Blessings Realty | Colorado Springs and Monument Realtor

Changing minds about Realtors

Multigenerational Housing Is Gaining Momentum [INFOGRAPHIC]

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Some Highlights

  • If your house is feeling a little cramped with the addition of adult children or aging parents, it might be time to consider a move-up into a multigenerational home that better suits your changing needs.
  • With benefits that include a combined home-buying budget and shared caregiving duties, an increasing number of households are discovering the value of a multigenerational home.
  • With such high demand for houses today, now is a great time to sell so you can upgrade to a multigenerational home that may better suit your evolving needs. Contact us today to discuss your needs.

 

Article source: https://www.keepingcurrentmatters.com/2021/04/09/multigenerational-housing-is-gaining-momentum-infographic/.

How to Make a Winning Offer on a Home

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Today’s homebuyers are faced with a strong sellers’ market, which means there are a lot of active buyers competing for a relatively low number of available homes. As a result, it’s essential to understand how to make a confident and competitive offer on your dream home. Here are five tips for success in this critical stage of the homebuying process.

1. Listen to Your Real Estate Advisor

An article from Freddie Mac gives direction on making an offer on a home. From the start, it emphasizes how trusted professionals can help you stay focused on the most important things, especially at times when this process can get emotional for buyers:

Remember to let your homebuying team guide you on your journey, not your emotions. Their support and expertise will keep you from compromising on your must-haves and future financial stability.

A real estate professional should be the expert guide you lean on for advice when you’re ready to make an offer.

2. Understand Your Finances

Having a complete understanding of your budget and how much house you can afford is essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to take this step so you stand out from the crowd. Doing so make it clear to sellers you’re a serious and qualified buyer, and it can give you a competitive edge in a bidding war.

3. Be Prepared to Move Quickly

According to the latest Realtors Confidence Index from the National Association of Realtors (NAR), the average property sold today receives 3.7 offers and is on the market for just 21 days. These are both results of today’s competitive market, showing how important it is to stay agile and alert in your search. As soon as you find the right home for your needs, be prepared to submit an offer as quickly as possible.

4. Make a Fair Offer

It’s only natural to want the best deal you can get on a home. However, Freddie Mac also warns that submitting an offer that’s too low can lead sellers to doubt how serious you are as a buyer. Don’t make an offer that will be tossed out as soon as it’s received. The expertise your agent brings to this part of the process will help you stay competitive:

Your agent will work with you to make an informed offer based on the market value of the home, the condition of the home and recent home sale prices in the area.

5. Stay Flexible in Negotiations

After submitting an offer, the seller may accept it, reject it, or counter it with their own changes. In a competitive market, it’s important to stay nimble throughout the negotiation process. You can strengthen your position with an offer that includes flexible move-in dates, a higher price, or minimal contingencies (conditions you set that the seller must meet for the purchase to be finalized). Freddie Mac explains that there are, however, certain contingencies you don’t want to forego:

Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.

Bottom Line

Today’s competitive market makes it more important than ever to make a strong offer on a home. Reach out to your local real estate professional to make sure you rise to the top along the way.

 

Article source: https://www.keepingcurrentmatters.com/2021/03/15/how-to-make-a-winning-offer-on-a-home/.

4 Things You Can Do to Make Your Home More Valuable to Buyers

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If you have a home of your own, you already know how to think like a buyer. You know buyers look for a home that’s structurally sound, with modern amenities and conveniences that fit their lifestyle. If you look at your home through a buyer’s eyes, you can anticipate what will appeal to their tastes and fill their needs. This sometimes means updating certain areas of your home to ensure it stands out in the market. Here are several things you can do to make your home more valuable to buyers:

Update the Kitchen

You may wish to resurface your kitchen cabinets in a lighter color to provide a brighter, more appealing look. New hardware on cabinets can also help to improve the general appearance of your kitchen. Simple home improvements, such as a new backsplash or faucet, can help to modernize your kitchen area without accumulating a great deal of construction expenses. Since kitchens see a lot of use, you may want to replace flooring to give the room a fresher look.

Freshen Up Bathrooms

Bathrooms also see a great deal of use in homes. Moisture and humidity can cause floors, ceilings and fixtures to look old and unattractive. A fresh coat of paint, a new vanity and better lighting can give the room a more modern look. Consider new shelving for grooming items, towels and other frequently used items.

Pay Attention to Your Home’s Exterior

Check that your siding, gutters and roofing are all in good condition to put your property in the best possible light for potential buyers. Prune trees and shrubs for a well maintained appearance, paying close attention to your front entryway. A fresh color on the door, a flowerbed or a new railing can help to make your home look more inviting.

