Blessings Realty | Colorado Springs and Monument Realtor

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For Rent – Spacious 5 Bed, 3 Bath, 3-Car Home in Northgate Area of Colorado Springs

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Rental Home - Front Image

Beautiful and spacious 3,176 sq.ft. ranch-style home in Northgate available to lease (1-2 years) beginning June 18, 2021. 5 bedrooms, 3 baths, 3-car garage with finished basement and central air!

 

Click Here to View the Virtual Tour and Home Layout

 

Open main-level great room with vaulted ceilings and fireplace flows seamlessly into the dining room and kitchen and includes a walk-out to the fantastic back deck and fenced yard. The kitchen is a cook’s dream with stainless steel appliances and a convenient pantry, as well as beautiful granite counters that coordinate perfectly throughout the house.

Inviting main-level master retreat with vaulted ceilings, private attached 5-piece bath with dual vanities and soaking tub, and oversized walk-in closet. Finishing out the main level are 2 additional bedrooms and 1 additional full bathroom, plus laundry space.

On the finished lower level, you’ll find a huge open family/rec room, 2 more additional bedrooms, and 1 more additional full bathroom – plenty of space for all your needs!

This lovely rental in Colorado Springs is close to parks, trails, schools, restaurants, and shopping!

Rent is $2,400/month (with a $2,400 deposit).

Contact Blessings Realty today if interested in applying!

(719) 425-8929

Why Owning a Home Is a Powerful Financial Decision

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In today’s housing market, there are clear financial benefits to owning a home: increasing equity, the chance to build your net worth, and appreciating home values, just to name a few. If you’re a renter, it’s never too early to think about how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater financial security and savings.

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3 Ways Home Equity Can Have a Major Impact on Your Life

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There have been a lot of headlines reporting on how homeowner equity (the difference between the current market value of your home and the amount you owe on your mortgage) has dramatically increased over the past few years. CoreLogic indicated that equity increased for the average homeowner by $17,000 in the last year alone. ATTOM Data Solutions, in their latest U.S. Home Equity Report, revealed that 30.2% of the 59 million mortgaged homes in the United States have at least 50% equity. That doesn’t even include the 38% of homes that are owned free and clear, meaning they don’t have a mortgage at all.

How can equity help a household?

Having equity in your home can dramatically impact your life. Equity is like a savings account you can tap into when you need cash. Like any other savings, you should be sensible in how you use it, though. Here are three good reasons to consider using your equity.

1. You’re experiencing financial hardship (job loss, medical expenses, etc.)

Equity gives you options during difficult financial times. With equity, you could refinance your house to get cash which may ease the burden. It also puts you in a better position to talk to the bank about restructuring your home loan until you can get back on your feet.

Today, there are 2.7 million Americans who are currently in a forbearance program because of the pandemic. Ninety percent of those in the program have at least 10% equity. That puts them in a better position to get a loan modification instead of facing foreclosure because many banks will see the equity as a form of collateral in a new deal. If you’re in this position, even if you can’t get a modification, the equity allows you the option to sell your house and walk away with your equity instead of losing the house and your investment in it.

2. You need money to start a new business

We’ve all heard the stories about how many great American companies started in the founder’s garage (i.e., Disney, Hewlett Packard, Apple, Yankee Candle, Keeping Current Matters). What we might not realize, however, is the garage (along with the rest of the home) supplied the start-up money for many of these companies in the form of a refinance.

If you’re passionate about an idea you have for a new product or service, the equity in your home may enable you to make that dream a reality.

3. You want to invest in a loved one’s future

It’s been a long-standing tradition in this country for many households to help pay college expenses for their children. Some have tapped into the equity in their homes to do that.

Additionally, George Ratiu, Senior Economist for realtor.com, notes:

52% of Americans who bought their first home in 2020 said they got help with their down payment from friends or family. The number one lender? Their parents.

It’s safe to assume a percentage of that down payment money likely came from home equity.

Bottom Line

Savings in any form is a good thing. The forced savings you can earn from making a mortgage payment enables you to build wealth through home equity. That equity can come in handy in both good and more challenging times.

 

Article source: https://www.keepingcurrentmatters.com/2021/02/17/3-ways-home-equity-can-have-a-major-impact-on-your-life/.

How to Decide on the Ideal Home Size for Your Family

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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:

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

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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/.

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

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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.

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