Jefferson County Real Estate Blog

Great New Listing in Highlands Ranch - Firelight!

2011-04-21T10:24:00.005-06:00

Click link above to view the virtual tour. This is a fantastic family home located in Firelight in Highlands Ranch Colorado. 4 beds plus a loft! Extensive wood flooring on main level. Great open flowing floor plan for entertaining. Large covered trex deck in spacious backyard! The gourmet kitchen with eat in space offers plenty of storage and counter space for any chef to create their masterpiece.

5199 W. Exposition Ave., Denver, CO | Powered by Postlets

2011-03-03T14:19:00.000-07:00

Beautifully updated Ranch home in Denver. Close to Belmar shopping and entertainment district! Contact me for a private showing. Open house this Saturday March 5, 2010 from 10 am to 2 pm!

5199 W. Exposition Ave., Denver, CO Powered by Postlets

Real Estate Market News November

2010-11-05T14:45:00.001-06:00

Now is the time to buy! You can save thousands!

2010-09-08T14:54:00.008-06:00

Not only can you get a great deal on buying a home. You can also take advantage of low rates and save thousands of dollars over 30 years! If you have been thinking of moving up, now is the time to make the move. Below I have listed out the differences in 30 mortgage payments at a 6% loan versus a 4.25% loan.

If you would like a free no obligation market analysis on your existing home please feel free to contact me I would be happy to help you. Never has there been a better time to move up! If you don't currently own contact me for a free no obligation buyer consultation. There are great deals out there!

Well maintained ranch just outside of Bow Mar

2010-04-16T08:16:00.004-06:00

This fantastic ranch has been well maintained by the current owners for the last 10 years. Too many updates to list! Recently updated kitchen with new counters and brand new tile flooring. Well kept hardwood floors throughout main level. Decorator paint finishes this home nicely throughout. Beautiful french doors welcome you into the study/3rd bedroom on main level. This home sits on .22 acres! Large private backyard for entertaining or playing. The basement offers bedrooms four and five as well as a fantastic family room to hang out in with your family. The owners recently installed a 95% efficiency furnace to make this home more green. Other features that are newer are a water heater, roof and gutters as well as the concrete driveway and walkway around the home. This beautiful ranch home in Centennial Acres in Littleton has been well maintained and every detail met. All you need to do is move in! For your own private showing please contact the Colorado Success Team at 303-901-6558.

Fantastic Rare Ranch in Lone Tree!

2010-03-29T19:20:00.004-06:00

This fantastic rare ranch boasts 2636 square feet on the main level. 4 bedrooms and 3 bathrooms on main level. It also has a fantastic finished basement that includes two more bedrooms and 1 bath along with a theatre room, wet bar and wine cellar. Open flowing floor plan on main level helps you to entertain with ease. This home backs and sides to a green belt so hanging out in your back yard is pure bliss. Call today to set your own private showing of this property and see what 10215 Carriage Club Drive in Lone Tree has to offer for you and your family. Welcome to your new home!

Changes to FHA

2010-01-21T12:33:00.002-07:00

FHA will issue a mortgage letter with some significant changes to FHA loans.

Some of the changes:
Up Front Mortgage Insurance Premium raised from 1.75% to 2.25%
Seller Concessions Reduced from 6% to 3%
New Provisions for borrowers with lower credit scores. Some FHA lenders would allow a 580 Credit Score or below. Now if the credit score is below 580, 10% must be the down payment.

For more information click here to be taken to the US Department of Housing and Urban Developments page.

August Positive Perspective

2009-08-11T14:45:00.002-06:00

Denver Scores Best Month of 2009 for Home Resales: July home resales in metro Denver were the best of any month yet in 2009, but still down from the same month of 2008, according to Metrolist Inc. data released Friday by member brokers. read more here

Pending Home Sales Up for 5th Straight Month: WASHINGTON (Reuters) — Pending sales of previously owned homes rose at a faster-than-expected pace in June, a real estate trade group said August 4, more evidence the housing market was starting to claw out of a three-year slump. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in June, rose 3.6% to 94.6. It was the fifth straight month of advance and the first such streak in six years, the industry group said. read more here

Fed's Beige Book: Region’s Economy Shows “further signs of stabilization”: The economy in Colorado and six neighboring states “showed further signs of stabilization in June,” the U.S. Federal Reserve reported Wednesday in its latest “Beige Book” survey of the region’s business executives. read more here

Louisville, Colorado Named "Best Place to Live": LOUISVILLE, Colo. - A big honor for one of metro Denver's smaller suburbs. CNNMoney.com has named Louisville the #1 "Best Place to Live" in America. Just a few miles east of the Rockies, CNNMoney says Louisville has the perfect location, charm and energy, and is "weathering the economic downturn well." It cited the city's high-tech, energy and health care industries which make Boulder County's unemployment rate among the lowest in the state. read more here

Grand Junction Home Prices, Sales on the Rise: The real estate roller coaster is beginning to chug uphill again after months of free falling. The median price of Grand Junction-area single-family homes that sold in the second quarter this year increased to $212,019 from $206,667 in the first quarter. The number of homes sold also increased from one quarter to the other, going from 306 to 504. read more here
ServiceMagic.com Plans to Hire up to 200: Online contractor listing service ServiceMagic.com said Monday it expects to hire up to 200 new employees at its Golden headquarters by year’s end. read more here

Greeley Recommended for Retirement Move: HOUSTON - Greeley is among eight affordable cities for relocating retirees profiled in the September/October 2009 issue of Where to Retire magazine.
read more here

Westminster Seeks Development Proposals for Mall Area: The city of Westminster on Monday started seeking proposals from developers on creating a new, urban-type development on 108 acres anchored by Westminster Mall, one of metro Denver’s largest shopping centers. read more here

New Mortgage Regulation

2009-07-29T21:38:00.002-06:00

The Housing and Economic Recovery
Act of 2009 (HERA) is a wide-ranging
piece of legislation that strengthens and
modernizes the regulation of government-
sponsored enterprises Fannie Mae
and Freddie Mac, along with the Federal
Home Loan Banks.

Part of HERA imposes sweeping changes
in the lending industry, placing greater
focus on consumer protection. HERA
aims to assure borrowers are better
informed about the loan process and
better protected against deceptive lending
practices.

These changes, effective July 30, 2009,
will have a direct impact on how
Realtors structure their transactions
and how lenders keep the consumer
informed of loan charges through stricter
disclosure requirements.

Four Key Elements

1. If the home buyer is financing the
property, the new regulatory and
investor guidelines will impact and
perhaps even dictate the closing date.
In the past, the parties to the transaction
agreed upon a closing date and all
service providers, including the lender,
worked to meet that date. After July 30,
a closing date may still be written into
the contract, but the earliest any home
purchase transaction can close is 7 days
after the homebuyer receives the initial
mortgage disclosures from the lender.

2. With the exception of the credit
report fee, the lender cannot collect
upfront fees until the initial disclosures
have been received. Disclosures that
are overnighted are considered “received”
the next business day (except Saturdays),
allowing fees to be collected the following
business day.
Historically, lenders could collect upfront
fees immediately at the time of application
for both telephone and in-person
applications. Now, the buyer must receive
initial disclosures before any fees can
exchange hands. The single exception
is the credit report fee, which can be
collected at the time of application.
If a lender takes an application in person
and delivers the disclosures at that time,
the fee can be accepted at that time as
well.

3. The homebuyer must receive a
copy of his appraisal a minimum of
3 business days prior to closing.
A homebuyer who believes the required
3-business-day review period is not
necessary may waive that requirement in
writing.

4. Any increase of more than .125%
in the Annual Percentage Rate (APR)
from the initial Truth in Lending
Disclosure (TIL) requires that the TIL
Disclosure be revised and reissued to
the homeowner.

The homebuyer must receive the revised
TIL Disclosure at least 3 business days
before the closing. If the TIL is mailed, it
is considered “received” 3 business days
after the mailing.

It is typical for many details to change
during the course of the transaction,
including the APR, which can delay
the closing. The APR can be impacted
by many details of the market and the
transaction, including an unlocked rate,
a change in the loan amount, a change
to a different loan product, a rate relock
because of market improvement, a
change in closing date, and changes to
fees associated with the transaction. If
the closing date is critical, it is imperative
that the lender ensure that the estimated
fees are as accurate as possible.

Positive Perspective - Highlighting the Upside of the Economy in a Challenging Market

2009-07-24T16:45:00.007-06:00

Forbes: Denver is America’s Best City to Buy a Home: Denver is America’s best city to buy a home, Forbes magazine says in a new ranking of U.S. metro areas.” While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now,” Forbes reported last week. read more here

Metrolist: Denver's Resale Housing Market Showing Hopeful Signs: Metro Denver's resale housing market appeared to start returning to normalcy in June, according to sales data Tuesday from Metrolist Inc. Single-family home sales in June, for example, were equally split between the lower price ranges that appeal to first-time homebuyers and pricier houses that attract homebuyers moving up to larger and/or more expensive homes. read more here

Colorado Wind Farm to Supply Tri-State Power Customers: A new wind-power project by Duke Energy Corp. on Colorado's Eastern Plains will supply electricity to customers of Tri-State Generation and Transmission, the state's second-largest power supplier. The wind farm is to be build by Charlotte, N.C.-based Duke Energy (NYSE: DUK), with power supplied to Westminster-based Tri-State under a 20-year power-purchase agreement, Duke said. read more here

Denver Unemployment Numbers Drop: After a steady climb in the unemployment rate for Denver County earlier this year, the percentage of people without jobs has fallen for two consecutive months. The federal Bureau of Labor Statistics said Tuesday the county’s jobless rate for May fell to 8 percent. That’s the lowest percentage so far in 2009. read more here

Study: Colorado Clean-energy Jobs Growing Twice as Fast as Other Industries: Colorado gained jobs in “clean energy” industries twice as fast as the state’s job-growth rate as a whole in the 10 years ending in 2007, a study released Wednesday by the Pew Charitable Trusts reports. read more here

Colorado Cities Rank as Best Places for Young Professionals; Ft. Collins named #1: Colorado cities rank high in "Next Cities” rankings - the best places to live and work for young professionals - in three population categories. Denver, Colorado Springs, Ft. Collins and Pueblo all made the lists with Ft. Collins named the #1 city in the category for population of 100,000 – 200,000. read more here

Denver Real Estate Values Increase!

2009-07-24T15:28:00.002-06:00

The 2.1 percent average rise in home prices in 22 out of 25 metropolitan statistical areas (MSAs) from April to May suggests that recovery could be at hand in many areas, says Radar Logic, a real estate data and analytics company.

"This is in stark contrast to the same period during 2008, when a decrease in the velocity of home price depreciation gave way to the worst loss in housing value in recent history," according to the report.

The report calculates that in the key MSAs it studies, prices have fallen 33.5 percent peak-to-trough and 31 percent peak-to-current.

Here are the 10 metropolitan areas where prices increased the most from April to May of this year:

1. Milwaukee, Wis., 4.9 percent
2. Charlotte, 4.7 percent
3. Boston, 4.6 percent
4. Cleveland, 4 percent
5. Washington, D.C., 3.7 percent
6. St. Louis, 3.3 percent
7. Columbus, Ohio, 3.2 percent
8. Seattle, 2.8 percent
9. Denver, 2.3 percent
10. Philadelphia, 1.8 percent

Source: Radar Logic (07/23/2009)

If you are currently thinking about buying and are a first time home buyer now is the time with the $8,000 tax credit scheduled to end December 1st. Contact us to see how we can help you find your dream home!

New Carbon Monoxide Law for Real Estate Rentals and Sales

2009-07-14T14:26:00.002-06:00

Beginning July 1, 2009 carbon monoxide detectors will be required for all open permits on single and multi-family dwellings with the enactment of the Lofgren and Johnson Families Carbon Monoxide Safety Act (CRS 38-45). The new law relates to houses that are for sale and rental housing such as apartments that are leased to new tenants. It requires that sellers/landlords of such homes provide well-functioning carbon monoxide alarms. The alarm can be battery operated, plug-in or connected to the electrical system. The Lofgren and Johnson Families Carbon Monoxide Safety Act states that approved carbon monoxide detectors need to be located within fifteen feet of the entrance to all rooms used lawfully for sleeping purposes. In addition, if the permit is for a multi-family rental unit, a carbon monoxide detector needs to be located within twenty-five feet of any fuel-fired heater, fuel-fired appliance, fireplace or garage.

The bill was signed into law on March 24 by Governor Bill Ritter in response to public concern following the deaths of the Lofgren family last November 2008 at a vacation home in Aspen, and DU student, Lauren Johnson, this past January due to carbon monoxide poisoning.

Preparation is the best prevention! Purchase and install a carbon monoxide alarm!

A CO alarm is different than a smoke detector. A CO alarm is designed to alarm if potentially dangerous levels of CO are detected in the home or business. CO alarms can be purchased from any hardware store and most department stores. A CO alarm should meet special requirements set by the Consumer Product Safety Commission (CPSC). The label should list that the detector meets the requirements of the current UL standard 2034 or the requirements of the IAS 6-96 standard. A properly installed and operating CO alarm will sound an alarm for different levels of CO. The concentration is measured in parts per million (ppm). When the concentration is 1 to 70 ppm, most people will not experience any symptoms. As the level rises, some people may experience headaches, dizziness, fatigue and nausea. Heart patients may experience an increase in chest pain. When the levels increase above 150-200 ppm, unconsciousness and death are possible. A CO alarm should be installed according to the manufacturer’s instructions. Follow directions carefully and save the directions in a safe place. Learn how the alarm works. A CO alarm should be installed in hallways within 15 feet of every sleeping area of the home. The alarm must not be covered by furniture or draperies. Because CO mixes with the air in the building, the alarm may be placed high on the wall or installed in a plug-in receptacle.

How Do Carbon Monoxide Detectors Work?

The electronic-type detector continuously samples the surrounding air and clears the sensor over short periods of time. They do not sound an alarm until a preset concentration of carbon monoxide has been sustained for a preset time (refer to the manufacturer’s operating manual for further information). This type operates on 120 volt house current and the sensor has a life expectancy of between five and ten years, depending on the brand. A CO alarm should be installed according to the manufacturer’s instructions. The battery-operated model should be located on the sleeping level within 15 feet of any bedroom. The electronically-operated model would be best located on the level where your heater, hot water heater, gas dryer, or other major fuel-burning appliances are located. This detector should be located at least 15 feet away from these appliances in order to avoid false alarms.

