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Why Buying Now May Be Worth It in the Long Run

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Should you buy a home now or should you wait?

That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want to consider as you make your decision.

As soon as you buy, you’ll start gaining equity. And you’d be surprised how quickly that can add up – even with more moderate home price appreciation.

Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts project prices will continue to rise nationally through at least 2028 (see the graph below):

 
 

While home prices are going to vary from one local area to the next, this shows they’re expected to keep going up nationally. The size of the increase varies from year-to-year, but the important takeaway is that prices are forecast to rise every single year – just at a moderate pace.

And while rising home prices may not sound great right now, once you own a home, that growth will be a big bonus for you. Here’s a look at what you stand to gain equity-wise once you buy. The graph below uses a typical home’s value and those HPES projections to show how much equity is at stake:

 
 

If you bought a $450,000 home at the beginning of this year, based on that starting value and the expert forecasts from the HPES, you could gain more than $90,000 in household wealth over the next five years. That’s significant.

So, if you’re ready and able to buy, and growing your wealth is important to you, you’ve got an opportunity in front of you. And now that mortgage rates have fallen, it may be time to consider making a move.

To talk more about your options and what makes sense, lean on a pro. They’ll be able to tell you what home prices are doing in your area and what that means for your move (and your future equity). The Mortgage Reports says:

“Given the intricacies of the current market, it’s more important than ever to stay informed and up to date about housing market conditions. Whether you’re looking to buy or sell in the remaining months of 2024, having a professional guide you through the process can make all the difference.” 

Bottom Line

The decision to buy now or wait is a very personal one, but it’s valuable to have an expert’s perspective. They won’t push you, but they will explain things you may not have considered, like the equity that’s at stake.

If you want help weighing your options and thinking through how the current market factors in, connect with a local real estate agent.

Read more at KeepingCurrentMatters.com

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The Down Payment Assistance You Didn’t Know About

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Believe it or not, almost 80% of first-time homebuyers qualify for down payment assistance, but only 13% actually use it.

And if you’re hoping to buy a home, this is a mission-critical gap to close – fast (see graph below):

 
 

Here’s what you need to know to make the most of your down payment in today’s housing market.

Amplify Your Down Payment Potential

For first-time buyers, the name of the game with down payments is making sure you’re taking advantage of all the resources out there designed to help you. And a bunch of them can get you to your goal faster than you may have thought possible.

For example, there are loan options that require as little as 3% down, or even 0% for certain qualified borrowers, like Veterans. And let’s not forget down payment assistance, like grants and other opportunities, that help you cover the upfront cost of your down payment.

If you’re interested in exploring those options and what you may be able to use to your advantage, connect with a trusted lender. Because if you don’t at least see what’s available, you could be leaving money on the table and missing your chance at buying a home. These resources can boost your down payment. And a higher down payment could help lower your eventual monthly mortgage payment, and even avoid or reduce your fees like private mortgage insurance.

Don’t Let News Headlines About Down Payments Scare You

There’s one more thing to address. News coverage has been talking about how the typical down payment is rising. A report from Redfin states:

“The typical down payment for U.S. homebuyers hit a record high of $67,500 in June, up 14.8% from $58,788 a year earlier . . . This was the 12th consecutive month the median down payment rose year over year.”

But don’t let those high dollars scare you. Just because the average down payment is rising doesn’t mean down payment requirements are going up. That’s a key piece of the puzzle to understand. It’s really just because people are choosing to put more down to try to offset higher mortgage rates, and current homeowners who are putting their equity to work are using that to increase their down payment on their next home. As HousingWire explains:

“. . . buyers are putting down a higher percentage of the purchase price to lower their monthly mortgage payment. And buyers also had more equity from their home sales, which gives them more cushion.”

Let’s break those two reasons down a bit:

1. A bigger down payment helps lower your monthly mortgage payment. Affordability has been a challenge for many buyers recently, which is why those who have the ability to make a bigger down payment are going to do so in an effort to lower their future housing costs.

2. Buyers who already own a home have a record amount of equity to leverage. Someone who bought a home a few years ago has gained a significant amount of value in their house, thanks to home price appreciation. These people can put down much more than the average first-time buyer who hasn’t owned a home yet.

Bottom Line

What’s the best thing to do? Talk with a trusted lender about your options. They’ll help you figure out where you stand today and how to access the resources you may qualify for. Because help is out there, you just need to work with a pro to take advantage of it.

