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Denver Real Estate Market Hot

by Roberts Johnson and Rachel Diedrich, Real Estate B

Happy Wednesday afternoon!

Hi, Roberts Johnson, with Cool Denver Homes.

The real estate market in Denver and surrounding areas is hot right now!  I’m personally working with a half a dozen individuals and couples trying to buy right now.  What’s the reason you ask?  Uncertainty in the mortgage industry is one big reason.  Interest rates are still the lowest the have ever been and they may spike after the upcoming election; of course, no one for sure what will happen until after the election.  So with low interest rates along with low house prices combined with low inventory has created a little mini sellers market.  Some of the lower priced homes are now in the middle of a bidding war.  I’ve personally had buyers offer above asking price in hopes of securing a home and even then we were out bid several times before we were successful.

Good news for the Denver Area Real Estate Market!  Call me for more good information on how we can get you the Highest Dollar for your Home as well as help you find your Denver Area Dream Home.  We can also help you with Bank Owned Homes in the Denver Area.

And as usual, think of me when you have a Real Estate need, call, 303.525.7599 or email, roberts@cooldenverhomes.com

Thanks,

Roberts Johnson

www.CoolDenverHomes.com

www.303home.com

www.bankowneddenverhomes.com

www.yourdenverhousevalue.com                 

 

We service metro Denver including, Northwest Denver such as Lohi and northwest Highlands, Denver northeast such as Park Hill, Curtis Park and Stapleton.  Denver Southeast, Lowry, Washington Park, Cherry Creek and Country Club.  Denver Southwest, like Golden Triangle, Barnum and Baker and finally downtown Denver such as Lodo, Downtown Denver and Ball Park.

We also serve all cities around metro Denver.  Here is a list of cities: Arvada, Aurora, Broomfield, Castle Rock, Centennial, Cherry Hills Village, Commerce City, Denver, Edgewater, Englewood, Federal Heights, Glendale, Golden, Greenwood Village, Highlands Ranch, Lakeside, Lakewood, Littleton, Morrison, Northglenn, Parker, Thornton, Westminster, and Wheat Ridge.

Cool Denver Homes Supports Veteran's Passport To Hope

by Roberts Johnson and Rachel Diedrich, Real Estate B

Happy Wednesday morning!

 

Hi, Roberts Johnson, with Cool Denver Homes.

Great weekend, we had a nice cooler temperatures which allowed us to get out and take a nice long walk with the dogs and we didn’t even have to carry them.

Your Denver Home Value

Rachel and I met a bunch of friends at a benefit for our Veterans on Friday night in Cherry Creek.  The group is called Veteran’s Passport To Hope, www.vp2h.org and it was a great event!  It was called Beer and Bluegrass and it was exceptional!  I haven’t heard bluegrass that good in a long time.  Some of the proceeds went to benefit the Veteran’s Passport To Hope event at the Wings Over The Rockies Museum, 7711 E Academy Blvd, #1 Denver, CO, on October 4, 2012, which is an event to help the Wounded Warriors Project and raise awareness of the plight of our Wounded Warriors.  www.vp2h.org

Find Your Denver Dream Home

I think it’s time again to thank our soldier’s for working to keep our way of life the way it is.  They provide an invaluable safety net for us all!  We should really be thanking our wounded soldiers, which is what the Wounded Warriors Project does.  I encourage you to buy tickets today!  They are only $78 a person, $50 of which can used as an IRS income tax deduction.  www.vp2h.org

Bank Owned Homes in Denver

Date:                    October 4, 2012.

Location:              Wings of the Rockies Museum, 7711 E Academy Blvd, #1, Denver, CO

What:                    Veteran’s Passport To Hope

Benefits:              Wounded Warriors Project

Please forward to anyone who might be interested as well.

And as usual, think of me when you have a Real Estate need, call, 303.525.7599 or email, roberts@cooldenverhomes.com

Thanks,

Roberts Johnson

www.CoolDenverHomes.com

www.303home.com

www.bankowneddenverhomes.com

www.yourdenverhousevalue.com                 

We service metro Denver including, Northwest Denver such as Lohi and northwest Highlands, Denver northeast such as Park Hill, Curtis Park and Stapleton.  Denver Southeast, Lowry, Washington Park, Cherry Creek and Country Club.  Denver Southwest, like Golden Triangle, Barnum and Baker and finally downtown Denver such as Lodo, Downtown Denver and Ball Park.

We also serve all cities around metro Denver.  Here is a list of cities: Arvada, Aurora, Broomfield, Castle Rock, Centennial, Cherry Hills Village, Commerce City, Denver, Edgewater, Englewood, Federal Heights, Glendale, Golden, Greenwood Village, Highlands Ranch, Lakeside, Lakewood, Littleton, Morrison, Northglenn, Parker, Thornton, Westminster, and Wheat Ridge.

 

You May have Nomophobia. Know What it Is?

by Roberts Johnson and Rachel Diedrich, Real Estate B

You May Have Nomophobia. Know What it Is?

