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2008 was a difficult year for the US real estate market.  Denver was not immune to the epidemic of foreclosures, and general market malaise.

However, Denver fared much better than most other markets around the country.  In fact,  I predicted in Feb. 2008, that the Denver Real Estate market was on the mend.  This, in my opinion, is still happening. I believe we hit the bottom of the market in February or March, and have been bouncing off of the bottom since.

Here is the year to date recap through November 30th, 2008

**Data was compiled from Metrolist Statistics

Notice that the price and inventory of homes on the market has come down considerably,   While the number of sales and days on market are remarkably flat.  I attribute this to the fact that over the past 12 months, the investment buyers are eating up the bargain priced, lower end inventory.  The upper end homes are moving very slowly, and are taking a beating on their prices.  Thus, the average price is skewed somewhat.

I’m not sure when we will start taking off with appreciation, but I am confident we won’t see the market get worse.  My guess is the 2009 will continue to be flat as more of our inventory is absorbed.  However, once the move up buyers can’t resist the deals to be had on the over $500k price range homes, we may see the dominoes start to fall!

Stay tuned for our monthly market reports, and check real time data here.

Tell us what you think!  Leave a comment below with your questions, thoughts and insights.

From all of us with the Get Home Denver Team, we wish you a Merry Christmas and Awesome 2009!

As we move into the New Year, we want to thank our wonderful community of friends and clients for your support to our business in 2008!

Your support is not taken for granted! For over 15 years, our business has relied on the kind words of our clients as our #1 source of new business!

We look forward to continuing as a trusted source for you in 2009!

I have been told on three different properties in the $200k-$250k price range that they are no longer accepting showings as they have multiple offers. In my case it was actually 5 or 6 offers on the property. Short sale properties are a huge pain in the backside for a buyer.

I don’t mind being unable to show a house that there is very little shot at the buyer closing on. I actually appreciate it! But the entire short sale process is flawed. I don’t blame the Real Estate Brokers who are listing these properties, I blame the Banks!  The Brokers are just playing the game.  A game whose rules are set by the incompetent banks and lending institutions that started this whole fiasco.

Here’s the deal.

• A homeowner is struggling to make ends meet.
• Their home is worth less than they owe on it.
• They know they need to sell or they will lose the home to foreclosure.
• They talk to real estate brokers for a solution.
• They choose a Broker and list the home.
• The owner and Broker agree the loan balance of the home is greater than the market value.
• They list the home at some price, usually below market value, and hope they get some offers (they need to have offers, because the bank won’t speak with the troubled homeowner about a short sale until they have an offer on the table.)
• The seller then signs contracts with as many buyers as they can find, making them all contingent upon bank approval.
• They then hope to convince the Bank or Mortgage Holder to take a pay-off that is less than what is owed, and approve said offer.
• If an offer is approved, they make it closing.
• Many times, NO offers are approved.

Sounds simple enough.  However, the bank then takes 60-180 days to get to this offer and make a freaking decision. All the while, very little communication is given to the buyer about he status of the transaction.

There are contract addendums that need to be signed (or your offer won’t even be presented) stating that the buyer is aware the process takes a long time, and during this time other offers will be presented to the bank for their approval. Plus, the contract is not really a contract until the Bank actually signs off on the deal, etc…..

Everyone is held hostage by the bank, it sucks!

The system is flawed. If the banks wanted to fix the problem, they would go ahead and approve some short sale amount before the soon to be foreclosed upon seller, put the home on the market. And, then when offers came in, they would make a decision.  Not in 60-180 days, but 60-180 hours!  Sounds simple enough.

The solution lies in the hands of the Mortgage Companies.  How hard is it to empower your employess to make decisions?  How hard is it to set guidelines as to how these decisions are made?  Give me 2 hours with the CEO and we could come up with a solution that would be much more fiscally responsible, not to mention quicker!

It shouldn’t be this hard, and it shouldn’t take this long. What do you think?

Funny and what spending $700 Billion will inspire others to create!

Are you looking at properties that need a kitchen in order to close? Or flooring?  Or reinstallation of the copper piping?  Or a new roof?  Need to mitigate a former meth house? We offer the FHA 203k(s).  This is HUD’s “streamline” 203k program, that allows the borrower to finance up to $31,000 into their purchase loan at closing to repair, restore and remodel homes.

Although the program is nowhere near as restrictive or cumbersome as the full 203k, there are some limits–the funds cannot be used to add a porch or other structure, including additional rooms or square footage and cannot be used for structural or foundation repairs; however, they can be used to finish a basement, replace windows, install new appliances, remodel a kitchen and/or bath, paint, carpet, westernization, etc..

Given the current condition of many of the HUD and REO properties, this may be the answer for many buyers who want to take advantage of bargain purchase prices but who lack the funds to repair the home to habitability or remodel it to their desires.  Rates are about the same as a non-203k(s), but you do need to add a week or two to the process to allow for contractors to submit bids (yes, the borrower must use a general contractor [which includes Home Depot or Lowe's!]). Work must be completed within 90 days and no funds are disbursed to the borrower, funds are paid to the general contractor and suppliers.

