This morning I was considering Doctors and how they have specialties, oncology, internal medicine, etc... I would not want an anesthesiologist prescribing what I need for my eyes?
I guess it is the same in Real Estate and yet different. The basics of buying and selling real property is the same. People have to want to buy and people want to sell. The seller needs to grant, convey, let, etc etc. to the buyer. However getting to the deed is really the issue.
With residential, we use allot of experts to determine the "condition" of the property. Home inspectors, radon testers, septic pumpers, well flow tests, electricians, sewer scopers, and more I am sure I have forgotten.
In Farm and Ranch it is similar, yet different too. Is there a farm "dump"? Are all abandonned wells properly plugged and the same approved by the state engineer? How about the boundry corners...are they well documented? How are the fence lines? And right of ways are all recorded or are they just verbal license agreements?
Industrial might conotate EPA studies.
Office Leasing have CAM expenses.
Retail have TI issues and utilities.
One of the reasons I do not "operate on" industrial, or business brokerage, or a number of other real estate specialties is because I, just like my GP, do not know all the specifics required by each set of circumstances. But I do know when you do need someone else to give you advice. And that is the point...whoever you deal with you need to have the faith that they will tell you when you need a better provider.
I can tell you I am pretty good at residential real estate as well as land and horse property sales. Real estate has so many facets, one needs to be confident in their abilities. Call me if you want a "consult" about your situation.
Pete Doty has been a Full Time Licensed real estate broker in Denver since 1985 I go to work everyday for you & your friends, learning about our home town! It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Sunday, September 26, 2010
Friday, January 29, 2010
Lots of folks ask...
"what are the returns on re-modeling projects?" Here is an article you might wish to read from US News & World Report, which in turn the data is from the annual Remodeling Magazines 2009-10 Remodeling Cost vs. Value Report. The Article is here http://tinyurl.com/yaoc2oo and the complete report can be found at http://www.remodeling.hw.net/2009/costvsvalue/national.aspx.
Additionally the REALTOR magazine publishes a similar report annually and the last one can be found at: http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009
Pete Doty has been a Full Time Licensed Colorado real estate broker since 1985. "I go to work everyday for you & your friends, learning about our home town!" Pete says. "It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com." 2nd opinions are welcome. Drop me a note to pete@Denverrelocation.com
Additionally the REALTOR magazine publishes a similar report annually and the last one can be found at: http://www.realtor.org/rmohome_and_design/Articles/1001_costvsvalue_2009
Pete Doty has been a Full Time Licensed Colorado real estate broker since 1985. "I go to work everyday for you & your friends, learning about our home town!" Pete says. "It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com." 2nd opinions are welcome. Drop me a note to pete@Denverrelocation.com
Friday, July 17, 2009
135 days left to take the tax credit in Denver
A Full Time Licensed real estate broker since 1985 I go to work everyday for you & your friends, learning about our home town! It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Saturday, June 06, 2009
Tax Credit For Downpayment?
We have heard about this (see May 14 post) coming but there are no specifics yet. FHA/HUD has to agree that certain lenders can loan you the money you would get as tax credit/refund. They need to work out those very tough details. And the current state of affairs with lenders due to their "new rules" about market value and underwriting have created enormous work flow issues.
A client recently figured out he could do it faster and cheaper if his grandma would loan him the $8000 (FHA is OK with that) and immediately after closing amend last year's tax return and get the credit refunded, they say within 12-16 weeks. So in 4 months he can pay back grandma. If you would like to talk further about this, let me know.
Also news: If a buyer has owned a "NON-PRINCIPLE RESIDENCE" like a rental property, but has not lived in it as a principle residence for the last 3 years, they may qualify for the TAX CREDIT as well. I just got this from a loan officer who is working with some clients in this situation and she tells me it is CPA approved. Check with your CPA.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
A client recently figured out he could do it faster and cheaper if his grandma would loan him the $8000 (FHA is OK with that) and immediately after closing amend last year's tax return and get the credit refunded, they say within 12-16 weeks. So in 4 months he can pay back grandma. If you would like to talk further about this, let me know.
Also news: If a buyer has owned a "NON-PRINCIPLE RESIDENCE" like a rental property, but has not lived in it as a principle residence for the last 3 years, they may qualify for the TAX CREDIT as well. I just got this from a loan officer who is working with some clients in this situation and she tells me it is CPA approved. Check with your CPA.
Since 1985 I have been going to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, December 12, 2008
Fix UP Needed BEFORE Selling or after buying!
Something new that is old was modified to allow a streamlined approach to getting the financing needed to fix up your home BEFORE selling your home. Or if you want to BUY a new home! Imagine buying a home for the low values today, and needing up to 35,000 to do improvements, like carpet, paint, and even a new kitchen and getting a loan for the whole amount! How do you find that kind of money after you have put your life savings into the down payment for it! This is a great program and you will undoubtedly need more clarification but here are the types of improvements you can include:
• Alterations and reconstruction like minor structural damage, chimney repair, bath installation, skylights, finished attics and basements
• Improve function and modernize – Remodel your bathroom or kitchen, install new permanent
appliances
• Eliminating health and safety hazards – Baby proof your home, strip and replace old paint
• Improve your home’s aesthetic appeal – Get rid of the shag carpet and avocado stove, add a covered porch, get new siding
• Overhaul or replace plumbing, heating, air conditioning and electrical systems
• Install, repair or replace well or septic systems, or connect to municipal resources
• Repair the roof, repair or install gutters and downspouts
• Flooring, carpeting and tiling – Install hardwood floors in the kitchen, new tile in the bathrooms and
carpet in the living room
• Energy conservation improvements – Install double pane windows, replace your old thermostat with a digital model
• Major landscape/site improvement
• Make your home handicap accessible
• Add an attached/detached garage
• Make up to $1,500 in repair to an existing swimming pool
This innovative mortgage program is a first mortgage loan that allows you to purchase or refinance a property PLUS roll the cost of improvements into one payment—with only one closing! It is an FHA 203k Streamline. Talk to me about how to negotiate that deal to make it best for you!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale,idx multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
• Alterations and reconstruction like minor structural damage, chimney repair, bath installation, skylights, finished attics and basements
• Improve function and modernize – Remodel your bathroom or kitchen, install new permanent
appliances
• Eliminating health and safety hazards – Baby proof your home, strip and replace old paint
• Improve your home’s aesthetic appeal – Get rid of the shag carpet and avocado stove, add a covered porch, get new siding
• Overhaul or replace plumbing, heating, air conditioning and electrical systems
• Install, repair or replace well or septic systems, or connect to municipal resources
• Repair the roof, repair or install gutters and downspouts
• Flooring, carpeting and tiling – Install hardwood floors in the kitchen, new tile in the bathrooms and
carpet in the living room
• Energy conservation improvements – Install double pane windows, replace your old thermostat with a digital model
• Major landscape/site improvement
• Make your home handicap accessible
• Add an attached/detached garage
• Make up to $1,500 in repair to an existing swimming pool
This innovative mortgage program is a first mortgage loan that allows you to purchase or refinance a property PLUS roll the cost of improvements into one payment—with only one closing! It is an FHA 203k Streamline. Talk to me about how to negotiate that deal to make it best for you!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale,idx multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Thursday, August 07, 2008
CAPITAL GAINS treatment has CHANGED
From Mary Lou Scwabb at Bankers Escrow, 1031 exchange experts here in Denver came the following e-mail. The capital gains treatment will be across the board for the capital gains exclusion we have enjoyed the last few years. Like the "special loans" we who have been seasoned in the business knew would go away, this will evaporate quickly.
