Living Rooftop could be required in Denver, if Initiatives makes it to ballot and passes

photos from pinterest.com and interesting article from thedenverchannel.com

'Living rooftops' could be required in Denver, if Initiative makes it to ballot and passes

Rooftop gardens reduce urban heat island effect

DENVER -- You could call it a mile high makeover of sorts.

A grass roots group is attempting to get an initiative on the November ballot that would require every building of a certain size to offer rooftop gardens.

The environmentally-minded group called The Denver Green Roof Initiative is hoping for ‘living rooftops’ on all new construction and existing buildings over 25,000 square feet.

"There's so many good things, and so few drawbacks," said Brandon Rietheimer, founder of The Denver Green Roof Initiative. "They clean our air and sequester carbon. They increase a building's energy efficiency by lowering temperatures of the building."

Rooftop gardens also reduce what is called the urban heat island effect, wherein concrete and buildings make the temperature about five degrees hotter in downtown than other parts of the city.

Rietheimer says Denver has the third-highest urban heat island effect in the nation, behind only Albuquerque, New Mexico and Las Vegas, Nevada.

“When we have a higher heat island, we actually have more energy usage for cooling," Rietheimer said.

The Colorado Apartment Association agrees that green roofs reduce heat island effect and lower energy costs, but the CAA has big reservations about the mandate in the intiative.

Rocky Sundling, incoming president of the CAA, gave the following statement:


"The Colorado Apartment Association and the commercial real estate industry in general agree that green roofs (or living roofs as they are sometimes called) are a great solution to the urban heat island effect, are an effective roof insulator, and are aesthetically pleasing. We strongly disagree with mandating the installation of these green roofs, even with sensible exemptions. These roofs are costly to install and to maintain. Denver is already experiencing an affordability problem in residential and commercial real estate, so let’s not make this affordability problem worse with costly mandates. Allow the market to work and let buildings that choose to install green roofs experience the competitive advantage that these roofs will likely provide. Other buildings will follow to maintain competitive equality. We have seen this voluntary building standard work very effectively with the LEED energy certifications. We believe the green roofs program will have similar success by allowing the market to demand their installation."

Rietheimer argues the costs will pay off in the long run.

"They do last four times as long as your traditional roof," he said.

The initiative also requires that building owners maintain the rooftop gardens.

Maintenance of the rooftop gardens would be required under this initiative, much like a building code inspector looks for proper bathroom ventilation and working smoke detectors.

"To make sure that they are being repaired from hail damage, from any kind of drought," Rietheimer said.

Rietheimer says the rooftop gardens aren’t a big attractant for rodents, but they do attract bugs and birds.

“This type of garden essentially creates a natural habitat that would have existed if this building hadn't been there,” he said.

There are also special exemptions written into the initiative.

"If a building wouldn't be able to handle the weight of a green roof and snow load, then they would be able to get an exemption for a smaller green roof or a smaller green and solar roof," Rietheimer said.

The grass roots group must now collect the 4,700 signatures required to get the measure on the November ballot. The deadline is this August.

Borrowers rush to beat rising rates, pushing mortgage volume 3.3% higher

some interesting trends from cnbc.com

As interest rates surged last week and home prices continue to balloon at a breakneck pace, borrowers are wasting no time applying for home loans — they are hoping to get in before affordability gets even worse.
Homebuyers are also increasingly choosing adjustable-rate mortgages, hoping to save a few more dollars on monthly payments.
Total mortgage application volume rose a seasonally adjusted 3.3 percent last week from the previous week, according to the Mortgage Bankers Association. Volume remains 18 percent lower compared to the same week one year ago.

The weaker volume primarily stems from significantly fewer applications to refinance from a year ago, when interest rates were lower. Refinance volume is off 34 percent annually, but more borrowers rushed in last week, likely fearing rates would move even higher. Refinance volume was up 5 percent for the week, seasonally adjusted.

"Mortgage rates increased last week as remarks by several key Federal Reserve officials strongly signaled a March rate increase," said Joel Kan, an MBA economist. "This was further supported by a few solid economic data releases, including GDP, inflation and manufacturing gauges."
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $424,100 or less increased to 4.36 percent from 4.30 percent, with points increasing to 0.44 from 0.38, including the origination fee, for 80 percent loan-to-value ratio loans.
Although mortgage rates do not directly follow the federal funds rate, a Fed rate hike could still make mortgages more expensive. After rising last week, mortgage rates have barely moved this week, which could be a sign of apprehension.

