Mortgage rates fall
After the FED decided not to raise interest rates for the rest of the year, mortgage rates plunged to 4.06%. That’s a big boost for real estate as we head into the buying season. Lower interest rates mean buyers can more easily afford homes and helps to offset our seemingly high priced real estate.
New challenges for landlords
The Democrat controlled state government is finalizing its passing of some key legislation that will increase the risk of being a landlord in Colorado. Keep on investing, but be aware and factor these risks into your business plan. HB19-1118 requires a landlord to wait 10 days before serving an eviction notice to a tenant (rather than the current 3 days). HB19-1170 allows tenants to withhold rent payments for repairs as little as a broken appliance that isn’t fixed within 3-4 days or if the tenant themselves causes damage like mold to build up. Landlords should always be attentive to issues of habitability, but these bills allow bad tenants to work the system and avoid paying rent. The intent is to create more affordable housing; however, it will more than likely do the opposite.
QUOTE OF THE WEEK
“Nothing can be loved or hated until it is understood.”
~Leonardo da Vinci
See you soon,
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