When I bought my first house, back in the Dark Ages, a friend told me “This is a great time to buy. Rates are down to 8%!”
And I thought “cool.” I knew nothing about interest rates. If they said 8% was a great rate, I believed them. So when I secured a seven year balloon mortgage at 6.75%, I felt like I was stealing money.c
It’s been a big month for roofs. At least in my world.
Four weeks ago, I had two listings go onto the market the same weekend. Both had a lot of showings. In fact, one had 136 showings!! Both had multiple offers. In fact, one had 27 offers!!
And, as we discovered in inspection, both had extensive hail damage and needed new roofs. So we swung into action.
In both cases, we called the sellers’ insurance agent. On House #1, we discovered that the damage happened earlier, when the sellers were insured with a different carrier. No problem. An adjuster was there the next day. Four days later, the house had a lovely new roof. And four days after that, we closed.
House #2 was a different story . . .
When I bought my first house, back in the Dark Ages, a friend told me “This is a great time to buy. Rates are down to 8%!”
And I thought “cool.” I knew nothing about interest rates. If they said 8% was a great rate, I believed them. So when I secured a seven year balloon mortgage at 6.75%, I felt like I was stealing money.c
I hope your New Year is going splendidly. I know several of you have been laid out with the crazy Omicron variant. For you, I hope it's mild and resolves quickly. And as I wrote that, I thought "If the 'me' of two years ago could see that sentence, she would wonder what the heck it even meant." How quickly life has changed!!!
My year started on a nice note when I was perusing Facebook recently, and saw that my office had posted the Top 20 Agents for 2021. I looked, just to see who of my friends had made the list. I seriously did not expect to see my own name. And yet, there is was!
It’s the classic dilemma, isn’t it? You want to move to a different house. But you have no idea how to make it work. You need the money from your current house to buy the new house. But you don’t want to sell your house before you know there’s a new house out there that you love — and can win in a bidding war. So you find a house that you love, but you can’t buy it because you need the money from your current house, which you still own because you didn’t want to sell it before you found a home that you love. And so the circle goes.
This, my friends, is one of the reasons we have no inventory in Denver. Homeowners are afraid — justifiably — to part with their current homes and try their luck in what they keep hearing is an insane seller’s market. And so, they remain trapped in houses that are too big/small/old/new/far out/close in for them, despairing of ever getting out.
Does this describe you, or someone you know? Never fear, relief is here!
Several years ago, a dear family friend was in a financial pickle, and desperate to sell her house. She called one of those “We Buy Ugly Houses” type companies, and they made her an offer. I took one look at the contract and almost got sick. The offer price was paltry, and there were numerous loopholes that gave the company additional ways to separate her from her hard-earned equity.
I asked her for the opportunity to list the house on the open market. We listed it. It went under contract in a day, for far more than the company had offered, and she walked away with a boatload more equity, which she used to pay off bills and buy another home for her family.
Now the same “We Buy Ugly Houses” philosophy is back, but this time it’s dressed up in a prettier package, with billions in Wall Street money behind it. Now they call themselves “iBuyers”, and they are filling the airways and interwebs with ads about how you can use them to sell your house far more quickly and conveniently than traditional real estate listings.
MB featured in a RE/MAX ad.
Are you thinking of buying or selling real estate?
I would love to help!!
Send me an email at mb@mbsellsdenver.com or call me at 303-759-6605
Mary Beth Bonacci, RE/MAX Alliance, 3900 E Mexico Ave, Suite 970, Denver, CO 80210, 303-759-6605. Each office independently owned and operated
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