If you have a principle residence you were thinking of selling but thought spring might be better, if you have lived in it more than 2 years but less than the full 5, now is a very good time to look at the financial consequences of not making a move.
1031 Tax Planning Bulletin
Housing Assistance Tax Act of 2008 Affects 1031 Exchange Transactions for Property Converted into a Primary Residence
Taxpayers who 1031 exchange into a residential property and then later convert the property to a personal residence thinking they can take advantage of the principal residence gain exclusion upon the eventual sale of the property are in for a surprise! The gain exclusion could be limited. Read on . . .
Currently, a taxpayer can exclude up to $250,000 of gain realized on the sale of a primary residence ($500,000 for married couples filing jointly) if they have owned and occupied the residence for two years during the five year period preceding the date of sale (I.R.C. Section 121). Effective January 1, 2009, the exclusion will not apply to gain from the sale of the residence that is allocable to periods of "nonqualified use". "Nonqualified use" refers to periods that the property is not used as the taxpayer's principal residence.
For 1031 property converted to a principal residence any rental period prior to conversion will be considered "nonqualified use". Suppose a taxpayer exchanged into a residence and rented it for three years, and then moved into it and lived in it for two years prior to the sale. Under this new Tax Act of 2008 three-fifths of the gain would be ineligible for the gain exclusion and two-fifths would be eligible for the gain exclusion. Additionally, depreciation taken after May 1997 would be taxable at a 25% depreciation recapture tax rate. This can add up to a major tax liability!
Any nonqualified use prior to January 1, 2009 is not taken into account in the allocation. For example if a taxpayer had exchanged into a property in 2006 and rented it until 2009 prior to the conversion to a primary residence. When the taxpayer sells the residence in 2011 after two years of primary residential use, only the 2009 rental period would be considered in the allocation. Consequently, the 2009 rental period would be considered in the "nonqualified use" allocation. Only one-third of the gain would be ineligible for the exclusion.The allocation rules only apply to the time periods prior to the conversion into a principal residence and not to the time periods after the conversion out of a personal residence. Therefore, if a taxpayer converts a primary residence to a rental and other wise meets the two out of five year test under Section 121, the taxpayer is eligible for the full $250,000 single or $500,000 married exclusion when the property is sold. This new Housing Assistance Tax Act of 2008 is helpful to taxpayers with mortgage issues but creates a BIG problem for the taxpayers converting rental property into a primary residence to take advantage of the gain exclusion.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
If you have a principle residence you were thinking of selling but thought spring might be better, if you have lived in it more than 2 years but less than the full 5, now is a very good time to look at the financial consequences of not making a move.
1031 Tax Planning Bulletin
Housing Assistance Tax Act of 2008 Affects 1031 Exchange Transactions for Property Converted into a Primary Residence
Taxpayers who 1031 exchange into a residential property and then later convert the property to a personal residence thinking they can take advantage of the principal residence gain exclusion upon the eventual sale of the property are in for a surprise! The gain exclusion could be limited. Read on . . .
Currently, a taxpayer can exclude up to $250,000 of gain realized on the sale of a primary residence ($500,000 for married couples filing jointly) if they have owned and occupied the residence for two years during the five year period preceding the date of sale (I.R.C. Section 121). Effective January 1, 2009, the exclusion will not apply to gain from the sale of the residence that is allocable to periods of "nonqualified use". "Nonqualified use" refers to periods that the property is not used as the taxpayer's principal residence.
For 1031 property converted to a principal residence any rental period prior to conversion will be considered "nonqualified use". Suppose a taxpayer exchanged into a residence and rented it for three years, and then moved into it and lived in it for two years prior to the sale. Under this new Tax Act of 2008 three-fifths of the gain would be ineligible for the gain exclusion and two-fifths would be eligible for the gain exclusion. Additionally, depreciation taken after May 1997 would be taxable at a 25% depreciation recapture tax rate. This can add up to a major tax liability!
Any nonqualified use prior to January 1, 2009 is not taken into account in the allocation. For example if a taxpayer had exchanged into a property in 2006 and rented it until 2009 prior to the conversion to a primary residence. When the taxpayer sells the residence in 2011 after two years of primary residential use, only the 2009 rental period would be considered in the allocation. Consequently, the 2009 rental period would be considered in the "nonqualified use" allocation. Only one-third of the gain would be ineligible for the exclusion.The allocation rules only apply to the time periods prior to the conversion into a principal residence and not to the time periods after the conversion out of a personal residence. Therefore, if a taxpayer converts a primary residence to a rental and other wise meets the two out of five year test under Section 121, the taxpayer is eligible for the full $250,000 single or $500,000 married exclusion when the property is sold. This new Housing Assistance Tax Act of 2008 is helpful to taxpayers with mortgage issues but creates a BIG problem for the taxpayers converting rental property into a primary residence to take advantage of the gain exclusion.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, May 30, 2008
Multiple Offers on 2 Properties noted by Buyers Agent
Memorial Day weekend I was working with some out of town buyers to find the best 2 homes in the south suburbs here in Denver, specifically Highlands Ranch, Littleton, Centennial and Parker Colorado. We saw 15 homes on Saturday and another 10 or so on Sunday and chose 3. We went home and thought overnight, wrote up an offer on #1 on Memorial Day to close June 30. Before I could get the offer to the other agent, agent #2 left a message they had an offer on #2. Once the offer gets submitted on #1 we get the call, we have a 2nd offer. We lost and did not get #1. We did get the word they actually had 2 other offers, in addition to ours.
