The Double Comma Club

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4 cents is double 2 cents; but we are still way short of a dollar.

Buyers and sellers are exhausted by the extremes. Nationwide, new listings are up a strong 5.5% year over year and an even more impressive 11% from last month.

In the Denver Metro, our new listings were up 6% from last year, and 24% from May. This added 7,826 homes to the Denver market last month, lifting our 2,000 active listings to a less than healthy, but certainly welcome 3,122 at the end of June. That's a 50% lift in one month, although it's still shy of a healthy market.

The average active listings for June is 16,098. Days on market is still 4 for both detached and attached.
Mortgage purchase applications dropped to a 5 month low. Pending home sales slowed down to a 2% gain from last month's 17% month-over-month increase.

Get more information in this episode of The Double Comma Club.

It's hard to tell a buyer that now is the best time to buy when home prices continue to break records landing in June with a median closed price of $545,000, which was 1.5% higher than last month - annualized that would be an 18% gain in value which is exactly where we are year-to-date. As a buyer, you are paying $100,000 more for that median home this year than last year. But as a seller, you gained $100,000 in wealth while you slept, where you slept.

THAT is why now IS the time to buy. Oh and that spike in inventory we saw last week? It may have been a 50% increase but as much as 4 cents is double 2 cents; we are still way short of a dollar.

Click here for this month's Market Trends Report as well as the full blog:

Refi’s Just Got Better | Purchase VS Refinance


There are certain times in life where change is the best thing that could have ever happened. Sandra Thompson replacing Mark Calabria is one I will celebrate for a long while. 

Why? Well, Sandra Thompson gave us all a gift this past week by undoing the FHFA Adverse Market Fee.  This is a huge win for everyone trying to capitalize on the equity they have built up in their homes.  Mark Calabria initiated the Adverse Market Fee in August 2020 stating that there was "additional cost and risk" to FHFA with homeowners taking equity out of their homes.  What he was really doing was increasing capital levels during last year's historic refinance boom.  

Removing the fee will reduce interest rates, on average, by approximately 1/8th.  This means more money will be put back in the hands of the homeowner instead of the FHFA.  It will also continue to strengthen the options for homeowners coming out of forbearance.  Given today's low interest rates. if you have not refinanced yet; Christmas came early this year!

Better yet, it’s the gift that will keep on giving. Because rates will stay low for a little bit longer. As Fed Chair Powell and Treasury Secretary Yellen continue to state inflation today is all transitory and express that the debt and the market remain under control. Powell noted last week that the Fed’s benchmark of “substantial further progress” toward full employment and stable prices remains “a ways off.”  He also said the Fed will alter monetary policy only if inflation is "materially and persistently" on a higher path.  

Powell, I ask you... how much is "materially"?  and how long is "persistently"?

So what does all of that jargon mean? That those who want to purchase or refinance but had not yet, have just been given the gift of additional time.  But this may be one of the last stops on the low-rate train. So how do you know which option is best for you? 

Well, it’s all about the big picture. 

I always advocate for purchasing more properties, because I believe in building wealth through real estate. However, moving isn’t always an option. Just had a baby? Need to pay off medical or credit card bills? Do you have to take care of a loved one? Whatever’s happening in life sometimes, moving is just too much. And I get that. 

So here’s the next best thing. If you’re planning to stay in your home for at least the next three years or if you are thinking about turning your home into an investment property down the road you could save quite a bit of money every month by refinancing now, especially if you are still paying mortgage insurance.

It can also be about your quality of life. Maybe over the last year, you’ve been looking for a new home; but the right one keeps evading you.  Let’s take out some of the equity in your home to give yourself a new bathroom, kitchen, or outdoor space. Because sometimes you have to treat yourself. And with interest rates so low, now might just be the time. 

The Top Simple Tip to Become a Real Estate Investor.


Spoiler alert: Your real estate agent will not like this tip - not at all. This is only 4 minutes. Take notes. We don't want t spoil the math or the surprise.

Saving for Buying Real Estate in Your 20s.


How do you start in your 20's investing in real estate? You start with the first one. It's the toughest. Let's think of money in terms of buckets.
Your checking account feeds

  • short term expenses
  • Long term savings
  • outside investments
  • retirement

Consider setting up automatic transfers.

1 month of expenses, then the remainder rainy day fund, build this account up first.
50% monthly needs housing food - your short-term expenses for living and entertainment.
30% rainy day
20% retirement investment bucket.

To invest in real estate, consider saving $125/month. By the time you graduate college, you can afford to buy a home.
People who invest in real estate are 48x's wealthier than those who rent.

How to Get Started in Real Estate Investing Part 1



This episode lumps together 4 episodes from the Real Estate Investing playlist on our YouTube channel. Catch these first four short episodes to get started, first with the logic and then to show how even with a modest income you can still build your retirement through real estate.

This 17-minute episode includes:

  • Good Buy, or Goodbye?
  • Creative Investing
  • Long Term Investments - Fact vs. Fiction
  • Turning Rental Income into Retirement Income.

Be sure to catch part two publishing next week.

