Rates move day-to-day
If you see a rate you like... Grab it! In todays loan market we see the rates change everyday
because of global market activities.
The important thing to remember is that you need to apply for a loan and “lock” the rate as
soon as you can. Until you lock the loan you are at the mercy of the daily fluctuation.
Refinance Statistics
There are some interesting refinance numbers showing in Q1 2013 refinance report.
Refinance has always been a large part of the finance market. This is caused by rates
lowering or the a persons credit changing allowing them to refinance at a lower rate.
No matter how you refinance saving money always makes sense if the elements of the
agreement are right for you.
Click here to see the refinance report
Peak Home Mortgage | 25147 Foothills Dr. N| Golden, CO| 80401| Tel: Cell 303-378-4003 - NMLS 1008665 - CO Lic. 100044763
Home Sales Soar in May
“Wow!” That is how independent real estate broker Gary Bauer described the Denver housing market in May. It was the best May ever for under contracts and closings, and perhaps most importantly, the unsold inventory of homes grew by 1,269 homes from April, according to a report released by Bauer today, based on Metrolist data. Metrolist also released its own report. “To see the inventory rise by more than 1,200 homes is extremely positive,” Bauer said. “Yes, we could still use a few more homes, of course. I’m predicting this trend will continue and we will have in the 9,000s in June.” There were 8,214 unsold homes on the market last month, an 18.3 percent increase from the 6,945 in April, but a 22.4 percent drop from the 10,591 in April 2012. Meanwhile, there were 7,252 homes placed under contract in May, a 22.7 percent jump from the 5,908 in May 2012, as well as a 5.8 percent increase from the 76,855 in April. Closings in May rose 26.8 and 24.4 percent, year-over-year and month-to-month, respectively. There were 5,865 closings in May, compared with 4,625 a year earlier and 4,714 in April. The average single-family home price rose 9 percent to $335,776, compared with $307,896 in May 202, while he median price of a single-family home at $280,000 rose 8.5 percent from $258,000 in May 2012. “It was jut a remarkable month,” said Peter Niederman, CEO of Kentwood Real Estate. “The sales are remarkable, but the thing that was really remarkable was the increase in inventory,” Niederman said. “That was truly remarkable. This is all good.” Niederman said a fair number of homes have been added to the market, even though it hit an all-time low in March of 6,682, 27 percent lower than it was in May. “The increase of homes coming on the market has somewhat been masked by the strong sales velocity,” Niederman said. The rising market may be allowing more people who had been under water on their mortgages to sell their homes, he said.
A 3,125-square-foot, 4-bedroom, 5-bathroom home sold in May for $680,000.
“With home prices increasing, people who had negative equity (they owed more than
their mortgages) may finally be able to transact real estate,” Niederman said.
“We continue to see improvements on already promising figures,” said Metrolist CEO
and President Kirby Slunaker. “We’re thrilled to see some inventory relief and
matching strong sales numbers in the Denver market, we’re taking those figures as
signs of both homebuyer and seller confidence.”
Although the inventory crunch seems to be lessening, the market continues to move
at a fiercely competitive pace, according to Metrolist.
The average days on market dropped by 14 percent this month to 48 days,
demonstrating how quickly houses are getting scooped up.
“The uptick in available home listings hasn’t helped the Denver homebuyer as
much as one would hope,” said Slunaker. “Homebuyers still need to be prepared to
make an offer quickly as the sharp increases in sales velocity indicate a highly
spirited local market.”
Bauer said the market still faces challenges.
“Like we talked about yesterday, rising mortgage rates and the changes in FHA
mortgages could impact the market,” Bauer said.
“But I have to give a lot of kudos to Realtors who stuck through the hard times and
have been knocking on doors to convince people to sell their homes. I also give
kudos to buyers. It is not easy out there with multiple offers and bidding wars.”
Bauer said not only are prospective buyers increasingly sending personal letters to
homeowners to convince them to choose them, “but now we are seeing buyers
sending home owners videos.”
Revised 5/3/2024
303-378-4003
Peak Home Mortgage | 25147 Foothills Dr. N| Golden, CO| 80401| Tel: 303-378-4003 - NMLS 1008665 - CO Lic. 100044763
Home Sales Soar in May
“Wow!” That is how independent real estate broker Gary Bauer described the Denver housing market in May. It was the best May ever for under contracts and closings, and perhaps most importantly, the unsold inventory of homes grew by 1,269 homes from April, according to a report released by Bauer today, based on Metrolist data. Metrolist also released its own report. “To see the inventory rise by more than 1,200 homes is extremely positive,” Bauer said. “Yes, we could still use a few more homes, of course. I’m predicting this trend will continue and we will have in the 9,000s in June.” There were 8,214 unsold homes on the market last month, an 18.3 percent increase from the 6,945 in April, but a 22.4 percent drop from the 10,591 in April 2012. Meanwhile, there were 7,252 homes placed under contract in May, a 22.7 percent jump from the 5,908 in May 2012, as well as a 5.8 percent increase from the 76,855 in April. Closings in May rose 26.8 and 24.4 percent, year-over-year and month-to- month, respectively. There were 5,865 closings in May, compared with 4,625 a year earlier and 4,714 in April. The average single-family home price rose 9 percent to $335,776, compared with $307,896 in May 202, while he median price of a single-family home at $280,000 rose 8.5 percent from $258,000 in May 2012. “It was jut a remarkable month,” said Peter Niederman, CEO of Kentwood Real Estate. “The sales are remarkable, but the thing that was really remarkable was the increase in inventory,” Niederman said. “That was truly remarkable. This is all good.” Niederman said a fair number of homes have been added to the market, even though it hit an all-time low in March of 6,682, 27 percent lower than it was in May. “The increase of homes coming on the market has somewhat been masked by the strong sales velocity,” Niederman said. The rising market may be allowing more people who had been under water on their mortgages to sell their homes, he said.
Call us: 303-526-9620
303-378-4003
Revised 5/3/2024
