aurora realtor: Waiting Will Cost More - 06/22/18 05:31 PM

An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”
Just because interest rates have been low for ten years doesn’t mean they are supposed to be low. The Federal Reserve has raised interest rates twice this year and are expected to go up twice more plus three times next year.  Mortgage rates have risen from 3.95% to 4.62% since the first of January.
Increased rates directly affect the payments on homes but so does the price. With inventory levels remaining low, the prices will continue to go up. … (3 comments)

aurora realtor: Home Safe Home - 08/01/17 05:15 PM
 
Home is a place you should feel safe and secure. Sometimes, we take it for granted and unfortunately, we do need to remain vigilant about things we do that could compromise our safety. Here are a few tips to consider:
Everyone loves an inviting home including burglars. Make sure it looks occupied and is difficult to break in. Always lock outside doors and windows even if you’re only gone for a brief time. Lock gates and fences. Leave lights on when you leave; consider timers to automatically control the lights. Keep your garage door closed even when you’re home; don’t tempt … (0 comments)

aurora realtor: What Can You Expect? - 07/03/17 07:22 PM
 
Businesses must treat customers fairly if they expect to do business with them again or get recommendations to their friends. Customers of stores like Nordstrom’s understand that a salesperson is an employee and represents the company.
The line becomes less clear in some industries, especially ones that involve real estate. Agency is a legal relationship authorizing a person to act for or in the place of another. It involves responsibilities that exceed treating a person fairly.
The duties a buyer or seller can expect to receive from a real estate salesperson or broker include but are not limited to honesty, accountability, full disclosure, … (0 comments)

aurora realtor: Reasons to Refinance - 05/10/17 02:38 PM
Regardless of the reason to refinance a home, the basic question to ask is: “Do you plan to live in the home long enough to recapture the cost of refinancing?” There are always expenses involved in refinancing which can be paid in cash or rolled into the new mortgage.
From a strictly financial standpoint, the break-even point is achieved when the cost of refinancing has been recaptured by the monthly savings. It would take approximately 23 months to recapture $4,000 of refinance costs with a lower payment of $175 a month.
Lower the rate Shorten the term so that the loan will … (2 comments)

aurora realtor: Ready for Retirement? - 08/17/16 11:08 AM
 
It’s surprising to realize that most people spend more time planning their next vacation or cell phone purchase than they do on their own retirement. Let’s look at a hypothetical situation where you have $35,000 to invest for your retirement in 15 years. Have you compared where you might have the best opportunity?
The safest place to put it might be a certificate of deposit because it’s insured but unfortunately, rates would be less than 2%. The value would grow to $47,233.26 at the end of the 15 year holding period.
Investing in a mutual fund has more risk but also a greater … (0 comments)

aurora realtor: Increase Your Marketability - 06/13/16 01:56 PM
 
The seller has three tools available to affect the marketability of their home: price, condition and terms. Price is the easiest to adjust for the competing properties, amount of inventory or market conditions. However, lowering the price is not necessarily the best decision when trying to maximize the proceeds of sale.
If a home is in poor or outdated condition, updating can be done to make it show favorably with other homes that are currently on the market. Sometimes, sellers rationalize not doing the work by saying they believe the buyers would rather make their own choices. The truth is that most … (1 comments)

aurora realtor: Thinking About How to Make Your Offer Stand Out? - 06/05/15 03:56 AM
If a seller was looking at two offers for exactly the same price on their home, there would still be things that could make one standout more than the other. If there happens to be more than two offers, things can really get sticky for a buyer. For that reason, it is good to craft the most attractive offer possible because even if you don’t have competition now, another offer could come in during negotiations and derail all your efforts to that point.
Anything that can give the seller the peace of mind that one contract will close on time and as … (3 comments)

