Buying a Denver Home: Video Library
If you’re like most home buyers, the prospect of buying a new home can seem overwhelming—even scary. It doesn’t have to be that way.
The Oddo Group has a passion for educating people. Our goal is to give you the information you need to know so you can make your journey toward Denver home ownership smooth.
As always, if you have questions or need loan assistance, feel free to call or email us.
303-961-6906
michelle.oddo@goluminate.com
January 2020 Denver Real Estate Market Stats
Going, going, GONE!
Both sellers and buyers were ready for January! We had over 4,800 new listings come on the market (that’s 89% more than in December). However, you wouldn’t know this by our end-of-month stat: 4,900 homes went under contract by the end of the month, so we had slightly less inventory at the beginning of February.
With that big dip in transactions over the holidays, 34% fewer closings happened in January. No doubt that stat will see a big boost next month thanks to the surge of activity. Yet we were still short on inventory, so the average sales price remained steady for single-family homes and condos.
- Most of the single-family home sales in January were in the price range of $500k – $749,999 (our premier market).
- The largest selection of condos was priced between the $300k to $400k.
- Buyers with the most negotiation power were purchasing properties over $1 million (our luxury market).
- It remained a strong seller’s market for all of the price ranges under $1 million.
But buyers are hoping the early bird gets the worm. With such low mortgage interest rates and our occasionally warm days, the Denver-area housing market has heated up well before spring. So homeowners can prepare to list their homes as soon as possible. We are more than ready for you!
Please contact me with all of your real estate questions. It’s my pleasure to strategize plans for my clients. I’d love to hear about your needs so we can craft the best real estate experience for you!
Michelle Oddo
Senior Mortgage Banker & Branch Manager
M (303) 961-6906
O (720) 738-1081
michelle.oddo@goluminate.com
*Source: DMAR monthly market trends report.
Reverse Mortgage 101
Reverse Mortgages have suffered from misconceptions for far too long. Tim Oddo would like to dispel a few of those myths today.
What is a Reverse Mortgage? A HECM Reverse Mortgage is a federally regulated program for homeowners, aged 62 and older. It allows the equity in your home to pay you rather than you paying for the home.
H…E…C…M or HECM stands for Home Equity Conversion Mortgage. It is a federally insured and guaranteed program. The HECM Reverse Mortgage is a safe way for you to access a portion of the equity in your home without ever making a MONTHLY mortgage payment.
Why is this safe for Senior Homeowners? No matter what happens in the economy, how much money you receive, or how long you live in your home you will never be required to make a monthly mortgage payment. In addition, no matter what happens to the value of your home, you have guaranteed access to your money.
A frequent question I get is…what happens if years into the future your loan amount exceeds the value of your home? Answer, your Reverse Mortgage will continue – thanks to the FHA federal insurance. The line of credit will still be available and monthly disbursements you may have set up, will still be sent to you.
Probably the biggest misconception surrounding Reverse Mortgages is who owns my home if I take out a Reverse Mortgage? You own your home, and you remain on title, not the lender. However you do pledge the home as collateral just as you do on a traditional forward mortgage.
Furthermore, upon your passing, the home goes to your estate – not to the bank. And then your estate decides what to do with your home.
Reverse Mortgages still conjure up negative feelings for many, but today’s Reverse Mortgages are highly regulated by state and Federal laws to make them safe and to protect you!
Reverse Mortgage 101:
• You always retain title to your home
• A HECM Reverse Mortgage Loan creates more monthly cash flow
• Fees and costs are federally regulated
A Reverse Mortgage simply stated allows a Senior to use their home to stay in their home and is a tool if used responsibly that can actually enhance an overall retirement income plan.
Finally, a Reverse Mortgage should be viewed as a method for responsible retirees to create liquidity from AN OTHERWISE ill-liquid asset, which in turn can create new options that support a more efficient and enhanced retirement income strategy.
Visit the No Monthly Mortgage website to learn more or contact Tim Oddo.
Certified Divorce Lending Professional
Divorce, Real Estate & Mortgage Financing is an issue when you are separating or getting a divorce. Whether refinancing your home after a divorce, or you are going to to purchase a new home, involving a Certified Divorce Lending Professional is important.
As a Certified Divorce Lending Professional in Littleton Colorado, I specialize in working with clients that are separating or going through a divorce situation as well as family law attorneys and financial planners.
I bring expertise of the connection between Law, Tax, and Mortgage Financing Strategies as they all relate to real estate and divorce.
If you have questions about alimony, child support, divorce buyouts or any other divorce or legal separation concerns, please give me a call.
Michelle Oddo is a top mortgage producer at Luminate Home Loans in Littleton Colorado with a proven track record. She’s like to help you in this time of transition.
Michelle Oddo: 303-961-6906
michelle.oddo@goluminate.com
Are You Home Equity Rich?
Equity is the market value of your home minus what you owe. Denver home prices are shooting up , boosting overall home equity levels. Rising home prices have Denver homeowners sitting on potential cash. That’s good news for homeowners. And it’s another good reason to become one. Tap into your home equity for the right reasons. Pay for a remodel that reinvests money back into your home and increases your resale value. Use the equity to move into a home which better meets your needs.
Give us a call and let’s discuss your situation.
Michelle Oddo: 303-961-6906
michelle.oddo@goluminate.com
Real Estate Market Seasonal Shifts with Some Surprises!
