget, all the while remembering that buying real estate often means compromising. I always remind my homebuyer clients, “even the buyers at $2.3M may have to compromise on that infinity edge pool if they can only afford to get an in-ground pool when everything else is perfect.” Setting your sights on perfection can often lead to unnecessary disappointment. Homebuyers often expect that they’ll hit a home run with their very first first at-bat when making a purchase. Sometimes, I gently remind them that nothing conquers inflation like real estate, so being in the game is important, even if you start by just getting on base. In any case, staying informed and adapting your approach will be key to success in this ever-evolving real estate landscape… …and we’re here to help. You just have to ask.

  In this video, Matt Thomas & Brian Dewald discuss how rising mortgage rates, multiple offers and increasing inventory are impacting the real estate market. They also talk about the success of Brian's cash program for buyers and the potential easing off of selling mortgage bonds by the Federal Reserve which could bring a much needed reduction in rates. They emphasize the importance of being prepared and taking action in the current rate environment. And, despite the recent uptick in rates, home sales multiple offers are still happening. Mortgage Lender Brian Dewald and I discuss the latest economic news and how that's impacting the local housing market. 🏡   Mortgage Minute is a real-time discussion of current new stories impacting real estate and mortgage lending in Denver, Colorado. Hosts Matt Thomas and Brian Dewald share insights that go beyond just interest rates. 📈 Discover the latest updates on mortgage rates and the exciting news that could impact your decision to buy a home. Matt and Brian focus on providing valuable education about the home buying process, emphasizing data over drama and facts over feelings.   💡 Don't miss out on the valuable tips and strategies shared in this episode! If you're considering buying a home or looking for ways to optimize your mortgage, this is a must-watch. Hit play and embark on your journey to homeownership with Mortgage Minute! 🔑✨   You're encouraged to subscribe to our channel, especially if you would like to receive notifications on all of our informative videos.   Subscribe to Our YouTube Channel

With a full first quarter behind us, we’re seeing improvements over last year, one of the slowest moving real estate markets in years. And, as always, we'll take a look at where the market’s been, where it’s at, and where it appears to be headed for the rest of 2024. Where We’re At | Local Housing Market (Denver & The Front Range) Local Market Insights: Easter Seasonality and Inventory Trends As Easter approached, a predictable softening in buyer engagement was observed, mirroring patterns from previous years. With families opting to spend time together, showings dipped slightly, impacting the number of homes going under contract. This seasonal adjustment serves as a reminder of the importance of aligning strategies with the natural ebb and flow of buyer behavior. Inventory Insights: Expanding Choices On a positive note, the landscape of available listings is widening, providing an influx of options for eager buyers awaiting their perfect match in the market. This expansion signals a healthier market environment that caters to diverse preferences and needs. Both new listings and pending transactions have seen adjustments, reflecting a delicate balance between homes entering the market and those securing contracts. Navigating these shifting tides effectively requires staying agile and well-informed. Market Momentum: Showings and Sales Trends Despite a decrease in showings, the quality of buyer interest remained notably high, with those venturing out during the holiday period demonstrating a genuine intent to purchase. This emphasizes the importance of prioritizing engagement quality over sheer quantity. Strategic pricing of listings continues to be pivotal, influencing the speed at which homes are snapped up and the adjustments sellers are willing to make to attract the right buyer. Key Market Metrics: Median Close Price: $595,000, marking a 3.5% increase month-over-month. Supply in Months: 1.67, down by 13/0.47 month-over-month. Median Days in MLS: 11 days, down by 52% month-over-month. Pending Sales: Up nearly 32% month-over-month. New Listings: Up over 16% month-over-month. Total Showings: 13,378, showing a slight decline of 12.1% week-over-week. However, it's important to note that achieving market balance, typically indicated by a six-month supply, would require a significant increase in total listings. This suggests that the market is currently operating below the desired level. Additionally, according to a recent study by Corelogic, Denver ranked in the top 10 (#9) for home price changes in February, experiencing a 3.2% increase compared to 2023. Miami saw the highest gain at 10.2% year over year, highlighting dynamic shifts in housing markets across different regions. Where We’ve Been | National Housing Home prices nationwide, including distressed sales, increased year over year by 5.5% in February 2024 compared with February 2023. Chief Economist for CoreLogic, Dr. Selma Hepp, said: “Home price growth pivoted in February, as the impact of the January 2023 Home Price Index bottom finally faded. As a result, the U.S. should begin to see slowing annual home price gains moving forward. Nevertheless, with a 0.7% increase from January to February 2024, which is almost double the monthly increase recorded before the pandemic, spring home price gains are already off to a strong start despite continued mortgage rate volatility. That said, more inventory finally coming to market will likely translate to more options for buyers and fewer bidding wars, which typically keeps outsized price growth in check. Still, despite affordability challenges, homebuyer demand appears to favor already expensive, coastal markets with a limited availability of properties for sale.”  Where We’re Headed | Spring Housing Market Forecast Altos data shows we only need stability in mortgage rates for a rebound in home sales. You may know that home sales have been slowish for the past 18 months or so. As mortgage rates began rising starting in 2022, payment affordability got dramatically worse and homebuyer demand slowed. At the same time, seller volume dried up. But now sellers are coming back into the market. New listing volume last week was 18% more than a year ago. Total available inventory is gradually climbing about 1% per week — last year it was still declining in April. As we roll into the second quarter, we should have accelerating inventory growth each week. The Economy’s Impact on the National Real Estate Market In a recent assessment of the job market and its implications for the real estate sector, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), offers valuable insights into the current economic landscape and its potential impact on housing trends: "The job market continues to exhibit solid strength, with 303,000 net payroll job additions in March. That brings total job creation to 5.8 million from the pre-COVID peak four years ago. The construction industry added 39,000 net new jobs, up by 600,000 from four years ago. Therefore, more housing supply is on the way in future months. More jobs mean more potential housing demand in the future. But more jobs also mean the interest rate decline could stall as the Federal Reserve re-evaluates inflation risk. Wage growth was 4.1% in March after two straight years of above 5% gains. This decelerating wage growth can lessen consumer price inflation. Overall, mortgage rates are likely to remain unchanged, with no further measurable declines in upcoming months. High budget deficits will also hinder interest rates from falling as government borrowing crowds out mortgage funding availability. Even so, multiple offers on properties are still happening. Homeowners with record-high housing wealth should understand the current favorable environment for putting homes on the market." Economist Who’s Buying? | Millennials Take the Lead in Home Buying The housing market is experiencing a significant shift in demographics, with millennials emerging as the largest group of home buyers, according to the latest report from the National Association of Realtors® (NAR). The 2024 Home Buyers and Sellers Generational Trends report reveals that millennials, spanning both younger (ages 25 to 33) and older (ages 34 to 43) segments, now constitute a combined 38% of the home buying market, up from 28% last year. In contrast, baby boomers' share has decreased from 39% to 31%, relinquishing their position as the largest demographic of home buyers. Dr. Jessica Lautz, NAR deputy chief economist, attributes this shift to younger millennials entering homeownership for the first time and older millennials transitioning to larger homes to accommodate their changing needs. The report also highlights a rise in first-time buyers across generations, with younger millennials leading the charge. Additionally, the emergence of Generation Z (ages 18-24) in the housing market demonstrates diversity and independence, with a notable proportion of single female purchasers. Despite these changing buyer trends, baby boomers remain the largest home-selling generation, accounting for 45% of all sellers in 2023. The report also reveals variations in homeownership tenure among different generations, with older millennials typically selling their homes after just six years, compared to Gen X, baby boomers, and the Silent Generation, who typically stay in their homes for 15 years. The enduring appeal of homeownership is evident, with 82% of all buyers considering it a good financial investment, particularly younger millennials, 86% of whom share this positive outlook. Regardless of generation, the report indicates that buyers and sellers alike value the expertise and guidance provided by real estate agents, highlighting the essential role they play in realizing homeownership dreams. NAR President Kevin Sears emphasizes the universal value of owning a home, serving as a cornerstone for personal prosperity and community development. As market dynamics evolve, the reliance on real estate agents for expertise and guidance remains steadfast, underscoring the invaluable service they provide in facilitating homeownership. Bottom Line The local housing market on the Denver & Front Range experienced seasonal fluctuations as Easter approached, with a slight dip in buyer engagement. However, this was coupled with a positive expansion in inventory, offering more choices for buyers. Despite a decrease in showings, the quality of buyer interest remained high, emphasizing the importance of focusing on engagement quality over quantity. Key market metrics show promising trends, including a median close price increase and a significant uptick in pending sales and new listings. And now it’s also clear just exactly who is buying up the new inventory in 2024.

