Claire Garlick, Author at Blessings Realty | Colorado Springs and Monument Realtor

The Difference an Hour Makes in Real Estate [INFOGRAPHIC]

November 3, 2017 By Claire Garlick Leave a Comment

Every Hour in the US Housing Market:

624 Homes Sell
347 Homes Regain Positive Equity
Median Home Values Go Up $1.13

Why Sell Now Instead of Later? The Buyers are Out Now

November 2, 2017 By Claire Garlick Leave a Comment

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

Demand is currently very high!!

Bottom Line

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

Thinking About Buying? Know Your Credit Score

November 1, 2017 By Claire Garlick Leave a Comment

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

Make payments, including rent, credit cards, and car loans, on time.
Keep your spending to no more than 30% of your limit on credit cards.
Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
Check for errors on your credit report and work toward fixing them.
Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for your dream home.