What Should I Do If the Detector Goes Off?

If your carbon monoxide detector goes off and you are not experiencing carbon monoxide poisoning symptoms, you should ventilate your home (open windows and doors to let in fresh air), turn off any combustion appliances, and call a qualified service technician. If you are experiencing symptoms, you should evacuate all residents from the home, go to a neighbor’s and dial 9-1-1. The fire department has specialized equipment which can measure the level of carbon monoxide in the home. They will also help to ventilate the home, and advise you to call a service technician or the utility company as soon as possible. If your symptoms are severe, you may need to be taken to the emergency room for treatment. The UL standards which are used for carbon monoxide detectors have recently been revised in order to correct problems with over-sensitivity under some conditions. Always dial 9-1-1 if you suspect carbon monoxide poisoning as this can be fatal in high enough quantities. Unborn children, infants, children, the elderly, and anyone with cardiovascular (heart) or respiratory (lung) conditions are more susceptible to poisoning at lower levels.

Jefferson County Colorado Realtor explains FICO

2009-04-02T21:47:00.002-06:00

Several months ago, just about anyone breathing could get a loan to buy a home in the Jefferson County Colorado Real Estate Market. Fast forward to today and you might have to give up your first born to get that same loan. It is definitely harder to get a loan than it was, but there are things you can do to help improve your chances. If you have credit score issues, you can have your credit repaired in the next six months and still cash in on the $8,000 first time buyer credit.

First let’s identify what a FICO score is. It is an abbreviation for Fair Issac Company. It is a measure of borrowers credit risk commonly used by mortgage people when determining loan worthiness. It is typically between 300 and 850. It not only determines whether you get the loan, but often will also dictate the terms of the loan.

Last year a good credit score was between 680 and 720; fast forward to now and it really needs to be in the mid 700’s.

The score is comprised using the length of your credit history, your payment history, the types of credit you use, the amount you owe and the amount of new credit you have obtained. These things work together to determine your FICO score.

If your credit score is low; consider doing the following things:

Check your credit at www.annualreport.com ; this will allow you to check your credit for free; if you want your score there is a nominal charge of around $9.00

Fix any errors as quickly as you can by providing the needed documentation to the requesting party.

Reduce what you owe, pay on time and do not apply for credit you do not need.

March 2009 Auction for over 200 foreclosed homes in Colorado

2009-03-17T22:13:00.002-06:00

Over 200 foreclosed homes are to be sold at this auction.

When: Saturday, March 21st
Where: Colorado Convention Center
Exhibit Hall B
700 14th Street
Denver CO 80202
Time: Registration at 8:00 a.m.
Auction at 9:30 a.m.

For additional information including a list of properties contact us.

American Recovery and Reinvestment Act

2009-03-15T21:16:00.002-06:00

What does it mean for real estate and the economy in Denver?

This $780 billion dollar package has many elements that will impact the real estate industry market trends and forecast for 2009. Here is a breif synopsis of key real estate provisions in the bill.

Home Buyer Tax Credit - This bill provieds for an $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. The cost of the program is $3.7 billion, less than 1 percent of the overall stimulis package. The benefit will be felt widely as first time homebuyers move to take advantage of low housing prices triggering trade-up perchases. The tax credit is likely to boost home sales by 300,000 first-time buyers in 2009.

FHA, Fannie Mae and Freddie Mac loan limits - The bill reinstates the 2008 loan limits for FHA, Freddie Mac and Fannie Mae loans. These limists were equal to the greater of 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750. For a few areas where the 2009 limits were higher, the higher limits will apply. In addition, the bill includes language providing the HUD Secretary with the discretion, if warranted to increase the loan limit for any "sub-area", i.e. an area smaller than a county. The Secretary's discretion is again limited by the $729,750 cap. These 2009 limits will expire December 31, 2009. The higher loan limit will permit more home buyers and homeowners to access lower interest loans as Fannie Mae and Freddie Mac will now be able to buy those loans. The loans for amounts above the limit are jumbo loans that carry very high interest rates. The provision will provide more people the ability to refinance at a lower rate and provide more people the ability to lock in lower interest rates for purchases. This is good news for thos in higher -end markets. The highend market has been stalled and this measure provides some relief. The high loan limit is likely to raise home sales on the high-end by 150,000 in 2009.

Neighborhoos Stabilization - The bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP provides grants through the Community Development Block Grant program CDBG to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and re-sell foreclosed and abandoned properties. In addition the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or velow 50% of area median income.

Keller Williams Realty Bucks National Business Trends During the Toughest Real Estate Market on Record

2009-03-02T07:37:00.000-07:00

RISMEDIA, January 29, 2009-Bailout. Credit crunch. Foreclosure. Despite these words permeating the headlines and airwaves, there are companies out there moving forward - even in real estate. Keller Williams® Realty Inc., the fourth largest real estate company in North America, announced that it outpaced the market in 2008, while remaining free of debt, and gave back more than $30 million in profits to its agents.

“Our strategy is no secret. We faithfully follow the sound financial model of leading with revenue - the same model our market centers follow,” said Mark Willis, CEO of Keller Williams Realty Inc. “As we watch companies throughout the country take on billions of dollars of debt, we are proud to say that our company has not one dollar of financing debt and we remain strong and financially sound. It is our joy to be able to give back to our agents during these times.”

Despite pervasive downward trends in the real estate industry, Keller Williams Realty continues to outperform the industry. For the first 11 months of 2008, existing home sales for the United States fell 17% when compared to the same period the year before. By comparison, Keller Williams Realty is poised to outdo those numbers by 10 percentage points, and in addition, the company experienced a much smaller contraction in its agent base compared to the National Association of REALTORS®, who saw a 10% decline in membership.

“Keller Williams was founded 25 years ago during one of the toughest markets on record - when interest rates were higher than 18 percent. We continue to urge our agents to zero in on lead generation and reducing expenses so they can thrive during this market,” said Mary Tennant, president and COO of Keller Williams Realty Inc. “We admire our agents’ spirit, tenacity, and dedication to their businesses. They just keep powering forward.”

Throughout 2008 Keller Williams Realty launched new products and services specifically to boost its agents’ businesses, including two new books: Your First Home: The Proven Path to Home Ownership for first-time home buyers, and SHIFT: How Top Real Estate Agents Tackle Tough Times. Both books are written by Gary Keller, co-founder and chairman of the board of Keller Williams Realty, who also authored national best sellers The Millionaire Real Estate Agent and The Millionaire Real Estate Investor.

For more information, visit www.kw.com.

Can I still get a mortgage in today's volitale market?

2008-12-03T12:47:00.002-07:00

Don't let today's volatile market worry people who are thinking of purchasing a home.

Qualified buyers can still get a mortgage and can still buy a new home.

Click or paste the link below to view a video.

http://www.teravisiontech.com/majesticconsulting/postcards2.0/showpostcard.php?postcard_id=3&clientid=29

Questions regarding the $7500 tax credit? Watch this link and get your answers!

2008-11-29T09:54:00.000-07:00

Here is a great link to a wonderful presentation on the home buyer tax credit. Please feel free to watch and listen and if you have any questions don't hesitate to contact us. Now is a great time to buy.

http://www.teravisiontech.com/majesticconsulting/postcards/showpostcard.php?postcardid=27

The Reality of the Current Real Estate Market

2008-11-26T09:50:00.000-07:00

Amidst all the uncertainty surrounding the economy, I’ve had a number of calls from my clients concerning the tumultuous real estate and mortgage markets. As such, I wanted to take a few moments to address some of these concerns and shed some light on the reality of the situation.

The Real Estate and Lending industries are in fact going through a necessary correction. The industries became saturated with fly-by-night companies. I want to assure you that I am still practicing Real Estate and have no plans to veer from my path of providing ongoing, consultative service to you and your referrals. Real Estate has always been and will continue to be not only my profession, but my passion.

Contrary to numerous reports in the media, mortgage funds are still readily available. The credit markets are tight, but it has yet to have any real significant impact on the availability of mortgage financing. Although 100% loans are all but gone, 3% down loans are still readily available, even for buyers with less than perfect credit. Most of the reports you are hearing about the rapidly disappearing mortgage products have to do with loan programs that were very common in coastal areas.

There has never been a better time to purchase real estate. With inventories at a higher than average level and extremely low interest rates (slightly under 6% for a 30 year fixed rate mortgage as of the writing of this letter) this truly is a wonderful time to move-up or purchase a vacation home. For first –time home buyers there is a window of opportunity that has never before existed to take advantage of a $7500 tax credit! I like to call this the “perfect storm” of opportunity. If you know anyone who is even considering purchasing a home, especially first-time buyers, please let me know!

If you have an adjustable-rate mortgage now may be the WORST time to refinance to a fixed rate. Adjustable rate mortgages are tied to a specific index that changes with the ebb & flow of economic conditions. If your ARM is tied to the 1-year treasury you may be in line for a rate reduction! On the other hand, if your ARM is tied to the LIBOR you may be in for a significant increase. Regardless, my suggestion is to consult you’re your mortgage professional for an audit. As I mentioned earlier, many mortgage professionals have left the industry. Those who are “left standing” are likely the professionals. If you need a referral to a highly qualified professional mortgage planner please give me a call.

Interest rates may be on the decline in the next few months. Economic conditions are ripe for improvement. Interest rates can and do move swiftly so it is imperative that your mortgage professional have an active management system in place to notify you of market conditions. Again, if you need a quality referral please give me a call. We will keep you informed here on our blog as the market changes good or bad here in the Denver Metro Area. Please feel free to contact us if you have any questions regarding buying or selling.

Riding out the market: Some Sellers turn to renting instead of selling

2008-11-24T08:10:00.003-07:00

This current market has been challenging to say the least. We have been lucky here in the Denver Metro area not being hit as hard as other major cities in the country. A lot of sellers are feeling the frustration of selling their home now. Those in the higher end price ranges are struggling even more. Often having to reduce their price way below what they thought they would and having their home on the market for several months instead of just a couple. Some of these sellers have turned to leasing instead of selling. Not the most ideal situation but a lot of them are able to recover a part of their mortgage payment and then will look at putting their home back on the market for sale in six months to a year. If you are thinking about doing this you should consult with your real estate professional. A lot of Realtors are willing to help out with the rental process.

Fannie and Freddie delay foreclosures for holiday season

2008-11-21T09:44:00.003-07:00

Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 homes during the holiday season. They are halting foreclosures sales between November 26th and January 9th while they evaluate whether borrowers qualify for a new loan-modification program announced last week. Around 10,000 households will be affected with Fannie and 6,000 households with Freddie. This change does not apply to vacant homes. Fannie and Freddie were seized by the government on September 7th. The companies chief executives were ousted and the government now has direct control over the pair. Fannie and Freddie's loan modification plan aims to help abate the foreclosure crisis.

Information gathered from article by Alan Ziebel of The Associated Press

A little Positive News in the Denver Real Estate Market

2008-11-19T08:00:00.000-07:00

If you are looking for a positive perspective on in this crazy real estate market we have it below. Things are looking up here in Denver!

Seven hotels retain U.S. 36 plans: A faltering economy hasn’t chased hotel developers away from the U.S. 36 corridor, where seven hotels are slated to open before energy giant ConocoPhillips launches a new training facility on the former StorageTek campus in 2012. (Denver Business Journal)

http://denver.bizjournals.com/denver/stories/2008/10/06/story1.html

Home Prices: Now for the Good News: Denver listed in the top 7 of areas most likely to rebound. Denver’s overall outlook is sunnier than for most western cities because neither inventory nor prices spiraled out of control during the boom. (Yahoo Real Estate)

http://realestate.yahoo.com/promo/home-prices-now-for-the-good-news.html;_ylc=X3oDMTF0NTRjZTFlBF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNob21lLXByb2Nlcy1nb29kLW5ld3M-

ULI ranks Denver among top 10 real estate markets: The Urban Land Institute named metro Denver one of its top 10 real estate markets to watch next year, in its Emerging Trends in Real Estate 2009 report released Oct. 21. (Denver Business Journal)

http://denver.bizjournals.com/denver/stories/2008/11/03/daily8.html?surround=lfn&brthrs=1

Halting the Mortgage Meltdown: Citigroup, JPMorgan Chase and Bank of America have separately announced plans to help ailing borrowers. On Tuesday, the Federal Housing Finance Agency, the regulator for Fannie and Freddie, announced its own sweeping plan. Collectively the hope to modify 1.3 Million loans.

http://www.forbes.com/wallstreet/2008/11/11/mortgages-fannie-freddie-biz-wall-cx_lm_1111citi.html

Supply of Unsold Homes Dives Again: The number of unsold homes on the Denver-area market continued to plummet in October, falling to an almost three-year low. There were 4,504 homes placed under contract, down only 3 percent from the 4,645 in October 2007

http://www.rockymountainnews.com/news/2008/nov/07/stock-of-unsold-homes-dives-again/?partner=RSS

Reprinted with permission: Land Title's positive perspective newsletter November.

Statement by James B. Lockhart of Mortgage Rescue Policy by FHFA

2008-11-17T15:16:00.003-07:00

Below is a link to the yesterday’s announcement of the mortgage rescue
package/plan by Federal Housing Finance Agency.

This plan encourages Fannie Mae and Freddie Mac, as well as private
mortgage holders, to modify mortgages held by borrowers who are in
financial trouble and on the verge of foreclosure. In order to be
eligible for a potential loan modification, a borrower must be at least
90 days behind in their payments, the property must be a primary
residence, and the new/modified payment must not exceed 38% of the
borrower’s monthly income.

Critics of this plan say it falls short as FNMA and FHMC don’t hold the
majority of the problematic sub prime loans in the market, but
nonetheless it is a step in the right direction to hopefully slow the
pace of foreclosures and stabilize the market.

http://www.fhfa.gov/GetFile.aspx?FileID=169

As always if you have any questions reagarding your local real estate values or buying a home please feel free to contact us anytime!

Will the election of the 44th President change our housing market?