  It's springtime and that means competition for homebuyers in the real estate market has picked up. If you're not cash rich, you may find yourself unable to compete for the house you want. Brian Dewald of Maverick Lending Solutions has a product that can help homebuyers in today's market in one of 3 major ways:    1) It can help save a deal that another lender can't complete  2) It can put you in a position to buy with all cash to beat competitors 3) It can help you buy your dream home before you have to sell so you can have a roof over your head and still be able to buy and sell a home.    

Where were you Tuesday morning? Wasn't that snow squall something? We woke up with no snow on the ground and no flurries in the air. By 10:00 AM most of the Metro Area was enveloped in a fast-moving snow squall that made it look like a February Christmas in less than 2 hours. The snow stuck to the streets and people were caught in whiteout conditions. Yet by noon in many areas, blue skies were peaking out again.   Let me tell you how that little snow squall saved an opportunity for some homebuyers I worked with earlier this week.   This past Monday, I had the opportunity to work with buyers in from out of town. Often, when a buyer comes into town we have a compressed amount of time to see properties. To my surprise, we were able to find twelve homes in their price range so we squeezed that into a long afternoon. Normally, I recommend not seeing more than 6 to 8 properties at any one time. It allows for processing what you've seen and not have the homes blend into one in your mind. In this case, however, it made sense to see the best of what was available since they had a plane to catch the following morning.   Weekends are typically the busiest for showings. More buyers than not are most often available on the weekends. Showing homes on a Monday, when the market is heating up, can sometimes lead to missed opportunities when the best properties begin to go under contract after a good weekend of showings. This past Monday was no exception, though it was still February. By the time we began our tour of those twelve properties, I had already received phone calls from listing agents saying their sellers had begun considering or even accepting offers. At 12:30 PM that had already occurred on two. Later that afternoon I received another couple of calls from agents saying we could show their listings but they too were accepting an offer and going under contract. By the time our afternoon ended, we were able to see 8 of the initial 12; the other four were under contract.   My buyers loved two of the eight we saw. They wanted to sleep on their decision, which is always a good idea, when you have the time. They also had a flight to catch Tuesday morning which took off just before the snow squall the hit the Denver Area. By the time they landed home another 3 had gone under contract!   Finally, Tuesday afternoon, my buyers had narrowed their search to one specific property. Good thing, because the other one they liked went under contract next.   We prepared to make an offer, all the while staying close and aware of the action all around us on their favorite listings. The dominos were falling. My buyers began to waffle a bit wondering why the property they were considering making an offer on hadn't gone under contract already. Were they missing something? Was this property really as good as it seemed? After all, we all agreed, it was hands down, the best property we toured on Monday. So why were they so fortunate to have their favorite still available? Hadn't anyone else loved that same property?   All along I had been communicating with the listing agent. They had indeed, received offers. In fact, the first offer, before we showed it, had come in with a protracted closing date. The sellers simply weren't interested in waiting that long. A second offer had been presented, but the agent who presented the offer turned out to be so aggressively difficult the sellers chose not to work with his buyers. He blew it for them. That's another story for another day.   Then the snow squall blew in Tuesday morning and the listing agent said that three buyers had canceled their showings. Only one showing still stood, scheduled for early evening.   We ended up being the third offer. We offered just before noon on Tuesday and set an acceptance deadline of 6:00 PM that same day knowing there was that other showing at 4:45 PM--just enough time for someone to sneak in and make an offer to compete with ours, though it would be tight. But what were the chances they too would love the property? Apparently pretty high becuase they did, in fact, try to get an offer in before our Acceptance Deadline. At 5:56 PM the sellers signed our offer and the other folks missed out. This listing had in fact, received 4 offers in 48 hours!   I share this story because it's a real life scenario of what's going on in some areas of our local market. People are ready to move this spring. These homes were priced between $740,000-840,000. The same price range that struggled to move last fall when mortgage rates blew past 8 percent.   In the end, we were saved by a snow squall and the market seems to have melted all the snow away…just in time for another not-quite-spring weekend. What happens later this spring…or if rates were to fall?

Mortgage rates inched up this week, prompting a pause among some prospective homebuyers. However, there are compelling reasons why waiting might not be the most advantageous strategy. Let's delve into the data and trends shaping the housing market landscape. Impact of Mortgage Rate Changes Home shoppers are keenly attuned to fluctuations in mortgage rates, as evidenced by the recent uptick in the average for the 30-year fixed-rate mortgage, reaching 6.77%. This increase led to a 3% decline in mortgage applications for home purchases, according to the Mortgage Bankers Association. While even marginal changes in rates can influence purchasing power, borrowing costs have generally stabilized. Jessica Lautz, Deputy Chief Economist at the National Association of REALTORS®, notes that despite the weekly uptick, mortgage rates have followed a downward trajectory since fall 2023, now sitting a full percentage point below recent highs. Considerations for Prospective Buyers Waiting for mortgage rates to decrease may not yield significant savings. Even a slight decrease in rates may not substantially alter monthly mortgage payments, particularly as home prices continue to rise. With the median price of existing homes reaching all-time highs and projected to climb further, buyers face the challenge of navigating a market characterized by low inventory and persistent price pressure. Regional Trends and Market Dynamics While national averages provide insights into broader trends, it's essential to examine regional nuances. In the Denver and Front Range area, for example, housing market dynamics may differ from the national landscape. The region has witnessed an increase in new listings, signaling growing interest from sellers. Additionally, inventory levels have seen a slight uptick compared to the previous year, potentially offering buyers more options. However, this increased inventory is accompanied by rising mortgage rates, which could impact buyer demand and price dynamics. Implications for Sellers and Price Dynamics As sellers ease back into the market, the region has seen a steady growth in active inventory, albeit at a fractionally slower pace than in previous weeks. While this may provide buyers with more choices, it also raises questions about the balance between supply and demand. Furthermore, the sensitivity of homebuyers to higher mortgage rates is reflected in the increasing number of price reductions, indicating a cautious approach among consumers. Future Outlook and Considerations As the housing market continues to evolve rapidly, monitoring key indicators such as inventory levels, sales growth, and price reductions is crucial for gauging future trends. While median home prices have remained relatively stable in recent weeks, the impact of sustained high mortgage rates on price dynamics remains uncertain. Whether home price gains will persist in the face of elevated mortgage rates is a question that warrants close observation in the coming months. Bottom Line In navigating the current housing market, prospective buyers in the Denver and Front Range area, like their counterparts nationwide, must carefully evaluate their options. While waiting for lower mortgage rates may seem tempting, the broader market context, including rising home prices and shifting inventory levels, suggests that delaying purchases may not necessarily result in significant savings. By staying informed and adaptable, buyers can make informed decisions aligned with their long-term goals in a dynamic real estate landscape.

