Sunday, March 27, 2016
11 Homes with Basketball Courts-Celebrating NCAA March Madness
with March Madness upon on us, thought it would be a good time to show various homes with Basketball Courts....from HuffingtonPost.com
It’s the Time of the Season for Selling a House—or Is It?
timing your listing, always a good thing to calculate...good article below...
from realtor.com
When it’s time to sell your house, conventional wisdom says selling in the prime season, which begins in spring and lasts through summer, is the best way to go. But what if you wanted to wait until the off-season—is that a savvy move, or would you be leaving money on the table?
Spring marks the beginning of the busiest home-selling and home-buying season in most areas. With the warmer weather, more daylight, and the impetus to get a new house in order before the next school calendar begins, buyers are more likely to shop during this time of year, with home buying peaking in June.
In some parts of the country, the buying seasons are different or less pronounced, as areas with more temperate weather and fewer buyers with children can have more balanced buying seasons.
In other words, the on- and off-seasons can change—both in timing and overall demand for houses on the market—depending on where you live. If you’re not sure of what it’s like in your area, check with a real estate agent; that’s what they’re there for.
OK, let’s get to it—is it really that much better to sell in the prime season?
The on-season: Spring and summer
Pro: Bigger sale price
Unlike other markets, where more inventory means lower prices, the housing market works the opposite way: Prices are highest in the prime season, when the most homes are listed.
“It sounds counterintuitive, but it’s a function of demand being very seasonal, driven by weather and school year,” said our chief economist, Jonathan Smoke. There are also more buyers in spring and summer, as this is the most convenient time for most people to move. So relative to demand, the supply of homes is actually tighter in spring and summer than in fall and winter.
Pro: Better valuations
When your house is being valued, the appraiser will look into data for comparable homes sold in your neighborhood. But if the most recent data is from a home that sold for cheap in the winter, it can hurt your valuation. Having only bits of comparable housing data “kind of holds you hostage,” said Dana Hill, vice president of Buyer’s Edge Realty in Bethesda, MD.
With more homes selling in the on-season, the comparable data (or “comps”) are more accurate. Hill recommends waiting to be the second or third person in your neighborhood to put your house up for sale to take advantage of those comparable sales. While you’re at it, be sure your appraiser knows your neighborhood. If a home recently sold for $600,000 but it was a tear-down, while normally prices are $1.2 million, you’ll want an appraiser who understands that, said Hill.
Either way, the more data the better—and the prime season is when the data are most robust.
Pro: Homes look better, days are longer
There’s no doubt spring is when properties shine. The flowers are in bloom and buyers are out. Daylight saving time also gives buyers more time to look at houses, which means your property can be seen by more buyers during the day, said Hill. That means a bigger chance for more interested buyers.
Con: Buyers are pickier
With more houses on the market, buyers can afford a bigger wish list. If your home needs repairs, buyers might simply pass. Add in the fact most buyers aren’t shopping under pressure (as they might be during the off-season), and you have a pool of selective shoppers.
“Buyers aren’t as pressured [during the on-season], so there’s no reason they would take a house that takes $15,000 to $20,000 worth of work. I think the time factor plays a big role in necessity,” said Gregory Gronbacher, a Realtor® with Keller Williams Realty in the Grand Rapids, MI, area.
Pro: Sellers can be picky, too
With more buyers come more options for potential new owners. Don’t want your childhood home razed to the ground for a new McMansion? You have a better chance of finding a loving couple looking to start a family during the on-season.
Pro: Bidding wars
Bidding wars are a headache for buyers but a big plus for sellers. Smoke said you want to “put your home on the market pretty near when inventory is at a high. There’s more chance for bidders and multiple offers.”
Bidding wars mean more money in your pocket. They also usually mean buyers are less likely to make repair requests or other demands. Additionally, cash buyers are some of the more aggressive bidders, so you might find a buyer with a fistful of dollars with a fast lane to closing day.
The off-season: Fall and winter
Con: Thrift shoppers
If you have to put your home up for sale in the off-season, it’s probably because of an extraneous factor—such as a death in the family, layoff, or short sale—and you can get buyers looking for a good deal above all else.
“You get a different sort of buyer, someone who is more sensitive to price, who is intentionally buying at that time of the year,” said Smoke. Investors looking to buy property at a discount do so around this time, he notes.
You may have to accommodate buyers’ wants, like making certain repairs or eating some closing costs in order to sell your home quickly, if that’s a motivating factor.
Pro: The motivated buyer
While you may have to field lowball offers from thrifty home shoppers, that doesn’t mean the motivated buyer is an endangered species in the off-season.