2008-11-06T12:17:00.005-07:00

While I think that the President elect Barack Obama will make changes to aid our economy, I don't think that he will have a huge impact on the housing market. Over time I believe some of the economic changes he makes will impact our market in a positive way, but just because we have chosen our next president will not make people go out and decide to buy a house. I think people still buy and sell for the same reasons. They need to move for work, their family is growing or they are empty nesters, some simply move just for a change. The golden rule to real estate is that over time it is one of the best investments that you can make. Over time your home will appreciate. Over time our market will recover, there is no overnight fix. If you are thinking about buying right now rates are still historically low and you will get an awesome deal on a house, and yes over time you will gain equity, just not over night like in the past. If you are an investor now is a great time to invest and over time your investments will pay off. Real estate has always been one of the best investments you can make and even in troubled times is still the best investment you can make for yourself and your family's future.

The market in Jefferson County Colorado is showing signs of improvement and I believe it will continue to. We definitely are better off than other parts of the nation. Something we should all be thankful for.

Get out and vote!

2008-11-02T17:21:00.002-07:00

This is a friendly reminder to get out and vote on Tuesday November 4th. Having the power to help elect who has the power to make decisions that directly impact our lives, our children's lives and their children's lives is one of the great things about this country. The Colorado Success Team is not endorsing any particular candidate, however we will say to use your voice. This is probably one of the most watched and talked about elections in history. In challenging times economically as we are seeing it is even more important to get out and vote, our future is in our hands and that who we elect into office. So please make time on November 4th 2008 to make your voice heard.

I am in the market to buy a home. Is now a good time to buy?

2008-10-30T08:00:00.002-06:00

Now is absolutely a wonderful time to buy! The Home Purchase Tax Credit for first time buyers is one of the reasons why it’s a great time to buy NOW as opposed to waiting.
Lower prices, a huge abundance of inventory for sale, sellers that are getting more desperate by the month (at least the serious ones are)…all of this is what creates a very strong negotiating position for the buyers side of the transaction.
What do you risk by waiting?

Rising Interest Rates
If interest rates start going up by any significant amount, you are losing all the benefit of buying the home for a lower price because your interest payments will go up significantly.

Losing the Home Buyer Tax Credit
That’s a $7,000 interest-free loan from the government that you WON’T get if you wait to buy…it’s free money!

The market could turn around before you know it.
From my experience, it takes 2-3 months for real estate agents to know that the market is changing direction…it takes another 2-3 months beyond that before the average buyer/seller realizes the shift (How many people do you know who didn’t believe their Realtor when told that the market was no longer going up 2 years ago? How long did it take them to come around and realize the shift?)

We tend to give all my buyers the same basic advice.
If you are buying a home in a downward trending market, understand that you’re buying a HOME…not a cash cow. Plan on living in it. Plan on staying. There is no better long-term investment than real estate - but it’s the long term that makes it a safe bet…the only time you get into trouble is when you HAVE to sell (if the investors who got burned didn’t have to sell, they could have taken their properties off the market, waiting for it to turn around, and then sold for a great profit…but their hand was forced because they were (mostly) in over their head. Buy a HOME first…investment second, and you will be absolutely thrilled with the deals you can get in today's marketplace…just please don’t turn around and want to sell next month for a $35,000.00 dollar profit!

Busting the myth. Yes you can still get a home loan!

2008-10-27T12:39:00.004-06:00

I was on a listing appointment this weekend. The seller started asking me about buyers and how many would even be able to qualify to get a loan right now to purchase his home. I noticed what a huge area of concern was for my client and decided that I should write a little something about it to bust the myths that the media seems to be portraying lately. Many consumers right now would like to purchase a home, but they are worried that they can’t get financing. So what’s the real story with getting a loan?
It’s true that banks have tightened up their lending procedures. What the news does not tell you is who they are not lending to anymore. The root of the problem with the banks right now was caused by the sub prime market. The sub prime market was established for people who otherwise would not be extended credit.

What do you need to do to qualify for a mortgage loan?

You need to have established credit and have a history of paying your bills on time.

You need a satisfactory job history for the past 2 to 3 years.

Your debt to income ratio shouldn't’t be over 40%.

You should have some money in the bank.

Obtaining a loan for a home is not out of your reach. The key is working with a good mortgage lender who is knowledgeable about the many programs available that you could qualify for. If you have a desire to purchase a home you should start planning now. Your first step should be finding a good mortgage lender to review your finances and help you take the necessary steps to obtain an approval. Next you need to determine what your housing needs are and what you can afford.

We have many good reputable lender contacts. If you have any further questions or are interested in purchasing or seeing what you can qualify for in today's market do not hesitate to contact us we would be happy to help you!

Littleton Pumpkin Patch

2008-10-18T06:45:00.002-06:00

If you are looking for something fun to do with the family in the next couple of weeks that fits the season, then undoubtedly the pumpkin patch at Bellflower Farm on Bowles in Littleton is the place to go. They have a miniature maze, small blowup haunted house, log cabin, pony rides and a jumping castle this year. There is a charge for admission, but once inside your children will have a blast, I know mine did. When you are done playing there are many terrific pumpkins to choose from.

The pumpkin patch is on the south side of Bowles between Grant Ranch Blvd and Lowell. Parking can be a challenge if it is busy, but definitely worth it. Happy pumpkin hunting!

Real Estate Fact check: Don't believe everything you hear in the news

2008-10-17T12:42:00.000-06:00

Just like we need a fact checker for the presidential debates between McCain and Obama, we also need a fact checker for our media in regards to the real estate industry news they give out.
Is it wise to base important financial decisions on what you hear in the news? Not if you want to make informed and profitable decisions. You need to talk to an expert in the field who knows the reality of the situation and how to benefit.

Case in point:
The nightly news says: You need 20 % down payment and a 730 credit score to get a loan. And that there is not really very much money to borrow anyways.

The Facts say:

There are actually many loan programs available. Some are available for less than 20% down, 10% down, and even still a few zero down programs. You just have to talk with a trusted lending professional to figure out what works and makes sense for you and your situation.
It is undeniably a great time to buy a home and if you are a responsible citizen with a good job, you can still get a great loan.

You could wait for the market to drop lower, and it might, but there are no guarantees that you will also get as low of a mortgage rate as you can today. This is a golden opportunity. Don’t let fear and skewed information stop you from what is best for you and your family.

Feel free to call if you would like more information about mortgages or the reality of your local real estate market.

Real Estate cycles and a shifting market

2008-10-14T12:35:00.002-06:00

In these uncertain times, many pundits and talking heads are reporting the news and acting as if this was the end of the world as we know it- but that just isn’t true. We most certainly are in a shifting market, which threw a lot of us off guard. A few years ago, we never would have imagined the situation we are in today, when homes were selling in record times with many multiple offer scenarios. Or when the consumer confidence rating was at a record 99.5% last September as compared to 59.8% this year. Those glory days are gone and we are facing a new beast.(http://money.cnn.com/2008/09/30/news/economy/consumer_confidence/index.htm).

This shifting market seems foreign to us, seeing as we just went through some pretty great times. But this shift is nothing we haven’t been through before. SHIFT, the most recent book by Gary Keller of Keller Williams Realty International, begins with the following paragraph: “The real estate market has shifted drastically and dramatically. Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high. Buyers have never been more reluctant. Fear is rampant, anxiety is high, and people are getting out of the business left and right. Sounds familiar? Sure it does. The year was 1979!” Does it make us feel better to know that this has happened before? What did we learn from it in 1979? Fast forward to 1987 and it happened again. Changing tax laws this time had a disastrous affect again. Well guess what? History repeats itself. Now we are faced with this again, in 2008 but this time there are real differences. In 1979 mortgage interest rates topped 18 percent. Last week buyers were still getting approved at under 6 percent through local lenders. That is a huge difference! Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track. The real estate business is “cyclical.” An experienced real estate agent and a mortgage broker will understand this and be prepared to give counsel that is in tune with the current market. Remember though, the news you heard last week is “old news,” so stay in touch with your local, trusted real estate agent for updates on this ever changing market.
Real estate remains your single most valuable asset if handled correctly.

The Feds cut the interest rate by .5%

2008-10-10T14:39:00.003-06:00

So the feds cut the interest rate by .5% and you are probably asking yourself what does that mean for the real estate market. Many people thought it would cut loan interest rates by .5% but if that is what you thought, then you thought wrong.

The Fed rates are short term rates that are charged to banks that are literally borrowing overnight to make sure they have adequate balances for reserves. Mortgages are tied to long term money rates. The Fed rate has an effect on mortgages in the long run, because they have an impact on banks liquidity or access to funds.
In the near term, this could actually have the effect of raising interest rates on mortgages, since this move underscores the Fed’s negative view of the economy. If the Fed is concerned about the economic situation, then banks are too. That concern equates to more risk, and therefore higher rates of default on loans. If loans are riskier, the banks will require higher returns which means higher rates. If this action begins to stimulate the economy, and the financial picture starts to look better, then rates will come back down.

To pass or not to pass?

2008-10-06T07:32:00.001-06:00

That was indeed the question of the week...and the final answer came on Friday, as the House of Representatives followed the Senate's lead and passed the $700 Billion rescue plan.
The week began with the House initially voting against the plan on Monday, causing Stocks to plunge in their final minutes of trading to their single worst loss in the 112-year history of the Dow Jones. However, on Wednesday, the Senate passed a revised rescue plan that included some tax breaks and an increase in FDIC protection from $100,000 to $250,000. This was the version the House subsequently passed and President Bush signed into law on Friday.
Why was it important for the plan to pass? Simply put, the plan frees up some of the frozen credit that consumers and small businesses across the country need to survive. As examples, even auto loans were becoming harder for consumers to qualify for...and on the business side, many retail operations have had difficulty in financing their inventory. Credit issues like these are not good for the economy, confidence, and consumer spending, and the rescue plan was passed to help matters.
In other news from Friday, the Labor Department reported that 159,000 jobs were lost in September, which is much worse than the 105,000 lost jobs that economists were expecting. So far in 2008, we have lost 760,000 jobs. And while Bonds and home loan rates would have typically improved on this weak economic news (remember weak economic news usually causes money to flow from Stocks into Bonds, helping home loan rates improve), talk that the Fed and other Central Banks around the world may start cutting their benchmark rates kept Bonds and home loan rates from making a big improvement. Remember, a cut in the Fed Funds Rate is inflationary, and therefore bad for Bonds and home loan rates.
When all was said, done and passed during this incredibly volatile and historic week, Bonds and home loan rates ended the week only slightly improved from where they began. We will continue to monitor this situation closely in the days and weeks ahead.

Sold Homes September 2008

2008-10-01T19:28:00.002-06:00

Sold homes by neighborhood - September 2008

Bow Mar/Bow Mar south
Address	Bed/Bath	Fin Sqft	Sold Price	Days on Market
**4620 Tule Lake Drive	4 bed 5 bath	3954	$699,000.00	27
**4501 Homestead Street	4 bed 3 bath	3422	$775,000.00	11

Burning Tree
Address	Bed/Bath	Sq Ft	Sold Price	Days on Market
No September 2008 sales

Governor's Ranch
Address	Bed/Bath	Fin Sqft	Sold Price	Days on Market
**9674 W. Long Drive	4 bed 4 bath	3118	$319,000.00	30
** 8948 W. Progress Place	3 bed 3 bath	2496	$324,000.00	43
**5204 S. Everett Court	5 bed 4 bath	2486	$377,500.00	14
**5154 S. Hoyt Street	4 bed 3 bath	3080	$435,000.00	92

Columine Valley Country Club
No September 2008 Sales


Columbine Knolls
Address	Bed/Bath	Sq Ft	Sold Price	Days on Market
**7638 S. Ammons Court	4 bed 3 bath	1904	$350,000	20
**7349 S. Ingalls Court	4 bed 3 bath	3463	$373,000	4
**8203 S. Balsam Court	4 bed 4 bath	3839	$410,000	119

Grant Ranch
Address	Bed/Bath	Sq Ft	Sold Price	Days on Market
**5599 S. Gray Street	3 bed 4 bath	2324	328,500.00	16
**5927 W. Berry Ave.	3 bed 4 bath	2482	$335,000	1
**6370 W. Sumac Ave.	4 bed 4 bath	3114	$351,500	23
**5603 S. Gray Street	4 bed 3 bath	2054	$365,000	5
**5924 W. Ida Drive	4 bed 4 bath	3360	$345,000	70
**5712 S. Benton Way	5 bed 5 bath	5800	$945,000	16

“Based on information from Metrolist, Inc. for the period of September 1st 2008 through September 30th 2008.”
Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor
is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market.
“THE ASTERISKED (**) PROPERTIES WERE LISTED AND/OR SOLD BY OTHER COMPANIES.”

If you missed purchasing one of these homes, there are many other great properties currently for sale in these communities. Click the Home Buyers Scouting Report icon at the top of the the right column to start your free no obligation home search, or for a custom personalized list of all homes for sale in your area or to set up private showings of homes listed for sale contact us via at cosmithteam@kw.com and we will be happy to assist you!

How many mortgages are late?

2008-09-30T11:22:00.005-06:00

I read an interesting fact today and thought I would pass it along. Since all everyone does is talk about foreclosures and the horrible economy, it appears that people are starting to hang on to their homes. Maybe the amount of foreclosures are going to start to disappear.

HOW MANY ARE LATE? - 14 out of every 15 mortgages in the USA as of 8/31/08 are current with regard to their monthly payment of principal and interest (source: Wall Street Journal.)

$700 Billion in Proposed Government Bailout—What does this mean for the Housing Market?

2008-09-29T13:20:00.001-06:00

With economy moving a continuous downward spiral, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke pleaded with lawmakers to approve a bill for $700 Billion dollars to dispose of “toxic” assets from financial institutes (sub prime mortgages). The basis behind this bill is to do what is called a reverse auction to purchase the toxic assets from major lending institutes. The mortgages are purchased in bundles (ex. 1,000’s of mortgages packaged together). According to Jim Cramer interview, the host of Mad Money, the mortgages purchased this way would be considered assets. With the packages maybe only 10% on non-performing loans, leaving 90% performing and viable.
With taking the financial hardship off the lending institutions from the non-performing assets, the lenders are now able to free up capital to lend more money. The thought behind this would be in turn to help stimulate the economy. With the government now in control of the sub prime mortgages, they can now renegotiate the terms of the loans to make them affordable and performing.
What will this do to the real estate market place?