The market in Denver is not changing???? Multiple offers on 2 properties???
OK, once again, tell me the market is not good!
The change is starting...the market is turning.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
The market in Denver is not changing???? Multiple offers on 2 properties???
OK, once again, tell me the market is not good!
The change is starting...the market is turning.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Monday, May 19, 2008
National Housing Starts are UP!
I cannot watch this kind of data but I did read the article. Again, experience can leads you and we saw similar indicators in 1988. Here is the link http://www.denverrelocation.com/sharedfiles/housingstarts.pdf.
How does this affect you, the local Denver Buyer or Seller? Well, it seems to me this is an indicator that the national real estate market has firmed a bit. The statistics locally seem to also indicate that Denver Real Estate prices should be on the rise in the next 12 months. So, while not a perfect time to sell, now is the time to consider the benefits of moving up. Let me know how I can best help you evaluate your current position.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
How does this affect you, the local Denver Buyer or Seller? Well, it seems to me this is an indicator that the national real estate market has firmed a bit. The statistics locally seem to also indicate that Denver Real Estate prices should be on the rise in the next 12 months. So, while not a perfect time to sell, now is the time to consider the benefits of moving up. Let me know how I can best help you evaluate your current position.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Thursday, May 15, 2008
New Listings SLIDE in DENVER
Now it is a trend!
For the 2nd month in a row there has been a substantial drop in the number of new listings entering the Denver Real Estate market. Utilizing data from the past 6 years the average number of new single family listings entering the competitive Denver market dropped over 16% in April which followed a 20% drop in March. What this means to the public is the inventory will start to shrink as those properties on the market will sell. This is the first marker of a bottom!
Practical terms? If one were to buy a home today they would probably get the greatest CHOICE of properties and at the same time the BEST VALUE. We saw this happen in the late 1980s after the oil bubble busted in Denver ( it will bust) and the first indicator of a strengthening market was the reduction in homes coming on the market. Folks who did not need to sell, didn't. Folks who said "If I cannot get $X for my house, I won't sell" and the Realtors who would take those same listings could not stay in the business.
So, we are at the cusp! It is time to invest, move up, or actualize that dream of being in that bigger home. Take the step now.
The suburbs where we have not seen substantial decreases in values (each neighborhood has its own trends and real estate is VERY localized) such as Highlands Ranch, Lone Tree, Centennial, Englewood, Littleton, Parker and Castle Rock are prime right now. Their inventory will be the first to disappear and therefore we will start to see days on the market drop and prices increase.
If there is a move in the your future, you have good credit, and at least 3% down payment, now is the time. It takes a bold heart to move forward but this is a real market event that typically will signal a change in the market direction. This is not a time to think for too much longer. Get some good counsel, weigh the options, and get moving! relocating! heading towards your goal!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
For the 2nd month in a row there has been a substantial drop in the number of new listings entering the Denver Real Estate market. Utilizing data from the past 6 years the average number of new single family listings entering the competitive Denver market dropped over 16% in April which followed a 20% drop in March. What this means to the public is the inventory will start to shrink as those properties on the market will sell. This is the first marker of a bottom!
Practical terms? If one were to buy a home today they would probably get the greatest CHOICE of properties and at the same time the BEST VALUE. We saw this happen in the late 1980s after the oil bubble busted in Denver ( it will bust) and the first indicator of a strengthening market was the reduction in homes coming on the market. Folks who did not need to sell, didn't. Folks who said "If I cannot get $X for my house, I won't sell" and the Realtors who would take those same listings could not stay in the business.
So, we are at the cusp! It is time to invest, move up, or actualize that dream of being in that bigger home. Take the step now.
The suburbs where we have not seen substantial decreases in values (each neighborhood has its own trends and real estate is VERY localized) such as Highlands Ranch, Lone Tree, Centennial, Englewood, Littleton, Parker and Castle Rock are prime right now. Their inventory will be the first to disappear and therefore we will start to see days on the market drop and prices increase.
If there is a move in the your future, you have good credit, and at least 3% down payment, now is the time. It takes a bold heart to move forward but this is a real market event that typically will signal a change in the market direction. This is not a time to think for too much longer. Get some good counsel, weigh the options, and get moving! relocating! heading towards your goal!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Thursday, May 08, 2008
Denver Home Sale Statistics!!!! OOOOh I want to so bad!
Every month I post something about the Denver Real Estate market statistics, and it gets so boring! I am sorry, but last month I saw a serious drop. I have not seen any significant changes yet this month, but I gather my information late in the cycle...on or about the 15th of the month. Why? Well I know Real Estate agents tend to be busy at the end of the month closing deals, and sometimes with every thing else they are doing, forget to enter the data into Metrolist, the Denver area multiple listing service. So I give them a few extra days to get entered. Yet today I am chomping at the bit!
Recap: last month we saw a 5 year average broken by a 20% drop in new listings coming on the market. This is through out metro Denver! Wow, drop from a five year average of 6756 brand new listings for single family homes entering the market in March to 5377 in March 2008! That is a 20.4% drop in new listings! That is a big change. And I expect this month to be very similar! When selecting properties to show (this is not statistical) there just are not allot!
Now what do you do with this news? If you are considering selling your home to move up, please do it before the prices on the new house goes up! Here is why:
Your home has lost some of its value, say 10% over the last 2 years so instead of being worth $300,000 it is now worth $270,000. (ouch) However the move up home you want to buy has also suffered that same 10% loss so instead of it being a $500,000 home now it is a $450,000 home. You made $20,000 by moving now!
Hmmm? Too good to be true? Not with skillful negotiation and proper planning. Lets take another look: Your $500,000 home lost 10% of it's value and is now worth $450,000. OKAY? the target home you want was in an upper price range close to $850,000 and they too lost 10% of their value so it is now worth $765,000. Some one (you) just gained the $35,000 that was left on the table by taking advantage of a down real estate market.
But why do this now? Why not wait for a while? This is where the statistics come in...sometimes you only know where the top or bottom of a market is by analysing data. When I saw that big drop last month I saw something like we saw in 1988 that flagged the beginning of the end of our local real estate meltdown. So, seeing it again should flag the likelihood that something good is about to happen....demand stays steady and prices will go up! This is where experience plays a key role in your next move! So my recommendation: Buy Denver Colorado real estate NOW!