Gronbacher has found that “off-season buyers are more focused and serious about finding the right home in a short amount of time. In many cases, they are involved in a relocation or facing a situation that is requiring them to move.”
Adam Kruse, a Realtor with the Hermann London Real Estate Group in St. Louis, MO, agrees.
“If a buyer is out looking at houses the day before Thanksgiving in six inches of snow, you know they are serious,” he said.
Con: Less curb appeal
If you’re selling in winter, especially in snowy areas, your house will have less of that colorful “pop” it might have in spring.
“There is no real curb appeal as there is in the spring. We miss the beauty of green lawns, flowers, and in-ground pools,” said Linda Mossman, a Realtor with Realty Executives Boston West in Boston.
To offset the blandness of winter, Mossman said to keep the driveways and sidewalks as clear as possible, and provide your agent with pictures of your home in the spring for reference.
Con: Homes sell for less
When there are fewer houses on the market, it means homes will sell for less.
You may, however, be able to negate this con by raising your price. It’s a common tactic, said Hill. She calls it “winter pricing,” which makes it easier for the seller to accommodate a lower offer.
Verdict: The on-season is better
OK, so conventional wisdom does get it right, according to our experts: Sellers who have a choice in the matter wait until the prime season starts so they can reap the benefits.
“If you’re a seller,” said Smoke, “this is the optimal time.”
from realtor.com
When it’s time to sell your house, conventional wisdom says selling in the prime season, which begins in spring and lasts through summer, is the best way to go. But what if you wanted to wait until the off-season—is that a savvy move, or would you be leaving money on the table?
Spring marks the beginning of the busiest home-selling and home-buying season in most areas. With the warmer weather, more daylight, and the impetus to get a new house in order before the next school calendar begins, buyers are more likely to shop during this time of year, with home buying peaking in June.
In some parts of the country, the buying seasons are different or less pronounced, as areas with more temperate weather and fewer buyers with children can have more balanced buying seasons.
In other words, the on- and off-seasons can change—both in timing and overall demand for houses on the market—depending on where you live. If you’re not sure of what it’s like in your area, check with a real estate agent; that’s what they’re there for.
OK, let’s get to it—is it really that much better to sell in the prime season?
The on-season: Spring and summer
Pro: Bigger sale price
Unlike other markets, where more inventory means lower prices, the housing market works the opposite way: Prices are highest in the prime season, when the most homes are listed.
“It sounds counterintuitive, but it’s a function of demand being very seasonal, driven by weather and school year,” said our chief economist, Jonathan Smoke. There are also more buyers in spring and summer, as this is the most convenient time for most people to move. So relative to demand, the supply of homes is actually tighter in spring and summer than in fall and winter.
Pro: Better valuations
When your house is being valued, the appraiser will look into data for comparable homes sold in your neighborhood. But if the most recent data is from a home that sold for cheap in the winter, it can hurt your valuation. Having only bits of comparable housing data “kind of holds you hostage,” said Dana Hill, vice president of Buyer’s Edge Realty in Bethesda, MD.
With more homes selling in the on-season, the comparable data (or “comps”) are more accurate. Hill recommends waiting to be the second or third person in your neighborhood to put your house up for sale to take advantage of those comparable sales. While you’re at it, be sure your appraiser knows your neighborhood. If a home recently sold for $600,000 but it was a tear-down, while normally prices are $1.2 million, you’ll want an appraiser who understands that, said Hill.
Either way, the more data the better—and the prime season is when the data are most robust.
Pro: Homes look better, days are longer
There’s no doubt spring is when properties shine. The flowers are in bloom and buyers are out. Daylight saving time also gives buyers more time to look at houses, which means your property can be seen by more buyers during the day, said Hill. That means a bigger chance for more interested buyers.
Con: Buyers are pickier
With more houses on the market, buyers can afford a bigger wish list. If your home needs repairs, buyers might simply pass. Add in the fact most buyers aren’t shopping under pressure (as they might be during the off-season), and you have a pool of selective shoppers.
“Buyers aren’t as pressured [during the on-season], so there’s no reason they would take a house that takes $15,000 to $20,000 worth of work. I think the time factor plays a big role in necessity,” said Gregory Gronbacher, a Realtor® with Keller Williams Realty in the Grand Rapids, MI, area.
Pro: Sellers can be picky, too
With more buyers come more options for potential new owners. Don’t want your childhood home razed to the ground for a new McMansion? You have a better chance of finding a loving couple looking to start a family during the on-season.
Pro: Bidding wars
Bidding wars are a headache for buyers but a big plus for sellers. Smoke said you want to “put your home on the market pretty near when inventory is at a high. There’s more chance for bidders and multiple offers.”