Nicole Rueth
The Rueth Team of Fairway Independent Mortgage Corporation
750 W Hampden Avenue, Suite 500
Englewood, CO 80110

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$33,472 Isn’t Enough for Retirement


Have you doubled your retirement fund this year? No one wants to get to retirement and realize they will run out of money before years. Or if they were honest, they may only have enough saved for a long vacation or small car, but not enough to be secure and continue to live their life as they want. In fact, the median American has only $33,472 saved for retirement. THAT ISN'T ENOUGH Did you know that the average homeowner in America gained $35,000 in appreciation during the last year? Add that to their retirement account and they just doubled their retirement savings. THAT'S the POWER of Real Estate.

Join me every Tuesday at 8 am MT on Facebook and Instagram as I go LIVE to discuss opportunities like this. Money may not buy you happiness but it can create opportunities to create a life you love.

Fact vs. Fiction: New Builds


Let's go through some of the facts and fiction of purchasing a brand new home. Let's start out with one that tends to be the main selling point for new builds. You can customize your home and the basic options included and/or upgrade options available. There's no need to pay a contractor after you've closed to redo that pink tile in the bathroom because you participated in the finishes for your home. Because you get to help in the design, new builds tend to feel much more like home right off the bat. So who doesn't want that?

This also means that your home is equipped with the monitored amenities so there's no upgrading needed once you move in, nor do you need to do that deep clean since you're the first homeowner. Another fact is that new builds in today's market can be easier to secure. Once you pick a builder and if they have a home available, you can secure it without competing against multiple buyers or over asking bids. Although finding a builder with a lot available in today's market is a bit harder these days. Colorado has luckily not yet gone to the lottery system for lots like some other states, Arizona. You should also prepare for a longer timeline and slightly higher costs given today's market conditions.

So let's move on to some myths. While you need to be pre-qualified for a new build, sometimes a year in advance, you don't finalize your loan until 30 or 60 days before getting the keys just like an existing home. This means that you need to play the long game with your lending team. And that could mean updating your loan documents several times along the way. You will still want to ensure that you do not purchase any big items or have a negative report on your credit during that waiting time. You will also typically not lock in an interest rate at the very beginning, but look to lock in closer to that 30 to 60 days before you close.

If today's low rates sound appealing because they are, you might want to consider doing an extended lock, which you can go out as far as nine months before you close. But use caution here because anyone who has lived through home renovations knows that things can get delayed and a finished date is not always guaranteed. And you don't want to be stuck with expensive lock extension fees.

Another myth related to your lending relationship is that you can't use your own lender or that the builder's incentive is so steep that you will need to go with their lender to get it. Well, we have great news for our clients. The Rueth Team is able to match builder's incentives to give our buyers the new build that they're craving and the service levels provided by our lending team.

Our last myth today is that because your home is new, you won't run into any maintenance issues. However, while you should not run into significant issues with things like the foundation or outdated windows or general wear and tear, there's still a possibility of things going skew. Supplies can come in faulty from manufacturers. Installation can be rushed. And of course, with all homes, unexpected things can go wrong. And so while you're less likely to run into them with a new build, just because it's new does not mean it's fault-proof.

New builds are a great option for homeowners that want modern new homes without the hassle of renovations. In today's hot seller's market, they may be easier to find, but many of the larger new build sites are outside of the Denver area, meaning you may have to commute a bit longer as a trade-off. Overall, they're a great option for first-time homebuyers or move-up buyers. So let us know in the comments below what you prefer. Is it a new build or is it purchasing an existing home and looking at renovating? And if you're thinking about a new build, don't forget to give us a call. Nicole Rueth with The Rueth Team of Fairway Mortgage. We look forward to serving you.

False Summit or False Peak? DMAR June 2021


The second half of May seemed to open up a bit. But, sorry, it was a false peak. Less inventory came on the market and more buyers went out looking for it. Inventory was down 6% from last month, and down 14% from last year inventory.

6718 homes went under contract, which was up 17% last month, and up 3% from last year.
Active listings dropped last month. In fact, there was a 20% drop and inventory fell below 2000 homes for sale the second time this year. Listings are spending and average of four days on market.

You have to be ready to pounce, offer 30K over asking, without any contingences and ready to close in 2 weeks.

26% higher close - higher end homes.
23% higher close -medium priced homes.
$700,000 average closed price detached.

We are nowhere near the peak. Same with rates. Rates turned up mid-month.
Inflation jumped 4.2% - the highest in 13 years. Core inflation jumped to 3%. This was the highest monthly gain - EVER. Get the rest of the insights by listening to this 9 minute episode. More false peaks are expected.

8 Steps to Self-Leadership with Ryan Leak


Author, Speaker, Coach Ryan Leak is back! His book, Chasing Failure has been published. 8 steps to learn self-leadership starting now!

We laughed pretty hard and learned so much! Here are the questions covered:

1. What's it like to be around me?
2.  Do you know where you want to go?
     - What's one word you'd use to describe you?
     - What's one word others would use to describe you?
     - What's one word you'd like others to use to describe you?
3. What credit can I give away?
4. What mistakes can I own?
5. How can I get better? 
6. When can I make time to invest in myself. 
7. Whom am I investing in for the future?
8. Who knows who I really am? 

The Lowest Rate Doesn’t Mean Your Lender is Serving You Best


Nicole gives you three examples as to what a creative lender can do for you. Creative is another word for experienced here. When you simply go with the lowest rate without any other thought to the best financial plan for your longer goal, you are selling yourself short and most likely costing you and your family a lot of money. 

Tune in to hear these quick examples.

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