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 Relocate to Denver. Show all posts
Showing posts with label Relocate to Denver. Show all posts
Sunday, September 26, 2010
Monday, August 30, 2010
Houses still selling
In Denver, in July, 2185 homes sold, prices are up, days on market are down and the number of sales year to date is also up. What the press and the National Association of Realtors did not tell you is that July almost always "slumps" compared to June. Here is the chart of sales in Denver since 1999 http://www.denverrelocation.com/DenverStatisticschart.html.
OK, I have stomped that to death. What am I seeing out in the market? Buyers who have decided to take advantage are being cautious. Sellers are nervous. Homes not in top condition are languishing on the market while homes in good condition are selling quickly. Neighborhoods that have had prices stay steady if not edge up a bit have continued their slow climb while others that were more impacted by lower prices have rebounded a little more quickly.
As an example in July the "Denver" metrolist there was a 7.4% increase in average sale price while having the average days on market drop 14.3% and total sales for the year to date were up 1.2%. The Highlands Ranch and Lone Tree sections of that same MLS indicate a 2.7% increase in average sale price while days on the market fell 3.9% and the total sales were up 4.2% from the previous year.
Is there a sweet spot? Yes and no...with interest rates as low as they are most folks are figuring out a way to re-finance. The sellers that need to move get realistic quickly on their price and condition. But if there is a spot it is in the 330-450k range as those folks want to move up, but cannot until theirs sells.
The range that seems most active is still in the 200k area although I have great traffic on a 279k listing with lots of showings. And a 349k home that languishes. A year ago I said the sweet spot was the million plus market as the small builders were folding their tents and leaving them with the banks. Now I think the move up market is the prime target.
Pete Doty - Denver Realtor - 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
OK, I have stomped that to death. What am I seeing out in the market? Buyers who have decided to take advantage are being cautious. Sellers are nervous. Homes not in top condition are languishing on the market while homes in good condition are selling quickly. Neighborhoods that have had prices stay steady if not edge up a bit have continued their slow climb while others that were more impacted by lower prices have rebounded a little more quickly.
As an example in July the "Denver" metrolist there was a 7.4% increase in average sale price while having the average days on market drop 14.3% and total sales for the year to date were up 1.2%. The Highlands Ranch and Lone Tree sections of that same MLS indicate a 2.7% increase in average sale price while days on the market fell 3.9% and the total sales were up 4.2% from the previous year.
Is there a sweet spot? Yes and no...with interest rates as low as they are most folks are figuring out a way to re-finance. The sellers that need to move get realistic quickly on their price and condition. But if there is a spot it is in the 330-450k range as those folks want to move up, but cannot until theirs sells.
The range that seems most active is still in the 200k area although I have great traffic on a 279k listing with lots of showings. And a 349k home that languishes. A year ago I said the sweet spot was the million plus market as the small builders were folding their tents and leaving them with the banks. Now I think the move up market is the prime target.
Pete Doty - Denver Realtor - 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
Monday, May 03, 2010
Local moves across Denver...checklist
Some of it may seem obvious, but here is a short checklist to help you when the time to move actually comes. http://www.denverrelocation.com/MovingChecklistLocalMoves.html.
Relocations can be just across town too. Denver is not so small that you will still want to go to the same dentist, or doctor and certainly not the same grocery. So it might be a landscaper or plumber you need. That stuff is in DenverRelocation.com too
Pete Doty is a full time licensed Colorado real estate broker since 1985. "I go to work everyday for you & your friends, learning about our home town". Sometimes it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to him for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop him a note to pete@Denverrelocation.com
Relocations can be just across town too. Denver is not so small that you will still want to go to the same dentist, or doctor and certainly not the same grocery. So it might be a landscaper or plumber you need. That stuff is in DenverRelocation.com too
Pete Doty is a full time licensed Colorado real estate broker since 1985. "I go to work everyday for you & your friends, learning about our home town". Sometimes it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to him for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop him a note to pete@Denverrelocation.com
Monday, March 29, 2010
All press is good press
So did you see it?
I was in the Twin Cities (Minneapolis) paper!
For my business cards.
Take a look.
http://tinyurl.com/y8bv5d2
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
I was in the Twin Cities (Minneapolis) paper!
For my business cards.
Take a look.
http://tinyurl.com/y8bv5d2
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
Wednesday, December 09, 2009
Why Highlands Ranch? Guest BLOG
This from coach Shana Hubert:
Someone asked me an interesting question recently; Why do you love Highlands Ranch? In that moment, I began to realize that what seems like such an obvious choice to me is not in and of itself always so obvious to others.
I had no idea what a quest that question would set me on, but when I started thinking about how exactly to explain my answer, I realized there was so much about it for me that I couldn’t put a finger on it. It is not explainable, or factual, or something you can list in an MLS listing. It is just what this community is.
There are many things in one’s life, business, family and community that are that way. I found out that Highlands Ranch was one of those things to me. I absolutely love my community, but when asked to put it into words, it was very difficult to do. I went looking for an explanation and started talking to my family and friends, many of whom also call this community their home. What I received in answers was so much more than I could have ever explained. No matter what backgrounds and family styles you may come from, there are many reasons to call Highlands Ranch home.