1) I have heard that it may help curtail the foreclosure/REO marketplace. With the spiral effect of slowing the foreclosure entering the market place, home prices may then finally find a bottom number and begin to slowly over time begin to build steady and consistant equity.
2) More capital freed up by the lending institutions means more money to lend. The over all effect of this would be a stimulus to economy.

It seems as though neither candidate wants to take a position to support or reject the bail out bill. If they support they run the risk of alienating already financially strapped families that cannot afford an increase in taxes as well as people that feel that they are not responsible for irresponsible borrowing and lending. If they reject it, we could see a further deterioration of the economy.

Positive Perspective - Highlighting the Upside of the Economy in a Challenging Market

2008-09-19T10:10:00.008-06:00

September 2008, Issue Three

U.S. Treasury Department Announces Takeover of Fannie Mae; Freddie Mac: Much to the relief of those in the real estate industry, on September 7, 2008, the U.S. Treasury Department announced its takeover of mortgage-finance companies Fannie Mae and Freddie Mac. From it should come a much-needed boost to the nation's housing market. (REAL Trends)

Job Gains: The Colorado economy added roughly 35,000 net new jobs during the most recent 12 month period, a 1.5% gain. Such growth currently ranks fifth in the nation behind Wyoming, Texas, New Hampshire, and Utah. (Vectra Bank)

Cherry Creek Rolling Along: After a successful round of high-end redevelopments, the district will see several upscale new hotels, shops and office buildings in the next few years. (Denver Post)

New, energy efficient apartment tower coming to Cherry Creek: At a time when many major real estate construction projects are being delayed or killed, RedPeak Properties has broken ground on a 14-story, $58 million luxury apartment high-rise in Cherry Creek. (Rocky Mountain News)

Good News for Denver-area Housing Market: The Denver area housing market showed the most appreciation of 20 metropolitan areas tracked by the closely watched S&P/Case-Shiller Home Price Indices from May to June. (Rocky Mountain News)

Mortgage Volume Up 7.5%, Rates Down: The Mortgage Bankers Association reports a 7.5-percent increase in home loan demand during the week ended Aug. 29. The index indicates a 10.5-percent jump in purchase applications and a more modest 2.1-percent rise in refinancing requests. (Daily Real Estate News)

”Your present circumstances don’t determine where you can go; they merely determine where you start." Nido Qubein

by Land Title Guarantee Company

Home Buyer's class

2008-09-19T10:10:00.007-06:00

Do you feel overwhelmed when considering buying a home?

Would you like to have more information on the benefits of homeownership and some of the pitfalls you may come across in the buying process?

Do you like FREE GAS? We will be giving away 2 $20 gas cards.

If you answered "yes" to any of these questions, join us for our home-buyer's class on Wednesday September 24. Space is limited so sign up today. E-mail us to RSVP!

Denver's Real Estate Market is getting stronger!

2008-09-17T09:53:00.002-06:00

Good news to report! The Denver Post published an article this week with the following excerpts from it.

Colorado's largest mortgage lender is making it easier for homebuyers to borrow money.
Wells Fargo Home Mortgage on Saturday upgraded the status of the Denver metropolitan area's real-estate market from "distressed" to "stable."
"The fundamentals in the Denver market are changing," said Greg Osborne, regional vice president of the mortgage company. "Inventory is being worked down, and as a result, prices are stabilizing."
There were 24,648 homes on the market last month, a 20 percent drop from August 2007's 30,827 homes, according to data released last week.
The improved status of the market means consumers can borrow 5 percent more than they previously could, Osborne said.
"I am hopeful that it will stimulate demand by increasing confidence in our market," he said. "We may have led the nation into the doldrums, but we're again leading out of the doldrums."

The Standard & Poor's/ Case-Shiller U.S. National Home Price Index dropped 15.4 percent for the one-year period that ended in June. Denver, however, was down only 4.7 percent for the period and has shown three straight months of price growth.

We have been telling many of our buyers that even though the stock market has been volitale and the media as usual as been reporting doom and gloom. It is important to remember that real estate is a local market, not a national market. The Denver market appears to be on the verge of swinging up if not already. If you are thinking about buying. Now is the time, interest rates are low and real estate is "on sale". Contact us today or start your home search by visiting our website www.ColoradoSuccessTeam.com.

Source: Denver Post Business Section
Article date: 09/15/2008 12:32:40 AM MDT
Author: Margaret Jackson

August Solds for Grant Ranch, Columbine Knolls, Governor's Ranch, Burning Tree, Bow Mar. Bow Mar South, Columbine Country Club and Columbine Valley

2008-09-15T11:55:00.002-06:00

Solds August 1, 2008 thru August 31, 2008

Grant Ranch

**5745 W. Sumac Ave. 3 bed 3 bath $330,000.00 Sold Price 36 DOM
(This property was bank owned)

**5946 W. Sumac Ave. 3 bed 4 bath $332,000.00 Sold Price 20 DOM

**6900 W. Grant Ranch Blvd #61 4 bed 3 bath $385,000.00 Sold Price 60 DOM

**6900 W. Grant Ranch Blvd #43 3 bed 2 bath $408,000.00 Sold Price 157 DOM

**5814 S. Harlan Street 4 bed 4 bath $330,000.00 Sold Price 438 DOM

**5732 S. Benton Way 4 bed 4 bath $753,500.00 Sold Price 29 DOM

Columbine Knolls

**6441 W. Freemont Drive 4 bed 3 bath $322,000.00 Sold Price 113 DOM

**7029 W. Chestnut Drive 4 bed 3 bath $339,850.00 Sold Price 12 DOM

**8108 S. Yukon Street 4 bed 4 bath $415,900.00 Sold Price 264 DOM

**7801 W. Nichols Ave. 6 bed 4 bath $460,000.00 Sold Price 21 DOM

Burning Tree

**6 Winged Foot Way 4 bed 5 bath $915,000.00 Sold Price 49 DOM

Governor’s Ranch

9541 W. Hialeah Place 4 bed 3 bath $289,900.00 Sold Price 283 DOM

5103 S. Cody Court 4 bed 3 bath $324,950.00 Sold Price 4 DOM

8664 W. Progress Place 4 bed 3 bath $368,500.00 Sold Price 30 DOM

Columbine Country Club/Columbine Valley

No Sales August 2008

Bow Mar/Bow Mar South

No Sales in August 2008

If you missed purchasing one of these homes, there are many other great properties currently for sale in these communities. Click the Home Buyers Scouting Report icon at the top of the the right column to start your free no obligation home search, or for a custom personalized list of all homes for sale in your area or to set up private showings of homes listed for sale e-mail us at cosmithteam@kw.com and we will be happy to assist you!

“Based on information from Metrolist, Inc. for the period of August 1st 2008 through August 31st 2008.”Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee noris in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market.“THE ASTERISKED (*) PROPERTIES WERE LISTED AND/OR SOLD BY OTHER COMPANIES.”

Real Estate Investor's Tax Alert

2008-09-10T13:25:00.001-06:00

Here's a tax alert for real estate investors who use popular tax-free exchanges: The recently signed federal housing legislation contains a hidden zinger that could cost you thousands of dollars if you don't plan around it.
As of next January 1st, investors who exchange into rental or second home properties that they later convert into their personal homes no longer will be eligible for the full $250,000 to $500,000 tax-free exclusions now available on sales of principal residences.
Instead, they'll need to allocate their time of ownership between taxable investment or second home usage and non-taxable principal residential usage.
To qualify for tax-free exclusions they'll still need to use a property as their primary home for two out of the five years preceding any sale or exchange. But if any part of their total usage time after January 1st is what the new law calls "nonqualified" -- that is, investment, rental or second home use - then that will lower their maximum exclusion.
This an especially big deal for investors using "Section 1031" exchanges because they frequently shield their real estate gains on rental houses and condos by moving into them for a couple of years and converting previously taxable gains into non-taxable principal residential profits.
An example of the dollars and cents impact of the change was provided by the Federation of Exchange Accommodators, a national trade group representing investors and intermediaries. Under the old law, an investor could exchange into a property that he or she then rents out for three years. Then the investor would move in and use the property as a principal residence for two years.
When the investor -- who is single -- sold the house for a $300,000 gain, $250,000 of that amount would be tax-free under the old law.
Under the new law, three fifths of that gain -- $180,000 out of the $300,000 -- would be taxable, while just $120,000 would be tax free.
That $130,000 difference is why exchange investors are so upset with Congress's latest tax increase.

Fannie Mae and Freddie Mac bailout

2008-09-09T12:40:00.006-06:00

The Fannie Mae and Freddie Mac bailout is a result of the sub prime mortgage crisis. Many have hard feelings about the government having to bail out these two giants, but the truth is that it had to be done to prevent the U.S. housing slump from becoming any worse. When the news hit late Friday, the media as usual was painting a grim picture. The truth is this bail out has actually turned out to be quite a blessing in disguise. Due to the government stepping in it has made investors feel far more secure in investing in home mortgages. This in turn has dropped interest rates significantly. When I say significantly I mean by half a percentage point. Today fixed rates on a 30 year mortgage are at 5.625%. We have not seen them below 6% for quite some time now. Most analysts say we can expect to see rates in this range for the next year or so, but have no idea what the long term effects will be with the government now involved. We do know that these low interest rates will bring more buyers in the market and aid in the recovery of the housing slump. Colorado was hit early in the housing crisis and has been showing signs of recovery. This may be the last little boost we need to get back onto our feet again.

To start your free, no-obligation home search click the Home Buyer's Scouting Report to the right of this screen. Or click the Home Search link to the left.

What do you think of the Fannie Mae Freddie Mac bailout? Leave us a comment! We would love to hear from you.

Give the allowance at closing or do the work ahead of time?

2008-08-29T09:11:00.008-06:00

Allowances............ Carpeting, painting, landscaping etc. Let's face it we all "live" in our homes and things over time start to get warn down. A lot of people have a hard time finding time to maintain their home. Over time, deffered maintenance kicks in. In our house we make a list of things at the beginning of the year that need attention. Whether it be re-painting base boards or banisters, carpet cleaning, exterior work, re-caulking bath tubs and showers, the list can go on and on and often is overwhelming. When we go into a listing presentation these are all things we look at, they are all things potential buyers will look at and that will affect the value of your home. Especially in today's market a well maintained home is important to buyers, they have so many choices available to them and often a well maintained home will stand out. Our recommendations to our customers is NO allowances for carpet or painting, get the work done prior to listing your home. One reason is the home will show much better with the new carpet then with the old and a couple samples laying out. Buyers have a hard time visualizing, they also don't want the hassle of getting a bunch of work done after closing. People like their home to be move in ready. The other reason is you will often get more for your home if these items are done prior to placing it on the market than you would get if they weren't done. Sometimes allowances can not be avoided, and we understand that as well. You may have a problem animal in the house or other situations that make it a much better option to offer the money up at the closing table and let the buyers take care of it after closing. Allowances can often present a problem with lenders at closing, so make sure to talk about all of these issues with your Realtor, before making your final decision. A little work before can often help your home sell faster and who wouldn't appreciate that in this market!

To have a free, no obligation market analysis done on your home emailed to you click here and fill out the form.

Chatfield Avenue Improvement in Littleton Colorado

2008-08-27T08:00:00.000-06:00

Chatfield Avenue between Everett and S. Wadsworth Avenue has always been congested during peak driving hours. The two lane road is no longer capable of handling the expansion that has been progressing over the last 5 years in this part of town. I remember when the only thing out this way was King Soopers and the gas stations. It has been amazing watching all of the expansion that has gone on and how the area is improving. The improvements to this section of Chatfield Avenue designs slated to done in the fall of 2008. As you know from driving the road or living in the area there is not much room to expand so Jefferson County will be aquiring land from the homeowners in the area to widen the road to a 4 lane road. There will also be landscaped medians put in, so not all the streets will be accessible from both directions. We have provided a link below that will take you the improvement plans from Jefferson County. What do you think of this Chatfield Avenue expansion?

Chatfield improvement plans

Michelle Obama's Speech

2008-08-26T09:16:00.003-06:00

Well let me just start by saying that I do not know a lot about politics, it has never been my strong suit. I do however take the presidency very seriously and as the Obama's say after the Bush administration for the last 8 years I am looking for a change. I have been a supporter of the Obama's from the beginning. I think that his values are right where they need to be and I have to say that I really like his background. I feel like he can offer the most positive change for our country over John McCain any day! I really enjoyed Michelle's speech last night, she focused a lot on family values and the future of our country. She talked about driving home from the hospital with their first child. She stated Barack was "driving at a snails pace". It brought back memories of my husband driving our son and I home from the hospital at the same "snails pace." She really put a down to earth touch to her and her husband with this story, reminding all of us that they are just like you and I, not "celebrities"! Having kids like her, she touched a spot in my heart when she said that her children are the first thing that she thinks of in the morning and the last thing she thinks of every night. She also talked about her struggling father with MS who got up every morning and gave everything he had to provide for their family. She really drove home the point that she and Barack Obama were brought up like so many American families not over privileged but loved and with a dream to make a difference some day in this world. If I was teetering on the fence before I am definitely not anymore. The Obama's have my vote and by the way Michelle you are an inspiration to us all!

Goodbye to Down Payment Assistance Programs

2008-08-25T08:00:00.000-06:00

Many buyers for the last few years have been depending on down payment assistance programs to aid them in the home buying process. It has helped a lot of people get into a home, which may not have been able to. Some feel that it has caused some of the chaos in today's market. At the end of September down payment assistance programs such as Nehemiah and Neighborhood Gold will no longer be accepted by lenders. For buyers who are counting on programs such as these, hopefully they will find that special house and be able to close by the end of September. These programs were a "legal operation of money laundering" The seller would gift the money to these non-profit organizations and then they would wire it back to the buyers as a gift. Lenders allowed it because the money trail was not coming directly from seller to buyer. There are however some down payment assistance programs which will still be available to first time home buyers such as CHFA (Colorado Housing and Finance Authority) and CHAC (Colorado Housing Assistance Corporation). Many cities also offer financial assitance in purchasing a home. Most of these programs have income requirements that are fairly low. For a complete list of accepted down payment assistance programs after September 30th, visit the link below. There are still many other ways to come up with down payment money like a gift from a family member or borrowing from your 401K. If you would like more information on these options or have questions please feel free to contact us we are here to help. If you are ready to begin your home search or even if you are still on the fence of buying a home, feel free to sign up for free no obligation private home search by clicking the Home Search button at the top of the page right hand side.

http://www.hud.gov/local/co/homeownership/buyingprgms.cfm

Link to all events of the 2008 Democratic National Convention

2008-08-24T10:54:00.000-06:00

If you are looking for a link to the 2008 Democratic National Convention look on the left hand tab of our home page and there you will find it! Welcome to Denver!

