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When it comes to falling home prices, One Size does not fit all!

The Lowry neighborhood in Southeast Denver has been one of the best performing neighborhoods in the Denver area and has experienced an average 8% gain per year, from 2000-2007.

You can view the full report here.

photo credit: respres

According to The Millionaire Real Estate Investor by self-made millionaire and real estate investor Gary Keller, most successful real estate investors have had to overcome certain beliefs that later proved to be unfounded. Some of these beliefs center around the way they view themselves as investors, and the others are focused on beliefs about investing. By addressing these doubts and fears, and recognizing that they’re unfounded, you’ll eliminate the major barriers to becoming a real estate investor. ·

Personal Myth #1: “I don’t need to be an investor. My job will take care of my personal wealth.” Truth: History indicates that few jobs pay enough to create true financial independence. Financial wealth building depends on another vehicle. ·

Personal Myth #2: “I don’t need or want to be financially wealthy. I’m happy with what I have.” Truth: Financial wealth offers greater opportunity to care for yourself and others, and that is something most everyone wants and needs.·

Personal Myth #3: “I can’t do it.” · Truth: You don’t know what you can or cannot do until you actually try. ·

Investing Myth #1: “Investing is complicated.” · Truth: Investing is as complicated as you make it. ·

Investing Myth #2: “All the best investments require knowledge most people don’t have.”· Truth: Your best investments will always be in areas that you can or already do understand. ·

Investing Myth #3: “Investing is risky. I’ll lose my money.”· Truth: Investing and gambling are not the same thing. Investing, by definition, is not risky. ·

Investing Myth #4: “Successful investors can time the market.” · Truth: Timing isn’t about being in the right place in the right time. It’s about being in the right place all of the time. ·

Investing Myth #5: “All the good investments are taken.” · Truth: Plain and simple, every market, in every time, has its share of good investments.

If you’re interested in investing, but you have doubts about whether or not investing fits in with your current financial program, it’s best to consult with a qualified Real Estate Broker and reputable Mortgage Planner who can assess your financial situation and put you on a plan that targets your goals. As with any financial program, gaining clarity on the facts is always the best place to start.

Denver based Lend Lease Communities is doing a study to see if the solar resources are available to supply power on the 3870 acre planned community southeast of Denver.

Testing should last for 12-24 months and if all is OK, they hope to become the first “large-scale” Colorado community to use solar as a power source. Read the full story here.

photo credit: David Watson

My goal in working with Buyer clients with a contract to purchase a home is always to make the Closing a non-event. I strive to make sure all the footwork is done beforehand so when we sit down at the Title Company to sign the forest of documents that is a real estate transaction there are no surprises. That means all the items in the contract have been addressed, and the financed money is final and has been wired to the Closing Company.

As the day for closing approached, the lender had been in constant contact and had the figures ready. The Title Company had prepared the settlement sheets for review. It is very important to look through these figures carefully as any concessions may not be called out specifically. Rather, numbers that would typically appear under the Buyers column will be in the Sellers, and potentially vice versa.

The big lesson I learned in this transaction as both the Buyer and the Agent is to have the money transferred into an accessible account several days in advance. I knew where the money was coming from and which bank was going to generate the certified check. All I needed to do was authorize the transfers in time to make sure everything cleared and the bank was willing and able to create the check. I almost waited too long. So my recommendation is get your money in a pile early so you don’t have to stress over your cash at closing.

We did a final walk-through at the property on the way to the Closing. We entered the Closing Company with check in hand and everything proceeded without a hitch.

Now we own a house and have 3 days to get out of the condo before the renters move in. This is a great move in the current housing market; especially for Buyers out there worried about selling their existing home or condo in this market. We decided to keep the condo as an asset and take advantage of the slower housing market to step up into a bigger property. The rental property has some nice benefits to it including: expense deductions, unit depreciation, market appreciation in time, and pay down on the existing debt. Having a quality tenant to occupy the space on short notice was very helpful to the whole transaction

It’s Go Time! Why is MOVE a four-letter word? Buy a house and find out. I’m serious. If it has been a while since you’ve moved I would recommend everyone to pick a weekend to box ALL your stuff and move it to the garage and then back into the house. At the very least it will be a good workout. Actually, our move went as smooth as can be expected. We didn’t use a moving company but I will certainly consider this option next time. Family and friends helped at critical times and we a settling into the new space. The dog is loving the backyard and is keeping a close eye on all the squirrels in neighborhood.

The entire experience was a great learning opportunity for me and my clients will benefit from it. The better I can see the world through their eyes the better agent I will become. So if you know anyone looking to buy or sell a home, give me or the team a call and see how we can help you. And if you need some cardboard boxes I’m giving those away while supplies last!

photo credit: joshua m. neff

I blame the housing downturn on Election Year politics. OK, I’ve said it! I think the housing “crisis” has less to do with economic factors and more to do with the psychologic state of our great nation.

I concede that the sub-prime mortgage mess was a house of cards that eventually was bound to fall. The housing downturn, unfortunately was the wind that knocked it over.

Now, to the reason we have been ever so slow in the recovery process.

The only thing the main stream media loves more than natural disasters, is politics! Bad news and controversy sell papers and gain viewers. The primary theme for the past 18 months have been War, (Read George W. is worthy of treason for not getting us the hell out of the Middle East) and the downturn of the economy due to failed policies of this President!