Navigating the journey to homeownership can be both exciting and challenging. But if there's one thing our experience fighting for the best interest of our clients has taught us, it's that no two home-buying scenarios are alike, and that's why we believe in a tailored, thoughtful approach to help you secure the home of your dreams. Unlocking the Secrets to Winning Offers So when we're asked the burning questions of every homebuyer - "How do we win this house?" or "What's the lowest offer we can make?" - there is no one-size-fits-all answer. Each situation is unique, and what worked in a previous negotiation might not apply to your current endeavor. Nevertheless, there's a wealth of wisdom to be gained from every attempt, be it a victory or a learning experience. At The Altitude Group, we pride ourselves on providing winning advice by taking a customized, thoughtful approach based on the unique factors influencing your offer. Here's a glimpse into our winning offer strategy: Price, Terms, and Your Goals: We analyze the interplay between price, terms, and your personal goals. A careful consideration of these elements allows us to craft an offer that aligns with your objectives while remaining competitive, while keeping in mind any information we’ve gathered about what the seller is looking for. Understanding Market Conditions: Knowledge is power. We keep you informed about the current market conditions, helping you understand whether it's a buyer's or seller's market. This insight guides our strategy for a more informed and competitive offer. The Power of Pre-Approval: A strong pre-approval not only streamlines the process but also enhances the attractiveness of your offer. We guide you through the importance of this step to strengthen your position and we’ll seek to involve the lender as part of our team approach to show strength and viability. Personalization is Key: Tailoring your offer to the seller's preferences can make a significant difference. We explore ways to personalize terms, such as flexible closing dates or accommodating special requests. Understanding Seller Motivations: Knowing why a seller is parting with their property can be a game-changer. We help you decode seller motivations to refine your negotiation strategy. Professional Connections Matter: Our established relationships with industry professionals, from mortgage brokers to inspectors, contribute to a seamless process. Trust in our network to navigate the complexities of real estate transactions. Taking the Next Steps In a competitive market, timing is crucial. We urge you to respond promptly to new listings, armed with the knowledge and confidence to act swiftly when the right property comes along. Remember, flexibility in negotiations and transparent communication are key components of success. As you embark on this exciting journey with The Altitude Group, rest assured that our team is committed to guiding you through each step. Whether you're facing a multiple-offer scenario or dealing with a property that has lingered on the market, our approach is tailored to your unique situation. This is why we have a long list of satisfied clients. It’s our mission and duty to help you make your next home purchase a reality.

As you embark on the journey of purchasing your dream home, it's crucial to delve into the details of the inspection phase, and one aspect that often deserves heightened attention is radon testing. Radon, a naturally-occurring radioactive gas, possesses the potential to impact your health, specifically increasing the risk of lung cancer. In this blog post, we'll explore the significance of radon testing, the associated risks, and the proactive steps you can take to ensure a safe and healthy living environment. To begin, it's essential to understand the nature of radon—it's colorless, odorless, and inert. These characteristics make radon testing a vital component of the inspection process, allowing you to uncover potential risks that may otherwise go unnoticed. For a comprehensive guide on radon, we recommend exploring the EPA's resource, which provides valuable insights into the testing process and mitigation strategies: EPA Radon Guide. In Colorado, the entire Front Range falls into the EPA's Zone 1 designation, indicating predicted average indoor radon screening levels greater than 4 pCi/L. Both the CDC and EPA recommend mitigation at a conservative level of 4.0 pCi/L, emphasizing the importance of addressing this concern during the homebuying process. Understanding that radon levels in the soil vary based on soil chemistry, it becomes apparent that the escape of radon into the house depends on multiple factors, including weather conditions and soil porosity. Particularly, the basement is susceptible to radon accumulation, making it a focal point for testing and mitigation efforts. Builders are increasingly recognizing the importance of radon mitigation, with some incorporating passive radon mitigation systems as a standard practice. Despite varying opinions on radon's significance in real estate transactions, it's evident that awareness and action are on the rise. Radon testing is a straightforward process, typically taking a couple of days. Most home inspectors can facilitate the testing, leaving the kit in the home for at least 48 hours. The results empower you to make informed decisions, such as requesting the seller to install a mitigation system or provide a credit for one. At the time this blog post was published the associated cost of radon testing generally ranges from $125 to $150. Beyond meeting regulatory requirements, testing for radon offers a specific understanding of your home's potential hazards. This knowledge provides peace of mind, especially when radon levels test low. Whether you're planning to occupy the basement regularly, the basement is already finished, or you have future finishing plans, radon testing is a proactive step toward ensuring the safety and well-being of your household. Bottom Line Because Colorado ranks among the top ten states in terms of radon prevalence in the US, it's clear that addressing radon during the homebuying process is not just a regulatory requirement but a crucial step in securing a healthy living space. Feel free to share your thoughts or reach out if you have any questions. Your proactive approach to radon testing contributes to the overall assurance of a safe and healthy home.

