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Denver First Time Home Buyer FAQ

Mortgage lender Michelle Oddo and Denver Realtor Caroline Kleckner have created a video series for first time home buyers. It can be overwhelming to know where to start in the process of buying your first Denver home. Some of the questions Michelle and Caroline answer are:

How do I get started in the home buying process?
Do I need 20% down for a home mortgage?
Do I need to use a real estate agent?
What is earnest money and when do you need it?
What is title insurance?
How do you estimate your monthly mortgage payment?
What is homeowner insurance?
What is mortgage insurance and when is it required by the lender?

If you have any questions or want more information, visit our YouTube channel or contact Michelle today for a no obligation consultation!

Contact us to get started on buying your first home!
Michelle Oddo
(303) 961-6906
michelle.oddo@novahomeloans.com

April Brought The Adrenaline To Denver Real Estate!

While April usually kicks off our busiest real estate season…last month was more like a drop-kick!

Denver’s average single-family homes’ sales price hit an all-time high: $553,371 (condos increased to $368,565).

So while homeowners’ price negotiations were strong, home buyers had some key advantages:

  • More time to house-hunt as listings spent 28 days on the market (last April, it was only 20 days).
  • With over 7,000 properties on the market, home buyers also had a lot more inventory to choose from (every April since 2015, our supply has only been in the 5,000s).
denver real estate market snapshot april 2019

No doubt we have more intense months ahead. Home buyers and agents, to be on top of your game, we’ll design an excellent strategy and a team of professionals to navigate our market’s unexpected shifts.

You can email, call or text me at 303-961-6706 anytime get started. I look forward to sharing insights and advice about your specific lending needs.

Sources: https://www.dmarealtors.com/dmar-real-estate-market-trends-report-may-19

How to find an affordable home in Denver.

Does our intense housing market make you fear there are no affordable new homes in Denver? Don’t be intimidated. Patience and these tips will help.

Early Birds Getting The First Spring Worms!

It was an exciting month for our market! Both buyers and sellers were READY to go under contract in March. With a larger inventory (we had 22% more homes come onto the market, according to DMAR), house hunters found properties that met their needs. Homeowners seemed to negotiate for the price they wanted (as average sales prices remained steady). So we had a whopping 27% MORE homes go under contract compared to February. With this many deals getting done, homes spent less time on the market and we ended the month with just a slightly larger inventory compared to February. 
 
So the spring frenzy is in full effect! In April we typically have even more homes hit the market. 
 
Homeowners who’ve built up equity, THIS IS YOUR TIME TO UPGRADE. The conditions are quite ideal: more homes on the market + sales prices will likely rise + mortgage rates are steady =  opportunities to purchase the next, right home!
 
Let’s chat today about your needs. Feel free to call, text, or email me today.
 

Feb 2019 Real Estate Market Update

I have such exciting news to share about our Denver Real Estate market!!

Homeowners, you’ve probably been waiting for years to purchase a better home. While last spring our super hot market might’ve given you an incredible return at closing, the lack of inventory caused many of you to reconsider hunting for a new property.

But this February we continued to see more listings hit our market while prices remained at lower levels. The median price for a single-family home was actually $430,000 (which we last saw in March of 2017). Considering we had 47% more homes for sale compared to last February, our buyers were thrilled to have more options!!

So if you’re looking to upgrade – this may be your time! I’d love to help you find the next, right home!!

denver real estate market conditions feb 2019

Contact me to get started on your strategy.

Michelle Oddo
(303) 961-6906
michelle.oddo@novahomeloans.com

Sources: DMAR Real Estate Report & The Denver Post

Best Time of The Year To Upgrade To A New Home

The spring frenzy is upon us!! Over the next three months, more buyers will be hunting for a home…perhaps like your’s! If you’re thinking about selling, I’d love to help you strategize the right plan. Call or text me at 303-641-8642.

This Is Your Time To UPGRADE!

I have such exciting news to share about our market!! Dear homeowners, you’ve probably been waiting for years to purchase a better home. While last spring our super hot market might’ve given you an incredible return at closing, the lack of inventory caused many of you to reconsider hunting for a new property.

But this February we continued to see more listings hit our market while prices remained at lower levels. The median price for a single-family home was actually $430,000 (which we last saw in March of 2017). Considering we had 47% more homes for sale compared to last February, our buyers were thrilled to have more options!!

So if you’re looking to upgrade – this may be your time! I’d love to help you find the next, right home!! Contact me to get started on your strategy.

Sources: DMAR Real Estate Report & The Denver Post

Planning to buy or sell? Check out more mortgage tips or contact me for advice:

Michelle Oddo
303-961-6906
oddogroup@novahomeloans.co

Are you Equity Rich?

“Upgrading” Buyers are on the rise! Most homeowners in metro Denver are equity rich, so they’re cashing in. If your home’s value rose, you could use the equity to pay off debt OR purchase a new home!

Let’s chat about your plans to buy. I’d love to usher you into a new chapter of life!

Michelle Oddo
303-961-6906
michelle.oddo@novahomeloans.com

Denver’s New Conforming Loan Limit

High fives, buyers! More of you now qualify! FHA, Fannie Mae and Freddie Mac raised the national conforming loan limit as of January 1st. Now homebuyers in Metro Denver have a conforming loan limit of $561,200!

Let’s chat about your plans to buy. This may be your year to find the right home.

Michelle Oddo
303-961-6906
michelle.oddo@novahomeloans.com