aurora: The dilemma is clear: wait for conditions to improve, or act now?
- 07/22/24 05:06 PM
Are you one of the many would-be homebuyers holding off on purchasing a home, hoping for a favorable shift in the market? With insurance, property taxes, and maintenance costs on the rise, it's understandable why some are hesitant to take the plunge. However, the reality is that these factors affecting affordability are compounded by the continuing increase in home values. The dilemma is clear: should you wait for conditions to improve, or should you act now?
The Affordability Challenge - Escalating insurance premiums, property taxes, and maintenance expenses are making homeownership less attainable for many prospective buyers. As these costs continue to … (6 comments)
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aurora: The case for working with a friend and agent
- 07/16/24 02:41 PM
The familiarity and trust established in a friendship may be the ideal foundation for a successful business relationship. Having a loyal ally from their social circle adds a new level of insight and service to such an important financial decision in their lives.
When considering the choice of engaging a friend who also happens to be a real estate agent in the purchase or sale of their home, consumers are presented with a multitude of compelling reasons to embrace this option. Firstly, the pre-existing level of trust between friends lays a solid foundation for effective communication and transparency throughout the … (0 comments)
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aurora: How to change a second home to a primary home & why
- 06/24/24 07:40 PM
The tax benefits of owning both a first and second home can be significant, with the IRS allowing taxpayers to deduct interest and property taxes on both properties as itemized deductions on their tax returns, albeit with certain limitations. Interest deductions are limited to the amount of debt incurred to buy, build, or improve the first and/or second home, with a maximum cap of $750,000. Property taxes, falling under the limitation of state and local taxes as set forth in the TCJA of 2017, are capped at $10,000 per year.
However, while second homes enjoy these benefits, they do not … (0 comments)
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aurora: Higher Interest Rates May be the Help You Need
- 04/30/23 05:13 PM
5 Like opening and closing a faucet increases and decreases the water flow, lowering interest rates increases home sales and raising interest rates decreases home sales.
When home sales increase during periods of limited inventory, demand increases and prices go up. Contrarily, when home sales decrease, demand could lessen and prices moderate.
There is opportunity with higher rates because it affects sales and demand, which in turn keeps prices in check. By waiting for rates to come down, and no one knows by how much but certainly not to the 3-4% range, buyers' pent-up demand will affect the already low supply and cause … (1 comments)
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aurora: Waiting for the Mortgage Rates to Come Down
- 12/11/22 11:34 AM
Waiting for the mortgage rates to come down before you buy a home may not be a good decision.
If you are correct, and the rates do come down by two percent, the savings you benefit from a lower rate will most likely be devoured by the appreciated price increase.
As of 12/8/22, the 30-year fixed-rate was at 6.33% which is close to the highest level since mid-2008. If the rate drops to 4.7% in three years but the price increases by 5% a year, a $400,000 home today, will cost $463,050 three years from now.
An increasingly, popular option that … (5 comments)
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aurora: Homeowners Need Resources
- 11/06/22 05:57 PM
Managing an asset worth hundreds of thousands of dollars is a responsibility that requires attention to details such as timely payment of the mortgage, home repairs and maintenance, upkeep, and oversight on financial issues including taxes, insurance, and other things.
Depending on how long you've been a homeowner, you may have faced some of the decisions common to homeownership. Occasionally, there could be something new that you haven't had to deal with in the past. This is where having resource you can rely on becomes valuable.
During the buying or selling process, it is natural to turn to your agent for information and … (1 comments)
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aurora: Assumptions Make Sense Again
- 02/28/22 06:25 PM
Existing FHA and VA mortgages are assumable at the note rate to owner-occupied buyers who qualify. This can be an alternative to paying higher, current rates and benefit buyers with lower closing costs while saving money on the payment.
For the last 20 years, rates have been steadily coming down and there was no reason to qualify for the assumption when a new loan had a lower interest rate.
