How to make your home bid stand out

some good advice from the Denver Post... More than 4 million Americans buy a home each year, but there's no telling how many offers are discarded along the way. And no one wants to get edged out in the bid for a dream home. Real estate is rebounding in many regions of the country, and buyers can face formidable competition. Of course, the best way to snag the home you want is to promise the most money. But there's more to making an offer than simply setting and stating your price. Here, two top real estate agents in a perpetually competitive market — Washington, D.C. — share pointers on crafting an offer that will outshine the rest: Show them the money The key, both said, is assuaging the sellers' fears. They worry mainly that the deal will fall through, so have your financing in order before you submit an offer. Make sure the lender checks your credit, assets and employment status before pre-approving your loan, and get a detailed letter with the amount you are authorized to borrow, recommends Elizabeth Blakeslee, a Coldwell Banker broker in the capital region. Another way to signal you are a serious buyer is by putting down a large, good-faith deposit. A 2 percent to 4 percent escrow deposit is common. However, Nancy Itteilag of Long and Foster real estate, who has been listed among the top 10 agents in the country for sales volume by the Wall Street Journal/REAL Trends, tells her clients to write a check for at least 10 percent. Within 30 days, the buyer will need to hand over this money as part of the down-payment anyway. "If the seller has a nice deposit in escrow, they know the buyer is not going to wake up and change their mind," she says. Eliminate surprises The other unknown that keeps sellers up at night is dread over repairs, says Blakeslee. Most of fers are contingent on a home inspection. To eliminate that variable, have the inspection done before putting in an offer, and specify any repairs you expect the seller to make. That way there won't be surprises later. Alternatively, buy a home warranty or even request that your real estate agent throw one in as a closing gift. That way the seller knows that if the heating system gives out, it will be covered. "They don't want the buyer nitpicking — coming back with 'the icemaker doesn't work'," Blakeslee says. Another contingency in most contracts is the home appraisal. If the value of the property as assessed is lower than the purchase price, the buyer can back out of the deal. Most lenders require an appraisal before underwriting a mortgage, so unless you are paying cash, you won't be able to waive this condition, Blakeslee says. However, if you are in love with the house, you can volunteer to pay, out of pocket, the potential difference between a low appraisal amount and the purchase price. Offer peace of mind The goal is to be as accommodating as possible without sacrificing your family's needs. Talk to sellers about furnishings or appliances they want to take or leave behind. Also, give the owners plenty of time to move. Consider allowing them to stay in the home for a month after the settlement date at no charge, Itteilag says, as long as they continue to pay utilities. As a buyer, you don't have to make a mortgage payment the first month anyway. "When you have people who have been in their homes for 20 years, they don't want to be pushed out," she says. "Sometimes you can't put a price tag on the comfort level you've offered them." Personal connection Make your bid stand out with personal touches. For instance, write a letter to the seller detailing why your family fell in love with the home and the community. During your house tour, Blakeslee advises looking for a detail that connects your family with the previous occupants. Perhaps they went to the same college you did, have the same number of children or share your interest in ice hockey. Seize the opportunity to explain why you are a great match. In addition, be sure your real-estate agent presents your offer in person, Itteilag stresses. When agents are face-to-face with the seller, they can read the situation clearly and make requests that are hard to put in writing. For instance, your agent can tell the listing agent how much you love the home, hinting that if there is a stronger offer, you would appreciate the opportunity to match or beat it. Finally, while all these tips are helpful, it's not your job as a buyer to think strategically, says Itteilag. "Find an excellent (real estate agent) and let them represent your interests," she says.

Fewer homes sold in the Denver metro area in November

from Denver Post.... November saw a 24 percent decrease in home sales in the Denver metro area compared to October, and a five percent decrease year-over-year, according to Metrolist. Homes sales in October were 4,628 compared to 3,500 in November. In November 2012, home sales numbered 3,692. However, Metrolist said the metro real estate market remains strong heading into the holidays with the average Denver metro home price in November at $312,401, up three percent from October. The $312,401 is up nine percent over November 2012, when the average Denver metro area home price was $285,664. "We continue to see tight inventories and an expected increase in average price across the market," said Kirby Slunaker, CEO and president of Metrolist Inc. "November typically sees normal decreases in both listings and sales activity, as many potential sellers wait until after the holidays to list new properties," said Slunaker in a statement. Slunaker said that Denver real estate market remains competitive which resulted in the higher home prices and maintaining a reduced number of days on the market. The average days on the market in both October and November was 44, a 37 percent decrease from November 2012 which saw an average of 70 days on the market. The price of condos in the metro area showed strong price stability, with an average sale price of more than $200,000 per unit in November, which was a two percent increase over 2012. "Our brokers and agents have seen a very busy year with a record setting selling season," said Slunaker. "While the market has cooled slightly, as one would expect, the numbers year-over-year are incredible and speak to the growing strength of the Denver metro real estate market."

Then and Now, Photo of Denver Skyline in 1898 and one from 2013.

In 1898 the population of Colorado was close to 540,000, today it is estimated to be close to 5,200,000.

Single Women Are Buying Homes At Twice The Rate Of Men

interesting buying trends from insiderbusiness.com.... A few decades ago, a single woman buying real estate on her own was a rarity. Before the Fair Housing Act of 1968, few women could get approved for a credit card, much less a mortgage, without a husband's or father's signature. Now that's all changed. In fact, the National Association of Realtors reports that since the mid-1990s, single women have purchased homes at nearly twice the rate of single men. Last year, single female homeowners made up 18 percent of household composition in the association's Profile of Home Buyers and Sellers, compared to 10 percent for single men. Julie Cook, a public relations professional in Michigan, recently closed on her first home, a three-bedroom ranch outside Detroit. After living in New York City and paying sky-high rent for a few years, the Detroit native recently moved back to the area and decided to take advantage of more affordable home prices. "At this point, it was a better way to spend my money than putting it into rent," she says. "I might as well get equity." She lived with her parents for three months while she saved money for a down payment and browsed properties with her real estate agent. She secured an FHA loan earlier this year and moved into her new house last month. [See: A Step-by-Step Guide to Homebuying in Today's Market.] Interest rates have begun inching back up in recent weeks, so Cook considers herself lucky to have locked in a low rate even as the closing process dragged on. "The hardest part was the wait," she says. "FHA takes a little bit longer because of the additional layer of policy and law." Although she originally pictured living in a loft with a convenient downtown location that requires little maintenance, Cook says her real estate agent encouraged her to consider other types of properties. She says she's happy to have found a house with a small, manageable yard in a safe neighborhood. "I'm half a mile from restaurants and culture, and I'm able to ride my bike," she says. "Location was a big part of it." According to Jessica Lautz, a manager of member survey research at NAR, neighborhood safety is a top consideration for single female homebuyers. "Their second most important factor is convenience to friends and family," she says. "Location, location, location" may be a common refrain in real estate circles, but clearly it's not the only factor. "[Single women] are a very discriminating buyer," says Karen Krupsaw, vice president of real estate operations at Redfin, a technology-powered real estate company. "I don't think they're unrealistic. They can see beyond the way [a house] may show as well as how they can fix it up and how it can be a dream home." Recent data from Redfin found that 46 percent of women buying alone said they first evaluate a home based on whether they love it, compared to 24 percent of men buying alone. The remaining 54 percent of women and 76 percent of men evaluate a home based on value and cost. [Read: 3 Costly Mistakes of First-Time Homebuyers.] Cost was a key factor for Cailin Heinze, a veterinary nutritionist and professor at Tufts University who closed on a home in Northborough, Mass., in May. "My rent was already ridiculous for a two-bedroom, and it was going to go up another $200," she says. "I thought, if I buy now, this is probably the lowest interest rate that is probably going to be around for the foreseeable future." Still, Heinze says she was a bit anxious about putting in an offer and closing on the property because other than her educational costs, this was the most she's ever spent. "It's intimidating to think I will pay this much a month for the next 30 years," she says, "but that's how much I would pay in rent." Because the average salary for a woman still lags behind men's (the American Association of University Women says women earn 82 cents for every dollar a man makes one year after graduation) and lenders favor two-income households over single earners, Lautz says women are "making the most sacrifices to get into a home, but they're still placing a high value on owning a home of their own." Despite lower pay, women handle credit more responsibly than men, on average, according to Experian, which reports that men have a 7 percent higher incidence of late mortgage payments and 4.3 percent more debt than women. [See: 10 Ways Your Home Can Pay You Money.] Heinze plans to stay in her house for the foreseeable future, but Cook considers her home part of a long-term investment strategy. Cook has a 30-year mortgage with the option to pay it off early with no penalty, so she says she plans to live in the house and pay it off in four to five years before renting it out and moving into "more of a permanent long-term place with ideally a husband, or a boyfriend or whatever happens." For Heinze, solo homeownership carries a sense of pride. "[I'm] able to have a place that would be truly my own that I could decorate the way I wanted to," she says, "and have some sort of stability."

