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6 Graphs Showing the Strength of the Current Housing Market

Some Highlights:

  • Keeping an eye on the current status of the housing market is one of the best ways to make powerful and confident decisions when buying or selling a home.
  • Mortgage rates remaining near historic lows and houses selling in an average of only 29 days are just two key elements driving the strength of today’s market.
  • With the national data shown here, make sure to also determine what’s happening in your local market so you are fully informed when you’re ready to make your next move.
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Things to Avoid After Applying for a Mortgage

Congratulations! You’ve found a home to buy and have applied for a mortgage! You’re undoubtedly excited about the opportunity to decorate your new home, but before you make any large purchases, move your money around, or make any big-time life changes, consult your loan officer – someone who will be able to tell you how your decisions will impact your home loan.

Below is a list of Things You Shouldn’t Do After Applying for a Mortgage. Some may seem obvious, but some may not.

1. Don’t Change Jobs or the Way You Are Paid at Your Job. Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t Deposit Cash into Your Bank Accounts. Lenders need to source your money, and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t Make Any Large Purchases Like a New Car or Furniture for Your New Home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios…higher ratios make for riskier loans…and sometimes qualified borrowers no longer qualify.

4. Don’t Co-Sign Other Loans for Anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payments against you.

5. Don’t Change Bank Accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer any money, talk to your loan officer.

6. Don’t Apply for New Credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t Close Any Credit Accounts. Many clients erroneously believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants in your score.

Bottom Line

Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

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The Role Access Plays in Getting Your House Sold

So, you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and you’ve been asked what level of access you want to provide to potential buyers.

There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing, and Price. There are many levels of access you can provide to your agent to be able to show your home.

Here are five levels of access you can provide to a buyer, each with a brief description:

  • Lockbox on the Door – This allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience.
  • Providing a Key to the Home – Although the buyer’s agent may need to stop by an office to pick up the key, there is little delay in being able to show the home.
  • Open Access with a Phone Call – The seller allows showing with just a phone call’s notice.
  • By Appointment Only – Example: 48-hour notice. Many buyers who are relocating for a new career or promotion start working in that area prior to purchasing their home. They often like to take advantage of free time during business hours (such as their lunch break) to view potential homes. Because of this, they may not be able to plan their availability far in advance or may be unable to wait 48 hours to see the house.
  • Limited Access – Example: the home is only available for a couple of hours a day. This is the most difficult way to be able to show your house to potential buyers.

In a competitive marketplace, access can make or break your ability to get the price you are looking for, or even sell your house at all.

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Stunning Property Loaded with Upgrades

SOLD

2933 Del Mar– Check out the loaded home boasting remodeled bathrooms, new furnace, water heater, and electrical panel! Main level living with hardwood floors throughout including main level to include the master and second bedroom. Enjoy the updated kitchen with new maple cabinets, new counter tops and walkout access to the back patio. Bright and open basement has tons of flexible space with a great room and two additional bedrooms. Huge backyard, mountain views, storage shed and more. See it today!!!

Conveniently located for work or recreation close to HWY-24 providing easy access to the mountains, as well as I25 and with it Denver and Pueblo. Enjoy the great Colorado outdoors with lots of local parks and golf courses. Close to downtown with a variety of restaurants and entertainment.

http://719-539-1000https://www.buywithbrandon.com/property-details/2933-DEL-MAR-CIRCLE-COLORADO-SPRINGS-CO-80910/6335309/68/

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Home Updates To Make Every 10 Years

Owning a home is a big investment and staying up to date on your home’s maintenance is vital. The Platinum Group, REALTORS knows that no matter how much you love and care for your home, things are bound to become outdated and will need repairs or fixing – especially when you hit the ten-year mark. In order to keep your house in the best condition, the best real estate agents in Colorado Springs have listed some updates you should consider making every ten years. If you keep up with your homes updates and maintenance, it will give you an upper hand if you ever decide to sell your home.

Replace Hot Water Tank

A water heater may not show any symptoms before it starts to leak or before it stops working, so it’s important to keep track of how old your water heater is. If the manufacturer date isn’t shown, then you may find it embedded in the serial number. A water heater that has been in use for about ten years should be replaced.

Get New Carpet

The average medium-grade carpet only has a life expectancy of about ten years. That number, of course, depends on many factors including high traffic areas and pets. Your carpet may last longer, or it may need replacing sooner than ten years. Signs that your carpet needs to be replaced includes rips and tears, stains, and odors that won’t go away no matter how many times you clean it. Even if your carpet doesn’t have any of these signs, it may just look old and worn out after a certain amount of time. Updating your flooring can never hurt.

Buy A New Dishwasher

Your dishwasher is similar to your water heater. It’s a good idea to replace your dishwasher after about ten years. Upgrading to a newer energy efficient dishwasher will help save money and will pay for itself over time. You should replace your dishwasher sooner if your dishes aren’t getting clean, buttons on the control board are not responding, or there are cracks in the tub.

Replace Washer and Dryer

The common washer and dryer have an average lifespan of about 8 years. If either appliance is older than 8 years and is still functioning properly, you should consider yourself fortunate. You should think about replacing your washer and dryer to prevent any leaks or malfunctions.

Repaint Inside and Outside

There is no exact science as to when you should repaint your home. It all depends on your home’s paint color, where you live, and what kind of weather you experience. If you live somewhere that is humid and gets a lot of rain or snow, then you’ll need to repaint more often than if you live in an area with no weather. Some people will repaint areas inside the house that are used more frequently every 3-5 years to keep it fresh. But if you haven’t painted in a few years, now is the time to do it.

Re-Caulk Showers, Bathtubs and Sinks

Re-caulking really gives you the most bang for your buck. Whether it hasn’t been high on your priority list, or you recently bought a ten-year-old home, you should go ahead and re-caulk the shower, tubs, and sinks. This is something you can do yourself and it has a significant impact on those areas.

Purchasing a home is a big investment and the best real estate agents in Colorado Springs want to make sure that your investment is protected. Whether you’ve been in your house for ten years, or you are considering purchasing a house that is more than ten years old, you should consider making these improvements and staying on top of any maintenance. If you’re looking to buy a new home or even sell your current home, let us know how we can help!