The “stuff” is a logical place to start and really it is what most people immediately start discussing in terms of reasons to settle here. Whether single or married with kids, young or old, Highlands Ranch really does offer a lot to do and take advantage of. Where else do you pay a minimal fee to access your pick of four of the best recreation facilities around. They offer fantastic pools whether for adult or child, great workout facilities, racquetball, tennis, programs, tracks, etc. I could go on and on. However in a time when most of us our pinching our pennies anyway, what better way to spend some quality time than to grab your rec. center card and for no more money out of pocket, really go enjoy some time on the court or in the pool as a family.
Many other amenities topped the list of “stuff”. If you don’t feel like spending your time in the gym, what about taking advantage of the miles of open space and trails or taking a walk up to the Town Center. Speaking of the Town Center, the addition of this community gem has brought new life to Highlands Ranch. From enjoying a cocktail with friends, partaking in one of the many annual festivals with the family, becoming a local vegetable connoisseur at the farmers market, or just having a convenient place to get the basics- the Town Center offers something for everyone. Watching it all come together with the amphitheater, park, common areas, and the even more recent addition of some fantastic stores (yes I am a Target fan), it has been amazing to see the design and precision they have had in mind for our beautiful community.
Let’s not forget that there are also many other community shops and conveniences throughout. The design has been splendidly done to make this a living breathing sustainable place to live, without a lot of travel involved. When you look at everything that has gone into, and still continues to go into the community there are a lot of things that you can put a name on and associate a value to in order to explain what makes Highlands Ranch a great place to live.
So let’s pretend for a moment that you didn’t have all the stuff? Why Highlands Ranch then? I will not fib, I am a person who appreciates convenience and certainly can appreciate what this community has strived to offer its residents, but what if you take away the stuff? What else does Highlands Ranch have to offer? Highlands Ranch is one place where, I am convinced, we have a population of caring, civic and community minded people.
I can only truly speak for myself, but I believe at the heart of this community lies people who are looking to make the community better and they are looking for ways to improve the lives of their families and those around them. My bet is on the fact that the “community” would still come. We would find ways to create events and togetherness, we would find ways to enjoy the outdoors and make it a part of our everyday lives and we would certainly still create ways to make this one of the best places to live. So why Highlands Ranch?
Where else can I step out on my deck to such a brilliant view of the Rocky Mountains and still enjoy the many conveniences we take for granted every day? Where else do I get the small town feel that I enjoy when visiting a Hometown Holiday celebration and afterwards I can drive 30 minutes to some of the best theatre performances offered in our nation? Where else offers the kind of entertainment that we can go enjoy without pulling out hard earned money at every turn? Where else can you go to a gourmet restaurant on one side of the street and swing by Super Target on the way home, because “Oh shoot, I forgot to pick up cereal for breakfast and socks for the kids.”? And finally, where else can you go on a walk on Saturday morning and run into your neighbors and the kids, grandma and grandpa out for a stroll, a marathoner running with their dog, and end up at Starbucks with a hometown sports hero enjoying some family time as well?
Highlands Ranch is partially explained by the opportunities and the things that we get to take advantage of every day, and partially unexplainable by the everyday actions of those within our community and the “feel” you get when you walk down the street. So next time someone asks you why Highlands Ranch and you search within for the best way to say it, a simple reply of “because it’s Highlands Ranch,” may suffice just fine!
I work throughout the Denver community (of course including Highlands Ranch!) as Business Growth advisor with OneCoach. My professional goal is to bring value to our clients by assisting business owners in attracting new clients, increasing their revenue, and help them to focus in on the goals they started their business to begin with. My family and I happily live and play in Highlands Ranch.
Shara Hubert
OneCoach of South Denver
http://www.5280businesscoach.com
720.219.3383
Pete Doty is 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
Someone asked me an interesting question recently; Why do you love Highlands Ranch? In that moment, I began to realize that what seems like such an obvious choice to me is not in and of itself always so obvious to others.
I had no idea what a quest that question would set me on, but when I started thinking about how exactly to explain my answer, I realized there was so much about it for me that I couldn’t put a finger on it. It is not explainable, or factual, or something you can list in an MLS listing. It is just what this community is.
There are many things in one’s life, business, family and community that are that way. I found out that Highlands Ranch was one of those things to me. I absolutely love my community, but when asked to put it into words, it was very difficult to do. I went looking for an explanation and started talking to my family and friends, many of whom also call this community their home. What I received in answers was so much more than I could have ever explained. No matter what backgrounds and family styles you may come from, there are many reasons to call Highlands Ranch home.
The “stuff” is a logical place to start and really it is what most people immediately start discussing in terms of reasons to settle here. Whether single or married with kids, young or old, Highlands Ranch really does offer a lot to do and take advantage of. Where else do you pay a minimal fee to access your pick of four of the best recreation facilities around. They offer fantastic pools whether for adult or child, great workout facilities, racquetball, tennis, programs, tracks, etc. I could go on and on. However in a time when most of us our pinching our pennies anyway, what better way to spend some quality time than to grab your rec. center card and for no more money out of pocket, really go enjoy some time on the court or in the pool as a family.
