Paul brings a unique set of skills and experience to the table because of his engineering background. He looks at real estate through a different lens, one informed by years of professional engineering. Paul's background, coupled with his passion for real estate, enables him to help his clients find a property best suited to their needs. He has uncompromising professional integrity and he is dedicated to making his clients happy. I look forward to working with Paul again.
Welcome to the First Ever LEAP YEAR DAY e
dition of the 2016 Denver Real Estate Market Newsletter.
CELEBRATING A DECADE IN REAL ESTATE!
Tomorrow, March 1st, I am proud to be celebrating my 10th anniversary as a full-time real estate agent. Woohoo!!! I have helped my clients with over $38,000,000 in real estate transactions and I consider this anniversary to be a major milestone in my real estate career. I am a firm believer that 'Experience Does Matter,' since a Realtor's level of experience can often make the difference between a successful real estate transaction and one that is not. Why risk working with a hobbyist or a newbie when making one of the largest single investments of your lifetime?
Help us to celebrate! In mid-May, my wife Jenny and I will host an open house at our home in Lone Tree, to mark this momentous occasion. Watch next month's newsletter for additional details.
INTEREST RATES BACK
IN RECORD LOW TERRITORY
Interest rates have dropped again with the 30 year fixed rate mortgage at just 3.75%. This puts rates near their previous record lows which occurred back in 2013. While no one can predict future interest rates, it's probable that rates will be in the mid 4's by year's end.
The Home Affordability Calculator below demonstrates how a 1.0% hike in interest rates, on the purchase of a $500,000 home, results in a 12.6% increase in the monthly Loan Payment. Over the life of the loan, the total interest cost of the loan increases by more that $84,000. Wow!
What happens after a rate hike if a buyer wants to stay as close to the same $1,852/mo loan payment as possible? Using the chart below, if the buyer pays $1,878 they still lose $40,000 or 10% of their purchase power!
Losing $40,000 in purchase power could mean that a buyer is no longer able to afford their dream home in their favorite neighborhood. In other words, purchasing at a higher interest rate means that it may be necessary to settle for less. Money just doesn't go as far when rates increase.
If you're sitting on the fence, wondering if you should buy now or wait, please contact me. I will work with you to formulate a strategy to help you achieve your real estate goals.
REAL ESTATE PAGE
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THANK YOU FOR YOUR
BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home, please let me know. It would be my pleasure to work with you or your referral. My commitment to my clients is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Please call me with your real estate questions. I'm always happy to help you navigate through this constantly changing real estate market!