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How to Buy and Sell in Today’s Real Estate Market

February 19, 2021 By Claire Garlick Leave a Comment

Image by Arad Golan Coll via Money Mag.

One of the biggest concerns we hear from homeowners is how to time selling and buying a home in today’s competitive seller’s market. This has always been something we have managed closely, since most people prefer to move once.  However, today’s strategy is different than it was just a few years ago.

Here are 7 strategies that have worked well for our clients:

  1. Buy First.  If you can qualify and afford it, the best move is to find and contract to buy first, then list your home for sale.  We have our clients prepare their home for sale, so that as soon as they contract on their new home, we can list their home and usually have a contract within a few days to a week.
  2. Find Next Home First.  If you can qualify to buy first, but prefer not to make double mortgage payments, we are very skilled at timing the sale and the buy.  Since finding and contracting on a home will most likely take more time than selling, we recommend finding your next home first.  Prepare your home for sale, so that you are ready to list as soon as you find your next home.  With the advice and help of your trusted Realtors (Blessings Realty, of course), make a competitive non-contingent offer on your next home when possible and get it accepted.  Sometimes the sellers will accept a longer closing which will allow you time to sell your home.  As soon as you are under contract, we will list your home for sale with the goal of closing your sale on the same day as your purchase.  This allows you to move once.
  3. Buy New.  Most production builders are building spec homes which may be ready now or in the next few months.  With the demand being so high, you may need to consider building from dirt.  The advantage to contracting on a new build is that you can avoid the bidding war that is happening with resale homes.  The disadvantages are that you may need to wait longer than 6 months and buying new will cost more than buying resale.  Make sure you seek the advice and help of your trusted Realtors, Blessings Realty.  Things don’t always go smoothly with the building process and we can be there to watch out for your best interests, intervene with the builder or get you out of the contract if needed.
  4. Use a Bridge Loan. Another option is to get a bridge loan (yes, they are back) to allow you to purchase your new home before you sell.  These loans are offered by local banks.  It is short-term financing to allow you to finance your new home before you sell.  Once you sell your home, you can then obtain a permanent mortgage with the down payment you will have from the proceeds of your home sale.  We can recommend reliable lenders who handle bridge loans.
  5. Tap Into Your Equity.  Many of us have gained a lot of equity in our current homes over the past several years.  You may want to tap into that equity by getting a home equity line of credit (LOC) or home equity loan and use those funds to buy your next home first.  Then the loan gets repaid once you sell your current home.
  6. Stay with Friends or Family.  If you are lucky enough to have family or friends with extra space who you can tolerate living with for a short time 😉, see if they’d be willing to put you up in exchange for helping out with cooking, cleaning, childcare and/or household expenses.  It could be a help for both of you during this time when so many are struggling financially.  This way, you can sell your home first and then find your new place at a more relaxed pace.
  7. Sell and Rent.  Another option is to sell your home first and find a short-term rental while you search for your next home.  There are options available.  Ask us if you are interested.

Filed Under: Buyers, Finance, Housing Market Update, Real Estate Tips, Sellers Tagged With: Colorado Real Estate, Colorado Springs, For Buyers, For Sellers, Housing Market Update, Real Estate Tips

The Fed Announces Rates Will Hold Steady

February 5, 2021 By Claire Garlick Leave a Comment

The Federal Funds Rate is staying the same at 0 to .25%. 

The Fed’s interest rate decision doesn’t directly affect mortgage rates, but today’s rates remain historically low.

Home owners and home buyers can take advantage of today’s low rates by:

  • Buying a new home
  • Refinancing to get a lower rate or eliminate mortgage insurance
  • Financing home renovations
  • Funding major expenses (like college tuition)
  • Consolidating debt*

Curious about the Fed’s key short-term rate? Learn more in this article.

Don’t hesitate to reach out for a conversation about home financing.

 

* Debt consolidation does not pay off the debt, please consult a financial advisor regarding the effect of consolidating short term debt into long-term debt.

 

Article provided by R. Gomez, Loan Officer in Colorado Springs.

Filed Under: Buyers, Finance, First Time Home Buyers, Interest Rates, Loans, Millennials, Move-Up Buyers, New Construction, Rent vs. Buy, Sellers Tagged With: Colorado Real Estate, Colorado Springs, Down Payments, Finance, First Time Home Buyers, For Buyers, For Sellers, Interest Rates, Millennials, Monument Realtor, New Construction, Rent vs. Buy

2021 Housing Forecast [INFOGRAPHIC]

January 22, 2021 By Claire Garlick Leave a Comment

 

Some Highlights

  • Experts project an optimistic year for the 2021 housing market.
  • With mortgage rates forecasted to remain low, high buyer demand is expected to fuel more home sales and continue to increase home prices.
  • Get in touch with us today to help you determine how to make your best move in the new year!

 

Article originally published at https://www.keepingcurrentmatters.com/2020/12/18/2021-housing-forecast-infographic/.

Filed Under: Buyers, Finance, First Time Home Buyers, Housing Market Update, Infographic, Interest Rates, Millennials, Move-Up Buyers, Rent vs. Buy, Sellers Tagged With: Colorado Real Estate, Colorado Springs, First Time Home Buyers, For Buyers, For Sellers, Housing Market Update, Infographics, Interest Rates, Millennials, Move-Up Buyers, Rent vs. Buy

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Claire Boynton, The Platinum Group Realtors Monument Colorado Real Estate

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About Blessings Realty

We perform top notch sales and marketing services for residential homes and land. We help home buyers find the right homes for their needs. Also specializing in new construction and rental properties. Whether you are a first-time home buyer or seller or have bought and sold many homes before, we will Read More…

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Find Monument, Colorado and Colorado Springs Homes For Sale

Welcome and thank you for visiting our Blessings Realty website! We are Monument-based real estate experts providing information about the Monument and Northern Colorado Springs, CO real estate market.

While you’re here, please check out 80132 homes for sale in Monument, CO, as well as other real estate listings around the area.  View listings, photos, market data, and use our detailed real estate filters to find the perfect place.

Please contact us today at (719) 425-8929 to buy or sell real estate in Colorado Springs and Monument, Colorado – or for help with your property management and probate real estate needs – we would love to speak with you!

Sincerely,

Claire and Jeff Garlick of Blessings Realty

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