Blessings Realty | Colorado Springs and Monument Realtor

Changing minds about Realtors

  • Properties
  • About Blessings
    • Meet Our Blessings Team
    • Why Choose Us?
    • Designations
  • Neighborhoods
    • Cathedral Pines
    • Flying Horse
    • Kings Deer
    • Northgate
    • Woodmoor
  • Blog
  • Reviews
  • Contact Blessings

How to Decide on the Ideal Home Size for Your Family

March 5, 2021 By Claire Garlick Leave a Comment

Making the choice to purchase a new home is a major decision for anyone. Once you’ve settled on the idea that you do want to buy a home, there are many more options you’ll have to face; one of the most important is the ideal size of a home to best fit your family and lifestyle. Here are some tips so that you can choose the right size home to meet your needs:

[Read more…]

Filed Under: Buyers, First Time Home Buyers, Move-Up Buyers, New Construction, Real Estate Tips Tagged With: Colorado Real Estate, COVID-19, First Time Home Buyers, For Buyers, Move-Up Buyers, New Construction, owning a home, Real Estate Tips, work from home

Do I Really Need a 20% Down Payment to Buy a Home?

February 26, 2021 By Claire Garlick Leave a Comment

Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes.

Today, there’s still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don’t have that much saved yet. The reality is, whether you’re looking for your first home or you’ve purchased one before, you most likely don’t need to put 20% down. Here’s why.

According to Freddie Mac:

The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.

If saving that much money sounds daunting, potential homebuyers might give up on the dream of homeownership before they even begin – but they don’t have to.

Data in the 2020 Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) indicates that the median down payment actually hasn’t been over 20% since 2005, and even then, that was for repeat buyers, not first-time homebuyers. As the image below shows, today’s median down payment is clearly less than 20%.

What does this mean for potential homebuyers?

As we can see, the median down payment was lowest for first-time buyers with the 2020 percentage coming in at 7%. If you’re a first-time buyer and putting down 7% still seems high, understand that there are programs that allow qualified buyers to purchase a home with a down payment as low as 3.5%. There are even options like VA loans and USDA loans with no down payment requirements for qualified applicants.

It’s important for potential homebuyers (whether they’re repeat or first-time buyers) to know they likely don’t need to put down 20% of the purchase price, but they do need to do their homework to understand the options available. Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.

Bottom Line

Don’t let down payment myths keep you from hitting your homeownership goals. If you’re hoping to buy a home this year, get in touch with Blessings Realty today to review your options.

 

Article source: https://www.keepingcurrentmatters.com/2021/02/03/do-i-really-need-a-20-down-payment-to-buy-a-home/.

Filed Under: Down Payments, Finance, First Time Home Buyers, Move-Up Buyers, New Construction, Real Estate Tips Tagged With: Buying Myths, Colorado Real Estate, Colorado Springs, Down Payments, Finance, First Time Home Buyers, For Buyers, Millennials, Move-Up Buyers, Real Estate Tips, Rent vs. Buy

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

  • 1
  • 2
  • 3
  • …
  • 7
  • Next Page »
Homes for sale Colorado Springs and Monument Colorado
Claire Boynton, The Platinum Group Realtors Monument Colorado Real Estate

Articles

  • Baby Boomers
  • Buyers
  • Buying Myths
  • Colorado Updates
  • Community
  • Construction Industry
  • Curb Appeal
  • Demographics
  • Distressed Properties
  • Down Payments
  • Education
  • Entertaining
  • Events
  • Explore Colorado
  • Finance
  • First Time Home Buyers
  • First Time Homebuyers
  • Fitness
  • Foreclosures
  • FSBO's
  • Gardening
  • Health and Fitness
  • Holidays
  • Home Design
  • Home Improvements
  • Home Maintenance
  • Home Office
  • Home Staging
  • Housing Market Update
  • Infographic
  • Interest Rates
  • Interior Design
  • Just For Fun
  • Loans
  • Local News
  • Millennials
  • Move-Up Buyers
  • New Construction
  • Pricing
  • Real Estate Tips
  • Rent vs. Buy
  • Sellers
  • Selling Myths
  • Senior Market
  • Sold Homes
  • Things to Do
  • Travel
  • Uncategorized

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…

  • Email
  • Facebook
  • LinkedIn
  • Twitter

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

Copyright © 2021 Blessings Realty · Site by Socially Exceptional

  • Terms of Service · Privacy Policy