Bidding wars mean more money in your pocket. They also usually mean buyers are less likely to make repair requests or other demands. Additionally, cash buyers are some of the more aggressive bidders, so you might find a buyer with a fistful of dollars with a fast lane to closing day.
The off-season: Fall and winter
Con: Thrift shoppers
If you have to put your home up for sale in the off-season, it’s probably because of an extraneous factor—such as a death in the family, layoff, or short sale—and you can get buyers looking for a good deal above all else.
“You get a different sort of buyer, someone who is more sensitive to price, who is intentionally buying at that time of the year,” said Smoke. Investors looking to buy property at a discount do so around this time, he notes.
You may have to accommodate buyers’ wants, like making certain repairs or eating some closing costs in order to sell your home quickly, if that’s a motivating factor.
Pro: The motivated buyer
While you may have to field lowball offers from thrifty home shoppers, that doesn’t mean the motivated buyer is an endangered species in the off-season.
Gronbacher has found that “off-season buyers are more focused and serious about finding the right home in a short amount of time. In many cases, they are involved in a relocation or facing a situation that is requiring them to move.”
Adam Kruse, a Realtor with the Hermann London Real Estate Group in St. Louis, MO, agrees.
“If a buyer is out looking at houses the day before Thanksgiving in six inches of snow, you know they are serious,” he said.
Con: Less curb appeal
If you’re selling in winter, especially in snowy areas, your house will have less of that colorful “pop” it might have in spring.
“There is no real curb appeal as there is in the spring. We miss the beauty of green lawns, flowers, and in-ground pools,” said Linda Mossman, a Realtor with Realty Executives Boston West in Boston.
To offset the blandness of winter, Mossman said to keep the driveways and sidewalks as clear as possible, and provide your agent with pictures of your home in the spring for reference.
Con: Homes sell for less
When there are fewer houses on the market, it means homes will sell for less.
You may, however, be able to negate this con by raising your price. It’s a common tactic, said Hill. She calls it “winter pricing,” which makes it easier for the seller to accommodate a lower offer.
Verdict: The on-season is better
OK, so conventional wisdom does get it right, according to our experts: Sellers who have a choice in the matter wait until the prime season starts so they can reap the benefits.
“If you’re a seller,” said Smoke, “this is the optimal time.”
9 Tax Breaks Every First-Time Homebuyer Must Know
from the motley fool...
www.fool.com
You could save thousands by knowing these tips.
Americans' wallets are in much better shape since the Great Recession. And with higher pay and steadier job security, tax breaks for homeowners can make the prospect of buying a home attractive.
"Tax-wise, this is a good time to buy," said Yvette Best of tax preparation company Best Services Unlimited. "Homeownership offers tax breaks that renters do not have."
For new homeowners, a house is an asset that can lower their tax liability. First-time homebuyers should be aware of the housing tax deductions and credits that can save them thousands and offset the cost of ownership. It might require a little more paperwork to claim these benefits, but the savings can make the effort well worth it. Whether you bought a home for the first time in 2015 or are planning to do so next year, find out how these homeowner tax breaks can keep more money in your pocket.
1. Mortgage payment interest deduction
The biggest tax break after buying a home is often the mortgage interest deduction. This deduction covers interest paid on up to $1 million worth of loans and is especially beneficial for borrowers with new mortgages, since they pay more interest.
"The way that loan amortization works, your first payments will have the highest ratio of interest to principal so you will receive the majority of the tax benefit upfront," said Andrew Christakos, an accredited investment fiduciary with Westfield Wealth Management.
A homeowner will need to file an itemized tax return to claim the mortgage interest payment deduction. "For most people, especially first-time buyers that have never itemized deductions prior to owning a home, the incentive to itemize deductions when filing their taxes comes from the large deduction they get from making payments on their mortgage interest," said Lisa Greene-Lewis, a certified public accountant and tax expert for TurboTax. Your loan provider should send you Form 1040 shortly after the tax year ends. It will outline the interest you've paid for that year.
2. Mortgage credit certification
The Mortgage Credit Certificate Program can provide another opportunity for first-time buyers to get a tax break on mortgage interest. According to the IRS, this program "is intended to help lower-income individuals afford home ownership." Unlike a deduction, which reduces your taxable income, this credit directly counts against your tax bill and lowers what you owe.
"It's a little-known but very cool program," said Deb Tomaro, a broker with RE/MAX Acclaimed Properties in Indiana. "Depending on the purchase price of your home, a buyer can get 20% to 30% of the interest they pay every year on their mortgage back as a straight tax credit -- straight back into their pocket." While this is a federal credit, it's administered by state and local governments and can vary by state and county.