Here are a few opportunities to view the Holiday Lights around the Denver Metropolitan Area.

Denver City & County Building. - A beautiful display of lights that’s worth a look!

Zoo Lights - 5pm-8:30pm through January 4th.  Located at the Denver Zoo, 2300 Steele St. in Denver.  More than 38 acres illuminated with LED lighting.  The kids love it!

Winter Wonderlights - Fridays, Saturdays & Sundays through December 28th.  Located at the Wildlife Experience, 10035 S. Peoria St., in Parker.  Features a nice light display, Santa’s Village with indoor shops, and the showing of the original animated “How the Grinch Stole Christmas.”  Call 720.488.3300 for more information.

Symphony in Lights - 6pm to 9pm on the hour, through December 31st.  Located at The Shops at Northfield Stapleton, 8430 Northfield Blvd., in Denver.  There are more than 250,000 LED lights choreographed to the sounds of the Trans-Siberian Orchestra.  Call 303.375.5475 for more information, and check out the video below.

Trail of Lights - Weds through Sunday ending January 4th.  Located at the Denver Botanic Gardens, at Chatfield.  Wadsworth & C-470.  Winding paths sparkled in light, restored 1880’s homestead cloaked in holiday charm.

Here’s to a wonderful Holiday Season, enjoy the lights and stay warm!

With 30 year fixed rate loans hovering around 5%, is this the time to pull the trigger on a re-finance of your mortgage?  There are two groups of qualified borrowers who should look at refinancing?

• Those who have fixed-rate mortgages above 6%.
• Those who have adjustable-rate mortgages and want the security of a fixed-rate loan.

With Fixed-rate loans, you will not have to worry about future rate increases. In today’s economic climate, people want the secure feeling of having a stable mortgage payment that comes with a fixed-rate loan.

There is no better time to get out from under your adjustable loans and high-rate seconds, which means lower interest rates and lower payments.

How To Navigate The Refinance Waters… there will be a bottle neck of files turned in because of the current interest rate drop. In order to insure a quick and painless transaction consult your mortgage processional on:

• New Guidelines
• New Fico Score Requirements
• New Loan to Value Changes
• New Income Documentation Needed

Turning in all documentation requested is the BEST and MOST EFFICIENT WAY to send your file to the top of the pile.

Feel free to contact us if you have been wondering if now is a good time to REFI!

As most of the readers of these pages know, I am passionate about the game of golf. So, I am going to be writing more about golf and it’s impact on the local real estate markets, and Colorado’s economy.

From the CGC Website

It was recently announced that the Colorado Golf Club would be home to the 2010 Senior PGA Championship.  This coming on the heels of the 2008 Senior Championship being played only an hour away, at the Broadmoor, in Colorado Springs.  For the PGA to, so quickly, bring back a Major Championship to Colorado, is a remarkable achievement for a club less than three years old!

However, this is no ordinary club.  Designed by Ben Crenshaw and Bill Coore, this is a monster course that will test the best players in the world.  I’ve played the course three times (Never from the tips) and it gives you 7500 +/- yards of enjoyment!  It is certainly in the top 2 or 3 courses I’ve ever played.  My first experience at the CGC was me saying, “That was a great golf hole!” repeated 18 times.  My subsequent rounds left me wondering why I couldn’t reach some of the long par 4’s in regulation, and thinking I really need to take a putting lesson.  I’ll check my pride at the door next time, and move up a tee box or two.  The championship tees are definately for those who earn a living by whacking a litte white ball.  Mike McGetrick, the event’s championship chairman, and Director of Golf at CGC, said in the understatement of year:

“This is an opportunity to see legendary players on an exciting and challenging golf course”

The event is scheduled to be held May 24-30, 2010.  It is expected to draw more than 100,000 fans, media, and volunteers during the week long tournament.  The economic impact of such an event is in the tens of millions of dollars!

View Larger Map

The Colorado Golf Club is also a place that high end homebuyer’s should consider.  Located South East of Denver, in Parker, Colorado, the area will be have a scant 170 homes, set on over 1700 acres.  There are 1300 acres of protected open space and over 10 miles of trails within the community.

Those looking to purchase a property here should plan on spending 7 figures, but the setting is spectacular, and the amenities unmatched.

Feel free to contact us for more information on Real Estate opportunities at the Colorado Golf Club.

When it comes to selling a home in the current market, nothing is out of bounds. Extreme marketing tactics, and unorthodox preparation for sale techniques are becoming more common in the effort to get properties sold.

If you have heard of other “unusual” techniques used to help sell a home, please leave it in a comment below!

Here are some pretty funny cartoons portraying the Federal Government and the $700 billion (some think the total could be closer to $7 Trillion!) Bailout Plan.

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