Buying and selling a home is both exciting and a lot of work. While an experienced real estate agent will help you find the best options for your budget, there are other factors at play that determine how and when a house will sell. One of the most important factors that sets the tone for the housing market in Observatory Park is the average mortgage interest rate influenced by the Federal Reserve. This rate can change by the year, but depending on how high or low it is, you’ll either see increased sales or decreased housing prices. Here’s a brief guide of how this rate influences the housing market.
 

What Really Influences Interest Rates

The economic success and performance of the country largely influences interest rates advertised by mortgage brokers and loan providers. When the economy is successful and the unemployment rate is relatively low, more people have spending power. This allows the Federal Reserve to increase the interest rate at which they loan money to the banks. This rate increase then determines the interest rates those banks and financial institutions offer to prospective lenders. If the economy is in a slump, the Federal Reserve often lowers the interest rate, making it easier and more affordable for individuals to get a loan, whether they’re financing education or purchasing a new property.
 

How This Impacts Sellers

Low interest rates mean more individuals can afford to purchase a home. The more people actively looking to buy a house, the more competitive the market is. This allows sellers to ask a higher price for their property without diminishing the chances of making a sale quickly. When interest rates increase, it significantly decreases the competition in the market, often resulting in lower selling prices and fewer offers. While there’s nothing wrong with leaving a house on the market for an extended period of time, it can make it more difficult for sellers looking to move quickly without increasing their financial burden and doubling their mortgage expenses each month.
 

How This Impacts Buyers

Generally speaking, low interest rates make the real estate market function in favor of the sellers. More people looking to buy means more offers on each property and higher purchasing prices. This allows the sellers to be more selective in deciding who to sell their home to. During high interest rate periods, buyers have the ability to negotiate more, even though the mortgage might be more expensive. Often, this results in lower selling prices. However, since demand is lower when interest rates are high, finding a suitable home may take more time as fewer homes will be on the market in the first place.
 
Though these are trends in the Observatory Park and University Hills real estate market, they’re not set in stone. The market will fluctuate based on overall job growth, the needs of the community, and often, the time of year. To help you get the most out of your real estate search, contact the team at Elevation Realty. Our dedicated staff understand the unique challenges of buying and selling homes in the greater Denver area.  

When you first start looking for a house in Observatory Park, it’s easy to only look at listings that fit your ideal model. For most individuals, the homes that are an exact match may be few and far between. The best way to maximize the number of homes you have to choose from is to consider properties that might differ slightly from your initial expectations. While it may be difficult to see just how a unit may fit your needs when the floorplan doesn’t seem ideal, there are a few touches you can easily overlook when trying to picture yourself living in the space.

Strange Paint Colors or Wallpaper Designs

Paint and wallpaper can make or break a home’s interior design and aesthetic. However, not all homeowners have the same tastes. This means when you’re touring homes, you’ll likely come across wallpaper or paint colors that clash with how you’d decorate the space. Keep in mind that these aspects can easily be changed when and if you purchase the house. Instead of focusing on the color of the walls, try to picture the room with the color you’d choose. Consider your existing furnishings and try to picture them in place of the current homeowner’s belongings. This will help give you a better picture of the space as you’d use it so you can decide if it the house is right for your needs.

Worn Carpets or Scuffed Up Floors

If you’ve lived in the same home or apartment for many years, you know that the floors can start to look worn quickly, especially if you’re not working constantly to maintain them. The same is true for sellers and while many go to the trouble to replace or refinish the floors before they place the house on the market, some won’t. When you tour a house, inspect the flooring for damage, but don’t be put off by dirty carpets or scuffed and scratched wood. These can always be replaced before you move in and may even be a condition of the sale prior to closing. Even if the seller is unwilling to replace the flooring as part of the sale, you can easily do it yourself. Many carpet companies offer discounts when you’re redoing the entire home and the cost of refinishing wood floors averages between $1074 - $2362.

Rooms Not Being Used Like You Would Use Them

Sometimes, homeowners use a space in a way that seems contradictory to how most buyers would use the space. For example, if a homeowner uses their master bedroom as a home office and opts for using a smaller guest room as their sleeping quarters, it can leave you feeling a bit confused about the actual layout of the house. Just as you would with wallpaper or paint, do your best to picture the space as you would use it. Don’t be afraid to discuss your concerns with your real estate agent as they will be able to help you visualize the space with its intended use in mind.

Don’t be afraid to look at homes that might not seem ideal on the surface. With a bit of imagination and a touch of elbow grease, most slightly out of place homes can be transformed into the house of your dreams. If you’re ready to start the search, let the team at Elevation Realty help you find the perfect home for your needs. Browse our latest featured listings and call (303) 579-3566 to schedule a tour today.

When you find the house of your dreams and are ready to purchase Lowry Park real estate, it’s easy to get caught up in the excitement of a new home. Although this is an exciting time, it’s no reason to overlook one of the most important aspects of purchasing a new place: the home inspection. The home inspection is a critical part of the buying process that can save you a lot of money down the road.

It’s important to note here that there is a big difference between an appraisal and an inspection. An appraisal is an unbiased estimate of the value of a property made by a professional appraiser. This information is required by your bank when they grant a mortgage loan for the home.

An inspection is a closer look at the condition of the home as well as its components, such as plumbing, roofing, HVAC, electrical, and so forth. It uncovers problems with a home before you sign on the dotted line. You can either ask the sellers to fix the items or adjust the purchase price accordingly. One cannot substitute for the other.

Here are three important reasons why you should never skip the home inspection part of the home-buying process.

#1. You Can’t Judge a Book by Its Cover

This old adage holds true for a home as well. Just because a home appears to be well kept doesn’t mean there aren’t problems lurking below the surface. Even a newer home can have problems that aren’t visible to potential buyers during a home showing.

