DMAR Real Estate Market Trends Report | December '18

Housing inventory in the Denver area is up nearly 47% YTD compared to last year, but sales are down...

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Getting Priced Out: The Housing Affordability Crisis

"Millenials are renting apartments for longer periods of time than the generations that came before them, housing inventory is tighter, the housing crash has scared a lot of potential homeowners and baby boomers are downsizing..."

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Features That Make a Home Cozy

Like bears in hibernation, we tend to stay home and relax more in colder weather. If you’re selling your home, creating or enhancing these features will give buyers the ability to appreciate the properties' best features.

Fireplaces: Whether you have a gas log or wood-burning fireplace or a firepit in the backyard, watching the flames is a great way to relax, listen to music and cuddle with your favorite person or pet.

Built-ins: Bookshelves, china hutches, and window seats are so yesteryear, but they also add great utility and character to your home. Update them with newer finishes but appreciate that the quality of built-in woods and craftsmanship is rarely offered in new homes.

Sitting areas: A reading nook or a small conversation area can be intimate, comfy and charming. Make it a no-electronics zone for books, sketching, or needle arts.  

Hardwoods and rugs: Hardwood floors are warm, elegant and in demand. To soften footsteps and protect floors in highly trafficked areas, choose hand-knotted wool or silk rugs that stand the test of time.

Lighting: Adjustable and ambient lighting make relaxing more personal and comfortable. Think of all lighting as task-oriented to choose the right fixture and bulb for your needs.

The Credit Scores You Need to Buy a Home

Mortgage lenders check your credit history before approving a home-buying loan. Your credit scores are crucial to getting the amount you want to borrow at a good interest rate.  

Your income vs. your debt, your payment history, the length of time you’ve had credit, new credit you’ve opened, and the types of credit you owe (such as student loans or consumer debt) are all calculated in a valuation system known as credit or FICO scores.

FICO scores range from 300 to 850, but because mortgage loans are so large and have such a long payback period, most lenders require scores between 520 to 700 and above, depending on the type of loan.

“Conforming” loans are guaranteed by the federal government, including FHA or VA loans. They require a minimum score of 500 to 520 and any scores lower than 580 will increase the minimum down- payment required to 10%. If you’re married or have a co-borrower, their scores must meet the same requirements.  All FHA loans require private mortgage insurance, which reduces the amount you can borrow.

“Conventional” loans are federally sponsored by Fannie Mae or Freddie Mac to be packaged into securities bundles and sold on the secondary market. Lenders can manage risk by requiring scores of 700 and above, using loan-level price adjustments, based on loan-to-value ratios and credit scores.

For any loan, the larger your down- payment, the lower your credit score can be. Credit scores also impact interest rates. The better the score, the better the rate.

 

Why You Only Need One Real Estate Professional

When you’re searching for a home, it makes sense to put all available resources to work for you. That’s why it’s tempting for some buyers to communicate with more than one real estate professional. But, using multiple professionals in the same area could work against you.  

Real estate professionals are state-licensed and most choose to specialize in their own cities or their own neighborhoods. They have access to the same multiple listing data as others. If you’re working with multiple agents, sooner or later they’ll find out, and you may miss being the first to see new listings coming onto the market. They’ll show those to dedicated buyers before notifying you.

Your Berkshire Hathaway Homeservices network professional has all the information, contacts, and experience you need to find a home, plus the backing of one of the most respected names in the real estate industry. He or she will network with other professionals to help you meet your goals. With such a strong support system, you’ll be quickly apprised of relevant homes for sale as well as those coming on the market. 

The best course is to be honest about your goals and preferences. If you’re interested in more than one community, say so and ask for a referral to a specialist in the other area. Both professionals will help you with enthusiasm.

What you don’t want to do is keep your intentions secret. No professional can meet your expectations if they don’t know what you really want.

Decorating with Red

Red is the go-to color for drama, but it’s also a preferred color for hospitality. You can literally “roll out the red carpet” to make visitors feel welcome to your home.

From joy (paint the town red) to love (my love is like a red, red rose) to bravery (red badge of courage), red suggests celebration, passion and power. Use red when you want a room to be filled with energy and spirit. Red stimulates conversation and activity, making it a great choice for living and dining areas, bedrooms and kitchens.

Red can be soft as well as bold, depending on the shade, intensity, and percentage of red you decide to use in your decor. Red ranges from light pink to deep burgundy.  Reds and golds are opulent, while red with black is sophisticated. Reds can also be casual, as in country or coastal décor.

How much red should you include in your decorating scheme? The closer the hue is to primary red, the brighter it will be, and the more it will draw attention. Reds play well with neutral greys, taupes, beiges, blues and browns.

To see the true impact of red, grab fabric and paint samples to see how various shades of red interact with other colors. Brown-reds, burgundy-reds, and orange-reds add spice and earthiness to your décor.

Whichever red you choose, have fun with it. Paint an accent wall with red, or buy throw pillows and afghans in red. It can be a warm, happy color.

Top Four Home Design Trends for 2019

It’s time to refresh your home the way you want it to look and function. Should you paint or wallpaper? Should you stay safe with neutrals or go wild with color? The answers may lie in trendspotting for 2019.

Color over neutrals. This is the year to embrace color – reds, blues, greens and yellows in tones that look terrific against a backdrop of black and white. Meanwhile, grays as neutrals have had their day.

Patterns. The global look of Ikat, Morrocan Trellis, and Shibori is giving way to large classical florals with a modern edge and bohemian abstracts. Consider the lush wallpaper and fabric patterns of Timorous Beasties.

Style-mixing. Mid-century modern and minimalistic décor have been hugely popular over the last few years, but now the styles are looking dated.

One reason why is that to be most effective, they’re rarely mixed with other styles making a home look more like a museum. Feel free to mix furniture and accessories of compatible eras.  

Comfort.  While metal, acrylics and wood furniture look great, don’t be afraid to soften the edges. You’ll see sumptuous fabrics overlaying stuffed chairs and sofas.  Make your bedding inviting with plush duvets filled with lightweight down.

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