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  Provided to you Exclusively by Gregory Pavlich
Gregory Pavlich
Gregory Pavlich
Resource Mortgage Corporation
Office: 303-444-1200
Mobile: 303-717-1359
Fax: 303-444-6817
Email: gpavlich@rmcboulder.com
Website: www.rmcboulder.com
  Resource Mortgage Corporation
For the Month of October 2021 --- Vol. 15, Issue 10
  In This Issue  

"Once you replace negative thoughts with positive ones, you'll start having positive results." - Willie Nelson

  • What to Watch - The Fed may begin to scale back or taper its massive asset purchase program which began at the outset of the pandemic shutdowns in March of 2020.
  • How Many Homes Should I Tour Before I Place an Offer? - Find out if there's a perfect number when it comes to looking for your dream home.
  • Planning Your Balcony's Aesthetic - Turn your outdoor living space into an extension of your indoor space by making a few changes.
  • Q&A: How Can a Single Person Afford to Buy a Home? Since you're only relying on one income instead of two, how realistic is it to purchase a house?

Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful.

  What to Watch  

Fed May Scale Back or Taper

Federal Reserve members recently met for a regularly scheduled Federal Open Market Committee (FOMC) meeting where the short-term Fed Funds Rate remained near zero percent but that was not the topic that the investing community and housing markets were watching and listening to.

The main event was when the Fed may begin to scale back or taper its massive asset purchase program which began at the outset of the pandemic shutdowns in March of 2020. The program was designed to support the flow of credit to households and businesses and to stabilize the mortgage bond market.

Fast-forward to the current time and we now have a stabilizing economy, and the labor market has improved. Inflation has risen but the Fed says it will be transitory. At the FOMC meeting in September, Fed Chair Powell signaled that at the November meeting, to make a taper announcement, the Fed will likely need to see more progress on the labor market.

Other unknowns which may impact a taper announcement include the debt ceiling negotiations, infrastructure debate, and signs of Chinese property bubbles losing air. If the Fed wants to taper, and it may come as soon as November. This means it is very difficult for mortgage rates to improve much if at all from here. For the foreseeable future, home loan rates will most likely remain near current levels to slightly higher, but it all depends on what the economy does and how the Fed reacts.

Bottom line: Mortgage rates are still low, but they probably won't last forever. So, if you or someone you know is considering a refinance or purchase, now is the time.

Source: Mortgage Market Guide

  Housing News  

How Many Homes Should I Tour Before I Place an Offer?

When you start your home search, you might feel completely overwhelmed. Buying a home is likely the most expensive purchase you'll ever make, so it's no surprise that you should take your time and consider as many options as possible before you sign the paperwork.

You might be tempted to make an offer on the first place you see. Or, you might be someone who wants to hold off until you find that perfect house. According to Realtor.com, the average number falls somewhere in the middle with potential homebuyers visiting 10 homes within 10 weeks before they find "the one" and make an offer.

There are no hard and fast rules about how many homes you should visit before making an offer, but thanks to technology, you can look at hundreds of homes easily online. View as many as you can before scheduling an in-person viewing so you're not wasting anyone's time if you're not serious about the home.

To help you narrow down your options, make a list of items that are "must haves." These items might include commute time, school districts, number of bedrooms, and number of stories.

Once you're ready to start seeing homes in-person, try to view only three to five homes in a day. Anything more than that will give you information overload. If nothing stands out, take a break and visit more another day. After you view about 10 to 15 homes, you should have a good idea what you can afford in your price range.

After you make a list of "must haves" and do some preliminary research online, you should be ready to visit some homes in-person. To help you navigate the home buying process and find that dream home, reach out to a trusted real estate professional.

Sources: Themortgagereports.com, Setschedule.com, Realtor.com

  Home Improvement  

Planning Your Balcony's Aesthetic

If you're lucky enough to have a balcony as part of your residence, you probably know how important it is to have outdoor space. Sure, you could put a few lawn chairs and a small end table out there and it would work just fine, but why not make the most of your balcony and transform the space from top to bottom?

Install built-in seating. If your balcony doesn't have a lot of space, maximize the area by adding built-in bench seating. One huge benefit is you don't have to worry about high winds blowing over the seats.

Add greenery. Fill your balcony with lush plants to enhance its backyard feel. You could even add some herbs to make the space smell fantastic.

Place an outdoor rug on the floor. Choose a rug that can withstand the elements while adding a splash of color or design to your balcony.

Create a sense of privacy. Don't let a shared wall ruin your design ideas. A room divider can give the illusion of privacy if your balcony is next to your neighbor's. Paint it a bold color to make it stand out.

Private outdoor space on your balcony doesn't have to be drab. In fact, it could even be an extension of your indoor aesthetic. Look around your house to see if you can add any inside items to your outside space, and then head to your home improvement and decor store to complete the transformation.

Sources: Housebeautiful.com, Architecturaldigest.com, Livabl.com

  How Can a Single Person Afford to Buy a Home?

QUESTION: Can I afford a house as a single adult?

ANSWER: The simple answer to the question is yes, you can afford a house with just your income, but it can be an intimidating process especially if it's your first home.

According to the National Association of Realtors, the second largest group of American home buyers are single women, making up 17% of all home buyers. Single men are tied with unmarried couples for third place at 9%.

The two biggest hurdles you will face as a single home buyer include mortgage qualification and down payment amount. Mortgage lenders look at your income as one factor for the amount you can borrow. The higher your income, the more house you can afford. Because you're only using your salary, you might need to compromise on certain things such as size and location.

Also, you'll need to contribute to a down payment amount. Saving for a decent amount might take some time, so you can either wait to buy a home until you have a decent amount or begin with a small starter home.

Homeownership isn't based on your marital status, so don't let the fear of being a single home buyer deter you from seeking the home of your dreams. If you have any questions about buying a home by yourself, reach out to an experienced real estate professional.

Sources: Mymortgageinsider.com, Rockethomes.com, Investopedia.com


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