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There is still a lot of warm weather ahead in most parts of the country.  If you are selling your home, don’t forget the “extra” living space you have. Of course, I’m referring to your deck or patio.  There are almost as many design magazines focusing on outdoor spaces, as there are for interiors.  If you are not utilizing this space, you are missing the opportunity to add square feet to your home.

Think of your deck or patio as an outdoor living room, and include comfortable seating, soft lighting, and stylish accessories.  Pots of colorful flowers are a great way to fill in those empty spaces, but make sure you keep them watered and pick off the dead blooms to preserve their beauty.  Dried up plants and flowers are a definite turn-off to buyers.  Keep walkways clear, and make sure leaves and other debris are swept up.

Once you have created this inviting area, it needs to be visible from indoors.  Keep blinds and curtains open, so the eyes of the buyers will travel to the outdoor space.  Make sure windows are clean and there is nothing obstructing the view.

So, when you are getting your home ready to sell, don’t forget your deck or patio. The space is already there, and with a little effort, you can extend your home.  Buyers will appreciate the extra living space, and your home will stand out from the competition.

This week President Bush signed the $300 billion housing bill aimed at helping homeowners avoid foreclosure and it’s estimated that roughly 400,000 families will benefit. The changes are scheduled to begin October 1, 2008. It’s a very detailed bill but some of the highlights include:

FHA Changes

Mortgage limits for high cost areas will be increased to the greater of $417,000 or 115% of the local area median home price, capped at $625,000. The FHA floor will go from 48% to 65% of the current conforming loan limit or $271,050.

The FHA down payment requirement will now be 3.5% of the purchase price up from 3.0%.

Seller funded down payment assistance program (DPA) will be terminated on September 30. Other assistance programs provided by non profits or funded by churches, employers or family members remain intact.

Fannie and Freddie

The conforming loan limit will be increased to the greater of $417,000 or 115% of local area median home price up to $625,000.

The bill includes language to authorize the Treasury to make loans to and buy back stock from Fannie Mae and Freddie Mac, establish capital standards, management standards, review and approve new product offering to ensure future sound operations.

FHA Rescue Program

A special FHA refinance program will allow the refinance into fixed rate FHA products of up to $300 billion in distressed mortgages. A few of the details include:

· Homeowners currently living in their home with loans that were issued between January 2005 and June 2007.

· They must be spending at least 31% of their gross monthly income on their mortgage payment.

· They can be current or behind in their monthly payment but must prove they can not continue making the payment.

· Other debt such as home equity loan must be retired first and they can not obtain another home equity for 5 years unless they can prove it’s needed to pay for required maintenance to their home. In addition the new debt can not total more than 95% of the homes value and approval from FHA must also be granted.

· Homeowners will share in future profits by paying a 3% exit fee based on the principal balance to FHA when they sell or refinance.

· If the home is sold or refinanced within a year they will have to pay 100% of the profits to FHA. After a year that numbers drops to 90% and the profit percentage drops in 10% increments to the 5 year and stays at 50%.

Local Foreclosed Properties

The bill provides for $4 billion in neighborhood revitalization funds for local governments to purchase foreclosed properties.

Tax Incentives

A tax credit of $7,500 will be available for First Time Buyers who have or will purchase between April 8, 2008 and June 30, 2009. The Low Income Housing Tax Credit will also be expanded.

For questions on the new law, and how it may effect your purchase or sale, contact the Get Home Denver Team for all your real estate answers!

I wanted to let everyone know of an exciting new feature on this site!  On the Top Right of the “HOME” page, you now see a Market Profile section.  This section shows you a graphical display of the Median Price of Homes in the Denver Metro Area.

It’s alway helpful to know where you have been, and where you may be headed.  It is especially useful when trying to predict trends.

By clicking on the graphic, you will be able to see other trending statistics such as:

• Market Conditions
• Days on Market
• Price per Square Foot
• Number of Homes on the Market

Here is what is looks like!

The 2008 Parade of Homes in Denver kicked off last week, and will run through Labor Day.  The Parade is an annual showcase of high end homes, with trendy, high end finishes.

This years version is hosted at Solterra, in Lakewood, Colorado.  (Click here for map and directions)  The subdivision is brand new, and will be a great little community.  Located on the far west side of Metro Denver, at approximately C-470 and Alameda, it sits atop some high ground with good views to the south.  Unfortunately, it is currently a bunch of vacant lots (sans the Parade homes), and with the housing market in it’s present state, that will be the case for a few years.  So don’t look for many amenities, such as grocery stores, moving in any time soon.

Historically, the Parade has been a great place to see the latest trends in design and architecture.  But recently, it has become an effort to “one-up” the next guy.  Who can put in the biggest home theater etc…

The biggest trends I saw:

• Fabulous Outdoor Living Spaces.  These homes added a ton of liveable sq. ft. outside of the main home in the form of covered patios and decks, etc.  Included outdoors are kitchens, grills, entertainment areas with TV’s etc.
• Large Sliding Glass Doors to Access the outdoor space. The outdoor space was married to the indoor space with large (some up to 12 ft. wide) openings from the home to the patio/deck.  I really liked this feature and believe it will continue to be a dominating trend in the future.
• HUGE Wine Cellars. Not so new, but a continuation of bigger and better wine cellar/tasting rooms.
• Smaller Home Theaters.  Home theaters have gotten smaller, and certainly not as important to the whole design/build concepts being used.
• Smaller Bedrooms.  All bedrooms seem to be getting smaller, and not taking up as much of the homes square footage.  The masters still offer great bath and closet space, but the actual bedrooms are trending smaller.