Many other amenities topped the list of “stuff”. If you don’t feel like spending your time in the gym, what about taking advantage of the miles of open space and trails or taking a walk up to the Town Center. Speaking of the Town Center, the addition of this community gem has brought new life to Highlands Ranch. From enjoying a cocktail with friends, partaking in one of the many annual festivals with the family, becoming a local vegetable connoisseur at the farmers market, or just having a convenient place to get the basics- the Town Center offers something for everyone. Watching it all come together with the amphitheater, park, common areas, and the even more recent addition of some fantastic stores (yes I am a Target fan), it has been amazing to see the design and precision they have had in mind for our beautiful community.
Let’s not forget that there are also many other community shops and conveniences throughout. The design has been splendidly done to make this a living breathing sustainable place to live, without a lot of travel involved. When you look at everything that has gone into, and still continues to go into the community there are a lot of things that you can put a name on and associate a value to in order to explain what makes Highlands Ranch a great place to live.
So let’s pretend for a moment that you didn’t have all the stuff? Why Highlands Ranch then? I will not fib, I am a person who appreciates convenience and certainly can appreciate what this community has strived to offer its residents, but what if you take away the stuff? What else does Highlands Ranch have to offer? Highlands Ranch is one place where, I am convinced, we have a population of caring, civic and community minded people.
I can only truly speak for myself, but I believe at the heart of this community lies people who are looking to make the community better and they are looking for ways to improve the lives of their families and those around them. My bet is on the fact that the “community” would still come. We would find ways to create events and togetherness, we would find ways to enjoy the outdoors and make it a part of our everyday lives and we would certainly still create ways to make this one of the best places to live. So why Highlands Ranch?
Where else can I step out on my deck to such a brilliant view of the Rocky Mountains and still enjoy the many conveniences we take for granted every day? Where else do I get the small town feel that I enjoy when visiting a Hometown Holiday celebration and afterwards I can drive 30 minutes to some of the best theatre performances offered in our nation? Where else offers the kind of entertainment that we can go enjoy without pulling out hard earned money at every turn? Where else can you go to a gourmet restaurant on one side of the street and swing by Super Target on the way home, because “Oh shoot, I forgot to pick up cereal for breakfast and socks for the kids.”? And finally, where else can you go on a walk on Saturday morning and run into your neighbors and the kids, grandma and grandpa out for a stroll, a marathoner running with their dog, and end up at Starbucks with a hometown sports hero enjoying some family time as well?
Highlands Ranch is partially explained by the opportunities and the things that we get to take advantage of every day, and partially unexplainable by the everyday actions of those within our community and the “feel” you get when you walk down the street. So next time someone asks you why Highlands Ranch and you search within for the best way to say it, a simple reply of “because it’s Highlands Ranch,” may suffice just fine!
I work throughout the Denver community (of course including Highlands Ranch!) as Business Growth advisor with OneCoach. My professional goal is to bring value to our clients by assisting business owners in attracting new clients, increasing their revenue, and help them to focus in on the goals they started their business to begin with. My family and I happily live and play in Highlands Ranch.
Shara Hubert
OneCoach of South Denver
http://www.5280businesscoach.com
720.219.3383
Pete Doty is 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
Friday, November 20, 2009
Reason 14 to Move at YEAR End
From my friend and fellow Cyberstar Michael Maher in Kansas City:
It's easier on the kids! As a former teacher, I
can tell you the very best time to transition your child into a new
school is during the school year and precisely during the Holidays.
There is instantaneous submersion into a strong social support group.
The child is instantly installed into a caring environment - whereas
during the summer he or she has a smaller cast of characters to choose
from. The teacher will ease the transition and it is a great time for
the child to be the "new kid". To help that along, the parents should
sponsor a pizza party the first week of the child being in class.
Doesn't hurt to bribe for friends with pizza.
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
It's easier on the kids! As a former teacher, I
can tell you the very best time to transition your child into a new
school is during the school year and precisely during the Holidays.
There is instantaneous submersion into a strong social support group.
The child is instantly installed into a caring environment - whereas
during the summer he or she has a smaller cast of characters to choose
from. The teacher will ease the transition and it is a great time for
the child to be the "new kid". To help that along, the parents should
sponsor a pizza party the first week of the child being in class.
Doesn't hurt to bribe for friends with pizza.
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
Wednesday, August 19, 2009
Auburn Park In Highlands Ranch
One of the benefits of working for a number of years in a market like Highlands Ranch is you get to know things about the neighborhood that other cannot remember or never experienced. Take a look at this AUBURN PARK page.
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
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
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
Wednesday, June 03, 2009
Hunkered DOWN? An "AH-HA" moment
Now More Than Ever - I need Your Help.
An "AH-HA" moment...
I had one the other day when I realized my friend Tom from Leads Club needed to meet Denver area “BUILDING MANAGERS”. I made some introductions and he got 2 plumbing jobs the 1st day. Since the words "Building Managers" rang in my head there have been 3 more jobs.