Seizing the Opportunity: Why Now Might Be the Perfect Time for Your Real Estate Move __________ Something big occurred just yesterday in the housing world--one of the biggest 2-day drops in interest rates we've seen in decades! On Wednesday, the Federal Reserve met and Chairman Jerome Powell spoke at the last Federal Open Market Committee (FOMC) meeting of the year. Ultimately, the Fed signaled that additional rate hikes in the near term are not expected and unlikely and alluded to a potential for 3 rate decreases throughout the coming year. While the Federal Reserve doesn't directly establish mortgage rates, these rates align with market expectations influenced by the Fed's decisions on short-term rates. The positive expectations evident in the Fed's Wednesday projections further emphasize this correlation. The bond market, of course, loved the news, and traders began pricing The Fed's anticipated actions and dovish tone into the interest rates. The result was that the prevailing rate dropped to the lowest we've seen since May 2023, making up for a lot of lost ground along the way. Mike Fratantoni, Chief Economist of the Mortgage Bankers Association said:  “Additional rate hikes no longer appear to be part of the conversation. It is all about the pace of cuts from here. This is good news for the housing and mortgage markets. We expect that this path for monetary policy should support further declines in mortgage rates, just in time for the spring housing market. We are forecasting modest growth in new and existing home sales in 2024, supporting growth in purchase originations, following an extraordinarily slow 2023.” What does this mean for housing, and for you? Housing professionals expect further declines in mortgage rates and busier 2024 market. And it stands to reason. If you're considering buying a home, you can expect rates to likely move lower (more affordable). Since rates hit their recent peak of over 8%, homebuyers have gained hundreds of dollars in savings per month on mortgage payments due to the improved rates. In this video, released just this morning on YouTube, Brian Dewald, a local lending partner, spoke of a veteran family he helped close on a deal with a 30-year fixed rate of just 6.25%. Homebuyers currently in the market are finding that they're able to reach new thresholds of affordability or have homes, otherwise thought to be out of their price range, come back into focus for consideration. An Encouraging Winter Market  Since Thanksgiving, the mortgage industry has experienced a significant uptick in business, driven by homebuyers seizing the opportunity presented by lower rates. Concurrently, there has been a modest increase in new listing activity in recent weeks, providing additional choices for prospective homebuyers. In the current market, approximately two-thirds of existing mortgages still boast rates below 4%, and more than 90% have rates below 6%. This dynamic hampers inventory growth as homeowners are hesitant to part with their advantageous low-rate mortgages. However, a shift is anticipated in 2024, as noted by Lisa Sturtevant, Chief Economist at Bright MLS. Life changes, whether familial or financial, are expected to compel more homeowners to sell, even if it means relinquishing their favorable, much-lower rates. "With falling rates and heightened new listing activity, it is anticipated that the unusually busy December market will extend into January, as both buyers and sellers strive to gain an edge before the spring market," remarked Sturtevant in a recent statement. Cautiously Optimistic With moves this big, there is a risk of a corrective bounce. And progress will not be linear–2024 will continue to bring periods of ups and downs. Economically, despite strong retail sales and NY Fed Pres Williams’ attempt to squash the exuberance this morning, continued optimism prevails with the 10-yr dropping to 3.9% and the 30-yr fixed to 6.625%. Bottom Line Real estate decisions often take time to unfold. Yet, when a promising opportunity arises, it's advisable for prospective homebuyers to act promptly. These moments of advantage and opportunity in the real estate game can be brief, and seizing them could prove beneficial long-term.

Unveiling the Strategies That Catapulted One Couple to Financial Victory Amongst the Challenges of Today’s Real Estate Market I don’t know if it’s for you or not, but in today’s challenging real estate climate high home prices and high interest rates have created challenging market conditions for many. The following story, set in real-time amongst those very market conditions, however, illustrates how one couple we recently worked with used a financial real estate strategy to overcome substantial consumer debt, bought a much nicer home that fit their family’s needs, and still ended up hundreds of dollars ahead each month in their overall monthly expenses (see also our most recent video Buyers Saving Hundreds per Month from Recent Rate Reductions). This financial restructuring is known as blended rate, and if you’re anything like these folks, it could be a solution for you.   Allow me to set the stage: in the current economic landscape, consumer debt has reached historic levels, especially with soaring credit card interest rates driven by the Federal Reserve’s actions.  Our protagonists in the story, a real-life Colorado couple who purchased their home in 2019 for $430,000, had seen its value climb to an impressive $582,000 in four years. Despite a wise decision to refinance at 3.25% in 2021, they found themselves grappling with substantial credit card debt, and an exorbitant car payment—a common predicament for many households (see example below). Let’s take a quick look at the villian of the story (besides The Fed): the nearly $100,000 in consumer debts they were juggling. This includes $40,000 in credit card debt and a $56,000 vehicle loan, amounting to over $3,000 in minimum monthly payments. Their dilemma necessitated a proactive solution: sell their current home before the pent-up homebuying demand surges, aiming to secure a better overall home and financial foundation. Utilizing the equity from their increased home value, the couple paid off their high-interest credit cards. By consolidating their debts into the new $750,00 home loan, even at a higher interest rate of 7%, they achieved an overall monthly savings of $219–remember they had recently refinanced to 3.25%.  Delving deeper into the financial story, the couple utilized a blended rate approach to mitigate the bad interest associated with credit cards and an auto loan. This specifically resulted in a monthly reduction of expenses by $2,426, translating into an almost 20-year acceleration in paying off the loans! The cherry on top? A remarkable $113,000 in interest savings over the life of the loans and an increase in net worth to over $443,000! This strategic financial maneuver not only provided immediate relief by lowering monthly payments but also sets the stage for their long-term financial stability. The case study serves as a testament to the importance of evaluating and adjusting financial strategies in response to evolving economic conditions, empowering individuals to take control of their financial future.  In this very real scenario, it was our trusted financial adviser, senior lending officer, and hero of the story, Brian Dewald, that helped these folks using a blended rate approach to a much-improved financial standing.  Navigating consumer debt requires a creative and tailored approach, and we’re here to help you make informed decisions on your path to financial freedom through real estate. We want you to be able to write a beautiful story of your own. So, if you find yourself in a similar situation or want to explore your financial options through a mortgage …reach out! This is precisely why we’re here. To reach Brian Dewald: Maverick Lending President | Senior Loan Officer 303.908.3891 720.500.1880 brian@mavlend.com www.mavericklendingsolutions.com

The latest housing news for November 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates and Market Trends In a surprising turn of events, traders are not currently pricing in another rate hike for the first time in two years! Yesterday, we saw RATES at their LOWEST POINT in 3 months. The 10-year treasury's fall from 5% to 4.4% adds weight to the expectation of a downward trend in mortgage rates. So far in November the market has already experienced about a half to one percentage drop in mortgage interest rates. It’s difficult to forecast if this dip represents a long-term trend at this time, but homebuyers should welcome the improvement.This could make late fall and early winter an opportune time for home shopping before rates potentially fall into the 6% range, as they did yesterday. The market moves quickly and some of those gains evaporated today, but that’s the market. If rates were to dip into the 6s in the spring, there’s a good chance for a frenzy of new homebuyers entering the market, driving up competition for the already low supply of available homes to buy. Federal Reserve and Market Dynamics Despite conflicting signals, the market largely believes the Fed is done tightening monetary policy. Recent data on the consumer price index (CPI) sparked a major rally on Wall Street, with traders almost completely taking potential Fed rate hikes off the table. The flat reading on the headline CPI, along with a decrease in energy prices, contributed to this sentiment. Local Market Conditions The local market conditions provide interesting insights. With over 50% of units under contract experiencing price reductions and motivated sellers willing to negotiate, repair, and offer concessions, 2023 stands out as a year where sellers are driven by necessity. Traditional seasonal patterns indicate a rise in homes being withdrawn or expired from the market in the fourth quarter, setting the stage for likely increased demand and multiple offers in the first quarter of the following year. Market Trends and Insights Zillow's October Housing Report highlights a national trend of falling home prices month-over-month due to high mortgage rates and the usual seasonal housing cooldown. However, year-over-year, home values are still up in 34 of the 50 largest markets. Prices increased only slightly nationwide in October but the month’s hottest markets saw more substantial price growth due to high demand. Unfortunately, none of the Front Range’s largest cities made it onto the latest list (October 2023) of Top 20 Hottest Housing Markets or Markets Seeing the Largest Jump in Rankings (October 2023), though many of our neighbors in the West did (per realtor.com). Expert Predictions Expert predictions suggest a rebound in home sales in 2024, with Lawrence Yun, NAR Chief Economist, stating, "Existing home sales will rise by 15% next year." The market's expectation for the path of the federal funds rate has shifted, with potential rate cuts in 2024. Yun’s prediction for home sales is not to be confused with home values, though most experts expect that prices will increase next year, with most agreeing on a relatively modest increase. Bottom Line In conclusion, 2023 presents both challenges and opportunities in the real estate market. Understanding these trends is crucial for making informed decisions. Your reflection on the significance of data-driven facts will not only benefit your clients but also contribute to the overall health and stability of our market.   Remember there are always opportunities and advantages in any market, so please always feel free to reach out if you have any questions or if you're ready to explore the exciting opportunities in the current real estate landscape.

