Buying In Denver – Why The Fall Is A Perfect Time To Buy a Home!

There is a thought in the general public that Fall is not a good time to buy a home. The common reasoning is that the kids are back to school, people are too busy with school activities, sports, holidays and such and don’t or won’t have time to house shop or don’t want to uproot kids in the beginning of the school year.

Well while that is true in some areas, for most of the country Fall is a fantastic time to buy and here’s why.

First, prices drop once summer is over

Buying In Denver - Why The Fall Is A Perfect Time To Buy a Home!Sellers who didn’t sell over the summer panic a bit and tend to lower prices in order to sell. They are worried that a slowdown in the market will mean they are stuck until next spring so they drop the price.

This gives you, the buyer, a bit more buying power than other times of the year. Plus, buying around or before the holidays is a great way to get yourself in the holiday spirit. Moving in and decorating a new home for the holidays is fun!

Tax break

Another reason is getting the fantastic tax break of home ownership this year instead of waiting until next year. You can deduct mortgage interest, mortgage insurance premiums and property taxes. Also any prepaid taxes and insurance premiums paid at closing can be deducted too.

If you’re worried about owing taxes this year or if you really don’t want to wait until the spring of 2018 for the refund, buying now, in the fall, is a smart decision.

So don’t “buy” into the common wisdom that you shouldn’t buy in the fall. Fall is a great time to buy a home. So call a Realtor and get house hunting now!

Why You Need To Get Pre-Approved For Financing BEFORE Looking At Houses

You’ve decided to buy a home and have heard the advice about getting pre-approved for a mortgage. But should you? The answer is a resounding yes and here’s why.

Finances in order

The first reason is to see if your finances are in the right place to be approved for a mortgage Why You Need To Get Pre-Approved For Financing BEFORE Looking At Housesbefore your dream house is on the line. The time and aggravation involved in searching for a home, putting in an offer and getting your hopes high about buying a home aren’t worth the disappointment of finding out you can’t get a mortgage after all of that. It’s better to find out now. If your credit is lacking you can wait to search and work on raising your credit score, save more money and be ready when you can look later.

Price range

Another reason is so that you know what price range you can realistically be looking. Again, if you aren’t pre approved, you may think you can afford a $500,000 home, only to find that you can only get approved for a $300,000 house. You basically have to start all over with a new search after getting your heart set on that more expensive dream home. After that, anything in a lower bracket will probably not measure up.

Pre-approval

Having pre-approval for a mortgage also makes you a front runner when you do make an offer. If the sellers know that you already have your approval in hand and they won’t have to wait for you to go through that process or possibly withdraw your contract because you were turned down, they are more likely to accept your offer over one that doesn’t have pre approved buyers. Your offer will be stronger and you will most likely get the home.
So don’t be disappointed, be pre-approved. It will make your home search and buying your home much easier.

Listen to the advice. Get pre-approved!

Why Owning Your Home is Better than Renting

Everyone has the moment: do you go for owning your home or should you just continue renting? Owning versus renting has a lot of advantages, beyond just being a rite of passage into being a grown up. So what are some of these advantages? Here are the biggest ones and hopefully they can help move you to being a proud home owner.

Why Owning Your Home is Better than RentingOwning your home helps you build positive equity. Equity is what you get when you own more than you owe. Most young people, if they had to fill out a sheet listing all their assets, would only be able to list a bank account and maybe something like a car and some furnishings. Meager equity when stacked against things like student load debt or the car note that came with the new car. Owning your home gives you a big asset. Real estate also generally gains value over time. With some exceptions, that improvement in value means you have more equity in the property. When you are renting, you pay money each month and have nothing to show for it.

Another thing that makes owning versus renting make a difference in is your taxes. When you are renting, the payments you make aren’t payments you can deduct from your yearly income tax return. When you are a proud home owner there are several things that you can deduct. First is the interest you pay on the mortgage payments. You can also deduct the amount you pay for the real estate taxes you pay to the county or municipality where the property is located. It doesn’t sound like much, but the interest on a $200,000 mortgage can add up to several thousand dollars a year, depending on your interest rate. Even one as low as 4% can mean deducting $10,000 to $15,000! Real estate taxes can be sizeable as well, depending on where your home is located.

Another advantage – knowing exactly what your payments will be year to year. If you choose a fixed rate mortgage, which most people do, your mortgage payment will not change. The only thing that could affect it is changes in real estate taxes or homeowners insurance premiums since mortgage companies collect those bills in your monthly payment and then pay them for you.

An intangible advantage to home owning versus renting? Pride of ownership. That home is YOURS. You can decide to fix it up, change things and you don’t have to ask anyone’s permission to do it.