Well, it seems the road to recession is paved with good economic news, that main stream media buries in their coverage. The biggest TRUE economic problem we have is the price of oil and gasoline. Most other factors are positive. In fact, the GDP rose an unexpected .9% in the first quarter of 2008.

Prices in the real estate markets are adjusting, or have adjusted, and the only thing preventing a full scale housing recovery is the perception that our economy sucks! A perception that has been coddled by the major media outlets.

Prediction: Once the 2008 Presidential Election is over, the housing market will start to run wild and the big sale on real estate will be over! Whoever wins the election will take credit for the recovery and we will be back to business as usual.

At least until 2012, and the next Presidential Election.

You heard it here first. What do you think?

Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically.

Conventional 30 year fixed: 6.25% up from 5.875% last week

FHA/VA 30 year fixed: 6.125 up from 5.875% last week

5 year interest only ARM: 5.5% up from 5.375% last week

Jumbo 30 year Fixed: 8.125% (OUCH!)

We actually have some news this week. Mortgage Bonds have made a decisive cross below the 200 day moving average, which is a STRONG indication of rising rates. Barring a quick reversal of the bond markets, we will most certainly continue to see a rise in mortgage rates. Stay Tuned!

If you have any questions about mortgages, or how to lock in a rate, please contact us at any time.

photo credit: kevindooley

photo credit: cioproject

I’m witnessing an interesting trend. Investment property opportunities are much tougher to come by than only a couple months ago!

Earlier this year, we were finding 2-3 properties per week that would meet our “Great Deal” or “Wholesale” criteria. That is, a property available for purchase at a price that was at least 20% below pre-2005 values.

Its been over 3 weeks since one of these deals has surfaced. Additionally, HUD owned home are tougher to find. For example, there are only 2 HUD homes in all of Douglas County. Only 4 months ago, there was 15-20.

The take away is, as an investor or first time buyer, all new “Wholesale” deals will be scooped up quickly. As the market continues to improve, these deals will become more scarce, and you will likely face competition to be the high bidder.

We will continue to comb the market for extraordinary deals for our clients, but if you are thinking of about this kind of purchase, be prepared. Only the most qualified, and quickest to act will win!

photo credit: EverySpoon

Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically.

Conventional 30 year fixed: 5.875%

FHA 30 year fixed: 5.75%

VA 30 year fixed: 5.75%

5 year interest only ARM: 5.375%

Jumbo 30 year fixed:  7.875%

Jumbo 5/1 ARM 5.5%

Rates for Government programs (FHA & VA) have improved slightly over last week.  Conventional and Jumbo products have remained about the same.  There are fears from inflation that may move rates higher (Oil at record highs!)

If you have any questions about mortgages, or how to lock in a rate, please contact us at any time.

The Inspection and Financing

We have a contract! Don’t Panic! Now, what is it REALLY going to cost us and what kind of shape is it REALLY in. This is where we find out how much we REALLY want a new home.

Like any smart home-buyer, we were pre-approved for financing and had a couple of options on how to structure the possible loan. Now that the property & price are identified the real numbers come into play. As a Buyer, comparing GFE’s (Good Faith Estimate) from different Loan Originators feels like I’m standing on a subway platform watching a professional three-card Monte (the bent cards & you have to catch the queen). There are known costs, estimated costs, pre-paid items, escrow accounts, and points all arranged in a very detailed page. The problem for the average buyer is the categories vary between lenders but some how the numbers come out the same at the bottom. Some people are good just looking for the interest rate and monthly payment. Others will create spreadsheets comparing individual costs and categories and lay awake at night thinking about the dollars involved. I like the spreadsheets, for some reason. After a few nights of restless sleep, I have a new found appreciation for my clients and the level of anxiety that accompanies your name to a sizable amount of debt.

What I discovered is at the end of the day you have to make a decision and pick a loan package. If you are working with quality lenders the top 2 options are really very close in costs and it comes down to personal comfort. You can maximize your down payment to lower your monthly payment or minimize the down payment to keep cash available for repairs or other investments. It’s your money, you get to make the call.

The Inspection appointment is one of my favorite events during a contract because new or old, you just never know what you will learn at the end of the day. I am always entertained by homeowner modifications completed over the years. More than once I have heard a client or inspector say “What were they thinking?” It isn’t a perfect world and I’m telling you right now, your house is not perfect. Get over it and get on with it. If the house is solid and there aren’t major health or safety issues involved we will likely find an agreement that works for the Buyer and Seller.

I am convinced the Inspection process does work. It provides the Buyer an opportunity to turn and run, negotiate for work on the house, or sign on as is. Each house and each Buyer is a one of a kind and the inspection process helps the Buyer get acquainted with the investment. Our house is a 1951 frame built structure and there are issues throughout the house. However, they are issues we are willing to deal with on our own terms. We have the knowledge and the resolve to work with the issues during our time in the house. It is go-time and we’re ready to seal the deal!

Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically.

Conventional 30 year fixed: 5.875%

FHA 30 year fixed: 5.875%

VA 30 year fixed: 5.875%

5 year interest only ARM: 5.375%

Jumbo 5/1 ARM 5.5%

You’ll notice the market is not wanting to play on adjustable rate mortgages, and they are making sure to get a premium for the Jumbo loan programs. But the market is loosening up a bit for this type of money.

If you have any questions about mortgages, or how to lock in a rate, please contact us at any time.
photo credit: woodleywonderworks