So, if this kind of adice could be valuable to you or your friends, put my nearly 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Recap: last month we saw a 5 year average broken by a 20% drop in new listings coming on the market. This is through out metro Denver! Wow, drop from a five year average of 6756 brand new listings for single family homes entering the market in March to 5377 in March 2008! That is a 20.4% drop in new listings! That is a big change. And I expect this month to be very similar! When selecting properties to show (this is not statistical) there just are not allot!
Now what do you do with this news? If you are considering selling your home to move up, please do it before the prices on the new house goes up! Here is why:
Your home has lost some of its value, say 10% over the last 2 years so instead of being worth $300,000 it is now worth $270,000. (ouch) However the move up home you want to buy has also suffered that same 10% loss so instead of it being a $500,000 home now it is a $450,000 home. You made $20,000 by moving now!
Hmmm? Too good to be true? Not with skillful negotiation and proper planning. Lets take another look: Your $500,000 home lost 10% of it's value and is now worth $450,000. OKAY? the target home you want was in an upper price range close to $850,000 and they too lost 10% of their value so it is now worth $765,000. Some one (you) just gained the $35,000 that was left on the table by taking advantage of a down real estate market.
But why do this now? Why not wait for a while? This is where the statistics come in...sometimes you only know where the top or bottom of a market is by analysing data. When I saw that big drop last month I saw something like we saw in 1988 that flagged the beginning of the end of our local real estate meltdown. So, seeing it again should flag the likelihood that something good is about to happen....demand stays steady and prices will go up! This is where experience plays a key role in your next move! So my recommendation: Buy Denver Colorado real estate NOW!
So, if this kind of adice could be valuable to you or your friends, put my nearly 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, April 18, 2008
Relocating to Denver? Know the words the "COUNSELOR" uses
When I first heard the term "Amended Value Transaction" I was stumped, but I knew it was not a good thing. So I started to search around and found the Employer's Relocation Council Glossary of Terms that I thought would be valuable to you, when faced with moving to Denver.
This is not an all inclusive glossary, but at least some of the more obscure terms are available for digestion, such as "closing cost assistance". And of course, we are here to serve your real estate needs in your Denver Relocation or if you are wanting to move from Castle Rock to Greenwood Village, or even Highlands Ranch. Go to the glossary.
Let my 22 years of experience work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Or drop me a note to pete@Denverrelocation.com
This is not an all inclusive glossary, but at least some of the more obscure terms are available for digestion, such as "closing cost assistance". And of course, we are here to serve your real estate needs in your Denver Relocation or if you are wanting to move from Castle Rock to Greenwood Village, or even Highlands Ranch. Go to the glossary.
Let my 22 years of experience work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Or drop me a note to pete@Denverrelocation.com
Wednesday, April 16, 2008
Denver real estate DATA! AN ANOMALY APPEARS!
BACK to Basics Real Estate
Yesterday I posted a note about something I had not done in quite a while. I wanted to see what was happening in my clients lives that bought homes in 2004...so I did some mini market evaluations on 15 homes. What I found really surprised me.
Most of the neighborhoods had more properties under contract or pending sale (30 day data) than they had recent sales (6 months of data). Say what? More houses had gone under contract in the last 30 days than had sold in the last 6 months! WOW!
Next, most neighborhoods had more properties under contract than ACTIVE listings, those that are currently for sale. That indicates the inventory is being absorbed. Another WOW!
Well those are great numbers, but not really quantitative. So yesterday I looked at the MLS data for March 2008 for NEW single family listings coming on the market compared with last year (5377 in 2008 versus 6426 in 2007) indicating that inventory is shrinking.
As a matter of fact looking back a few years in March of 2003 it was 6820, 2004: 6948; 2005: 6649; and in 2006: 6936. That really makes the 5377 in March 2008 look like an anomaly.
And lets take it another direction...what it is like out in the market, seeing homes for sale. They are not, as a whole ready. They need to be staged, or cleaned or painted, or priced to their current condition.
I am extremely excited about the Denver Real Estate market.
So, if this kind analysis could be valuable to you or your friends, put my years of experience to work for you! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Yesterday I posted a note about something I had not done in quite a while. I wanted to see what was happening in my clients lives that bought homes in 2004...so I did some mini market evaluations on 15 homes. What I found really surprised me.
Most of the neighborhoods had more properties under contract or pending sale (30 day data) than they had recent sales (6 months of data). Say what? More houses had gone under contract in the last 30 days than had sold in the last 6 months! WOW!
Next, most neighborhoods had more properties under contract than ACTIVE listings, those that are currently for sale. That indicates the inventory is being absorbed. Another WOW!
Well those are great numbers, but not really quantitative. So yesterday I looked at the MLS data for March 2008 for NEW single family listings coming on the market compared with last year (5377 in 2008 versus 6426 in 2007) indicating that inventory is shrinking.
As a matter of fact looking back a few years in March of 2003 it was 6820, 2004: 6948; 2005: 6649; and in 2006: 6936. That really makes the 5377 in March 2008 look like an anomaly.
And lets take it another direction...what it is like out in the market, seeing homes for sale. They are not, as a whole ready. They need to be staged, or cleaned or painted, or priced to their current condition.
I am extremely excited about the Denver Real Estate market.
So, if this kind analysis could be valuable to you or your friends, put my years of experience to work for you! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Monday, April 14, 2008
Denver Real Estate is about to POP!
A week ago I did something I have not done in quite a while...15 mini CMAs or market analysis of areas around homes I helped folks buy in 2004. I was quite surprised at the results. And in a nutshell here is what I found:
There were more homes UNDER CONTRACT or pending sales than there were active listings waiting to sell.
There were more homes UNDER CONTRACT or pending sales than there were RECENTLY SOLD homes in the last 6 months.
There will be 2 challenges for us as a result:
1. There is less supply to find your dream home and prices will soon start to rise in the south suburbs of Denver.
2. There will probably be a difficulty in supporting the sales prices through appraisals as there is not enough data to support higher prices.
While far from comprehensive, these 15 slices of data from vastly different areas of the south suburbs of Denver indicate a trend not otherwise reported. This could be seasonal, or it could be the first indications of a housing market recovery.
