whats my home worth: Home selling strategies for downsizing seniors - 05/27/24 01:23 PM
Downsizing can be a significant life transition for any age person, but especially for seniors who may have lived in this last home for some time. Follow these suggestions to make the downsizing process smoother and less stressful.
Start Early: Begin the downsizing process well in advance of your planned move. Give yourself plenty of time to make decisions and avoid feeling rushed. Assess Your Needs: Evaluate your current and future needs in terms of space, accessibility, and location. Consider factors like health, mobility, and proximity to family and healthcare facilities. Create a Plan: Develop a comprehensive downsizing plan that outlines … (2 comments)

whats my home worth: Marketing Job - Transform your home into a showstopper with the power of staging! - 05/16/24 02:30 PM
Imagine looking around your home and wondering how you can make it shine during those crucial showings. The answer is simple: staging! It's a powerful tool that can transform your property and raise its appeal.
Your online listing photos serve as the initial showcase for potential buyers. Staging plays a crucial role in enhancing these images, making them more captivating and inviting. It sets the stage, quite literally, for a positive first impression. When buyers scroll through your listing, professionally staged rooms catch their eye, drawing them into the story your home tells.
Staging isn't just about creating a visually pleasing … (4 comments)

whats my home worth: Smart Home Tech: Is It Real Property or Personal Belongings in a Home Sale? - 04/19/24 08:19 PM
Smart Home Tech: Is It Real Property or Personal Belongings in a Home Sale? Many of today's homeowners have accumulated multiple high-tech "smart" devices to make their home more convenient, economical, and fun to operate.  When they decide to sell the home, they need to make the listing agent completely aware of whether they will be included in the sale of the home. 
Some of these things easily meet the definition of real property because they are permanently installed like thermostats, doorbells, cameras, garage door openers, and pool equipment monitors.  A rule of thumb mentioned frequently is that if it were removed, the … (3 comments)

whats my home worth: House-Hacking your way to multi-unit rentals - 03/12/24 07:01 PM
  House-hacking refers to buying a multifamily property on an owner-occupied mortgage, living in one unit and renting the others.  If you're thinking about becoming a rental mogul, starting early is an advantage.  Not only will you have longer to accumulate a larger portfolio, but you can also increase the leverage on the first owner-occupied acquisitions. 
Leverage is the use of other people's money to finance an investment.  The higher the loan-to-value, the greater the leverage which can increase the yield.  The lower down payment gives the investor more leverage which can increase the return on their investment. 
FHA, VA, Fannie Mae, and Freddie Mac … (1 comments)

whats my home worth: Discover how to make a difference in your neighborhood - 02/11/24 12:50 PM
  Whether you're a seasoned homeowner or just starting this thrilling chapter, every time you turn your key, you're not just entering a house but also embedding yourself in a neighborhood. The heartbeat of a vibrant community doesn't solely rest upon pristine lawns or architectural beauty, but predominantly on its residents — wonderful folks like you! Consider these suggestions to enjoy your new neighborhood and actively contributing to making it a wonderful place to live.
Foster Connection - Begin your journey by fostering connections. Introduce yourself to your neighbors, participate in or organize social events, and involve yourself in local gatherings, HOA, … (6 comments)

whats my home worth: How Home Value Growth Beats Renting - 02/04/24 10:26 AM
  Over the last 60 years, the average sales price of homes has appreciated at a rate of 5.56% annually, according to the Federal Reserve Economic Data. During the same period, rent has increased at a rate of 3.88% annually which presents a compelling argument in favor of homeownership.
When we analyze these figures, it becomes evident that homes have not only appreciated in value at a faster rate than the increase in rental costs, but they have also provided homeowners with a substantial asset that builds equity over time. This discrepancy in growth rates means that, in the long run, homeowners … (5 comments)

