Recollections of the 2008 economic recession and the mortgage crisis that followed are fresh in the minds of many of the older Millennial and Gen-X homeowners burned by the housing market in the past. As buyers compete in multiple offer situations and pay well-above asking price for that new home—whether as first-time homebuyers or as move-up buyers—many are wondering whether the housing market is due for a correction.
Why Now Is a Great Time to Tap Into Your Home’s Equity
If you’re a homeowner, you’re in luck. US homeowners are currently enjoying a boom in residential equity value. According to CoreLogic’s Homeowner Equity Insights Report, approximately 63 percent of US homeowners are experiencing an equity increase of more than 10.8 percent year over year between Q3 of 2019 and Q3 of 2020. That represents a combined equity value of more than $1 trillion in just one year. During the same period, negative equity fell by 18.3 percent year over year, resulting in greater security and financial stability for hundreds of thousands of homeowners.
New Places to Look for Your Next Home
For many buyers, one of the most challenging aspects of buying a home in 2020 turned out to be finding a home in the first place. Low inventory in many markets, as well as the struggles associated with local restrictions and virtual home tours, meant that some enthusiastic buyers found themselves unable to find the right space when they were ready to move forward with their purchase.
What to Expect from the Closing Process
When you watch a show on HGTV where an eager young couple is looking for a home, it usually ends when the offer is accepted. In real life, however, that is only the beginning of the story. The closing or escrow process has its own rules and challenges. By being prepared for each step of the process, you’ll be able to stay calm, cool, and collected—even if the unexpected occurs.
Eco-friendly Upgrades That Pay for Themselves
Reducing your home’s carbon footprint has a host of benefits, from savings on the operation of your home’s systems to reducing their impact on the environment. However, many environmentally responsible choices are expensive and it can feel overwhelming to try to retrofit your existing home with eco-friendly changes.
January 2021 Residential Market Report
WELCOME 2021! A New Year and a new day has dawned. A little housekeeping to clear up the final month of 2020 and on to 2021 trends, conditions, and predictions!
December 2020, The Colorado front range area saw 3790 new listings available on the market. Within an average of 33 Days on Market, 6345 sold and closed. The average sales price for December 2020 was $543,900. These numbers defy the fact that we were 9 months into a pandemic, with anemic inventory and limping toward the end of a very challenging year.
Save, Don’t Splurge
Preparing for a 2021 Home Purchase
While you may have been ready to buy a home during the 2020 spring market, the uncertainties caused by the pandemic may have put a damper on your plans. At this point, you may be uncertain about your post-COVID-19 real estate goals and unsure whether the opportunity to work from home will inspire you to move to another market or another type of home.
Get SMART with Your New Year’s Resolutions
Many of us set resolutions every New Year’s Day. But if your resolution is too broad or doesn’t have a deadline, it is much easier to abandon or forget it. As the saying goes, “A goal without a plan is just a wish.”
This year, stick to your resolutions using the SMART goal structure. This method will help you clarify your wishes by turning your goal into actionable items, providing you with an outline for success.
New Year, New DIY Projects
The New Year provides us the opportunity to make positive changes, a blank slate so to speak. While many are busy making personal improvements, January can actually be an ideal time to tackle minor updates to your house.
With a little creativity and patience, these easy and affordable projects will give your living space a much-needed facelift this year.