Do you have a fear of being apart from your cellphone? If so, you may suffer from "nomophobia" or "no mobile phone phobia," MSNBC.com reports.

It's on the rise. And in the real estate industry, where smartphones are dominant, you may be at risk. Do you never turn off your phone? Obsessively check it? Constantly worry about losing it?

If so, you may be among the 66 percent who recently admitted to having "nomophoboia," according to a national study by SecurEnvoy, a mobile phone technology firm. Four years ago, a study showed 53 percent admitted to having it.

According to the survey, respondents, on average, reported checking their cellphones 34 times a day. Seventy-five percent reported taking their cellphone with them to the bathroom. And some of those surveyed also reported sleeping with it and even taking it in the shower with them (protecting it so it stays dry, of course).

"Cellphones are tools that should be used to enhance our lives -- not to destroy our interpersonal communication skills with those that we love," Mitch Spero, director of child and family psychologists, told MSNBC.com.

Source: “Addicted to Your Cellphone? Nomophobia on the Rise,” NBCMiami.com (May 8, 2012)

 

Risk Changes in Emerging Foreclosure Tide

by Roberts Johnson and Rachel Diedrich, Real Estate B

Risk Changes in Emerging Foreclosure Tide

Banks are expected to pick up the pace of foreclosures, which will send a new wave of these properties on the market soon, housing experts say. This anticipated “wave” will occur at a time when the housing market has been showing signs of strengthening in pockets across the country, they also note.

But this time around, the increase in foreclosures is expected to come from a different source — everyday home owners with low interest-rate mortgages, housing experts say.

Borrowers “with ordinary mortgages whose ability to meet payment have been hit by the hard economic times” will be the ones dominating the foreclosures in the next round, CNNMoney reports in a recent article.

The last time that foreclosures dramatically increased nationwide, they were dominated by borrowers who had subprime loans with high interest rates and loans in which banks often had asked for no money down or even proof of income. Since then, underwriting standards by lenders has gotten a lot stricter.

"The subprime stuff is long gone," says Michael Redman, founder of 4closurefraud.org. "Now the folks being affected are hardworking, everyday Americans struggling because of the economy."

While unemployment has seen improvement, recently falling to 8.3 percent from its 10 percent peak in 2009, many Americans still remain without a job and are struggling to keep up with their mortgage payments. More than a quarter of home owners are considered “underwater,” owing more on their homes than they are currently worth, according to fourth quarter 2011 data from Zillow Inc.

"We're seeing more people coming through who have good loans with reasonable interest rates," says Ed Jacob, executive director of Neighborhood Housing Services of Chicago Inc., a non-profit that provides foreclosure counseling. "But in many households only one person works now instead of two, or they had their hours cut. The answer to the housing crisis now is job creation."

Experts Warn: It’s Coming ...
The signs of the next tide are already taking shape as banks set out to quicken the pace of reviewing backlogs of defaulting loans: Foreclosure starts soared 28 percent in January, according to Lender Processing Services’ report last month. RealtyTrac reported that while overall foreclosures saw a slight drop nationwide in February from January, 21 cities saw large spikes, such as Tampa (increasing 64 percent), Chicago (43 percent) and Miami (53 percent).

In previous reports, RealtyTrac has predicted that completed foreclosures will jump 25 percent this year and will likely reach 1 million in 2012.

Source: “New Foreclosure Wave to Hit ‘Everyday’ Borrowers,” Reuters (April 4, 2012)

 

Higher Rents Open Eyes to the Value of Owning

by Roberts Johnson and Rachel Diedrich, Real Estate B

Higher Rents Open Eyes to the Value of Owning

Economists and real estate agents say entry-level home buyers are once again jumping into the market in time for the spring selling season, spurred by ongoing price declines and higher apartment rents.

Reis Inc., a real-estate research firm, reports in its quarterly survey that the average apartment rents rose by 2.7 percent in 2011, and vacancy rate fell below 5 percent nationwide for the first time since 2001 .

This year is poised to be the first since 2005 that the number of apartment renters buying homes rises year-over-year, according to Zelman & Associates. Moreover, Deutsche Bank housing analyst Nishu Sood says rental costs exceeded homeownership costs by 15 percent at the end of last year.

Source: "As Home Rents Head Higher, Owning Regains Its Appeal," Wall Street Journal (04/04/12)

(c) Copyright 2012 Information, Inc.

 

Mortgage Rates Hit Record Lows

by Roberts Johnson and Rachel Diedrich, Real Estate B
Mortgage rates hit record low of 3.94%: Freddie
by KERRY CURRY
Thursday, October 6th, 2011, 9:00 am

The average rate for a conventional 30-year, fixed-rate mortgage dropped below 4% for the first time in history amid increasing global concerns, according to Freddie Mac.

The 30-year FRM averaged 3.94% with an average of 0.8 point for the week ending Oct. 6. Last year at this time, the 30-year FRM averaged 4.27%.