2008 Rocky Mountain Balloon Festival at Chatfield in Littleton, Colorado

2008-08-22T08:59:00.004-06:00

If you are looking for something fun and unique to do this weekend, then the Rocky Mountain Balloon festival is for you. It is especially fun for families with little kids! They love to see huge versions of the mylar balloons they gawk at in the grocery store lines flying up high in the air. If the morning times are too early for you to get up then don't worry the night time viewing is even better. The balloons look absolutely beautiful illuminated in the sky. Below is the balloon festival information. Hope you enjoy yourself at this event as much as we have in the past!

ChatfieldRocky Mountain Balloon Festival
Date: 8/23/2008Time: 6:00 am - 8:30 pmLocation: Chatfield State Park
Come to Chatfield for the 9th annual Rocky Mountain Balloon Festival.
Live music, car show, and other activities and vendors all day. A mass ascension flight scheduled 6:30-8:00 am. Lites in the Nite illumination from 7:15-8:30 pm. This program is free with a Colorado State Parks pass. A Chatfield day pass is $7.00. See website below for more information.

Rocky Mountain Balloon Festival website

Is Zillow a good way to find the value of your home?

2008-08-21T10:27:00.002-06:00

In today’s world consumers look to the internet to begin gathering information they may be looking for, whether it be health issues, consumer reports, or the current value of their home, or for that matter what their neighbors home sold for. Zillow has become a popular sight among consumers to check out local real estate values. While Zillow helps to satisfy the neighborly curiosity of what other homes sold for in the neighborhood, I have to say it may not be the most accurate way to figure out the value of a home for the purposes of selling or buying. Zillow gathers its information by tapping into county records by using a special computer program, it locates homes that are similar in size and sold price to compare to the subject property (the one you are trying to find a value on.) It also pulls data from recent tax records and recent listing information. One would think that this all sounds like it would value your home properly. The fact of the matter is, Zillow does not take into account special features of your home (finishes, or the fact that you back to open space and your neighbor across the street doesn’t, or neighborhood boundaries, or condition.) The other things Zillow cannot pick up on are special concessions on a sale that may affect the price of the sold next door. (Concessions being seller paid closing costs or down payment assistance. Often prices are inflated to build these in.)

Realtors have been fighting the whole idea of Zillow since it came out, mostly because we are seeing how it is affecting consumers in the market place. I feel the need to say something to my clients and the general public if they are using these values to either buy or sell real estate. If they are selling they could be over pricing their home or under pricing their home by 10%, Zillow states on their website that is the margin of error for Denver Metro area. Same goes for buyers it could work to their advantage and they could get a steal on a home, but they could also miss out on the home of their dreams by believing they are overpaying for it. Nothing can take the place of a CMA (Competitive Market Analysis performed by a licensed REALTOR, or an appraisal done by an actual human person that comes to your home, (not a computer generated one from yet another program), to put an accurate current market value on your home.

If you would like a free no obligation competitive market analysis done on your home, feel free to visit our website at www.ColoradoSuccessTeam.com and click the picture below find your homes value at the top of the page. Or feel free to email us at www.cosmithteam@kw.com.

If you have an opinion on Zillow or a comment for this article please leave one. We would love to hear from you!

Sold Homes July 2008 for Grant Ranch, Burning Tree, Columbine Valley, Columbine Country Club, Columbine Knolls, Bow Mar and Governor's Ranch Colorado

2008-08-19T13:46:00.010-06:00

Bow Mar/Bow Mar South

No Solds for July

Burning Tree

*7 Cypress Point Way
4 bed 5 bath
4706 fin SQFT
$552,000.00
24 Days on Market

Columbine Knolls

*7153 S. Kendall Court
4 bed 3 baths
2675 fin sq ft
$295,000.00
27 Days on Market

*5570 W. Hinsdale Ave.
5 bed 4 baths
3600 fin sq ft
$343,000.00
266 Days on Market

*5899 W. Roxbury Pl.
5 bed 3 baths
2881 fin sq ft
$383,350.00
6 Days on Market

Columine Valley/Country Club

*18 Fairway Lane
4 bed 3 bath
4050 fin SQFT
$725,000.00
75 Days on Market

Governor's Ranch

*5508 S. Iris Street
3 bed 3 bath
1861 fin sq ft
$305,000
116 Days on Market

*5184 S. Hoyt Street
4 bed 3 bath
2239 fin sq ft
$305,000
313 Days on Market

*5239 S. Cody Street
2 bed 2 bath
1488 fin sq ft
$315,000
19 Days on Market

*5142 S. Iris Way
4 bed 3 bath
2820 fin sq ft
$320,500
139 Days on Market

*5839 S. Garrison Street
4 bed 4 bath
3439 fin sq ft
$402,000
170 Days on Market

*5692 S. Estes Way
5 bed 4 bath
3825 fin sq ft
$420,000
110 Days on Market

*5444 S. Hoyt Street
4 bed 4 bath
3238 fin sq ft
$520,000
7 Days on Market

*5442 S. Holland Street
5 bed 5 bath
4526 fin sq ft
$633,000
8 Days on Market

Grant Ranch

*5921 W. Alamo Drive
4 bed 4 bath
2791 fin sq ft
$323,000
28 Days on Market

*5349 S. Harlan Way
4 bed 4 bath
2460 fin sq ft
$336,000
54 Days on Market

*6560 W. Sumac Ave.
5 bed 4 bath
3441 fin sq ft
$410,000
47 Days on Market

*6776 W. Long Drive
4 bed 4 bath
3600 fin sq ft
$527,000
8 Days on Market

*5720 S. Benton Circle
5 bed 5 bath
5939 fin sq ft
$869,950
98 Days on Market

“Based on information from Metrolist, Inc. for the period of July 1st 2008 through July 31st 2008.”
Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor
is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market.
“THE ASTERISKED (*) PROPERTIES WERE LISTED AND/OR SOLD BY OTHER COMPANIES.”

If you missed purchasing one of these homes, there are many other great properties currently for sale in these communities. Click the Home Buyers Scouting Report icon at the top of the the right column to start your free no obligation home search, or for a custom personalized list of all homes for sale in your area or to set up private showings of homes listed for sale e-mail us at cosmithteam@kw.com and we will be happy to assist you!

Welcome attendees of the 2008 Democratic National Convention in Denver!

2008-08-18T16:08:00.002-06:00

Next week Denver will be hosting the 2008 Democratic National Convention. We would just like to take a moment to welcome all of the people visiting Denver Colorado! While a lot of the residents here are excited about what this means for our city, we have a lot of people who are not looking forward to the traffic and congestion it is going to cause downtown. The convention has been great for all of those trying to rent out property in the areas surrounding the downtown area. I even heard through the grapevine that Oprah is renting a house in the Capitol Hill Neighborhood for somewhere in the neighborhood of $50,000 dollars! While there will be plenty of things for you to do that are convention related, we thought it might be helpful to include a link to the Colorado Vistors guide in case you find yourself with a little spare time while visiting here and would like to experience some of the great things our city and state have to offer. (Denver visitors guide link: http://www.denver.org/ ) This guide will also be helpful if you are looking for a place to eat! Who knows you may like it so much you will want to move here!
To start your free no obligation search of all Denver Metro area real estate for sale visit http://www.jeffcorealestateblog.com/ and click on the icon on the right labeled Home Buyers Scouting or email us at www.cosmithteam@kw.com.

Covenant Controlled versus No Covenant Communities with messy neighbors

2008-08-16T09:17:00.001-06:00

Yesterday a family member called me who does not live in a covenant controlled community, complaining about their neighbors yard that, well lets say was not in perfect condition. They asked me if there was anything they could do, I replied yes, but got to thinking if they lived in a covenant controlled community the process may be a little easier. I asked how well they knew their neighbors and if they felt comfortable going over and asking them if they could address the issues in their yard. You never know if someone is going through something that is affecting their ability to maintain the exterior of their home. If you know your neighbor well and you are the neighborly type, you may even be able to offer some assistance in helping them address their issues. If that fails I suggested that they call the local city/county’s code violation department. They would most likely send out an officer to write up any code violations that they had. Depending on what the city ordinances were they might get some of the problems that they listed addressed but not all. If they lived in a community with a Home Owners Association, they might have better luck at getting specific items addressed or not have had these issues at all. I myself live in a community with a Home Owner’s Association and appreciate the factor that we have to get out paint colors approved and keep our lawns watered and mowed. It really keeps our neighborhood looking nice and also aids in our property values. You always will have the one or two neighbors in your neighborhood that try to bend the rules, or that don’t take care of their front yard the way that you do. In a covenant controlled community they would face fines and or letters from the Home Owners Association to correct the problem, some home owners associations will even send in a landscaping company to fix issues and then charge it back to the seller. HOA’s have a lot of downsides too, but I do feel that the value is truly there for keeping a neighborhoods home values up in a volatile market.
For more information on the value of your home or to start your free no obligation home search with Home Buyers Scouting visit www.coloradosuccessteam.com or email us at www.cosmithteam@msn.com.

Tips on helping your children adjust to your move

2008-08-13T10:06:00.003-06:00

We all know how difficult a move can be. The stress of packing up your whole life and moving it to a new location can take a toll on your family. Kids are so resiliant we often forget or overlook their signs of stress. It is important to remember to take good care of yourself as well during a move, so that you can give the support to your children that they will need. Below are a few tips that will help you to help your children adjust to your move!

Before you move:

Get information about the new place. Gather information from the local Chamber of Commerce, Welcome Wagon and Board of Realtors.
Tell older, school-age children about the move several months in advance, if possible.
Share information about your new home, town and state with your child. Give him/her brochures and postcards. create a fun project that offers information about the new place (e.g., make a map or draw pictures of the new house).
When possible, take your child to see his/her new town, house and neighborhood.
Visit your child’s future school. Schedule time to meet the principal and some of the teachers and future classmates ahead of time.
Plan a goodbye/moving party for your child. Involve her in the planning. Help her get addresses and phone numbers of friends and family they will be leaving.
Request that your child’s school records be sent to his/her new school. Obtain medical and dental records for you and your children.
Pack some of your child’s essentials for the trip: toiletry items, snacks, games, pillows and special comfort items.

After you move:

Help your child decorate his/her room making it a special place in your new home.
Make some exploratory trips into the community with your child such as visiting neighborhood parks, nearby restaurants or a skating rink.
Take your child to enroll in his/her new school and meet teachers and classmates.
Discuss extracurricular options with your child and sign up for some activities such as piano lessons, gymnastics, Girl/Boy Scouts, sports, clubs at schools, library programs.
Encourage your child to call or write friends and family to let them know about the new place.
Listen to your child’s feelings (sad, scared, excited) about the move and offer extra support.
Help your child take pictures of your new home to send to friends and relatives.
Get to know some of the other parents and find out about their activities and their children’s interests.

New program available to help borrower's in distress and new buyers with low FICO scores

2008-08-12T10:03:00.004-06:00

After reading a Denver Post article this morning regarding a non-profit program that has recently come to Denver that can help some borrowers on the brink of losing their home to foreclosure, I felt the need to share the news! I knew nothing of this program before this morning, but am truly impressed with the opportunities that they are offering people in financial distress. As we all know “life happens” and some people just need a little bit of help to get their feet back on the ground. There is a program called the Neighborhood Assistance Corporation of America also known as NACA. This program helps troubled borrowers as well as new buyers qualify for new loans based on “character based” credit. The NACA helps out current borrowers by either restructuring loans with unfavorable terms if the loan to value balance is reasonable on the property, or by refinancing those loans where the loan balance exceeds the value. They offer some very favorable terms. Their interest rates are currently below market at 6.0% and borrowers can buy down their interest rate further with down payments. There are no closing costs, down payments or requirements for private mortgage insurance. All this help does not happen over night. The qualification process can take up to nine months, but if you are in the foreclosure process the proceedings may be stopped once the process with the NACA begins. The NACA cannot help every borrower, the ones it does help show a willingness to live within a budget and meet monthly obligations. Some conventional loan standards still apply to the program so a borrower’s monthly debt may not exceed 30 percent of their gross income.

They are holding another seminar here in Denver on August 23rd from 9am to 1pm, at Faith Temple at 12400 Hoffman Blvd in Aurora. For more information on the NACA you can visit naca.com. For more information on the value of your home or to sign up for our free no obligation home search visit http://www.coloradosuccessteam.com/ or email us cosmithteam@msn.com.

Why should you get pre-approved prior to house shopping in today's market?

2008-08-11T10:34:00.002-06:00

It has been hard not to notice the numerous changes in the housing industry over the last year or two. Lenders are definitely tightening up on their loans now more than ever. It is very important to go through the pre-qualification process prior to shopping for that new home. It is not as easy as it once was to obtain a home loan. Credit scores are more important now than ever and if you don’t have a “perfect” credit score meaning “A” credit then it will affect your interest rate, which in turn will affect your monthly payment and what you can qualify for. You must have money down, the days of 100% financing and no income verification are long over. Only legitimate down payment assistance programs are going to be accepted by lenders in the next couple of weeks. Gone are the days of seller funded down payments from programs such as Nehemiah. Legitimate programs such as CHFA are still in existence though. Even though all of the lending standards have tightened it is not impossible to obtain a loan. Many lenders have been closing their doors lately so do your research and make sure that your lender has a long standing reputation in the industry. You can always ask your REALTOR for a couple referrals to lenders that you can interview. For more information on how to start your home buying process visit www.coloradosuccessteam.com or email us at cosmithteam@msn.com.