Read more at KeepingCurrentMatters.com

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3 Colorado restaurants make New York Times list of 50 favorites

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The New York Times has released its annual list of the best restaurants in the United States, and this year, three Colorado spots took their places alongside foodie destinations in cities like Miami, New Orleans, Portland, San Francisco, Los Angeles, Nashville and, of course, New York.

Two of these restaurants are relatively new — and focused on Asian cuisine cooked by second-generation chefs, something that represents the rising influence of AAPI culture in Denver.

The third touts a lesser-known restaurant in Pagosa Springs.

The first selection, Denver Vietnamese restaurant Sắp Sửa, doubles down on the national media’s love for the 15-month-old old business at 2550 E. Colfax Ave.

Since the husband-and-wife team Anna and Ni Nguyen opened what they call their ‘nontraditional Vietnamese restaurant,’ they have been stacking accolades, including … a James Beard semifinalist nod,” the newspaper wrote in part. “All well deserved. Their trứng và trứng alone would warrant the praise. Described simply as “soft scrambled egg, brown butter, fish sauce, trout roe, rice,” the dish coaxes the humble egg into an improbably rich, custardy realm.”

Bon Appetit named Sắp Sửa among the best new restaurants in the country just two weeks ago.

 
 

The second restaurant to make the list is Yuan Wonton, which opened last year at 2878 Fairfax St, in Denver’s Park Hill neighborhood. “After four years as a beloved food truck, chef Penelope Wong’s dumpling operation found a brick-and-mortar home last year. Part of the joy here is the variety of choices, several of which rotate. There are Hong Kong-style “YW OG” wontons in Sichuan chile oil, tom kha chicken wontons, Chinese chive pockets and steamed chashu pork bao. All are expertly constructed with handmade doughs,” the New York Times wrote.

And finally, the New York Times noted the enticements of Meander Riverside Eatery, an upscale farm-to-table restaurant in Pagosa Springs.

“Tucked into the southern reaches of the San Juan Mountains, Meander is a gem of a country restaurant. The chef Justin Jacobs spent time in the kitchen at Frasca, in Boulder, among the region’s most renowned restaurants, but has left the white-tablecloth life behind. The menu here is unapologetically eclectic, with quality ingredients, especially produce, and sure-handed cooking keeps it coherent,” the New York Times wrote. “A Dutch baby topped with a creamy lump crab meat mixture made a novel twist on breakfast for dinner, while a “patio smoked” bratwurst, made in house, was a deftly spiced version of that quintessential cased meat.”

Read More at DenverPost.com

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As Featured in West + Main Home Magazine: Tudor Charm To Timeless Elegance

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Clients of West + Main agent Doug Yetman: Chelsea + Andrew

“The home was in great condition and had been lovingly maintained by the previous owners who had owned it for 20 years and even updated the kitchen sometime in the 1990’s”
— Doug Yetman

West + Main clients Chelsea and Andrew purchased their Hilltop Tudor in one of Denver’s most popular neighborhoods with the help of agent Doug Yetman in 2021.

"The kitchen and dining areas still retained the closed- off nature found in many homes of this time period,” he explained. “They longed for modern, classic styling and an open concept that would be a compliment to their home but also more functional--especially with two young sons running around!"

The couple worked with local company Evoke Custom Home Builders to design and build at space with elegance and functionality that would still be in keeping with the existing charm of the home.

BEFORE:

“The kitchen was formerly set between a formal dining room and a casual kitchen dining area,” said Doug. “They shifted the entire kitchen to the back of the house so it could be more integrated with the backyard and take advantage of the back of the wonderful western sunlight.”

The renovation also created a wonderful and expansive butler's pantry that helps with storage and during entertaining in their formal dining room!

AFTER:

 

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What does the Fed Cut mean for Mortgage Rates?

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Today, the Federal Reserve cut its benchmark interest rate by 0.5%, marking the first reduction in over four years.

This shift shows the Fed’s focus has moved from fighting inflation to supporting the slowing job market. While inflation has eased since its peak in 2022, the Fed is now concerned about rising unemployment. The rate is now down to 4.8% and could drop further by the end of the year as the Fed works to make borrowing cheaper.

For mortgages, this cut could lead to lower interest rates for both home loans and refinancing. Mortgage rates don’t directly follow the Fed, but they’re influenced by moves like this, especially through bond yields. As borrowing costs decrease, more people may be able to afford homes or refinance their existing mortgages at lower rates, potentially reducing their monthly payments. With more cuts expected, the outlook for mortgage borrowers looks promising in the months ahead.

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