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

March 26, 2021 By Claire Garlick Leave a Comment

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/.

Filed Under: Buyers, First Time Home Buyers, Millennials, Real Estate Tips, Rent vs. Buy Tagged With: Colorado Real Estate, First Time Home Buyers, For Buyers, Millennials, Real Estate Tips, Rent vs. Buy

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

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Homes for sale Colorado Springs and Monument Colorado
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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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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