home buying aurora co: What's the Difference in Pre-Qualification and Pre-Approval? - 11/12/19 06:37 PM
    What's the Difference in Pre-Qualification and Pre-Approval?11/13/2019 Before looking for a home, you need to know how much you can afford. While you may have a number in your head, the lender has the final say. Securing a pre-approval from a lender helps make the home buying process easier and helps to avoid delays.
Many buyers confuse the terms pre-qualification and pre-approval. They mean two different things. In simple terms, a pre-qualification is an estimate of what you can afford. A pre-approval is a conditional approval based on the proof you provide.
The pre-qualification is a preliminary step some borrowers … (0 comments)

home buying aurora co: Determining Property Type - 08/06/19 07:42 AM
  The Internal Revenue Service considers four different types of real estate.  Specific types of properties have benefits based on their classification.  The determination does not depend on the property itself as much as it depends on how the property is used and what the owner's intentions are.
Principal Residence ... a principal residence is the place a person lives or expects to return if they are temporarily away from it.  It could be a single family, detached home or condominium or a duplex, tri-plex or four-unit.  The owner(s) can deduct the qualified mortgage interest and property taxes on the schedule A … (3 comments)

home buying aurora co: Do You Know the Why? - 11/20/18 07:31 PM
11/21/2018 It may be natural for first-time buyers to be unsure of the process of buying a home because they haven't been through it before but even repeat buyers need to know changes that have taken place since the financial housing crisis.
The steps in the home buying process are predictable and generally follow the same pattern.  It certainly makes the move stay on schedule when you know all the different things that must be done to get to the closing.
In the initial interview with your real estate professional, you share the things you want and need in a home, discuss … (2 comments)

home buying aurora co: What a Difference 50 years Makes - 12/21/16 10:14 PM
In 1966, a gallon of gas was $0.32 and today, it is $2.49. A dozen eggs were $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs $3.98. You could send a letter for five cents and now, it costs forty-seven cents.
The average cost of a new car in 1966 was $3,500 and today, it will cost $33,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home was $21,700 and now, is $304,500.
Interestingly, mortgage rates are actually lower today at … (4 comments)

home buying aurora co: 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)

home buying aurora co: Where are the Sellers? - 06/18/15 12:57 PM
 
Low inventories resulting in multiple offers are contributing to what experienced agents are calling the most challenging market they’ve ever worked. While buyers with resources may find the market difficult, purchasers with minimum cash and credit are struggling to find and get into a home.
First-time buyers feel the impetus to purchase because they’re renting and are concerned about being priced out of the market with rapidly appreciating prices and rising interest rates.
Sellers may not feel the same urgency because they already own a home. While they might find it appealing to change homes, they may not feel a pressing motivation causing … (1 comments)

home buying aurora co: 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)

home buying aurora co: Home is Worth the Sacrifice - 03/04/15 02:55 PM
 
There are many reasons people want a home with the most frequent responses being a place of their own, to raise their family, share with their friends and feel safe and secure.  These are all strong motivations fueling the American Dream of owning your own home.
The motivation is so dominant that buyers are willing to make sacrifices to have their dream come true.  According to the 2014 National Association of REALTORS® Home Buyers and Sellers Survey, 72% of first-time buyers cut spending on luxury or non-essential items.  They also cut spending on entertainment, clothes and even cancelled vacation plans.
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home buying aurora co: Homeownership Rules - 08/16/12 02:47 PM
Homeownership RulesMost people agree that homeownership rules! When asked, people say they want a home they can call their own, to raise their family, share with their friends and to feel safe and secure. It also accounts for the majority of most people's net worth.
These rules can help protect your investment and make homeownership more enjoyable.1.  Don't overpay for your home2.  Maintain your home's condition3.  Minimize your assessed value to lower property taxes4.  Make extra principal contributions to save interest and build equity5.  Validate the insured value of improvements and contents6.  Stay current on surrounding property values7.  Make mortgage interest … (1 comments)

home buying aurora co: If I'd Only Bought........ - 07/23/12 05:10 PM
If I'd Only Bought... We've probably all said or at least thought "if I knew then, what I know now, I would have done things differently." We should have stayed in school longer. We should have listened to our parents. We should have bought Apple stock in 2002 for $8.50 or gold in 2000 for $300.Years from now, if we look back at 2012, it may be clear that this was the best buyer's market ever.
The prices are down nationwide 35-40% from four years ago, mortgage rates have never been this low and rents are rising. Few homes have … (1 comments)

home buying aurora co: If Women Are From Venus and Men from Mars What on Earth Happens When They're Buying a Home? - 12/22/11 10:48 AM
If Women Are From Venus and Men From Mars What on Earth Happens When They're Buying a Home?
While it doesn't take a rocket scientist to figure out that men and women have different approaches to nearly every situation, what's interesting to see is where the differences lie, and how it affects their decisions when buying a home.A 2007 Royal LePage survey found that 30 percent of single women already owned their own home. With the demographics of homebuyers changing, a prominent real estate company recently decided to commission a survey in 2009 to discover to what extent men and women … (2 comments)

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

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