As we enter the new year, folks thinking about buying or selling start to get more serious. There are a few common “myths” that both Buyers and Sellers have when purchasing or selling a home. The six highlighted in the article are only a few, but probably the most common. Call me if I can assist you with either the sale or purchase of a home.
~ Andria Allen, 303.810.8375
6 Buying, Selling Myths Your Clients Believe
Source: REALTOR® Magazine
Home buyers and sellers may have false assumptions about the real estate transaction process, believing in myths that could rob them of a purchase opportunity or keep them from selling for more money. Leaders of the Orlando Regional REALTOR® Association culled the top myths consumers fall for...Read More
We all know the local real estate market has appreciated A LOT over the last 2-3 years. Home appreciation goes a long ways to increasing our equity in the home. Another way to increase equity is to pay down the mortgage. In the past, during the economic downturn, millions were plagued with homes that were not worth what they paid for them. My husband and I were one of those with a rental property in Arizona. The rent did not cover the mortgage, even with a substantial down payment. That negative cash flow each month is not what we intended with an investment property. So, I said, “Let’s sell it”. Wrong. The home’s market value was $60,000 less than we had paid for it. So, we had to find a way to cover this difference between the mortgage and the rent received each month until the home either appreciated enough and we could sell it, or we could raise the rent enough to cover the mortgage. I know many people found themselves in the same situation with investment properties and primary residences. Fortunately for us, the home has now appreciated to much more than we paid for it. And, we were in a position to be able to handle the negative cash flow at the time.
It’s good news (see below) that this trend has begun to correct itself. Of course, in areas of economic growth, this is more likely to be the case.
I’m happy to say, living in Boulder County, that our primary residence has appreciated quite a bit. However, I’m also happy to say, we just paid off the mortgage!! Yeah! This feels like true financial freedom. The extra cash flow each month will be used wisely to expand our retirement portfolio. Paying off a home is a huge milestone for all homeowners.
Call me if you are interested in the market value of your home.
More Properties Are Equity-Rich Than Ever Before
The number of American properties that are equity-rich has reached an-all time high of 14.5 million, or according to new third quarter 2018 data from property data tracking firm Attom Data Solutions.
An equity-rich property is defined as one where the combined estimated amount of loans secured is 50 percent or less of the property’s market worth…Read More
Hmmm, no garage? I see so many folks who do have a garage and don’t put their car inside as they have other toys and stuff stored there. I know we can expect a lot of changes in transportation options now and in the near future. But, I still like my garage, even if it isn’t for my car. What do you think?
The technology to power driverless vehicles is already here, and greater tests of autonomous vehicles are already hitting the roadways. And as autonomous vehicles are spread around and the popularity of car-share programs rise, housing analysts are already calling on the death of the garage in residential homes…Read More
I thought you might enjoy a variety of articles for this post, so check out the links below.
Isn’t fall the greatest time of year in Colorado? Whether you’re outside taking in the sights or…Read More
We are excited to announce that WK Real Estate has been awarded “Best Real Estate Company” and…Read More
Today’s housing market is vastly different than the bubble market of 12 years ago. Here are four key differences…Read More
If you’re selling your home, here are some ways to make a great first impression…Read More
I’ve spoken with many people who ask, “Do you think we are nearing another real estate bubble?” Well, if I knew, I’d sure be rich. I think the article below from Inman News may be helpful for those asking this question. I do see a “softening” of the local real estate market in some types of properties, price ranges and location. This does not mean a bubble. It means that the property may have sold last year for the initial asking price this year or may have sold within a matter of days to weeks. Now, I’m seeing some price reductions and a longer time on market before a contract is accepted. Again, this is very localized. If you are wondering about your home or property value, please give me a call. I’ll be happy to provide a current market analysis with no obligation.
~Andria Allen, 303.810.8375
Sellers Still Rule — For 2 Years, Says Zillow
Source: Inman News
It won’t be a buyer’s market until 2020, but home price growth has slowed in more than half of the nation’s largest metros, according to the study.
The industry may not see a buyer’s market until at least 2020, according to a majority of real estate economists surveyed by Zillow and Pulsenomics LLC. In the real estate technology company’s latest “2018 Q3 Zillow Home Price Expectations Survey,” more than 75 percent of approximately 100 economists surveyed predicted the market won’t favor buyers until 2020 at the earliest…Read More