Robert had one when his attorney told him “Pete knows more about the foreclosure process than I do”. Robert had introduced me to the attorney who was to help him in his foreclosure. We got his house sold fast and got him the equity he had earned over 10 years.
WHY NOW MORE THAN EVER?
Frankly, it seems that a lot of folks have “HUNKERED DOWN” and decided that moving across Denver now is not a good idea. And they are assuming everyone else feels the same way.
Yet there are folks who need to move. They just need to sell their house. They may have gotten laid off or been transferred to another work location, or they just have too many kids in a 2 bedroom apartment. I really need this kind of introduction now more than ever. There just are not as many of these opportunities as have been in the past. SO please give me a call when you learn of someone who could use my services.
Sometimes these AH-HA moments pop up in conversations or across a crowded networking event. Or in a quiet conversation over coffee, at the neighborhood BBQ, or at a soccer game. Yet invariably they all result in the receiving person being aware of the other person’s needs, and that my skill sets could help them solve a problem they are sharing. Just so you know a great intro to me is "Pete has been a FULL TIME Colorado Real Estate Broker for over 24 years. I will have him call you." Then, please call me with their name and number. Thanks.
Since 1985 I have been going to work for you or your friends, learning about their new home town! Whether it is Highlands Ranch, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Lone Tree, 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 want a list of my carrot words.
An "AH-HA" moment...
I had one the other day when I realized my friend Tom from Leads Club needed to meet Denver area “BUILDING MANAGERS”. I made some introductions and he got 2 plumbing jobs the 1st day. Since the words "Building Managers" rang in my head there have been 3 more jobs.
Robert had one when his attorney told him “Pete knows more about the foreclosure process than I do”. Robert had introduced me to the attorney who was to help him in his foreclosure. We got his house sold fast and got him the equity he had earned over 10 years.
WHY NOW MORE THAN EVER?
Frankly, it seems that a lot of folks have “HUNKERED DOWN” and decided that moving across Denver now is not a good idea. And they are assuming everyone else feels the same way.
Yet there are folks who need to move. They just need to sell their house. They may have gotten laid off or been transferred to another work location, or they just have too many kids in a 2 bedroom apartment. I really need this kind of introduction now more than ever. There just are not as many of these opportunities as have been in the past. SO please give me a call when you learn of someone who could use my services.
Sometimes these AH-HA moments pop up in conversations or across a crowded networking event. Or in a quiet conversation over coffee, at the neighborhood BBQ, or at a soccer game. Yet invariably they all result in the receiving person being aware of the other person’s needs, and that my skill sets could help them solve a problem they are sharing. Just so you know a great intro to me is "Pete has been a FULL TIME Colorado Real Estate Broker for over 24 years. I will have him call you." Then, please call me with their name and number. Thanks.
Since 1985 I have been going to work for you or your friends, learning about their new home town! Whether it is Highlands Ranch, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Lone Tree, 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 want a list of my carrot words.
Thursday, May 21, 2009
Denver #1 City poised to recover
I do not often care for Barbara Corcoran, except when she is right.
Today featured her again this week on MSNBC.
As I understand it she has used some of NAR's info from the mid year meetings to help get to these conclusions, at least Denver is Lawrence Yun's favorite too. San Francisco, Raliegh, Austin & Seattle are also favorites.
Here is a recap from the biz journals:
http://www.bizjournals.com/denver/stories/2009/05/18/daily31.html
And here is a link to the show:
http://www.msnbc.msn.com/id/21134540/vp/30825142#30825142
and here are some highlights from Yun's presentation
http://link.brightcove.com/services/player/bcpid22268533001?bctid=23220214001
And here are the slides from his presentation:
http://www.realtor.org/wps/wcm/connect/e74213804e19cdb2b996ffec21680fb0/mym_residential09.ppt?MOD=AJPERES&CACHEID=e74213804e19cdb2b996ffec21680fb0
Let my 24 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
Today featured her again this week on MSNBC.
As I understand it she has used some of NAR's info from the mid year meetings to help get to these conclusions, at least Denver is Lawrence Yun's favorite too. San Francisco, Raliegh, Austin & Seattle are also favorites.
Here is a recap from the biz journals:
http://www.bizjournals.com/denver/stories/2009/05/18/daily31.html
And here is a link to the show:
http://www.msnbc.msn.com/id/21134540/vp/30825142#30825142
and here are some highlights from Yun's presentation
http://link.brightcove.com/services/player/bcpid22268533001?bctid=23220214001
And here are the slides from his presentation:
http://www.realtor.org/wps/wcm/connect/e74213804e19cdb2b996ffec21680fb0/mym_residential09.ppt?MOD=AJPERES&CACHEID=e74213804e19cdb2b996ffec21680fb0
Let my 24 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
Tuesday, May 19, 2009
Denver Real Estate Market is SHRINKING! Fewer Deals!
