"Millennials Are Moving Forward!!"

By
Real Estate Agent with Keller Williams Realty Downtown LLC

 

 

Westminster, CO - In 2018, we have seen in the Denver area, that more Millennials are moving in the direction of HomeOwnership! 

What is really crazy in the Denver Metro area, the 2 income households are "skipping" the typical "Starter Homes', and jumping right into the 2nd market, ie:  $475,000-$600,000" price range;

as reported by a few Title Companies.

One, important reason might be the lack of "resale homes", thus they are directed their attention and resources into the New Home market.

With this being said ... regardless, of what type of First-time home buyer you are, there are still very important elements of home acquistions you need to give consideration to.  Such as, the home inspection (even if new home construction), a 12-15 month Home Warranty program, and the type of financing that will best suit your financial situation.  (We will discuss these items in further blog postings)

For now, I want to address some of the common 14 mistakes Buyers will need to further investigate during the home buying process in order to be successful!

#1. Failing to Budget for a Home Loan

Home ownership is a cheaper alternative to renting in the long run. But in the beginning, it can be much pricier. This is especially true if you intend to get a loan to purchase your dream house. 

If you do acquire a loan, remember that you will be making monthly mortgage payments for a number of years. 

Therefore, it is important to budget for a home loan, beforehand. You need to determine whether your income can accommodate an extra expense or not.

If you are unable to afford making monthly payments on your home loan, it would be a mistake to try to own a house at this time. 

#2. Ignoring Your Credit Score

If you thought that finishing school meant being done with competitive scoring, think again! 

Apparently, your creditworthiness can be summarized in just 3 digits. Those three numerals will draw the line between owning a house and renting one. 

Even if you have an impeccable sense of financial responsibility right now, your credit past can haunt you. 

 Home search and Loan APP

You could have a hard time getting a home loan if your past record shows problems with payments, or if there’s an error in your credit report. 

If you go ahead and apply for a mortgage loan without checking your credit score, you could end up paying a lot more than you expected. 

It’s best to perform a credit check beforehand.  This way, you will be allowed to get loans without being obligated to pay hefty amounts in interest.

#3. Disregarding Housing Marketing Trends

Just like other financial markets, the housing market fluctuates from time to time. Sometimes it favors the buyers, and sometimes it favors the sellers. 

There are a number of factors that affect housing marketing trends. This includes the ratio between supply and demand, interest rates and the overall condition of the economy. 

It’s also imperative that you consider how the housing market changes in your ideal location, as home prices vary from one location to another. 

If you disregard housing marketing trends when hunting for a house for sale, you might end up signing for a deal that favors the seller... (con't reading the rest, here...)

 Home search and Loan APP

Thank you for reading my blog,

For Your Next MOVE... "Take the  HOP to Excellence"

Dan Hopper, Realtor® - Author

Get your FREE book, here:  Real Estate Book

Broker Associate @ Keller Williams Realty - Downtown Denver

"With the help of Dan, our family was able to get our first house here in Colorado. He was very knowledgeable in the field, knew... Read More

— R. Rodrigues

REVIEW DAN'S TESTIMONIALS, HERE!

Please, LIKE my Fan Page at: 

https://www.facebook.com/DenverHomeMarket 

Always use your Personal FB page to LIKE our Business Fan Pages! 

" For your NEXT MOVE ... 'Take the HOP to Excellence"!! 

It is encouraging to see the real estate market change to a "positive equity" market swing, and NOW is the TIME to seize that opportunity to Buy and Sell!! Sellers, we need your home on the market, there are Buyers out there searching for homes, due to the lack of inventory!!

 

PLEASE CONNECT WITH DAN & FOLLOW HIM ON SOCIAL MEDIA, HERE!!

 

Dan Hopper, Realtor®, specializes in residential real estate in the Greater Metro Denver and Front Range areas, assisting the community in buying and selling real estate, Foreclosure avoidance in Denver Short Sales, Arvada, Golden, Denver, Westminster, Arvada, Thornton, Broomfield, and Colorado. Thank you for reading, "Millennials Are Moving Forward!!"

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Colorado Jefferson County Westminster
Tags:
home buying
kellerwilliams
real estate buyers
real estate sellers
firsttimehomebuyers
danhoppercom
millennials moving forward
freebook
searchapp
denverrealestateadvocate
denverrealestate

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
3,831,885
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Hi Dan,  I am finding this is true also, and buying a house with 3-4 bedrooms and planning to live there for quite a few years.

Jul 05, 2018 10:37 AM #1
Rainmaker
1,416,084
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Things are going well in CO if those youngsters can afford brand new homes.  That's encouraging news.

Jul 05, 2018 03:57 PM #2
Rainer
390,503
Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

Some are taking that step, others think they can save up for a down payment ...believe they are not getting the best advice from relatives, lol

Jul 06, 2018 11:19 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
390,503

Dan Hopper

Denver Realtor / Author / Advocate/Short Sale
Contact me, NOW!!
*
*
*
*
Spam prevention

Additional Information