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New Refi Loan Option Coming This Summer
At the end of April FHFA, the overseer of Fannie and Freddie announced a new refinance loan option titled RefiNow. This new option is for borrowers with income less than 80% of the area’s median income or $64k here in Metro Denver. Second, borrowers also must have a LTV less than 97%, a 620 Fico,…
What Appraisers Are Doing to Help Us
Housing Wire ran a story last week on a Denver home that was listed for $370k, had 202 showings and received 56 offers. The home sold for $477k or $107k above the list price. The house appraised for $431k according to the appraiser who completed the report and was interviewed by Housing Wire. That appraiser…
The Apartment Vacancy Rate Drops
The Denver Metro Apartment Vacancy and Rent Report was released at the end of April and here are the highlights- · The vacancy rate in the first quarter was 5.5% down, from 5.8% in the 4th quarter, and down from 5.9% in the first quarter of last year. · Average apartment rent in the first…
A Metro District Reform Bill
Senate Bill 21-262 would reform Metro Districts in our state including requiring greater transparency. Here is what this bill as proposed would do- · Section 1 requires better publication of upcoming elections. But, the Metro District Board only needs to disclose by way of 2 of the 5 methods-publication in a local newspaper and posting…
What Will Our Market Look Like This Summer?
This article appeared on 5280 Magazine’s website this past Thursday as I was quoted in this article. Here are a few highlights from this story- · Realtors expect our market to remain in overdrive this summer. Why? According to a recent Zillow national market pulse report which revealed that “More Americans say they intend to…
5 Reasons Why There Is No Housing Bubble
4 million people turning 33 every year as I showed you last week. 33 is the average age when someone buys their first home. · Incredibly low mortgage rates is spurring demand. · Buyers winning their Bidding Wars are putting large amounts of money down, often have great credit and high incomes. Thus, they face…
A Huge Award For Me
I am very proud to announce that I made The Scotsman Guide’s list of the Top 1% of Loan Originators in the country for the first-time. I had missed this list twice before in 2015 and 2016 by 1 loan each year, which really frustrated me. Thank you so much for your trust and confidence…
Adding Fuel to the Fire
President Biden has called for a $15k FTHB tax credit and 2 members of Congress have created the “First-Time Homebuyer Act.” This bill provides a tax credit for FTHB’s, those who haven’t owned a home for 3 years. This tax credit would be for up to 10% of the purchase price or $15k. Other requirements…
Property Taxes Will Increase Next Year
Colorado homeowners have just received their latest Assessed Value report by their local county assessor. This reported is based on the difference in property values from June 30th 2018 to June 30th, 2020. Boulder County homeowners are seeing the biggest value increases at 11%, Jefferson County at 10%, Adams and Douglas Counties at 8%, Arapahoe,…
Great National Housing Data
· New single-family home sales soared 20.7% in March to a 1.021 million annual rate. Sales which are reported when contracts are signed are up 66.8% from a year ago. · The months’ supply of new homes fell to 3.6 in March from 4.4 in February. The median price of new homes sold was $330,800…
Rental Refinance Rates are Soaring
Refinance rates on rental properties have increased substantially thanks to FHFA and the Treasury and the number of lenders even offering refinances on rental properties has dropped substantially to just 4 lenders and us selling directly to Fannie or Freddie. Normally, we have over 20 choices, not anymore. Besides the 50 bp fee added last…
Will the 1970’s Return?
No, I am not talking John Travolta, ABBA, or the Bee Gees. I am talking about inflation and what former NY Fed William Dudley said when he was recently interviewed by Bloomberg’s Tom Keene and Jon Ferro. Here are some insights from the interview- · The current Fed will be much slower to tighten than…
