Millennials prepare to become homeowners!

November 27, 2015

If you’re under 35 years old and hoping to purchase a home in the near future, you’re definitely not alone! In fact this last year economists reported only about 2% of millennials were among the home buyers across the U.S.! That’s pretty insane considering you are our country’s largest generation!

But according to Realtor.com, every study about millennials and housing says the same thing: You believe in homeownership as an investment.

As your future real estate agents, we care about your success! So here are ways you can prepare for the day you are ready to purchase a property:

1) REDUCE YOUR DEBT

Your debt-to-income ratio will definitely affect your options for a home loan. To qualify for a mortgage, your DTI can be no more than 43%.  So your mission needs to be reducing any large student loan, credit card or auto loan balances. And avoid new debts if possible. The ideal DTI is less than 15% of your income.

2) BOOST YOUR CREDIT SCORE

For millennials who bought a home this last year, the average FICO score was 714 (an FHA mortgage is 682). Unfortunately how credit scores are calculated make it tough for you to qualify. They look at lengthy credit histories -- not your consistency in monthly payments like rent, cellphone bills, and utilities. So do what you can to get a score between 650-750. The closer to 750, the lower your interest rates and therefore your mortgage payments.

3) SAVE FOR A DOWN PAYMENT

You’ve probably heard the ideal down payment is 20%. While it’ll certainly get you the best rate for a loan, the average millennial home buyer put down only 7%. So try to shoot for 10% and check out your options. Conforming mortgages only require 3% (if you’re a veteran you can qualify at 0%). Ask a real estate agent or lender about local down-payment assistance programs. And of course save as much as you can! You’ll not only need a down payment, but an emergency fund so no financial surprises wreck your credit while you are house hunting.

4) LOWER YOUR RENT PAYMENTS

No doubt, Colorado’s rental prices are high right now! Since the average renter spends more than 30% of their income on the roof over their head, consider paring down this expense. To prepare to become a home owner, double or triple up on roommates, settle for a smaller place, or spend a season with Mom and Dad.

And if you have questions, feel free to contact me for a no-obligation, consultation and to put together a success strategy to meet your goals.

Source: http://www.realtor.com/news/trends/letter-to-young-millennials

Just Listed in Aurora! Affordable and Adorable in Aurora...

This 2 story, single family home is something truly special.  Nestled on a corner lot and across from Pheasant Run Park, this 4 bedroom, 3 bath home, has it all. The spacious master suite, is like a retreat for rest, after a long day.  Enjoy morning coffee or tea on the deck adjacent to your master suite. Create tasty culinary treats in your spacious eat-in kitchen and dine in your separate dining area.  Are you currently in need of more space?  Re-purpose the finished basement into an additional family room, living room, or play area.  Enjoy quiet nights in the living room with friends and family or enjoy gatherings and backyard barbecues on your very own deck, surrounded by secure privacy fence.  All of this AND this beautiful home is served by Cherry Creek School District.  Call Cynthia today to schedule your private showing!

For the virtual tour and more photos, visit: www.4361SouthEvanstonCourt.com

Need to sell fast? Hire Kittens!

Well, it's cute and all....

Just when you think you've seen every possible way to market a home—from Michael Jordan's voice-over to this “babe” infested monstrosity--someone rolls in to prove you wrong. Recently, California-based real estate company SF Good Life unleashed a new listing video starring several fluffy, four-footed friends.

“Kitten Invaders” showcases the listing with buckets full of cute to boot. In the three-minute video, three sweet kitties “invade” a listing, jumping on the beds, nibbling on the well-staged house plants, wreaking general kitty havoc and, according to the video, “meowing” in the face of danger.

Viewers beware: prepare to stop drop and awwww over these fluffies, whose official names, according to SF Good Life, are Petunia, Puddin' and Lil' Fella. The video partnered with non-profit organization Toni's Kitty Rescue which fosters 700-800 kittens each year. 

So the verdict is in: need a new way to sell your home? Hire someone cuter than you to do it. Unless of course the homeowner is allergic :\ .

http://blog.rismedia.com/2015/need-to-sell-fast-hire-kittens/

8 Home Upgrades for the Non-Remodeler!

Ahhhh…remodeling. For many homeowners, they associate that word with expensive, time-consuming and messy! But you know it’s necessary to boost your home’s value. No wonder many of us wait to make home improvements until we plan to sell!

So we found some great remodeling ideas (courtesy of HouseLogic) you can do TODAY that will not hurt your budget.  Remember, you want to take as many things off your future buyer's 'to-do' list.  With the market here in Metro Denver cooling, these are some inexpensive DIY things you can do to give your home some pop and impress potential buyers.

1.  Molding: $1.50 - $8 per foot

Give your rooms a finished, classic and expensive look with decorative molding! It’s actually at the top of buyers’ list of desirable decorative features in a home (National Association of Home Builders (NAHB) survey). There are hundreds of options for moldings (designs, paint styles, materials and etc.). So you can definitely find an affordable option!

2.  Ceiling Fan: $200 to $600.

#1 on buyers’ decorative wish lists are ceiling fans! Now considered an essential component to rising energy prices, they are a great, little investment. You can choose a stylish option to complement the room and save money on AC!

3.  Mature Trees: $1,000 to $10,000

Plant a tree and you’re planting a moneymaker! What else in a home gives you more value with age? Trees will help you:

• Boost home value by an average of $8,870 (planted street-side).
• Save $100 to $250 in annual energy costs.
• Beautifies the lawn (which can lower stress).
• Prevent roof erosion during downpours and runoffs.
• Protect your home from sun, wind and rain.

4.  Patio: $2,000+

Add extra living space under the Colorado sun with a patio! This is a terrific cost-effective way to add more square feet and WOW a potential buyer!!!  Our recommendation: keep the patio simple and functional (how often would you use an outdoor kitchen?).

5.  Security System: $50 - $1,500 (Set Up)

Installing a home security system can give you a priceless peace of mind! There are all sorts of systems out there that can fit your budget (your home insurance will give you a discount for a monitored system).

6.  Energy-Efficient Upgrades: Price Varies

Nine out of ten buyers prefer an energy-efficient home (and so will you as the utility bills get smaller)! The remodeling upgrades are nearly endless, but this is a great one: convert to a gas fireplace. You will save up to a whopping 77% on your heat (wood-burning fireplaces only save an average 15%). 

7.  Creative Storage: Price Varies

Adding storage is always appealing to homeowners, especially when it’s just a matter of using what you already have available. Why not open up some drywall and build storage cubbies between your wall’s studs? There are lots of unique ways you can add extra space like platform storage, under-the-stairs and more!

8.  Outdoor/Indoor Lighting:  $150 - $250 (installation)

Does your outdoor lighting seem a little 'meh'?  Add a new, modern light fixture in foyer or dining room.  Many of today's new light fixtures use less energy than those several years ago.  Consider updating your exterior lights as well. Exterior lighting makes nighttime more convenient, adds beauty by accenting features, and of course deters burglars. Go cost-effective by installing solar lighting.  

Source: http://www.houselogic.com/home-advice/home-improvement/budget-home-improvement-ideas/?cid=eo_em_mkt_newsletter