COLORADO REAL ESTATE NEWS

Real estate markets are known to slow down during the winter. The temperatures are lower, the holidays are coming and the kids are established in school. All these reasons generally keep people in their homes and inventory down. But, if you’re a motivated buyer and willing to brace the cold, the off-season can be full of benefits.

Here are our 5 reasons to buy in the winter:

Lower prices
As the temperatures cool down home prices do too. It’s simply supply and demand. Historically there are fewer people looking for homes in the winter, which drives prices down. Buying during winter could mean you will pay a little less for your dream home than you would in say, June

Congratulations on feeling ready to start your home buying journey. You already know you need to have a downpayment ready and get preapproved for a home loan, but that’s not all you need. There are plenty of other decisions that come with buying a home and some you need to decide on before your start your home shopping process.

Here are 5 things you need to have answers for before you start home shopping: 

Budget
This may seem like a no-brainer, but it’s arguably the most important detail you need to know before you start shopping for homes. Why? Well you don’t want to fall in love with a beautiful home outside of your price range. Best practice is to buy a home UNDER your budget, because you don’t know what the future holds. 

The three most important things in real estate are location, location, location, as they say. When you're buying a home it's easy to feel the draw towards affordable neighborhoods that often sacrifice walkability and local amenities. While the temptation may be strong the payoff may not be. Living with less house in a neighborhood that fits your family may pay off more in the end, not to mention when it comes time to sell.

Here are 5 things that add value to a neighborhood:

Nearby Restaurants
Even if you don’t eat out much, it’s always nice to have a go-to restaurant nearby for when friends or family come to visit and you want to show off your neighborhood. If you really are a foodie then look for a neighborhood with a thriving food scene so you won’t get bored or frustrated driving all over town.

Being an educated home buyer includes knowing the type of mortgage you will use, costs associated with buying a home, etc. We’ve put together this little primer with commonly used mortgage terms to help you become a more educated buyer. All of the definitions come from Investopedia and we’ve added our thoughts on important points to keep in mind.

Adjustable Rate Mortgage (ARM): A type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically, often every month. The interest rate paid by the borrower will be based on a benchmark plus an additional spread, called an ARM margin.

Keep in Mind: ARMs can start out looking appealing with low rates. Be sure you pay attention to the terms of the loan and how soon it will adjust.