The latest housing news for October 2023. In our professional opinion, here's what you need to know about today's real estate market conditions--despite what you may have heard: Mortgage Rates at 8% Mortgage rates have reached 8%, a level not seen in 23 years. While this might be concerning, it's important to note that we've been hovering in the high 7% range recently. The big question on everyone's mind is when will rates start decreasing according to the experts? Many of the local lenders I work with and associate with seem to think that rates are nearing their top. The Federal Reserve, the monetary entity behind all the recent rate hikes wants spending to stop before they slow down rate hikes.  What's the Outlook? Fortunately, there is hope for relief in the near future. The latest inflation data suggests that the Federal Reserve's interest rate hikes may be working to combat inflation, which is a positive sign. However, the Fed is not expected to increase the interest rate at the next meeting. The reality is, when trillions are pumped into the system, inflation goes through the roof. Market Dynamics New listings have dropped by 6%, while inventory has increased by 11% to 6,629 listings. We're beginning to see inventory build--inventory currently stands at about 2.4 months of available supply. Notably, the median price continues to climb slightly (up 0.86% year over year), and the close to list price ratio remains strong at around 99%. Many sellers are still achieving their desired prices, with noted concessions, but buyers are becoming more assertive and winning negotiations. The 5 D's Yeah but are people still moving? The “5 D's”--those moving out of necessity--is a significant driver of the housing market. While prices haven't dropped significantly yet, increased rates have decreased demand, potentially impacting prices. However, low inventory is a complicating factor in this equation which is currently underpinning values, keeping them from substantially decreasing. We're closely monitoring the situation as inventory is finally increasing…slowly. Ownership and Foreclosures What's keeping the market going? Currently, 38% of homes in the U.S. are owned without mortgages, while 62% have mortgages. Importantly, 90% of those with mortgages have rates under 6%, and 80% have rates under 5%. Foreclosures have increased by 34%…but they're coming up from historic lows. The situation is not as extreme as it may seem. National foreclosure rates are at 3%, but in Colorado, they're just 1.7% and forbearances are becoming a thing of the past. Don't let the news tell scare you into thinking the worst, without knowing these facts. Strong Foundational Market Elements  Further expounding on the comments above, the market is supported by a substantial $31 trillion in home equity. Most homeowners have an average of 71% equity, and many have seen their equity grow by 45% in the post-pandemic boom. These facts provide stability and opportunities in our market, despite the current volatility in mortgage rates and perceived tenuous nature of the market. Seasonal Opportunities We are currently experiencing the traditional seasonal slowdown in the market. In some ways, seeing seasonality in the marketplace is welcome because it’s been predictable in the past (pre-pandemic), and always has presented opportunity for homebuyers.   For today's buyers there is also opportunity. Although there's less inventory of homes from which to choose, there are also fewer buyers to compete with. Historically, we've seen deals and negotiations pick up during this season.    For sellers, we advise pricing properties reasonably and ensuring they're in tip-top shape for listing. Sellers should anticipate that while price reductions aren't always expected, when a property is priced correctly, most buyers who are getting loans will need a mortgage rate buydown (also known as a seller subsidy) to make the montly payment work in today's near-8-percent mortgage rate environment. For more information on mortgage rate buydowns click here. The Silver Lining Despite hitting 8% last week, mortgage rates dropped ever so slightly back into the high 7's recently. That's not much, admittedly, and many buyers are waiting for a more substantial drop, but this may prove costly in the long run. Lower rates are expected to attract more buyers and potentially drive up home prices. An estimated 5.5 million prospective buyers could enter the market if the rates fell by a percent and double that number if rates fell by 2 percentage points. Competition would be beyond fierce if those numbers came to fruition, and if that happens, you've seen what happens to prices. Not to mention, the winter season typically brings more concessions and price drops, making it an excellent time for buyers to make a move in the current market. Ask us how you can get pre-approved with one of our preffered lenders. Whos' Buying? In the current market, three prevalent groups are cash buyers, first-time buyers, and circumstantial buyers and sellers (e.g., due to death, divorce, job changes). Cash buyers are not as affected by rising rates, seeing this as an opportunity. First-time buyers recognize the power of real estate as an investment and hedge against inflation. Life circumstances and investors continue to drive transactions. Ignoring the Noise Amidst the ongoing chatter about rising mortgage rates, it's essential to remember that predictions have often been wrong this year. Pay attention to time in the market rather than trying to time the market. Seek advice from trustworthy individuals with real experiences. Real estate and the stock market have historically been wealth-building assets over time. Quite honestly, if you look at who's positioning themselves in this market, its the investors who are still actively seeking opportunities. So you might ask yourself, what do they know that keeps them buying in today's market that I don't know? Bottom Line While the market is facing rising mortgage rates, there's always someone finding opportunities. We're here to guide you through these market conditions so you can confidently make informed decisions.    Please don't hesitate to reach out with any questions or for personalized advice--that's precisely why we're here.