"Combine the past few days of limited movement with the bigger-picture post-election range, and there's a sense that we're waiting for a verdict about where we go next," wrote Matthew Graham, chief operating officer of Mortgage News Daily. "[That] makes the next six business days scary. It's ultimately next Wednesday that has the biggest potential to push rates higher or lower, but there's plenty of room for volatility between now and then."
Next Wednesday is when the Fed announces its decision on interest rates, and an increase is expected.
Mortgage applications to purchase a home, which are less sensitive to weekly rate moves, inched 2 percent higher for the week and are about 4 percent higher than a year ago. Homebuyer demand remains quite high, but there is still a shortage of affordable listings. Because much of the demand this spring is among young first-time buyers, the shortage is even more acute.

As buyers struggle to afford the homes they want, more are now turning to adjustable-rate loans, which offer lower interest rates. The ARM share of mortgage applications last week reached its highest level since 2014. The average loan size for purchase applications also hit a survey high of $313,000, as entry-level buyers are factoring less into sales and move-up buyers are dominating the spring market.

The Truth About Biweekly Mortgage Payment Plans

more food for thought on trulia.com....

You don’t need a third party to help you pay off your mortgage early.

Traditionally, your mortgage payment is a monthly cost. You submit your payment once a month to the mortgage company, and your money is applied to principal, interest, and escrow. But many mortgage lenders also offer biweekly mortgage payment plans that allow you to pay in installments every two weeks instead of every month. Biweekly payment plans sound simple and straightforward: You pay biweekly instead of monthly and reduce the balance on your loan faster. In theory, by using one of these plans, you pay less interest over time, build equity faster, and get rid of your mortgage ahead of schedule.

So if you live in a pricey market like California and want to pay down the mortgage on your Middleton, CA, real estate faster, a biweekly payment plan may sound like an appealing option. But before you sign up for one, it’s important to understand the pitfalls — and consider whether putting this concept to work on your own makes more sense.

Should I sign up for a lender-sponsored biweekly mortgage payment plan?

Unfortunately, these mortgage payment plans don’t always work as well as they claim. What actually happens is that you send in your biweekly payment to the company servicing the loan, and then they hold your payment until the second one arrives. Only after the company has the full monthly payment amount do they apply the money to your mortgage — which means as far as the mortgage company is concerned, you’re still making one payment per month. In effect, this saves you nothing in interest because your funds are still only being applied as if you were making monthly payments. Worse still, some biweekly mortgage payment plans can actually ending up costing you more money, because the companies that offer these plans often charge additional fees to handle and deliver the payments for you. If they don’t help pay off a mortgage early, why do these payment plans exist? Considering the potential costs for the borrower, it may seem silly for lenders to even offer this plan. What’s the point if using the payment plan is no different than if you paid on the regular monthly schedule? Consider this: Most lenders who originate loans don’t actually service those loans. A third party handles the payment and the processing. But that doesn’t mean you can’t make a plan to pay down your mortgage loan ahead of schedule. You just don’t need to set it up through a lender-originated plan.

How can I pay off my mortgage early on my own? There’s nothing wrong with the idea of paying extra on your mortgage and accelerating the rate at which you pay off the loan. You can make extra payments at any time, and you can do so in a variety of ways. Consider adding a little more to each monthly payment you make to help pay off the mortgage early. If you know you have an extra $100 in your budget each month, tack that on to your payment. For example, on a $100,000 loan (assume a 30-year fixed mortgage and 4% interest), paying an extra $100 a month can cut approximately 8.5 years off the life of the loan — and save $22,463.76 in interest. That’s some serious cash. Another option? Create your own biweekly payment plan. By skipping the third-party processing (and the fee they add on for doing so), you’ll end up making an extra payment each year that you wouldn’t make if you paid monthly. You can also continue to pay monthly but make one extra mortgage payment at some point during the year to get the same result. Anytime you have extra money on hand — from a tax return, bonus from work, or gift — you can apply these funds to your mortgage too. Just be sure that any extra payments you make are applied to the principal of your loan, not just the interest. This ensures you’ll actually receive the full financial benefit of paying extra toward your mortgage and be on track to pay off the loan early. You’ll also want to ensure that the terms of your mortgage will not leave you with a prepayment penalty should you pay extra or early.