Another factor in this report is a result of my recent lack of posts...I have been out showing homes for the last 7 days to 3 different buyers, and I am starting with my 4th today. What I am seeing is allot of property (supply) not properly prepared for sale (kind of like taking a dirty car in to trade) especially in lower prices, and allot of bank owned properties (you can see them at http:www.denverrelocation.com/properties.html) that are priced at "market value" + fix up costs...in other words, very few "DEALS". Yet there are buyers in the market (demand). The "I don't care if it sells" attitude is very apparent, so the smart seller gets the home to sparkle before the first showing. So supply is down yet seasonal demand is up.
I have a 5th buyer who wants a "nice clean house" in Highlands Ranch for her and her son yet the prices above 230k are keeping her from finding something with more than 1200 square feet. Should you know someone who is looking to make a move, make sure to let me know.
Over 22 years of helping nice folks with their real estate needs, whether in Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
There were more homes UNDER CONTRACT or pending sales than there were active listings waiting to sell.
There were more homes UNDER CONTRACT or pending sales than there were RECENTLY SOLD homes in the last 6 months.
There will be 2 challenges for us as a result:
1. There is less supply to find your dream home and prices will soon start to rise in the south suburbs of Denver.
2. There will probably be a difficulty in supporting the sales prices through appraisals as there is not enough data to support higher prices.
While far from comprehensive, these 15 slices of data from vastly different areas of the south suburbs of Denver indicate a trend not otherwise reported. This could be seasonal, or it could be the first indications of a housing market recovery.
Another factor in this report is a result of my recent lack of posts...I have been out showing homes for the last 7 days to 3 different buyers, and I am starting with my 4th today. What I am seeing is allot of property (supply) not properly prepared for sale (kind of like taking a dirty car in to trade) especially in lower prices, and allot of bank owned properties (you can see them at http:www.denverrelocation.com/properties.html) that are priced at "market value" + fix up costs...in other words, very few "DEALS". Yet there are buyers in the market (demand). The "I don't care if it sells" attitude is very apparent, so the smart seller gets the home to sparkle before the first showing. So supply is down yet seasonal demand is up.
I have a 5th buyer who wants a "nice clean house" in Highlands Ranch for her and her son yet the prices above 230k are keeping her from finding something with more than 1200 square feet. Should you know someone who is looking to make a move, make sure to let me know.
Over 22 years of helping nice folks with their real estate needs, whether in Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, April 04, 2008
HEADLINES! SHMEDLINES! Read this about Timing Real Estate Investing
A February 25th article in TIME magazine provides a unique in sight on why now is the time to buy your new home. Specifically read in the center of the of the bottom of the article. Quickly it says trying to hit the bottom might not be the best strategy when investing in either a home or even investment real estate in Denver or any other city.
So, if this kind of service could be valuable to you or your friends, put my 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
So, if this kind of service could be valuable to you or your friends, put my 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Saturday, March 29, 2008
Could Brittany Make a MISTAKE Selling Denver Real Estate?
Any one could.
Selling your home can be an exhausting experience. Last minute walk throughs, inconvenient calls, price adjustment and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing hundreds, even thousands, of dollars in profit.
The difference between a profitable smooth transaction and a break even, miserable experience is often a fine line. In the majority of cases it comes down to the subtle know how of your professional. By utilizing the knowledge of a qualified real estate professional, you’ll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11 common mistakes that cost sellers serious money.
1. Refusing to Make Profit Inducing Repairs
It always costs you more money to sell ‘as is’ than to make repairs that will increase the value of your home. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home. Seemingly small fix up jobs can have quite an impact.
Read more...
Insight like this is gained over 23 years being a full time Real Estate Broker. Could it be valuable to you or your friends? Put me to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Selling your home can be an exhausting experience. Last minute walk throughs, inconvenient calls, price adjustment and the possibility of being stuck with two mortgages are real concerns. If you are not completely prepared you could end up losing hundreds, even thousands, of dollars in profit.
The difference between a profitable smooth transaction and a break even, miserable experience is often a fine line. In the majority of cases it comes down to the subtle know how of your professional. By utilizing the knowledge of a qualified real estate professional, you’ll ensure the quick, profitable sale of your home. This report is designed to arm you with the knowledge to avoid 11 common mistakes that cost sellers serious money.
1. Refusing to Make Profit Inducing Repairs
It always costs you more money to sell ‘as is’ than to make repairs that will increase the value of your home. Even minor improvements will often yield as much as three to five times the repair cost at the time of sale. Your agent will be able to point out what repairs will significantly increase the value of your home. Seemingly small fix up jobs can have quite an impact.
Read more...
Insight like this is gained over 23 years being a full time Real Estate Broker. Could it be valuable to you or your friends? Put me to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Wednesday, March 26, 2008
Selling my house...What is the true value of my home?
There are 3 ways to estimate the value of your home. OH, you did not know it was an estimate?
To be truthful, all appraisals are estimates, just like that one you got on your mother's silver serving tray. They can do an appraisal for sale, for replacement, or for insurance. And a home is similar.
#1. Have any silver trays like this sold? There were some at the sale at xyz auction 6 months ago.
#2. What would it cost to replace this tray? It would take a craftsman today about x hours and x material to make a tray of similar quality and design.
#3. If I were to rent this tray from a caterer for a wedding, how much would it cost me per day?
The Silver Tray/Antiques appraiser has to consider these question but also has to know where to go to get the answers. A LOCAL Realtor can be just as much a neophite as an appraiser who did not attend the sale above. What matters is experience and market knowledge, not whether he has ever seen a tray just like this one or a house just like yours.
Understand similar questions are asked when an appraisal of a home is done. Now imagine you are getting a divorce and you want to stay in the house, how much do you want the person leaving to pay you for their share?
What if there are 4 children all from out of town and the estate needs to be liquidated, so taxes do not mount up? What would the value be then?
What if you are facing a foreclosure? Death of a spouse? Transfer? Each and everyone of these situations will affect the appraiser's opinion of value in different ways and they are hired with specific instructions to reflect the same.
Here are the common methods of valuation for real estate appraisals:
INCOME APPROACH: Value of the income generated by the property. Generally this applies only to commercial buildings and the debt service required to pay off the debt. Residential income properties may also be subjected to this kind of scrutiny and units of comparable size and rental history will be sought out to justify pricing and value. A gross Rent Multiplier and other factors are often used. Not a favored method by most residential appraisers.
REPLACEMENT COST APPROACH: Cost of replacement or as we say sticks and bricks. With today's production builders and the economies of scale they can achieve, this too can be very difficult for an appraiser or a real estate broker as today's costs would be greatly affected by access and materials no longer available. Most appraisers will use this as a last resort to establish a value.