whats my home worth: Access "Trapped Equity" without Refinancing - 01/22/24 05:03 PM
  American homeowners have a record amount of equity in their home.  Many of these homeowners would like to cash out part of that equity but don't want to trade an historically low interest rate for one that is as high as it's been in 20 years.
Instead of refinancing their home, an option is to get a fixed-rate second-lien.  This is different than a HELOC, home equity line of credit, which gives you continual access to your equity at a variable rate.  A HELOC has a draw period where you only must pay the interest.
A second mortgage is a loan against the … (2 comments)

whats my home worth: Protect Your Belongings with a Home Inventory - 06/12/23 04:39 PM
  As a homeowner, you've likely invested a significant amount of time and money into furnishing and decorating your home with items that are important to you. Unfortunately, unexpected events like natural disasters or burglaries can result in the loss or damage of these belongings.
That's why it's important to create a home inventory to document everything you own. This can help ensure that you're properly insured and can help speed up the recovery process if the worst were to happen. Here's how to construct a home inventory.
First, gather your supplies. You'll need a camera, a notebook, and a computer … (2 comments)

whats my home worth: When do You Lock Your Mortgage Rate? - 02/20/23 08:38 PM
2/ Locking your interest rate protects you from increases due to market conditions.  Locking early safeguards your budgeted payment.  By locking the rate, if the market goes up, you get the lower rate; if it goes down after the lock, you may be able to pay a fee and lower the rate.
Knowing when to take the lock is determined by which direction you think the market is going.  If you think rates are going up, lock in early.  If you think rates are going down, ride the rate to within a few days of closing.
Some lenders may allow a borrower to lock a … (3 comments)

whats my home worth: Downsizing Options - 12/11/22 11:41 AM
  Opportunities exist for a subset of homeowners, possibly in their 60's to 70's, who want to downsize to smaller homes for convenience, less maintenance, change of lifestyle, or to save money.  These homeowners are more likely to have large equities and will not feel the same constraints that are keeping younger owners in their homes due to the substantial increase in mortgage rates in the past year.
In some cases, there may be enough equity in their relinquished home to pay cash for the replacement.  In other situations, the loan-to-value may be so low that even with higher mortgage rates, it won't … (0 comments)

whats my home worth: Building Your Home Buying Team - 11/20/22 10:52 AM
  There are a lot of professionals involved in the homebuying process.  And when these people can function as a team, the buyer is much more likely to end up where they want to be...in their new home.
The lender is an integral part of the team unless you are going to be paying cash.  Trust is very important when selecting this person because they are going to qualify you for the mortgage you need.  The interest rate and fees should be fair based on your credit, income, and the market. 
You'll want someone who can close at the rate and terms that were quoted.  In a … (3 comments)

whats my home worth: Securing Your Retirement - 11/17/22 10:25 AM
  Social Security was established, on August 14, 1935, to take care of the country's elderly in their retirement years.  Today, about 65 million or 1/6 of Americans collect benefits and the average monthly retirement amount received in January 2022 was $1,614 per month or about $19,370 per year.
This annual Social Security benefits exceed the 2022 Federal poverty level of $13,590 for individuals and $18, 310 for a family of two but from a practical level, it is nowhere near enough to be comfortable in your "Golden Years."
Every adult in the work force, can go to SSA.gov to find out what to … (1 comments)

whats my home worth: Do you feel lucky? Well, do ya?" - 10/17/22 07:40 PM
  You may remember the famous line in the Dirty Harry movie when Clint Eastwood has just had a shootout with bank robbers and is standing in front of the lone surviving thief who is considering going for his gun. Harry with his gun pointed at the bad guy says to him ""Did he fire six shots or only five? Well, to tell you the truth, in all this excitement, I kinda lost track myself. But being this is a 44 Magnum, the most powerful handgun in the world and would blow your head clean off, you've gotta ask yourself one question: Do I feel … (1 comments)