Tax Credit for First Time Home Buyers

2008-08-09T10:32:00.000-06:00

Thanks to Uncle Sam and the new HR3221 signed into law last week first time home buyers may be eligible for a $7500 tax credit. They must have purchased their first home betweeen April 9, 2008 and June 30, 2009. Tax credits are a lot more beneficial than tax deductions. This credit will act as a dollar for dollar deduction on an individual’s tax obligation. So if a buyer has a $1,000 tax refund coming but purchased their first home in November of 2008, they will now get an $8,500 refund!. That is huge!! This credit must then be paid-back to Uncle Sam by a $500 additional tax liability each year for the next 15 years. In essence this works as an interest free loan! If you yourself are looking to purchase your first home or know of anyone who is looking to purchase forward this post to them as it is valuable information. To start your free no obligation home search visit www.coloradosuccessteam.com and click on the Home Buyers Scouting Link!

Denver Metro area numbers of sales up, while home prices dip.

2008-08-08T10:31:00.000-06:00

Metrolist has released their July numbers. Home sales are up from that of July last year however the median price of condos and residential home sales has dropped. Number of homes sold from July of last year to July of this year increased by 2.95 percent. The median price for a condo dropped 5.7 percent while the median price for a single family home dropped 10.12 percent. This decline in price could be due to the number of foreclosed properties being purchased. Most of them are in poor condition and often do not have any appliances in them. This could cause the price drop that we are seeing in condos and residential real estate. For more specific numbers on your neighborhood feel free to contact the Colorado Success Team at cosmithteam@msn.com or visit our website at www.coloradosuccessteam.com.

HGTV is coming to Denver!

2008-08-07T10:29:00.000-06:00

The Colorado Success Team just received the following press release from High Noon Entertainment!

BUYING YOUR FIRST PLACE?Then HGTV is looking for you! MY FIRST PLACE, HGTV’s hit series, is coming back for a Fifth season and we’re looking for first-time homebuyers in the Greater Denver area RIGHT NOW! We are looking for fun, high-energy people who are just starting the home-buying process for their first place! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place. Taping takes place between May and October, 2008. Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!

Candidates who are chosen for the show will also receive a unique SURPRISE that HGTV has picked just for you!

If you are a first time home buyer or know of someone who is looking to purchase their first home and are interested in being on the show, contact us and we will send you the application you need to apply! email us at cosmithteam@kw.com or visit our website at www.coloradosuccessteam.com

Visit http://www.hgtv.com/hgtv/shows_hmfp for more information on the show or to watch episodes.

How to successfully price your home to sell

2008-08-06T10:27:00.000-06:00

So you are thinking about selling your home. You probably already have an idea in your head of what you think your home is worth. You meet with a couple different Realtors to get their feel for your home and what they think you may be able to sell it for. Here are a few things to remember when coming up with a price to list your home for.

Current market conditions: Listing your home for a higher price than it will most likely sell for and agreeing to lower the price in a couple of weeks does you or those first buyers through your home no good. All you are doing is turning off those first buyers through the home. Research shows that those buyers are typically the ones to purchase your home, if it is priced accordingly.

Upgrades/Updating: Yes you have stainless steel appliances and granite counters in your kitchen and your neighbors home that is for sale has formica counters and white appliances. Your stainless steel appliances and granite counters may help your home to sell quicker but they most likely will not add a signifigant value to it, and remember if you have over upgraded your home for the neighborhood, it does not mean your house will sell for signifigantly more it will just help it sell quicker.

Consider your timeline for selling: If you need to make a quick sale or just simply dislike having to vacate your home on short notice for a showing you may want to price your home agressively so you have less time on the market.

Current Inventory: If you have high inventory in your neighborhood (meaning a lot of home for sale) you may want to price a little agressively to make your home stand out to buyers who may be overwhelmed by their selection in that current location.

Remember your home is most marketable and attractive to buyers when it first hits the market, so make sure that you have it priced well and in good condition to show and you will help yourself to have a quick sale!

For more information on what your home is worth or current market conditions in your neighborhood, visit www.coloradosuccessteam.com or email us. We will be happy to answer any questions for you or do a free no obligation market analysis on your home.

Things to look for when picking a Home Inspector

2008-08-05T13:13:00.000-06:00

So you are making the biggest purchase of your life. You need to hire someone to inspect your purchase to make sure that the major components are in working order and the structure is in good shape. How do you pick someone that is reponsible for inspecting one of the biggest purchases you will have in your lifetime? There are many things to look for when hiring a home inspector.
What does your inspectors inspection cover? You should make sure that the inspection complies with all the ASHI’s standards of practice. To find out what your inspectors inspection covers you may ask for a copy of their inspection report up front to review. Most inspectors will be happy to email or fax it to you. This is the report that will be completed and in writing after your inspection.
You should then check their resume. Ask them how long they have been in the business and how many homes they have inspected. ASHI’s members are required to have completed 250 paid professional home inspections and have passed two written exams that will test the inspectors knowledge. You should also make sure that they are specifically experienced in residential inspections not construction or engineering.
You should not use an inspector who’s company offers to do repairs on any defects found, this is a huge conflict of interest.
Your inspection should last around 2 to 3 hours for the typical residential home. Any less time spent or promised should be questioned.
Make sure your inspector carry’s E&O insurance, this is important should you have a claim in the future. Also, some inspectors or inspection companies will offer some kind of written guarantee.
Your inspector should encourage you to attend the inspection and even walk around with them as the inspect the property. We encourage all of our clients to do this. This way they can ask questions as they go along and point out anything that they feel concerned with. There is no better way to get to know your new house and all of it’s components. If something has been found that is of concern it is also good for you to see it first hand and get a first hand explanation of the concern. A good inspector will encourage you to be present and take the time to explain anything that you have concerns or questions about.
Your REALTOR will most likely offer up a couple of different referrals to inspectors and this is a good place to start. Most likely your REALTOR has worked with those inspectors for several years and know their level of knowledge as well as their reputation in the industry. Ultimately the decision is up to you as the consumer, so do your research and work with your REALTOR to find the best home inspector for you and your investment.
For more information on home inspections, state regulations or to find a ASHI certified Home Inspector visit http://www.ashi.org/homeinspectors/

What should you look for when selecting a home inspector?

2008-08-05T10:25:00.000-06:00

What does your inspectors inspection cover? You should make sure that the inspection complies with all the ASHI’s standards of practice. To find out what your inspectors inspection covers you may ask for a copy of their inspection report up front to review. Most inspectors will be happy to email or fax it to you. This is the report that will be completed and in writing after your inspection.

You should then check their resume. Ask them how long they have been in the business and how many homes they have inspected. ASHI’s members are required to have completed 250 paid professional home inspections and have passed two written exams that will test the inspectors knowledge. You should also make sure that they are specifically experienced in residential inspections not construction or engineering.

You should not use an inspector who’s company offers to do repairs on any defects found, this is a huge conflict of interest.

Your inspection should last around 2 to 3 hours for the typical residential home. Any less time spent or promised should be questioned.

Make sure your inspector carry’s E&O insurance, this is important should you have a claim in the future. Also, some inspectors or inspection companies will offer some kind of written guarantee.

Your inspector should encourage you to attend the inspection and even walk around with them as the inspect the property. We encourage all of our clients to do this. This way they can ask questions as they go along and point out anything that they feel concerned with. There is no better way to get to know your new house and all of it’s components. If something has been found that is of concern it is also good for you to see it first hand and get a first hand explanation of the concern. A good inspector will encourage you to be present and take the time to explain anything that you have concerns or questions about.

Your REALTOR will most likely offer up a couple of different referrals to inspectors and this is a good place to start. Most likely your REALTOR has worked with those inspectors for several years and know their level of knowledge as well as their reputation in the industry. Ultimately the decision is up to you as the consumer, so do your research and work with your REALTOR to find the best home inspector for you and your investment.

For more information on home inspections, state regulations or to find a ASHI certified Home Inspector visit http://www.ashi.org/homeinspectors/

To start your free, no obligation home search on the best home searching engine HBSR visit www.coloradosuccessteam.com and clink on the Home Buyers Scouting Report Link to begin.

Should you do a home pre-inspection when selling?

2008-08-04T13:15:00.000-06:00

Usually the home inspection on a property does not happen until it is under contract. In Colorado once a buyer has an accepted contract on a home, they will have an inspection done by a licensed inspector. The inspector will go through out the home and look at the structural components as well as interior, plumbing, HVAC systems etc. Then the buyers will go back to the sellers with a list of items if any that they feel need to be corrected prior to closing. We advise our sellers that if they feel like they may have a lot of inspection issues on a property or if they own an older home (those typically tend to have more issues than a newer home) to do a pre inpsection on their property. It allows them to disclose all defects on their property with confidence that they are not missing something major on the sellers property disclosure, as well as fix any issues that we know may be a huge problem when their home is under contract. We also feel that it can give the sellers the upper hand when it does come time to negoitiate those inspection items. Pre-inspections are not for every seller, but we do feel if your situation warrants getting one done, it can save you a lot of time and money down the road. It also will give you peace of mind when selling your home.
For more information or tips on selling your home visit our website at www.coloradosuccessteam.com

Should you do a home pre-inspection when selling?

2008-08-04T10:23:00.000-06:00

For more information or tips on selling your home visit our website at www.coloradosuccessteam.com

under construction

2008-08-03T21:28:00.001-06:00

welcome to our new blog. we'll have everything up and running shortly. please come back for a visit in the very near future.

June 2008 SOLD numbers looking up from May for Jeffco South

2008-07-30T13:18:00.001-06:00

The reported June 2008 residential housing numbers from Metrolist are up from those of May. This is good news for sellers, as we see an improvement in our local real estate market. June saw 204 homes go under contract in JFS up from 171 in May. Current days on market went down 30 days from that reported in May to 63. The average sold price in June was $329,499, up from $319,186 in May. Our average sold price is up signifigantly from $294,856 in January of this year. These numbers are great news if you are thinking about putting your home on the market! For detailed numbers on your specific neighborhood in Jefferson County South or other surrounding areas please feel free to contact us and we will be happy to send them to you!

2008 Parade of Homes Solterra

2008-07-30T10:20:00.000-06:00

Every year the Parade of Homes features a realtor day. Every year I attend mostly to check out the latest trends in housing. This year the parade of homes boasted a Tuscan style in most of their models. The outdoor living space in most homes was spectacular, some however left something to be desired. I have to say that the lot sizes of these multi-million dollar homes suprised me. They are being built one right on top of the other, one would think when paying that much for a home you would get a little space in between. The finishes with in the homes were well thought out. The kitchens in the models were absolutely to die for. If you enjoy cooking and being in the kitchen, you should visit and check out all the latest trends and convieniences available today. There was a floor plan for just about every family situation you could imagine. You are also being given the opportunity to tour the state of the art community center, complete with Infinity pool. This community has definately been well planned out. If you are looking for decorating ideas or are in the market for a new home in a beautiful community you should visit the parade and see what Solterra has to offer. There are many new things coming to the Lakewood/ Green Mountain area including the relocation of St. Anthony’s hospital to the federal center area. Property values in that area could signifigantly increase in the years to come. The Parade runs July 26th through Labor Day. We would love to hear from you on what you thought of this years parade, feel free to post a comment or send us an email.

For map and directions or any other information here is a link to their site: http://www.paradeofhomesdenver.com/

June 2008 SOLD numbers looking up from May for South Jeffco

2008-07-29T10:18:00.000-06:00

How do you really know if you have found the right house for you?

2008-07-28T13:22:00.000-06:00

The excitement of shopping for a new home can be overwhelming. Once you think you have found the “right” home then the stress of are we really making the right decision settles in. I encourage all of my buyers to create a wants and needs list. As we all know there is no such thing as a perfect house. When you think you have found the “right” house compare it to your wants and needs list. You want to make sure that all of your needs have been met. For example: You need 3 bedrooms and 2 baths and this house has that. If it doesn’t it is usually pretty hard to add bedrooms and bathrooms unless you have an unfinished basement. Once you have made sure the house matches all if not a majority of your needs then you can see what wants it matches. For example: a want would be granite counters. If it does not have granite counters you can always add them later, but they are something you can live without. Creating a wants and needs list helps you focus on what kind of home you really need. Remember when house shopping there are a lot of things you can’t change, like location, floor plan (you can if you have the money and patience), neighbors etc. These are things to place on your needs list. Things that you are able to fix down the road and you know you can live with out should be placed on your want list. If you keep this in mind when house shopping you will have a much easier time deciding if this is the “right” house for you. Let us know if you have any special things you do or did when house shopping that helped keep your prioritized. We are always looking for ways to improve the way we help service our clients! Call us email us or comment on our blog. Happy house hunting!

Should you buy and old house?

2008-07-28T13:20:00.000-06:00

You love the charm that old homes have to offer. The question is are you the type of person that should purchase that 1890 victorian home in Denver? Older homes can have many hidden problems. If you are not the kind of person that enjoys the 15 trips to Home Depot over the weekend and the countless hours spent fixing “that” problem that lead to another problem, and fixing all of those temporary homewoner quick fixes from the countless prior owners over the last 100 years plus then my suggestion is to purchase a newer home. If you are really set on having the old home, then consider purchasing a home that has had everything updated and when I say everything updated, I do not mean the counters and cabinets. I mean the plumbing, electrical and windows. On the flip side, if you are Mr. or Mrs. Fixit and want to put in the time, effort and money that renovating and maintaining and old home requires then go for it! There is a lot of character, charm and history in Denver, just know what you are getting into before you sign on the dotted line. If you have any good old home renovation or ownership stories email us, or comment on this story, we would love to hear them!

Should you buy an old home?

2008-07-28T10:13:00.000-06:00

New Senate Bill HR3221 passed, what does it mean for our real estate market?