COMPARABLE SALES APPROACH: The comparable sale approach is by far the easiest and most accurate of all of the valuation techniques. In essence if you can find the same model house in the same neighborhood that has sold in the last 6 months, that should be a good indication of the value of the subject home. Right away most folks will note that the other home had a less desirable finish in the basement, or no alarm system, etc, however the market value by the appraiser will adjust for all of these according to historical and empirical data.
While an appraiser will look at sales HISTORY the Realtor is charged with interpreting the current market trends. If it is a declining market, the client must be so advised. Appreciating values also must be interpreted.
So what is the REAL Value of anything? "What a willing buyer and a willing seller agree to" is the traditional definition of value. If I want to sell my $6000 silver tray for $3000 to an arms length Buyer it is now a $3000 tray. Likewise, a buyer in your neighborhood may only be willing to pay his opinion of "FAIR MARKET VALUE" and certainly the banks and mortgage companies in today's climate will agree. Our job is to interpret those sales and extrapolate the data so it reflects an accurate value of your home.
And remember, there are always 3 prices for every home:
What you want.
What you ask.
What you get.
Learn more at http://www.denverrelocation.com/SellFast.html
BTW: Did you know Realtors are charged with providing accurate evaluations that do not mis-lead the client according to the National Association of Realtors Code of Ethics?
Is this kind of insight and experience valuable to you or your friends? Then put my 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
To be truthful, all appraisals are estimates, just like that one you got on your mother's silver serving tray. They can do an appraisal for sale, for replacement, or for insurance. And a home is similar.
#1. Have any silver trays like this sold? There were some at the sale at xyz auction 6 months ago.
#2. What would it cost to replace this tray? It would take a craftsman today about x hours and x material to make a tray of similar quality and design.
#3. If I were to rent this tray from a caterer for a wedding, how much would it cost me per day?
The Silver Tray/Antiques appraiser has to consider these question but also has to know where to go to get the answers. A LOCAL Realtor can be just as much a neophite as an appraiser who did not attend the sale above. What matters is experience and market knowledge, not whether he has ever seen a tray just like this one or a house just like yours.
Understand similar questions are asked when an appraisal of a home is done. Now imagine you are getting a divorce and you want to stay in the house, how much do you want the person leaving to pay you for their share?
What if there are 4 children all from out of town and the estate needs to be liquidated, so taxes do not mount up? What would the value be then?
What if you are facing a foreclosure? Death of a spouse? Transfer? Each and everyone of these situations will affect the appraiser's opinion of value in different ways and they are hired with specific instructions to reflect the same.
Here are the common methods of valuation for real estate appraisals:
INCOME APPROACH: Value of the income generated by the property. Generally this applies only to commercial buildings and the debt service required to pay off the debt. Residential income properties may also be subjected to this kind of scrutiny and units of comparable size and rental history will be sought out to justify pricing and value. A gross Rent Multiplier and other factors are often used. Not a favored method by most residential appraisers.
REPLACEMENT COST APPROACH: Cost of replacement or as we say sticks and bricks. With today's production builders and the economies of scale they can achieve, this too can be very difficult for an appraiser or a real estate broker as today's costs would be greatly affected by access and materials no longer available. Most appraisers will use this as a last resort to establish a value.
COMPARABLE SALES APPROACH: The comparable sale approach is by far the easiest and most accurate of all of the valuation techniques. In essence if you can find the same model house in the same neighborhood that has sold in the last 6 months, that should be a good indication of the value of the subject home. Right away most folks will note that the other home had a less desirable finish in the basement, or no alarm system, etc, however the market value by the appraiser will adjust for all of these according to historical and empirical data.
While an appraiser will look at sales HISTORY the Realtor is charged with interpreting the current market trends. If it is a declining market, the client must be so advised. Appreciating values also must be interpreted.
So what is the REAL Value of anything? "What a willing buyer and a willing seller agree to" is the traditional definition of value. If I want to sell my $6000 silver tray for $3000 to an arms length Buyer it is now a $3000 tray. Likewise, a buyer in your neighborhood may only be willing to pay his opinion of "FAIR MARKET VALUE" and certainly the banks and mortgage companies in today's climate will agree. Our job is to interpret those sales and extrapolate the data so it reflects an accurate value of your home.
And remember, there are always 3 prices for every home:
What you want.
What you ask.
What you get.
Learn more at http://www.denverrelocation.com/SellFast.html
BTW: Did you know Realtors are charged with providing accurate evaluations that do not mis-lead the client according to the National Association of Realtors Code of Ethics?
Is this kind of insight and experience valuable to you or your friends? Then put my 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Monday, March 24, 2008
About Me! Pete Doty, Denver Realtor
I was embarrassed the other day as a fellow I had just met at a mixer told me that I had a very likable and approachable personality and that it was a real gift! I agree that it would be, but when I am standing in a room full of people and no one talks to me, I feel invisible not approachable! One of the things I love to do is to greet folks at our church. I know I have a gift for that. When it goes beyond that I feel like a gangley teenager who just walked into a room of complete strangers. However, years of trying to do better at it seems to help and the real estate business seems to have drug me out of my shell. I am still uncomfortable in a room full of people and have to force myself to connect. You already know I go to church and we are very active there. My other passion is for model trains. It is a strange hobby, yet there are parts that really fit together with the rest of my life. When I started the hobby I had just ridden the Silverton Train and was hooked by the "stack talk", the music a steam engine makes when it is pulling a train up a hill! And the scenery was amazing! I wanted that! The other thing I wanted was for me to be at home when my 2 daughters needed to visit or talk. Now a real estate agent's job is not at home all the time, but at least I was home for dinner almost every night. And they would come into the workshop and ask those questions that only a daughter will ask a Dad! So the choice of model railroading quickly became an obsession. Over the years I have moved from scenery, to operations...making the scene work and look real. Please take a look at my pages at http://www.denverrelocation.com/trains.html
When I got into real estate in Denver I had been in the oil & gas business for over 11 years, first as an engineering technician and finally as a land manager. I had plenty of contract writing experience, as well as title knowledge, but very little sales and almost no negotiating experience. I did not go to college to be a Realtor, nor did I ever plan such a move. It just happened. And since 1985 it has been a good life, full of challenges, and insights, ups and downs with the Denver market, and it has allowed us to support our daughters in their mission trips and, ultimately one's marriage in Scotland! Wow! Thank you God!
