Buyer Help • Saving Money • April 5, 2024

Picking a Lender

by Stacie Duffy

Are you gearing up to purchase a home in the Denver Metro area? If so, one of the most crucial decisions you’ll make is selecting the right lender. In this blog post, we’ll explore the essential factors to consider when shopping for lenders, including line item fees, rates, and effective communication.

Why Shopping Lenders Matters

Just like you’d shop around for the perfect home or the best real estate agent, it’s equally important to shop lenders. Think about it: you’re entrusting this lender with a significant financial transaction—the mortgage for your new home. So, don’t settle for the first option that comes your way. Take the time to interview multiple lenders to ensure you’re making an informed decision.

Understanding Line Item Fees

One of the first questions you should ask a lender is about their loan origination costs. Don’t be afraid to request a line item fee worksheet or a detailed closing cost estimate. This document will break down all potential closing costs associated with using that lender, giving you a clear picture of what to expect upfront.

Rates vs. Fees: Striking the Right Balance

While it’s natural to focus on interest rates when shopping for a mortgage, it’s essential to consider the accompanying fees as well. Remember, lenders need to make money too, so a lower rate might come with higher fees, and vice versa. Instead of fixating solely on the rate, weigh it against the overall cost, including origination fees, processing fees, and other charges.

Effective Communication is Key

Another critical aspect to evaluate is the lender’s availability and communication style. Do they offer convenient communication channels that align with your preferences? Are they responsive and accessible when you have questions or concerns? Remember, effective communication can streamline the homebuying process and prevent potential hiccups along the way.

Navigating Loan Estimates

When comparing loan offers from different lenders, it’s essential to understand that the rates quoted are not set in stone until you have a property under contract. Therefore, focus on obtaining detailed fee worksheets rather than solely relying on pre-approval rates. This will help you make a more accurate comparison and avoid surprises later on.

Looking Beyond the Numbers

While cost is undoubtedly a significant factor when choosing a lender, it’s not the only consideration. Evaluate factors like the lender’s availability, responsiveness, and track record of closing on time. Remember, you’re looking for a partner who will guide you through the mortgage process smoothly and efficiently.

Ready to find the right lender for your home buying journey? Schedule a Home Buyer Consultation with me to discuss your options and get personalized advice on navigating the Denver Metro real estate market.

Ready to Take Action?

Home Maintenance • Saving Money • April 4, 2024

Shopping For Home Owner Insurance

by Stacie Duffy

Are you considering purchasing a home in the Denver Metro area? If so, one critical aspect of homeownership that often gets overlooked is insurance coverage. In this blog post, we’ll delve into the key factors you need to consider when shopping for homeowner’s insurance, including home repairs, deductibles, cash value, and replacement coverage.

Understanding Homeowner’s Insurance

Before diving into the specifics, let’s clarify what homeowner’s insurance is all about. Homeowner’s insurance is designed to protect you financially in case of damage to your property or belongings. It typically covers damage caused by hazards such as fire, theft, vandalism, and certain natural disasters.

Home Repairs: Assessing Risk and Coverage

When it comes to homeowner’s insurance, the key question to ask yourself is: What’s the likelihood that something could happen that causes major repair or replacement? If such an event were to occur, would you have the financial means to cover the costs? Understanding your risk and coverage is essential in making informed decisions about your insurance policy.

Deductibles: Finding the Right Balance

One crucial aspect of homeowner’s insurance is the deductible, which is the amount you’ll have to pay out of pocket before your insurance coverage kicks in. While opting for a lower deductible may seem like a safer choice, it often comes with higher premiums. Consider whether paying a higher premium for a lower deductible is worth it based on your risk tolerance and financial situation.

Cash Value vs. Replacement Coverage

Another important distinction to understand is between actual cash value and replacement coverage. Actual cash value factors in depreciation when determining the payout for a claim, whereas replacement coverage provides coverage for the cost of replacing damaged items with new ones, regardless of depreciation. Understanding which type of coverage your policy offers is crucial, especially when it comes to high-value items like your roof.