2008-07-26T13:23:00.001-06:00

Senate passed a bill on Wednesday by a 72-13 vote that will allow homeowners who cannot afford their payments refinance into government backed loans. It will also tighten controls and offer a temporary financial life line to Fannie Mae and Freddie Mac. Even though many people have hard feelings toward this bill and feel that they are footing the bill for irresponsible lenders and borrowers treasury secretary Henry Paulson argued that the support given to Fannie Mae and Freddie Mac is vital in calming the markets here in the U.S. as well as abroad. This rescue plan is intended to prevent the two pillars of our house lending market from failing and causing greater turmoil in the economy. Overall I see this bill helping all of us homeowners out of this down market we have been experiencing. The light at the end of the tunnel is getting brighter. Below is an outline of the bill.
The housing bill that Congress passed Saturday and sent to President Bush would:
Give the Federal Housing Administration $300 billion in new lending authority and relax standards to provide affordable, fixed-rate mortgages to an estimated 400,000 debt-ridden homeowners. Any losses would be covered by an affordable housing fund financed by Fannie Mae and Freddie Mac, the government-sponsored companies that finance mortgages.
Allow the Treasury Department temporary authority to lend money to Fannie and Freddie or buy their stock to avert a collapse of one or both of the mortgage giants. The authority would expire on Dec. 31, 2009.
Create a new regulator and tighten controls on Fannie and Freddie, including power for the regulator to approve pay packages for company executives. Create a new affordable housing fund drawn from their profits. Permanently raise the limit on the loans they may buy to $625,000 in the highest-cost areas. Allow them to buy loans 15 percent higher than the median home price in certain cities.
Provide $3.9 billion in grants to the hardest-hit communities for buying and fixing up foreclosed property.
Modernize the FHA and allow it to back loans for riskier borrowers. Permanently increase the size of loans the agency may insure — currently set to revert to $362,790 by the end of the year — to $625,000 in the highest-cost areas. The agency could insure loans 15 percent higher than the median home price in certain cities.
Forbid the FHA from insuring mortgages in which the borrower’s down payment is paid by the seller, beginning on Oct. 1, 2008.
Place a one-year moratorium forbidding the agency from charging premiums based on the riskiness of the homeowner, until Oct. 1, 2009.
Provide $15 billion in housing tax breaks, including for low-income housing. Give a credit of up to $7,500 for first-time home buyers who purchase residences between April 9, 2008, and July 1, 2009. Allow people who don’t itemize their taxes to claim a $500-$1,000 deduction on their 2008 property taxes.
Give states an additional $11 billion in tax-free municipal bond authority for low-interest loans to first-time home buyers, construction of low-income rental housing and refinancing subprime mortgages.
Offer protection from investor lawsuits for mortgage holders that modify loans to borrowers who are in default or about to default.
Provide $180 million for pre-foreclosure counseling and legal services for distressed borrowers.
The bill is H.R. 3221

Is a Short Sale the right deal for you?

2008-07-25T13:25:00.000-06:00

Everyone is talking about short sales these days. Including the news media. Here are the facts to decide if when selling or buying a short sale property is the way to go for you.
Sellers: Short sales can help you out of a sticky situation, but you will not get off scott free. Many lenders now require you to submit a copy of all of your monthly bills and W2 statements to prove that you are having a financial hardship, you typically even write a letter to the lender explaining all that has happened that has made it difficult for you to continue making full payments on your loan. There will still be penalties to your credit and possibly even tax consequences. Lenders definately are not in the business to be holding a lot of properties so some are willing to deal with you, but remember that any money that you are unable to payoff due to your loan amount being far more than you can currently sell your property for does not just go away. Some lenders may file a 1099 with the amount you failed to payoff. This means you will have to claim it has income on your tax returns that year and pay income tax on it. Some make you sign a personal note and still continue to pay on the amount that you did not pay off. Your credit will not suffer the loss of a forclosure but there will still be consequences to that as well, typically showing up as a chargeoff, which doesn’t look that great in the future either. You need to look at your situation and decide what is best for you and your family when in the situation and make sure you hire a professional who knows a lot about your market and how to work with banks on these short sale deals. You must be patient, banks do not move quickly on these and you are in a stack of thousands on their desk these days.
Buyers: Are you looking for a good deal? Just becuase it is a short sale does not mean that you are getting a property for signifigantly lower than market value. A lot of times you could be getting it just at market value. I am not saying that you can not find a good deal out there because you can, but the really good ones take the banks a lot of time to decide typically. You also have to have a great deal of patience when submitting an offer on a short sale. You are often dealing with a first and second mortgage. If you are this can take longer because often the first will have to agree with how much money the 2nd is getting and if the 1st feels like the 2nd is getting too much, they won’t deal. Doesn’t sound fair, but when you are in first lien position on a property, you can do that. This negotiating can go on for weeks or months, and you have to be flexible and patient. You also should consult a professional and find out if this is the way to go for you, it may or may not be or you may find a better deal out there from a seller that is not in financial distress.

Tips for Selling your home with pets

2008-07-24T13:26:00.000-06:00

Selling your home can be a challenge in todays market, especially when you have pets. Not all potential buyers are pet lovers and no matter how clean your keep your house they all leave an odor behind and can damage a house in one way or another. There are a few things you can do to spruce up that house and sell it quickly with pets.
Clean carpets before you list your home. After carpets have been cleaned try to keep your pets out of any unneccesary rooms once this has been done.
Vaccuum before every showing. This will help remove any excess hair and dirt from the floors, it is amazing what dogs bring in from outside.
If you have wood floors or tile/laminate try to clean your floors before every showing if you don’t have time to do the whole thing then just spot clean the areas where you can see dirt with the naked eye.
Weather permitting open some windows to let some fresh air in for closings if that does not work then buy and air freshner, just make sure it is a soft welcoming scent and for heavens sake don’t put it on the highest setting or buy 5 to place through out the home. Buyers don’t like to be over powered by any scent, even a pleasant one!
If possible remove dogs from property for showings. Cats typically can be left there as they usually are hiding and if they are out they are minding their own business. Most dogs create a huge distraction to buyers when looking at your home. You don’t want them worrying and paying attention to Fluffy when they should be looking at your home! If you are unable to remove the dogs then make sure they are crated somewhere or gated in a laundry room.
Make sure to pick up droppings in the yard daily, especially when it is hot outside. You want buyers to appreciate your back yard, not think they are stepping into a port a potty.
Replace anything in the property that your pet may have damaged. Ex: molding around doors, carpeting, refinish wood floors if severly scratched, replace screens, sod in back yard or fill yellow spots with new grass seed.
If you do these few things your home will sell quicker and most likely for more money than if you didn’t.

10 cheap ways to improve the value of your home in Colorado

2008-07-23T13:28:00.000-06:00

Many sellers are looking for some great ideas to spruce up their home prior to sale. Here are a few things you can do for low cost that will really improve the value and marketability of your home.
1. Make your kitchen really cook. The kitchen is still considered the heart of the home. Potential home buyers make a beeline for this room when they first view a home for sale, so make sure your kitchen looks clean and reasonably updated.
For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones.
If you’ve got a slightly larger budget, you can give the cabinets themselves a makeover. “Rather than spring for a whole new cabinet system, which can be expensive, look into hiring a refacing company,” says serial remodeler Gwen Moran, co-author of “Build Your Own Home on a Shoestring.” (Read more about cheap kitchen fix-ups.)
“Many companies can remove cabinet doors and drawers, refinish the cabinet boxes, then add brand-new doors and drawers. With a fresh coat of paint over the whole set, your cabinets will look like new.”
If you’re handy, you can order your own replacement cabinet doors and door fronts from retailers like Lowe’s Home Improvement or The Home Depot and install them yourself.
2. Give appliances a facelift. If your kitchen appliances don’t match, order new doors or face panels for them. When Nicole Persley, a Realtor with Real Estate of Florida, in Boca Raton, was sprucing up her own home to sell, her mix-and-match kitchen bothered her. The room had a white dishwasher, microwave and wall oven mixed with other pieces that were stainless steel with black trim.
When Persley called the dishwasher manufacturer to see about ordering a new, black face panel, the customer service representative clued her in on a big secret: Many dishwasher panels are white on one side and black on the other.
“All I had to do was unscrew two screws, slide out the panel and flip it around. Sure enough — it was black on the other side!”
Persley, who has remodeled numerous homes for resale, says that a more cohesive-looking kitchen makes a big difference in the buyer’s mind — and in the home’s resale price.
3. Buff up the bath. Next to the kitchen, bathrooms are often the most important rooms to update. They, too, can be improved without a lot of cash. “Even simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install, and they make a big difference in the look of the bath,” says Moran.
Moran also suggests replacing an old, discolored bathroom floor with easy-to-apply vinyl tiles or a small piece of sheet vinyl. “You may not even need to take up the old floor. You can install the new floor right over the old one,” she says.
If your tub and shower are looking dingy, consider re-grouting the tile and replacing any chipped tiles. A more complete cover-up is a prefabricated tub and shower surround. These one-piece units may require professional installation but can still be cheaper than paying to re-tile walls and refinish a worn tub.
4. Step up your storage. Old houses, particularly, are notorious for their lack of closet space. If you have cramped storage areas, Realtor Moe Viessi of Miami suggests adding do-it-yourself wire and laminate closet systems to bedrooms, pantries and entry closets.
Firms like ClosetMaid allow you to measure and redesign your closets online. You can also get design details and parts for these systems at many large home-improvement stores. Most closets can be updated in a weekend or less.
In the end, your closets will be more functional while you’re living in the house and will make your home look more customized to potential buyers when you’re ready to sell. (Read more about taming your closets.)
5. Add a room in a week or less. “If you have a three-bedroom house with a den, the only reason the den can’t be considered a bedroom may be because it doesn’t have a closet,” says Persley. “If you add a closet to that room, you’ve now got a four-bedroom house. That adds a lot of value.”
Persley says it’s usually possible to add a custom closet system and drywall it in for less than $1,500.
6. Mind the mechanics. Finley Perry of F.H. Perry Builder in Hopkinton, Mass., advocates spending a few bucks on nitty-gritty stuff. “It’s often very worthwhile to hire an electrician and plumber for a couple of hours to look over your electrical services, wrap or fix loose wires, fix any faulty outlets, and check for and fix any water leaks,” Perry says. “Those details tell a buyer that someone has really taken care of the home and can really influence its price.”
7. Look underfoot. Carpeting is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colors.
If your carpet is showing serious wear, cover it with inexpensive, strategically placed area rugs. Unless it is truly hideous, most Realtors don’t suggest replacing wall-to-wall carpeting right before you sell your house. The new homeowners may want to choose their own carpeting after they move in. (Read more on flooring trends here.)
8. Let there be light. If you have boring recessed lights in your dining and living rooms, consider replacing one of the room’s lights with an eye-catching chandelier. Home stores offer a wide range of inexpensive, but nice-looking, ceiling fixtures these days. If you have a ceiling fan and light, you can also buy replacement fan blades (leaving the fan body in place) to update the fixture’s look.
9. Reframe your entry. Do you have a flimsy little knob on your main entry door? If so, spring for a substantial-looking handle-and-lock set. “A nice, big piece of hardware on the front door signals to newcomers that this is a solid home,” says Viessi.
Also, if you’re stuck with a basic steel front door, Persley suggests painting or faux-finishing it for more eye appeal. “It’s becoming a trend in Florida to add wood-grain doors to a home’s entry or garage. The good news, though, is that you can easily paint existing metal doors with stain and paint,” she says.
After using a good metal primer, Persley gives the door a base coat of paint (again, be sure to use one approved for use over metal). For a cherry wood look, Persley uses a burgundy base paint. After it dries, she brushes over the base coat with a cherry wood stain. “It really looks amazing, and it only takes a few hours,” she says.
10. Consider curb appeal. Although it sounds obvious, a nicely mowed lawn, a few well-placed shrubs and a swept walkway makes a great first impression. “What buyers see when they first drive by your home is tremendously important,” says Viessi. (For more ambitious ideas for your yard, see “From ho-hum to wow: 4 backyard trends.” To stay on budget, read “17 ways to landscape on the cheap.”)
10 ideas taken from MSN Real estate article.

Grant Ranch in Littleton Colorado is a very family friendly community

2008-07-22T13:30:00.002-06:00

I never understood how important it was to live in a community that offered many great family amenities until I had children of my own. When we originally moved to Grant Ranch we did not have children. The amazing thing about this community is whether or not you have children does not matter. This community offers great parks and walking trails. They just upgraded the playground. It now is geared toward many different age types. There is a community basketball court, tennis courts and pool. There is even another playground right off the pool! They feature movie nights in the summer by the lake with free popcorn, fishing derbies and so much more. If you have children and want to move to a community that has it all. Grant Ranch should be at the top of your search.

Denver Metro Real Estate and Economy Good News!

2008-07-21T13:36:00.000-06:00

The Denver Post published the following article on July 21, 2008. I feel like this is awesome news for our local economy and real estate!
West’s growth far from done
As the population grows, more production, workers and education will be needed.
By Mark Jaffe The Denver Post
Article Last Updated: 07/21/2008 01:37:26 AM MDT

The Intermountain West — the fastest-growing region in the country over the last 20 years — is set to continue the trend by adding 12.7 million residents and 8 million jobs to its metropolitan areas by 2040, according to a Brookings Institution analysis.
That would double the population and workforce and require an estimated $3 trillion in housing and nonresidential development in the region comprising Colorado, Utah, New Mexico, Arizona and Nevada.
“The West isn’t about wildfires, endangered species and mining anymore,” said Mark Muro, Brookings’ urban-policy director.
“The region is growing up, flexing its muscle and distancing itself from California, which historically has had an outsized impact on the West’s development,” the analysis said.The study identified several challenges for the region, including increasing labor productivity, improving education and innovation, and developing better transportation links to the rest of the nation.
The Brookings analysis identified five “megapolitan” areas in the Intermountain West:
• Colorado’s Front Range.
• Utah’s Wasatch Front linking Ogden, Salt Lake City and Provo.
• Arizona’s Sun Corridor linking Tucson, Phoenix and Prescott.
• Greater Las Vegas.
• Northern New Mexico linking Albuquerque, Santa Fe and Los Alamos and Rio Arriba counties.
“What is hard to realize is that these megapolitans are now equal to the size of a Cleveland or St. Louis,” said Robert Lang, a Brookings analyst.
The growth will be powered by continued migration to the region and a young population — the Western states’ average age of 34 is about two years younger than the national average — having families, the analysts said.
Nevertheless, the region continues to lag in some key areas, the report said.
For example, labor productivity in all but the Front Range trailed the national average. And while productivity nationally rose 2.3 percent a year between 2001 and 2005, in the West it averaged 1.8 percent.
Per-capita income also lagged the national average in all the regions except the Front Range.
“Denver’s growth has been tied to new technologies and new industries, and that’s what the numbers reflect,” said Jeff Romine, an economist with the Denver Office of Economic Development. He was not an author of the Brookings study.
The lag in income and productivity points to problems in education and workforce training in the West, Muro said.
“There is a young workforce in places like the Wasatch area and a real need for training,” Muro said.
The West, Romine said, has long depended on educated and well-trained workers moving into the region.
“Now, we are getting to the point where we have to train and educate our own population,” he said.
The growth of the urban West will continue to put pressure on water supplies — particularly in agriculture, which in 2000 used twice as much water as urban areas, the report said.
The Brookings study said “creative conservation and water planning” are a hallmark of the region and that they will be critical for the region’s growth.

