2018 is the year you want to become a homeowner but below are some popular reasons you are still renting:
You can buy a home with a credit score of 500, however, you will need 20% down payment. Speak with a mortgage consultant who can help you raise your credit score FREE of charge. The higher your credit score, the better loan programs, and in some cases, lower down payment cost. So contact me, if you need a mortgage consultant referral, your credit score could be on its way up in as little as a few weeks or a couple of months depending upon your situation.
- Waiting for the Market to Settle
I can't tell you how many times that I have heard this response. The reality is that Colorado has a thriving economy, with low unemployment rate. Companies are moving here and people are moving here for the jobs, the quality of life, and as a result, the demand for housing is greater than the supply. In December of 2015, the median home sales for Colorado was $310k, in December 2017, it was $371k. If you purchased a home just 3 years ago, you will have acquired approximately 60k in equity.
- Locked in the Leasing Cycle
Planning and preparation are all it takes to break the leasing cycle, but sometimes people underestimate this process and start looking too late. If your lease ends in May, you will need to notify your landlord by March, which means that you need to start the home buying process approximately six weeks before you plan to give notice or in this scenario, late Jan, early Feb. If you find your perfect home in March, a 30-day closing takes you into April, and your first mortgage payment is due in May. Another option is to rent month to month for 1-3 months until you find a new home. Rent will be higher but it is better than signing another 12-18 month lease if your desire is to be a homeowner.
If 2018 is your year to start earning some equity, give me a jingle.
When buying or selling a home in the Denver metro area, contact Delilah,
and let me put my knowledge, experience, expertise, and professionalism to work for you.
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