There was an article in the Colorado Real Estate Journal a few weeks ago written by David Potarf, Executive Vice President of CBRE Capital Markets. He cited several reasons why he believes our real estate market still has many good years left in our boom-
Housing formation is running about 26k units a year and we are only building about 24k new housing units.
Over 2 million square feet of office space has been recently leased but is not occupied yet. And companies don’t lease more space to store junk. They lease more space as they will soon be hiring more employees. This amount of new leased office space tells me that companies will soon be hiring approximately 15k new employees. But, where will these new employees come from when our unemployment rate is below 3%? Other cities and states will have to fulfill this demand, which then causes more people to move here and this increases demand for residential housing.
The youngest Millennial’s are in their early 20s and just starting to reach prime renting ages.
And the next generation is nearly as large as Millennials as there are more 12-year-olds than 28-year-olds currently nationally.
Denver has more Gen Z’ers than we do X’ers and
all these young people need housing.
The average sales price for single-family detached homes came to $532,294 and $379,583 for Condos and Town-homes. The average price for both attached and single family homes was $481,454
As always, I like to start the week off right with some words of Motivation and share a “Motivational Quote and/or Message” that had a positive impact on me and pass it along, just in case you may find it impactful as well…
—>>> Pass It Along: If you know of anyone that could use some “Motivation” in their Life, make sure to pass along the message… You never know how one little message can impact someone’s Life
OK… Here is the “Monday Motivation” Quote for this week:
“Go into the world and do well. But more importantly. Go into the world and do good.”
🌻 Happy Monday! 💐! I hope you had a great weekend! 💐
As you may have noticed, I like to start the week off right by posting a “Motivation Message”….
Here is today’s “Motivational” Quote for this week:
“Go confidently in the direction of your dreams. Live the life you have imagined”
Sometimes life gets so busy we forget about our dreams! I often need to pause and take time to think about them so that my life moves in that same direction. What are your new plans or dreams?
I hope you had an amazing weekend and are ready for a great week!
I always like to share some words of motivation on Mondays to ensure we start the week off right 🙂
—>>> Pass It Along: If you know of anyone that could use
some “Motivation” in their Life, make sure to pass along the message…
You never know how one little message can impact someone’s Life 🙂
OK… Here is the “Monday Motivation” Quote for this week:
“You Can Have It All… Just Not All At Once.” Oprah Winfrey
Your credit score has a big impact on your personal finances, with a good score translating into a better rate on everything from home mortgages to auto loans to credit cards. So how do credit scores work?
Your credit score can range from 350 to 850. The higher, the better. The five factors that determine that score, and the percent to which they count towards your score, are as follows.
Good discount
Payment history: 35%
This is your record of making payments on time and in full. Timely mortgage payments are particularly important. A single late mortgage payment in the last 12 months can downgrade your score. Late payments on other debts such as credit cards and car loans are also bad for your credit score, as are judgments, charge-offs and collections accounts.
A single bankruptcy in the past seven years can damage your ability to get a new credit account or a loan. If you’re looking to get a loan, you’ll have to pay off any judgments or liens first, and possibly get a “satisfaction of judgment” from the court. Your credit score will also reflect the amount of time it takes you to make a late payment. The later the payment, the worse it will be for your score. Being in default of a debt is the worst situation.
To avoid damage to your score, pay bills on time, settle any delinquent accounts and check your credit report regularly to make sure you’re not being held responsible for disputed bills.
The balance you owe compared to your available credit limit: 30%
Ideally, you should keep your balance below 30 percent of your credit limit. At the very least, it should be below 50 percent. While it may seem like a good idea to close credit accounts you don’t use often, you’re actually better off leaving them open. Also, don’t concentrate large balances in a few accounts. It’s better to spread the balance across credit lines than to have one or two accounts with a balance constituting more than 50 percent of the limit. If your credit card company is willing to increase your credit line without pulling a new report, you should take advantage of that.
How long your accounts have been open: 15%
The longer your accounts have been open, the better it is for your credit score. Again, avoid closing credit accounts. But if you have to, close the newer instead of the older ones. And opening new accounts can lower your score initially, so keep that in mind if you’re tempted to open one just to get a 0 percent introductory rate or a discount at the store. That being said, opening a few extra accounts that you don’t intend to use may not be a bad idea if you intend to get a mortgage eventually. If you don’t have much of a credit history, those extra accounts can raise your score eventually if you keep them active and their balances low.
Type of credit: 10%
A mix of credit types is best, including mortgage, auto loan and not more than five credit cards. Having nothing but a lot of credit cards will hurt your score.
Number of recent inquiries by creditors: 10%
Checking your own credit report won’t affect your score. But when a potential creditor — such as a mortgage or auto loan lender, credit card company, or department store — performs an inquiry on your credit, that can have an impact on your score for up to a year. But you can reduce that impact by taking certain steps. When they’re done within 45 days of each other, multiple inquiries about mortgage or auto loans are treated as only one. However, if you already have a mortgage in the works, you might want to wait until the loan closes before applying for any new credit.
Please keep in mind that this is only for informational purposes, and that you should consult with appropriate professionals for tax, legal and financial planning advice.
