Denver Pages » Homes for Sale

Many Lawmakers Saying 20% Down Payment Requirement Is Too High

ChadM — Fri, 10 Jun 2011 13:08:29 +0000

As you may have heard lately a bipartisan group of lawmakers on Capitol Hill has been pushing for a real estate overhaul that requires a 20 percent down payment for the “safest mortgages.” On the other side of the issue, however, is a group of more than 160 lawmakers in the House of Representatives that is stating that the reform could threaten a full economic recovery for years to come and is “overly burdensome.”

While most agree that something needs to be changed from the environment of the last ten years of lending, there is some disagreement on which turn should be taken. One of the more creative solutions involves some of the risk of any non FHA and VA loans that are being securitized (packaged and resold) to be retained by the original lender. This would at least help dissuade predatory lending by increasing the risk to sub-prime lenders, but would not have such a large impact on the purchasing mindset and market as some proposals.

In our opinion it is nice to see some more creative ideas coming to the forefront that could slowly change the mindset and industry without completely shocking, and possibly destabilizing, the recovery that is hopefully emerging soon in the real estate markets.

Source: “House Lawmakers to Regulators: Kill Mortgage Plan,” Reuters News (June 1, 2011)

Mortgage rates in free fall

ChadM — Fri, 03 Jun 2011 22:12:13 +0000

For the last seven weeks solid fixed-rate mortgage rates have decreased to a new annual low. The low rates, however, have not yet spurred an increase in the housing market as there are still concerns about weak economic data.

Average 30-year fixed rates ending the week of June 2 showed 4.55% (with .6 points paid), down from 4.79% at the same time last year. The lowest on record was in 2010 at 4.17%. Some are predicting rates to begin rising near the later part of 2011 and reach near 6% by end of 2012 (Fratantonti research).

Mortgage applications are still coming in, however, with refinancing as the main source (66% of all applications).

Staging Matters!!!

ChadM — Fri, 07 Jan 2011 13:59:46 +0000

Well, the time has come and now you’re ready to put your house on the market. You realize that before you have potential buyers walking into your home, you must make your house ready to impress! What to do?
Take a look at all your light fixtures and outlet covers. Are they cracked or faded?
Wipe down your walls to take off those marks that have been there for longer than you can remember. Touching up the walls with paint can go a long way as well.
Check out your wall edges. Grab some wall putty and patch up those chipped areas.
Keep your baseboards dust free.
Unclutter your desk, counters and other flat surfaces.
A small investment of time and money can go a long way.
With these helpful tips, selling your some in the Denver Real Estate Market can be a smooth processes!!

Staging tips!

ChadM — Wed, 29 Dec 2010 14:30:06 +0000

The Denver Real Estate Market can be hard to maneuver. Try to Stage your “For Sale Home” when people come to view it. When potential buyers walk into a home, they’re going to try to imagine themselves sitting at the dinner table, reading on the couch and cooking in the kitchen.
To make this as easy for them as possible, pack up all your family photos and other items that are personal. Baseball paraphernalia, kids toys and drawings, pet beds and chew toys. Looking at these items can make them feel like they’re invading your space. The goal is to make your home uncluttered, organized and clean so as people walk in the the door, they feel welcomed. Remember, if the potential buyer is looking at your stuff, they’re not looking at your home!

What’s that room for?

ChadM — Wed, 15 Dec 2010 15:52:00 +0000

Have you ever been in a home that has a room that seems out of place? This happens more than you know in the Denver real estate market.
While trying to sell your home, be on purpose about each space in your home.
If you have a spare room that you use as a storage room or a office/guest room, chose a theme and stick with it. If you choose to stage it as an office, remove extra unseemly boxes, mattresses, dressers or anything that wouldn’t normally go in an office. If you choose to use it as a guest room, pack up your desk and other office paraphernalia. If you must have something to use for your office while your house is on the market, consider scaling down your desk so it’s not so obvious. Make sure you keep the desk clean and clutter-free.
Once your room has an identity, it will be easier for your potential buyer to see themselves in it!

