Tuesday, June 20, 2017 / by Jester Rafols
On Wednesday, the Federal Reserve took a largely expected move to raise its key interest rate one-quarter percentage point. This marks the second of three hikes that is expected to occur this year.
“The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation,” according to the Fed’s statement.
While mortgage rates aren’t directly tied to the Fed’s key interest rate, rates are still influenced by the movement. Mortgage rates are predicted to start rising, and many homeowners and prospective homeowners are already bracing for an uptick.
In a recent survey of home buyers and owners by Berkshire Hathaway HomeServices, 55 percent of millennials reported discouragement about buying a home due to rising rates. Some 68 percent feel pressured to buy a home before rates increase further.
“The latest rate hike is partly justified from ongoing ...
Tuesday, June 13, 2017 / by Jester Rafols
The average price of a home in metro Denver rose 9.8 percent in May to $449,736, including homes of all kinds, according to the Denver Metro Association of Realtors' latest market trends report.
Detached single-family houses sold for an average of $490,700 in May, while attached homes such as condos went for an average of $317,082.
Overall, the market experienced a much-needed increase in inventory that was due in part to the beginning of the spring selling season.
"Housing numbers seasonally surge this time of year and 2017 is no different. We experienced robust gains in active listings, new listings under contracts and sales volume," said Steve Danyliw, chairman of DMAR's market trends committee.
Active listings for homes of all types increased by 7.9 percent to 5,895 in May, and part of that increase was driven by an increase in condo inventory.
But, in market that has repeatedly set new low-inventory records in recent months, a marked increase in a ...
Monday, June 12, 2017 / by Jester Rafols
You've done the work to clean up your credit score, scrape together a down payment and pry a preapproval letter from your mortgage lender. Cheers!
Getting preapproved is a smart move, especially in a seller's market characterized by tight inventories and, in some regions, bidding wars. Having a lender's letter in hand signals to sellers that you're a legit buyer whose offer merits serious consideration.
Even so, a preapproval letter is just a conditional commitment. It can be withdrawn if your financial situation changes in a way that makes your lender nervous.
he best advice? "Maintain the status quo," says Scott Schang, branch manager at BuyWise Mortgage in Anaheim, California.
There are a few surefire ways to get rejected after you've been preapproved. Among them:
Quitting your job
There's nothing wrong with leaving a job to take a similar or better-paying position at another company, so long as you remain a full-time employee who gets a W-2 form at the end of the year.
Saturday, June 10, 2017 / by Jester Rafols
Development will begin next year on the first phase of a transit-oriented development (TOD) near the Central Park Station train station along the airport line — a development that is expected to reach 4 million square feet by the time it's finished.
Forest City Realty Trust (NYSE: FCRT) — the Cleveland-based parent company of Forest City Stapleton, master developer of Denver's Stapleton neighborhood — will begin work in the spring of 2018 on a six-story, 190,000-square-foot Class AA office building called Central Park Station One.
Also included in phase one of the development are 300 apartment units, 120 condos and 60,000 square feet of retail, oriented around a public plaza. Specifically, the development will occur at East 37th Place and Uinta Street.
But that's just the beginning, according to company officials.
The master plan for the TOD at Central Park Station calls for 1 million square feet of office space, 100,000 square feet of retail, 1,000 apart ...
Monday, June 05, 2017 / by Jester Rafols
Metro Denver continued its pattern of gains in home-resale prices well ahead of the national average in March, according to the latest S&P/Case-Shiller Home Prices Indices report.
The area saw a year-over-year increase in sales prices of 8.4 percent in March from a year earlier, almost unchanged from February’s 8.5 percent annual gain, according to the closely followed Case-Shiller monthly real estate report series.
Denver’s 12-month gains trailed only three cities out of the 20 large metros that are tracked by the Case-Shiller report: Seattle (up 12.3 percent); Portland, Oregon (up 9.2 percent); and Dallas (up 8.6 percent), according to Tuesday’s report.
The 20-city average increase was 5.9 percent, and the national average gain was 5.8 percent over the last year.
Metro Denver has been among the top two or three U.S. cities for the pace of home-resale price gains for more than a year, Case-Shiller says.
Metro Denver’s year-over-year price increase of 8 ...