Tag Archives: sale

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/

 

 

 

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.

 

THE RANCH: MARCH 2013 SALES ACTIVITY

Here is the real estate sales activity in The Ranch subdivision for March 2013.

THE RANCH:  Attached Dwelling Listings

Price Status Address Office
$220,000 A / B 2229 RANCH Dr CC123
$228,000 A / B 2285 RANCH Dr MBN61
$319,000 A / B 11276 RANCH Pl MBN41
$220,000 W 2229 RANCH Dr CC123
Total Number of Attached Dwelling   Listings: 4

THE RANCH: Residential-Detached Listings

Price Status Address Office
$325,000 A 11877   Wyandot Cir 0CRSS
$328,900 A 11804   VALLEJO St WURR1
$337,950 A 11240   QUIVAS Loop BC001
$499,900 A 11615   QUIVAS Way CBR56
$519,900 A 11388   QUIVAS Way KWR80
$550,000 A 1740   W 115TH Cir REX01
$559,500 A 11871   Bryant Cir FRON
$675,000 A 2593   Country Club Ct FRON
$995,000 A 2440   COUNTRY CLUB Loop PRMR1
$320,000 A   / B 11224   QUIVAS Loop MBN17
$334,000 A   / B 11261   QUIVAS Loop MBCDR
$339,900 A   / B 11482   Quivas Way MBD2X
$749,900 A   / B 2184   W 116TH Ave M1842
$334,000 P 11261   Quivas Loop 0CDRL
$495,000 P 2256   COUNTRY CLUB Loop CBR18
$283,900 S 2394   W 119TH Ave 00118
$365,000 S 11334   QUIVAS Way RMW01
$750,000 S 2333   COUNTRY CLUB Loop REM12
$337,950 W 11240   QUIVAS Loop BC001
Total   Number of Residential-Detached Listings: 19

Total Listings Reported (All Types): 23

SOURCE: IRES 03/01/2013 TO 03/31/2013, sales activity in The Ranch Subdivision.  The listings above may be listed or sold by other real estate brokers.

Denver Area Market Activity, March 2013

Market Snapshot chart, March 2013

March sales data for the Front Range continues to show strength in the local real estate market.  Supply of homes continues to decrease.  The number of “actives” on the market is down 35% from this time last year, and even down over last month.   Demand is also up over last year (and last month) as indicated by the increase in the percentage sold and under contract.

The number of “pending” sales is down.  In Metrolist (the Denver-area MLS, and source for this data), the “Pending” category is usually reserved to indicate a sales contract that has been accepted, but is awaiting signatures or requires third party approval.  “Pending” might indicate a verbal agreement, but not signature on a bank-owned property.  “Pending” would also indicate a property that is awaiting a lender’s approval for a short sale.

The percentage of Pending properties has decreased since February, and since this time last year.  This could be an indication that there are fewer distressed sales since this time last year (fewer lender-owned and shortsales).

Days on Market (DOM) is down.  Days on Market is the number of days between the listing date and the date the listing goes under contract.  On average, homes are selling nearly 35% faster than this time last year.  Sold prices continue to climb.  For all Single Family homes, the average sold price is up nearly 14% over last year.

What does all this mean for you?

BUYERS:  If you are thinking of buying, don’t wait too long.  Prices are rising, and have been rising nearly every month for the last year.  Be prepared to act when you see a house that will work for you.  There is a lot of competition for homes in this market (there are fewer of them,  and what is there gets snatched up quickly) so be prepared by being pre-approved for a loan before you go out looking.  Being pre-approved will make your offer appear stronger to a seller, and will increase your chances of getting the home.

SELLERS:  If you are selling, be prepared for a relatively quick offer.  Overall, the stats indicate that you should be under contract within 60 days or so.  However, depending on the price range you are in, it could be much faster than that.  Once under contract, expect to close the sale within 30-45 days.

If you have any questions about the market and how it will affect your home buying/selling experience, feel free to  contact me with any questions, using the form below.

* This information is based on information from Metrolist, Inc. for the period (03/01/13) through (03/31/13). 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.

Real Estate Market Stats for Denver Front Range, February 2013

Snapshot, Feb 2013

The housing market in the Denver Metro Area is still going strong!  The supply of homes for sale is down over this time last year by about 33%.  Demand is up (homes are selling in about ¾ of the time it took last year).  As expected when there is less supply and higher demand, sold prices are also up (11% over this time last year)!

For Sellers this is great news, as the trend means homes continue to re-coup some of the equity they lost after the mortgage crisis of 2007-2008.

For Buyers, the stats indicate that getting a home under contract is getting to be a bit more challenging.  Since there is less supply, there will be more competition among buyers for the homes that are available. And the “good ones” (and even some not so good ones) will be snatched up by those buyers who are ready to place an offer quickly, and those who have their financing in order.

 If you are thinking of selling your home, contact me!  I will give you a free market analysis and customized staging tips to help you determine the best price for the current market and help you get your home sold as quickly as possible!

If you are thinking of buying, I can help you get prequalified with a reputable and knowledgeable lender, so that when we find your perfect home, you will be able to make a strong offer, with the highest chance of getting the home you want- at the right price!  And please, take advantage of my offer to have your own free, automated, customized search results delivered to your email box each morning!  No need to spend time searching on your own and sifting through the same listings day after day!  Check out the “Search for Properties” Tab at the top of this page for more information!  Or contact me using the form below for a confidential consultation!

Denver Area Real Estate Market Stats for January 2013

Below is a summary of the real estate market statistics for the Denver Metro area for the month of January 2013.  Looks like activity is picking up for Single Family homes (Residences and Condos) after the holidays.   Although the number of houses on the market, and those that closed in January were down compared to December, the number of homes that went under contract in January increased by 43% .

Compared to this time last year, the market is still on the rise.  The number of active listings is down 32% (supply is down), the number under contract is up 27% (demand is up) , the days on market is down 25% to an average of only 78 days (get them while they are hot), and the average sold price is up more than 10% higher over this time last year.