10 things to do after selling your home

from MSN real estate....always good info to know... You’ve sold your house: Escrow has closed, and you’ve handed your keys to the new owners. But while the deal is done, you have a few more things to do. In “House Selling for Dummies,” authors Eric Tyson and Ray Brown lay out things you can do to save money and increase your peace of mind, post-sale. Here are 10 of their tips. 1. Keep copies of all paperwork related to the closing and settlement. Although it might be tempting to shred the paperwork or put it in storage, you’ll want to have it handy for April 15. When you file your taxes, you’ll need documentation for the expenses and proceeds of the sale. And after you file your return, you’ll want to keep the paperwork in case you’re audited. 2. Keep proof of improvements and prior purchases. This is for tax purposes, too. The IRS allows you to add the cost of improvements to your home’s cost basis during the time you own the home, which is nice if you have a sizable capital gain. But to use this tax provision, you need to keep receipts for everything you spent on home improvement. 3. Stay on top of tax laws. Because tax laws constantly change, you’ll want to keep current to avoid losing money. For example, a recent law allows you to exclude from tax a significant portion of the profits from the sale of your primary residence. 4. Put your proceeds in a money market fund. If you sell and then don’t immediately buy, you’ll need a safe place to put your money. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges. 5. Choose your next home carefully. Scope out a variety of areas and housing options that meet your family’s needs. 6. Don’t feel pressured to buy. Take your time purchasing your next home; rent for awhile if you’d like extra time or want to try an area out first before buying. “Keep in mind that you have two years to defer tax on your house-sale profits,” Tyson and Brown write. 7. Re-evaluate your personal finances. If your situation changes before you buy another house — you get a promotion, have a baby, go through a divorce — you’ll need to rethink your finances and how much you can afford to pay for your new house. 8. Think about what you need from an agent to help you buy. Carefully consider whether the agent who helped sell your house can meet your needs when you’re buying. Buying and selling require different skills. And, if you’re moving to a new area, you may want someone familiar with the area. 9. Think through your next down payment. Tyson and Brown recommend putting at least 20 percent down on your next house in order to qualify for the best mortgage programs. If you can afford more than 20 percent, consider whether it’s better to put that money in the down payment or to invest the money elsewhere. “Younger homebuyers willing to take on more investment risk should lean toward a 20 percent down payment, whereas older homebuyers, who tend to invest less aggressively, should opt for larger down payments,” the pair recommends. 10. Remember to send change-of-address notices. The Postal Service recommends you complete your change of address 30 days before you move.

Housing-bubble concerns in Denver likely are overblown for now

from Denver Post... Fears that metro Denver is entering another period of real-estate excess have risen this year, along with home prices and the demand for properties to buy. More than half of Denver residents recently surveyed, about 53 percent, are concerned that another real-estate bubble is forming, according to the Country Financial Security Index. "Given rising home prices and persistent trepidation about the economy, it's understandable that a majority of Denver residents are expecting an 'echo bubble' in the housing market," says Troy Frerichs, director of investments/wealth management at Country Financial in Illinois. Metro Denver home prices recaptured their pre-crash peak in May and have kept marching higher, rising at a 9 percent-plus annual pace over the first nine months of the year, according to the Standard & Poor's/Case-Shiller Denver Home Price Index. That is double the 2012 pace, and in April, metro Denver reported the highest share among major metro areas of homes selling in seven days or fewer, with some homes selling the day they were listed. But analysts who track the residential market offer several reasons Denver's housing market won't flare up and then flame out. "Much of the recent price appreciation reflects the drop in interest rates," said Michael Kone, an analyst with Housingmetrics in Boulder. Early indications are that higher mortgage rates have eroded buyer enthusiasm here and elsewhere, and over time will dampen price gains. Tight lending standards are keeping many potential buyers on the sidelines, unable to take advantage of rates that remain near historically low levels. Kone also notes that many young adults are struggling to earn enough to purchase a home, gumming up a key gear of the market. Subprime lending and excessive new construction, important components in the last bubble, are also missing this time around. Another way to approach the bubble question is to examine where home prices in metro Denver might be, had they stayed on a steady course instead of running up and then declining. Metro Denver home prices have appreciated at an average annual pace of just over 5 percent since 1977, according to the S&P/Case-Shiller index. Within that period were at least two housing booms and busts, including one that started in 1997 on the heels of strong hiring in the tech and telecom sectors. From April 1999 through June 2001, Denver home prices increased at an average annual pace of 12 percent or higher, eventually peaking in August 2006. Had the index gained a steady 5 percent a year from 1997 on, sparing homeowners the heartache of depreciation from 2007 to 2011, then home prices here in the aggregate are still about 17 percent below where they might be expected to be. Sluggish income growth, rising interest rates and an aging population could make it harder to maintain the historical 5 percent average rate of price increases, Kone says. Assuming 4 percent represents the "new normal" for Denver home-price appreciation, then the metro area is about where it should be, according to the home-price index. Jed Kolko, chief economist at the real-estate website Trulia, runs a more complicated analysis at his Bubble Watch blog, taking into account rents and incomes. Trulia has metro Denver home prices about 1 percent undervalued, a far cry from the 26 percent overvaluation it calculated nationally in the first quarter of 2006. So far, the early signs are that people are behaving rationally enough to start applying the brakes, rather than the gas pedal as they did in the mid-2000s. Trulia shows that listing prices, a leading indicator of sales prices, are slowing fastest in markets with the biggest price gains this year. Zillow Inc., another online source of real-estate data, shows Denver home prices rose 9.9 percent through October but declined 0.2 percent between September and October. Zillow's outlook for 2014 isn't very promising: 0.6 percent home-price appreciation in metro Denver and 3 percent nationally. "Home-value gains will slow down significantly because of higher mortgage rates, more expensive home prices and more supply created by fewer underwater homeowners and more new construction," predicts Stan Humphries, Zillow's chief economist. Frerichs notes that even though Denver residents are pessimistic about housing, only 5 percent list a real-estate bubble as a top concern. Blindsided by what happened last decade, many homeowners are vigilant for any sign that the market is getting out of hand, which makes a bubble less likely. "They are snakebitten," he said.

101 Household Tips for Every Room in your Home

What an awesome list..check it out to save money and be creative around your home! Click on the following link... 101 Household Tips for Every Room in your Home

Zillow: Home values will stabilize, mortgages will be easier to get in 2014 -

interesting Zillow predictions...from inman news article... Zillow is making four “bold” predictions for 2014: U.S. home values will increase by 3 percent; mortgage rates will crack 5 percent; borrowers will have easier access to a mortgage; and the homeownership rate will drop to its lowest level in 20 years. Zillow Chief Economist Stan Humphries says that the more modest home value growth he predicts for 2014 reflects a more mature, stable market that will exist a year from now. “(In 2014), home value gains will slow down significantly because of higher mortgage rates, more expensive home prices, and more supply created by fewer underwater homeowners and more new construction,” Humphries said in a statement. As the housing market resets toward more sustainable, realistic lending standards and home value appreciation expectations, Humphries expects homeownership to drop to below 65 percent, a level it hasn’t seen since the mid-1990s. Even though Zillow predicts mortgage rates will rise to above 5 percent by the end of 2014, the competition for fewer borrowers will force lenders to ease their standards, said Erin Lantz, Zillow’s director of mortgages. Home affordability will remain high, too, in many markets despite the rate increase, she said. Based on projections for unemployment rates, population growth and the home values via the Zillow Home Value Forecast, Zillow predicts the following metros will have the hottest housing markets in 2014 (in order): Salt Lake City; Seattle; Austin, Texas; San Jose, Calif.; Miami; Raleigh, N.C.; Jacksonville, Fla.; San Diego; Portland, Ore.; and Boston.