Over the last 6 months I have been surprised that the market has been much more competitive than in the past 2 years, especially when representing BUYERS in the purchase of their new home. Most Buyers have been required to make offers on more than one home as you will see below. I researched data from each of the south geographic areas of town as defined by the local Denver Multiple Listing Service, Metrolist:
100k-250k Area active/u/c = month's supply (previous month)
(AUS) Aurora South 508/415 1.2 (1.4)
(DNW)Denver Northwest* 125/93=1.3 (2.5);
(DSE)Denver Southeast 257/128=2.0(2.2)
(DSW)Denver Southwest 446/309=1.4(1.85)
(DEP)Douglas County Parker Elbert County 143/94=1.5(1.7)
(DCW)Douglas County Castle Rock West 201/96 =2.1(2.8)
(DHL)Douglas County Highlands Ranch Lone Tree 58/55=1.1(1.2)
(JFS)Jefferson County South 143/108=1.3(1.2)
(SSC)South Suburban Central 171/140=1.2(2.0)
(SSE)South Suburban East 34/24=1.4(3.3)
250.1k -350k active/u/c = month's supply (previous month)
Aurora South 180/72=2.5(4.3)
Denver Northwest* 127/55=2.3(3.3) (not really south);
Denver Southeast 362/147=2.5(3.4)
Denver Southwest 127/33=3.8(4.3)
Douglas County Parker Elbert County 265/95=2.8(3.0)
Douglas County Castle Rock West 239/61=3.9(3.8)
Douglas County Highlands Ranch Lone Tree 236/96=2.5(2.2)
Jefferson County South 193/58=3.3(3.8)
South Suburban Central 137/42=3.3(4.3)
South Suburban East 129/46=2.8(4.0)
As you can see from the previous month's data the inventory of homes available to buy in south Denver continues to shrink. My continued comment is the Denver market is shrinking and there are very few “deals” left. If you want to take advantage of the tax credit, or just make a move, please do not wait. The bottom of the Denver market is behind us.
To see the previous 2 months reports click here for April and here for March.
For "NEW LISTING" statistics by month and year for Denver click here
Click to see Denver Property Sales Data by month and year
Since 1985 I have been working for you and your friends, getting ready to help you learn about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Parker, Denver, Elizabeth, Larkspur, Franktown, Kiowa, or Englewood, Colorado. We offer real estate advice, properties for sale, Buyer Agency, multiple listing service, Seller property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
100k-250k Area active/u/c = month's supply (previous month)
(AUS) Aurora South 508/415 1.2 (1.4)
(DNW)Denver Northwest* 125/93=1.3 (2.5);
(DSE)Denver Southeast 257/128=2.0(2.2)
(DSW)Denver Southwest 446/309=1.4(1.85)
(DEP)Douglas County Parker Elbert County 143/94=1.5(1.7)
(DCW)Douglas County Castle Rock West 201/96 =2.1(2.8)
(DHL)Douglas County Highlands Ranch Lone Tree 58/55=1.1(1.2)
(JFS)Jefferson County South 143/108=1.3(1.2)
(SSC)South Suburban Central 171/140=1.2(2.0)
(SSE)South Suburban East 34/24=1.4(3.3)
250.1k -350k active/u/c = month's supply (previous month)
Aurora South 180/72=2.5(4.3)
Denver Northwest* 127/55=2.3(3.3) (not really south);
Denver Southeast 362/147=2.5(3.4)
Denver Southwest 127/33=3.8(4.3)
Douglas County Parker Elbert County 265/95=2.8(3.0)
Douglas County Castle Rock West 239/61=3.9(3.8)
Douglas County Highlands Ranch Lone Tree 236/96=2.5(2.2)
Jefferson County South 193/58=3.3(3.8)
South Suburban Central 137/42=3.3(4.3)
South Suburban East 129/46=2.8(4.0)
As you can see from the previous month's data the inventory of homes available to buy in south Denver continues to shrink. My continued comment is the Denver market is shrinking and there are very few “deals” left. If you want to take advantage of the tax credit, or just make a move, please do not wait. The bottom of the Denver market is behind us.
To see the previous 2 months reports click here for April and here for March.
For "NEW LISTING" statistics by month and year for Denver click here
Click to see Denver Property Sales Data by month and year
Since 1985 I have been working for you and your friends, getting ready to help you learn about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Parker, Denver, Elizabeth, Larkspur, Franktown, Kiowa, or Englewood, Colorado. We offer real estate advice, properties for sale, Buyer Agency, multiple listing service, Seller property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Tuesday, February 24, 2009
Tax Credit & Economic Stimulus
The Home Buyers Tax Credit has been both expanded and reduced as a result of the economic stimulus package. Go to www.denverrelocation.com/stimulus.html to see a simplified chart.
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
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, February 02, 2009
A new resource
I just published a list of webinars for the public to access at my website http://www.denverrelocation.com/WebinarLibrary-DenverRelocation.html.
The one about helping your child transition to a new school could be very helpful to any family relocating to metro Denver, Colorado.
24 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 one about helping your child transition to a new school could be very helpful to any family relocating to metro Denver, Colorado.
