Colorado House Finders

Lowest inventory of property listings for sale in Denver (per capita) EVER!

admin — Tue, 15 May 2012 01:49:02 +0000

Take a look at the housing inventory in Denver! Think its time to sell a home? Read the summary after the graph. If you want to know what’s for sale in your part of town, just ask, we can send you a summary of all active and recently sold listings.

House-hunting? 5 Signs You’ve Found The Perfect Home!

admin — Mon, 12 Mar 2012 22:33:05 +0000

Househunting in a Buyers Market can turn into a long, drawn-out process. While buyers in a stronger market might generally see a handful of homes before making a final decision, buyers in a saturated market are apt to search & keep searching… often ending up in an indecisive loop.

This is due in part to the “finicky-factor”, which goes up exponentially in a saturated market. High end amenities (i.e. his & her sinks), not normally a consideration in the middle price range - might be deal-breakers in a competitive market. People simply don’t respond well to too many choices (too many chances to choose wrong), so they end up… choosing nothing at all.

So, how will you know when it’s time to settle down & tie the proverbial knot with a particular house?

Here is a list of tell-tale signs that this house should be your home:

1. There is an instant connection: If you are walking through a house and your heart starts to pound as you tick-off the uncanny match to your want-list, or the sound of another buyer coming through the door makes you feel less than friendly and more than motivated…you likely have a winner.

2. You see yourself living there: If you have an immediate image of your family, friends & furniture all happily inhabiting the space, it may be time to sharpen your pencil. Naturally you want to steer clear of falling in love with someone elses “staging”, but if the vision you have mostly matches your reality, you’re probably on to something.

3. You can put your stamp on it: whether or not the house is a new build, every buyer wants to feel as if they are the first person to ever walk on the carpet or cook in the kitchen. It’s important that you can see your way to a time when, after a few tweaks, this home will feel like yours & yours alone.

4. You surprise yourself with compromise: If in walking through a house, you see one or two things which would, under normal circumstances, resonate as undesirable…but now seem liveable and perhaps even charming; you may already be home.

5. You’re ready to commit, no more looking: If, on your walk-through, you suddenly lose all interest in any other homes you’ve seen, or are panicked someone else will buy it out from under you if you so much as blink ~ you may well be off the market. However, seeing at least one more house before you make an offer may be a good test of your senses; ensuring that your response to the home wasn’t somehow incidental (enhanced by the smell of fresh-baked cookies or a furniture set you’d love to have).

Search for home in Denver on our website: www.coloradohousefinders.com

Inventory shrinks for active house listings in Denver Colorado

admin — Tue, 14 Feb 2012 02:26:29 +0000

The big headline these days in the Denver real estate market is the massive drop in inventory (homes for sale) over the past couple of years. In December, 2007 there were 27,127 homes and condos on the market in metro Denver. As recently as December, 2010 there were 14,275 properties on the market. Today there are only 10,993. We have to go all the way back to 1999 to see inventory this low. This massive drop in inventory in the under $300k market segment has profound ramifications for our local real estate the market.

Let’s start with a simple supply and demand discussion. Supply = the inventory of homes on the market. Demand = the number of buyers looking for homes. Currently, supply is at a 12 year low. In 1999 when supply hit its lowest point in a decade, prices began rising simply because supply couldn’t keep up with demand. Prices rose for about 8 years until inventory reached over 27,000 properties in 2007. At that point in the housing cycle supply surpassed demand, causing prices to begin to fall. Simple economics. Compare the 1999-2007 housing cycle to today’s environment. We currently have a 12 year low in inventory – just as we had in 1999. As in 1999, there is simply not enough inventory to keep up with demand. When I work with buyers we have to look long and hard to find quality properties. This is very different from a few years ago when supply was high. Sellers are starting to understand that the tables have turned (in the under $300k market) and are holding firm on prices and bargaining harder on concessions and inspection items. The market has changed and we have to be quick to adapt. The imbalance between supply and demand has already affected the market. In the past 12 months the price of homes under $85k has risen a massive 19%. Homes between $85k and $135k are up 10%. Homes from $135k – $210k are up 6%. It’s only when you get to prices above $300k that prices are still dropping (down 13% for homes priced above $460k).

As we discuss frequently, the key to buying or selling a property successfully is to understand what the market is telling us. Right now it’s telling us that there are not enough homes on the market in the under $300k segment and the market (i.e. sellers) is responding rationally to this change. Please feel free to call me to discuss this further and see how you can make this market work for you.