Dear Homebuyer, I hope this message finds you in good spirits, despite the recent disappointment you've faced in your homebuying journey. First and foremost, I want you to know that I understand how disheartening it can be to have an offer fall through. It's a challenging part of the homebuying game that even seasoned buyers sometimes grapple with. But, I also want you to remember that each setback can be a set up for a comeback and one step closer to your dream home. I encourage you to take a moment to regroup, reflect, and reenergize for the next opportunity. In baseball, they say that a great hitter fails seven times out of ten, and yet they are still considered legends. Similarly, in the real estate world, setbacks and rejections are an inevitable part of the journey. It's how you bounce back from these moments that will define your success. Here are a few insights and strategies to help you keep swinging for the fences, so to speak, on the way to buying your next home: Embrace the Learning Opportunity: Every offer, whether accepted or rejected, is a valuable learning experience. Did you know that, on average, homebuyers write multiple offers before one gets accepted? In fact, recent data suggests that the typical homebuyer submits around 3 to 4 offers before securing a purchase agreement–just two years ago, that number was twice as high. Take a moment to review what worked and what didn't in your previous offers. Were there any contingencies that may have weakened your offer? Did you miss any red flags about the property or neighborhood? Use these insights to refine your approach for the next home. Stay Patient and Persistent: The perfect home is out there, and it's just a matter of time before you find it. It's essential to remain patient and persistent. Realize that the right opportunity may take a little longer to come your way, but when it does, it will be worth the wait. Reevaluate Your Budget: It's possible that the recent setback was a result of financial constraints. Take a fresh look at your budget and consider making adjustments if necessary. This might involve saving a bit more, exploring different financing options, or reevaluating your expectations in terms of location or property type. Lean on Your Support System–but not Too Much: Homebuying can be an emotional rollercoaster. Don't hesitate to lean on your support system, whether it's family, friends–just be careful. Too many cooks in the kitchen can spoil the broth, as they say. Only consult with your closest family and friends, or professionals like myself. We're here to provide guidance, encouragement, and expert advice to help you navigate this journey. Each situation is unique, so when your uncle, who you never talk to, decides to have an opinion on how to best negotiate, or how much to ask for from the homeseller. Too often we see homebuyers turn to their friends or family for advice, only to get confused by the plethora of opinions. Refine Your Home Search Criteria: As your homebuying journey evolves, so may your priorities. Consider refining your home search criteria to better align with your needs and desires. This can help you focus on properties that truly resonate with you. Explore Alternative Options: If you're feeling frustrated with the traditional homebuying process, it may be worth exploring alternative options like off-market listings, foreclosures, or even rent-to-own arrangements. Sometimes, thinking outside the box can lead you to hidden gems. Remember, setbacks are not roadblocks but rather detours on your path to homeownership. Each rejection brings you one step closer to the home that's meant for you. Keep your spirits high, your goals in sight, and your determination unwavering. I'm here to assist you every step of the way, and I have no doubt that with your resilience and commitment, you will soon find the perfect place to call home. Your dream home is still out there, waiting to welcome you with open arms. Please don't hesitate to reach out if you have any questions, need advice, or simply want to chat about your journey. Together, we'll get back in the game, and I have no doubt that your next swing will be a home run. Wishing you strength, optimism, and success in your continued homebuying adventure. Warm regards,   Matt  REAL Broker

A 2/1 buydown is a type of financing that lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate. The rate is typically two percentage points lower during the first year and one percentage point lower in the second year. Since the summer of 2022, the 2/1 buydown loan option has skyrocketed in popularity and has become one of the best ways to combat the historically fast-rising intererst rates. Stay tuned to our blog for additional resources on this topic. How 2/1 Buydowns Work  A buydown is a real estate financing technique that makes it easier for a borrower to qualify for a mortgage with a lower interest rate. That lower rate can last for the duration of the mortgage (as is often the case when borrowers pay extra points up front to the lender) or for a particular period of time. A 2/1 buydown is one kind of temporary buydown, in this case lasting for two years. In a 2/1 buydown, the interest rate will increase from one year to the next until it settles into its permanent rate in year three. To make up for the interest that they won’t be receiving in those early years, lenders will charge an additional fee. Key Takeaways: A 2/1 buydown is a type of financing that lowers the interest rate on a mortgage for the first two years before it rises to the regular, permanent rate. The rate is typically two percentage points lower during the first year and one percentage point lower in the second year. Sellers, including home builders, may offer a 2/1 buydown to make a property more attractive to buyers. 2/1 buydowns can be a good deal for homebuyers, provided that they will be able to afford the higher monthly payments once those begin.  2/1 Buydown Pros and Cons  For home sellers, a 2/1 buydown can help them by making it easier and sometimes faster for them to sell their homes for a good price. The downside, of course, is that it comes at a cost, which ultimately reduces how much they will net from the sale. For homebuyers, a 2/1 buydown has several potential benefits. For one thing, it can help them afford a larger mortgage and a more expensive home than they might otherwise qualify for. For another, it buys them some time before their mortgage payments rise to the full amount, which can be helpful if their income is also rising from year to year. The downside for homebuyers is the risk that their income won’t keep pace with those increasing mortgage payments. In that case, they might find themselves stretched too thin and even have to sell the home. When to Use a 2/1 Buydown  Home sellers may want to consider offering (and paying for) a 2/1 buydown if they’re having difficulty selling and need to provide an incentive to find a buyer. Borrowers may benefit from a buydown if it allows them to buy the home they want at a price they can afford. However, they will also want to consider what would happen if their income doesn’t rise fast enough to keep up with their future monthly payments. Buyers should also make sure that they are getting a fair deal on the home in the first place. That’s because some sellers might increase the home’s price to make up for the cost of the 2/1 buydown. Note that buydowns may not be available under some state and federal mortgage programs or from all lenders. A 2/1 buydown is available on fixed-rate Federal Housing Administration (FHA) loans, but only for new mortgages and not for refinancing. Terms can also vary from lender to lender. Can I refinance out of a 2/1 buydown? Refinancing your 2/1 buydown mortgage can come with a range of costs, such as closing costs, appraisal fees and application fees. Before refinancing, consider these costs and ensure that the potential savings outweigh the costs Are you considering buying a home but feeling overwhelmed by the various mortgage options available? Don't worry, you're not alone! One option you might come across is a "2/1 mortgage rate buydown." It might sound complex at first, but fear not! Let's break down this concept into simple terms. Imagine you're getting ready to buy your dream home, and you're looking for the best mortgage deal. A 2/1 mortgage rate buydown is like a financial tool that can help you ease into your mortgage payments for the first few years. Here's how it works: The Introductory Period (First Year): During the initial phase of the mortgage (the first 2 years), you'll enjoy a lower interest rate than what you would typically have on a regular mortgage. This lower rate is often referred to as the "buydown rate." It's like getting a special discount on your mortgage interest! The first year you'll enjoy the equivalent of having a mortgage rate 2 percentage points below your actual rate.  Gradual Adjustment (Year 2): Once the initial year is up, your interest rate will start to increase. But fear not! It won't jump to the "regular" rate right away. You'll enjoy the equivalent of a 1% reduction in mortgage rate. Stable Phase (Years 3 and Beyond): After the second year, your interest rate will stay fixed at the higher, fully indexed rate. This rate will remain constant for the rest of your mortgage term unless you refinance. Putting It All Together with an Example Let's say you're getting a 30-year fixed-rate mortgage with a 2/1 buydown. If the regular interest rate is 7%, during the first 2 years, you might have a rate of 5%, then 6% in the second year. It’s not until the third year that your rate would increase by 2 percentage points to 7%. This 7% rate would then remain steady for the remaining years of your mortgage unless/until you refinance or sell, of course. The benefit of a 2/1 mortgage rate buydown is to make your initial years of homeownership more affordable. It can be especially helpful if you're tight on your budget during those early years but expect your income to increase in the future. Remember, the specifics of a mortgage rate buydown can vary, so it's important to work closely with your lender to understand all the details and make sure it's the right fit for your financial situation. Bottom Line In essence, a 2/1 mortgage rate buydown is like a friendly financial arrangement that helps you ease into your mortgage payments, giving you some breathing room at the beginning and gradually adjusting as you settle into your new home. It's all about finding a mortgage that fits your unique needs and making your homeownership journey a smoother ride. For more informaion on how we're helping our clients utilize the 2/1 buydown to make homebuying more affordable, reach out. We would also be happy to introduce you to our preferred lending partners who understand and work with such lending options on a daily basis, with extraordinary results.