24 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, January 30, 2009
Short Sale Pitfalls
In my experience there is no more heart breaking event than having to go through a foreclosure. Yet the hardest part for most folks is getting to that point and once they get there, it doesn't matter any more. Enter the idea of the short sale...
The bank is supposed to take less than owed and help the folks out of their predicament.
The Seller says great and accepts an offer "subject to the bank approval".
The bank thinks a while (2-3 weeks) and says to the Seller "we need more" get us another offer.
That takes a while but sure enough not one but 2 (now a total of 3) offers are in hand.
And the Seller accepts them all "subject to the bank approval".
Who wins? Who Loses?
Read More
Or read the state "REQUIRED" Short Sale Addendum at http://tinyurl.com/dzbvut.
When you get to the end of the 3rd page ask yourself "How many times have they told me I am not going to be able to buy this house?"
Experience since 1985 can go to work for you or your friends. 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 bank is supposed to take less than owed and help the folks out of their predicament.
The Seller says great and accepts an offer "subject to the bank approval".
The bank thinks a while (2-3 weeks) and says to the Seller "we need more" get us another offer.
That takes a while but sure enough not one but 2 (now a total of 3) offers are in hand.
And the Seller accepts them all "subject to the bank approval".
Who wins? Who Loses?
Read More
Or read the state "REQUIRED" Short Sale Addendum at http://tinyurl.com/dzbvut.
When you get to the end of the 3rd page ask yourself "How many times have they told me I am not going to be able to buy this house?"
Experience since 1985 can go to work for you or your friends. 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
Saturday, December 06, 2008
Realtors Bailing OUT! You could be an ORPHAN!
After visiting with the CEO of a local board of Realtors this last week it was clear they were worried about losing up to 20% of their membership at this dues renewal cycle (January 1st).
Of course this means a major reduction in income for the organization but for the public, it should be seen as a warning. Dues are not excessive and should not be a major stumbling block to someone who is committed to get you the right deal.
An "ORPHAN" is a client who hired a brokerage company to represent them and the Broker Associate they were working with is no longer in the employ of the brokerage company, or no longer a Realtor. Therefore the brokerage company assigns a new broker associate to assist the client. But there is no relationship after that. When you hear someone say "My Realtor quit the business" pass along my name (OH that was an un abashed plug...shame on me!-).
It is also possible that the Realtor you are choosing to represent you is NOT full time in the business and therefore will not be up to date on some of the nuances of the marketing a home, getting qualified prospects through the door, negotiating a good deal, or working through the myriad of closing challenges! These are the folks who are typically finding the expenses of license renewal and MLS membership and association membership to be too high. And they are not a "REALTOR" subscribing to the Code of Ethics unless they do belong to the National Association of Realtors.
The other thing that is culling some of the Realtor community out of the business is the State of Colorado licensing fees are close to doubling for Brokers! Now, it would not seem as though this was a big deal as it is only another $200 but I cannot tell you how many times I have heard someone proudly declare they have a real estate license only to learn it is "ON ICE".
"ON ICE" is an indusrty term meaning the real estate license is not active for non-payment of license fees. And in reality it is another way of saying "I am not going to spend the money until I find a deal to pay for it with". No matter how good the friend, you have to be able to judge the character of the person telling you this. I had some friends who started me in this business but they knew me and my character for many years before.
Further, this means they should not have access to the MLS, unless they are paying non-member dues and fees. "I have a deal with my broker" means the person you are speaking with is willing to at least bend if not break the rules.
So the point of this post then is to warn the public that there are some who are desperate enough to do anything to make a deal. Even though that deal might NOT be good for the client. Just be careful who you hire! It would be my pleasure to help.
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 via IDX, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Of course this means a major reduction in income for the organization but for the public, it should be seen as a warning. Dues are not excessive and should not be a major stumbling block to someone who is committed to get you the right deal.
An "ORPHAN" is a client who hired a brokerage company to represent them and the Broker Associate they were working with is no longer in the employ of the brokerage company, or no longer a Realtor. Therefore the brokerage company assigns a new broker associate to assist the client. But there is no relationship after that. When you hear someone say "My Realtor quit the business" pass along my name (OH that was an un abashed plug...shame on me!-).
It is also possible that the Realtor you are choosing to represent you is NOT full time in the business and therefore will not be up to date on some of the nuances of the marketing a home, getting qualified prospects through the door, negotiating a good deal, or working through the myriad of closing challenges! These are the folks who are typically finding the expenses of license renewal and MLS membership and association membership to be too high. And they are not a "REALTOR" subscribing to the Code of Ethics unless they do belong to the National Association of Realtors.
The other thing that is culling some of the Realtor community out of the business is the State of Colorado licensing fees are close to doubling for Brokers! Now, it would not seem as though this was a big deal as it is only another $200 but I cannot tell you how many times I have heard someone proudly declare they have a real estate license only to learn it is "ON ICE".
"ON ICE" is an indusrty term meaning the real estate license is not active for non-payment of license fees. And in reality it is another way of saying "I am not going to spend the money until I find a deal to pay for it with". No matter how good the friend, you have to be able to judge the character of the person telling you this. I had some friends who started me in this business but they knew me and my character for many years before.