SEARCH LISTINGS HERE

info@coloradohousefinders.com

303-588-6885

Please let us know what topics you want to hear about. Follow this blog for a new feature of price change maps each quarter.

Interested in homes for sale in the Highlands or property listings in Berkeley? Or any other area. Just let us know!

If You Had to Sell Your Home Fast…

admin — Fri, 15 Jul 2011 12:03:11 +0000

…what would you do? Suppose something came up and you had a week to prepare your home for sale, what steps would you take?

The goal of preparing a home for sale is to get the home in such condition a buyer can easily see how the home would fit them and their life – without a lot of work.

Some things you can do are:

Put things in storage – or at least the garage – so the home looks as roomy, neat and organized as possible.

Thoroughly clean, and paint rooms or the exterior as needed to get a really fresh and maintained appearance. Use flat paint to brighten dark rooms. Take care of needed repairs.

Check and improve lighting as needed so each area feels comfortable.

Place new door mats or throw rugs at each entry way.

Take care of the yard/walkways so your home has excellent curb appeal.

Put plants or fresh flowers in the living spaces and near entries.

Make the home smell nice, perhaps by baking bread or pie, and anything elseyou can think of to please the potential buyer’s physical senses.

For more tips, get in touch with the Colorado House Finders’ Real Estate Consulting Team. They are experienced and professional Real Estate agents with certifications in Real Estate, Lending, and Appraising and specialize in Denver Colorado real estate, Denver MLS listings, www.ColoradoHouseFinders.com.

Denver is the Fastest Market and Success Stories

admin — Fri, 01 Jul 2011 05:24:06 +0000

According to a recent Denver Post article by John Rebchook, Realtor.com reported that May is the second month in a row that the Denver area is leading the nation in how fast homes sell. Their study analyzed 146 metropolitan areas and concluded that it took an average of 39 days to sell a home in the Denver area in May, and an average of only 44 days in April. Realtor.com is owned by the National Association of Realtors®.

Nationwide, from the Realtor.com report, the average was 92 days to sell a home this May – up 4.5 percent from May of 2010. Denver’s current time to market is 2.5 percent lower than the previous May.

On the other hand, according to the Post article, Metrolist reports an average of 109 days to sell a property in the Denver area. The difference being that Realtor.com primarily uses the median age of single family homes, townhomes, co-ops and condos listed on Realtor.com. Multilist services such as Metrolist generally construct their data from all types of properties and a broader range of listing sources.

From the article, a couple more things to note are that there is an unusually low number of homes in inventory for the Denver area for this time of year (about 19,573 unsold with 1685 of these categorized as pending). Second, lower priced homes are selling in as fast as a week after being place on the market.

I conclude from all this is that the Denver market appears to be on the move, and it’s important to get with your real estate agent to look at the stats and trends for the type and price of property you want, in the areas you want. Also, with listed inventory in the

Denver area being where it is with interest rates still being favorable, it makes sense to get going on your property search. For the complete Denver Post article, please visit http://insiderealestatenews.com/2011/06/denver-nations-fastest-selling-market/#more-12575

Recent Your Castle Real Estate Success Stories

A buyer’s success story: A client mentioned she was paying $700/month rent for her condo and asked whether it made sense to buy instead. After a search of about one month, she found a HUD listing one block from her current apartment. Because she liked the neighborhood and wanted to stay there, she agreed to look at the listing. It was a 950 sq. ft., 2 bed / 1½ bath unit with a garage and a partially finished basement listed at $50,000! Of course the property needed a little work, but it wasn’t any worse than her current apartment. After getting the contract (the second time around) and dealing with the subtle nuances of HUD she recently closed on the property. Now her total payment including HOA dues is almost $100 less per month than her smaller rental! A Seller’s Success Story: A client was facing foreclosure on a beautiful 5 bed / 5 bath house. In this instance a short sale was the best option. The original loan was for $1.3 million. The new buyers offered $460,000 plus golf membership (the property is on a golf course) and the seller’s bank that held the mortgage accepted it! The buyers are thrilled to get such a beautiful home at such a deep discount and our client avoided foreclosure, making it a win-win situation for everyone!

