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Cheaper Mortgage Insurance for Some Buyers
Freddie Mac has rolled out a new mortgage insurance option for us that is paid by Freddie Mac, but with very affordable rates for borrowers with credit scores above 740. For example, with a 740 Fico Score their rates rises just 3/8% and with a 760 Fico their rate may only rise by ¼%. …
Financial News Update
September Producer Price Index rose for the first time in three months up 0.2%. The Core PPI also rose 0.2% month over month. Annually, PPI rose 2.6% from 2.8% in August, while the Core was up 2.5% from 2.3%. The Consumer Price index (CPI) rose 0.1% in September from August while the Core CPI also…
Mortgage Rates May Rise Even More Soon
Last Wednesday’s 10 year Treasury Note Auction did not go well (not enough demand) which caused the stock market to drop nearly 3%. Treasury auction watchers were hopeful beforehand that the higher yields from the previous week would create stronger demand for new debt issues from the Treasury. But, that didn’t happen. Then, the very…
5 Great RE Facts
Lending Tree reported on the median size of homes recently. Metro Denver homes came in 22nd place with a median size of 1,676 square feet. We also have a median home price of $411k which means homes are selling for a whopping $245 a square foot. This sounds about right. Whereas in Dallas homeowners pay…
Great Local Stats
Wallet Hub reported that Denver has the 5th fastest growing economy in the country (for large cities) after Austin, Miami, Seattle, and Charlotte. According to Ladders, a career website, metro Denver has nearly 6,000 open jobs that pay more than $100k. Paychex, the payroll administrator for thousands of small businesses reported that in Metro Denver,…
How to Stretch Your Home Buying Dollars
Realtor.com had a great story on October 10th that I saw on FoxNews. This is a great story to share with your buyers who need to make ever home-buying dollar count as it lists 8 different “valuable” home features that they may or may not need. A huge yard that you will rarely enjoy A…
Showings Plummet in September
I received Your Castle Real Estate’s September Showings Chart which reveals on average how many showings a listing with Your Castle RE receives in a month. 2018 started very strong with the highest amount of showings ever in the months of January and February. Then, showings dropped for 4 consecutive months through June. Still June…
“Price Declines are Coming”
A big story in the Denver Post this past Saturday was this story based on predictions by Location Inc. They are predicting that metro Denver home prices will peak in the first quarter of 2021 and that average home prices will fall on average 10.5% over the next 5 years. Location Inc.’s “Model looks…
Colorado Homes Are Affordable
CoreLogic released their July mortgage delinquency report for the nation and each state. Here are Colorado’s stats— Our 30 day delinquency rate dropped to 1.9% this July from 2.3% last July. Our 90 day+ delinquency rate dropped to 0.5% this July from 0.7% last July. Our foreclosure rate dropped from 0.2% last July to 0.1%…
A Solution to Our Supply Problem
The Denver Post had a great story last week on how modular home factories are expanding in the West and one is now shipping to CO. Adam Berger a local developer is currently building duplexes with 3 beds, 2.5 baths and 1765 square feet for a price of $429k per unit or a price of…
87% Don’t Want to Sell & Move
The latest Zillow Housing Aspirations Report found that 83% of homeowners love their home and 63% of them have no plans on selling their home. And 76% of homeowners would rather spend money remodeling their current home instead of a down payment on a new home. Further, 87% of people who are 55 and older…
Chevys, Buicks, and Cadillacs
I thought of this analogy for our real estate market in September. Home buyers were looking primarily for Chevys and Buicks; but “dealer” inventory consisted primarily of Cadillacs last month. Remember, 70.3% of all completed sales last month were in the $300k-$600k price range (Chevys and Buicks); whereas only 54% of our active listings were…