Navigating Hailstorms and Water Damage

Living in the Denver Metro area, you’re no stranger to severe weather, including hailstorms and heavy rains. It’s essential to review your insurance policy to ensure you have adequate coverage for these types of events. Pay special attention to your deductible and coverage limits for wind and hail damage, as well as water backup endorsements, which can provide additional protection in case of sump pump failures or flooding.

Taking Control of Your Insurance Coverage

Ultimately, taking control of your homeowner’s insurance coverage requires proactive research and informed decision-making. Don’t hesitate to ask your insurance agent or broker questions about your policy, including coverage limits, deductibles, and replacement options. By understanding the ins and outs of your insurance policy, you can ensure that you’re adequately protected without overpaying for coverage you don’t need.

Ready to take the next step in securing the right homeowner’s insurance coverage for your new home? Schedule a Home Buyer Consultation with me to discuss your options and get personalized advice on navigating the Denver Metro real estate market. Don’t leave your insurance coverage to chance – empower yourself with the knowledge and resources you need to make informed decisions about your homeownership journey.

Ready to Take Action?

Market Updates • March 26, 2024

March 2024 Denver Housing Market Update

by Stacie Duffy

Welcome to the March 2024 Denver housing market update! As always, I’m here to break down the latest trends and insights into what’s happening in the Denver Metro area real estate scene.
Before we dive in, if you prefer video format, you can watch the full update here:

So, what’s the current vibe in the Denver housing market? Well, it’s a bit kooky, to say the least. Agents are feeling a mix of anxiety and uncertainty, with a noticeable increase in activity but a shortage of available inventory. It’s a situation where everyone seems ready to move but hesitant to make a move.

Key Stats
Let’s take a look at some key stats for March 2024:

Median Close Price: $575,000
Average Price Point: $669,000
Days on Market: 22
Close to List Price Ratio: Nearly 100%

Compared to the peak of the market in spring 2022, we’re inching closer to those values, but we’re not quite there yet. However, we’ve made significant strides from the market adjustments experienced in late 2022.

Trends and Observations

The market is showing signs of recovery from the fall seasonality observed in late 2023. However, it’s essential to note the cautiousness among both buyers and sellers. Buyers are more selective, waiting for the perfect opportunity, while sellers are facing the reality of market corrections and adjusting their expectations accordingly.

Advice for Buyers

For buyers, the message is clear: be prepared to compete. Properties that are priced well and in good condition are likely to attract multiple offers. Don’t let good opportunities slip away due to hesitation. While there may be more choices in the coming months, competition will also increase, so act decisively.

Advice for Sellers

For sellers, now is prime time to list your property. Take advantage of the spring seasonality, but be mindful of pricing and presentation. Invest in professional marketing to showcase your property’s best features and attract motivated buyers.

Planning Ahead

Whether you’re buying or selling, it’s crucial to have a game plan. If you’re considering entering the market, now is the time to start strategizing. For sellers, planning ahead allows for proper preparation and optimal timing for listing. For buyers, understanding the competitive landscape helps in making informed decisions.

If you’re in the South Denver Metro area and looking to buy, sell, or do both, let’s chat. Book a consultation now at a time that works for you or call me at 720-295-9089.

As always, thanks for your time and please feel free to share this with anyone you think may find it helpful. 🙂

Saving Money • March 12, 2024

What Is A Seller Buy Down?

by Stacie Duffy

Are you considering selling your home in the vibrant South Denver Metro area? If so, you’ve likely encountered various terms and strategies related to real estate transactions.

Let’s start with the basics. A seller buy down involves allocating funds from either the seller or another party involved in the transaction and depositing them into an escrow account. This account, typically managed by the loan servicer, serves to offset the difference in mortgage payments resulting from a lower interest rate over a specified period.