An Investor’s Success Story: Now is a great time to buy and hold investment property in the Denver Metro area. A client purchased a duplex on Reed St. in Lakewood recently and got a smoking deal! Each unit has1,072 sq. ft and has 3 bedrooms, 1 full bath, and shares the 2-car garage. The property backs to a large set of fields with a high school on the far end. And it’s in great shape! It has hardwood floors throughout, updated windows, a newer roof, and systems that all passed inspection. It’s on a quiet street with little through traffic and a lot of single family owner-occupied homes on the block. And the best part is that the property came with two Section 8 tenants and the rents are $1,075/month for each side, guaranteed by the government. The purchase price was $199,000 and the clients put down 25% so their monthly PITI (Principal, Interest, Taxes, and Insurance) payment is $1,039, meaning they’re getting $1,111 in cashflow every month. Monthly cashflow is significantly more than their payment!

Please call or email with any questions, or start your home search here: http://pheep.ycrehomefinder.com/search/

Warm Regards,
Phil Heep
www.YourAgentPhil.com
303-588-6885

Seven Quick Points for Buyers of Real Estate Short Sales in Denver, Colorado

admin — Wed, 22 Jun 2011 19:23:58 +0000

1) Across the United States and in the Denver, Colorado metro area, short sales of Residential Real Estate are very common. The majority of homebuyers are not aware of the differences between buying a short sale home and purchasing other homes on the market.

The term “short sale” describes the situation where the homeowner owes more on their home than it is worth (is “upside down” on the mortgage) and now, for whatever reasons, has to sell instead of going through a foreclosure. And they have negotiated with their mortgage company to accept a sales price and mortgage payoff that is less than the amount owed. Home owners get upside down because after they purchased, refinanced, or took out a second mortgage, the home’s market value decreased to an amount lower than the loan(s) on the home. And/or the property was valued too high in the first place.

2) A bank would allow a short sale and take less than what is owed because it’s faster, less expensive, and less risky than doing a foreclosure. The foreclosure process takes months for a mortgage lender to do and then they end up owning the property and selling it at auction or on the regular market. The short sale process allows the lending institution to get a certain price without having to take on property ownership responsibilities, liabilities and expenses. Also, the lender does not have to go through the time, expense and uncertainty of selling in today’s market.

3) A buyer of a short sale should be prepared for a sales process that is longer than most residential property sales. This is because that while the buyer is negotiating with the seller, the seller is negotiating with the lending institution and they are navigating the laws, rules, and policies that apply to short sales and foreclosures. Because this is not a simple procedure, a homebuyer who needs to be in their new home by a certain date should take this into account.

4) The buyer’s benefits of purchasing a short sale property are that they are likely to be getting a home that is priced under market value. Also, because the owner is still in the property, the home may be in better condition than a foreclosure which could have been vacant for a long time.

5) Some other considerations in the short sale market are that inexperienced listing agents might price a short sale property unrealistically low simply to get offers and start the short sale process on that particular property. For example, if the property is one where the short seller has obtained their mortgage through the Veteran’s Administration (a VA Loan), the transaction cannot be put into the VA’s short sale process until there is an offer. In this scenario, what could happen is that the VA lender is not willing to accept an offer that low and the buyer would have to respond with a higher offer or leave this potential purchase transaction alone.

Other short sale cases – unless it is an FHA Short Sale – are cumbersome as the seller and listing agent agree upon a listing price. Then the potential buyer enters into the picture with an offer and the parties go to the bank with a short sale offer and start the process. Often times the bank responds with an offer that is much higher and the buyer is put off by the higher offer. It’s just the awkward nature of the present system.

6) There are many third party companies that specialize in marketing short sale properties. As in any other business, some are good and some are not. A professional acquaintance of mine had such a company disappear on him in the middle of a transaction where he was their listing agent. Once that happened, he no longer had access to information about the property and both the potential buyer and his agent wasted time and were very disgruntled.

To avoid that type of experience or any of the other different aspects of buying a short sale property, a helpful and knowledgeable buyer’s agent will explain the process and very responsibly guide his clients through the process of buying a short sale.

7) Due to the details of buying short sale properties, Colorado has instituted a Short Sale Addendum to the Colorado Real Estate Contract. Both buyers and sellers can exit the transaction for any reason. For example, buyers may be able to exit if they can’t wait for the transaction to complete. Sellers may be able to exit if the bank decides to hold them responsible for the deficiency (the difference between the potential sales proceeds and the actual loan amount).

Since short sales are worth pursuing because of the value and potential instant equity, please consider all of the above when pursuing a short sale deal. Be patient, and try to have a back up plan for any move-in deadlines or other contingencies. And, work with a short sale trained or experienced buyer’s agent who knows the areas where you want to buy your next home. Now is the time to take advantage of interest rates and the many short sale values available.

Please call or email with any questions.

