New Listing in Lone Tree

Click the picture to see more

Proactive Approach Overcomes Potential Appraisal Hurdles

The world of appraising has changed dramatically over the last few years. It has called for new tactics to deal with this aspect of a real estate transaction so that it does not become an obstacle to a successful closing.

When the real estate market took a nose dive, lenders in general and appraisers in particular were blamed for much of the problem. Most of this blame was misplaced (a subject for another time) but the result has been new rules on how appraisers and lenders interact. Lenders have to give appraisal assignments to a pool of appraisers in a random, red-robin fashion and the quality of appraising and responsiveness of appraisers has suffered as a result.

In Denver, we have another complicating factor. Prices have risen over the last year by about 10% on average. Appraisers, having been recently blamed for being too generous with their estimates of values for properties, are understandably reluctant to reflect this trend too quickly.

The combination has created situations where it is hard to get some houses to appraise for prices that buyers are more than willing to pay and which the market seems to support. New tactics are needed.

It is much more important now for appraisers to receive marketing information on a property. The flyers and other marketing materials we use when finding a buyer for a home have many details about the improvements and benefits that a property offers. Getting this in the appraisers hands helps to make sure that he/she has a complete picture of the property.

It also helps to give the appraiser a summary of how the market reacted to a particular property. This is especially helpful when there are a lot of showings in a short period of time and multiple offers on the home – a situation that has not been uncommon over the last year.

Finally, in some situations, it even makes sense for agents to meet the appraiser at the property. Handing them the information described above and answering any questions the appraiser may have can help to get the appraiser to see the true value of the property.
Something is always changing in the real estate realm that presents a new challenge. Appraising is just one example of one of the latest. Proactively responding to the new situations is one way to stay ahead of the game to ensuring success for clients.

 

(c) Colorado Home Realty

Mortgage Rates Nudge Higher

In Freddie Mac’s results of its Primary Mortgage Market Survey®, average fixed mortgage rates moving slightly higher for the week but still remained near historic lows. The average 30-year fixed-rate mortgage has remained below 4 percent for over a year providing support to the ongoing housing recovery.  CLICK HERE to read more

Source Realty Times

Staging – Tips for Sellers AND Buyers

“Staging” is the art of getting your house ready to show to prospective buyers so that they see it in its best light. While typically thought of as something agents do only for sellers, an agent’s staging skills are also beneficial to buyers.

Let’s look at both aspects – staging for sellers and staging for buyers.

As a seller, you want your house to show its best. Buyers tend to choose emotionally and then justify their decision logically. Staging, done well, can make an emotional connection with a buyer – providing them with a “wow” experience when they open the door to your house.

With staging, its best to start with the no-cost and low-cost strategies. Rearranging furniture, removing clutter and painting can make a space feel larger and more inviting. Accessorizing is another great way to add flair. It costs little and the accessories that you buy can go with you to your new place.

In some cases, it can make sense to make more substantial improvements. New floor coverings, countertops, plumbing fixtures and lighting may help. Even remodels of kitchens and baths can make financial sense in some cases. We have to be much more judicious about these kinds of things, however. Are the time and effort worth the return even if we get $1.50 back for every dollar spent on the upgrades?

What about staging for buyers. How can staging expertise help you when you are buying?

It can help in two ways.

1) Most homes have not been staged very effectively. We will need to look beyond the current cosmetics to the underlying home and visualize how a different arrangement of furniture or some low-cost improvements will make the space shine. Often you can get a better deal on this type of home as most buyers and agents have trouble seeing beyond the current conditions.

2) You will need to sort out and be wary of the emotional impact you might feel from a well-staged home and make sure that you are paying attention to the house itself. There is nothing wrong with falling in love with the house you buy. You want to feel an emotional attachment if it is a house you are going to live in. However, situations where the effective staging causes buyers to forget about their initial needs and wants (that extra bedroom or that third bathroom) can be misleading and devastating once reality sets in.

Bottom Line: Staging is important for both buyers and sellers. It is something we’ll need to pay attention to on either side of the transaction.

(c) Colorado Home Realty

Thinking of Selling ?? Here are my Buyer needs

* Arapahoe school district, 4 beds, up to $275k

* Belmar Townhome, Lakewood

* Aravda up to $250,000 3 beds

* Centennial / DTC condo, up to $100k – I have 2 Buyers

* Centennial / Lone Tree, 4 beds, remodeled, up to $650k

* Piney Creek, up to $600k

 

These are my priority Buyers … I have many more.  If you have a home in these areas, and curious to know the value, please CLICK HERE

Home Buyers Assistance Program

A new loan program has been launched in Denver and Littleton to help low to medium income home buyers into properties.

The program offers a 4% grant for down payment and closing cost assistance which the borrower does not have to repay.  The programs offers a fixed 30 year interest rate.

This loan program is offered to all home buyers, not just first time home Buyers in Denver.  There is no maximum purchase price or time limit on when the purchasers last owned a home.

Some of the basic qualifications of this program are

* Complete home buying counseling
* Minimum credit score of 640
* Income limits of $91,000 for households of 2 or fewer people, and not more than $103,000 for 3  people or more
* It has to be the primary residence
* Applies to new construction and re-sales
* Mortgage refinancing does not apply

source : Denver Post

 

 

How the Real Estate Market has suddenly shifted

One year ago the number of closed transactions (DEMAND) was down 6.4% and the number of active listings (SUPPLY) was up 5.2% over the prior year in metro Denver. But the story is different this year! Demand is up and supply has dropped! For January 2012 the number of closed, single-family transactions is up 15.6% and the number of active listings is down 39.1%. The supply of available properties has steadily declined over the last 12 months and the demand is now ticking upward. While it is too early to call the increase in demand a trend it is a clear shift from the previous year.  We see the same pattern for multi-family properties (condos and town homes) with the demand up 10.4% and supply down 50%. The decreased inventory of available homes is enough to put upward pressure on property values and if demand continues to increase, the market should see measurable increases in value in the not-too-distant future. We shall see what the coming months bring as we move into the “buying season.” Let me know if you would like to discuss the dynamics of the real estate market where you live.

Single Family Stats

Multi Family Stats