Now that interest rates have risen from the 3.5% range to the 7% range, will home prices decline to balance out the purchasing power? Looking at historical evidence, it shows that sharply rising mortgage rates tend to slow home price appreciation and affect housing market activity. However, nominal price appreciation in most of Colorado remains […]
Finding the Sun: Knowing Where the Sun is Relative to a Home
Where and how much natural sunlight illuminates the home throughout the year affects a variety of factors. (Photo: Pexels). When buying a home, many of our homebuyers will ask, “Where is the sun?” The immediate answer is “look up and see!” However, it is a bit more complicated than that. It’s essential to know where […]
Rising interest rates decrease purchasing power
In general, as interest rates rise, the homebuyer loses about 3% of purchasing power for every .25% in interest rate increase. Today’s market is tough on first time buyers. The inventory of homes and condos purchased by first-time buyers continues to be low, and along with inflation, home prices are being pushed upward in […]
Financing options when interest rates rise
The 30-year mortgage has been the mainstay of American homebuying for decades. The 30-year mortgage came about as a result of the housing crisis of the 1920s. Back then, a typical mortgage was three to five years with a variable rate, and payments only covered the interest. Often, large down payments were required. The most […]
Rising mortgage rates…To lock or not lock? That is the question!
To lock or not to lock, that is the home buyer’s choice. However, buyers need to understand this is a commitment from both the mortgage lender and themselves to close at the agreed upon interest rate. (Photo: Pexels). Over the last several years we have enjoyed record-low mortgage rates with a sense of stability. The most […]
Reasons for the shortage of homes to buy, Part 1
According to Todd Gullette, RE/MAX of Boulder Managing Broker, the start of 2022 showed a continuing record-low number of homes available to buy. In fact, as of March 2022 there were only a total of 307 single family homes listed as available in the IRES Multiple Listing System (MLS) in all of Boulder County. For […]
Colorado construction defect law and the build-to-rent trend
Colorado’s first construction defect law dates back to 2001 when the first version of the Construction Defect Action Reform Act (CDARA) was introduced. Since that time, CDARA has created the framework for how construction defect litigation and arbitration are conducted in the state of Colorado. The state legislature has made several amendments to CDARA […]
Part 2: Buying College Housing Now Is The Time
In my last article, Part 1 of “Buying College Housing – Now Is The Time,” I discussed how purchasing a condo or house for your child to live in while attending college can be a worthwhile investment and can provide financial as well as other benefits for your college student. As you evaluate this decision, […]
Buying college housing Now is the time, Part 1
Every August in college towns across the country, college students start to return for the fall semester, resulting in a frenzy of real estate activity. Because rental housing tends to be tight in most college towns, many families consider purchasing a home for their college student to live in while attending school. It usually takes […]
June is Homeownership Month because homeownership matters
In 2022, homeownership is more important than ever before in the U.S. We live in a world that pressures us to rent everything – and love it. Think about it: we can rent a scooter to get around, we can use an app for car rides, we can rent clothing, we can rent workspace, we […]