The importance of curb appeal when selling your home in today's market

2008-07-19T13:40:00.000-06:00

Curb appeal could not be more important than in todays tough market. With all the inventory on the market you want to make sure that your home stands out from the minute the buyers pull up to it. Here are a few tips and ideas to help you improve your curb appeal when selling your home. Some things can be as inexpensive and easy as power washing your home to spruce up the look.
Make a list of the problem areas you discovered. Tackle clean up and repair chores first, then put some time into projects that make the grounds more attractive.
Kill mold and mildew on the house, sidewalks, roof, or driveway.
Stow away unnecessary garden implements and tools.
Clean windows and gutters.
Pressure wash dirty siding and dingy decks.
Edge sidewalks and remove vegetation growing between concrete or bricks.
Mow the lawn. Get rid of weeds.
Rake and dispose of leaves, even if your lot is wooded.
Trim tree limbs that are near or touching the home’s roof.
Don’t Forget the Rear View
Buyers doing a drive by will try their best to see your back yard. If it’s visible from another street or from someone’s driveway, include it in your curb appeal efforts.
Evening Curb Appeal
Do your curb appeal exercise again at dusk, because it isn’t unusual for potential buyers to drive by houses in the evening.
One quick way to improve evening curb appeal is with lighting:
String low voltage lighting along your driveway, sidewalks, and near important landscaping elements.
Add a decorative street lamp or an attractive light fixture to a front porch.
Make sure lighting that’s visible through front doors and windows enhances the home’s appearance.
Landscaping Decisions
There are times that adding elements to your landscaping can improve curb appeal, but there are other times when removing something is even more effective.
For example, we had a listing for a large brick house with large white columns. Tall evergreens, planted in front of each column, had grown taller than the roof. They obscured the columns and windows and made it difficult to see the front of the house.
We suggested that the owner remove them. She trimmed them back, but it didn’t do the trick—they were unattractive and still kept potential buyers from seeing the true character of the house.
I sold the house to a couple who could see past the trees. One of their first tasks after closing was to yank them out of the ground, instantly boosting the home’s curb appeal.
Most buyers cannot visualize changes, and often won’t take a second look at a house if the first look doesn’t appeal to them. Home buyers who can visualize changes, and are prepared to make them, expect you to reduce the price of the house to compensate for the work they plan to do.
A Few Curb Appeal Tips
If you can budget it, a fresh paint job does wonders for a dingy house. Drive around your town to find color schemes that are appealing.
Install a more attractive front door, maybe something with leaded glass inserts.
If you can’t justify the cost of a new door, consider replacing plain doorknob hardware with something more attractive.
If new hardware is beyond your budget, repaint or stain the door and polish the hardware?
If you brainstorm, you’ll find that there’s a solution to most problems—one that lets you stay within your budget. The trick is to find the areas where improvements are needed, then work on them as best you can.

For more information on what your home is worth visit www.coloradosuccessteam.com and click on the icon that says "what's your homes value"

Staging your home to sell in Grant Ranch/Littleton Colorado

2008-07-18T13:42:00.000-06:00

Why Stage your home?
Research shows that well staged homes sell approximately 32% faster than non-staged homes. They also sell for 3 to 10% more. Do the math and tell me how many thousands of dollars we are talking. Homes which are properly staged; that are warm, cozy, and romantic sell fastest. As a seller, you may hire a professional home stager or stage your home yourself. Naturally, if you do it yourself, you should have a plan, some guidelines and a checklist to follow.
When staging your home you must think of it as selling a lifestyle.
To sell your home faster, you must sell more than just two bedrooms, two baths and so many square feet with a garage. You must sell a lifestyle:
Where buyers’ imagine themselves raising their families or entertaining their friends.
Where they can relax on the patio or listen to their favorite music.
Where they imagine themselves preparing gourmet meals or taking luxurious baths. Where dreams come true..
During a tough market such as the one we are in now, there are many advantages to you staging your home. Here are a few:
First, many of the people selling are mentally depressed or tired of waiting for a good offer. As time wears on, they become even more distressed. When in this mind set most people are not enthused about having their home look really spiffy, matter of fact many don’t even care after a while. This means that if their home doesn’t look great, but just ok, that you now have an advantage if you are well staged.
Second, banks and lenders are not into staging. It is not their business to stage, they handle money, loans, deposits and wire transfers - not staging. They don’t even have a staging department. Just clean the home and sell it “as is.” That’s their attitude. Thus, less great looking homes on the market.
Third, most sellers do not know the real benefit of having a home well staged. They think that if their home is clean, repaired and looks tidy, thats all that needs to be done, for the agent will handle everything else. What a mistake this is, for the agent is out looking for a buyers and new business, not doing staging their home. Matter of fact, a number of agents are not well read or educated on how to stage a home for maximum effect. The result of all of this is that fewer homes are really prepared and staged well.

Preparing your home for a virtual tour in Littleton Colorado

2008-07-17T13:43:00.000-06:00

Virtual Tours are a great way to market your home on the internet. Thousands of buyers turn to the internet everyday to find their new home. By having a virtual tour done on your home it will invite the buyers into your home from the comfort of their computer. Here are a few simple tips and ideas to help you prepare your home for a virtual tour.
Here are some tips to cut down the clutter:
- Remove excess furniture to make rooms look larger.- Clear off the kitchen counter and hide everyday items, such as kitchen utensils, toasters, hand soap and magnets on the fridge.- Store children’s toys, bicycles, gardening tools and other clutter out of sight.- Place toiletries and cleaning products in cabinets or closets. Most virtual tours will only photograph the major rooms in your home.- Take family photos off of walls and shelves while the home is being shown.- Recycle old magazines and newspapers that take up extra space throughout the home.
Some other tips to consider for the virtual tour include:- Take your own digital photographs to see how each room looks on camera.- Get layout and style ideas from home and design magazines.- Don’t forget about ceilings and floors. Most virtual tours today show all angles.- Limit seasonal decorations.- If exterior photos are included, park vehicles elsewhere and make sure your lawn is freshly mowed and garbage cans are out of sight.
Remember first impressions are everything in todays market. Make sure your home makes a lasting impression with buyers the first time they see it, whether it be on the internet or in person!

There is more to this For Sale By Owner business than I ever thought!

2008-07-01T09:19:00.000-06:00

"I must’ve been crazy trying to sell by myself!”
“There’s more to this ‘For Sale By Owner’ business than I ever thought.”

Home-Selling Fact:
Fewer than one in five homes are sold through newspaper ads.
The majority of homes sell through the Multiple Listing Service that real estate agents have access to. Without an agent who can place your home in this listing, your chances of selling go way down.

Some adventurous home-sellers start out trying to sell their homes themselves, hoping to save money on commissions. “After all,” they think, “how hard can it be?”

It isn’t long before they discover all the headaches involved in selling a home. They get mired down in the details—writing and placing ads, making up flyers, getting all documents and paperwork in order, and contacting an escrow company. They realize they don’t know all the legal requirements for selling a home… how to weed out lookers from buyers…how to set the right price for their home…or the best way to prepare their home for showing.

In the meantime, their home sits on the market—with no interested buyers.
Eventually, they throw up their hands and say “Enough! I’ve got to do something or I’ll never sell my house.”

By that time, they’ve lost a couple of months, and may have to reduce their price just to get an offer. This doesn’t have to happen to you!

How to Sell Your Home Quickly
You can now get a free report that helps you through the home-selling process.
Learn how to price your home correctly and the right kind of marketing approach to use today. Get tips on whom to consult and the right way to prepare your home for the best presentation. Plus, learn extra steps to take that dramatically improve your home’s appeal to potential buyers.

Get Your FREE
Home-Seller’s Report Today
Before you put your home on the market, read this report. It will save you countless hours of frustration. For your FREE report, the Ten-Step System for a Successful Home Sale, call The Colorado Success Team at 303-901-6558 today.

“What do I need to disclose about the house I’m selling?

2008-07-01T09:13:00.001-06:00

Isn't it the buyers responsibility to get an inspection and find out what's wrong?

The days of buyer beware in real estate are long gone. Today’s consumer-oriented laws put more responsibility on the seller. Failing to disclose problems with the home can have serious consequences.

If a buyer discovers a major problem with the home after they’ve moved in, they can demand a rescission of the deal. That means the seller has to pay back the money and take back the house. While such an action is not that common, sellers can avoid legal problems by disclosing anything wrong with the property up front.

But it gets trickier—you must disclose all defects in the property, whether you’re aware of them or not. How can you disclose what you don’t know? Conduct a thorough inspection yourself or hire an inspector.

Most agents will help you complete a disclosure sheet, which lists defects or problem areas in the house. This list is presented to potential buyers when, or sometimes before, they make an offer.

Your agent should also be able to help you find a qualified inspector. Be sure to get the inspector’s report in writing—never accept a verbal report of “Everything’s okay.” That doesn’t protect you if a problem arises later.

Free Information for Home-Sellers
Now, a free report shows you a charted path on getting the most for your home quickly.

It tells you what buyers look for when they come through your home. What repairs do you need to make? How can you make your home stand out from all others on the market? You’ll also learn how to choose the right REALTOR.

How to Get Your Free Report
A new, special report, the Ten-Step System for a Successful Home Sale, is available now to home-sellers as a public service. To get your FREE copy, call The Colorado Success Team at 303-901-6558 today.

Can You Sell Your Home “For Sale By Owner”? Take this quick quiz to find out!

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If you’re thinking of selling your home yourself, ask yourself these questions before you put your house on the market.

Consider the following carefully:
1) Do you understand all of the legal requirements for selling a home in your area?
___ YES ___ NO
Laws vary from state to state and can change yearly. And buyers can cause problems if you haven’t protected yourself with the proper warranties and seller disclosures.

2) Are you in a hot market?
____YES _____ NO
If not, you’re up against a lot of competition. And most other home-sellers have professionals working for them.

3) Are you willing to give up your weekends and evenings waiting for buyers to show up?
____ YES ____ NO
Buyers keep their own schedules and often want to see your home when it’s least convenient for you. If you have a sign out front, be ready to drop everything and show your home to people who stop in without an appointment.

4) Do you know how to weed out the lookers from the buyers?
____ YES _____ NO
Many people who want to see your home aren’t even remotely qualified to buy it. They’ll just waste your time.

5) Do you know how to handle tough negotiations? ____ YES ____ NO
When you get an offer that’s lower than you want, with terms you don’t understand, be prepared to make a reasonable counteroffer—or risk losing the sale.

Avoid Home-Sellers’ Headaches
If you’re planning to sell your home yourself, there are several important facts to be aware of. The Colorado Success Team has prepared a special For Sale By Owner help guide: Nineteen Most Commonly Asked FSBO Questions (and their answers). To get your free copy of this report, call The Colorado Success Team at 303-901-6558.

Secrets of Successful Home-Sellers

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Selling a home takes more than putting out a sign and waiting for a buyer to show up. There are specific steps to take to successfully sell your home in the least amount of time and for the best price.

Over the years, home-sellers like you have discovered what works and what doesn't. Now, those tips and techniques are available in a free special report.

Avoid Common Home-Selling Traps
Many home-sellers don’t know how to price their homes competitively or how to prepare their homes for a quick sale, don’t seek professional help, and don’t know about one key step they can take to make a prospective buyer much more likely to buy their home.

If you fall into these traps, your home could end up on the market for months, instead of being sold in a few weeks. Fortunately, you can avoid mistakes that other home-sellers make—when you have good information.

Free Information for Home-Sellers
Now, a free report gives you a step-by-step system for selling your home successfully.
Pricing your home correctly is critical to selling your home quickly without “giving away the store.” However, many home-sellers base price on false assumptions. They assume original purchase price, all home improvements, and replacement cost factor in on the home’s value. Holding on to these misconceptions can make selling a home difficult.

This report shows you the way on pricing your home. You also need to know what buyers look for: What repairs do you need to make? How do you make your home stand out from all others on the market? Get a comprehensive checklist on preparing your home for sale. Learn how to choose the right REALTOR for you. The report includes a list of questions to help you find the agent who will sell your home quickly and with little worry on your part.

How to Get Your Free Report
This FREE special report, the Ten-Step System for a Successful Home Sale, is available now to home-sellers as a public service through The Colorado Success Team of Keller Williams To get your FREE copy today, just call 303-901-6558.

Six Top Home-Selling Mistakes Identified

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Three of the top six mistakes
occur in the pricing of homes offered for sale. Sellers tend to base current market value on the following:
1) original price
2) added improvements
3) cost of replacement
instead of on a Comparative Market Analysis. They find that buyers don’t make offers and the homes don’t sell.

Condition becomes the next key factor, generating two of the remaining three mistakes. Sellers commit these two errors:
1) They neglect to perform minor repairs and touchups that greatly improve a home’s value to buyers.
2) They don’t replace worn or dated carpet or patterned wallpaper or paint over bright walls, which would increase appeal to buyers.
Their homes sit on the market for months, turning into “stale” listings that get passed up.

Many sellers are filled with misconceptions about what it takes to sell their homes. Why? They rely on the advice of friends and family when getting ready to sell their homes, the sixth top mistake. Often, this well-meaning advice is completely wrong. Yet sellers understandably place trust in those who they trust on other matters, rather than seeking out an expert.

Learn the facts that will make selling your home a smooth and pleasant experience, instead of a frustrating and difficult one.

FREE Help for Home-Sellers
The Colorado Success Team now offers a guide to help you avoid the common mistakes many home-sellers make. Valuable to anyone who is planning to sell a home, the Ten-Step System for a Successful Home Sale describes how to choose a REALTOR, how to price your home correctly, how to prepare your home for quick sale, and more.

To receive your own copy of this free guide, call 1-800-639-7755 and enter extension 2015 and request the Ten-Step System.