Go Avs!! Congrats to them (and Tag, a diehard fan who somehow feels he’s personally won something)! I’m still in Florida with Sterling, but we head back tonight. I’ve been staying with my clients (the ones who had the house in Conifer that had a difficult closing due to last-minute findings). They are staying in an AirBnB until they finalize a home purchase and invited me and Sterling to stay for a few days while we are down here. Sooo amazingly amaling of them. And it’s just 40 minutes from the house we’re buying.
Holy cow, the market has changed in only a few days. The interest rates are over 6%; the market has completely stalled out. Our condo isn’t sold yet, and there’s nothing on the horizon telling me it will sell anytime soon. Luckily, we were approved for another kind of mortgage, and we don’t have to depend on the 1031 exchange. We do have to put 10% down, though. That’s fine. We’ll keep the condo for now and get the FL house.
We’re locking in on the new house today with a 10-year ARM (adjustable-rate mortgage). So, after ten years, the mortgage can adjust. Here’s to hoping interest rates come down at some point over the next 10 years.
Pro tip: With an ARM, the goal is to refinance before the adjustment to ensure you get into the best mortgage for you and your budget.
Bridger is in camp for two weeks; it’s an overnight camp. We pick him up for one day in the middle, which should be a fun little visit. He’s enrolled in football, too, and that’s coming up soon.
I’m so excited to get home and back to my routine. I’ve had a great time visiting with my sisters and friends and hanging with Sterling, but it seems to have lasted a long time, and I’m ready to sleep in my own bed, under my own roof, with my own husband. (I realize that sounded like I’ve slept with someone else’s husband, but I assure you, I have not.)
We’re leaving for the family trip to Sweden at the end of June, so I have lots to do at home before that happens.
As always, while away, I’m available to work and feel eternally grateful that I can do so while sitting at a pool or visiting with friends and family thousands of miles away. But, once that last summer vacay is over, I’m going full swing with no other trips scheduled for a bit. Frankly, I could use some quality at-home time.
Colorado Realtor Activity
The condo my clients are selling in Rocky Mountain Village is moving along really well. We’re set to close on the 1st week of July. I have a couple other things coming up soon, so I’ll get you the info on those when time allows.
This market is so crazy, I’m actually advising potential clients not to sell right now. Not only are we in a seasonal fluctuation (which is normal), but the higher ups are also trying to completely stall the economy in order to halt inflation which is the gift that seems to keep on giving.
You’re not going to get the same amount for your house in July that you could of in April. It’s important to read the market and know the best time to sell. And, now, I say to buyers: Go buy. Now. You will find what might be called a deal, I promise you. Lock in at the high interest rate and refinance later. If you wait until interest rates come back down you’ll be fighting upstream with everyone else. We are still in a housing shortage, it is still (at the moment) a seller’s market, and people still have loads of equity. A bubble we are not in.
Inventory will be increasing over the next few months. I think it’ll peak in September. Buyers have a great opportunity to get into something that really fits them since we have some inventory to choose from. Keep in mind that the interest rates will likely go down or hover eventually, so you can refinance when they do.
If you can manage a higher mortgage for a couple years, purchasing now will totally pay off. The house will still appreciate; that’s not gonna go away. This isn’t going to be a long or substantial recession, so if you can, make the move to buy.
I’ll be home tonight, recharged, refocused, and ready to help you! Reach out, and let’s get you in a house!
In the meantime, have a great week, and we’ll see each other here again soon!