Now, entering my 23rd year in the business and with my own office and company in Highlands Ranch, I find the challenges the same, and different. I still need to meet people, but some much of that happens through my websites. One of my recent testimonials comes from a fellow who met me that way, and we helped him buy a place for his daughter, who is going to school here. Take a look at http://www.denverrelocation.com/testimonials.html . and read it for yourself. I also attempt to meet face to face with folks through the Denver Garden Railway Society, and the modelers at the South Suburban Division of the National Model Railroading Assn. We also bowl with some folks every week, as a fun way to get out and eat lousy food!
I have a standards page too! These are my standards and I attempt to live here each and every day. They start:
"My priorities in life are God, my family and my Church. My business reflects and supports these values".
Want to see the full page? go to www.denverrelocation.com/standards.html
And a final personal note, I always try to keep my humor out in front. It is just more fun. That is why the suspenders (my wife & kids got those for me years ago) and the itty bitty business card. I like to enjoy my business and hope you will enjoy the style.
So, if this kind of candor could be valuable to you or your friends, put my almost 23 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Wednesday, March 19, 2008
Avoid the 12 Most Common, Painful, Frustrating Mistakes First Time Buyers Can Make
Buying a home can be a hair raising experience. You will experience a roller coaster of emotions while finding the right place, securing the loan and finally moving in. For most of us, the first time home purchase is the largest investment we’ve ever considered. The emotions of purchasing something so expensive and personal can often cloud our judgment.
Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first home? This special report is designed to help you avoid 12 common and crucial mistakes. The right real estate professional can help you make good sound business decisions based on your personal situation.
1. Inspect, Inspect and Inspect- Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R’s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!
2. Imagine the Property Vacant- Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
3. Income + Lifestyle = Mortgage Payment- Sit down with your professional loan officer and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.
4. View Several Homes- See at least 4-7 properties. Don’t move too slow but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it.
5. Utilize Your Team- By aligning yourself with the right Buyer's Agent you will have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them should work hand in hand for your benefit. Explore all the options before you sign.
6. Be Columbo- Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during our walk-through so you can inspect everything is in working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through- Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
8. Plan For Flexibility- Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist- All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty- Be open, honest and up front with your team. Hard feelings and disloyalty will cause head aches, delays and frustrations, or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience. Your team leader is your BUYER's Agent (see below).
11. The BUYER thinks they can do this alone- I remember feeling like that, then I got into the business and every year I have had a learning experience. A BUYER's AGENT brings much more to the table than just a smile and good map book. They will have years of those experiences and the ability to "predict" how the rest of the transaction will proceed. And they will have the ability to be Columbo and ask those extra questions, do a market analysis on the fly, and help you write a winning contract. Then they will be able to help you orchestrate the balance of the transaction, including inspections, appraisals, and surveys. Normally, the Seller pays the Buyers agent's fee, so for no cost you can have an experienced Broker representing your interests. See the Colorado Definitions of Real Estate Brokerage Relationships
12. Mom & Dad Love You, but they are not going to be living with you! As you look at homes, it is natural that you will want to show mom & dad the home to get their feedback. When you do this, remember, the last home they bought was when? And that they will not be living with you nor (we hope) making the payments for you. Therefore, allot of their wisdom comes from experience that may not be relevant to your situation. Respectfully handling that input can be critical to your successful purchase.
Has this been helpful? Call us or drop me an e so we can get you moving into that first dream home. Put my 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make sense to become as completely informed as possible before you buy your first home? This special report is designed to help you avoid 12 common and crucial mistakes. The right real estate professional can help you make good sound business decisions based on your personal situation.
1. Inspect, Inspect and Inspect- Go over the inspection report with a fine tooth comb. Make sure the report was done by a professional organization. For condo purchases go over the CC&R’s, By-Laws, and Association Fees. Don’t take anything for granted... inspect everything!
2. Imagine the Property Vacant- Your furnishings and decorations will be the ones filling this new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.
3. Income + Lifestyle = Mortgage Payment- Sit down with your professional loan officer and honestly discuss your income level and living expenses. Take into account future considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a sacrifice but don’t mortgage your entire future.
4. View Several Homes- See at least 4-7 properties. Don’t move too slow but don’t move on the first property you see. With your agent’s help you should be able to view enough properties to get a good overall perspective of the home market. When you find the right property all the leg work will be worth it.
5. Utilize Your Team- By aligning yourself with the right Buyer's Agent you will have an entire team at your disposal. Utilize your lender, title rep and agent. Each of them should work hand in hand for your benefit. Explore all the options before you sign.
6. Be Columbo- Check out all costs and expenses before you sign. Utilities, taxes, insurance, maintenance and home owner dues if applicable. Make sure all utilities (gas, electricity, and water) are on during our walk-through so you can inspect everything is in working order. Ask lots of questions and be very detail conscious.
7. Do a Final Walk-Through- Visit the property after all furnishings have been moved out to be sure there are no surprises. Be absolutely positive the property was left exactly as you had agreed upon in the contract. Things that could have been spotted in a final walk-through are often unintentionally overlooked.
8. Plan For Flexibility- Closing dates are not written in stone. Allow for contingencies and have a back-up plan. If you or the sellers need a little more time to conclude the final arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not uncommon in a real estate transaction.
9. If It’s Not In Writing, It Doesn’t Exist- All promises and discussions should be in writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get the seller’s written approval on all agreements.
10. Loyalty Breeds Loyalty- Be open, honest and up front with your team. Hard feelings and disloyalty will cause head aches, delays and frustrations, or may even keep you from getting into the home you worked so hard to locate. Take the time to select the right team in the beginning and your first home purchase will be a pleasing and memorable experience. Your team leader is your BUYER's Agent (see below).
11. The BUYER thinks they can do this alone- I remember feeling like that, then I got into the business and every year I have had a learning experience. A BUYER's AGENT brings much more to the table than just a smile and good map book. They will have years of those experiences and the ability to "predict" how the rest of the transaction will proceed. And they will have the ability to be Columbo and ask those extra questions, do a market analysis on the fly, and help you write a winning contract. Then they will be able to help you orchestrate the balance of the transaction, including inspections, appraisals, and surveys. Normally, the Seller pays the Buyers agent's fee, so for no cost you can have an experienced Broker representing your interests. See the Colorado Definitions of Real Estate Brokerage Relationships
12. Mom & Dad Love You, but they are not going to be living with you! As you look at homes, it is natural that you will want to show mom & dad the home to get their feedback. When you do this, remember, the last home they bought was when? And that they will not be living with you nor (we hope) making the payments for you. Therefore, allot of their wisdom comes from experience that may not be relevant to your situation. Respectfully handling that input can be critical to your successful purchase.