#2. You Can Save Money in the Long Run

The average home inspection runs about $300 to $500. This might seem like a chunk of change—especially in light of all the other expenses that go along with purchasing a home—until you realize that a home’s electrical system needs to be rewired to the tune of thousands of dollars. Suddenly that home inspection fee seems relatively inexpensive if it can save you from big expenses later on.

You can also include language in the purchase contract to enable you to back out of the deal based on the results of the home inspection.

#3. You Might Be Able to Negotiate a Lower Price

If a home you are interested in is at the upper end of your price range, issues uncovered during the home inspection might give you enough bargaining power to negotiate a lower price.

Another option is that you might be able to get the sellers to make the repairs to your satisfaction before the sale goes through.

Are you in the market for a home and ready to purchase in Lowry Park or Lowry Field? If so, it’s time to get in touch with the professionals who can help you through the entire process, including the home inspection. Contact Elevation Realty to be connected to a team of experienced real estate experts who are ready to share their expertise to make sure you make a good purchase on your next home.

The kitchen. It’s the heart of the home these days, and for many homeowners, it’s the most important room in the house. People who are looking to buy into the Goldsmith real estate market should tell their real estate agent immediately exactly what they are looking for when it comes to the kitchen.

What types of kitchens are people looking for? Let’s take a look at some of the most common design preferences.

A Large Kitchen

If you have a large family or if you do a lot of entertaining, you will be looking for a big, open style of kitchen. Lots of cabinet space is essential for storing all of those kitchen gadgets. Plenty of counter space for food prep and meal serving is also important. Many people love the big kitchen island that has become so popular today.

A sub-zero refrigerator takes cold storage to the next level, as does a six-burner stove and double ovens. Many people would like to see a walk-in pantry with plenty of shelving as part of their new kitchen.

Today’s preference for open spaces has also made it the kitchen with many homebuyers preferring their kitchen to be open to the family room for a clear line of sight. Many people like to have seating at the kitchen island or an eat-in area for a small breakfast table and chairs.

A Cozy Kitchen

If you are single or if you don’t do a lot of cooking or entertaining, your kitchen requirements are likely different from those looking for a large kitchen. A galley style with modern amenities—think a simple cooktop, microwave, and refrigerator—will be sufficient.

A small island with seating might be adequate for this type of homebuyer’s needs, with no other eat-in area needed. Enough counter space for food prep or cookie baking would be adequate. A small but functional kitchen means food can be prepared and clean up can be done quickly and easily.

What Else to Consider With Your Ideal Kitchen

There are plenty of other items to include when considering your ideal kitchen, such as:

• Gas or electric stove
• Type of countertop
• White or dark cabinets
• Lighting
• Flooring
• Updated kitchen versus one in need of renovation

Don’t hesitate to mention all of these items to your real estate agent when you start house hunting in Goldsmith. It can save you and your agent a lot of time if you already outline your expectations from the start.

The expert real estate agents here at Elevations Real Estate want to make sure you end up with the kitchen you have always wanted. We know what the available properties have, so we’ll only show you the homes that are most compatible with what you are looking for.

If you aren’t sure of what you want, let’s sit down and go over the possibilities. We want to pair you with the perfect kitchen—and the perfect home for your family and lifestyle!

Find out more about Elevations Real Estate by visiting our website and meeting our enthusiastic Realtors. When you’re ready to make the move to your ideal Goldsmith home, get in touch with us. We can’t wait to get started on an amazing journey!

Finding the house of your dreams is only the beginning. You not only have to pack up your old home and hire a moving company, but you also have to navigate the closing process. While an experienced University Hills real estate team will be able to help streamline your closing, it’s still helpful if you know what to expect throughout the process. Closing is not an overnight process and can take time. Here’s a brief guide of what to expect when closing on a house.

Scheduling the Closing Meeting

Before you actually close on the property, you’ll need to schedule the closing. Remember, closing procedures can take a while, so you’ll want to pick a time where you have at least a few hours to spare. Rushing through the process is the easiest way to ensure that you miss a vital piece of information. Additionally, you’ll want to consider avoiding closing at the end of the month. This will give both you and the seller more flexibility when finding an agreeable time to meet.  

Final Walk-Through

Every buyer is allowed to do a final walk-through within 24 hours of the scheduled closing meeting. This gives you one last chance to assess the property for damage that was done after you agreed to purchase the house. Should you notice any damage, you’ll want to address those concerns with the seller during closing. Depending on the severity of the necessary repairs, you may be able to further negotiate costs or get the seller to pay for the repairs once you’re moved in.

Gathering the Documentation

Before heading to the closing, you’ll want to make sure you have all the necessary documents on hand. Make sure to bring proof of homeowners’ insurance, copies of the real estate contract, the down payment on the home, and the photo ID of everyone listed on the title and mortgage. Without the right documentation, the closing cannot proceed and you’ll be forced to delay the process further.

Attending the Meeting

Closings take time and can feel tedious, even when you’re excited about moving into a new home. During the closing, you’ll go over the documentation, contract information, and be expected to sign dozens of forms and supplemental documents. The title agency will then run a lien search to make sure the title can be transferred over to you without issue. Should the property have an existing lien on the title, your realtor will help you navigate the resolution process. Keep in mind that problems rarely come up and you should be able to proceed with the closing without issue. Once everything is in order and all of the closing documents are signed by each buyer, you’ll be free to move into your new home at your convenience.

At Elevation Realty, we believe that buying and selling a home should be a pleasant experience. Our dedicated team of realtors will help you navigate the process whether you’re just entering the market or have been looking for properties in Observatory Park for months. Contact us to schedule an appointment with a member of our team and let us help you find your dream home today.