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Bryon Self - Denver Rent to Own

Your Denver Area Rent to Own Specialist

By Bryon Self | Agent in Castle Rock, CO
  • FIVE GREAT REASONS TO BUY A HOME RIGHT NOW

    Posted Under: Market Conditions in Denver, Home Buying in Denver, Home Selling in Denver  |  July 3, 2014 7:55 AM  |  67 views  |  No comments
    Realty Times - The nature of market bottoms is that it's hard to tell one's occurred until prices and sales volume start to rise again. That's why the best time to buy is when market conditions suggest a bottom.
    That means there's still some risk for homebuyers, since no one has a crystal ball that predicts the future. To take advantage of low mortgage interest rates and home prices still well below previous records, you may have to take a risk, such as riding out another short-term dip in property values.
    But the rewards may be well worth it. Here are five reasons to buy a home right now.
    1. More jobs are available
    Total nonfarm payrolls rose by 217,000 in May, and the unemployment rate is 6.3 percent, according to the U.S. Bureau of Labor Statistics. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing.
    2. Houses are a great hedge against inflation
    The Labor Department also says the May Consumer Price Index is up 2.13 percent year-over-year. The index for all items less food and energy rose 0.3 percent in May, its largest increase since August 2011.
    The CPI excludes volatile food and energy, so you can bet that the accelerating cost of things, otherwise known as inflation, also includes housing. You may be paying more for goods and services, but if you're a homeowner, you're better off financially. A major asset such as a home, purchased at a fixed cost, becomes more valuable when prices inflate.
    3. Housing price increases are slowing
    The median existing-home price was $213,400, over 5 percent above May 2013. Considering that the national median existing-home price was $158,800 in January 2011. That's when the PMI Insurance Company said home prices relative to income are below market fundamentals in more than half of U.S. states. Prices overcorrected during the recession, and then they soared by the double-digits in 2013.
    Now housing is correcting once again from an overcorrection. Now's the time to take advantage of better homebuying conditions.
    4. Mortgage interest rates are still low
    During the recession, mortgage interest rates for a benchmark 30-year, fixed-rate loan, averaged 4.32 percent. Now they're close to that and there's no recession. That means mortgage rates have nowhere to go but up.
    5. Pent-up demand ready to release
    Since the recession, household formation fell dramatically to one percent of the national population. But considering that the leading age of the largest generation ever - 81 million Echo Boomers -- is now over 30, the numbers should be closer to the 2.3% annual growth of the 1970's, when 78 million Baby Boomers reached adulthood.
    The National Association of Homebuilders (NAHB) said about 2.1 million households delayed formation due to the recession which allegedly ended in 2011. Now there's pent-up demand for housing that should continue to drive home prices higher.
    The takeaway
    A housing recovery doesn't occur in a straight line. There are surges and dips. Buyers could wait for better conditions, but the present alignment of falling mortgage interest rates, slower home prices, and larger selection is highly unlikely to reoccur.
    This may not be the bottom, but it's close enough.

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the websites at www.MyDenverHomesAgent.com or www.RentToOwnDenverHomes.com
  • You Don't Need That Much of a Down Payment

    Posted Under: Home Buying in Denver, Home Selling in Denver, Financing in Denver  |  June 18, 2014 10:18 AM  |  113 views  |  No comments

    Many consumers are overestimating  the down payment they need in order to purchase a home, according to Christina Boyle, vice president and head of single-family sales at Freddie Mac.

    Consumers believe they need 11 percent to 15 percent in order for lenders to approve them for a loan, according to a survey of renters and non-home-owners conducted by Zelman & Associates in New York. Thirty-nine percent say they need at least 15 percent of the purchase price in order to qualify for financing. Only 28 percent of respondents say they would even qualify for a mortgage.

    But in reality, home buyers often can qualify for a conforming, conventional mortgage with a down payment of as little as 5 percent — and sometimes even 3 percent — Boyle writes. Between 2009 and 2013, Freddie Mac’s purchases of mortgages with down payments of less than 10 percent more than quadrupled. So far in 2014, more than one in five borrowers who took out conforming, conventional mortgages put down 10 percent or less. Read More at RealtoMag

    For more information on buying Denver homes, selling Denver homes, or Rent to Own Denver homes, please visit the websites at www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com

  • Lenders: Credit is easing where demand is the greatest

    Posted Under: Home Buying in Denver, Home Selling in Denver, Financing in Denver  |  June 13, 2014 8:30 AM  |  135 views  |  No comments

    Credit eased in May because of a pent-up demand from borrowers denied loans in recent years because of lower credit scores. Credit is also loosening because more borrowers are seeking jumbo loans, lenders told Scotsman Guide News this week.