Despite inventory shortages, homebuyers looking for bargains this winter

inman news... Prospective homebuyers hoping to buy a home in the next four months say the lack of inventory is their biggest challenge, but many believe winter is a good time to buy because sellers are motivated to sell and more willing to negotiate. That’s according to a survey of more than 1,300 visitors to realtor.com conducted from Nov. 7-16, which found 45 percent of buyers in the market said there’s not enough inventory in their price range. The survey also found that a surprising number of prospective homebuyers — 19 percent — are planning to do all-cash deals. Of those planning to buy without taking out a mortgage: 29 percent said they are downsizing to a smaller or less expensive home. 26 percent are relocation buyers. 11 percent are moving up to a bigger or more expensive home. 11 percent are buying a vacation home. But most of those surveyed said they’ll need a mortgage to finance their home purchase. Among that group, most did not have the 20 percent down payment that would allow them to qualify them for a conventional loan backed by Fannie Mae or Freddie Mac without having to also purchase mortgage insurance. More than 1 in 10 of those surveyed (13 percent) said they were planning to put just 3.5 percent down (the minimum down payment on FHA-guaranteed loans). Only 22 percent said they’d be able to make a down payment of more than 20 percent, which would allow them to avoid purchasing mortgage insurance. The reasons most often cited for buying a home in winter were: 26 percent said they believe that sellers are more motivated to sell and willing to negotiate. 24 percent indicated that they think home prices will be better. 24 percent revealed that they were unable to buy a house during spring or summer. 20 percent shared that they think there will be less competition between buyers. “This summer and spring homebuying season was particularly challenging for buyers, especially first-time homebuyers trying to compete with all-cash offers and bidding wars because of reduced inventory,” said Alison Schwartz, vice president of corporate communications at realtor.com, in a statement. “In fact, a quarter of the winter homebuyers revealed they are in the market now because they were unable to find a home during this last homebuying season.” While 28 percent said they were planning to buy because they are relocating, 19 percent were existing homewoners downsizing to a smaller or less expensive home, and 15 percent were move-up buyers. Nearly 1 in 5 of those surveyed (19 percent) said they were first-time homebuyers. Tight inventories and rising home prices continued to hamper home purchases, with sales falling for the second month in a row in October, the National Association of Realtors reported today. There were 2.13 million existing homes for sale at the end of October, NAR said, down 1.8 percent from September. But at October’s slower pace of sales, it would take five months for all those homes to sell, up from 4.9 months in September. Housing analysts generally consider a six-month supply of existing homes for sale as an even matchup of supply and demand — anything less can indicate that demand has outstripped supply. Although there continue to be “significant supply shortages,” inventories are “stabilizing” compared to the dramatic year-over-year declines seen earlier this year, realtor.com said Tuesday in releasing another report analyzing October listings data. NAR Chief Economist Lawrence Yun recently forecast that 2014 sales of existing homes will be flat due to factors including declining affordability, limited inventory and tight mortgage lending standards. Yun expects inventory shortages will continue into the spring buying season, which could keep a lid on sales. NAR is forecasting that when all the numbers are in, 2013 sales of existing homes will finish up 10 percent from last year, at 5.13 million. But similar gains aren’t expected next year — NAR predicts existing-home sales will hold steady at 5.12 million in 2014. -

Sex, drugs and alligators: Agents share bizarre open house encounters

an interesting article from inman news...ah the stories that real estate produces, not much ends up being surprising after awhile... Open houses and showings can hold unexpected surprises for real estate agents and their clients, as agents who shared their memorable open house stories with Inman News can attest. Alligator bonus room Jake Theoret, an agent with Re/Max of Grand Rapids (Mich.), helped buyers navigate a basement full of reptiles. Last winter I showed a beautifully restored farmhouse. It was staged to the nines! Think Ralph Lauren. Everything was prefect till we went into the utility room in the basement. The following animals were in various cages and crates: two alligators, two huge tortoises, two pythons, and numerous smaller reptiles. Thankfully, my client did not get injured in exiting the home. As soon as I got back to the office and researched the owner, I found out he was a reptile zoologist of some sort. Drugs, lice, hanky-panky Hugo Torres, general manager of Monrovia, Calif.-based Century 21 Adams & Barnes, says that in various showings over the years, he’s encountered illegal drug use, hungry lice, and a couple getting busy. Years ago while showing a property, I opened the door to a room and saw a younger man snorting drugs. Needless to say, the police were called. Years ago while showing property on a home, my client noticed these little moving dots on my tan jacket. Needless to say, delousing was involved. Some time ago I walked by a couple involved in some fun on their couch as we passed the window to their living room. No one was called … we simply returned 10 minutes later. (Hey that’s the average right?) Ask Realtor for key to restroom Nicki Moss, an agent with Keller Williams in St. Louis, found out why the young parents slipped in the open house. It wasn’t because they were interested in buying the home! I was a new agent and was holding open a $1.5 million home, which made me nervous to begin with. Just as I was closing up a young couple came in with their daughter. The guy went in one direction and the woman and child in another (again making me a little nervous); then I heard someone upstairs and before I could ask if everything was OK, I heard the toilet flush. He came back downstairs and they left. I guess he really needed to go the bathroom!!! Picture it without the squatters Sam DeBord, managing broker of Seattle-based Coldwell Banker Danforth, recalls an encounter with open house vagrants. I took clients to a “vacant” home near Seattle. After seeing the furnace was on, I asked the clients to stay in the car. Upon discovering two young male squatters sleeping in different rooms, I was surprised at their suggestion that my buyers and I come through and tour, and they would just stay under the covers. We didn’t.

Denver officials look at new rules to limit residential parking permits in densely populated areas

parking is getting tougher in Denver, no news to Denver folks I'm sure... from Denver Post- Denver apartment dwellers applying for new residential parking permits may find them more difficult to obtain under new rules proposed by the Public Works Department. The city has long struggled with the reality of too many cars and too few parking spaces, especially in densely populated areas of the city such as Capitol Hill. Limiting the number of permits given to people moving into apartments with nine or more units has caused a stir, forcing the city to cancel a rule-making hearing last week and participate in a public meeting 6 p.m. Thursday at the Botanic Gardens to discuss the issue. "I just don't think they like renters," said Nancy Burke, vice president of government affairs for the Apartment Association of Metro Denver, who last week wrote a letter to Public Works manager Jose Cornejo. "Approximately 15,000 Denver citizens living in over 8,500 units will be impacted," she wrote. City officials say they are working on creative ways to address an increasingly difficult problem — an exploding city population and a limited number of parking spaces. They emphasize that no existing permits will be revoked, only people living in buildings with nine or more units applying for new permits will face increased scrutiny that will look at the parking in their area. Public Works officials say the changes have already been put in place and the new rule simply puts the practice into writing. Now, more than 20,000 residential parking permits are issued throughout the city; permits that are specific to the block where the resident lives and that allow people to park past the two-hour limit. "They do not guarantee a parking spot," said Matt Wager, director of traffic operations. On blocks filled with apartments, on-street parking is at a premium. And newer technology allows parking enforcers to quickly discern when someone is not parked in their assigned block. "It is a big headache," said Barry Zimmer, who lives in Capitol Hill and struggles to find a place to park every night. "I am looking to move and 90 percent of that is because of parking. If I get a spot on the street, then I don't want to move my car. I want to stay there a few days. I go out less, take cabs. It's all just because of parking." In December, the City Council passed a bill changing the parking system — allowing the city to come up with new parking permits for special circumstances or zones. The city also changed the permit duration, requiring renewal every year rather than every three years. And now officials are considering a future fee that would charge up to $40 a year for residential permits and up to $200 for new permits.