Further, this means they should not have access to the MLS, unless they are paying non-member dues and fees. "I have a deal with my broker" means the person you are speaking with is willing to at least bend if not break the rules.
So the point of this post then is to warn the public that there are some who are desperate enough to do anything to make a deal. Even though that deal might NOT be good for the client. Just be careful who you hire! It would be my pleasure to help.
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 via IDX, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Wednesday, December 03, 2008
Where to get the LOAN? FHA is the BIG DOG now!
I got this from long term friend Mark Afman...it is worth reading and/or visiting Mark's website.
FHA recently published their Fiscal Year 2008 Audit and based on this report the answer is very encouraging. Recently there have been two questions that many have wanted answers to. 1) Can FHA continue to handle the increase in volume? and 2) Will FHA be the next candidate for a bailout? From looking at this audit report the answers are yes to the volume and no to the bailout.
FHA has been called on to shoulder more of the responsibility for stabilizing the US Housing market. Because of this, many have been concerned that FHA will suffer the same fate as many conventional sources of loans. That is to say that FHA will be losing more then they are gaining. This audit appears to say otherwise. The audit gives an indication that FHA will be financially sound for at least the next 7 or 8 years. Now that is not to say that FHA has not been affected by the national housing downturn. But as on organization it is holding its own better then Fannie or Freddie. The audit actually shows an improvement in the overall loan characteristics over FY 2007. This could be due to the fact that many FHA lenders (Universal Lending included) have tightened their guidelines to originate a better quality loan. Another aspect is that FHA loans are being used more and more by buyers with good credit. In this report it shows that the number of buyers with credit scores over 680 using an FHA loan increased from 17% to 35% and a decrease in buyers with a credit score below 580 from 27% to 5% over that same period.
Another factor in the positive nature of this report is the improvement in the Loan-To-Value of their portfolio. Since 2005 the high LTV's (loans over 97% LTV) have been reduced from 55 to 39% and the lower LTV's (loans below 95% LTV) have increased from 20% to 34%.
So to answer the 2 questions above 1) Can FHA continue to handle the increase in volume? Over the last 15 months FHA has showed that it can handle its volume increase which is now running at 4 times the 2007 levels. Despite receiving minimal additional resources, there are two reasons why FHA can handle the volume. First, as you know, FHA approved lenders can perform all of the loan processing, underwriting, closing and insuring functions without any HUD review. Secondly, FHA?s technology, despite being 25 years old, remains resilient and fundamentally sound. With the additional resources being provided, there is now minimal concern that FHA will not be able to provide mortgage insurance certificates (MICs) in a timely manner (barring some unforeseen circumstance) even if FHA business doubled or tripled from current levels. Quite frankly, the biggest concern regarding FHA?s technology is that future changes, made with the intent of improving performance, may have the unintended consequence of impairing FHA?s performance.
2) Will FHA be the next candidate for a bailout? There was widespread concern that FHA became the ?dumping ground? for subprime loans when that market collapsed in 2007. Many press reports have been written questioning FHA?s financial strength. The FY 2008 Actuarial Review provides a current analysis of the status of the FHA program and rebuts the concern that there is a systemic problem in the program.
Now if you read the report at http://www.hud.gov/offices/hsg/comp/rpts/actr/2008actr.cfm you will see that the overall net worth of FHA is down and this is mostly due to the drop in home prices. In addition you may have read articles such as one in Business Week that are expressing concerns about the overall financial soundness of FHA. But this report shows that FHA is still in the black and is expected to remain so for many years to come. There is much more to this report and I will be happy to send you more information about it if you would like to contact me through www.markafman.com.
Pete Doty provides 23 years of experience which 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
FHA recently published their Fiscal Year 2008 Audit and based on this report the answer is very encouraging. Recently there have been two questions that many have wanted answers to. 1) Can FHA continue to handle the increase in volume? and 2) Will FHA be the next candidate for a bailout? From looking at this audit report the answers are yes to the volume and no to the bailout.
FHA has been called on to shoulder more of the responsibility for stabilizing the US Housing market. Because of this, many have been concerned that FHA will suffer the same fate as many conventional sources of loans. That is to say that FHA will be losing more then they are gaining. This audit appears to say otherwise. The audit gives an indication that FHA will be financially sound for at least the next 7 or 8 years. Now that is not to say that FHA has not been affected by the national housing downturn. But as on organization it is holding its own better then Fannie or Freddie. The audit actually shows an improvement in the overall loan characteristics over FY 2007. This could be due to the fact that many FHA lenders (Universal Lending included) have tightened their guidelines to originate a better quality loan. Another aspect is that FHA loans are being used more and more by buyers with good credit. In this report it shows that the number of buyers with credit scores over 680 using an FHA loan increased from 17% to 35% and a decrease in buyers with a credit score below 580 from 27% to 5% over that same period.
Another factor in the positive nature of this report is the improvement in the Loan-To-Value of their portfolio. Since 2005 the high LTV's (loans over 97% LTV) have been reduced from 55 to 39% and the lower LTV's (loans below 95% LTV) have increased from 20% to 34%.