To get this credit, you will need to qualify for and be issued a Mortgage Credit Certificate by your state or local government, usually at the time you originate your mortgage to purchase your home. This certificate will include your mortgage and credit details, including the amount of interest you can claim as a credit. With a certificate, you'll qualify for this credit for the life of the mortgage and can claim each year using IRS Form 8396.
3. Mortgage points deduction
But it's not just the interest paid in monthly mortgage payments that qualify for a tax deduction. "Most homeowners overlook the deduction of points paid to secure a mortgage loan," Best said. Mortgage points are prepaid interest that also qualifies the borrower for a lower interest rate over the life of the loan. Because it's still a payment against interest, it qualifies for deductions.
"This deduction could be worth thousands," Best said. "Although interest rates are low, buying points to lower the interest rate on your mortgage loan is one of the best tax breaks available right now. The return on investment is twofold -- you get to deduct the cost of the points and the amount paid in interest in the same year as the home purchase."
4. Tax-free IRA withdrawals
As you're getting ready to buy a home, consider pulling some funds from an IRA to help cover a down payment or other costs. "First-time homebuyers who break into their IRAs to come up with the down payment do not have to pay the 10% penalty normally applied to pre-age 59 1/2 withdrawals," Greene-Lewis said. "This incentive also applies to current homeowners as well, since you are eligible for first-time buyer status if you have not purchased a home in two years."
5. Real estate tax deduction
"Taxpayers who itemize their deductions on Schedule A are also eligible to deduct real estate taxes paid on their primary and secondary residences," said Laurie Samay, a certified financial planner with Palisades Hudson Financial Group. You can even deduct real estate taxes, as long as they were paid within the year for which you're filing. The tax paid must also be for a home you own; you can't claim taxes you paid for someone else's property.
6. Home improvements
Home improvements can qualify for deductions in two ways. If you use a home equity loan or other loan secured by your home to finance home improvements, these loans will qualify for the same mortgage interest deductions as your main mortgage. While it might be smarter to pay in cash if you can afford it, claiming this deduction will still help you save if you choose a loan.
Second, tracking home improvements can help you out when the time comes to sell. "When you sell your home, you can include the cost of improvements made to the property in the cost basis when determining your capital gains or losses on the sale," Christakos said. If your home sells for more than you paid for it, that extra money is considered taxable income. But you can lessen your tax liability by writing off home improvement costs.
"This could help save thousands in taxes at the time of sale," Christakos said. "Make sure that you keep your receipts for major improvements," so you can prove the costs you claim, he added.
7. Home office deduction
"If you work from home, you can take a deduction for the room or space used as your office," said Ryan Saltz, a licensed tax professional for Tax Defense Network in Jacksonville, Fla. "This includes working from your garage, if you have your own repair business," as well as a typical office space.
This deduction can include expenses like mortgage interest, insurance, utilities, and repairs, and is calculated based on "the percentage of your home devoted to your business activities," according to the IRS. "Just make sure that the workspace information you provide is as accurate as possible," Saltz said. "Be aware that there are specific requirements for taking this type of deduction."
8. Home energy tax credits
For homebuyers or homeowners looking to make their home a little greener, the Residential Energy Efficiency Property Credit can help offset the cost of energy efficiency improvements. "You could save up to 30% of the total cost of installing certain renewable energy sources in your home," said Jayson Mullin, founder of Top Tax Defenders. Even better, this is a credit, which means it directly lowers your tax bill. Currently, this tax credit is extended through 2016.
This credit applies to technology that harnesses off-the-grid energy, like wind turbines, solar panels, geothermal heat pumps and fuel cells. "The 30% credit applies to the cost, including labor and installation, and must be taken in the year the item was placed in service," Mullin said. Keep all receipts and contracts from the installation, and file for this credit using Form 5695.
9. Private mortgage insurance deductions
Private mortgage insurance premiums are added to mortgage payments when the loan's value exceeds 80% of the home's value. While PMI payments have been tax deductible in recent years, this tax break isn't part of the tax code, and Congress has to renew it for homeowners to deduct those costs.
Congress voted at the last minute to extend the PMI deduction through the tax year of 2014. Chances are pretty good that lawmakers will opt to extend this benefit for the 2015 tax year as well, though they'll have to act fast, as the end of the year is drawing near. Homeowners will want to stay aware of the latest developments to know if they'll be able to claim this significant deduction for 2015 and beyond.
Owning a home is still a big part of the American dream, even if it's costly. Luckily, America's tax code still includes several homeowner tax benefits that can help families afford to buy a home.
www.fool.com
You could save thousands by knowing these tips.
Americans' wallets are in much better shape since the Great Recession. And with higher pay and steadier job security, tax breaks for homeowners can make the prospect of buying a home attractive.
