According to Zillow, Denver area will continue to be the hottest real estate market in the nation with high demand on available inventory and rising prices. As we move into the spring buying season it is more important than ever that buyers are prepared to compete.
NEW RULES MEAN MORE WORK With the new lending laws that took effect in October, it is more important than ever that buyers choose a lender that is well-versed on the new TRID rules and able to communicate with not only their client but everyone involved in the transaction. These new rules are part of the 15 part Dodd-Frank legislation enacted after the sub-prime loan meltdown of the late 2000’s. These rules are designed to protect the consumer so that buyers do not take on a mortgage they cannot afford. The side effect of this well-intentioned legislation is that loans are taking longer to close. The average closing now takes 45 days compared to 30 just a few months ago. The rules demand not only more from the lender, the agent and the title company but it also means the buyer must work a little harder to satisfy the lenders parameters.
BE PREPARED! The mix of new lending laws and Denver’s highly competitive real estate market means buyers have to be ready even before they start looking. Know your credit score, know your financial situation and most importantly speak to a trusted lender and see what you can qualify for before getting excited about a new home. You may find out you need to address some issues to get the best rate or qualify for a the amount you need. Don't find that out when you want to put an offer on your dream home. Sellers are not waiting on you to get pre-approved after you make the offer. Nor are they willing to accept loan contingencies that other offers do not have. Knowing exactly what you are qualified for and having that lender letter in hand to attach to the offer is crucial in today’s market.
LET THE FUN BEGIN! With a little preparation, you will be ahead of game and will be able to enjoy the house hunting adventure without having to worry about where you stand with your loan. No surprises and no disappointment. HAPPY HOUSE HUNTING!
Author:Jeff McGahey Phone: 720-309-2059 Dated: January 27th 2016 Views: 772 About Jeff: As a Colorado native, real estate broker since 2006, and real estate investor for over 15 years I ha...
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HOME BUYING TIPS... (by: SHEYNA STEINERAPRIL 3, 2018)Step 1. Impr
"When I decided to sell my home and look for a new place, my first call was to Jim and Ion Real Estate. He listed my condo and in two short weeks my place was under contract. Now, the real fun began, looking for a new place! The Ion Real Estate website was great. I loved the map function and the emails it sent with new listings that matched my previous searches. On Saturday, Jim and I headed out to look at several places I had picked to see. At the time I didn’t really notice how he listened carefully to everything I said about each place from the lighting to the layout. I was even a little sad that I didn’t find anything that day but Jim reassured me not to worry and a week later he had set up some more appointments. I still remember walking into my new place and just knowing. I had only taken two steps into it and I knew I wanted it.
Next came the easy part for me, but this is where having the right realtor and mortgage broker is essential. They make it seem easy! Jim guided me through all the aspects of my sale and purchase. I appreciated how simple each step seemed from making an offer to dealing with inspections. Even the loan seemed easy. I asked a ton of questions, I think it’s the teacher in me. I wanted to understand all the moving parts. Jim explained everything so clearly that I joked that he missed his calling and should have been a teacher, but he didn’t, I’m glad he is helping people find their homes!
Recently one of my close friends mentioned she wanted to stop renting and buy. I immediately referred her to Ion Real Estate. This time I was able to watch with an outsider perspective at the way Jim cued in on my friend’s preferences. Stephanie kept talking about the charm of old houses, a far cry from the sleek modern condo I chose. By the second house-hunting excursion, Jim knew just which home she would pick. As we walked up to the front porch, I saw Stephanie with the same excitement I had felt just a few months earlier. I watched her mentally move in her furniture and this time I saw the smile that crossed over Jim’s face when he knew Stephanie had found her home.
Throughout both experiences, it was clear Jim understands what people want in their homes and how to structure the entire buying experience to be a positive one. I have heard so many crazy stories from people that didn’t chose the right realtor or mortgage broker. They always start by saying, “I didn’t think a realtor made any difference.” It makes a difference! It made a difference for me and for Stephanie. Owning is better than renting; and, it is even better when Jim and Ion Real Estate are guiding you through the process!