So to answer the 2 questions above 1) Can FHA continue to handle the increase in volume? Over the last 15 months FHA has showed that it can handle its volume increase which is now running at 4 times the 2007 levels. Despite receiving minimal additional resources, there are two reasons why FHA can handle the volume. First, as you know, FHA approved lenders can perform all of the loan processing, underwriting, closing and insuring functions without any HUD review. Secondly, FHA?s technology, despite being 25 years old, remains resilient and fundamentally sound. With the additional resources being provided, there is now minimal concern that FHA will not be able to provide mortgage insurance certificates (MICs) in a timely manner (barring some unforeseen circumstance) even if FHA business doubled or tripled from current levels. Quite frankly, the biggest concern regarding FHA?s technology is that future changes, made with the intent of improving performance, may have the unintended consequence of impairing FHA?s performance.
2) Will FHA be the next candidate for a bailout? There was widespread concern that FHA became the ?dumping ground? for subprime loans when that market collapsed in 2007. Many press reports have been written questioning FHA?s financial strength. The FY 2008 Actuarial Review provides a current analysis of the status of the FHA program and rebuts the concern that there is a systemic problem in the program.
Now if you read the report at http://www.hud.gov/offices/hsg/comp/rpts/actr/2008actr.cfm you will see that the overall net worth of FHA is down and this is mostly due to the drop in home prices. In addition you may have read articles such as one in Business Week that are expressing concerns about the overall financial soundness of FHA. But this report shows that FHA is still in the black and is expected to remain so for many years to come. There is much more to this report and I will be happy to send you more information about it if you would like to contact me through www.markafman.com.
Pete Doty provides 23 years of experience which 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, September 26, 2008
Tax Credit for First Time Buyers
OR Strike while the Iron is HOT!
Hidden in the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 is a $7500 tax credit for first time home buyers. We have a video we can forward to you that explains the credit, how it works and who qualifies. If you wish to pursue the purchase of a home in Denver, Littleton, Englewood, Highlands Ranch or any of the metro suburbs, drop me a note or a comment. It would be my pleasure to help 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, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Hidden in the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 is a $7500 tax credit for first time home buyers. We have a video we can forward to you that explains the credit, how it works and who qualifies. If you wish to pursue the purchase of a home in Denver, Littleton, Englewood, Highlands Ranch or any of the metro suburbs, drop me a note or a comment. It would be my pleasure to help 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, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, August 08, 2008
Denver Highlands Ranch Real estate update
The stats do not lie. New listings in the Denver real estate market are down nearly 35% over a 5 years average in June again and down 32% over that same 5 year average in May. What does this mean? Read on...
Houses that are really for sale and that can be conveyed by a ready willing and ABLE seller (not short sale and not controlled by some 3rd party other than the owner) currently represent about 35% of certain market segments, typically first homes. Appraisers have been adjusting for "distressed sales". What this means to you is that if a house down the street was a foreclosure, and yours is in good condition, the appraisers can adjust your value UP!
Finally, what all this means is that there are only about 50% of the homes listed for sale that the seller can really sell. With sales down only about 15-20% prices will start to go up on your dream home soon!
We saw similar trends in 1988 and an exploding market starting in 1989. That means folks need to speak to a good Realtor, find out about their local market and then create a plan of action..."before we sell we need to..." so that they can implement when they are ready. Also, getting the funding lined up or asking the Realtor about doing "back to back" closings for your convenience. Now, if you are ready now, it is a perfect time to make a move up. Call me at 303-880-5585 or toll free at 1-800-571-7383.
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
Houses that are really for sale and that can be conveyed by a ready willing and ABLE seller (not short sale and not controlled by some 3rd party other than the owner) currently represent about 35% of certain market segments, typically first homes. Appraisers have been adjusting for "distressed sales". What this means to you is that if a house down the street was a foreclosure, and yours is in good condition, the appraisers can adjust your value UP!
Finally, what all this means is that there are only about 50% of the homes listed for sale that the seller can really sell. With sales down only about 15-20% prices will start to go up on your dream home soon!
We saw similar trends in 1988 and an exploding market starting in 1989. That means folks need to speak to a good Realtor, find out about their local market and then create a plan of action..."before we sell we need to..." so that they can implement when they are ready. Also, getting the funding lined up or asking the Realtor about doing "back to back" closings for your convenience. Now, if you are ready now, it is a perfect time to make a move up. Call me at 303-880-5585 or toll free at 1-800-571-7383.
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
Tuesday, June 17, 2008
Cost of Electricity By State
I never have seen this before, but I suspected as much. Colorado is #25 out of 50 on the cost of electricity, yet lower that the national average. That means living in a Colorado home should cost you less for electricity that the national average. Not bad!
OH, check out this site...yes it is a Nebraska website, but the information should be good anyway!>)
http://www.neo.ne.gov/statshtml/115.htm
It compares all 50 states cost of electrical power.
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
OH, check out this site...yes it is a Nebraska website, but the information should be good anyway!>)
http://www.neo.ne.gov/statshtml/115.htm
It compares all 50 states cost of electrical power.
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
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