"Tax-wise, this is a good time to buy," said Yvette Best of tax preparation company Best Services Unlimited. "Homeownership offers tax breaks that renters do not have."
For new homeowners, a house is an asset that can lower their tax liability. First-time homebuyers should be aware of the housing tax deductions and credits that can save them thousands and offset the cost of ownership. It might require a little more paperwork to claim these benefits, but the savings can make the effort well worth it. Whether you bought a home for the first time in 2015 or are planning to do so next year, find out how these homeowner tax breaks can keep more money in your pocket.
1. Mortgage payment interest deduction
The biggest tax break after buying a home is often the mortgage interest deduction. This deduction covers interest paid on up to $1 million worth of loans and is especially beneficial for borrowers with new mortgages, since they pay more interest.
"The way that loan amortization works, your first payments will have the highest ratio of interest to principal so you will receive the majority of the tax benefit upfront," said Andrew Christakos, an accredited investment fiduciary with Westfield Wealth Management.
A homeowner will need to file an itemized tax return to claim the mortgage interest payment deduction. "For most people, especially first-time buyers that have never itemized deductions prior to owning a home, the incentive to itemize deductions when filing their taxes comes from the large deduction they get from making payments on their mortgage interest," said Lisa Greene-Lewis, a certified public accountant and tax expert for TurboTax. Your loan provider should send you Form 1040 shortly after the tax year ends. It will outline the interest you've paid for that year.
2. Mortgage credit certification
The Mortgage Credit Certificate Program can provide another opportunity for first-time buyers to get a tax break on mortgage interest. According to the IRS, this program "is intended to help lower-income individuals afford home ownership." Unlike a deduction, which reduces your taxable income, this credit directly counts against your tax bill and lowers what you owe.
"It's a little-known but very cool program," said Deb Tomaro, a broker with RE/MAX Acclaimed Properties in Indiana. "Depending on the purchase price of your home, a buyer can get 20% to 30% of the interest they pay every year on their mortgage back as a straight tax credit -- straight back into their pocket." While this is a federal credit, it's administered by state and local governments and can vary by state and county.
To get this credit, you will need to qualify for and be issued a Mortgage Credit Certificate by your state or local government, usually at the time you originate your mortgage to purchase your home. This certificate will include your mortgage and credit details, including the amount of interest you can claim as a credit. With a certificate, you'll qualify for this credit for the life of the mortgage and can claim each year using IRS Form 8396.
3. Mortgage points deduction
But it's not just the interest paid in monthly mortgage payments that qualify for a tax deduction. "Most homeowners overlook the deduction of points paid to secure a mortgage loan," Best said. Mortgage points are prepaid interest that also qualifies the borrower for a lower interest rate over the life of the loan. Because it's still a payment against interest, it qualifies for deductions.
"This deduction could be worth thousands," Best said. "Although interest rates are low, buying points to lower the interest rate on your mortgage loan is one of the best tax breaks available right now. The return on investment is twofold -- you get to deduct the cost of the points and the amount paid in interest in the same year as the home purchase."
4. Tax-free IRA withdrawals
As you're getting ready to buy a home, consider pulling some funds from an IRA to help cover a down payment or other costs. "First-time homebuyers who break into their IRAs to come up with the down payment do not have to pay the 10% penalty normally applied to pre-age 59 1/2 withdrawals," Greene-Lewis said. "This incentive also applies to current homeowners as well, since you are eligible for first-time buyer status if you have not purchased a home in two years."
5. Real estate tax deduction
"Taxpayers who itemize their deductions on Schedule A are also eligible to deduct real estate taxes paid on their primary and secondary residences," said Laurie Samay, a certified financial planner with Palisades Hudson Financial Group. You can even deduct real estate taxes, as long as they were paid within the year for which you're filing. The tax paid must also be for a home you own; you can't claim taxes you paid for someone else's property.
6. Home improvements
Home improvements can qualify for deductions in two ways. If you use a home equity loan or other loan secured by your home to finance home improvements, these loans will qualify for the same mortgage interest deductions as your main mortgage. While it might be smarter to pay in cash if you can afford it, claiming this deduction will still help you save if you choose a loan.
Second, tracking home improvements can help you out when the time comes to sell. "When you sell your home, you can include the cost of improvements made to the property in the cost basis when determining your capital gains or losses on the sale," Christakos said. If your home sells for more than you paid for it, that extra money is considered taxable income. But you can lessen your tax liability by writing off home improvement costs.
"This could help save thousands in taxes at the time of sale," Christakos said. "Make sure that you keep your receipts for major improvements," so you can prove the costs you claim, he added.
