Go Broncos! Travel Safe in Denver

Its football season! And with that come great parties, festivities and celebration. While having a good time just remember to be safe and don’t drink and drive. Denver’s public transit is a perfect way to cut down on traffic and trouble! Here is a great map for Denver’s Light Rail Routes!


Single Family Home Size Increases

Just saw a great article noting that the average size of single family home size is increasing. It is attributed to the the increase of economic health in the nation.


If you’d like to read all about this in the article I found just click HERE.

Top 5 Myths About Home Buying Today

I found this great article talking about some of the top 5 myths people have regarding purchasing a home. I boiled down to these five points.

1. You need 20% for a down payment.  False. There programs where you can put as little as 3% down even as a conventional and not just FHA. There are also buyer payment assistance programs that you can put down as little as $1000. However, this particular program there are many restrictions.

2.Only those with AMAZING credit can get a loan. False. I have personally seen as low as a 630, but I know many can qualify with a 640 or higher. There also was a recent program released by FHA that cuts the time for folks to qualify for a loan if they experienced a foreclosure or bankruptcy.

3. Fixed Rate Mortgages are the only way to go. False There are ARM mortgages that may be a great option for some. If you are planning on paying off the loan quickly or if you are planning to move in a few years. ARMS typically start off at  much lower rate then fixed rates.

4. Cut out the Realtor, represent yourself and you will save 3%. False. The commission is typically paid by the seller.  ” – for example, 6% (commission). They (agent) offer to share a portion of that if a cooperating buyer’s agent enters the picture – for example, 3% – but if there is no buyer’s agent involved, the full 6% is still paid by the seller to the listing agent.””

5. If you can buy a home right now, you should. False.  Yes rates are low and yes home prices are going up.  However, for those who need flexibility in their living ie job transfers, relocation this may not be the best choice.

I do personally disagree with the 5th myth personally, but only due to Denver Real Estate and the need for rentals and the increase in population there is a demand for rentals. However, this is not always going to be the case. But you could purchase if you planned to come back, rent if you left and then still owned when you came back. This can hamper your housing needs if you do not have the capital to make a second purchase if you so choose to in the next location. This is a very situational or case by case decision. If you plan on staying in Colorado, then I say go all for it!

If you’d like to read the whole article you can find it if you just click HERE