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Signs of housing demand surge after interest rate cut

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Mortgage rate locks are up 68% from a month ago, while home tour requests are also on the rise.

The question from the housing industry after the Federal Reserve’s half-point interest rate cut is simple — will this bring buyers back to the stalled housing market?

A new report from Redfin suggests that it is already happening. The company analyzed mortgage rate-lock data from Optimal Blue and found that locks have risen 68% this week compared to one month earlier.

That’s just one signal that demand is increasing. Purchase mortgage applications are up more than 10% compared to last month, while Redfin’s homebuyer demand index — which measures home tours and other agent services — reached its highest level since May with a 1% year-over-year rise.

“News of the Fed’s historic interest-rate cut is the main factor bringing home buyers off the sidelines,” the report reads. “Many house hunters had been waiting for the rate cut to actually happen to get serious about buying, and now they have, even though mortgage rates didn’t fall further after the rate cut than they had in the week leading up to it.”

The rate cut comes at a good time for a housing market that’s been starved for sales. While the new-home sales report for August showed a 9.8% year-over-year rise in transactions, existing-home sales — which make up the bulk of the market — were down 4.2%.

There are also signs that lower rates are contributing to improved housing affordability. A report from Attom compared the median price of a home with the average national wages in the second quarter of 2024, finding that the costs associated with homeownership are taking up a smaller share of wages.

The Mortgage Bankers Association also reported that the national median mortgage payment for applicants fell by 5.2% between July and August.

Read more at HousingWire.com

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12 Curb Appeal Updates You Can Do Now to Make Spring Maintenance a Breeze

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Blooming flower bushes, lush hedges, freshly trimmed grass—they’re pillars of curb appeal, and yet, for those of us in cooler climates, fleeting.

Autumn brings brown lawns and lots of raking, but true yard work? Not so much. Well, don’t lock up the garden shed just yet. According to a new report from Thumbtack on the U.S. cities with the best curb appeal of 2024 (and the projects people are booking the most in the fall), there is still plenty to be done. And the projects you tackle now will only help boost your curb appeal in the spring.

Here’s a look at the 12 tasks you can do this season to elevate your outdoor space, plus how much they’ll cost you if you hire them out.

  1. Aerating lawn ($242)

  2. Overseeding lawn ($277)

  3. Fertilizing lawn ($257)

  4. Gutter cleaning ($235)

  5. Leaf cleanup ($222)

  6. Outdoor insect control ($248)

  7. Pressure washing ($362)

  8. Shrub trimming ($326)

  9. Sprinkler system ($152)

  10. Tree trimming ($782)

  11. Weeding ($209)

  12. Window cleaning ($264)

Tally that up and you’ll find that the average cost of a fall exterior revamp comes to $3,756. Of course, you don’t have to take on every last job mentioned above. The first five are the most crucial, says Thumbtack. Overseeding and aerating your lawn allow nutrients to sink into the soil and improve your grass coverage; pruning perennials promotes healthy new growth next year; and getting into those gutters ensures the integrity of your roof stays sound. Luckily, you’re probably familiar with the last one: becoming best friends with your rake to avoid moisture getting trapped in your lawn. Because when 71% of people admit to judging their neighbors’ yards, you don’t want to be that house on the block come March.

Read more at Domino.com

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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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