Our Denver real estate market certainly keeps us on our mistle-toes!
This time last year, we had a nice increase in residential listings. While we were (still are) hoping for more housing inventory, we’ve seen a decline for the third month in a row. It’s not unusual for our market to take a “holiday slumber.” I just know several home buyers hunting for a new home – even now!
But while our seasonal decline has impacted last month’s closings and transactions, we still discovered some surprises under the tree:
– Days on the Market slowed: Even in a tighter market, on average, buyers took their time to find the right home.
– Sold Price increased: Many sellers got a slightly higher return in November. The average single-family home closed at $537,624 and the average condo was $365,856.
Yes, a few months of lighter inventory does shift our market more in favor of our sellers, but the larger, annual picture reveals our market’s “balancing:”
– We still have over 2% more homes sold for all of 2019 than we did in 2018.
– It took homes 9% more time to go under contract last month than this time last year.
– Our average home price is up by almost 7%, year-over-year ( Source: DMAR Monthly Report).
Buyers wanting to purchase a new home in the new year need an excellent strategy and team of professionals. The new year may be the right time for you to get the ball rolling.
Happy holidays everyone! Text, call or email me during the holidays with any of your questions.
michelle.oddo@goluminate.com
Planning For 2020
Join the Oddo Group at Luminate Home Loans for a real estate education and planning event in Littleton, CO.
We’ll help you to develop a personalized plan to:
- Achieve your most important goals.
- Build your systems now so you can lean on them in 2020.
Michelle Oddo is a top mortgage producer with a proven track record and she’d like to help you build your road
map to a successful 2020!
For more information on event times and location, Click here .
Mortgage Closing Costs Explained
Closing costs include fees required to finalize a mortgage. You pay closing costs whether you buy a home or refinance your mortgage. Most of the closing are the responsibility of the buyer, but the seller usually has to pay a few as well.
Visit our video library for more educational videos about mortgage terms, such as points and seller concessions.
You can text, call or email me about any mortgage questions or concerns you may have.
Michelle Oddo: 303-961-6906
michelle.oddo@goluminate.com
Buying A Home During the Holiday Season Has Advantages
It may be a seller’s market in the Denver suburbs, but we’ve had more inventory than the last few years. So if you’re looking for a home, buying during the holiday season has its advantages. You can text, call or email me about pre-qualifying for a loan.
Michelle Oddo: 303-961-6906
michelle.oddo@goluminate.com
Private Mortgage Insurance
Private mortgage insurance (PMI) enables you the buyer to put down less than 20% on the purchase of a home. In the past when you bought a home you had to have a
20% down payment. That is no longer the case because of PMI.
Private mortgage insurance companies partner with the lender on your mortgage to share the risk that enables you the buyer to put a smaller percentage down and still get into a home.
You will typically have to pay private mortgage insurance payment as part of your monthly payment unless it’s a special program that has priced the interest rate without needing the mortgage insurance. However, most times you will need PMI.
Once your property appreciates in value, if it’s a conventional loan and you get to 78% of that original purchase price, your mortgage insurance will automatically drop off.
That’s the nice thing, you do not have to refinance if you don’t want to.
With an FHA loan your mortgage insurance premium is called MIP. It’s the same thing as PMI except it’s through the government and is HUD funded. It does not automatically drop off on most FHA loans and it will most likely be there for a lifetime unless you take action to remove it.
If you have questions about this or if you have PMI and you would like to know if it should come off or should you refinance to get rid of it or you just want to learn about different, interesting or creative ways to do a loan without PMI, give us a call we have lots of answers and options for you.
The Oddo Group a division of Luminate Bank is located in Littleton, CO. Give us a call! (720) 738-1080.
A Balanced Denver Real Estate Market? It Depends On Your Needs
You’ve seen stories about our Denver real estate market balancing. The phrase “a buyers’ market” hasn’t been used in our Denver metro area in years. So is it balanced for buyers and sellers? It all depends on the price point and type of home.
For all Denver real estate bought and sold in our area in September, we finished with 2.04 months of single-family homes and 2.12 months of condos available for sale. Since it takes almost six months of inventory to balance a market, we have a ways to go!
But our Denver real estate market this year has been “balancing” – we’ve had more inventory on the market than in 2018. Sellers have reduced their prices more often and listings have lingered on the market for more days. While price appreciation hasn’t reversed, it’s growth rate has slowed down. In fact, our average sales price in September was 6% higher than this time last year.
So where do homebuyers have buying power? If you plan to buy a premiere condo between $750,000 and $999,999 or a $1 million+ single-family home, we have nearly 6 months of inventory.
The further down you go in price point, the greater the demand for listings, and the stronger the market favors sellers. Last month we only had 1.33 months of single-family homes and 1.97 for condos priced between $300,000 and $499,999! It’s a very hot market.
The bottom line, if you plan to buy or sell in our shifting Denver market, get expert advice and guidance through the process. I’d love to help you reach your goals. Call or text me today if you have any questions!
Michelle Oddo
Senior Mortgage Banker & Branch Manager
Luminate Home Loans
O (720) 738-1081
M (303) 961-6906
michelle.oddo@goluminate.com
* Source: https://www.dmarealtors.com/dmar-real-estate-market-trends-report-oct-19