Monday, August 9, 2010

FHA increases fees - buy now before Sept 7!!

The Senate on Wednesday gave the Federal Housing Administration the go-ahead to raise monthly fees that borrowers pay the agency.

The annual fee is expected to raise from the current rate of 0.55 percent to 0.9 percent of the total loan. The bill also gives the FHA the authority to raise the annual fee as high as 1.55 percent.

So what does this look like :-

Based on loan of $200,000 at 5% (Click on picture to get a clearer view)

Simultaneously, the agency plans to lower the loan initiation fee that was raised from 1.75 percent to 2.25 percent earlier this year. Officials would like to drop the up-front fee down to 1 percent of the total mortgage amount.

Tuesday, July 20, 2010

Lowest mortgage rates in 40 years

If you are on the fence about buying, this might help? Today a 30 year fixed mortgage is 4.375% and a 15 year is 3.875% - the lowest in over 40 years! (Subject to credit/ job employment and debt / income ratio).

This is an amazing rate! If you want to get pre-qualified, CLICK HERE or speak to one of my Lender – CLICK HERE

Wednesday, July 14, 2010

Do I need a survey / ILC ??

This forms part of the Contract to Buy and Sell. Like an inspection, it is optional (unless your Title Company / Lender requires one) but many Buyers choose not to order one to 'save costs'. But like an inspection, you run the risk of facing future problems in the future which you will have no recourse on. Here are some facts on having a Survey

ILC = Improvement Location Certificate

What does it do?
It protects you from hidden components - encroachments, easement violations, unrecorded rights, and disclosure of other adverse findings

What does an ILC provide?
* It provides a scaled drawing that will indicate the lot size, location of the improvements, and adverse survey related matters
* Encroachments on to and off of the subject property
* Indentify property line violations of patios, pools, driveways, garages etc

I heard of a Buyer who bought a home on a few acres of land. It turned out that the Buyer only had rights to the land and not the house .. and found out after the sale when it was all too late.

Like an inspection, it is an additional cost to the Buyer, but well worth it to avoid future problems.

Wednesday, July 7, 2010

Million-dollar home market shows some spark

The million-dollar home market is not on fire, but the vast majority of seven-figure homes selling from Boulder to Douglas counties, are not being unloaded at fire-sale prices. Sellers appeared to have made a profit on the vast majority of the homes closed in May. Million-dollar homes across the metro area sold for an average of 92.3% of the asking price. The analysis found that the average sales price per square foot for all of the homes was $334.58. See the full article for more stats:

Tuesday, April 20, 2010

Activity in the housing market is reving up between $200 - $400k

Good news ... 92% of homes sold priced below $500,000 in the Denver area "First, there are just not as many homes priced below $100,000 out there. All of the activity is no longer at the low-end. We are seeing more activity in the $200,000 to $300,000 range and the $300,000 to $400,000 range.”
Full article

Does this get you excited to sell your home?? See here and CONTACT ME SOON!

Wednesday, March 31, 2010

Case-Shiller: Denver home prices up for 3rd straight month

For the third month in a row, Denver-area home prices showed a year-over-year increase in January, according to the latest S&P/Case-Shiller Home Prices Index. Out of 20 U.S. cities in the closely watched report from Standard & Poor’s, released Tuesday, Denver was one of nine that showed a year-over-year increase in prices. Denver-area home prices were 2.6% higher in January 2010 than in January 2009. That followed a 1.2% year-over-year increase in December and a 0.5% gain in November.

Tuesday, March 23, 2010

Parade of Homes to return in August

Denver’s “Parade of Homes” will return Aug. 14 to Sept. 6, featuring a multiple-site format for a second year and a wider-than-usual range of home values, the Home Builders Association of Metro Denver said Tuesday.

We’re bringing back the favorite elements of the Parade, but we’re adding more homes for visitors to see throughout the metro area and admission to the Parade will be free,” Clarence Hughes, chairman of the Parade of Homes and a Home Builders Association (HBA) board member, said in a statement.

Full story here

Wednesday, March 17, 2010

Foreclosure Market Trend Report

CLICK HERE for the latest in Foreclosure Market Trends

Tuesday, March 16, 2010

IKEA targeting Fall 2011 opening for Centennial store

IKEA, the Swedish home furnishing retailer, announced Tuesday that contractors have been hired and construction will soon begin on its first Colorado store, which will be located in Centennial.

"With our land purchased, team selected and site-work permit pending, we now can schedule IKEA Centennial to open Fall 2011,",0,5753206.story

Monday, March 8, 2010

Program to pay homeowners to sell at a loss

In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave.

