Benefits of Using me When Buying a New “Build”

What can I do for you when buying a new home purchase?                                

 

1. I get Paid by the Builder: The builder will pay the fee due to an agent with no increase to the purchase price of the property.
2. Negotiation Expertise: Builders, like every seller, may be negotiable on the sales price. I can help you determine when a reduced sales price might be achieved with a builder in given situations.
3. Contract Review: Unlike Colorado Real Estate Commission approved contract forms that heavily favor the buyers of resale homes, new home contracts are drafted by a builder’s attorney and are extremely biased towards protection of the builder. I can help you understand these differences and suggest legal review as needed. I provide a 17-point checklist to every new home buyer that identifies key differences where builder contracts may put you at a disadvantage. You’ll be more informed about the risks/rewards of a new home purchase and, in some cases, proactive steps can then be taken to minimize contractual disadvantages.
4. Inspection Guidance: Many new home buyers do not consider having an inspection on a new home. However, almost every new home probably has some construction details that are not to code or that were not done properly. This is true even though city/county building inspectors have conducted numerous on-site inspections. I can help you decide on the need for your own inspector to accompany you on your pre-closing walk-through to make sure you end up with a complete punch list of items for the builder to correct.  
5. Selection of Options and Upgrades: You may not need a particular option but it might be best to include it to avoid resale disadvantages. For example, you may not need a 3-car garage but you’d probably want to include one if 70% of the homes in the area have this feature. Otherwise, you may run into problems when you sell the property years later. The same applies to upgrades to flooring, countertops, plumbing, lighting and so forth. Some of these items can have broad appeal to a wide range of buyers if selected thoughtfully.
6. At The Closing Table: You’d think that closings are pretty standardized. However, papers that are missed or filled out incorrectly at closings constantly amaze us. A colleague attended a new home closing recently and discovered that the wrong kind of deed was being used to convey the property to the buyer. The builder had been using the same deed form for over 12 years and key required language was missing! A good agent can review the closing documents and make sure that you get what is required by contract

Credit:Mike Cooke, Colorado Home Realty

Live the Beach Life in Colorado … move to Bow Mar

CLICK HERE TO VIEW LISTINGS IN BOW MAR

If you are looking to buy a home in Denver, there is an area tucked away just north of Littleton, and west of Belleview which is an area pretty much undiscovered. As you head west on Belleview, the road changes and you arrive in The Town of Bow Mar situate between Bowles Lake and Marston Reservoir in Southwest Denver.

There are just over 300 single-family homes in Bow Mar on acre-sized lots, many with spectacular views of the Rocky Mountains foothills. Despite being only 12 miles from downtown Denver, there is a strong sense of community.

Local amenities include the private Bow Mar Lake, where one can sail at the yacht club and swim off the sand beach. Fishing and picnicking provide opportunities for family fun. Nearby, a dedicated bird sanctuary provides a wonderful outdoor experience. In general, Bow Mar residents are active, and the homeowners association serves to maintain the social, inclusive atmosphere at all communal sports facilities, including the lake, tennis courts and walking trail.

So please contact me if you are looking to buy a home in Denver and we can look at this amazing area to check out !!

Top Ten guide to shopping for a home

1. Do Expect to Kiss a few Frogs

This whole process is a bit like dating. You will kiss a few frogs, have your heart broken on a deal that goes south, and then just when you think there are no more fish in the sea, Mr/Mrs Right House will be just around the corner

2. Pick your favorite SHORT list

It is recommended when you go out and look at houses, stick to around 6. After this number, they will all start blending into one! It can also be quite exhausting. If you have a lot of house you want to look at, schedule for another day when you will be refreshed. The average buyer will look at around 12 houses before deciding.

3. Do Take lots of notes, pictures, video tours on your phone

This will help you remember the properties trust me, you might not forget the neon paint, but you might forget the payout, where the washing machine was etc.

4. Do Listen to your Gut

I truly believe that a house can pick you as much as you pick a house. Your instinct can be powerful

5. Do Allow Enough Time

Don’t buy in haste, repent at leisure. Make sure you allow lots of time on your house hunt, and arrange a second viewing on any potentials. Follow the rule of thumb your first visit with your heart, the second is with your head.

6. Don’t have a Extra Large Coffee before you start your tour

It is not always the polite thing to us everyones facilities. Plus, some vacant homes may have the water turned off. You don’t want to be caught short.

7. Do wear practical shoes

Some homeowners may request that you remove your shoes, and especially in when the weather is inclement. Wear shoes that are easy to take on and off, not lots of laces, and wear your best socks.

8. Do Find a babysitter for the children

Especially until you narrow down the possible house. Children find the whole process VERY exciting. So rather than worry about if they have knocked over the Sellers best china, find care for them, and bring them in when you have a short list.

9. Don’t be a Wall Flower

Do be very vocal. As your Realtor, I have many gifts, the power of reading exactly what the mind is thinking is not one of them. This is not my house I am showing, so you will not offend me. And it will truly help me understand what you are wanting in your Dream Home.

10.   Do be Prepared to Compromise

Just like dating, you might be looking for your Dream Partner, but not everyone or everything is perfect. Create a Wish List and if you are buying as a couple, compare your lists so that you are on the same page. Also discuss your big no-no’s. And be prepared, you probably won’t find everything on your list so be prepared to compromise on this.
(c) Julie Reddington Real Estate

New Listing in Lone Tree

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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