Let’s be clear… there are opportunities in the uncertainty
I want to channel my inner Mr. Rogers and share a word of the day.. uncertainty. Uncertainty categorizes not only our current economic market but also the current housing market… driven by the threat of a looming recession, trade wars, and yield curve inversion. Global growth and business confidence is down while consumer spending remains healthy. The current low interest rates and rising family income is improving home affordability and offsetting the effects of the continued lack of inventory.
Mortgage purchase applications are up 5% year-over-year as buyer demand remains strong. So why are the month-over-month and year-over-year solds down? Buyers are becoming more discerning. Even though active inventory is just over half of August’s average (9350 current compared to the average 16,761 active listings); they see this as abundant inventory given its comparison over the last 6 years. Buyers are also no longer swayed by this being a seller’s market, and it is... with 1.81 months of inventory. They want what they want. Several title companies are saying as much as 33% of contracts are falling out due largely in part to inspections…this isn’t a surprise to those of you with boots on the ground. Buyers are in a buyers market and sellers are in a sellers market. Both need to have their expectations set for this new reality.
Here’s what I know.. interest rates are at 3 year lows hovering around 3.6% (with .5% discount); appreciation year-over-year is 4.17%; and inventory is up 13.64%. I love this market! Buyers have more choices and can afford more than they have in years. Which is perfect timing as millennials are entering the market with increasing force. Over half of Gen Z plans on buying their first home before the age of 30. Sellers will still get top dollar for their home if priced right and staged well. Plus, sellers are able to turn around and move up with rates low.
Another phenomenon we are seeing is more buyers are taking advantage of increasing rents and the opportunities real estate gives for building long term wealth and converting their primary homes to rentals. Now, I know, this does not bode well for the lack of inventory, but is exciting from a wealth building perspective. As you know, I am a huge proponent of building wealth through real estate. And when I see continued appreciation, increasing rents, and increased cash flow due to lower interest rates.. .well, I’m a big fan!
If you want to secure your financial future through real estate 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.