This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.

Wednesday, February 10, 2010

Spring home sales likely to surge

Spring home sales likely to surge from January levels - The Denver-area home market in January, while it did not book shoot-the-lights-out activity, appears to have set the stage for a much stronger spring season, as consumers are expected to take advantage of tax credit that are expiring, and lock in low mortgage rates, widely expected to shoot up in the coming months. “The market has opened up; it is huge,” said John Lucero, principal of the Denver-based Lucero Financial Group. “The market seems to be night and day from where it was even 60 days ago. I am seeing multiple offers on properties again; the phone is ringing off the hook. Investors are as hungry as heck right now.” Consumers were surprisingly quiet in the first three weeks of the year, but activity increased a lot the last week in January, and has continued at a rapid pace ever since, said Chris Mygatt, president of Coldwell Banker Residential Colorado. Showings are way up, he said.

Thursday, February 4, 2010


I would like to invite you to a Home Buyers Class I am running on Wednesday 24 February at 7pm. I am running this in conjunction with Kris Andrea from 1st National Bank and Security Title. This is for all Buyers (First and Move up/down buyers) and we will covering what is happening in the Real Estate market, what loans are currently available, the procedures of buying a home etc. There is no cost to attend.

If you would be interested in attending, please click on the link and RSVP there.

I look forward to meeting with you!!

Monday, January 25, 2010

Fewer Defaults: Could the Worst Be Over?

The number of consumer loans that are going bad is leveling off, reports Bank of America, Wells Fargo and other large banks, signaling that the worst could be over.

Bankers reported that credit quality is stabilizing with lending losses expected to peak this year.

But analysts warned that any new hit to the economy could reverse the trend with all aspects of the recovery dependent on an improving employment picture.

“In the second half of the year, it will be more and more important for the overall economy to improve at a faster clip,” says Anthony Polini, a banking analyst at Raymond James.

Friday, January 8, 2010

A look at what happening in the Denver 2009 real estate market

The Denver home market last year was a little bit like being the valedictorian of your class - a remedial class, that is.

Most metrics for the housing market in 2009 when compared to 2008 – from the number of homes sold, prices and dollar volume – were underwhelming, shows a report released today.

Still, Denver is a shining star compared to much of the nation, although the housing bar is pretty low elsewhere.

Indeed, he said “if there is anything sunny about 2009, which was a very challenging year, not only in Denver but all across the country, it all took place in the last quarter. We know what drove the lower-end home activity – it was people trying to get under the wire and close homes in case the tax credits went away. But in November we also started to see some improvements in the $1 million market for the first time in 20 months. We will be watching the first quarter very carefully to see if this trend continues into 2010.”

Thursday, January 7, 2010

top five sources of information for buyers were: Internet (90%), real estate agent (87%), yard signs (59%), open houses (46%) and newspaper advertisin

Lots of Useful Information Contained in 2009 Survey of Home Buyers and Homes Sellers - According to the National Association of Realtors® 2009 Profile of Home Buyers and Sellers, the top five sources of information for buyers were: Internet (90%), real estate agent (87%), yard signs (59%), open houses (46%) and newspaper advertising (40%). When asked which information sources were very useful, the top three were real estate agent (81%), Internet (77%) and yard signs (42%). 36% of buyers found the home that they ultimately purchased on the Internet; another 36% learned of that home from a real estate agent. The methods that actually work – that bring the right home in front of buyers – are among the least expensive: the Internet, working with an agent (who learns about properties through the MLS), and signs. 84% of buyers learned about their home through one of these sources. Conversely, some of the most expensive methods – newspapers, home books and magazines, and television – are among the least effective. Only 4% of buyers found their homes via these media. See the full article for more stats:

Tuesday, January 5, 2010

Redevelopments along Broadway, Denver

Lumberyards mixed-use project set to rise along South Broadway - Real estate investor Jon Cook has spent the past 40 years assembling property along South Broadway, and now he is getting ready to start an ambitious redevelopment plan. Plans for the mixed-use project include housing, office, retail and restaurant space. The project, known as The Lumberyards, would be located on several blocks west of South Broadway and West Jewell Avenue. The first eight-story building is being planned and designed. It will include an upscale restaurant at street level and residences above. Cook's properties fall in the district covered by the Evans Station Area Plan, aimed at creating a vibrant, urban neighborhood. The plan calls for redeveloping underutilized industrial areas into mixed-use transit-oriented urban centers such as the one Cook is planning.