Curb Appeal

ChadM — Mon, 06 Dec 2010 14:39:14 +0000

Making your Denver home visually appealing from the outside is something that many people tend to overlook. Your homes outward appearance is the first thing that potential buyers see when driving up to it. Don’t over estimate the power of a garden when listing your home for sale. This investment can have a larger return than you might expect.

Decide what you are going to plant; vegetables or flowers, trees or bushes.

Don’t put taller trees or bushes in the front of the lawn as this can obscure your home.

Don’t be afraid of color either. Bright colors are very appealing to on lookers.

Most important: Make sure that the garden is in good shape whenever you have buyers coming to look at the house!

Updating your home

ChadM — Thu, 02 Dec 2010 14:33:34 +0000

Updating your home to help with your Denver home resale value can also be key for selling a house quickly. It’s appealing for buyers to walk into a home that’s ready to move in.

Many people just focus on the larger items like light fixtures and sink faucets, which are very important. However, pay attention to the small items, like changing an old toilet seat. Take a look at your light switch plates and outlet covers; are they faded or cracked? Even changing out your thermostat for a new model can be a good move. Theses minor eye sores can keep the buyer’s distracted from the major selling points of your home!

Purchasing Denver Homes for Investments

ChadM — Tue, 23 Nov 2010 18:53:38 +0000

The idea of owning rental real estate in Colorado seems to be gaining momentum as Denver investors are beginning to get tired of ups and downs in the stock market. Finding a profitable rental property usually takes time, connections and plenty of research.

Here’s some thoughts to get you started:

Know your time line: Ask yourself how long you want to own a rental property before you buy it.

Develop a network: Some hunt for foreclosures and make friends with bank employees and city hall clerks. Others run ads in local newspapers and get to know great realtors in their area. Choose what works best for you.

Get your finances in shape: Look at your credit rating and your cash reserve. Make sure you have a substantial cash reserve after your purchase. This can help you pay for unexpected repairs and vacancies.

Avoid overpaying: While a home is often an emotional purchase, which can lead to “I must have it!” offers and bidding wars, most landlords look strictly at the numbers to see if their investments will pay off. If you pay too much for a rental, you can’t count on a “greater fool” coming along later to bail you out.

Longtime landlords say that all this work pays off in profitable properties that build their net worth while providing a steady income stream.

Real Estate in Denver Colorado

ChrisT — Mon, 22 Nov 2010 15:17:31 +0000

In the recent weeks a Realtor’s rating of the real-estate market in Denver, CO has stayed nearly the same as previous months. Realtors ranked the market on fairly strongly the side of the buyers (2.2 out of 5 with the median of balance between buyers and sellers being 3.0). With prices still lower than average and buyers volume down slightly, there is still room for some haggling on the part of the buyer.

Rating for price trending was 2.8 (with the same median of 3.0 with lower meaning prices are falling and higher are rising). This is similar to what we are currently experiencing. Houses are still selling, some very rapidly still, bun on average we seem to be slowly chasing a deflating market. The good news is that this decreasing trend has slowed over the past months, and we are all waiting for the rebound in the early months of 2011.

With mortgage rates slowly starting to creep back to what some would call ‘normal levels’ buyers are still heavily motivated to buy today to secure extremely low costs of carrying a loan!

Foreclosures not to end soon…

ChadM — Wed, 17 Nov 2010 15:44:59 +0000

Foreclosures not to end soon…

In recent news there have been the victory stories of people fighting and winning the loan modification and/or short sale process to avoid foreclosure. There have also been the stories of the Big Banks using flawed documentation processes to illegally foreclose on un-wary consumers. But through this all the foreclosure battles don’t seem to be slowing down.

Depending on which industry experts you follow, 3-5 years seems to be the breaking point for when they are projected to begin a tapering off. But not to fear, short sales and BPOs (bank owned properties) create a different market for a different type of home-buyer, and won’t necessarily have as large of a negative impact on the traditional resale market as some are espousing.

A short-sale buyer needs to have the patience to wait out the short sale approval process, and even start over if the bank decides to go ahead and foreclose. But we’re watching this, and will keep you posted as it continues to un-fold.