Opportunities in the Attached
The September Market Trends report is out. Amid COVID-19, social justice rallies, a crippled economy, millions out of work, and a contentious election, the real estate continues to hold the American economy up.
Lawrence Yun, Chief Economist at the National Association of Realtors, says if not for the crippled economy we’d see 20% more sales. That’s HUGE and signifies how big market demand is for homes. Mortgage applications, another indicator of how strong the market is, are up 28% compared to last year - and it’s all thanks for millennial first-home buyers.
And record-low interest rates are fueling demand even more.
Now is the time for Realtors and brokers to be leaders and educate clients about what’s happening in the market, even if the news isn’t great for keeping buyers happy.
The news of the day: lack of inventory, multiple offers, yet a lack of expected home value sold increases. Average and median closing prices both landed under a 1% increase. The year-over-year average has been about 11.7% while the median closing has gone up 9.18% from last year.
Attached and detached homes both saw a year-over-year increase, but detached is experiencing a much higher increase now. Many buyers want to move out of dense attached neighborhoods in cities due to COVID. However, as older generations look outside of cities, first-time buyers are scooping up the available attached homes.
Is moving out to bigger homes with more land the right move for your clients? As leaders and educators, you need to pose that question to buyers who are thinking about TODAY as opposed to TOMORROW. Whenever the world returns to normal post-COVID, demand will return to the urban areas - and they should be thinking about their future.
The stock market gains and transfer of wealth to millennials will tempt buyers to spend more on a home outside the cities. Detached homes valued over $500,000 have seen the largest increases this month. However, thanks to millennials staying in cities on tighter budgets, attached homes valued between $300,000 and $750,000 experienced the highest increase in attached homes sold.
While the overall economy struggles, the Federal Reserve has said they’d like to see inflation - the arch-enemy of bonds - go past 2%. While Fed actions don’t directly affect interest rates, we can expect 30-year mortgage rates to go up as well. The last time the Fed slowed down on mortgage-back securities purchases in October 2018, rates consequently went up.
If your clients need a mortgage lender who knows how to strategically act on locking in a mortgage rate to gain the best advantage possible while ensuring they’re best prepared to act quickly on a home, you know who to call.
Your Partner in Building Wealth through Real Estate,
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.