Slow and steady wins the race!
Despite the headlines and fears hovering around the economic recession, it’s the housing market that continues to be the bright spot in the midst of turmoil. Cheers for us!
Interest rates remain at 3 year lows hovering between 3.64% and 3.75% (with .5%-1% discount) supporting both buyer demand and pending home sales. In fact, mortgage purchase applications are up 9% year over year despite the weekly variances due to changes in the interest rates. Pending home sales are also up nationally 2.5% year over year.
Rising demand will reaccelerate home price appreciation in the absence of more supply.
So please tell me what I am not supposed to like about low interest rates and continued appreciation? BAM! Better cash flow on real estate holdings. Continued growth of value on my leveraged assets. By the way, did you hear CoreLogic, the gold standard for appreciation, increased their forecasted year over year national appreciation from 5.4% to 5.8%? Right now we are at 3.6% year over year looking backwards, which is exactly the historical average. Slow and steady wins the race!
We can’t ignore the economic slowdown around us.
Q2 final GDP landed at 2%, slower after a strong 3.1% for Q1. We also have manufacturing continuing its slowdown as it hit the lowest reading in more than 10 years and it’s 2nd consecutive month of contraction. Inflation is up. PCE, the Federal Reserves preferred measure of inflation, was reported flat and low at 1.4%. Yet, the CPI, which measures inflation from the consumer’s perspective, hit an 11 year high at 2.4%.
Did you hear what is expected to trigger the recession? NOT housing! It’s the Global Trade War AND a Stock Market Correction. Where would you rather have your money? Know where mine is going!
What else is happening in our Denver market?
The answer is, not much! Fall settled in as August to September numbers did what you’d expect… slower actives, new listings, under contracts, sold units and volume. Days on market went up by 1 day. But, year over year, we are holding our own. Active, new listings, under contract, sold units and volume, and median home prices are all up. Year to date our solds is up .66%, this is in line with NARs prediction that 2019 will land 1% over 2018. Remember, 2018 was a great year. So as we continue to ease into this new definition of normal, all I can say is, hop in... the water is fine.
If you want to protect your financial future given the current market or simply want to buy your first home; you need to give me a call, because this is what our team does best!
The Rueth Team of Fairway Independent Mortgage Corporation
The Rueth Team is dedicated to our clients success. It is this driving mission that keeps our team constantly learning and pushing beyond our boundaries. We find the solutions other lenders simply can’t (or won’t). We make a commitment to each borrower, fulfilling it with hard work, constant communication and creative problem solving. When a referral partner gives our name, they are confident knowing they are giving their clients the best chance of a smooth, successful experience.Learn More
NO OBLIGATION TRAINING: Market Mastery & “Done for You” Marketing tools delivered every 3rd Thursday (occasionally Tues) of the Month so you MAKE MORE MONEY! Nicole Rueth with Fairway Independent Mortgage Corporation, together w/ guest speakers from a range of professional disciplines, will be presenting monthly updates on industry statistics and market news you can use to help educate and motivate your buyers and sellers. Walk away with talking points, slides & information to set yourself up as an industry expert.
Alison P. from Wheat Ridge, CO
Nicole was wonderful to work with! The experience was so much better and more personal than working with a large company where you might not have contact with the same person throughout the process. Nicole was extremely communicative, easy to reach and talk to, and went out of her way to make this the most positive experience for my family. She worked so hard to meet our tight deadlines and made the entire experience smooth and stress free. I would 100% recommend working with Nicole and the Rueth Team!
stacieandtomwedding from Denver, CO
Nicole and her team were responsive, professional, and supportive as they walked us through every step of the loan process. We highly recommend the Rueth Team and will reach out to them with any future needs!
Natalie W. from Idaho Springs, CO
We’ve used The Rueth team twice now and have had a seamless experience both times. She and her team are knowledgeable, friendly and helpful. When I contact them they are very quick to respond. I would continue to work with The Rueth team in the future!
Shelby from Denver, CO
I used Fairway and Rueth’s team when purchasing a home recently and they were outstanding throughout the entire process. One of the staff on the team was even out on leave for most of the process and you wouldn’t have even noticed. Everyone I worked with provided very friendly, personable and knowledgeable service. I knew what my options were and everything was done in a very timely fashion. They even were able to find me some closing clost assistance so that I was able to have some money in my pocket left at close to do some work on the house. This was the third home I’ve bought and Rueth’s team was by far the best mortgage company I’ve worked with and I would recommend them with my full confidence.
Andrew C. from Wheat Ridge, CO
Nicole was fantastic to work with. She's responsive, knowledgeable, and able to make last minute changes when necessary. Working with her was a nice change from big-box mortgage companies. When last minute things needed to be fixed she did them promptly, and made sure we made it to closing without a hitch!
Mr. and Mrs. Walls from Idaho Springs, CO
We were impressed with the professional, personable service we received from Nicole and would recommend her to other home buyers. She helped us get pre-qualified quickly, making our search more productive.
Kathleen Cain from Palmer Lake, CO
Excellent team! Would highly recommend! If I ever have to do this again I would call Nicole Rueth! Her response to any of my questions was answered immediately and with great accuracy! Couldn't have been any better!
Paige M from Morrison, CO
Nicole and her team did an amazing job not only in keeping me informed of all the processes that go into selling and buying a home, but they were professional and knowledgeable! They answered all my questions, and made it easy to understand! I will never use anyone else!
april3lynz from Colorado Springs, CO
Absolutely AMAZING group! I had a really rocky start with my home buying experience. I had a horrible realtor and I was going to go through a different lender. I dropped my horrible agent and found an amazing realtor who was just phenomenal, and she referred me to The Rueth Team. My experience with them was quick, painless and simply amazing. I had very little stress and their team was so helpful. I had a moment of panic and I called, they were able to explain everything to me without confusing me more and went over every detail of my process moving forward with me. They had no hidden fees and were straight up and up front with me the whole way. I'm extremely grateful to them. In less than a month I am moving into my new home!!
Jeff D. from Denver, CO
I've closed two mortgages prior to this one with The Rueth Team, and this was by far the smoothest lending process I've had. Nicole, Peter, Emily, and Robbin were terrific communicators, provided me with honest feedback, and were simply easy to work with. They're true professionals and I'd happily work with then again on my next loan.