7. Home office deduction
"If you work from home, you can take a deduction for the room or space used as your office," said Ryan Saltz, a licensed tax professional for Tax Defense Network in Jacksonville, Fla. "This includes working from your garage, if you have your own repair business," as well as a typical office space.
This deduction can include expenses like mortgage interest, insurance, utilities, and repairs, and is calculated based on "the percentage of your home devoted to your business activities," according to the IRS. "Just make sure that the workspace information you provide is as accurate as possible," Saltz said. "Be aware that there are specific requirements for taking this type of deduction."
8. Home energy tax credits
For homebuyers or homeowners looking to make their home a little greener, the Residential Energy Efficiency Property Credit can help offset the cost of energy efficiency improvements. "You could save up to 30% of the total cost of installing certain renewable energy sources in your home," said Jayson Mullin, founder of Top Tax Defenders. Even better, this is a credit, which means it directly lowers your tax bill. Currently, this tax credit is extended through 2016.
This credit applies to technology that harnesses off-the-grid energy, like wind turbines, solar panels, geothermal heat pumps and fuel cells. "The 30% credit applies to the cost, including labor and installation, and must be taken in the year the item was placed in service," Mullin said. Keep all receipts and contracts from the installation, and file for this credit using Form 5695.
9. Private mortgage insurance deductions
Private mortgage insurance premiums are added to mortgage payments when the loan's value exceeds 80% of the home's value. While PMI payments have been tax deductible in recent years, this tax break isn't part of the tax code, and Congress has to renew it for homeowners to deduct those costs.
Congress voted at the last minute to extend the PMI deduction through the tax year of 2014. Chances are pretty good that lawmakers will opt to extend this benefit for the 2015 tax year as well, though they'll have to act fast, as the end of the year is drawing near. Homeowners will want to stay aware of the latest developments to know if they'll be able to claim this significant deduction for 2015 and beyond.
Owning a home is still a big part of the American dream, even if it's costly. Luckily, America's tax code still includes several homeowner tax benefits that can help families afford to buy a home.
Denver grows by another 18,582 people as city's boom accelerates
from DenverPost.com....growing every year...
Denver again added more people than any other county in Colorado last year, while Broomfield County notched the state's fastest growth rate, according to 2015 census estimates released Thursday.
The U.S. Census Bureau says Denver's population in July 2015 was 682,545. That was up 18,582 over 2014, or 2.8 percent.
Meanwhile, much-smaller Broomfield grew by 5.2 percent , ending with an estimated population of 65,065. It was the fifth-fastest-growing county in the nation.
Denver's boom — it's grown by nearly 83,000 people since 2010, or 13.8 percent — has resulted in rising traffic and an urban development surge. But as home prices and rents have soared, its affordable housing shortage has grown, dominating debate.
Yet the city's growth only accelerated last year, census estimates show .
New estimates put the population in the seven-county metro area, which also includes Boulder, Adams, Arapahoe, Douglas and Jefferson counties, at nearly 3.1 million, up 2.1 percent in a year and 10.5 percent since 2010.
"For the seventh time in the past eight years, Denver County has led the state in numeric population growth," urban planning professor Ken Schroeppel wrote Thursday in a post looking at the census data on the DenverUrbanism blog.
His analysis found that last year, Denver captured much more than its share of the metro area's growth, while Jefferson County's growth lagged the most.
Denver again added more people than any other county in Colorado last year, while Broomfield County notched the state's fastest growth rate, according to 2015 census estimates released Thursday.
The U.S. Census Bureau says Denver's population in July 2015 was 682,545. That was up 18,582 over 2014, or 2.8 percent.
Meanwhile, much-smaller Broomfield grew by 5.2 percent , ending with an estimated population of 65,065. It was the fifth-fastest-growing county in the nation.
Denver's boom — it's grown by nearly 83,000 people since 2010, or 13.8 percent — has resulted in rising traffic and an urban development surge. But as home prices and rents have soared, its affordable housing shortage has grown, dominating debate.
Yet the city's growth only accelerated last year, census estimates show .
New estimates put the population in the seven-county metro area, which also includes Boulder, Adams, Arapahoe, Douglas and Jefferson counties, at nearly 3.1 million, up 2.1 percent in a year and 10.5 percent since 2010.
"For the seventh time in the past eight years, Denver County has led the state in numeric population growth," urban planning professor Ken Schroeppel wrote Thursday in a post looking at the census data on the DenverUrbanism blog.
His analysis found that last year, Denver captured much more than its share of the metro area's growth, while Jefferson County's growth lagged the most.
5 tips for first-home buyers in today's market
every little advantage helps buyers in this seller's market....interesting things to consider...
from www.cbsnews.com article....