Public gets peek at study of Front Range high-speed rail line Tuesday

interesting idea.... from Denver Post-Recommendations for putting in a high speed rail line from Pueblo to Fort Collins will be revealed to the public next week in Golden. The Interregional Connectivity Study, in which Colorado Department of Transportation planners looked at linking Front Range communities via rail, began earlier this year. The study pinpointed several station locations. It also looked at: • Multiple high speed rail technologies currently used in the U.S., Europe and Asia. • A variety of alignments from each section of the study area, investigating impacts, design feasibility, benefits and technology. • Funding, including public and private financing options. • Travel demand and ridership, modeling and simulating potential ridership in the future based on current data trends, including future land use, employment, population and development. CDOT points out that the report only includes preliminary recommendations. The study will be unveiled at an open house at CDOT's Golden office, 425 Corporate Circle, on Tuesday, Nov. 19, from 5 p.m. to 7 p.m. A presentation and discussion begins at 5:30 p.m.

Slowdown in Home Prices No Reason to Panic?

from realtor.com.... Though home prices have risen nearly 12 percent from a year ago, a slowdown is expected soon. But many analysts say it’s no cause for concern. “Prices are still going to rise — just not as at brisk a pace as we’ve seen over the past year,” The Wall Street Journal reports. “This should calm down those pundits who have fretted over a new crop of housing bubbles.” According to a report by Goldman Sachs economists, home prices will likely moderate because they have returned to “fair value” and are no longer being viewed as “undervalued,” as they were for the past two years. Also, a rise in mortgage rates may cause some buyers to re-evaluate their options. For the first time this year, buyer traffic dropped below agents’ expectations, and “the next few months will be crucial to determining whether this is just a pause or something more,” the Goldman Sachs report notes. The report also notes that investors will likely slow their purchases as the number of foreclosures start to dry up. What’s more, the inventory of homes for sale is starting to loosen as more sellers look to put their homes on the market. Those sellers, in turn, will then be looking to purchase another home, so prices will still likely continue to rise until new-home construction catches up. “With the improving underlying housing demand driven by household formation and economic recovery, we think housing activity will remain on an upward trajectory, despite occasional ups and downs along the way,” says the Goldman report.

November Real Estate Trivia-What are the only 2 major cities that have surpassed their pre-recession high price levels for real estate values?

Nationwide, home prices rose 12.8 percent in August from the previous year in the 20 large metro areas followed by the Case-Shiller report.

Denver and Dallas are the only cities among the 20 that have surpassed their pre-recession high price levels for real estate values.

8 Questions to Help Resolve Your Rent or Buy Dilemma

good buying article from Realtor.com

The decision to buy a home, one of the biggest financial investments you’ll ever make, can be empowering and exciting.

While the 2013 National Housing Pulse Survey by the National Association of Realtors showed that 80 percent of consumers believe buying a home is a good financial decision, it’s not always easy to know when the time is right to take the leap.

Choosing to become a homeowner takes not only a financial commitment but also the emotional maturity to create a plan and a timeline that suits your lifestyle and your budget.

Here are some of the factors that should be part of your decision to rent or buy a home:

1. How Do Home Prices and Rents Compare in Your Community?

While it’s easy to compare rental prices, when you look at the cost of buying a home you need to include not only your mortgage principal and interest payments, but also homeowners insurance, property taxes and possibly a condominium or homeowner association fee. Sometimes it’s more costly to rent than to buy, particularly when mortgage rates are low. A rent-or-buy calculator can help with your evaluation. You should also look at the long-term wealth-building benefit of homeownership that comes with rising values and increasing your equity as you pay off your home loan. A 2010 Survey of Consumer Finances by the Federal Reserve showed that the median net worth for homeowners was 30 times higher than the median net worth of non-homeowners.

2. Are You Emotionally Ready To Buy A Home?

One of the benefits of renting an apartment is that you typically only commit to a lease for one year. If you’re buying a home, you’ll need to choose a neighborhood and a home where you want to live for the next several years while you recoup the cost of buying and build equity.

3. Do You Have a Five-Year Plan?

While no one knows with absolute certainty what will happen over the next five or 10 years, if your plans include switching careers or moving out of state, you’re probably better off renting. If you plan to start a family in the next few years, you should take that into consideration when developing a budget and choosing a home.

4. Are You Ready to Take Care of a Home?

Along with the joy of decorating your home and changing it to meet your needs, you need to budget at least 1 to 3 percent of the home price each year for repairs. Whether you can handle work yourself or need to hire contractors, you should be prepared for the time and expense of maintaining your property so that it can keep its value and avoid more costly repairs in the future.

5. Do You Have Any Savings?

While there are loan programs available to some borrowers with a down payment of 3.5 percent and sometimes less, you’ll need some cash for a deposit, a down payment, closing costs and an emergency fund when you buy a home.

6. What Does Your Credit Profile Look Like?

Request your free credit report at AnnualCreditReport.com to check for errors and any negative information on your report. For a small fee you can get your credit score. Lenders typically require a minimum credit score of 620 or 640 and higher for government-insured loan programs, but for the lowest mortgage rates you need a credit score of 740 or above.

7. What Can You Comfortably Afford to Spend on a Home?

You can have a free consultation with a mortgage lender to find out how much you can borrow to buy a home, but you should develop your own budget to determine how much you can spend on your housing payment while still being able to pay your other bills and save for the future.

8. Will Your Budget Accommodate the Type of Home You Want in Your Market?

You can do a quick search on realtor.com to see what properties are available in neighborhoods where you want to live, or consult a Realtor for a more in-depth consultation about your priorities and your local market. You may also want to take a homebuyer education class to learn more about the buying process.

Your answers to these questions and consultations with professionals such as a lender and a Realtor can help you make the right choice and determine if you’re ready to buy now or need to wait a little longer to become a homeowner.

How to Market Your Home for Maximum Exposure

good advice setting expectations on selling from Realtor.com

Once you’ve made the commitment to sell your home, chosen a Realtor to represent you, and established a list price, it’s time to work with your Realtor to market your property so it sells as quickly as possible. Your Realtor should share a marketing plan with you, but the more you know about the process of selling your home the easier it is to support your Realtor’s efforts.

 

Pre- Market Tips

The day your home goes on the market it should be in prime condition and priced right to attract the most potential buyers. While your Realtor can help you determine an appropriate price and can offer suggestions to make your home more appealing, your job is to put in the work to get your home pristine clean and to remove clutter and personalization. Buyers want to see a home where they can visualize themselves living. If buyers see an overstuffed closet, they’ll assume the home lacks storage space; and if your kitchen counters are cluttered, they’ll think the space is too small.

Provide your Realtor with tips about what you love best about your home and community that can be incorporated into your marketing materials.

Your Realtor can advise you on what you need to repair before putting your home on the market. You can also visit other homes that are for sale, or even local model homes for ideas on ways to present your home to potential buyers.

 

What to Expect From Your Realtor

Many Realtors have experience staging homes, or they can bring in a stager to rearrange your place. In addition, your Realtor should market your home in multiple ways:

• Research the market to identify potential buyers to target for direct mail,
• Reach out to other real estate brokers and agents who work with buyers in your price range,
• Take excellent photos or hire a professional photographer to showcase your home online with attractive pictures,
• List your home on the local MLS (Multiple Listing Service) and make sure it receives maximum exposure on multiple websites,
• Take a video of your home or produce a virtual tour with numerous photos so your home can be viewed in-depth by buyers looking online.

Once buyers begin visiting your home or contacting your Realtor, your agent should respond as quickly as possible to keep the momentum going. Every visitor to your home or their agent should be contacted by your Realtor to get feedback on your home and to gauge their interest.

 

What Your Realtor Should Expect From You

While your Realtor does the heavy lifting when it comes to marketing, as a seller you need to support your Realtor in several ways:

• Keep your home as clean, neat and odor-free as possible while your home is on the market. This may mean that you have to give up cooking your favorite liver-and-onions dish and that you have to bribe your kids to make their beds and take out the trash every day.
• Make your home as available as possible to buyers, no matter how inconvenient it is for you and your family. Your home won’t sell if no one can see it.
• Leave the house when buyers are there, since studies show that buyers will linger and look more carefully when the homeowners aren’t there.
• Lock up your pets or take them away when buyers are visiting, especially during an open house when multiple visitors are expected.
• Provide information to buyers about community amenities or neighborhood sports leagues so they can appreciate your home’s location.

If you and your Realtor develop a team approach to selling, you’ll benefit from a quicker and more pleasant real estate transaction.