Managing Mortgage Rates
In today’s fluctuating market, mortgage rates play a pivotal role in shaping homeownership decisions. Suppose you’re eyeing a home but find the current interest rate unpalatable. Enter the seller buy down. By negotiating with the seller, you may be able to secure a more favorable rate upfront, easing the burden of your monthly payments.

Interest Rate Buy Down Explained
Imagine your lender offers you a mortgage at 7%, but you anticipate refinancing in a few years when rates are expected to decrease. However, the prospect of paying $3,600 per month feels daunting. Here’s where a seller buy down comes into play. By reallocating funds from the seller, you could potentially lower your initial interest rate, say to 5% for the first year and gradually to 6% for the second year. This temporary relief can make homeownership more accessible, especially if you plan to refinance down the line.

Maximizing Negotiation Strategies
Negotiation is key in real estate transactions, and a seller buy down offers an additional avenue for securing favorable terms. Instead of solely focusing on price reductions, consider leveraging funds to buy down your interest rate. This approach allows you to prioritize your monthly payment, ensuring it aligns with your financial comfort zone.

Navigating Your Options
Every situation is unique, and what works for one homeowner may not suit another. Consultation with a trusted realtor and lender is paramount in exploring the viability of a seller buy down. By analyzing your financial goals, timeline, and market conditions, you can make an informed decision that serves your best interests.

Seller buy downs represent a strategic tool in the arsenal of home sellers, offering flexibility and relief amidst fluctuating mortgage rates. Whether you’re looking to ease your monthly payments or enhance your purchasing power, exploring the possibility of a seller buy down could prove advantageous. Ready to delve deeper into seller buy downs and how they could benefit your home-selling journey? Book a Home Seller Consultation with me or call 720-295-9089.

Seller Tips • Uncategorized • March 8, 2024

Why Home Sellers Aren’t Selling

by Stacie Duffy

Welcome, future home sellers of the South Denver Metro area! Today, we’re diving into a topic that might resonate with many of you – the elusive “golden handcuffs” that are keeping homeowners from making a move. If you’ve ever wondered why some potential sellers are hesitating, this is for you.

Mortgage Rates
Ever felt stuck with your current mortgage? You’re not alone. Many homeowners are tethered to their 2%, 3%, or 4% mortgages, creating what I like to call “golden handcuffs.” The fear of facing higher rates or doubling their current mortgage payments is a significant deterrent for potential sellers. So, what happens when rates finally come down? It’s a game-changer, affecting both supply and demand. If you’re considering a move, keep an eye on those interest rates; relief might be on the horizon.

Commercial Properties
Commercial properties, especially apartment complexes, play a vital role in the housing market. These properties operate on a different financial rhythm, with five-year balloon payments on commercial loans. When these loans come due, property owners face a dilemma – sell or refinance at potentially higher rates. Brace yourselves, renters; this might lead to an uptick in rents as property owners navigate their financial obligations.

Increasing Rent
Rental rates are on the rise, and it’s not just an annual uptick. Over the last couple of years, rent increases ranging from 15% to 30% have become the norm. Wondering why? As commercial property owners face higher refinancing costs, these expenses often get passed on to renters during lease renewals. The result? You might find yourself paying significantly more for the same space.

Housing Market Dynamics
We’re in the midst of a real estate tsunami, with market dynamics shifting rapidly. Life changes, job transitions, and unforeseen circumstances are influencing decisions. While some may choose to wait for the right moment, the risk lies in waiting for everyone else to act simultaneously. The key is staying ahead of the curve, making informed decisions rather than succumbing to the rush.

The “golden handcuffs” are real, and they impact the decisions of many homeowners contemplating a sale in the South Denver Metro area. Whether it’s the fear of higher mortgage rates, commercial property intricacies, escalating rents, or the ever-changing housing market, these factors are intertwined, shaping the real estate landscape. If you’re on the fence, don’t hesitate to reach out. Let’s navigate this together.