Update Your Appliances

Buyers consider not only the cost of the property itself, but also how much it will cost to update appliances and critical home systems. If your HVAC is more than 15 years old, consider replacing it with a more efficient model that will help to save the new buyer money. Inspect your kitchen appliances for wear and tear; new appliances can reassure buyers that they won’t have to spend money on replacements in the near future.

If you think strategically about what will make your home most appealing to buyers, you can avoid unnecessary expenses and choose the improvements that create the greatest impact. Real estate experts find that these four features can make a home more desirable for prospective buyers and can garner a higher sale price and a faster closing.

 

Article source: http://blog.rismedia.com/2021/more-valuable-to-buyers/.

Buyer and Seller Perks in Today’s Housing Market

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Right now, the housing market is full of outstanding opportunities for both buyers and sellers. Whether you’re thinking of buying your first home, moving up to a bigger one, or selling so you can downsize this spring, there are perks today that are powering big moves for people across the country. Here are the top two to keep on the radar this season.

The Biggest Perk for Buyers: Low Mortgage Rates

Today’s most compelling buyer incentive is low mortgage interest rates. The 30-year fixed-rate is now averaging just over 3%. While that’s slightly higher than the record-lows from 2020 and earlier this year, it’s still way lower than historic norms, making purchasing a home an ongoing perk for hopeful buyers (See graph below):

This is a huge advantage for buyers and helps to make owning a home attainable for more households – and there’s good reason to strive for homeownership. The latest Homeowner Equity Report from CoreLogicshows how homeowners saw major gains in their net worth last year, all thanks to owning a home. Frank Martell, President and CEO of CoreLogic, explains:

Positive factors like record-low interest rates and a booming housing market encouraged many families to enter homeownership. This growing bank of personal wealth that homeownership affords was noticed by many but in particular for first-time buyers who want a piece of the cake. As a result, we may see more of those currently renting start to enter the market in the near future.

Low mortgage rates are a plus for buyers right now, but experts forecast we’ll see them continue to rise as the year goes on. If you’re ready to purchase a home, it’s wise to get started on the process soon so you can secure today’s comparatively low rate.

The Biggest Perk for Sellers: Low Inventory

Today, there are simply not enough houses on the market for the number of buyers looking to purchase them, and it’s creating a serious sellers’ market. According to Danielle Hale, Chief Economist at realtor.com:

Total active inventory continues to decline, dropping 50 percent. With buyers active in the market and sellers still slow to put homes up for sale, homes are selling quickly and the total number actively available for sale at any point in time continues to decline. (See map below):

The lack of houses for sale continues to challenge the market, and with low mortgage rates fueling buyer demand, homes are hard for buyers to find today. According to the latest Realtors Confidence Index Survey by the National Association of Realtors (NAR), the average house is now receiving 4.1 offers and is on the market for only 20 days.

Buyers are clearly eager to purchase, and because of the shortage of inventory available, they’re often entering bidding wars. This is one of the factors keeping home prices strong and giving sellers leverage in the negotiation process.

Homeowners who are in a position to sell shouldn’t wait to make their move. There’s a light at the end of the tunnel for today’s inventory shortage, so listing this spring will get your house on the market when conditions are most favorable. With low inventory and high buyer demand, homeowners can potentially earn a greater profit on their houses and sell them quickly in the fast-paced spring market.

Bottom Line

Whether you’re thinking about buying or selling a home, there are major perks available in today’s housing market. Contact Blessings Realty today to discuss how these favorable conditions play to your advantage in your local area.

 

Article source: https://www.keepingcurrentmatters.com/2021/03/25/buyer-seller-perks-in-todays-housing-market/.

April Showers and Leaks: The Most Common Springtime Plumbing Issues

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Spring brings warm weather, sunshine and an abundance of flowers, but it also brings about a few unique plumbing problems. While spring showers help your flowers and other plants to grow, rain can also cause plumbing issues. As the weather warms up, be on the lookout for these four springtime plumbing problems. Catching them early can save you a lot of headaches!

Leaky Plumbing

Cold winter temperatures can cause pipes to contract or freeze, which can cause tiny cracks. As the weather warms up, pipes begin to expand, causing any tiny cracks to also expand. Old pipes and outdoor plumbing are vulnerable to developing such cracks.

If you notice dripping pipes, standing water, a musty odor or a mysterious increase on your water bill, you could have leaky plumbing. Any leaking pipes must be fixed right away to prevent water damage and mold growth.

Low Water Pressure

Poor water pressure can be caused by a plumbing leak somewhere in your home. These can be hard to find, so you may need to contact a plumber to find them and fix them. It could be somewhere inside, or it could be leaking from the outside pipes that lead into the house.

