Tag Archives: home

Talk about taste specific!

Although this is a very cute house and quite a novelty, it is a prime example of going a bit far in the realm of “taste specific” choices.  I am sure that there would be a niche market for a house like this. After all, there are a lot of Lord of the Rings fans out there ( I liked the movies too, and own them all).  But how many fans would actually want to live in a hobbit house on a full-time basis?  I am guessing that not many of even the staunchest Lord of the Rings fans would be willing to go that far.  Maybe as a vacation home-like a fun little cabin in the woods.

As cute as it is though,  I would like to use this little house as a slightly exaggerated example of a pretty common problem- personalization.  The longer we live in even a “normal” style home, the more personalized the tends to become.  In most cases, when you are selling your home, your goal should not be to find a buyer that “wouldn’t change a thing” and that has your same taste and hobbies.  To have a much easier time of selling, you want to appeal to as many potential buyers as possible.  The more people that want to buy your house, the better your chances of getting multiple offers, getting offers sooner, and getting full price or maybe even more than the asking price.  Isn’t that what the real goal when selling your house?

Sellers who “take their taste out of a house” help buyers more easily see themselves in the house, instead of being distracted by things like the seller’s family photos, a chartreuse dining room wall, and things like religious artifacts everywhere, a huge PEZ dispenser collection, and/or Lord of the Rings swords above the fireplace.  (Is the buyer going to be looking at the great fireplace feature of the home- or the cool sword that is probably not even included as part of the sale).

In the case of the Hobbit house in this post, the sword is probably okay!  After all, they are trying to appeal to a very tiny niche of buyers.  But chances are, most of us don’t live in a house that is this unusual.   So the rest of us are going to have better results if we stick to the tried an true rules of selling.  Paint the house in more universally appealing color schemes and present a clean and de-cluttered home that does not have any unfinished projects or repairs needed.  That is the formula for making buyers want to make it their home.

I hope you enjoy this little peek at the Hobbit house- I certainly did.   I think it would be “a nice place to visit”- but like so many buyers that see overly-personalized homes… “I just wouldn’t want to live there”.

If you are looking to buy or sell a home, I would be happy to help!  Feel free to contact me using the form below!

 

Price Reduced by Nearly $11,000 – 8321 Ralph Lane

4 Bedroom, 3 Bathroom, 2000 total sqft

Asking Price:  Was  $329,900-  NOW:  $319,000!

Status:  ACTIVE

Adorable brick ranch-style home!  All baths and the kitchen have been updated! New roof in 2016.  Fresh paint, newer carpet, wood floors!  Quiet neighborhood near shopping and easy commute to Denver & Boulder!  Click on the photo below for guided tour and all the details!

Click the photo or the address:  8321 Ralph Ln

You are Invited!

The beautiful house, with incredible views, is having an open house Sunday, May 22 from 11:00 am to 2:00 pm!  You are invited to come and take a look in person (slide show below)!  I hope to see you there!

2662 W 118th Ave, Westminster CO  80234

house straight on, hi def

2662 W 118th Ave, Westminster CO 80234         Click Here for more Info and Photos!

Curb Appeal: Is it worth the investment?

Here’s an article specifically talking about the value of curb appeal, from a dollars and cents perspective.  It even breaks it down to what trees and fencing are worth. Most landscaping (as with any home project) should be done for your own enjoyment, but it does add to the value of your home, either in the form of a faster sale or in the form of a higher sales price when you decide to sell.   Some experts believe that mature landscaping can add up to 25% to the value of your home.  If you have been thinking of sprucing up your exterior- have a look at this link!  It may give you some good ideas of where to invest your money.
http://www.houselogic.com/home-advice/landscaping-gardening/landscaping-home-value/

 

 

 

New Listing- 14366 Blue Vista Way

4 Bedroom,  2.5 Baths,  2,320 Above grade sqft, 941 unfinished basement sqft

Status: ACTIVE

Asking Price:  $460,000

This 2-story home is on a cul-de-sac lot. The home has hickory wood floors, and a well designed kitchen with 42″ hickory cabinetry, a pantry, a kitchen island and stainless steel appliances included. The kitchen is open to an eat-in area and the family room w/gas fireplace, 2-story vaulted ceiling, pre-wired surround sound!  All bedrooms are on the same floor!   Formal dining room, study and main floor laundry. Sprinklers front and back. Back yard is flat and fully fenced and pre-wired for speakers. New furnace in 2014. Garage is oversized 2.5 car.