Ready to break free from those “golden handcuffs”?
Book a Home Seller Consultation at www.calendly.com/RealtorStacie or call 720-295-9089. Your journey to a seamless home-selling experience begins now.

Home Maintenance • March 8, 2024

4 Things You Need to Do After Buying a Home

by Stacie Duffy

You’ve just closed on your dream home – congratulations! Now that the keys are in your hands, it’s time to ensure your new investment is secure and well-maintained. In this blog post, we’ll break down the top four things you need to do immediately after purchasing a single-family or detached home. These steps are crucial for your safety, property protection, and peace of mind.

1. Change the Locks
It’s a common saying, but how often do we overlook the simple act of changing locks? In the hustle and bustle of moving, it’s easy to forget this crucial step. Whether your new home was vacant, a rental, or on the market for an extended period, changing locks is a must. Consider upgrading to smart locks for added convenience and security. If your agent doesn’t offer a rekeying service, check if it’s included in your home warranty or explore DIY options. Remember, securing your property begins with controlling who has access to it.

2. Know Your Shut-off Locations
Imagine a plumbing emergency, and you’re frantically searching for the water shutoff. Avoid such scenarios by familiarizing yourself with the location of essential shutoffs – water, gas, breaker box, and any subpanels. Label them for quick identification, and ensure everyone in your household knows their whereabouts. If your property has unique features like multiple buildings, tailor your knowledge to fit those specifics.

3. Address Lingering Inspection Items
Even with a property inspection, there might be minor issues that escape immediate attention. Leaky sinks, exposed electrical concerns, or other minor flaws can lead to significant problems if ignored. Treat your inspection report as a to-do list, and schedule necessary repairs promptly. Whether you hire professionals or embrace a bit of DIY, tackling these items early ensures a smooth transition into your new home.

4. Invest in Water Sensors
Water damage is a homeowner’s nightmare, but you can stay ahead with water sensors. Place these affordable devices strategically – under sinks, near water heaters, sump pits, and mechanical rooms. Loud alarms signal the presence of water, prompting immediate action. Additionally, consider silicone tray mats under sinks to protect cabinets from potential leaks. These preventive measures are a small investment compared to the potential cost of water-related damages.

Don’t underestimate the importance of these actions; they are your best defense against unforeseen issues. If you found this guide helpful, consider giving it a thumbs up and sharing it with others. For those looking to buy or sell in the Denver Metro area, I’m here to help. Contact me at 720-295-9089 or book a Home Buyer Consultation at www.calendly.com/RealtorStacie.

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Home Maintenance • Seller Tips • Updating & Adding Value • March 7, 2024

Top 6 Things To Do To Get Your Home Ready To Sell

by Stacie Duffy

If you’re gearing up to sell your home in the South Denver Metro area, there are six crucial steps you should consider. We’ll break down the key tasks that can significantly enhance your home’s appeal, attracting potential buyers and maximizing your proceeds.

1. Fix the Essentials

The first step is addressing major mechanical or functional issues. Ensure your roof is in good condition, the HVAC system works properly, the water heater is functional, and there are no plumbing or electrical issues. Don’t waste money on unnecessary fixes—consult with your realtor early to identify high-impact areas that require attention.
Address the handyman honeydew list, tackling minor issues like broken switch plates or doors that don’t close completely. Buyers often operate on a rule of threes—if they notice three or more issues, they might think the entire house needs work. Stay ahead by tidying up these small imperfections.

2. Prioritize Cleaning for High ROI

Cleaning is the highest return-on-investment (ROI) activity when selling a home. Scrub every nook and cranny, paying attention to often-overlooked areas like window tracks and the backs of doors. A clean home signals to buyers that the property has been well-maintained. Invest in products like Odoban to eliminate odors, and wash curtains to freshen up the living spaces.