Spring rainstorms can also cause low water pressure. Because rainwater is heavy and drenches the soil, that weight can put stress on your underground pipes, causing leaks which can lead to low water pressure inside your home.

Slow Draining Sinks and Backed Up Pipes

Just as spring rains can put pressure on your incoming outdoor pipes, the same is true for the pipes leading out towards the sewer. If heavy, rain-soaked soil puts too much pressure on an old or weak sewer pipe, it can result in backed-up sinks and toilets, as well as sewer water flooding your yard. The warmer weather also spurs plant growth, and tree roots can grow through a small crack in a drain line, causing a blockage. In either case, backed up pipes are a serious problem that need immediate attention from your local plumber.

Sump Pump Failure

Basement sump pumps typically don’t run during the winter, because it’s frozen outside in much of the country. However, once the weather warms up and spring rains flood your basement, you’ll need a working sump pump to clear water from this area. Early in the spring, have your sump pump checked to make sure it’s working properly. That way, you can easily avoid a flooded basement.

Spring is just around the corner and now is the time to make sure your plumbing survived the winter and will give you consistent support through the warmer months to come!

 

Article source: http://blog.rismedia.com/2021/april-showers-plumbing-issues/.

Thinking of buying your first home in 2021? What you need to know…

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If you’re hoping to buy your first home this year, the real estate frenzy of 2020 may have you feeling more than a little intimidated.

Don’t be. While the market will remain very competitive throughout 2021, you can land the home you want with the right knowledge, good preparation and some flexibility.

What to expect in the year ahead

With housing inventory at its lowest level ever, 2021 will continue to be a sellers’ market. However, as the year progresses, we expect inventory to begin to ease a bit and, while prices will continue to rise, they won’t be going up quite as fast as last year.

Interest rates — which have been at historic lows — will still be favorable, rising slightly to 3.4% by the end of the year.

And since COVID-19 will remain a concern for months to come, buyers should expect much of the home-buying experience to remain digital.

How to get ready 

In this competitive environment buyers need to be prepared, and that means putting finances first. Here are some key steps to take:

  • Get your finances in order. Be sure to check your credit reports and clear up any mistakes before you apply for a mortgage.
  • Play house. Figure out what you can actually afford each month. Combine your current rent with the amount of money you’re saving each month, and test out what you can comfortably afford on a home by increasing your savings per month.
  • Research financing options. Educate yourself on the different types of loans available as well as first-time home buyer assistance programs. Knowing your options will make it easier to shop for a lender.
  • Get pre-approved. Knowing the amount you’re qualified to borrow will help you determine how much house you can afford. It’ll also show real estate agents and sellers that you’re a serious buyer and will allow you to move quickly when you find a place you love. Talk to a lender to get pre-approved for your home loan.
  • Set a realistic budget. Just because a lender pre-approves you for a certain amount doesn’t mean you should put it all into that new home. It’s important to keep aside funds to cover both expected and unexpected expenses.

Launch the search; land your home

You’ve done all the prep work, now comes the fun part: actually finding your home!

  • Start your hunt online. Thanks to the pandemic, sellers are offering more online tools — like virtual and 3D video tours — to help you experience homes remotely. Exploring homes in-depth online will help you visualize what’s in your price range, and can help you narrow down your list of ‘must-haves” and “nice-to-haves.”
  • Get help from an experienced real estate agent. You want to work with someone who specializes in both the neighborhood and price range you’re focusing on. With their knowledge of what’s available and what homes are selling for in your specific search area, they’ll be able to help you price your offers just right and may know of nearby neighborhoods that fit your criteria that you might not be familiar with.
  • Be realistic. It’s natural to refine your wants and needs as you look at different homes, But no house is going to be perfect, and it’s important to be flexible. Just be sure you can live with any compromises you’re making. Buying a home is a big investment and you want to be happy in your new home.
  • Only look at homes you can afford. To avoid overextending yourself financially, limit your searching to only look at homes in your price range. Set a price alert in the areas you like so you can see homes that you can actually afford as soon as they hit the market.
  • Be ready to move quickly. As we saw in 2020, properties can move really fast in a sellers’ market. If you see a place you love, make an offer quickly; with so much competition, it could be gone tomorrow. Your agent can help you come up with a winning strategy or help you navigate a bidding war if you find yourself in this situation.

While 2021 will be another challenging year for first-time buyers, with the right preparation and team helping you, the process can become a bit less daunting… and hopefully even fun. Happy house hunting!

 

Article source: https://www.realtor.com/homemade/thinking-of-buying-your-first-home-in-2021-what-you-need-to-know/.

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