So is this years Parade of Homes worth a darn?

Last years Parade of Homes was a huge bust, with very few of the homes actually selling, and a couple even ending up in Foreclosure.  I’m sad to say, this year may be no different.  I was very disappointed in the properties! Check out some mini tours of a few of the homes.

These homes are OVERPRICED for what you get.  The location is OK, but not great, the community is one of $500,000+ homes, not $2,000,000.  They are pretty nice, but the bottom line is if you are looking to spend $2,000,000 +/- on your next home, stick to Cherry Hills, Greenwood Village, and many of the old Denver neighborhoods!

photo credit: Skyriser / Lix

Tomorrow, July 26th is the Annual Greenwood Village Day!  This event is one of the reasons Greenwood Village is unlike most other municipalities.

Every resident is invited to attend a fabulous, FREE event, celebrating those who live in Greenwood Village.  Starting at 2pm and running until 10pm this is a big party!  Specifically planned to make sure the whole family enjoys themselves, the day includes events, activities, games and food!

This is one of the events my family attends EVERY year, it’s truly great!

Everyone gets a free meal, and T-shirt. The one catch you need a ticket!  But it’s pretty simple, To pick up your tickets, simply go to City Hall, show proof of residency and that’s it!

Here is a list of some of the events and the schedule:

2pm-7pm  Fun, Games, and Activities

Pre-School Astronaut Vests, Rocket Making, Space Alien Chess, Planet Painting, Solar System Puzzles, Handcasting, Flying Trapeze, Airbourne Adventure, Rocket Inflatable Jumper, Mars Mining, Wrecking Ball Inflatable, Rocket Launch Area, Dr. Adam’s Bomb Lab, and Much More!

4pm-7pm  Dinner, Ticket Required!

4pm-6pm  Day Stage - Live Music from “The Spin”

8pm-9:15pm  Night Stage - Live Music from “Triple Nickel”

9:15pm-9:45pm  FIREWORKS!

In case of rain, the Concert and Fireworks will be re-scheduled for Sunday July 27th, from 7pm-9:30pm.

Rates got a little scary late this week.  These are up about .25% above where we were earlier in the week.  The equities market rally for the last 2 or 3 days is partly to blame for this increase along with some of the FNMA, FHLMC turmoil filtering into the bond market as well.

Please call or email if we can be of assistance!

The City and County of Denver announce the traffic plans for next months Democratic National Convention.

The major areas of concern will be two major thoroughfares through the city, Speer Blvd., and Auraria Pkwy. will be closed for the majority of the week.

Trust me, this will be a mess.  You don’t want to be anywhere near Downtown Denver during the last week of August!  Click here for a complete description of the gridlock that will be!

I am asked quite often “What is the difference between decorating and staging?” I thought I would provide you with a quick explanation, and some definitions of other terms we use in staging.

Decorating is furnishing and accessorizing a space, with the taste and lifestyle of the homeowners in mind.

Staging is decorating, also, but in a manner which showcases the best features of the home, detracts from any negative features, and appeals to the greatest number of buyers.

Neutralizing is removing a particular style or theme. For example, if a home is decorated with a Southwest motif or a kitchen has a “cow” or “rooster” theme.

Depersonalizing is the removal of any items which speak loudly of who lives in the home. Family photos, memorabilia, travel souvenirs, trophies and awards, to name a few.

Scale is the term used to describe the relationship between the size of the room and the size of the furnishings. If the furniture is too big, or there is too much of it, it will make the room appear small and crowded. When the furniture is too small or there is not enough of it, the room can look bare and uninviting.

Balance refers to the placement of furniture in regard to other furniture or an architectural feature like a fireplace or built-in bookcases. Large pieces of furniture should be placed in a way in which the weight and height is even throughout the room.

Vignette is a word that stagers use to describe a smaller area furnished and/or accessorized which conveys a welcoming feeling on its own. A window seat accessorized with pillows, and a decorative tray containing a coffee cup and a book, would be considered a vignette.

Understanding these terms and recognizing the value of staging your home is vital in today’s market. If the task of getting your home ready is too overwhelming or you just don’t know where to begin, contact us for a referal to a professional stager in your area.

Arapahoe County Colorado residents now have a way to save on the ever-rising costs of perscription drug costs.  On July 3rd the County Commissioners announced the program.

Commissioner Susan Beckman said:

“Using the NACo prescription discount is easy, simply present it at a participating pharmacy.  There is no enrollment fee and no restrictions or limits on frequency of use.  Cardholders and family members may use the card any time their prescriptions ar not covered by insurance.”

The card will save residents 20% off the retail price of commonly prescribed drugs and may be used by all Arapahoe County residents regardless of existing insurance coverage, age or income level.  The cards are accepted by more than 90% of local pharmacies.

An interesting note, discounts also apply to pet medications!

You may get your card at Arapahoe County offices, the South Metro Denver Chamber, and many libraries in the county.  For full details and all locations to get your card, see the Arapahoe County Official Page.  You may also call 1.877.321.2652

Metro Brokers - DMV from Chris Rock on Vimeo.