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Eight reasons why we started cycling, and why we should never forget them

Are you a slave to cycling? Let's turn back the clock and remember why you fell in love with life on two wheels...

 

Pedal to Properties Boulder CO

Watch Out for These 4 Common Refinancing Problems

by Pedal To Properties

Refinancing isn’t a guaranteed deal. You’ll need to qualify for the loan in almost the same way you did for your first mortgage—that means paperwork involving things such as income verification and employment history. If you’re not prepared, your application could be rejected.

Below are four common problems homeowners face when they want to refinance—and their solutions.

1. No career longevity

Changing companies within the same field should be nothing to worry about unless you take a pay cut. Switching careers, however, can cause a lender to balk. Lenders typically want to see you have been employed for at least two years in your profession.

Solution: If possible, wait to switch careers until after the refinance has happened. If not, be prepared to explain to your lender exactly what financial changes this meant for you. If you changed careers last year and have made all your payments on time, mention that. It’s not a guarantee you’ll get a loan, but proof of financial responsibility helps.

2. No job

If you’re unemployed, you won’t be able to get another mortgage. Remember, refinancing is basically like getting a new mortgage, and you need to prove you have adequate income to make the payments.

Solution: If you get fired or laid off, try to get a new job in the same line of work as quickly as possible. Don’t leave a large gap between jobs. The lender will verify the dates of employment with each employer and will ask questions if you took a long while to get the new position.

3. No cash reserves

Lenders want to see that you have extra money in your bank account. Some people believe that greater equity covers this requirement. It doesn’t. Lenders want to make sure you can pay your mortgage even if you fall on tough times.

Solution: You’ll need some cash reserves to show the lender that you can make payments even if you miss a paycheck or two. Depending on the size of your loan—in general, the bigger the loan, the more reserves you’ll need—you will need to save up.

Typically, you want three to six months of reserve payments on hand, which have been sitting in your bank account for a few months. Lenders will verify this, so don’t borrow it from a friend or have it gifted.

4. No (or little) equity

After the housing bubble burst, many homeowners were unable to refinance because the value of their property plummeted, eating up their equity. If you do not have equity in your home or your home is underwater (meaning you owe more than it’s worth), you will not be able to refinance.

Solution: There’s no easy way around this one. You pretty much have two choices: Wait it out and gain equity over time, or buy up enough equity in your home to allow for a refinance—typically, you want an 80% loan-to-value ratio. You may be able to have a higher LTV for a refinance, but you will probably need to pay private mortgage insurance and possibly a higher interest rate.

Bidding Wars Brew Under Tight Supplies

by Pedal To Properties

Bidding Wars Brew Under Tight Supplies

As housing inventories remain constrained in many markets, some buyers may face increased competition and more bidding wars heading into the spring-selling season.

Inventory Challenges

A Big Threat to the Spring Housing Market

Inventories Tighten Up Again

Tight Supplies Put Home Prices on the Move 

The real estate brokerage Redfin reports in its latest housing report that bidding wars are already elevated in places like Oakland, Calif. At the end of January, Oakland had six weeks of inventory, but with buyer demand strong, many homes for sale landed in multiple-offer situations, the brokerage reports.

“It’s not uncommon to see 15 to 25 offers in some of the more desirable places in Oakland, and for homes to sell 35 percent above the list price or even more,” says Tom Hendershot, a Redfin real estate professional.

Supplies are also tight, with less than three month’s supply in markets like Boulder, Colo.; Denver; Seattle; and Dallas, according to Redfin’s analysis.

Inventory of homes for sale fell in January, decreasing 6.7 percent month-over-month and 8.7 percent year-over-year, according to a January National Housing Trend report released by realtor.com®, which tracks price and inventory fluctuations in 200 markets.

About 80 percent of the housing markets tracked saw a drop in inventory levels, the report showed.

Inventories have had some of the steepest year-over-year declines in Las Vegas-Henderson-Paradise, Nev. (down 37%); Key West, Fla. (-36%); Colorado Springs, Colo. (-36%); Palm Bay-Melbourne-Titusville, Fla. (-35%); and Columbus, Ohio (-35%).

Source: "Bidding Wars Hit Oakland Amid Tight Supply," Redfin Blog (Feb. 26, 2015) and "Inventories Tighten Up Again," REALTOR® Magazine Daily News (Feb. 20, 2015)

10-Step Guide To Financing Your Dream Home!

by Pedal To Properties

 

http://www.realtor.com/advice/10-step-guide-financing-dream-home/

Big developments coming to Boulder

by Pedal To Properties

Big developments coming
to Boulder

Boulder is going to see a lot of development in 2015, including a possible summer start to construction on the Google Boulder campus on 30th and Pearl streets. The proposed campus was recently approved by the Boulder Planning Board and could eventually accommodate 1,500 employees. The campus will be close to Boulder Junction, which should see progress this year as well. For more development news, the Daily Camera has compiled the top business stories to watch out for in 2015. Read it here.

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Pedal to Properties
Pedal to Properties Boulder Real Estate
2014 Pearl Street
Boulder CO 80302
Office: 303-444-4643
Fax: 1-866-677-4825