Denver's housing market slows slightly in October

interesting Denver Post article...

 

Home sales in Denver were down in October compared to September but were still 13 percent higher than in October 2012, according to a report released Tuesday by Metrolist.

According to the report, 4,730 homes were sold in September compared to 4,628 in October, a decline of two percent.

However, the 4,730 homes sold in October were 13 percent more than the 4,095 homes sold in October of 2012.

The average sold price of new and existing homes was slightly lower in October - $303,836 - compared to $304,958 in September.

Average days on the market increased to 44 days, compared to September's 39 days.

Kirby Slunaker, CEO and president of Metrolist, said that although the market has slowed somewhat, sales, inventory level and average home prices have changed "very little from prior months, keeping the market nearly as competitive as the hot summer months.

"While the market has slowed down slightly as one would expect, the numbers are incredible," said Slunaker in a statement. "Increasing inventory spurred on by hot early season buying will continue to provide buyers with more and varied opportunities."

The slight changes indicate that home prices and strong sales will occur throughout the fall and winter months, said Metrolist.

Car for Homes-Help Habitat for Humanity...

a great program...

CLICK HERE TO DONATE CARS FOR HOMES

Car donations are another way to support the mission of Habitat for Humanity.
When you donate a car to Cars for Homes, you will help your local Habitat for Humanity build and rehabilitate houses with families in need of affordable shelter. 
The car donation process is quick and easy.
It can be accomplished online or with a toll-free phone call to 1-877-277-4344. If you donate an automobile or other vehicle, you may be eligible for a tax deduction.
What can you donate?

• Car
• Truck
• Boat
• RV
• Motorcycle
• Construction or farm equipment
• Any other vehicle ― running or not!

Why donate?

• Proceeds from the sale of your car help your local Habitat for Humanity build and renovate houses with families in need.
• You may receive a tax deduction if you itemize.
• Recycling your car saves energy and natural resources.

Existing-Home Sales Down in September but Prices Rise

some interesting national real estate info, yet the market can be different locally...

from realtor.com  

After hitting the highest level in nearly four years, existing-home sales declined in September, but limited inventory conditions continued to pressure home prices in much of the country, according to the National Association of Realtors.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 1.9 percent to a seasonally adjusted annual rate of 5.29 million in September from a downwardly revised 5.39 million in August, but are 10.7 percent above the 4.78 million-unit pace in September 2012. Sales have remained above year-ago levels for the past 27 months.

Lawrence Yun, NAR chief economist, said a decline was expected. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” he said. “Expected rising mortgage interest rates will further lower affordability in upcoming months.  Next month we may see some delays associated with the government shutdown.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.49 percent in September from 4.46 percent in August, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.47 percent in September 2012.

The national median existing-home price² for all housing types was $199,200 in September, up 11.7 percent from September 2012. This is the 10th consecutive month of double-digit year-over-year increases.

Distressed homes³ – foreclosures and short sales – accounted for 14 percent of September sales, up from 12 percent in August, which was the lowest share since monthly tracking began in October 2008; they were 24 percent in September 2012. Lower levels in the share of distressed sales account for some of the growth in median price.

Nine percent of September sales were foreclosures, and 5 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in September, while short sales were discounted 12 percent.

Data from realtor.com,⁴ NAR’s listing site, show some of the strongest increases in listing price from a year ago are in the Detroit area, up 44.6 percent; Las Vegas, up 30.7 percent; and Sacramento, up 28.9 percent.

Total housing inventory at the end of September was unchanged at 2.21 million existing homes available for sale, which represents a 5.0-month supply⁵ at the current sales pace, compared with a 4.9-month supply in August. Unsold inventory is 1.8 percent above a year ago, when there was a 5.4-month supply.

NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, Calif., said there are far-ranging consequences from the repeating stalemates in Washington. “Just one impact of the recent government shutdown – delays in tax transcripts needed for approval of mortgage loans – put a monkey wrench in the transaction process and could negatively impact sales closings in next month’s report,” he said.

Thomas said flood insurance also is a concern. “Realtors® report that approximately 10 percent of transactions in September were located in flood zones, and that nearly one out of 10 of those transactions were delayed or canceled due to concerns over rising insurance rates.”  Notably higher flood insurance rates went into effect on October 1, and could impact future sales in flood zones.

The median time on market for all homes was 50 days in September, up from 43 days in August, but much faster than the 70 days on market in September 2012. Short sales were on the market for a median of 93 days, while foreclosures typically sold in 43 days, and non-distressed homes took 49 days. Thirty-nine percent of homes sold in September were on the market for less than a month.

First-time buyers accounted for 28 percent of purchases in September, unchanged from August, but down from 32 percent in September 2012.

All-cash sales comprised 33 percent of transactions in September, up from 32 percent in August, and 28 percent in September 2012. Individual investors, who account for many cash sales, purchased 19 percent of homes in September, up from 17 percent in August, and 18 percent in September 2012. Last month, 74 percent of investors paid cash.

Single-family home sales slipped 1.5 percent to a seasonally adjusted annual rate of 4.68 million in September from 4.75 million in August, but are 10.9 percent above the 4.22 million-unit pace in September 2012. The median existing single-family home price was $199,300 in September, which is 11.4 percent higher than a year ago.
Existing condominium and co-op sales fell 4.7 percent to an annual rate of 610,000 units in September from 640,000 in August, but are 8.9 percent above the 560,000-unit level a year ago. The median existing condo price was $198,600 in September, up 14.2 percent from September 2012.

Regionally, existing-home sales in the Northeast declined 2.8 percent to an annual rate of 690,000 in September, but are 15.0 percent above September 2012. The median price in the Northeast was $240,900, up 2.3 percent from a year ago.

Existing-home sales in the Midwest fell 5.3 percent in September to a pace of 1.25 million, but are 12.6 percent higher than a year ago. The median price in the Midwest was $158,400, which is 9.0 percent above September 2012.

In the South, existing-home sales declined 1.4 percent to an annual level of 2.10 million in September, but are 9.9 percent above September 2012. The median price in the South was $171,600, up 13.9 percent from a year ago.

Existing-home sales in the West rose 1.6 percent to a pace of 1.25 million in September, and are 7.8 percent higher than a year ago. With ongoing inventory restrictions, the median price in the West rose to $286,300, which is 16.8 percent above September 2012.

The 100 Largest Landowners in the USA

Click Here for the 100 Largest Landowners in the USA

Colorado home to some of the nation's largest landholders

interesting article from the DP...

By Aldo Svaldi
The Denver Post
POSTED:   10/04/2013

John Malone passed Ted Turner in 2011 as the country's largest landowner. But he isn't the only Coloradan who has amassed hundreds of thousands of acres.

"Colorado has a vibrant tradition of private landownership and stewardship," said Eric O'Keefe, editor-in-chief of the Dallas-based Land Report, which this week released its annual list of the 100 largest U.S. landowners.

Spanish land grants allowed for the development of unusually large private holdings in such states as New Mexico and Colorado, and those have passed down through the years, O'Keefe said.

Malone, who made his money in the cable-TV business, has amassed 2.2 million acres. Earlier this year, he went international, purchasing the Humewood Castle in Ireland.

Stan Kroenke, owner of the Denver Nuggets and Colorado Avalanche, holds 848,571 acres in Wyoming and Montana, enough to rank him as the nation's eighth- largest landowner.

Phil Anschutz, the state's wealthiest resident after satellite magnate Charlie Ergen, holds 434,500 acres, which ranks 16th.

Patrick Broe at No. 22 holds 317,677 acres, the bulk of it within the Great Western Ranch in New Mexico, a fixer-upper he elevated to one of that state's premier ranches.

And there is Louis Moore Bacon, a hedge-fund manager who owns 215,990 acres, making him the nation's 43rd- largest landowner.

Also on the list are the older holdings of the Booth and Linnebur families, each on different sides of the continental divide. They rank No. 84 and No. 95 respectively.

Fix and Flip buys for $322,000 sells for $510,000. Call me to find them...

Interesting October/November Lending Notes

a few interesting snippets from a local lender newsletter....