Click below for photo slide show:

For more information Contact Joan Bagwell: joan@joanbagwell.com or fill out the contact form below.

Denver’s Top 5 “Biggest Bang for the Buck” Home Improvement Projects!

Many sellers ask me what they can do to improve the value of their homes at resale.  Every year, Remodeling Magazine and Realtor Magazine cooperate to research the costs and value-added of numerous home improvement projects in a wide range of costs.  The research is conducted at the national, regional, and even the city/local level.  This year, the information was compiled in the Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com).

What I am going to summarize here is the information specifically for the Denver metro area.  The average cost and the average amount recouped for each project can vary greatly depending on the area of the country that you are in.   If you live outside the Denver area, you should go to www.costvsvalue.com to search for the information for your specific area of interest.

Although, for copyright reasons, I cannot list all of the projects here in this blog post, I can say that my overall observation of all the projects is that, with a few exceptions, most projects with “upscale” finishes do not recoup as much of their cost as projects done with mid-range finishes.  So, my advice for sellers would be that you should view any luxury finishes as a “value-added” or “personal enjoyment” factor for yourself while you are living in the home.  You most likely will not get back what you spent when it comes time to sell.  While you should recoup a higher actual dollar amount for a high-end project versus a mid-range project, it may not be as high a return when stated as a percentage of the cost of the project.

The Five Projects in Denver that have the highest amount of cost recouped are:

Project Cost Resale Value Percentage of Cost Recouped
Upscale Siding replacement (fiber-cement) $13,250 $13,560 102.3%
Mid-range Attic Bedroom Remodel $48,664 $46,253 95.0%
Mid-range 2-story Addition $153,017 $136,713 89.3%
Upscale Garage Door Replacement $2,793 $2,479 88.8%
Upscale Siding Replacement (foam-backed vinyl) $14,028 $12,358 88.1%

 

 

My thoughts, looking at these top 5 projects for Denver, are that the type of work that recoups the most money can be categorized as upscale projects that improve curb appeal and/or midrange projects that add additional living space. Something to keep in mind, is that the report is based on AVERAGE costs and values for each project.  Your costs and values may be different depending on how well you shop and the neighborhood you are in.  If you wish to recoup as much as possible for your improvements, my advice would be:

  1. do the improvements that are valued by the buyers in your area,
  2. only improve to the level of expectation of buyers for your neighborhood (don’t over-improve),
  3. shop carefully to reduce the cost of the improvements made.

SOURCES:   1. ©2014 Hanley Wood, LLC.  Complete data from the Remodeling 2014 Cost Vs. Value Report can be downloaded free at www.costvsvalue.com. 2. National Association of Realtors (http://www.realtor.org/news-releases/2014/01/realtors-rate-exterior-replacement-projects-among-most-valuable-home-improvements. 3.  Photo copyrighted by Microsoft.

Additional information that may be of interest can be found at these sites:

http://www.houselogic.com/photos/home-improvement/best-home-improvement/slide/steel-entry-door/

http://www.houselogic.com/home-topics/features-of-an-ideal-kitchen

If you would like a free consultation about the current value of your home, or suggestions for improving the marketability and resale value of your home, please feel free to contact Joan, by either calling 720-201-3049 or submitting the form below.

3 Offers in 2 days!

Status: Under Contract, Taking Backups!
PRICE: $244,900
MLS: #2849347, #737063

3 BEDROOM, 3 BATHROOMS, 2-CAR OVERSIZED GARAGE, 2132 SFT

Beautiful tri-level home with a great floor plan! Large covered deck overlooking the fenced backyard with mature landscape, dog kennel and sprinkler system for plenty of green grass! Stay comfortable with AC and Evaporative cooling in the warm summer days to come! Neutral colors inside with newly refinished hardwood floors, new kitchen counters, fresh paint throughout, and new carpet on lower level. Kitchen appliances included! Low maintenance metal siding, newer water heater and windows. Clean and Move-in ready! Short Walk to Schools, Croke Reservoir, Northwest Open Space, RTD, and nearby Shopping! Just a quick hop to I-25 for a fast commute to Downtown Denver! Quick Possession possible!

Click Below for Photo Slide Show:

 

 
Please call (720-201-3049) or email with any questions about this home or about the current real estate market!

Home Buying After Foreclosure or Bankruptcy- How Long Until I Am Eligible?

Only a few short years ago, the Denver Market was flooded with short sales and foreclosure properties for sale. The bankruptcy rate in Colorado was still fairly high then. Many people lost their homes during that time and have been renting since then. With the current tight rental market and rising rental rates, they may now be wondering, “How long until I can buy again”?