Why For-Sale-by-Owner Sales Fail

interesting considerations from realtor.com

Homeowners obviously know their homes better than anyone, but that doesn’t mean they’re the best salespersons for their properties.

Some sellers are tempted to try a For Sale by Owner (FSBO) transaction because their local community is in the midst of a sellers’ market and they think they can sell easily without help. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a Realtor.

However, statistics show that selling your home with the assistance of a professional real estate agent will garner you a higher profit, enough to cover the commission as well as put more money in your pocket. According to the National Association of Realtor’s 2013 Profile of Home Buyers and Sellers, the average FSBO sales price was $174,900, while the average price for a home represented by an agent was $215,000, a difference of $40,100.

Why to Sell With a Realtor

Choosing to sell with a professional rather than on your own makes sense for a variety of reasons:
•A Realtor has access to market data about recent sales and other homes on the market that can be used to price your home appropriately. Studies show that homes priced right when they’re first listed sell more quickly and for a higher price than those that linger on the market.
•A Realtor can show your home when you aren’t available, can respond to inquiries from potential buyers and their agents, and can get valuable feedback from visitors – all things that save you time.
•A Realtor can look at your home objectively and suggest ways to improve its appearance – by staging and minor repairs – so it appeals to more buyers.
•Buyers typically prefer to look at a home without the seller present so they can feel more comfortable exploring the rooms and visualizing themselves in the property. At an FSBO sale, the seller must be present.
•A Realtor can screen visitors to your home, which provides a measure of safety that FSBO sellers don’t have. In addition, by checking to see if the buyers are legitimate and can afford to purchase your home, a Realtor can help you avoid wasting time showing your home to unrealistic buyers.
•Realtors have professional marketing expertise, contacts with other Realtors who work with buyers, and the support of a brokerage that can market your home more widely than you can as an individual.
•A Realtor can help you negotiate a contract that not only garners you an appropriate price for your home, but that meets your needs for a settlement date and perhaps includes a period when you rent back your home from your buyer. In addition, a Realtor can make sure your contract is in compliance with all local regulations.

FSBO Dangers

Most buyers today work with a buyers’ agent to represent their interests. If you choose to sell your home on your own, you’ll be negotiating with a professional and relying on your own skill to finalize a contract. Not only could you end up selling your home for less money, you could leave yourself open to potential legal problems unless you have the contract vetted by an experienced real estate attorney.

FSBO transactions can be successful, of course, but 90 percent of homeowners prefer to work with a professional rather than risk an unsatisfactory home selling experience.

The best month and day to put a home on the market, according to Zillow

in Denver, Lately, any day is good to put your home on the market, yet here's some fine detail on the topic...

The best month and day to put a home on the market, according to Zillow

A study points to a Saturday in May as a seller's peak opportunity

Key Takeaways

•Homes listed between May 1 through 15 tend to sell nine days faster and sell 1 percent above the asking price, a new Zillow study says.

You may want to hide during the ides of March, but the ides of May are the perfect time to put a home on the market, says a new study by Zillow.

In 20 of the 25 metro areas studied, homes listed anywhere between May 1 and May 15 sold nine days faster and for up to 1 percent more than the asking price.

“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell in a statement.

“Many [homebuyers] who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home — and will be more willing to pay a premium to close the deal.”

Mark your calendar for a Saturday in May

Moreover, Zillow’s research revealed the best day to place a home on the market is Saturday — listings that appear on Zillow’s site on this day garner 20 percent more views than early-in-the-week listings.

The second best day to list is Friday, when properties receive 14 percent more views.

Lastly, Gudell says sellers have to be cognizant of other factors, such as weather.

Sellers in Texas, California and Florida have more leeway in when to list their home due to warmer weather patterns. Also, sellers who live in areas without distinct seasonal weather tend to have little variation in sales price based on the month.