Has this been helpful? Call us or drop me an e so we can get you moving into that first dream home. Put my 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Monday, March 17, 2008
Would Tom Selleck do a 1031 EXCHANGE???
Recently, the IRS changed the "SAFE HARBOR GUIDELINES" for a vacation property and it's qualifying for a 1031 exchange. "How does this affect me?" you ask? Well short story long, if you have a condo in the hills that you rent out, through a co-op or other arrangement, but you personally have used it in the past, it did not qualify for a 1031 exchange. Now those rules have been relaxed. According to Mary Lou Schwab of Bankers Escrow Corp. these rules are more flexible so that if you use the home less than 14 days a year in the last 2 years, it is a slam dunk. In fact there are even some situations which might lend themselves to more flexibility. The trick is to have a good qualified intermediary. See Mary Lou's latest article at http://www.bankersescrow.com/1031/Newsletters/03.08.html or contact her at marylou@bankersescrow.com
What is a 1031 Exchange? That occurs when you sell an investment property and replace it with another, deferring any accumulated recapture of depreciation and capital gains, however, it is not that easy. There are contract clauses and time lines you must adhere to, according to the IRS. It is even more important to have (in addition to the QI) a Denver Real Estate agent who knows the ropes, and where to find the answers. The last thing you would want to do is close on a new income property 2 days after the deadline and be required to pay capital gains on all the depreciation, as well as the calculated gain on the property! That could ruin your tax year!
When you own out of town rental properties, management can be expensive and bite into the profitability and cash flow. Sometimes the better solution is to liquidate those assets and acquire local Denver rental homes as replacements. The 1031 can let you do that tax deferred. We can even offer agents across the country who can assist you in the remote property liquidation OR new replacement property acquisition. Talk to Pete 1-800-571-7383 or 303-880-5585
Insight and knowledge like this comes from my 22+ years of experience in the Denver Real Estate market. Put it to work for you! We can help you fill your real estate needs in Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. We offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
What is a 1031 Exchange? That occurs when you sell an investment property and replace it with another, deferring any accumulated recapture of depreciation and capital gains, however, it is not that easy. There are contract clauses and time lines you must adhere to, according to the IRS. It is even more important to have (in addition to the QI) a Denver Real Estate agent who knows the ropes, and where to find the answers. The last thing you would want to do is close on a new income property 2 days after the deadline and be required to pay capital gains on all the depreciation, as well as the calculated gain on the property! That could ruin your tax year!
When you own out of town rental properties, management can be expensive and bite into the profitability and cash flow. Sometimes the better solution is to liquidate those assets and acquire local Denver rental homes as replacements. The 1031 can let you do that tax deferred. We can even offer agents across the country who can assist you in the remote property liquidation OR new replacement property acquisition. Talk to Pete 1-800-571-7383 or 303-880-5585
Insight and knowledge like this comes from my 22+ years of experience in the Denver Real Estate market. Put it to work for you! We can help you fill your real estate needs in Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. We offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Wednesday, February 27, 2008
Can Madonna make you a good Real Estate deal?
Probably not, but she is an excellent business woman.
And she really knows how to market the commodity of Madonna.
Would you trust her to be a effective Realtor?
The truth is you need to trust your Realtor.
Why would you choose one you don't trust?
Some folks view the real estate business as business of commodities and yet it is a business of experiences, knowledge of tactics in negotiating, neighborhoods, covenants, title, prices and personalities.
If you approach buying or selling a home the same way as a commodity, you can only be disappointed. Let me share an experience (bear with me).
Years ago I hire a guy to buy me a car. I trusted him and he got me a good deal, but it looked easy so when it was time to trade, I walked into the dealership and made a great deal...until I looked at the hourly rate, then the finance guy got to me, then the closer and delviery guy got to me. I was a duck! They got me. So, next time I needed to buy a car I went back to the car broker, happily paid him his minimal fee, and saved about 8 hours of my time. Plus he arranged the financing, got me my plates and insurance cards, and when the title and plates did not show up, extended the temporary tags with no additional fees. He created value for me. And he made it look seamless and easy. In fact his first purchase made it look so easy, I thought I could do it myself! YEAH!
So, back to topic...how do you find a Realtor you trust? Check references (ask for them), read testimonials (here are ours http://www.denverrelocation.com/testimonials.html), and see if the agent publishes his standards and mission statement (http://www.denverrelocation.com/standards.html).
When you are willing to do the homework, house hunting and buying are a joy, they are fast and informative, and the level of experience you get from the inspector, the decorators, the loan officers, that populate the team of a good Realtor will be a source of knowledge you will not personally get any place else.
Would this kind of service could be valuable to you or your friends? Put our 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
And she really knows how to market the commodity of Madonna.
Would you trust her to be a effective Realtor?
The truth is you need to trust your Realtor.
Why would you choose one you don't trust?
Some folks view the real estate business as business of commodities and yet it is a business of experiences, knowledge of tactics in negotiating, neighborhoods, covenants, title, prices and personalities.
If you approach buying or selling a home the same way as a commodity, you can only be disappointed. Let me share an experience (bear with me).
Years ago I hire a guy to buy me a car. I trusted him and he got me a good deal, but it looked easy so when it was time to trade, I walked into the dealership and made a great deal...until I looked at the hourly rate, then the finance guy got to me, then the closer and delviery guy got to me. I was a duck! They got me. So, next time I needed to buy a car I went back to the car broker, happily paid him his minimal fee, and saved about 8 hours of my time. Plus he arranged the financing, got me my plates and insurance cards, and when the title and plates did not show up, extended the temporary tags with no additional fees. He created value for me. And he made it look seamless and easy. In fact his first purchase made it look so easy, I thought I could do it myself! YEAH!
So, back to topic...how do you find a Realtor you trust? Check references (ask for them), read testimonials (here are ours http://www.denverrelocation.com/testimonials.html), and see if the agent publishes his standards and mission statement (http://www.denverrelocation.com/standards.html).
When you are willing to do the homework, house hunting and buying are a joy, they are fast and informative, and the level of experience you get from the inspector, the decorators, the loan officers, that populate the team of a good Realtor will be a source of knowledge you will not personally get any place else.
Would this kind of service could be valuable to you or your friends? Put our 22 years of experience to work for you, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
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