3. Paint to Freshen Up

A fresh coat of paint, both interior and exterior, can work wonders. Stick to neutral tones like Sherwin Williams Agreeable Gray for a modern and inviting look. Remember, it’s not just about color; matching the finish is equally crucial to avoid a mismatched appearance.

4. Flooring Matters

Flooring plays a vital role in a home’s appeal. Consider luxury vinyl plank (LVP) flooring for its durability, easy maintenance, and high ROI. Carpet is suitable for specific areas, like stairs, but keep it clean and in good condition. Ensure your flooring doesn’t become a deal-breaker for potential buyers.

5. Illuminate with Purpose

Invest in quality lighting to enhance your home’s ambiance. Replace outdated fixtures with color-adjustable lighting to create a cohesive look throughout the property. Matching finishes in lighting fixtures contribute to a modern and updated feel, providing a high ROI with a relatively low investment.

6. Upgrade Hardware and Plumbing

Take your home’s appeal to the next level by updating hardware and plumbing fixtures. Modern doorknobs, hinges, bathroom, and kitchen faucets can significantly enhance the overall impression of your property. This DIY-friendly upgrade is cost-effective and delivers a substantial return.

Ready to kickstart the process of selling your home? Book a Home Seller Consultation with Stacie Visit www.calendly.com/RealtorStacie or call 720-295-9089. Get expert advice on preparing your home for sale and make informed decisions that will boost your property’s market value.

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Staging Tips • March 5, 2024

THE BEST Home Staging Items From ROSS

by Stacie Duffy

I want to spill the beans on my favorite home staging items that won’t break the bank, and yes, they are all from Ross. Check out my video on Ross staging finds here!

Before we dive into the goodies, let me spill a little secret – Ross is my staging paradise. Better prices than HomeGoods and a selection that keeps me coming back. Now, let’s get into the nitty-gritty of my top picks.

1. Lamps: Shedding Light on Style

My absolute favorite – lamps. I’m a self-proclaimed lamp junkie, and for good reason. Lamps, especially when strategically placed, add warmth, homeliness, and a touch of luxury. At Ross, you can snag pairs of lamps at a fraction of the cost you’d find elsewhere. Aim for taller lamps, at least 27 inches or more, to make a real impact. And trust me, you won’t have to break the bank – we’re talking $30-$40 per lamp. Find out more about the lamp magic here!

2. Wall Art: Making a Statement

Large artwork can transform a space, and Ross is a treasure trove for budget-friendly pieces. Opt for canvases over framed art for an easy match with any home’s style. I’m talking about statement pieces, poster size or larger, ranging from $40-$60.

3. Curtains: Framing Elegance

Ross takes the cake for curtain deals. Grommet curtains are my go-to, and Ross offers sets at unbeatable prices. While selection varies, you might score a set of four matching curtains for as low as $25.

4. Bedding: Set the Stage

For a well-staged bedroom, bedding is key. Ross has great deals on bed-in-a-bag sets, perfect for staging. Twin sets for kids’ rooms can be as low as $15-$25, offering comforters, shams, and sometimes even bed skirts. Check out my Staging A Fake Bed for more insights.

5. Throw Pillows: Affordable Accents

Add the finishing touch with throw pillows, and Ross won’t disappoint. At $10 a piece or $20 for a set of two, these accent pieces can elevate the overall look. Remember, cohesion is key – check out my video on Cohesive Staging for pro tips.

6. Rugs: A Touch of Comfort

Rugs play a pivotal role in staging, and Ross has you covered for all types. From entryway rugs to indoor/outdoor and area rugs, you’ll find affordable options. Larger entryway rugs make a statement and keep the space clean. Budget around $8-$12 for most rugs.

Remember, staging is like adding frosting and sprinkles to a cake – it makes your space feel ready to live in without the wear and tear. If you’re considering selling your home in the Denver Metro area, I’d love to chat with you. Book a Home Seller Consultation with me at Calendly/RealtorStacie or call 720-295-9089. Let’s make your home stand out!

