It looks like you're new here. I appreciate you stopping by! Feel free to throw down some graffiti on my wall by adding a comment to this post! And, if you like what you see, please subscribe to the feed and I'll deliver all my new content, right to you! Thanks for visiting!

Image via Wikipedia

The First Time Buyer….

• They have an opportunity to buy homes today that don’t have inflated values…
• They don’t have to wait for their home to sell…
• They have sellers willing to pay their closing costs and buy-down already low interest rates….
• They are in the first “Buyers” Market in nearly 8 years….
• They have the largest selection of homes in 15 years…..
• The current down turn in pricing will allow them to buy homes in neighborhoods that were out of their reach 2 years ago…
• They can get that extra bedroom or bath or garage…
• They can still buy a home with 3% down, a job, and reasonable (not perfect) credit through FHA..
• If rates go dramatically lower …FHA has a streamlined refinance program that doesn’t require re-qualification of the buyer…..
• If they buy before July 9, 2009 they are eligible for a $7500 tax credit
• If they buy before Dec 31 2008 they will get that back with their 2008 return

This is a life changing opportunity……

I saw this video, laughed out loud, and immediately though that this is what I feel like dealing with the incompetence among the countries big lenders.

Stonewalled and ran around, day after day, their actions and attitudes communicate an overwhelming aire of indifference! [Read examples from previous posts here and here ]

If you are considering the purchase of a foreclosure or short sale, please bring your patience. It will be needed, I promise!

If you are an exec at one of these mortgage companines, Please get your act together and try and make the process easier for everyone (it will become more profitable for you!)  Plus, my head hurts!

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!

Today from the Rocky Mountain News

Denver home prices fell 5.5 percent over the 12-month period that ended in February, which is less than half the 12.7 percent drop from 20 cities in the much-watched S&P/Case-Shiller National U.S. Home Price Index. View article…

Once again, as we’ve commented here many times, we may not be the ugliest kid at the party!

Men dressed as pigs frolicked outside the annual meeting of Richmond American Homes in Denver this morning, drawing attention to the role they say corporate home builders played in creating the mortgage and foreclosure crises. View article…

This one cracks me up! Let’s dress up as pigs, and frolick outside a builder’s place of business! This will teach them to sell homes to people who don’t take any personal responsibility for their finances.

The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier. View article…

I think this means the flood waters of foreclosure are cresting. Now let’s start getting back to figuring out who is going to scoop up these great deals!

What are your thoughts on these articles?

In terms of Denver, Colorado Real Estate, there may be a new definition to “Buyer’s Market.” 

The typical definition of a “Buyer’s Market” is one that says the conditions of the market place are more favorable to the buyer than the seller.  With the number of foreclosures still hitting the market, the mass amounts of publicity to the nationwide Mortgage Fiasco and the potential long term implications it is causing, it is easy to fall into the “trap.”

Unfortunately, many homebuyer’s in the Denver area are getting a not so pleasant wake up call.  My team has two separate clients that are thinking that Buyer’s Market equates to Bidding War! 

Over the past month Client “A” has put in 5 bids on 2 different properties and has yet to have one accepted.  Each time others have outbid them, and we are now in search of a new target. 

Client “B” found a great foreclosure, and could hardly wait to make it their first home.  Not wanting to lose this property, we offered full price, with a small amount credited to the buyer, at closing, for closing costs.  This was a HUD owned property and, the HUD process is such that if your bid is not accepted, you are not notified directly.  Rather the property remains active with HUD, and you can place another bid.  Another bid was placed last Friday, and today we found out that someone else had their bid accepted,  for over asking price.

The market has spoken, and it seems to be saying it wants to be redefined!

I wanted to pass along this great article about Colorado Foreclosures from the Rocky Mountain News.

Governor Bill Ritter and Senator Ken Salazar are urging Colorado Homeowners to use the free counseling hotline for those in the danger of Foreclosure.  The hotline connects homeowners with about a dozen nonprofit counseling agencies.  Since October of 2006, it is estimated the hotline has helped approx. 5600 families keep their homes.

Senator Salazar said those who call the hotline have found an 80% success rate in the re-negotiation of their mortgage contract.

To reach the Foreclosure Prevention Hotline, call 1-877-601-HOPE

For the past 5 months I’ve been espousing the virtue of the current Denver Real Estate market. Statistics were not backing up my rosy opinion, but statistics are funny things. They are always open to interpretation, and my gut was giving me a very optimistic feeling.

I have people ask frequently my opinion on certain market “Facts.” My reply, Facts, Schmacts. They are only as good as who compiled them, and whose agenda they are being presented for. Major media outlets are crying the sky is falling, the National Association of Realtors are telling us the market is fine. The truth is, as is usually the case, some where in between. Additionally, the majority of these reports take a National perspective and Real Estate is local! I don’t care what is happening in New York or Boston (No offense intended if you are a thin skinned easterner)

What I know to be fact, after 17 years of selling homes in the Denver area, is last year SUCKED! I worked harder, and made less money, than in many years previous. What I also know, is I’ve got a feeling things are getting better. No statistical data, just instinct.

The Rocky Mountain News reported today Foreclosures (more…)

CBS reported today that the real estate market may be improving.  Check out this video!

As they mention in the video, Real Estate is a Local commodity and you need to have a LOCAL professional on your side.  For any information on Denver Real Estate, contact us!

Nationally, single family housing starts are down 6.7% on an annual basis, and are at the lowest levels since 1982!  This situation is actually good news for the real estate market and future of the housing industry.  This level of activity should help in bringing down the excess of inventory out there!

Another sign of improvement!  California’s foreclosure rate in February fell 15% from January!  Nationally, foreclosure filings DECREASED 4% from January to February. 

Some more interesting information, I just read from Brian Buffini and will summarize here.  There are many places in California and Nevada where the foreclosure rate is in excess of 4%, however the National average is 1.033%  Factor in that 30% of homes are owned free and clear the actual number of mortgage being foreclosed is closer to .7%.  Read the full post here.

Contact the Get Home Denver team for all your Denver Real Estate information!