The answer is “it depends…”. Bankruptcy, Foreclosure, Short Sales and Deeds-in-Lieu are all called, “derogatory credit events” in the lending world. The waiting period before you are eligible for a new home loan will vary depending on: which type of “event” you had, the circumstances that lead to it, and the type of loan you want to get for your next house (VA, FHA or Conventional).

The lending world breaks down these events types even further: Foreclosure, Deed-in-Lieu, Short Sale, Multiple Bankruptcies, Chapter 7 Bankruptcies, and Chapter 13 Bankruptcies.

VA seems to be the most forgiving of these derogatory credit events. With VA financing, the buyer is eligible for a new loan only one year after a Chapter 13 bankruptcy. The wait period for the other types of events is only two years.

For FHA, the wait period for Chapter 13 bankruptcies is also after one year of on-time payments and approval from the bankruptcy court. It is 2 years for a person having a Chapter 7 or multiple bankruptcies, and 3 years for a Foreclosure, Deed-in-Lieu, or Short Sale.

Conventional Loans tend to be less forgiving. Wait periods range from 2-7 years depending on the type of event. After the wait period is up, the buyer may also be required to come with a higher down payment amount for their new loan.

The following chart, provided by the Wynn Team with Citywide Loans, provides a “short and sweet” visual summary of the waiting periods required for each circumstance and loan type.  Here is the link to the chart:

Derog Waitng Period for mortgages

Buyers should keep in mind that even if the waiting period has elapsed, lenders still make loan approval decisions based on credit scores and debt-to-income ratios. The waiting period is an added requirement.

If you are ready to buy or sell a home, please contact me!  I would love to help you make that move!  Or, if you have any questions, also please fill out the form below.

 

Preparing your home for showings

A property’s physical condition is one of the main factors determining whether or not it will sell quickly and at a desirable price.

IT’S LIKE WHEN YOU SELL YOUR CAR:

Since most people have probably bought or sold a car more often than they have bought or sold a house, I am going to use a car analogy to demonstrate this point.  Here goes…  If you were going to sell your car, and you wanted to get top dollar for it, you would “detail” it, inside and outside, and keep it that way each time you showed the car to a potential buyer.  And why  would you do this?  Because you know that it is more likely you will sell it quickly and get what your car is worth if it looks newer, is well-maintained, is clean, and has been “de-personalized”.  Auto dealers know this too, and that is why you seldom see cars on their lots that are riddled with oil leaks, have flat tires, have “wash me” written in the dirt accumulated on the back window, or have car seats or dog fur on the seats, or crumbled fast food bags, empty water bottles and muddy footprints on the floor, or something sticky on the dashboard .  While that may be a common way people “live” in their cars, it is not what most buyers are going to rush to buy!

The same is true when you sell your home.  While presentation is not everything in selling your home (price trumps all else)- presentation is a close “second”.

The good news is, that even minor improvements made at little cost can assure the highest return when it comes time for prospective buyers to tour your home.   A word or advice:  always be receptive to feedback from your showings. If there is something homebuyers consistently don’t like, change it.  It may not suit the way you live in your home, but remember, if you do what buyers are asking for– you won’t be living there much longer anyway.  Give the people what they want, and you will get what you want- the house sold!

Here are some suggestions to ensure your property is prepared for its public debut:

Curb Appeal & Exterior

Rake, mow, and water the lawn

Trim hedges and bushes

Tidy the flower beds and garden

Pick up any litter

Clean gutters

Sweep and hose down all types of walkways

Remove driveway grease spots

Repaint exterior areas on the house as needed

Repair or replace any broken features, especially those at the front of the house (steps, windows, screens, etc.)

Make sure the garage door is closed and no vehicles are blocking the driveway

Welcoming Entrance

                                Clean & tidy up the entrance

Be sure the doorbell is functional

Buy a new doormat

Clean the door and polish the door hardware

Be sure the door opens smoothly and key turns easily

General Maintenance

Oil squeaky doors

Tighten doorknobs

Replace burned out bulbs

Repair any broken windows

Touch up chipped or scuffed paint

Repair cracked plaster

Repair leaking faucets & toilets

Complete any unfinished home improvement projects!