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Market Updates • February 4, 2024

February 2024 Denver Housing Market Update

by Stacie Duffy

Despite the snowy scene outside today, I’ve got some hot-off-the-press updates on the Denver housing market. If you prefer visuals, catch the full scoop in my video:

Not surprisingly, the market is already heating up, albeit faster than even I expected. Traditionally, January prices tends to be a bit on the chill side and set the low for the year, but not this year. January closings and December shoppers have set a different tone. For January Closings, the median residential price was $565,000 up from the $550,000 in December. The year started with a bang as buyers hit the market earlier than normal in mid December, contrary to the usual mid January kick-off.

Let’s dive into the numbers. Our focus is the 7-county Denver Metro area which includes: Denver, Douglas, Jefferson, Adams, Arapahoe, Broomfield, and Elbert counties. January’s data, influenced by late December’s shoppers, sets the tone for the upcoming month. The average price saw a slight increase, defying the typical January dip.

Key Market Indicators

New Listings Took Off
December saw ~1600 new listings, but January jumped to over 3100. Almost double the listings in just one month! This surge indicates a proactive move by sellers, willing to let go of those Golden Handcuffs.
Active Listings Dwindle
Despite the influx of new listings, active listings still decreased. This scarcity emphasizes the intense demand picking up, and that the Buyers are getting out early this year.
Seller Mindset Shift
What’s causing this demand-supply gap? Homeowners are reevaluating their stance. Many, previously reluctant to move due to low mortgage rates, are now reconsidering. With rates in the 5’s to 6’s, the prospect of maintaining a similar monthly cost is enticing.

The Shift in Market Dynamics

The shift is palpable. Despite a considerable increase in new listings, the inventory is struggling to keep up with buyer demand. This echoes the trend observed in 2021 and 2022 but with a new twist. Buyers are out in force, but we’re not in the realm of the frenzied bidding wars we experienced in previous years, not yet anyway.

Seller’s Advantage

Interestingly, January marked the fewest closings since 2011 in the Denver Metro market. This scarcity might seem surprising given the heightened market activity the last 5 years, but it highlights the lack of available properties for eager buyers.

Looking Ahead: Predictions and Strategies

As we approach spring, the market is poised to become more aggressive. While bidding situations are expected, I’m not anticipating a return to the extreme conditions of 2021 and 2022, as the buying power and affordability just aren’t there anymore. Buyers are eager, having been pent up due to various factors, but the market seems to be easily “healthy and aggressive”. At least it’s not the medieval blood bats of the past, not yet anyway.

Strategic Recommendations for Buyers and Sellers

For Buyers looking for choices and very specific homes, the time is now through June. Avoid the potential competition in March, April, and May by getting ahead in the game and making sure you are prepared when the RIGHT place comes around. However, for those not in the financial position to compete, Q3 or Q4 might be a strategic plan to sidestep intense bidding wars. With an upcoming election this fall, I expect Q4 to be awfully slow and a solid opportunity to negotiate.

For Sellers, the window is opening. March, April, and May are optimal months to list If you’re looking for top dollar and a fast sale, and I’ve got some available slots for those ready to make a move. Have a place that needs a lot of work? Investors are always looking for an opportunity in the Denver market, and I have a list of quite a few that would love to make an offer.

If you’re in the South Denver Metro area and looking to buy, sell, or do both, let’s chat. Book a consultation now at a time that works for you or call me at 720-295-9089.

As always, thanks for your time and please feel free to share this with anyone you think may find it helpful. 🙂

Right-Sizing • Seller Tips • December 27, 2023

Does your home still fit your needs? Retiring Soon? It may finally be time to Move…

by Stacie Duffy

retired couple working on gardening project around their home

If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.

How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

How Much Equity You’ve Gained

Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.

Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.