aurora realtor: Fifteen Will Get You Three - 08/01/14 07:40 PM
  Fifteen Will Get You Three   Freddie Mac chief economist, Frank Nothaft, says that affordability, stability and flexibility are the three reasons homebuyers overwhelmingly choose a 30 year term.  However, for those who can afford a higher payment, there are three additional reasons to choose a 15 year term: save interest, build equity and retire the debt sooner.
First-time buyers have a higher tendency to use a minimum down payment and are very concerned with affordable payments.  It is understandable that the majority of these buyers select 30 year, fixed-rate mortgages.
Consider a $200,000 mortgage at 30 year and 15 year terms … (2 comments)

aurora realtor: Every Renter Should Know - 08/01/14 07:20 PM
  Every Renter Should Know   The first home purchase can be the culmination of years of planning and consideration. Buyers typically look for 12 weeks and use a variety of information sources for research before purchasing. However, many renters are not near as thorough in their study.
Like any other commitment a person makes, careful consideration and understanding is required. There are things that every renter should know before they rent a home or apartment.
A lease is a binding, legal document. Understand the lease before signing and ask questions. Get the complete agreement in writing instead of verbal statements. Tenants … (0 comments)

aurora realtor: Indecision Costs By Making the Wrong Decision - 08/01/14 11:42 AM
 
Indecision Costs - 7/21/2014 
More money has been lost to indecision than was ever lost to making the wrong decision.  The economy and the housing market have caused some people to take a “wait and see” position that could cost them in lost opportunities as well as almost certain higher costs in the future.
To illustrate what the opportunity cost might be, let’s compare what the value of the down payment two years from now would be if it was invested in a certificate of deposit, the stock market or used to purchase a home today.
A 3.5% down payment on a … (1 comments)

aurora realtor: The Reason They're Called Benefits - 08/01/14 10:58 AM
  The Reason They're Called Benefits   The Veterans Administration guarantees home loans for eligible veterans.  It is considered an attractive loan because the veteran can purchase the home with no down payment up to specific loan limits and no mortgage insurance. This makes the monthly payment considerably lower.
Let’s assume a buyer wants to purchase a $200,000 home and can get a 4.5% interest mortgage for 30 years.
A FHA loan would require a $7,000 down payment plus $3,377.50 in up-front MIP which can be rolled into the mortgage. The monthly mortgage insurance premium would be $221 per month for a … (0 comments)

aurora realtor: What Makes a Seller's Market - 06/29/14 02:23 AM
What Makes a Seller's Market?
 
It is generally considered a seller’s market when the conditions favor the seller.  This condition exists when demand is high and supply is low without any significant adverse economic conditions taking place.
Demand is determined by ready, willing and able buyers.  Low interest rates with indications that they will begin to rise fuels part of this demand. Rising prices also creates a sense of urgency to avoid higher housing costs.
Inventory is currently below what is considered balanced in most areas. In some areas and price ranges, homes are selling very quickly, with multiple offers … (1 comments)

aurora realtor: Showing Consideration Could Be the Key to Your New Home - 05/05/14 02:40 PM
  Consideration could be the key to your new home   Consideration associated with a contract is generally thought to be the price and terms but being sympathetic and courteous towards the seller could make a difference in getting the home you want.
Business people, like store owners, expect to deal with customers and even come to expect behavior that might not be accepted in a purely social atmosphere. Homeowners, on the other hand, may not be aware of what to expect.  They are opening the sanctity of their home to the public for review and criticism.  Buyers may be detached from … (3 comments)

aurora realtor: Moving Soon? Questions for Your Moving Company - 01/21/14 07:26 AM
Interviewing a Mover -  
Following are some question to ask the moving company before signing on the dotted line:
Fees
What is the charge for packing? Does it include boxes? If not, what do they cost and will you deliver them? Is there an additional charge to deliver some items to a storage unit? Insurance
How is a damage claim handled?  What insurance do you provide and is there a cost?  Does the insurance cover items packed by the owner?  Can additional insurance be purchased?  If items are covered by my Homeowner’s insurance, whose insurance pays first? Unusual Items 
Can you ship … (2 comments)

