Wednesday, April 11, 2018 / by Kevin Schumacher
Whether you are a buyer searching for your first home, or a homeowner looking to move up to your next home, you should pay attention to where mortgage interest rates are heading.
Over the course of 2018, according to Freddie Mac’s Primary Mortgage Market Survey, rates have increased from 3.95% in the first week of January to 4.40% in the first week of April.
At first glance, the difference between these numbers in such a short amount of time could be concerning, but if we look at the graph below, we’ll see that rates have already started to level off and return to the mark set in February.
This is great news for anyone looking to buy a home this spring! The spring is always one of the busiest seasons for home buying, and with rates increasing even more, buyers have come off the fence to lock in great rates! This is still great advice as the experts believe that rates will continue to rise throughout the year.
Every month, Freddie Mac, Fannie Mae! ...
Thursday, April 5, 2018 / by Kevin Schumacher
Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as:
“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”
When demand exceeds supply, prices go up. This is currently happening in the residential real estate market.
Here are the numbers for supply and demand as compared to last year for the last three months (March numbers are not yet available):
In each of the last three months, demand (buyer traffic) has increased as compared to last year while supply (number of available listings) has decreased. If this situation persists, home values will continue to increase.
The reason home prices are still rising is because there are many purchasers looking to buy, but very few homeow. ...
Thursday, March 22, 2018 / by Kevin Schumacher
Here are five reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.
Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to t. ...
Friday, February 9, 2018 / by Kevin Schumacher
The Colorado market has been deemed a seller’s market. This has buyers, especially new buyers, feeling as if they are out of luck to purchase a home in this fast-paced, HOT market!
How to Buy a Home in a Seller’s Market
Historically low-interest rates, rising rental prices, and job growth are causing more people to look towards home ownership. The biggest challenge as a buyer in a seller’s market is the lack of inventory available on the market. We have been experiencing this for some time in the Colorado market, but buyers will feel the heat of the competition even more as we approach spring.
Get pre-approved early
The very first thing you want to do when you are considering purchasing a home is to reach out to a lender and get pre-approved. If you don't know where to start with reaching out to a lender, look online for reviews or talk to a local agent. Each lender is different. Some lenders are specially qualified in loan assistance progr. ...
Tuesday, January 16, 2018 / by Kevin Schumacher
Denver Bronco and NFL Pro Hall of Famer Terrell Davis was looking for ways he could make an impact here in Colorado with a new business venture and through extensive research he found his niche. Last summer he had the pleasure of meeting Kevin Schumacher, a wildly successful realtor in Colorado that was also looking at expanding his business and wanted to find a partner that could help extend his reach across the entire Front Range. Together, they knew this was a winning combination, so they formed their new partnership, the Terrell Davis Group @ eXp Realty and they are already helping people across the Front Range with all their real estate needs.
Terrell Davis has had an amazing and successful football career as a running back playing in the NFL for the Denver Broncos from 1995 to 2001. After being drafted by the Broncos in 1995 as a sixth-round pick, he is the Denver Broncos all-time leading rusher, with 7,607 rushing yards. Known to players, fan! ...