This is money that is due a few days after going under contract on your home purchase in Colorado, to give you skin in the game. Earnest money goes towards your down payment at closing. You will get the money back if something happens and the deal falls through, unless it is made non-refundable at the time of signing contracts or important deadlines are missed. Making a large (or a non-refundable) earnest money deposit can be a tactic to show the seller that you are very serious about becoming the new owner and encourage them to choose your offer over other others. 

When there are multiple offers on a property, buyers can write in certain language to make their offer stronger. It’s not uncommon for buyers to waive their ability to ask for inspection repairs on a property or limit requests to “health and safety” only. However, that doesn’t mean you cannot have an inspection! We will always recommend you have an inspection prior to buying a house. By waiving your right to “ask” for repairs, your inspection will be for informational purposes only and you can decide at that time if you’d like to move forward with the purchase. This way you can write a competitive offer and still have peace of mind that you’ll be comfortable with your new home. Our team will be with you to guide and educate you through this step of the home buying process.

Selecting your agent is a big part of building your real estate team. Finding one who represents your values, will work hard for you, and have knowledge of the neighborhoods you’re looking at are a few of the important questions you’ll want to ask. Some of the questions you might also include are: 

1) How long have they been an agent?

2) Why did they get into the field?

3) What do they love about it?

4) What strategies do they have that will help you find a home? Having a strategy to get you under contract is crucial in this fast-moving market.

The team at Smart Start Homeowners are experts in Colorado residental real estate and down payment assistance programs. We work with you through the entire process.

Zillow is often a favorite route but it often doesn’t have all the current and correct information. While it can feel like you’re being productive in your home search, you may be pointed in the wrong direction. We highly recommend working with the team at Smart Start Homeowners and finding someone you trust. Feeling hands-off feels nice because you can go at your own pace, but working with a realtor accomplishes the same goal. Realtors are prepared to work with you on your schedule and on the weekends. We are part of the home-buying process and are a member of your team. There are lots of real estate websites out there but make sure you understand that all the information on those sites may not be up to date. When buying a home in colorado let our team work with you through the entire process.

Buying a home in the mountains is a dream for many Colorado residents and non-residents alike.

6 Things to Consider Before You Buy a Mountain Home

*Map out your goals and intentions. This is a big investment, so take the time to decide what you want out of this home. 

*Consider the transition. 

*Plan to commute just about everywhere. 

*Be ready for anything. 

*Factor in additional costs. 

*Say hello to the neighbors.

When you set out to buy, know incredible benefits are waiting for you at the end of your journey Your home is your stake in the community, a solid financial investment, and an achievement to be proud of. Owning a home is an effective wealth-building tool and provides meaningful financial stability. 

A few of the benefits homeowners enjoy include:

Your equity (and wealth) grows through home price appreciation.

Your housing costs are fixed, which can help combat rising costs from inflation.

Buying or selling Colorado real estate will likely be one of the biggest financial commitments you will ever make. Be certain to work with a trusted REALTOR® so you get the best advice possible.

REALTORS are committed to treating all parties in a transaction honestly. They subscribe to a strict code of ethics and are expected to maintain a superior level of knowledge about the home buying and selling process. 

New Construction Homes Can Lower Your Maintenance Costs

Most appliances and the home itself typically offer good warranties. New construction also features more energy-efficient fixtures and appliances for energy bill savings. An energy-efficient home may boost the home's resale value.

Not only do new homes allow you to skip the cost of renovating, but they also hold their value longer making them a smart long term investment.

In 2022, 50,743 properties closed, down 20.84 percent from 2021. The rise in interest rates and decline in buyer demand had an effect on home prices. December's median sale price for detached homes was $600,000, a 2.44 percent decrease from November and a 0.01 percent decrease from December 2021.

Housing prices are stabilizing. Real Estate inventory however is still limited. If you wait to purchase a home, these factors may or may not improve. Now is the best time to buy.

2023 is a favorable time to buy your first home. Mortgage rates are down, home prices are settled, and buyers have leverage over sellers. After big gains in the past three years, home prices are expected to stay stable. The National Association of Realtors, or NAR, predicts median existing home prices will rise just 0.3% in 2023 — a stark contrast from the 9.6% year-over-year increase in 2022 and eye-popping 18.2% jump in 2021.

You’re probably ready to buy a home if you have a good credit score, money saved up for closing costs and make a stable income. However, answering this question requires more than just a knowledge of mortgages, down payments and credit scores. Home repairs and maintenance become your responsibility as a homeowner. 

In Colorado, average buyer closing costs range from 2% to 5% of the buyer's purchase price. Buyers using a mortgage to purchase a home will pay closer to the high end of that range given the loan related fees that a financed buyer vs. all-cash buyer pays. We are experts in all Federal and State down payment assistance programs which help to cover your down payment and closing costs.

“Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the US Department of Agriculture), you may not need any down payment at all. However, our team are experts with all available state and federal down payment assistance programs available in Colorado. These programs help to cover down payment and closing costs.

How much of a down payment do I need to buy a house in Colorado? It depends on what kind of mortgage you get. USDA- and VA-backed mortgages do not require a down payment. Conventional loans can require as little as 3% down, and FHA mortgages require 3.5%. Our team specializes in all down payment ass assistance programs in Colorado and can help determine which one is most beneficial to you.