aurora realtor: It's Winter Motivated Sellers, Better Prices and Less Competition - 12/08/13 03:15 PM
Motivated Sellers, Better Prices and Less Competition - 12/2/2013 
The Winter Home Buyer Report conducted in the second week of November by REALTOR.com® revealed the sentiments of current home buyers expecting to buy a house during the winter months.  It appears that there is pent-up demand with buyers who were unable to purchase a home recently.
Most cited as an impediment to purchase was the challenge of low inventory.  Strong demand coupled with short supply explains why home prices have been increasing.
"This summer and spring home buying season was particularly challenging for buyers, especially first-time home buyers trying to compete with all-cash offers … (0 comments)

aurora realtor: It's Winter Motivated Sellers, Better Prices and Less Competition - 12/08/13 03:13 PM
Motivated Sellers, Better Prices and Less Competition - 12/2/2013 
The Winter Home Buyer Report conducted in the second week of November by REALTOR.com® revealed the sentiments of current home buyers expecting to buy a house during the winter months.  It appears that there is pent-up demand with buyers who were unable to purchase a home recently.
Most cited as an impediment to purchase was the challenge of low inventory.  Strong demand coupled with short supply explains why home prices have been increasing.
"This summer and spring home buying season was particularly challenging for buyers, especially first-time home buyers trying to compete with all-cash offers … (0 comments)

aurora realtor: Pricing Your House to Sell Can Be Tricky - 09/28/13 03:29 PM
Pricing Your House to Sell Can Be Tricky 
 
The housing market is finally recovering. Sales are up and so are prices. That means good news for anyone thinking about selling. However, we must be careful not to fall into the trap of over exuberance. Pricing a house incorrectly when it is first listed for sale can be a huge mistake.
Ken H. Johnson, Ph.D. at Florida International University and Editor of the Journal of Housing Research, referring to previous research by John Knight, revealed:
“Sellers as well as Brokers/Agents should therefore be aware of the critical necessity of getting the price correct from the start. … (2 comments)

aurora realtor: Get Regular Check-ups - 08/13/13 05:07 AM
Get Regular Check-ups
Following his heart surgery last week, after an issue was discovered during his annual physical, President George W. Bush encouraged everyone to get regular check-ups. 
Another important checkup that should be done on a regular basis and can be just as beneficial for your finances is an annual homeowner advisory. Why would you treat your investment in your home with less care than you treat your car or even your HVAC system?
Consider investigating the following:
• Know the value of your home by obtaining a list of comparable sales in your immediate area as well as what is … (0 comments)

aurora realtor: It Can't Hurt to Wait, Can It? - 07/29/13 03:33 AM
It Can't Hurt to Wait, Can It? 
It’s been said that more money has been lost due to indecision than was ever lost because of a bad decision. Regardless of whether you agree with the statement, delaying the decision to buy in today’s market is going to cost the buyer more. 
Home prices have gone up considerably in almost every market in the country in the past year and while inventories are beginning to grow, prices are expected to continue to rise. Mortgage rates jumped 1% from the beginning of May to now. They could easily reach 5% by the end of the year … (0 comments)

aurora realtor: Selling a House: What Does it Take? - 07/21/13 11:44 AM
 
Selling a House: What Does it Take? 
 
The most important need of anyone attempting to sell their house is – TO GET IT SOLD! It is imperative that you, the agent, are very direct in what it takes to get a house sold. Here is a checklist we put together.
ACCESS A seller should be willing to give almost unlimited access to potential purchasers if they are looking to sell. Any restrictions to showing the home will result in fewer buyers which could result in a lower price, a longer time on market or both.
CONDITION Condition goes a long way … (0 comments)

 
Patty Clark, Helping Families Move with Care (Morningside Homes, LLC 720-231-5200) Rainmaker large

Patty Clark

Helping Families Move with Care

Denver, CO

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