Because your home should be your best investment.
DECEMBER NEWSLETTERHAPPY HOLIDAYS | HOME PRICE PREDICTIONS | NEW LOAN LIMITS | RECIPE OF THE MONTH
To help you get in the spirit, here are some fan favorite holiday events up and down the Front Range: BLOSSOMS OF LIGHT - WHEN: Nov. 17, 2023–Jan. 7, 2024 (closed Nov. 23 and Dec. 25)WHERE: Denver Botanic GardensZOO LIGHTS - WHEN: Dec. 2, 2023–Jan. 7, 2024WHERE: Denver ZooCHRISTMAS IN COLOR - WHEN: November 18WHERE: Morrison at the Bandimere Speedway off C-470; Federal Heights at Water World; Aurora at the Arapaho County Fairgrounds.THE POLAR EXPRESS TRAIN RIDE - WHEN: Nov. 10–Dec. 23, 2023WHERE: Colorado Railroad Museum, GoldenSANTA STORY TIME - WHEN: Dec. 9, 2023WHERE: Longmont Museum (**This is guy is the best Santa EVER**)WINTER WONDERLIGHTS - WHEN: Nov 18-Jan 1WHERE: Chapungu Sculpture Park at Centerra in LovelandTHE GAYLORD ICE SCULPTURES - When: Now-Jan 1WHERE: Gaylord Center of the RockiesHOME PRICES PREDICTED TO RISE OVER THE NEXT 5 YEARS
The Home Price Expectation Survey (HPES) from Pulsenomics is a great resource to show what experts forecast for home prices over a five-year period. It includes projections from over 100 economists, investment strategists, and housing market analysts. The results from the latest quarterly release show home prices are expected to go up every year through 2027.
While the projected increase in 2024 isn’t as large as 2023, remember home price appreciation is cumulative. In other words, if these experts are correct after your home’s value rises by 3.32% this year, it should go up by another 2.17% next year.
If you’re worried home prices are going to fall, here’s the big takeaway. Even though prices vary by local area, experts project they’ll continue to rise across the country for years to come at a pace that’s more normal for the market (likely 3%-7% depending on the market).
If you’re not convinced yet, maybe the numbers in the graph below will get your attention. They show how a typical home’s value could change over the next few years using the expert projections from the HPES.
In this example, let’s say you bought a $400,000 home at the beginning of this year. If you factor in the forecast from the HPES, you could potentially accumulate more than $71,000 in household wealth over the next five years.
HIGHER LOAN LIMITS = MORE BORROWING POWER
Fannie Mae and Freddie Mac just raised the loan limit on 30 year, conventional loans to $766,550. Why does this matter? Simply put, it gives buyers the power to borrow more money. With 5% down, those looking to buy a home can purchase an $805,000 home with $40,000 down. Their loan amount, thanks to the new limits, will be around $765,000. With a strategically negotiated Seller Concession and the new loan limits, buyers can afford a more expensive home and use the seller concession to buy down their interest rate, thus helping them achieve a more manageable monthly mortgage payment.Loan limits vary by county and there are different rules for loan amounts that exceed $765,000 (called Jumbo Loans). If you are in the market for a new home in 2024, please reach out for my top 2 lender referrals. RECIPE OF THE MONTH: WHITE CRANBERRY MARGARITA
I made a pitcher of these last holiday season and it was gone in 3.5 seconds. This year, I'll make 2 pitchers. This cocktail is easy, delicious, and perfectly festive. An absolute crowd pleaser.INGREDIENTS (Makes 10)
DIRECTIONS:
See the social media reel of this recipe here.
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