Since its premier in 1999, HGTV's House Hunters has racked up some 232 seasons. Hopefully I don't have to tell you that like all reality TV, much of the series is fantasy concocted for entertainment. But has the damage been done? It seems there's no one who hasn't seen at least several of the 230+ episodes—and it's ruined them! House hunting in real life is nothing like they depict on TV, especially not on that show. But it still should be fun and stress-free. I think home shopping should be considered an American pastime. From window shopping for homes online to jumping in the car with a REALTOR, Americans love to dream about their dream homes. Still the question remains, has anyone taken the time to review with you the purpose and objective of a showing? Do you know how to handle yourself and your family at a showing? What buttons can I press or drawers can I open? And do you know what to bring to a showing or what NOT to bring? Or are you of the opinion that any monkey can be trained to open doors for you and point out the kitchen and bedrooms? Allow me break down for you in easily palatable bullet points some aspects of the showing that we feel shouldn't be missed or misunderstood: The Purpose of a Showing Compare one home to another Identify your lifestyle priorities & deal-breakers Learn to work together through collaborative communication Find the right property Make an offer Your main focus should remain fixed on the goal of the showing—to find the right property for you that fits and supports your intended lifestyle. Staying focused can not only expedite your search journey, but also help you maintain clarity as you consider one of the largest purchases you'll likely ever make personally. Behavior in a Home It's imperative now, perhaps more than ever, to refrain from touching everything in someone else's home. Not only should we be a bit more mindful of germs these days, we also don't want any liability trouble for being an unruly guest in someone's home. While many homes you'll see are vacant, many are still occupied by the homeowner or tenants. When they step out, they do that to allow you a chance to investigate for yourself what it would be like to live in that home. Their belongings often add depth, warmth and character to a space, but keep in mind that you're there to evaluate the spaces that will remain after all of the personal property has been removed. Opening doors and drawers is a reasonable thing to do if they're part of an item, such as a cupboard, that will remain behind after a sale. Dresser drawers, for instance, should be left alone as they are personal property and not typically part of a real estate sale. For more on what's considered an inclusion or exclusion in a real estate sale follow this link. Remember this is someone else’s home and they’ve allowed us to come see it. Refrain from perusing or touching seller’s personal items Be respectful of the seller’s home & belongings, culture & lifestyle choices within their own home Mind basic manners Children should remain in your sight at all times All members in your parties should remain in a group Expect that you are being listened to. Refrain from sharing personal information, speaking ill of the sellers or their home, or sharing negotiation strategies. Many sellers now use cameras and listening devices for security and to obtain information for negotiating to their advantage Discuss negotiations and offer details outside of the home or after we’ve left the premises You may feel like you've got a good idea of what to bring with you to a showing. For the most part, do what's intuitive. It might make sense to you to bring something to take notes on—there's usually one per couple who's geared this way. But, have you considered how difficult it can be to move freely in and out of the homes you're seeing with your agent without the right shoes? Seems simple, but that's a tip that's often overlooked. There are several other things I could list here, but these are the most important: What to Bring Wear shoes easy to slip on and off, especially in inclement weather Wear comfortable clothing Something to take notes (notebook, tablet) Water & snacks to keep you going between showings Tape measure—because there's always something you want to measure Folder to keep brochures, info packets gathered & tidy Notes you've already compiled about particular properties Map & directions, in case your phone doesn't work in the area Hard hat if you're exploring new home construction, sun hat if you're exploring acreage Lastly, while the dreaded COVID seems to be behind us, there are etiquette and protocols that have been adopted following the recent pandemic. While most agents no longer require showing parties to wear PPE, it just makes sense to be sensitive about your health when entering someone else's home. If you're sick, stay home. And, why not use hand sanitizer after each showing? That's rhetorical. You should. You definitely should. It also no longer makes sense to bring anyone who isn't a decision maker along with you to a showing unless you have your little ones who need to be under your care. Besides, the old addage of "too many cooks in the kitchen" applies. Having mom, dad, uncles or aunts there offering well-intended advice, can often confuse you and lead you to second guess your own instincts. If you're the one who's saved and scrimped, and eaten ramen when you could've had steak, just to save extra $, don't let someone else make your homebuying decisions for you. You deserve to do it yourself! As always, trust your agent to guide you through the process. Here at the Altitude Group, our experiences have led to more refined systems and processes to care for you along the way. Give us a call and let us elevate your next homebuying journey.  

As a seasoned real estate agent, I would love to offer 10 of my top tips for you, as first-time homebuyers. The only problem is there are far more than 10! This list should get you started–take a look.  Determine Your Budget: Before you start looking for homes, establish a clear understanding of how much you can afford. This includes not only the purchase price but also additional costs like closing costs, property taxes, insurance, and potential renovations. Get Pre-Approved for a Mortgage: Getting pre-approved for a mortgage gives you a solid idea of how much a lender is willing to lend you. This helps you narrow down your home search to properties within your budget and makes your offers more credible. Identify Your Needs and Wants: Make a list of your must-haves (e.g., number of bedrooms, location, yard size) and nice-to-haves (e.g., updated kitchen, swimming pool). This will help you prioritize your search and make decisions more efficiently. Research Neighborhoods: Research the neighborhoods you're interested in. Consider factors like proximity to work, schools, public transportation, amenities, safety, and future development plans. Work with a Qualified Real Estate Agent: A skilled real estate agent can provide invaluable guidance, access to listings, and negotiation expertise. They'll advocate for your best interests and simplify the buying process. Attend Open Houses and Showings: Attend open houses and schedule showings to get a sense of different properties, their layouts, and conditions. Take notes and pictures to help you remember each home. Be Realistic About Renovations: If you're considering fixer-uppers, be realistic about your renovation skills, timeline, and budget. Renovations can be costly and time-consuming, so factor these into your decision-making. Inspect Thoroughly: Once you've found a potential home, invest in a professional home inspection. This can uncover any hidden issues and save you from costly surprises down the road. Consider Resale Value: Even if you're planning to stay long-term, it's wise to consider a property's potential resale value. Opt for features and upgrades that are likely to appeal to future buyers. Negotiate Wisely: Work closely with your real estate agent to craft a competitive but reasonable offer. They can help you negotiate with the seller to secure the best deal possible. Review the Purchase Agreement: Carefully review the purchase agreement with legal counsel if needed. Ensure you understand all terms, conditions, and contingencies before signing. Factor in Additional Costs: Remember that homeownership comes with ongoing costs beyond the mortgage, including maintenance, utilities, and potential homeowners association (HOA) fees. Don't Rush: Buying a home is a significant decision. Take your time to explore your options and don't feel pressured to make an offer quickly. Take advice carefully: It is very common for people to give you advice on the ins and outs of a real estate transaction. This advice may be accurate and useful, or it may be related to an unusual situation or standard of practice in another area. If you have concerns about anything, please do not hesitate to rely on your agent’s expertise. While family and friends may mean well, their experience buying and selling homes likely pales in comparison with what your agent knows and has experienced professionally. Visit the Property at Different Times: Visit the property during different times of the day and week to gauge noise levels, traffic, and overall ambiance. Trust Your Instincts: While it's important to be analytical, also trust your gut feeling about a property. If something doesn't feel right, it's worth investigating further or considering other options. Remember, the homebuying journey can be exciting but also overwhelming. Surrounding yourself with knowledgeable professionals and taking each step thoughtfully ensures you find a home that fits your needs and aspirations. If you’re looking for a team of seasoned agents, like we have here at The Altitude Group, please reach out and we would love to walk you through the homebuying process together.