Families looking to buy their first home are in for a world of hurt. Starter homes are in short supply, which makes it tougher for buyers to not only find an acceptable property but also to negotiate on price and terms. Not surprisingly, that's locking out many first-time buyers and depressing the number of trade-up homes on the market, too.
Since 2012, the number of starter homes listed for sale has fallen 43.6 percent, and the inventory of trade-up properties is down 41 percent, according to research conducted by Trulia, a real estate website. That's fueling a vicious cycle, pushing up prices and making the market increasing unaffordable, site officials say.
"Those who are making their first foray into the housing market are worse off than they've been in years," said Ralph McLaughlin, chief economist for Trulia. "They're going to have to shell out more cash for the down payment and use a greater share of their income to make the mortgage."
Of course, the pain is not evenly distributed around the country. In looking at the 100 largest metropolitan areas, Trulia found some cities where homes of all types were easily affordable and others where all but the highest wage-earners would be locked out.
In many parts of Ohio, for example, you can buy a starter home for roughly the same price as a luxury car. In Dayton, the median starter home sells for $45,000. A similar home would cost $41,248 in Toledo and just under $59,000 in both Akron and Cleveland. In Detroit, a starter home costs less than a Ford Fusion. The median starter home: $17,500, according to Trulia. The Fusion's sticker price: $22,610.
By way of contrast, in most major cities in California, starter homes are completely unaffordable on a starter salary. Defining a first home as one priced in the bottom third of the listed inventory, Trulia found that its median price listed for a whopping $714,000 in San Francisco, $585,713 in San Jose, $416,000 in Orange County and $327,450 in San Diego.
To put this in perspective, you'd need $9,000 in cash for the standard 20 percent down payment on a starter home in Dayton, but $142,800 for the down payment in San Francisco. The Dayton resident's mortgage would set him back $172 per month, while the San Francisco resident would shell out $2,727 monthly, assuming both financed with 30-year fixed-rate mortgages at 4 percent.
Indeed, a Los Angeles resident could easily buy what Trulia classifies as a luxury home -- those priced in the top third of listed inventory -- in Dayton ($206,375) and have enough left over to buy a Tesla ($101,500) for less than the price of a starter property in Los Angeles ($329,000).
Perhaps not surprisingly, another recent study found that most renters plan to continue renting, saying it's simply the more affordable choice. Among those who would like to buy, 36 percent felt that saving enough for a down payment would be a substantial hurdle, while 30 percent thought the monthly mortgage payments would be the biggest challenge, according to a survey released last week by Freddie Mac.
What do you do if you're dead-set on buying in one of the less-affordable cities? Five things:
1. Get pre-approved. Getting okay'd for a mortgage ahead of time does two good things for you. It establishes what lenders think you can afford, which allows you to zero in on just the homes that fit your budget. And it reduces the number of contingencies you'd have on your offer. The fewer contingencies you have, the more attractive you look to a seller, said Brett Furman, a long-time real estate agent and author of "What You Really Need to Know About Selling Your House."
2. Avoid new debt. If you buy a car right before trying to close on a home, your lender could back out of your home financing, Furman added. That's because the lender knows what you may only realize six months into home ownership -- the costs and responsibilities of home ownership can be overwhelming. Don't take on additional financial obligations until you've had some time understanding the full economic impact of home ownership.
3. Talk to your landlord. McLaughlin said he bought his first house from his landlord. If you're renting a single-family home and like it, you may be able to do the same. Buying from your landlord has many advantages. First, you know what's wrong and right about the house. You know whether it needs repairs. And if you buy it, there's no need to hire movers. Another potential savings is that the landlord won't have to pay a realtor and may be willing to split that cost savings with you by selling for comparatively less.
And assuming you've been a good tenant, the seller has built up a level of trust in you. If you don't have quite enough for a traditional down payment, your landlord might be willing to carry a second loan. After all, he's been getting regular monthly payments from you for years. Carrying a second mortgage isn't dramatically different than collecting rent.
4. Save like crazy. You'll need a substantial nest egg to handle a down payment, of course, but other costs are likely to be involved in closing the deal. And once you own the home, you'll be on the hook for maintenance, repairs, property taxes and insurance -- all expenses that you left to your landlord in the past.
5. Get an inspection. The low end of the market often is filled with "fixers." Buying a house that needs cosmetic help can be a great way to get a good deal. But if your fixer has structural problems -- a cracked foundation, bad roof, plumbing or electrical issues -- the cost of repair can turn your bargain into a money pit in no time. A professional inspector should be able to spot those costly issues. That allows you to ask the seller to make repairs before the sale closes or to walk away before the repairs sink your budget.
from www.cbsnews.com article....