    “There is absolutely no question that there is pent-up demand in the marketplace, and we are experiencing the benefit of that and a very positive reaction to our strategy,” Carrington Mortgage Services LLC’s Executive Vice President Ray Brousseau said Monday. 

    According to the Mortgage Bankers Association (MBA), credit eased slightly in May, primarily because lenders loosened the purse strings at two ends of the market: More jumbo loans became available, and some companies also required lower credit scores on the Federal Housing Administration (FHA) and government-backed loans often associated with first-time homebuyers. 

    MBA’s Mortgage Credit Availability Index (MCAI) increased 1.14 percent from 113.8 in April to 115.1 in May. The index was benchmarked to 100 in March 2012.  Read More at Scotsman Guide

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the websites at www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com

  • Asking prices hit 5-year high

    Posted Under: Market Conditions in Denver, Home Buying in Denver, Home Selling in Denver  |  April 15, 2014 8:34 AM  |  390 views  |  No comments
    Home sellersasking prices are at a five-year high even as mortgage loan volumes have hit their lowest levels since 1997.

    The median asking price stood at $269,020 in April, the highest level since July of 2008, according to a Wall Street Journal report. Prices are expected to rise another 4% this year, but a Goldman Sachs analysis warns that the price jump could be larger if inventory tightens.

    “If homeowners with negative equity or in a money-losing position choose to wait for further house price growth before listing their homes and moving, and if construction of new homes stays far below normal, inventory on the market will remain low, leading to larger price appreciation than our central forecast suggests,” Goldman strategist Hui Shan wrote in the analysis. Source MPA Mag

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the websites at www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com
  • Where homes sell in 3 days -- or less

    Posted Under: Market Conditions in Denver, Home Buying in Denver, Home Selling in Denver  |  April 7, 2014 9:35 AM  |  427 views  |  No comments

    Redfin - Even though the overall housing market has gotten off to a softer start than last year, some markets are even hotter than they were in 2013.

     

    Denver tops the list of Redfin cities where homes are selling extremely fast, with 27 percent of new listings going pending in three days or less. And things may be bigger in Texas, but right now they are faster, too. Austin, Dallas, Houston, Fort Worth and San Antonio were all among the fastest nine markets in March. In the Pacific Northwest, Seattle and Portland, Ore., have seen some market slowing since 2013, but each still sees nearly 15 percent of homes going off the market within three days. Read More at MSN

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the websites at www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com

  • Metro Denver home prices continue climbing, report says

    Posted Under: Market Conditions in Denver, Home Buying in Denver, Home Selling in Denver  |  April 2, 2014 10:02 AM  |  460 views  |  No comments

    Denver Business Journal - No matter which national real estate company's data you look at, home resale prices in Denver continue the march upward.

    CoreLogic Inc.'s latest home price index (HPI) showed metro Denver homes sold for an average of 9.7 percent higher in February than they did a year earlier. That number included the sale of distressed, or foreclosed, properties in the Denver-Aurora-Lakewood area. 

    The index climbed 0.4 percent from January 2014.

    Excluding foreclosed, or real-estate owned (REO) sales, the index rose 7.6 percent in February from the same month in 2013. The month-over-month increase was basically flat at 0.2 percent, according to the CoreLogic report issued Tuesday. Read More at Denver Business Journal 

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the webistes at www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com

  • Denver Metro Home Prices Increased Slightly in February

    Posted Under: Market Conditions in Denver, Home Buying in Denver, Home Selling in Denver  |  March 28, 2014 9:42 AM  |  499 views  |  1 comment

    Denver Post - Home sales have declined for four consecutive months both nationally and in Colorado, according to RealtyTrac, a company that collects and tracks real estate data nationwide. The total number of home sales closed in Colorado in February dropped to 126,597 from 126,858 the month before. Total sales were 127,825 in January and 128,074 in November. In the Denver metro area, things were a little brighter as the number of home sales increased slightly to 70,286 in February from 70,153 the month before.


    Year-over-year sales volume increased 7.5 percent in metro Denver and 3.2 percent statewide. 
    Read more 

    For more information on buying Denver homes, selling Denver homes, or rent to own Denver homes, please visit the websites at
    www.MyDenverHomeAgent.com or www.RentToOwnDenverHomes.com


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