Warm Regards,
Phil Heep
www.YourAgentPhil.com
303-588-6885

Second-Home Sales Accounted For One-Third of Transactions in 2007; Vacation Home Purchases Examined

admin — Tue, 08 Apr 2008 23:30:43 +0000

The National Association of Realtors has reported results from a 2007 Investment and Vacation Home Buyers Survey, conducted in March 2008. They found that sales of second homes, including vacation and investment home sales, still accounted for 33 percent of all existing and new home sales for 2007, down from 36 percent of transaction sin 2006. The combined total of such home sales did decline with the overall market in 2007. In terms of type of Vacation home purchased, 59 percent were detached single-family homes, 29 percent condos, 7 percent townhouses or row houses, and 5 percent other. In 2006, single family homes accounted for 67 percent of vacation-home sales, while condos were 21 percent.

The typical vacation-home buyer in 2007 was 46 years old, had a median household income of $99,100, and purchased a property that was a median of 287 miles from their primary residence. In listing the reasons for purchasing a vacation home, 84 percent of buyers wanted to use the home for vacation or as a family retreat; 30 percent as a primary residence in the future; 26 percent to diversify investments; 25 percent to rent to others; 16 percent for tax benefits; 14 percent for use by a family member, friend or relative; and 6 percent because they had extra money to spend.

Sixty-five percent of vacation home buyers purchased existing homes, while the remainder purchased new homes. Last year, 24 percent of vacation homes were purchased in the West. Vacation-home buyers plan to keep their property for a median of 10 years; 38 percent plan to keep their vacation home for 11 years or more.

NAR’s 2007 Investment and Vacation Home Buyers Survey, conducted in March 2008, includes answers from 1,965 usable responses. The survey controlled for age and income, based on information from the larger 2007 National Association of Realtors® Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents. The Colorado House Finders’ Real Estate Consulting team is experienced, professional real estate agents with certifications in Real Estate, Lending and Appraising, who specialize in Denver Colorado real estate. For access to Denver MLS listings , contact Colorado House Finders or www.ColoradoHouseFinders.com.

Green Plumbing Trends — New Technology Supplies Hot Water on Demand

admin — Tue, 08 Apr 2008 23:27:45 +0000

If you’re like most people, you are paying to heat the water for your home 24 hours a day, every day. The average homeowner pays to keep hot water hot even when they don’t need it. Traditional water heaters make for standby energy losses that cost you money. We do not leave our homes heated while vacationing. We only heat our homes when there is a demand for heat. Wouldn’t it be great if you could pay to heat water only when you need it? There is a way. Tankless water heaters provide continuous hot water, heating water only as you need it, thus providing greater efficiency and energy savings. An average, traditional 50-gallon water heater can supply about three to four back-to-back showers. With a tankless, you can enjoy endless back to back showers! Also referred to as instantaneous or demand water heaters, they provide hot water on demand for as long as you need it, but only as long as you need it.

On Demand water heaters are 50% more efficient and give you a typical cost savings of 30 to 45% over the old style water heater. They provide endless hot water to multiple outlets at the same time without fluctuations in temperature, and they shut off automatically when the faucets are turned off. Your family stands to gain additional protection, as well. As opposed to standard gas water heaters, tankless water heaters have sealed combustion which means no open flame or flue gas. Flue gas cannot enter your home. In addition precise water temperature control helps prevent the risk of scalding, especially important when you have young children in your home.

The compact, wall-mounted units can be installed internally, externally or recessed, thus providing a significant space savings over a 40-gallon traditional water heater that requires approximately 16 square feet of space. Because of smaller size, they can be placed in close proximity to the kitchen or master bath, reducing wait time and energy consumption while waiting for hot water at the source. With a life expectancy of 25 years (and easily replaceable parts that extend the life by many more years), as compared to 10 years for standard hot water tanks, tankless water heaters reduce landfill waste. Additionally, they provide lower emission of CO₂ gases into the atmosphere, adding to their green characteristics.

Proper installation and maintenance of your demand water heater can optimize its energy efficiency. Whether space, energy savings, or the need for multiple showers is your issue, a call to an AUTHORIZED SERVICE PROVIDER/INSTALLER is your key to success. Without quality installation, even the best equipment can fail to give you its best performance. Proper installation ensures you get all the capability possible from your instantaneous water heater. The Colorado House Finders’ Real Estate Consulting team is experienced, professional real estate agents with certifications in Real Estate, Lending and Appraising, who specialize in Denver Colorado real estate. For access to Denver MLS listings , contact Colorado House Finders or www.ColoradoHouseFinders.com.