If you're watching the market too closely, you may be doing a little fence sitting. There's nothing wrong with that. Stay informed, then jump when it's time to jump. With the Fed recently pausing interest rate hikes--it's been 15 long months--this might be that opportunity to jump. So will you? The Federal Reserve's Pause in Interest Rate Hikes The Federal Reserve recently announced their decision to pause interest rate hikes for the time being. This decision has been met with mixed reactions in various markets, but overall it is seen as a positive development. However, oddly, the reaction to inflation receding should have been positive for interest rates, yet the markets' reactions has seen mortgage rates tick up, then stabilize towards the end of last week and into this week. What's the deal? Normally mortgage rates love decreasing inflation. Market Update The real estate market has been experiencing a slow down until recent months. Home sales had slowed and inventory has decreased in many areas of the country. However, despite these challenges, the market remains stable. Prices have not seen a significant decline and are actually starting to inch back up. Low inventorys and high demand for those fewer available homes are sure to keep prices high. The Pause in Interest Rate Hikes Overall, the Federal Reserve's pause in interest rate hikes is seen as a positive development for the real estate industry. Interest rates directly impact the affordability of homes for buyers. Higher rates mean higher monthly mortgage payments, which can make homes less affordable for many people. The pause in interest rate hikes means that buyers will have more time to take advantage of low rates. In addition, the pause in interest rate hikes could also stimulate the market. Lower rates mean that buyers can afford more expensive homes, which could lead to an increase in home sales. This could help to reduce inventory and stabilize prices. What This Means for Buyers For buyers, the pause in interest rate hikes means that they have more time to take advantage of low rates. If you are in the market for a new home, there are advantages to start looking now. With low rates and a stable market, you have more options and more time to find the right home for you. What This Means for Sellers For sellers, the pause in interest rate hikes means that there is still demand for homes. While the market may be slower than the last few years, demand is stout and the summer heat (after a lot of rain) isn't keeping buyers from still looking for the right home. Pricing your home appropriately and working with an experienced real estate agent can help you sell your home quickly and for the best price possible--and I know a guy. Bottom Line Overall, the Federal Reserve's pause in interest rate hikes is a good news for the real estate market. And while the Fed is taking a break from raising interest rates, there are some real advantages in the marketplace for buyers. Once rates drop, and they surely will someday, inventory will get squeezed from buyers jumping off the fence and snathcing up reamining housing until sellers get onboard. Will you still be on the fence when rates improve or will you be counting your equity gains from your new backyard watching all the fencesitters?

In today's real estate market, virtual/remote showings have emerged as a convenient and efficient way for homebuyers to explore properties. With the assistance of a real estate agent, you can now view homes from the comfort of your own space. To ensure a successful virtual/remote showing experience, proper preparation is key. In this blog post, we will guide you through 8 best practices for preparing for a virtual/remote showing with an agent, empowering you to make informed decisions while exploring potential homes. Communicate and Coordinate: Effective communication with your real estate agent is vital when preparing for a virtual/remote showing. Coordinate with your agent to determine the preferred video conferencing platform and ensure that you both have a clear understanding of the showing's agenda and time frame. This will help streamline the process and avoid any confusion during the virtual tour. Define Your Priorities and Criteria Before the virtual/remote showing, take the time to define your priorities and criteria for your future home. Consider factors such as location, size, layout, amenities, and any specific features you desire. Share this information with your agent so they can tailor the virtual tour to focus on properties that meet your needs, saving time and effort. Research Properties Ahead of Time To make the most of your virtual/remote showing, conduct thorough research on the properties you'll be viewing. Review online listings, property descriptions, photos, and virtual tours if available. Familiarize yourself with the neighborhood, amenities, and nearby facilities. This knowledge will allow you to ask targeted questions during the showing and make informed decisions. Prepare Questions and Concerns Prepare a list of questions and concerns in advance to address during the virtual/remote showing. Ask about the property's condition, age of major systems, recent renovations or repairs, and any potential issues that may affect your decision-making process. Having a well-thought-out list will ensure that you gather all the necessary information during the virtual tour. Assess Technology and Internet Connection To have a smooth virtual/remote showing experience, verify that your technology and internet connection are reliable. Test your device's audio and video features, ensuring they are in proper working order. Check your internet speed and stability to minimize disruptions or buffering during the showing. A stable and fast internet connection will help you fully engage in the virtual tour. Be Present and Engaged Treat the virtual/remote showing as if you were physically present in the property. Be punctual and ready to participate actively. Take notes, ask questions, and request additional close-ups or specific views when necessary. Pay attention to the agent's guidance and directions throughout the virtual tour, as they have valuable insights to offer. Request Additional Materials If there are specific aspects of the property you would like to examine further, ask the agent to provide additional materials. This could include floor plans, additional photos, or any other relevant documentation that will help you visualize the property in more detail. By requesting these materials, you can gain a comprehensive understanding of the property's layout and features. Follow-Up and Review After the virtual/remote showing, take the time to review your notes and impressions. If you have any follow-up questions or require further clarification, reach out to your agent promptly. This will ensure that you have all the necessary information to make an informed decision. Bottom Line Preparing for a virtual/remote showing as a homebuyer requires careful planning and effective communication. By following these best practices, you can maximize the value of your virtual tour with an agent. Clear communication, defining your criteria, thorough research, and active engagement during the showing will empower you to make informed decisions when selecting your dream home

  Some Highlights Buying a home is a major transaction that can seem even more complex when you don’t understand the terms used throughout the process. If you’re looking to become a homeowner this year, it’s important to know these housing terms and how they relate to the current market so you feel confident throughout the homebuying process. Let’s connect so you have expert answers for any questions as they come up.

If I told you about an investment that, over the past 50 years, has averaged nearly 7% (6.8%) gains year over year, you would say what? Yet, so many people I talk with right now are feeling confused about where the real estate market is headed in 2023 given the grim news they heard over the last half of 2022. It seemed that the news media on TV and online sewed seeds of confusion and uncertainty about the voracity and viability of investing in real estate into the hearts of homeowners and prospective homebuyers. But let's take a step back from scrolling our devices and look at the actual data over the last 10, 30, even 50 years of actual data. I think you'll find--with clarity and certainty, that investing in real estate has historically been a winning proposition.