Deep Clean Interior

Clean every interior room or hire a cleaning service to ensure a spotless environment

Replace worn throw rugs and shower curtains to freshen the overall appearance

Place fresh towels and new guest soaps in every bathroom

Clean all windows and sliding glass doors

Have carpets or wood floors professionally cleaned

Be sure the house smells fresh and clean (clean window treatments, upholstery, linens, laundry, take out trash, don’t smoke in the house etc)

De-Clutter For a Spacious Feeling

Arrange the furniture to accentuate the space

Store excess furniture

Clean & clear off counters, stove, and refrigerator

Clear closets of unnecessary clutter and seasonal clothing so they appear larger

The “Buying Atmosphere”

 

Keep interior and exterior lights on at night

Keep the temperature at a comfortable level

If possible, be absent when the broker shows your property so the buyer feels more comfortable taking a closer look and expressing their opinions

“De-personalize” your house so that buyers can picture themselves in it

Remove pets during showings (confine them inside or outdoors, or take them with you)

Turn on soft music

Turn on gas fireplaces (in winter)

Make all beds

Open curtains and blinds during the day and leave lights on in dark rooms or hallways

Set the table with good china and candles

Put clothes, dishes and all other personal items away

Put private documents, jewelry, precious coins, and other valuable items in a safe place, out of view.

Colorado Down Payment Assistance Programs!

The one of the biggest obstacles buyers face in purchasing a home is having enough money saved for both a down payment and closing costs. A minimum of 3.5% of the purchase price is required for an FHA loan, and typically, at least 5%-10% is a common requirement for a Conventional loan.

Here is what it might normally cost to buy (but read on-  good news to follow!)

For a home priced at $200,000, with FHA financing, a buyer would need at least $7,000 to meet their minimum down payment requirement.  For a conventional loan, the down payment would be at least $10,000 (5% down).  In addition, buyers will need to have funds for closing costs.  Typical closing costs might include loan origination fees, amounts to be escrowed for taxes and hazard & mortgage insurance, and various lender fees and recording fees.  These closing costs can range between 2-5% of the purchase price (up to $10,000 for a $200,000 home).  In addition, if the seller does not pay the buyer’s broker’s success fee, the buyer may be on the hook to pay that too (the broker’s fee is negotiable, but a common buyer’s broker’s fee in Colorado might be around 3% of the purchase price- about $6,000 on a $200,000 home).  The buyer may also need to pay upfront any third-party fees for services like, loan application, credit report, inspections, surveys, appraisals, etc (which may run more than $1,000 total).

The total for all of those fees, costs and down payment could potentially cost the buyer over $24,000 for a buyer using an FHA loan to buy a $200,000 home.  Needless to say, most buyers do not have that kind of cash available- especially not first-time homebuyers (who are not rolling over proceeds from the sale of their former home).      

 Now- here is the good news!

Luckily, for most buyers, the out-of-pocket costs to get into a home can be greatly reduced.  For example, in Colorado, the buyer’s broker is usually paid from the seller’s proceeds.  Also, some closing costs can be rolled into the buyer’s loan- so less needs to be paid upfront.  The purchase contract may be negotiated to have the seller pay some or all of the buyer’s closing costs.  Some third-party services, like inspections and surveys are optional- though I highly recommend having them done (it is always good to know what you are buying before parting with your money).  Down payment assistance programs are also a big source of relief to buyers that need a bit of help with the financial side of buying a home.  With all of these resources and strategies employed, it is possible to purchase a home with as little as $1000-$1500 out of the buyer’s pocket (even in today’s tougher lending environment).

For those buyers that desire as little as possible coming out of their pockets at closing, I am providing some information on down payment assistance programs available in Colorado.  Below is a list of the most commonly used assistance programs.  Some require that the buyer be a first-time homebuyer (or hasn’t owned a home in the past three years).  Some of these programs do not require being a first-timer.  In some of the programs, the assistance amount must be paid back or is gradually forgiven over time.  In other programs, the assistance is a grant, which does not need to be repaid.  Some are also location specific.  Finding the right mix of loan type and assistance program to fix a buyer’s needs can be complex- so more than likely, a buyer will need the help of a good lender to help them sift through the programs they are eligible for, as well as an experienced real estate broker (like myself) to help them find a house that will meet the requirements of both their loan type and any assistance program they may be using.