Real Estate Staging – Best Practices

admin — Tue, 08 Apr 2008 23:23:08 +0000

By now, staging a home for sale has become a common practice by sellers and their real estate agents. And like many things in preparing a home to sell, you can either choose to do it yourself or hire one of the many professional stagers around. There are advantages to both. The obvious benefit to staging your home yourself is the cost savings. If you are really on a budget, you might want to do a few Internet searches for staging tips and put your head together with your agent to come up with a house that presents itself well and that potential buyers can imagine living in themselves.

This brings us to our first tip. All that wonderful memorabilia, photos and items that truly express your personality – take them down. Try to use more generic furniture, art and only a few accent pieces. That leads us to the next tip. Less is more. We live in a time where we have a lot of stuff, and most homeowners really like their own stuff. But, for a buyer to truly get a feel for the home and be able to, once again, imagine his or her own things in that house, you must create visual space.

While painting, cleaning carpets and assuring that your home has the scent of a warm and inviting place are no-brainers, they bear mentioning. These are the basics to making sure your home shows off in the best possible way. Antique white shades for the walls works marvelously. Lighting should be bright and well-balanced, and left illuminated when you know you have a showing. Clean out closets, garages and other storage areas to increase the sense of available space for the buyer. A great thing to do is leave the scent of baking bread wafting through your home on the days when there’s a showing. For the bread, don’t think you have to make your grandmother’s bread from scratch. Get a conveniently packaged, unbaked loaf or rolls at the grocery store. Just pop them in the oven and the smell will be intoxicating!

A professionally trained stager will come in and help you move beyond these basics. In that process, they take out everything from the room and start all over. Large pieces of furniture come in first, then smaller pieces, lighting and, finally, artwork. There is an art to it and, if your budget can handle it, this kind of service can end save you valuable time and help you get closer to your asking price. IRIS (Interior Redesign Industry Specialist) is a nonprofit organization with high and comprehensive training standards in the industry. Look for a stager who has trained with an IRIS approved instructor to make sure you’re getting the best possible service. The Colorado House Finders’ Real Estate Consulting team is experienced, professional real estate agents with certifications in Real Estate, Lending and Appraising, who specialize in Denver Colorado real estate. For access to Denver MLS listings , contact Colorado House Finders or www.ColoradoHouseFinders.com.

Denver Housing Trends – Mixed-use Development

admin — Tue, 08 Apr 2008 23:20:56 +0000

Along I-25 south of Denver from Belleview Avenue to Lincoln Avenue in the area known as the Denver Tech Center, higher density, transit-oriented development has taken place over the past several years. Pushing this development was “T-Rex”, the $1.67 billion transportation expansion project whose goal was to “transform the way people in the Denver metro area commute within the area of the I-25 and I-225 intersection”. This area was, at the time, estimated to be the 14^th busiest intersection in the entire United States.

By many measures, the T-Rex project was successful. The interstates widen to seven lanes in many spots, and 40 miles of light-rail track were laid. The T-Rex project finished 3.2% under its $1.67B budget and 22 months ahead of schedule in 2006.

There are several mixed-use “mini-cities” or “villages” now popping up in this corridor within a half-mile walking distance of the light-rail stations. They combine several uses on one site in a coordinated way, and retail, office and residential developments are usually a part of it.

The magazine Colorado Biz reported that during his promotion to urge voters to pass the 2004 FasTracks Initiative, Denver Mayor John Hickenlooper urged voters to envision the region transformed into a network of “villages” connected by mass transit, with each village having places to live, work, shop and play. Walking would be a key activity and strolling to a coffee shop, corner store or hopping the train to get to work would be the way of life.

One of the most successful mixed use neighborhoods the City-Center Englewood, built between 2000 and 2002 on 55 acres that had previously been the Cinderalla City shopping mall. This is truly a TOD – transit-oriented development, the term for mixed-use developments with a transit anchor.

The Belmar area in Lakewood, CO, a five million square foot mixed use, new urban center for this Denver suburb, was one of the first mixed-use developments in the Denver area. Though it is not currently connected with light rail, the area successfully mixes retail, offices, residential and entertainment venues. Getting around without having to jump in the car is key to the lifestyle in this area.

The Colorado House Finders’ Real Estate Consulting team is experienced, professional real estate agents with certifications in Real Estate, Lending and Appraising, who specialize in Denver Colorado real estate. For access to Denver MLS listings , contact Colorado House Finders or www.ColoradoHouseFinders.com.