JPMORAN GETS WACKED

 

“JPMorgan has agreed to pay $5.1 billion to Fannie Mae and Freddie Mac to resolve claims stemming from the housing bubble, federal housing regulators announced Friday. The bank has also been in talks with the Justice Department and other government officials over another potential settlement based on similar claims. That settlement will likely be even more expensive for the bank.” (cnnfn.com)

FEARS OF RISING MORTGAGE FRAUD

As mortgage applications for refinance transactions decline, purchase applications are on the rise; and so is the fear of mortgage fraud.

“With the implementation of the Consumer Financial Protection Bureau’s (CFPB) ability-to-repay standards for the Qualified Mortgage (QM) rule and a focus by underwriters on ensuring the proper income is available to support mortgage payments, falsely claiming the required income to support the loan application could become a bigger problem in the future, CoreLogic said.” (housingwire.com)

Strict underwriting guidelines and tougher regulation will make loan approvals more difficult to come by. This will lead to some loan originators and borrowers to do anything possible to approve loans leading to the increased likelihood of loan fraud.

MORTGAGE LENDING ABOUT TO GET TIGHTER

Dodd-Frank’s ability to repay rules (Qualified Mortgage / QM) hits the mortgage industry in January of 2014. The new rules change how fees to the consumer are calculated and regulated. Once again, on the surface, these changes look promising to the consumer, but will likely prove disastrous in some markets; particularly lower income. 

“The ability-to-repay rule in its current form, calculates points and fees by including fees paid to affiliated title companies, salaries to loan-paid originators, insurance and taxes held in escrow, loan-level pricing adjustments and payments by lenders to correspondent banks, credit unions and mortgage brokers dealing in wholesale transactions, the National Association of Federal Credit Unions warns in a letter to Congress.” (housingwire.com)

Due to the new rules, most lenders will be unable, or unwilling to make loans for lower income housing under the new rules.

20% OF LOANS ORIGINATED TODAY WILL FAIL QM IN 2014

The biggest question that the mortgage industry currently faces is how will the Qualified Mortgage rules impact loan originations going forward. A recent study conducted by a mortgage compliance company found that 1 in 5 of all mortgages that are currently being originated will not meet the Qualified Mortgage (QM) standards that go into effect in January of 2014. According to the study, more than 50% would have fees in excess of the 3% threshold, and the rest violate APR maximums. Lenders will not likely just lower fees in order to originate these loans; they will simply not do them. The massive financial burden the new regulations place on lenders just to stay compliant is forcing the cost to originate a loan up. Some estimates as much as 15%. No, lenders are not going to be lowering fees. The cost of doing business is going up, and the consumer is ultimately going to pay.

Colorado Real Estate Trivia: October Answer.

The highest paved road in North America is the Road to Mt. Evans off of I-70 from Idaho Springs. The Road climbs up to 14,258 Ft. above sea level.

Fictional Homes, What are they Worth? Ghostbusters' FireHouse, Sponge Bob Square Pant's Pineapple, Yoda's Hut

Funny Real Estate to Consider from MSN.com

 

Ghostbusters' firehouse 

Value: $15.7 million

 

Manhattan real estate was cheaper in the 1980s, and paranormal activity in the borough wasn't helping sellers get the best prices. But what would it cost you to buy a "Ghostbusters"-style headquarters today?

Movoto content editor Randy Nelson notes that a character in the 1984 film says the firehouse that serves as the team's headquarters is 9,622.55 square feet. Based on comparable properties in the area, that space would sell for about $1,630 per square foot today.

Movoto estimates that the $15.7 million price tag for the property would buy you about 643 tons of marshmallows -- plenty to recreate the movie's gooey finale.

 

for Sponge Bob Square Pant's Pineapple, Yoda's Hut, & other Fictional Homes and their worth go to 10 Fictional Homes, What are they Worth?

Average US rate on 30-year mortgage at 4.13 pct

good news for buyers this week from Denver Post....

WASHINGTON—Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.13 percent. That's down from 4.28 percent. The average on the 15-year fixed loan declined to 3.24 percent from 3.33 percent.
Both averages are the lowest since June 20.

Mortgage rates have been falling since September, when the Federal Reserve held off slowing its $85-billion-a-month in bond purchases. The bond buys are intended to keep longer-term interest rates low, including mortgage rates.   And a slowdown in hiring in September makes it more likely that the Fed will continue its stimulus into next year.   Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.50 percent Wednesday, down sharply from 2.61 percent last Thursday. To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.   The average fee for a 30-year mortgage ticked up to 0.8 point from 0.7 point. The fee for a 15-year loan declined to 0.6 point from 0.7 point.   The average rate on a one-year adjustable-rate mortgage fell to 2.60 percent from 2.63 percent. The fee rose to 0.5 point from 0.4 point. The average rate on a five-year adjustable mortgage dropped to 3.00 percent from 3.07 percent. The fee was unchanged at 0.4.

Cut Your Electric Bills Painlessly

from realtor.com...

 

A few simple tricks can save you a bundle

By Burt Ramone

 

When Mom told you to turn out the lights, she was thinking of saving energy dollars, not rolling blackouts and bankrupt utility companies. Rarely have Moms words of wisdom been as fitting as they are now and not just in California. Electricity rates are going up everywhere.

Besides switching off lights, there are several other painless methods to conserve energy and save money on your electric bills.

Plug ins

• Look for those electronic devices, especially those with digital time and date displays that are infrequently used such as alarm clocks, TVs and VCRs in a guest room and unplug them.
• Unplug devices used to recharge electronics/batteries when they're not being used.
• Transformers consume energy. Consider unplugging devices like calculators that are not in use.

 

Appliances

• Wait until you can fill up your dishwasher before running it. And if you have a heated-dry option, switch it off. Prop open the door a bit after the cycle to air dry your load.
• If you have an electric cooktop, turn the burners off a few minutes before the allotted cooking time. The heating element will stay hot long enough to finish the cooking without using more electricity.

 

Refrigerators

• Refrigerators use more power than any other appliance in the home and deserve special attention. Although rushing out to buy a new refrigerator may not be in your budget, it is important to know that new models are more efficient and use as little as half the electricity of older units.
• Full refrigerators run more efficiently than ones that are only partially full. So buy more food and save some energy.
• If you have two refrigerators, or an additional freezer, decide if the extra expense is really worth it. Cram as much as you can into your primary refrigerator or consider disposing of two older refrigerators and replacing them with one larger, newer and more efficient model.
• Make sure the refrigerator door seals are tight. Test them by closing the door over a piece of paper or a dollar bill so it is half in and half out of the refrigerator. If you can pull the paper or bill out easily, the latch may need adjustment or the seal may need replacing.
• Place food and liquids in airtight containers. Uncovered foods release moisture and make the compressor work harder.
• Move the refrigerator away from the wall and vacuum its condenser coils yearly unless you have a no-clean condenser model. Refrigerators will run for shorter periods with clean coils.
• Maintain a consistent temperature in the refrigerator and freezer. Recommended temperatures are 37 to 40F for the fresh food compartment of the refrigerator and 5F for the freezer section. If you have a separate freezer for long-term storage, it should be kept at 0F.

Lighting

• Its obvious, but true: Turn off lights that are not being used. Consider installing timers or photo cells on some lights. And instead of constantly nagging the kids, try occupancy sensors that turn on and off automatically when someone enters or leaves a room.
• Rather than brightly lighting an entire room, focus the light where you need it. For example, use fluorescent under-cabinet lighting for kitchen sinks and countertops
• Consider dimmer switches and three-way lamps. These provide low light levels when bright lights are not necessary.
• Use linear fluorescent and energy-efficient compact fluorescent lamps (CFLs) in fixtures throughout your home to provide high-quality and high-efficiency lighting. Fluorescent lamps are much more efficient than incandescent bulbs and last six to ten times longer. Although fluorescent and compact fluorescent lamps are more expensive than incandescent bulbs, they pay for themselves by saving energy over their lifetime.

Buying a Home in the Winter

another good article from realtor.com

Spring and summer are the high season for home sales, but winter can be a buyer’s market. If you don’t mind a smaller pool of homes for sale or moving around the holidays, winter might be a good time for you to house shop.

