Reach out anytime. We work days, nights, and weekends. Sean Murphy - Realtor 📩 Info@moxiepropertygroup.com 📞 (720) 712-5783 💻. www.MoxiePropertyGroup.com EXP Realty CO 9800 Pyramid Ct # 400 Englewood, CO 80112
I just finished watching your video and found your insights to be really helpful for people who are buying a home for the first time. It's important to have an understanding of the market dynamics such as interest rates and inventory levels to make informed decisions.
Colorado is a hard read. Prices are definitely on the way down in certain areas though Denver has remained strong. Wages here do not support 500k+ single family homes unless there are two incomes at or above the 'average rate'. First time buyer, good down payment saved, just broke over 800 credit and take home a 6 figure income, i would (by conventional 28/36 standards) only qualify for a $2,300/mo mortgage or about 350k at todays rate. Even with 100k down payment it would be hard to find any selection. Worst of all, if you take an average of housing appreciation annually, 3-5% growth after near doubling in 4 years translates to (imo) a best case scenario of flat equity growth for the next decade. Plenty of houses bought in 2007 took almost a decade to realize any equity.
Yup, my favorite is when real estate agents hype up the 2-1 buy down offer. They bank on the fact interest rates will be lower after two years. This is a risk just like shorting a stock banking on the fact the market will move in the direction you want. The only problem with doing this with a home is…your kind of stuck and the loss is quite great if you fail. In addition, if interest rates remain the same after two years (net 0 basically) and you weren’t planning on that…better look for a second job. They will also say but after two years you will be making more money…lol. Standard % raise is 3% across corporate industries. That’s nothing and when you calculate how much your monthly payment increases each year (1%/100 basis points) on say a 450k home…you’re looking at 150-200 more a month on your mortgage. I got a 3.5% raise that equated to (minus taxes) roughly $75 because my medical insurance went up by $30/month. That’s after one year! That does not equal the percent increase on my mortgage rate.
@@sneekydealz I (29) have more than a few friends in that position. Bought just as interest rates went up and were told by lender they can refi (for free!) When rates drop. Most of them have realized they were sold a lie.
everyone's situation is different and people are playing with different cards in their hand. if you have money to compete in Q3 you may find more inventory but more competition. I'd be happy to jump on a call if you want to talk with my about your specific situation. There are pros and cons to every scenario
I am buying and crying because trying to find home insurance in Evergreen is an absolute nightmare. All major carriers wont even entertain talking to us, so it’s not price or loans, etc. They just wont quote just offer advice to carriers they think may be writing insurance in Evergreen.
Reach out anytime. We work days, nights, and weekends.
Sean Murphy - Realtor
📩 Info@moxiepropertygroup.com
📞 (720) 712-5783
💻. www.MoxiePropertyGroup.com
EXP Realty CO
9800 Pyramid Ct # 400
Englewood, CO 80112
I just finished watching your video and found your insights to be really helpful for people who are buying a home for the first time. It's important to have an understanding of the market dynamics such as interest rates and inventory levels to make informed decisions.
Another great video Sean!
Small correction.... In 2008 the market crashed because of the boom busy cycle caused by printing money to push rates down.
Colorado is a hard read. Prices are definitely on the way down in certain areas though Denver has remained strong. Wages here do not support 500k+ single family homes unless there are two incomes at or above the 'average rate'.
First time buyer, good down payment saved, just broke over 800 credit and take home a 6 figure income, i would (by conventional 28/36 standards) only qualify for a $2,300/mo mortgage or about 350k at todays rate. Even with 100k down payment it would be hard to find any selection.
Worst of all, if you take an average of housing appreciation annually, 3-5% growth after near doubling in 4 years translates to (imo) a best case scenario of flat equity growth for the next decade. Plenty of houses bought in 2007 took almost a decade to realize any equity.
Yup, my favorite is when real estate agents hype up the 2-1 buy down offer. They bank on the fact interest rates will be lower after two years. This is a risk just like shorting a stock banking on the fact the market will move in the direction you want. The only problem with doing this with a home is…your kind of stuck and the loss is quite great if you fail. In addition, if interest rates remain the same after two years (net 0 basically) and you weren’t planning on that…better look for a second job.
They will also say but after two years you will be making more money…lol. Standard % raise is 3% across corporate industries. That’s nothing and when you calculate how much your monthly payment increases each year (1%/100 basis points) on say a 450k home…you’re looking at 150-200 more a month on your mortgage. I got a 3.5% raise that equated to (minus taxes) roughly $75 because my medical insurance went up by $30/month. That’s after one year! That does not equal the percent increase on my mortgage rate.
@@sneekydealz I (29) have more than a few friends in that position. Bought just as interest rates went up and were told by lender they can refi (for free!) When rates drop. Most of them have realized they were sold a lie.
did i hype it or did i mention it?
@@SomewhereInColoradono you mentioned it 👌🏽 My comment was more directed in a general sense 🤟
✊
What does the market look like for condos in the front range?
My financial advisor and my Mortgage lender has strongly advised NOT to buy anything until at least q3 of 2024.
everyone's situation is different and people are playing with different cards in their hand. if you have money to compete in Q3 you may find more inventory but more competition. I'd be happy to jump on a call if you want to talk with my about your specific situation. There are pros and cons to every scenario
I'll wait until the end of 2025.
I am buying and crying because trying to find home insurance in Evergreen is an absolute nightmare. All major carriers wont even entertain talking to us, so it’s not price or loans, etc. They just wont quote just offer advice to carriers they think may be writing insurance in Evergreen.
Or?
And.