whats my home worth: Helping the Seller See Your FHA/VA Offer More Favorably - 05/29/22 12:25 PM
Helping the Seller See Your FHA/VA Offer More Favorably6/1/2022 With multiple offers the norm on many listings these days, the seller relies on their listing agent to help them determine which one to accept.  In some cases, offers subject to FHA or VA mortgages tend to move to the bottom of the list.
Some sellers consider all cash offers first and then, conventional offers with at least 20% down payments as the next most likely to close.  It may be because of a common misconception that FHA or VA buyers are poor credit risks and have a higher likelihood of not being approved.  Both … (3 comments)

whats my home worth: Coordinating the Sale and Purchase of Your Home - 04/20/22 06:32 PM
  Usually, it is easier to buy a home than to sell a home but that isn't necessarily the case currently. In today's market, it can be scary to sell your home before buying another because you could find yourself without a home.
Most sellers will not accept a contingency on the sale of a buyer's home in today's market.  So, let's look at some of the alternatives that homeowners are using to facilitate the transactions. 
If you have the income, credit, and cash available, the replacement home can be purchased with a new 80-90% loan-to-value mortgage and sell the existing … (3 comments)

whats my home worth: Remodeling as it Relates to Value - 04/11/22 09:09 PM
  While updating and remodeling certainly makes a home more enjoyable and livable, and increases the value, homeowners should not expect to recover 100% of the cost of the remodeling.  Certainly, remodeling and updating makes a home sell faster, some of the expenditures will not return their full cost, although, some do return more than others. 
Exterior home improvement projects rank 11 out of the top 12 for the highest return on investment for homeowners according to Remodeling magazine's 34th annual report.
The top two places included a garage door replacement and manufactured stone veneer which estimated a 94% and 92% cost recovery.  The choice … (5 comments)

whats my home worth: Removing or Adding a Person to a Loan - 10/26/21 05:15 PM
Removing or Adding a Person to a Loan In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan.  Equally as common, first-time buyers who don't have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage.
Another situation that requires removing or adding a person to a loan could be to qualify for a better interest rate.  The difference in a minimally acceptable credit score and something that might be considered "good" could be as much as a 0.5% higher rate for … (3 comments)

whats my home worth: Keep Your Current Home as a Rental - 10/24/21 08:18 PM
  Let's assume that you have owned your home for several years.  It has increased in value and the unpaid balance considerably less than you originally borrowed.  In short, you have equity in the home.  You're thinking about buying another home and one of the questions going through your mind is "should we find a replacement property before we put our home on the market?
It is a good question but maybe there is another one you should be asking.  "Should we keep our current home and convert it to a rental when we buy another home?  The answer to the … (0 comments)

whats my home worth: Rising Rents - Music to Your Ears? - 08/30/21 08:11 PM
Rising Rents - Music to Your Ears?9/1/2021 Rents going up may not be pleasant to hear for tenants, but it could be music to your ears if you are an investor.
The recent CoreLogic Single-Family Rent Index, April 2021, showed a 5.3% increase in national rent year over year which doubled the increase experienced in April 2020.  This is the largest annual rent price increase in nearly 15 years.
Interestingly, detached rentals are experiencing an even higher growth rate of 7.9% year over year compared to the 2.2% annual rate for attached rentals.  This is supported by the CoreLogic report that half of millennials … (4 comments)

whats my home worth: "Mise en Place" for Homebuying - 05/18/21 07:36 PM
  In cooking, "mise en place" describes having all your ingredients measured, cut, peeled, sliced, grated, as well as bowls, utensils and pans ready to use before you begin cooking.  The advantage is to inventory the ingredients and recognize if you have everything you need.  You are less likely to leave out an ingredient or step because it is "set up" and ready to use.
The same technique works well in the homebuying process, especially in today's highly competitive environment where multiple offers are normal and bidding wars are commonplace.
Check your credit ... not only does credit determine if you will get a … (2 comments)

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

Patty Clark

Helping Families Move with Care

Denver, CO

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Morningside Homes, LLC 720-231-5200

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