What is earnest money and what is it used for?
Earnest money is the first portion of your down payment, it’s usually 1-2% of the cost of the house, so a $500k house you’ll put $5,000 down within 3 days of the seller accepting your offer.
The market across the NoCO and especially Fort Collins has roared back to life in the last few weeks.
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Mortgage rates are now at 6.2%. We have felt a lot more buyers come back into the market since rates have fallen into that range. The number of new listings coming on the market right now is lower than it has ever been. However, the number of homes sitting on the market is 127% higher than last year. Buyers must be patient. Be prepared to search over a time span of multiple months. Longer searches have advantages. It helps buyers learn the market and builds their confidence so they know when the right one comes. We also find that it helps them understand how active the market is and gives them confidence in the stability and resiliency of prices. They get to see homes that they have walked through go under contract and sell at certain prices. Essentially they become market experts in the property type that they’re considering. When buyers sit on the sidelines and read headlines, they get analysis paralysis. But when they actively search and learn, they gain confidence to be decisive and know when they’ve found the right one.
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Growing families that need a larger home want certainty when planning their move.
We interviewed our “upsizing” clients and here’s what we learned…
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How much are mortgage closing costs? Here’s a good rule of thumb. ⬆️
Remember that your closing costs will change based on the interest rate you choose.
Also remember to shop lenders. Costs can vary wildly between different mortgage providers.
Why does northern Colorado seem to stay ahead of the rest of the country in recession
Friday, December 16th, 2022
Ryan Jenkins
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