Things are going through on our Florida property! The appraisal is set for tomorrow, and we’ll have it back by the 30th. We locked in our rate at 6.1%. Yep. Crazy. But, we’re getting a 10-year ARM (adjustable-rate mortgage). So, for 10 years, it’ll stay at 6.1% and then adjust to meet the current market rate at the time.
Our condo is under contract. Again. Third time’s the charm. The inspections went well so far. Fingers crossed that stays the course!
We had a lovely time in Florida, and the clients that moved there (and we stayed with) are going to help out with our new Airbnb if we have an emergency, and that’s so nice (they’re just 45 minutes away). That gives us a sense of security we didn’t know we needed.
Bridger has been away at sleepaway camp for the past two weeks. He got to come home on Saturday so the camp could be cleaned, so we had a fun visit together. I picked him up Tuesday, too, so he could play the last two games of his baseball season. They won! It was edge-of-your-seat business. They came up from behind with five runs. Since they won the first game, they played another game that evening. They won that one too!
Sterling has been partying like a teenager this summer. He’s had a couple sleepovers and been enjoying visiting with some friends and going to a day camp. Is it me, or is summer flying by? Two months left? That seems like nothing!
Another shout-out to my man’s team: Go, Avs! They won again! They’re just ONE game away from winning the Stanley Cup, and that’s huge since they haven’t won it in decades! Super excited for Tag, who is off-the-rails happy.
Last Saturday, we went to a friend’s house, she’s Swedish, too. We met at our kids’ old school in Golden. Anyway, Swedish grandpas are called Morfar, and the kids had the funniest conversation about their Morfars. For a solid ten minutes, they thought they shared the same grandpa. I love kid convos. We had a Midsommer party there, which is a cool Swedish celebration. Then we all watched the hockey game. It was a fun night.
We’re headed to Sweden next week, and it’s the first time we’re all going together, so we can’t wait. I’m looking forward to seeing my dad and brother. It’s a two-week holiday that’ll go by way too fast, no doubt.
Colorado Realtor Activity
I have an old client who may have an opportunity to turn a motel into an Airbnb complex. Not sure what it entails just yet, but excited about the prospects! The same client has a few lots in Fountain, so we’re looking into selling that but want to know what its prospects are, too. We may try to get some approvals on building on the lot and then selling it. Looking forward to where these projects land.
The condo for my friend’s mom is going well; we’re signing away on everything ahead of closing so we can keep it moving fast. That’s a great part about being the seller; you can sign early to streamline the process.
I’m waiting on the survey results for a property I’ve been working with for over a year now. The problem is that it’s really old, and the owner (my client) wants to sell, but we’re not sure the well is actually on his property. We have an interested party, but if the well isn’t in the right spot, we’ve got ourselves a challenge. I’m up for it but would prefer smooth sailing.
Okay, here’s my advice, if you’re a buyer and can get into something now with an ARM, I recommend it. As soon as the rates go down, refinance and lock it in at a 30-year mortgage. It’s all based on inflation, so in 10 years’ time, it’ll likely go down at some point. Competition is lower now, so it’s a good time to buy.
I think property values will be staying the same for a while, so depreciation isn’t in the forecast, just the usual seasonal ups and downs, but nothing crazy is expected.
Millennials are the largest buying group now, and there’s not a lot of inventory for them to choose from. If you have equity in your house and are ready to downsize, it’s a good time for sellers to do that. It’s still a seller’s market since homes are selling in under five months, but there’s still a good opportunity for buyers to buy now. So, everyone can win right now. Let’s talk if you’re interested!
I hope you’re all enjoying your summer and getting in some good laughs with friends and family. See you here again next week!