One of the lenders I have worked with is the Wynn Team at Citimortgage.  Their team of  loan officers, works with pretty much all of the assistance programs I am familiar with.  They have provided this short summary (in italics) of several of the homebuyer assistance programs available to buyers in Colorado.  Here is the list of some of the top financial resources available to buyers purchasing a home:

1.    Colorado Housing and Finance Authority (CHFA)

CHFA is probably the most well-known option to assist potential home buyers with down payment assistance or unique financing options not available through typical lending channels.  CHFA is available throughout the state of Colorado.  Here is what CHFA has to offer to home buyers looking to purchase a primary residence:

  • CHFA SmartStep Plus:       FHA (3.5% down payment) or VA (0% down payment) mortgage loan with down payment or closing cost assistance (3% of your first mortgage amount) in the form of a second mortgage payable over a term of 30 years.  Income and purchase price limits apply.
  • CHFA HomeOpener Plus:       Same exact program as the CHFA SmartStep Plus but with higher income limits and no purchase price limits.
  • CHFA Advantage:      Conventional mortgage loan with a 3% down payment requirement instead of the normal 5%.   In addition to the lower down payment requirement this loan has no up-front or monthly mortgage insurance.  Income      and purchase price limits apply..
  • CHFA Preferred:      Conventional mortgage loan similar to CHFA Advantage with the same 3% minimum down payment requirement.  The Preferred, unlike the      Advantage product, does have Mortgage Insurance  but provides an optional second mortgage (3% of your first mortgage amount) for down payment assistance.  Income and purchase price limits apply.  

2.    National Homebuyers Fund (NHF) Platinum

NHF Platinum is a new program available throughout the state of Colorado!  Just like CHFA the NHF program is available statewide.  Here is how NHF works:

  • Down payment assistance in the form of a grant (does not require repayment) in the amount of either 3% or 5% of your first mortgage loan amount.
  • Available on 30 year fixed FHA, VA or USDA mortgage loans.
  • Income limits do apply.
  • Loan limit is $417,000 or loan limits set by FHA, VA, or USDA, whichever is less.

3.    Metro Mortgage Assistance Plus (MMA)

The MMA program is very similar to the NHF Platinum program with a few small differences.  The major difference is the geographical restrictions of the MMA program.  MMA is available in the cities of Arvada, Aurora, Boulder, Brighton, Broomfield, Centennial, Dacono, Edgewater, Englewood, Golden, Lakewood, Littleton, Parker, Sheridan, Thornton, Westminster, Wheat Ridge and unincorporated Boulder and Jefferson counties. Here is how the MMA program works:

  • Down payment assistance in the form of a grant (does      not require repayment) in the amount of 4% of your first mortgage loan amount.
  • Available on 30 year fixed FHA or VA mortgage loans.
  • Income limits do apply: $91,100 for households of 1-2 people and $103,000 for a household of 3+.

4.    City & County Programs

In addition to these larger down payment assistance programs offered throughout the state or in multiple areas there are some additional programs available in certain cities or counties.  Most, if not all, of these programs require you to be a first time home buyer to qualify (to qualify as a first time home buyer you have not been on title to property within the past three years). Here are a few that are most popular in the Denver metro area:

  • Adams County
  • Arapahoe County
  • Aurora HOAP
  • CHAC (City/County of Denver and      Statewide program)
  • Douglas County
  • Jefferson County
  • City of Thornton

Each city or county has different rules and requirements for gaining access to their programs.  Other city and county programs are offered but I merely listed the most popular.  

               
5. Mortgage Credit Certificates (MCC)

Although the MCC program is not a down payment assistance program it is well worth mentioning since it is closely related to this topic.  An MCC lets home buyers claim 20-30% of their mortgage interest as a tax credit on their annual federal IRS tax returns. The remaining interest paid is still eligible for the home mortgage interest deduction.  There are currently two MCC programs available in Colorado:

CHFA MCC:       The CHFA MCC is available statewide and does not require you to obtain a CHFA first mortgage to participate.  CHFA offers a 20% MCC credit with their program.  Additional restrictions including income, purchase price, loan amount, credit, etc.      do apply to this program.  You must be a first time home buyer to qualify (some      exceptions to the first time home buyer requirement exist).  

 Denver MCC:  The Denver MCC is available within the city and county of Denver only. Denver offers a 30%  MCC credit with a $2,000 annual maximum.  Just like CHFA, Denver has some additional restrictions to be aware of including being a first time      home buyer.

Be aware- Not all lenders work with these programs!  There is usually an “approved lender” list for each program.  If you would like to contact a lender about one of these programs, or to be pre-qualified for a home loan, please fill out the form below.  I would be happy to give you the contact information for the Wynn Team and/or other qualified lenders participating in these programs. Although some of this information may be a bit overwhelming at first, the right professionals on your side can make the most of the resources available to you!  I would love to work with you in helping you through the purchasing process and buying your next home!  Please let me know how I can help!