Less Competition, More Leverage
Since spring and summer are the most active real estate seasons, many home sellers wait until then to list their homes. That means there are fewer homes for sale in the winter, but the sellers often have strong reasons to sell their homes soon, such as job relocation. These motivated sellers can be a boon to the home buyer.
While there are fewer homes to choose among, the smaller selection can save you a lot of time. Do you really want to traipse through 50 houses? It may be simpler to view the handful of homes for sale in the winter and choose the one that best suits your needs.
Just as there are fewer homes for sale during the winter, there are fewer buyers, too. That means less competition and sellers who are more willing to accommodate potential buyers. Use this knowledge to your advantage. Offer a relatively low (but not insultingly low) bid for the home you’ve selected, or ask for perks such as the living room furniture or the chandelier that you admire. The low number of potential buyers also means you have more time to make your decision. In the spring, you often need to choose a home and act quickly, but in winter you may be able to take your time.

Assessing a Home’s Winter Fitness
Viewing homes in the winter lets you see how it holds up to the weather. Did you feel cold while looking through the house? Is there a functioning heating system and hot water? Are the windows letting in drafts?

Availability of Agents and Others
Another advantage of buying a home in the off-season is the greater availability of industry professionals. Real estate agents will have fewer clients and more time to focus on your home search. Lenders will be more accessible for questions and assistance. Some lenders even waive fees during the off-season to encourage borrowers to use their services. Likewise, movers tend to lower their costs during the winter months.

Gray Gardens or Winter Wonderland?
Home buyers can be turned off by the bleak look of prospective homes in winter. Bare trees and lawns covered in gray snow aren’t the most picturesque. However, you’ll be able to see how well neighbors tend driveways and sidewalks, whether the town plows or salts icy streets, and whether kids come out to play in the snow. Around the holidays, you might even see the neighborhood decorated in its winter finest.

Your Home’s First Price Should Be Its Best Price

good article from realtor.com...

If you’re putting your home on the market, especially if you live in an area where prices are going up and buyers are competing for homes, you may be tempted to try listing it at a high price just to see if you can get it.
Don’t do it.
Experienced Realtors will tell you that pricing your home appropriately from the beginning is critical to getting it sold quickly and at the best price. Research shows that overpricing your home and then dropping the price several times while it languishes on the market usually leads to selling it at a much lower price than what you originally should have asked for it. The longer a home stays on the market, the deeper the discount is likely to be off the original price.
For example, according to McEnearney Associates, a McLean, VA, real estate company, homes that sold in August 2013 within their first week on the market sold for an average of 2.08 percent above list price. Homes that lingered on the market for four months sold for an average of 11.53 percent below their original price.

How to price your home correctly

Many homeowners want to set their list price based on what they paid for their home, the balance of their mortgage, or on the profit they want to make so they can move into another home. In reality, your home is worth only what the market will bear. If you price your home too high, some potential buyers won’t want to look at it at all, while others will simply walk away without making an offer.
If you’re interviewing several Realtors to choose a listing agent, you may be tempted to pick the sales professional who suggests the highest price for your property. But sellers, like buyers, need to beware. The Realtor who provides the best comparative market analysis and explanation of how your home should be priced will be more likely to sell your home quicker and for a higher price than someone who tells you only what you want to hear.
A comparative market analysis should include sales prices for similar nearby homes that sold in the last month or two. In addition, many Realtors include prices for homes currently on the market that will be your competition, as well as homes taken off the market because they didn’t sell. Other data Realtors can use to suggest a price range include how many days homes were on the market at various price points and the average difference between the list prices and sale prices on homes that have sold.
Your Realtor can help you estimate who might want to buy your house and what else those buyers are looking at so you can measure your price against the competition.
A knowledgeable Realtor can factor in all of these issues in the context of your local market conditions, including whether home prices are rising or falling and whether it’s a buyer’s or seller’s market.
Choose the right professional to help you with your home sale and then listen to your Realtor’s advice and your transaction is more likely to go through quickly and smoothly from the beginning.

September Real Estate Trivia

September Real Estate Trivia:

What Colorado Ski Resort gets the most annual snowfall on average? 

Answer: Wolf Creek Ski Area

14 Things to Consider Before Buying a Home

great buying article on realtor.com

14 Things to Consider Before Buying a Home

When you’re buying a home, it’s easy to let emotions get in the way of reality. “Sometimes we want something so badly, we’re not willing to ask all the questions we should,” says Leslie Levine, author of “Will This Place Ever Feel Like Home?” To make sure your dream home isn’t a mirage, follow these 14 tips:

1. Visit at various times of day.
The windows that let in so much light during the day may be a peeping Tom’s dream at night. That seemingly quiet residential street may be a noisy, highway-feeder street during morning or evening rush hour. The adjacent school may seem like a nice perk if you’re buying in the summer, but during the school year, daily playground noise and extra traffic may be more than you bargained for.
2. Research recent local news.
You need to look at more than the house: Examine the factors you can’t see. For example, perhaps the municipal water well has high levels of contaminants, or a perhaps a high-voltage power line may soon be coming through your back yard. You can also check with the city or county to see if there are any proposed projects.
3. Talk to neighbors.
How many people in the neighborhood own their homes? What do neighbors say are the pros and cons of the area?
4. Ask if the neighborhood has an association.
“Is there a newsletter for it? How often does the neighborhood get together? Do they have a block party every year?” Levine asks. “The fact that they’re having a gathering says they care about their community, that they want to get to know each other, that they’re willing to socialize that way. People who behave that way are building a community. They’re going to look out for your kids; they’re going to look out for your house.”
5. Quiz the sellers about house problems.
What past problems are the sellers aware of? Even if the issues have been fixed, it’s good to know that the house may be prone to, say, ice dams or water leaks so that you can take preventive measures rather than find out the hard way. If you know that the basement flooding was solved by building up the landscaping in a particular area, you won’t level the ground there.
6. Get a home inspection.
Virtually all houses have defects. Some are obvious, and most are curable. But knowing what needs repair can help you negotiate a lower price — or at least prepare you for costs you’ll soon incur. Strongly consider getting inspections for lead paint, radon and wood-eating pests, too.
7. Get detailed records on past improvements.
This isn’t always possible. But if you’re told the house’s exterior was painted two years ago — and then see a receipt noting the whole project cost just $1,000 — then you’re forewarned that cheaper materials were used and that you may be looking at repainting sooner than you thought.
8. Don’t assume remodeling will be easy.
If you voice your ideas to the sellers, you may glean valuable insights. For instance, perhaps that shower is in an odd location because, when the previous owners remodeled 10 years ago, they discovered a costly structural impediment to putting a shower where it would seem more appropriate.
9. Consider the view.
“So many neighborhoods now have teardowns,” Levine notes. “So look at the two houses on either side of you.” Do the adjacent houses look like they might be candidates for a teardown? Is the next lot empty? Does the neighborhood or town have restrictions about what your prospective neighbors can build there? “They may build some behemoth structure that affects your light or the way your house looks or your view,” Levine says.
10. Ask for utility bills.
You may adore the Cape Cod architectural style or the high ceilings and glass walls in a modern home, but those winter heating and summer cooling bills may not fit your monthly budget. Ditto for the water bills that come with maintaining a pristine landscape.
11. Pay close attention to taxes.
Don’t just ask about the seller’s most recent tax bill; ask the amounts for several recent tax bills. In some areas, houses are re-appraised — and taxed at higher rates — frequently. That great deal and good investment may not seem quite so grand if the property taxes skyrocket year after year. Look at local news and talk to your Realtor about how taxes are used in this area. In some cities, schools are substantially funded through property taxes, which means you can count on yours increasing regularly.
12. Check with city hall.
Look into the property’s and the neighborhood’s zoning, as well as any potential easements, liens or other restrictions relating to your property. The seller should disclose these facts, but it’s better to be proactive. If you’re using a buyer’s agent, they should be able to help.
13. Reconsider the bells and whistles.
Are you sure you can live with a one-car garage, or a detached garage, or on-street parking? The pool may be a nice bonus, but can you afford the upkeep?
14. Explore the surrounding area.
If you’re new to the area, you may not know that only three blocks away, this pretty neighborhood backs up to a dumpy commercial zone or a less-than-savory part of town. If the home is near an airport, fire station, police station, hospital or railroad track, expect to hear trains, planes or ambulances throughout the day and night. Make sure you’re not too close to an agricultural area that may generate odors or kick up dust or other airborne problems.