Assuming an FHA or VA loan with a lower interest rate will obviously mean lower payments but it will also build equity faster because the amortization schedule is advanced from a new … (2 comments)
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aurora: Paying Points to Lower the Rate
- 02/02/22 04:15 PM
Two commonly known ways to lower your mortgage payments are to make a larger down payment especially if it eliminates private mortgage insurance and improve your credit score before applying for a mortgage.
Another way to lower your payment would be to buy down the interest rate for the life of the mortgage with discount points. A discount point is one percent of the mortgage borrowed. Lenders collect this fee up-front to increase the yield on the note in exchange for a lower interest rate.
A permanent buy down on a fixed-rate mortgage is available to borrowers who are willing to pay … (0 comments)
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aurora: Alternative Investments
- 09/28/20 07:08 PM
In a recent article, The Wall Street Journal reported that investors have rarely been this flush with cash. The economic uncertainty due to the pandemic and the volatility of the stock market has caused assets in money-market funds to increase to approximately $4.6 trillion, the highest level on record according to Refinitv Lipper.
The question becomes should an investor be "out of the market" until things settle down or should they seek to find alternative investments to produce satisfactory results. Even in the middle of this uncertainty, residential rental property has been a stable performer.
Rents are continuing to increase along with … (0 comments)
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aurora: Not Available for Every Buyer
- 03/09/17 05:01 PM
Lenders regularly publish mortgage rates but they may not be available for all buyers.
Imagine that the mortgage payment based on an advertised rate influenced a buyer to make an offer on a home. After negotiating a binding contract, this buyer makes a loan application and finds out that for any number of possible reasons, that rate isn’t available.
Even if the person does financially qualify for a loan at a higher interest rate, it will not be the payment that the buyer expected when the contract was negotiated.
Lenders evaluate several factors such as the borrower’s credit score, debt-to-income and loan-to-value ratios. These … (2 comments)
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aurora: 13,918 Houses Sold Yesterday!
- 07/29/13 11:53 AM
13,918 Houses Sold Yesterday! - 7/29/2013
There are many naysayers declaring that the housing market is still challenged. Young adults are burdened with too much student debt. Interest rate increases are killing demand. Homeownership is no longer seen as part of the American Dream.
We just want to let these naysayers know three things: 13,918 houses sold yesterday, 13,918 will sell today and 13,918 will sell tomorrow. 13,918!
That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales had increased 15.2% over the … (2 comments)
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aurora: House Sale Price: List It Right from the Beginning
- 06/28/13 07:56 AM
House Sale Price: List It Right from the Beginning
With house prices increasing across the country, sellers may think they can list their homes at a higher price and adjust if necessary. That may not be a good strategy. This is a post we ran last year by Ken H. Johnson, Ph.D. — Florida International University (FIU) and Editor of the Journal of Housing Research. To view other research from FIU, visit http://realestate.fiu.edu/. - The KCM Crew
The Research Are there any negative effects from changing the listing price of a property? This question haunts Brokers/Agents as well as sellers of property … (0 comments)
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aurora: Market Analysis for Piney Creek Aurora, Co.
- 02/23/12 10:13 AM
Real Estate Market Analysis for Piney Creek Homes in Aurora, co
This is a monthly real estate market analysis for Piney Creek homes in Aurora, Co
for the month of January 2012. If you are looking to purchase a home in Piney Creek the real estate market analysis can be a useful tool. The report will help you determine how many listings are in Piney Creek, how many homes sold in the last month, the average price of a home in Piney Creek and many other important market factors regarding homes in Piney Creek.
The monthly Piney Creek real … (2 comments)
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aurora: Aurora, Co 9th Safest Place to Live in the U.S.