Families looking to buy their first home are in for a world of hurt. Starter homes are in short supply, which makes it tougher for buyers to not only find an acceptable property but also to negotiate on price and terms. Not surprisingly, that's locking out many first-time buyers and depressing the number of trade-up homes on the market, too.
Since 2012, the number of starter homes listed for sale has fallen 43.6 percent, and the inventory of trade-up properties is down 41 percent, according to research conducted by Trulia, a real estate website. That's fueling a vicious cycle, pushing up prices and making the market increasing unaffordable, site officials say.
"Those who are making their first foray into the housing market are worse off than they've been in years," said Ralph McLaughlin, chief economist for Trulia. "They're going to have to shell out more cash for the down payment and use a greater share of their income to make the mortgage."
Of course, the pain is not evenly distributed around the country. In looking at the 100 largest metropolitan areas, Trulia found some cities where homes of all types were easily affordable and others where all but the highest wage-earners would be locked out.
In many parts of Ohio, for example, you can buy a starter home for roughly the same price as a luxury car. In Dayton, the median starter home sells for $45,000. A similar home would cost $41,248 in Toledo and just under $59,000 in both Akron and Cleveland. In Detroit, a starter home costs less than a Ford Fusion. The median starter home: $17,500, according to Trulia. The Fusion's sticker price: $22,610.
By way of contrast, in most major cities in California, starter homes are completely unaffordable on a starter salary. Defining a first home as one priced in the bottom third of the listed inventory, Trulia found that its median price listed for a whopping $714,000 in San Francisco, $585,713 in San Jose, $416,000 in Orange County and $327,450 in San Diego.
To put this in perspective, you'd need $9,000 in cash for the standard 20 percent down payment on a starter home in Dayton, but $142,800 for the down payment in San Francisco. The Dayton resident's mortgage would set him back $172 per month, while the San Francisco resident would shell out $2,727 monthly, assuming both financed with 30-year fixed-rate mortgages at 4 percent.
Indeed, a Los Angeles resident could easily buy what Trulia classifies as a luxury home -- those priced in the top third of listed inventory -- in Dayton ($206,375) and have enough left over to buy a Tesla ($101,500) for less than the price of a starter property in Los Angeles ($329,000).
Perhaps not surprisingly, another recent study found that most renters plan to continue renting, saying it's simply the more affordable choice. Among those who would like to buy, 36 percent felt that saving enough for a down payment would be a substantial hurdle, while 30 percent thought the monthly mortgage payments would be the biggest challenge, according to a survey released last week by Freddie Mac.
What do you do if you're dead-set on buying in one of the less-affordable cities? Five things:
1. Get pre-approved. Getting okay'd for a mortgage ahead of time does two good things for you. It establishes what lenders think you can afford, which allows you to zero in on just the homes that fit your budget. And it reduces the number of contingencies you'd have on your offer. The fewer contingencies you have, the more attractive you look to a seller, said Brett Furman, a long-time real estate agent and author of "What You Really Need to Know About Selling Your House."
2. Avoid new debt. If you buy a car right before trying to close on a home, your lender could back out of your home financing, Furman added. That's because the lender knows what you may only realize six months into home ownership -- the costs and responsibilities of home ownership can be overwhelming. Don't take on additional financial obligations until you've had some time understanding the full economic impact of home ownership.
3. Talk to your landlord. McLaughlin said he bought his first house from his landlord. If you're renting a single-family home and like it, you may be able to do the same. Buying from your landlord has many advantages. First, you know what's wrong and right about the house. You know whether it needs repairs. And if you buy it, there's no need to hire movers. Another potential savings is that the landlord won't have to pay a realtor and may be willing to split that cost savings with you by selling for comparatively less.
And assuming you've been a good tenant, the seller has built up a level of trust in you. If you don't have quite enough for a traditional down payment, your landlord might be willing to carry a second loan. After all, he's been getting regular monthly payments from you for years. Carrying a second mortgage isn't dramatically different than collecting rent.
4. Save like crazy. You'll need a substantial nest egg to handle a down payment, of course, but other costs are likely to be involved in closing the deal. And once you own the home, you'll be on the hook for maintenance, repairs, property taxes and insurance -- all expenses that you left to your landlord in the past.
5. Get an inspection. The low end of the market often is filled with "fixers." Buying a house that needs cosmetic help can be a great way to get a good deal. But if your fixer has structural problems -- a cracked foundation, bad roof, plumbing or electrical issues -- the cost of repair can turn your bargain into a money pit in no time. A professional inspector should be able to spot those costly issues. That allows you to ask the seller to make repairs before the sale closes or to walk away before the repairs sink your budget.
Subscribe to:
Posts (Atom)
Posts