A SkyScraper Reflection that Melts Cars, Cooks Eggs, & Burn Floors

A SkyScraper Reflection that Melts Cars, Cooks Eggs, & Burn Floors

 

 

 

London isn't famous for hot weather, but that may change soon, and not because of global warming: The design of a new skyscraper in the city is melting cars and setting buildings on fire.

"It's absolutely ruined," Martin Lindsay told the BBC, referring to his Jaguar XJ. Lindsay had the misfortune of parking his luxury car across the street from the office building for an hour; the Jaguar now has melted panels, mirrors and other parts. "You can't believe something like this would happen. They've got to do something about it."

Local shopkeepers have complained about carpets catching fire and smoldering front doors. A restaurant owner told London news site City A.M. that slate tiles on his doorstep had shattered in the heat.

 

The building — designed by internationally renowned architect Rafael Viñoly — is a dramatic edifice with curved exterior walls. Built at 20 Fenchurch Street in London's financial center, the 38-story skyscraper is known locally as "the Walkie-Talkie" for its unusual shape.

But that curvilinear shape is exactly what's causing the problem: The south-facing exterior wall is covered in reflective glass, and because it's concave, it focuses the sun's rays onto a small area, not unlike the way a magnifying glass directs sunbeams onto a superhot pinpoint of light.

James Keaveney of the University of Durham's Atomic and Molecular Physics department told City A.M. that the inward curve of the wall is an inherent flaw in the building's design. "It's a concave shape, so it's going to have a focusing effect on the light that is reflected from it."

That same concave shape has been used in the design of solar power plants. A solar dish in New Mexico contains 82 mirrors that focus sunlight onto an engine that contains hydrogen. As the gas expands and contracts from heating and cooling, that motion drives pistons that power a generator that creates electricity.

"There's [also] a power station in Spain that works on this principle," Keaveney said. "They have an array of mirrors that focuses light into a central pillar — if it's 60 degrees Celsius [140 degrees Fahrenheit], you could get solar panels and get some energy out of it."

This isn't the first time Viñoly's architecture has raised eyebrows as well as temperatures: His Vdara Hotel in Las Vegas has been criticized for directing sunbeams onto the swimming pool deck that are hot enough to melt plastic and singe people's hair. The hotspot became known as the "Vdara death ray."

The Vdara mitigated the "death ray" with larger sun umbrellas, but fixing the problem in London might take a lot more work. "There are examples in the past where an architect has had to rebuild the façade," Philip Oldfield, an expert in tall buildings at the University of Nottingham's Department of Architecture, told City A.M. "If this is serious, then I dread to think how expensive it will be."

 

from dailymail.co.uk website...

House Flipping is on the Rise in the US

Interesting article from nuwireinvestor.com

 

Home Flipping Makes Comeback

 

“Home flipping,” a term used to describe buying a home at a discount, refurbishing it and then selling it at a profit, is making a comeback thanks to the recovery in the U.S. housing market. Experts say the time is ideal for flipping because properties are still available for a bargain in many areas, but are rising quickly in value. Reality TV made the practice look easy for a time, but many found out it was harder than it looked after the financial crisis led to a housing market tumble. Now, analysts say the best places to flip homes are those areas that suffered the most during the crash, like Arizona, Florida and Nevada. For more on this continue reading the following article from TheStreet.

The rebounding U.S. real-estate market is leading to a renaissance in "home flipping" -- the investment strategy in which you buy distressed houses, make minor upgrades and resell the properties a few months later for quick gains.

"Right now is an ideal [time] for flipping, because we're seeing home prices bounce off of the bottom," says Daren Blomquist of RealtyTrac.com, which recently named the 25 Top U.S. Markets for Flipping Homes -- including some that offer more than 50% gross returns.

Made popular by reality-TV shows such as Flip This House>, home flipping looked easy during the housing boom when prices kept rising. The strategy became decidedly harder during the real estate bust that followed.

Now, flipping is enjoying a comeback because home prices have bottomed out in many U.S. locales and begun to rebound.

Blomquist says today's best markets for flippers soared during the boom and collapsed during the bust. Many are also in the so-called "Sand States" of Arizona, Florida and Nevada, which suffered through some of the nation's highest foreclosure rates in recent years.

"These markets all crashed pretty hard, so they've got lots of available distressed properties," Blomquist says. "But they're also perpetually popular with consumers because they're located in the warmer climates that many people want to move to."

Here's a look at the five metro areas RealtyTrac believes offer today's best opportunities for home flips (defined as buying and selling the same property within six months).

The site ranked each city based on how much gross profit local home flippers enjoyed in percentage terms on the average 2012 single-family sale, excluding renovations and other expenses beyond what investors initially paid for properties. All cities also had at least 500 home flips during 2012, as well as 9% or higher average annual home-price appreciation during 2013's first quarter. 

Fifth-best U.S. city for home flippers: Memphis, Tenn.
Average gross profit on 2012 deals: 42%

Memphis is unusual among the markets at the top of RealtyTrac's list that it's not in a Sand State, nor did it have the massive housing boom and bust other cities saw in recent years.

Still, Blomquist says the 1.3-million-person metro area is hot among flippers because it's got lots of older houses that cost little to buy and lend themselves to quick fix-ups and resales.

RealtyTrac found that the average Memphis home flipper paid just $68,318 per house last year (the lowest price among the top five cities in the rundown), but resold properties for $96,870. That's a 42% gross gain.

Another plus: The average Memphis home price rose at a 13% annual rate in 2013's first quarter. 

Fourth-best U.S. city for home flippers: Tampa, Fla.
Average gross profit on 2012 deals: 43%

The U.S. housing bust and foreclosure crisis slammed Tampa, but Blomquist says that means the 2.9-million metro area has lots of distressed properties for flippers to choose from.

The Cigar City also has an aging housing stock that's ripe for renovation, plus a warm climate that's popular with consumers -- all of which add up to great potential for home flips.

RealtyTrac found that the average Tampa property flipper enjoyed a 43% gross return in 2012, paying $79,538 for a house but selling for $113,676. Average Tampa home prices also rose at a 9% annual rate during the three months ended March 31. 

Third-best U.S. city for home flippers: Phoenix, Ariz.
Average gross profit on 2012 deals: 44%

Like the phoenix of Greek mythology, the Phoenix housing market is rising from its own ashes.

One of the U.S. cities hardest hit by the housing bust, Arizona's capital has recently seen real estate rebound sharply. Average Phoenix-area home prices soared 33% between 2012's first quarter and 2013's opening three months -- the strongest appreciation of any city atop RealtyTrac's rankings.

All told, the typical 2012 Phoenix home flip generated a 44% gross return, with investors paying $146,528 on average per property but selling for $210,290.

Still, Blomquist warns that Phoenix home values are rising so fast that he sees "the biggest red flags among any of the top five cities on our list. The market there might be overheating and a new bubble forming." 

Second-best U.S. city for home flippers: Las Vegas
Average gross profit on 2012 deals: 53%

Las Vegas had America's highest foreclosure rate for 60 straight months between mid-2007 and mid-2012, but Sin City's housing market is rebounding faster than you can say "hit me."

Average home prices in the 2 million-population metro area rose at a 24% annual clip during the first quarter, while the typical local flipper paid $133,198 per home in 2012 but sold for $203,945. That works out to a 53% gross return.

"Las Vegas had a very dramatic boom-and-bust cycle over the past seven years, but prices probably overcorrected," Blomquist says. "Investors finally realized that prices got too low, so it's made sense to them to jump back in." 

Best city for home flippers: Orlando, Fla.
Average gross profit on 2012 deals: 63%

Walt Disney World's (DIS) hometown has become a real Magic Kingdom for home flippers.

Blomquist says that while Orlando had one of America's worst foreclosure rates over the past five years, average local home prices rebounded at a 12% annual rate during 2013's first three months.

RealtyTrac also found that flippers paid a modest $103,701 on average per property in 2012 but sold for $168,677 -- a 63% gross return.

Blomquist says Orlando homes have historically enjoyed strong resale demand from retirees and warm-weather lovers. He adds that if you can't successfully flip a home, you can usually turn it into a vacation rental -- "a good, solid fallback plan."