- 01/12/12 04:50 PM
A study conducted by Forbes Magazine of 72 cities with populations over 250,000,Aurora, Co came in 9th place as the safest place to live. In 2009 Aurora was voted the best “ All American City”These studies were conducted from reports from the FBI and only cities that submitted complete reports were studied.The formula used is as follows:Violent crimesNumber of murdersForcible rapesRobberiesAggravated assaultsAurora car fatality’s came in number 18Violent crimes came in number 12Aurora Police said there have been 38.9% decline in homicides as of the 3rd quarter of 2011.
Aurora is seeing a decline in sexual assaults, burglaries and motor vehicle … (4 comments)
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aurora: Aurora House Insurance Policies
- 11/02/11 07:43 AM
Aurora House Insurance Policies
Before you even think about investing in a home, you must first investigate Aurora house insurance policies. Understanding home insurance will guide your decision on where to build or purchase a home.
A Aurora house insurance policy is there to protect you when you face certain circumstances like theft, fire or damage to your property. In case of such emergencies, you will be compensated if your property is covered.
Different insurance companies have different types of policies and the cost of home insurance is pegged on certain factors. These factors influence the cost of insurance … (0 comments)
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aurora: How To Help Your Agent Sell Your Home
- 09/01/11 07:48 PM
Aurora Homes For Sale - How To Help Your Agent Sell Your HomeThere are a lot of Aurora homes for sale right now and you have hired an agent to get it sold fast. This is your first step when you are putting your house on the market. While your real estate agent is going to handle most of these things for you, there are some things that you can do as well to help speed up the whole process.AdvertisingYour agent is going to list your house on the MLS ® along with other Aurora homes for sale. He is also … (2 comments)
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aurora: How to Keep Your Lawn Its Greenest For A Quick Aurora, Co House Sale
- 08/16/11 06:33 PM
When looking for a quick Aurora, Co house sale you need to know what people are looking for. One of the things that buyers do want is a lush green lawn.
Why You Should Have A Green Lawn
One of the first things potential buyers will see is your front lawn. Having it as green as possible will help to create a positive impression to the people that are viewing your home. You will need to use special techniques to achieve the “perfect” lawn.
Weeds
Weeds are an eyesore and will stand out as … (0 comments)
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aurora: Avoid Moving Nightmares in Aurora
- 07/25/11 12:37 PM
Avoiding Moving Nightmares in AuroraWe have all heard about moving nightmares in Aurora and if you have recently sold your house and are ready to make a move you'll want to avoid them. Here are some suggestions to help you avoid these types of moving nightmares so that they don't happen to you.1. Plan aheadOne of the most common problems that people have is to deal with is hiring a moving company at the last minute because they have put it off. As soon as you know the date of your move you should book the company right away. This gives … (0 comments)
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aurora: It's Summer..No wait It's fall ..Oops back to Summer
- 06/20/11 04:32 PM
What is going on with this Colorado weather?While out showing houses all day with an out of town buyer we started out cold with jackets on. After viewing the first property we came out to rain and wind.
Do I get my umbrella for the next showing? Who knows.So on to the next property and running in the rain to get shelter. We come out and now it's sunny and warm enough to turn on the air conditioning in the car.And the next property greeted us with big rain drops mixed with a little hail. I am trying to … (2 comments)
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aurora: Viewing Real Estate with Google Earth and Google Maps..What Fun
- 06/20/11 03:21 PM
Viewing Real Estate With Google Maps And Google Earth There are a few really neat features that you can use on the Internet to view real estate properties as they appear on the street and in the neighborhood. Sometimes you'll be able to use Google maps to see a picture of the home and the other houses in the neighborhood and other times you may have to use Google Earth to see it.
Google maps If you type in "Google Maps" in your search engine, you'll be brought to the Google Maps application. You'll need to type in the address … (4 comments)
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Are you one of the many would-be homebuyers holding off on purchasing a home, hoping for a favorable shift in the market? With insurance, property taxes, and maintenance costs on the rise, it's understandable why some are hesitant to take the plunge. However, the reality is that these factors affecting affordability are compounded by the continuing increase in home values. The dilemma is clear: should you wait for conditions to improve, or should you act now?
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