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How to Help Your Buyers

In the meantime, how can you help your buyers? First, give them more time to close which means more time to receive a better rate. I would put their closing date out 6 weeks right now with Loan Objection Deadline just a couple of days before that. If the sellers are buying a new home…

Mortgage Rates Hit 5% this Week

Mortgage rates this week have been changing every hour! On Tuesday morning they had dropped back down to 3.50% after the Fed’s announcement on Sunday. But, on Wednesday rates ended at 4.25%. On Thursday they hit 5% during the day and ended in the evening at 4.625%. This morning we are at 3.875%. Why? The…

How to Protect Your Clients

According to Dr. Mike Roizen from The Cleveland, Clinic Covid-19 is transmitted by one of three methods. First, is by droplets after someone sneezes or coughs. Second, is by re-circulated air in a building in which there isn’t a system to sterilize the air. Third, he said it can be transmitted by food new studies…

How Will Covid-19 Impact Our Housing Market?

The DBJ ran a great story on this topic on Tuesday. It was reported that “A large volume of deals continued to get done over the weekend, a testament to the sheer demand for homes in Denver.” I had 5 buyers that I know of who were out looking at homes last weekend. The biggest…

Some Good News on Covid-19

I attended a Facebook Video Call yesterday that included Dr. Mike Roizen of The Cleveland Clinic. He is a doctor to many celebrities. He said that every other Coronavirus we have battled has experienced big drops in the number of cases by April 1st of the year in the northern hemisphere. He believes there is…

Under Contracts SOAR

Here are the results for our 7 metro county real estate sales report for January from REColorado. Please know that this report courtesy of SMDRA does NOT include the counties of Boulder, Clear Creek, Gilpin and Park unlike the DMAR report. Buyers and sellers closed on 2,983 properties last month, a 7% increase from last…

What I Learned from Elliot Eisenberg

Elliot spoke last Thursday at SMDRA’s Annual Realtor Appreciation Breakfast and Eliott is one of my favorite national economists. Here is what I learned from him- Manufacturing is currently only 12% of our GDP versus 35% of our GDP over 30 years ago. This is why our economy overall is not in recession even though…

Where Homes Sell for a Premium

Zillow released an intriguing report last week that Aldo Svaldi wrote about in The Denver Post on the percentage of homes that sell for a premium across the country and in metro Denver. Here is what they found- Nationally, in 2019 only 19.9% of homes sold above list price, a 3-year low. The average premium…

Colorado Homes Are 15% More Affordable Now

According to Patti Silverstein, my favorite local economist Colorado ranked #2 in 2019 for wage growth of 4.9%. This puts Colorado median household income at about $75,000 at the end of 2019. Thus, a 4.9% income increase is roughly $300 a month. You couple this fact that mortgage rates are down by 1% from a…

The Power of Money Compounding

I talked to a young couple last week who told me that they wanted to pay down the balance on their mortgage by $100k and then refinance their loan to obtain a lower payment. First, most likely their current loan servicer will allow them to make a principal reduction payment and then re-amortize their loan…

New Home Sales Report

The Denver Business Journal released some key stats from MetroStudy’s 3rd quarter new housing report that I will cover- Builders started 3,437 new homes in the 3rd quarter, up 4% from the 3rd quarter of 2018. From October 1, 2018 through September 30, 2019 builders started 11,538 new homes which is a 11% decline from the previous year.…

Home Inventories Plummet Across Colorado

I read this story in the Denver Post last week about the HUGE declines in homes for sale in many counties across our state according to CAR. Each percentage drop is inventory levels on 12/31/19 versus 12/31/18- Adams County down a whopping 46.9% as there were only 546 properties for sale at the end of…