The 15-year, fixed-rate mortgage also fell to the lowest level on record for the sixth consecutive week, averaging 3.26% with an average 0.8 point, down from 3.28% a week ago and 3.72% a year ago.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96%, with an average 0.6 point, down from 3.02% last week and 3.47% a year ago.

Interest rates for 1-year ARMs, however, rose, as the Federal Reserve began replacing $400 billion of its short-term Treasury securities, which serve as benchmarks for many ARMs. The one-year Treasury-indexed ARM averaged 2.95% this week with an average 0.5 point, up from last week when it averaged 2.83%. At this time last year, the 1-year ARM averaged 3.4%.

Rates dropped amid growing concerns over a global recession. Consumer spending inched up 0.2%in August, but personal income fell 0.1%, the first decline since October 2009.

Write to Kerry Curry.

 

Home Ownership Program Offers Savings on Federal Income Taxes

by Roberts Johnson and Rachel Diedrich, Real Estate B

The Denver Office of Economic Development is making housing more affordable for first-time home buyers. Last year, the City launched a $25 million Mortgage Credit Certificate Program to qualifying buyers. The program is estimated to benefit approximately 180 households throughout Denver and funds are still available.

 

Through December 31, 2011, first-time homebuyers in eligible income brackets can qualify for the Mortgage Credit Certificate Program. A Mortgage Credit Certificate is a tool to reduce the amount of federal income tax a borrower must pay by providing an annual federal income tax credit. This in effect provides additional take-home income for the borrower to use in making a monthly mortgage payment. The program offers an annual federal income tax credit equal to 20 percent of the yearly interest paid on a mortgage loan.

 

To be eligible for the certificate, annual family income cannot exceed $88,600 for one or two persons and $101,900 for three or more in non-targeted areas. Higher income and purchase price limits are available in targeted areas. Homebuyers in targeted areas need not be first-time buyers.

 

For more information on the Mortgage Credit Certificate Program, including a map of targeted areas and a list of participating lenders, visit www.milehigh.com/housing/for-sale/mcc-program.

Never Fall In Love With The House You Buy Until Youve Bought It

by Roberts Johnson and Rachel Diedrich, Real Estate B

It is undeniably exciting to be touring properties for the first time – the acquisition of one’s first piece of real estate is definitely a milestone in one’s life. However, falling in love with a particular piece of property is extremely dangerous for your wallet and your future prospects. So, just don’t!

Falling in love with a home means financial mistakes. While you’re figuring out the best spot for your television set, you’re not noticing the faulty duct work or the poorly maintained roof. You’re not casting a jaundiced eye at the old oil tank in the back and mentally drawing up a list of demands for the seller to comply with if they want to sell their place. You will probably not notice the price is $20,000 higher than comparable properties, with no discernible reason.

The problem with buying a house is that you don’t get a second chance. Once you’ve signed the papers, you’re stuck with the mortgage until you sell. You can’t take it back and you can’t get a refund. You are stuck, so you had better play hardball while everyone’s still on the field.

Now, this doesn’t mean that you have to be negative about everything; just realistic. While enthusing about the counters, you might also mention that there seems to be a crack in the ceiling and wonder audibly what might cause it and what might have to be spent to fix it. Carefully examine the home for signs of mold and insect infestation (you will, of course, be hiring a home inspector to thoroughly investigate the home, should you be serious about buying).

Keep reminding yourself that there are plenty of homes out there just like this one – and some that are even better. Arm yourself with information about homes that have previously sold in the area that are similar to this one. Your Realtor ® can help you with this. If you decide to make an offer, make your offer based on how much the house is likely to go for; not how much you want it.

If you view buying this house as a financial investment, it’s easier to play hardball. You are not buying groceries or a new car; you are buying your future place of residence and your eventual profit depends on making a good deal *now*. You are investing in your financial future with your house; don’t drop

Falling in love with a house is all too easy; just about everyone does it, but it isn’t to their benefit in the end. To have a house for a fair price, you have to play hardball and refuse to pay more than the market is currently supporting.

Should I Sell My Home during the Winter or Holiday months?

by Roberts Johnson and Rachel Diedrich, Real Estate B

This time of year I always start to get the same question. Should I sell my house now or just wait until the spring when everyone else sells their houses? This seems like an obvious answer until you see a few key points. 

1. It is too cold, no one wants to look at houses in the snow? In Knoxville, Tennessee, where I am from, we really do not get a lot of snow. As a matter of fact, we are lucky if we see any snow at all. Therefore this common hesitation doesn't apply to this area. 

2. No one is looking for houses in the winter time. This is plainly not true. There may be less people looking to buy. However, the ones who are looking are more serious. There may be less property visits during the cold months but the ones who are willing to drag their realtor out in the winter must be pretty serious. Wouldn't you rather have less traffic if they are more serious buyers? 

Another point is that with less inventory during this time of year means less competition. During the spring there are going to be a lot more homes to compete against. I would rather be a big fish in a smaller pond, than a small fish in a big pond full of other fish. 

3. I can't decorate my house for Christmas. I disagree. I say, don't just put out your Christmas decorations, go all out. Make your home the best decorated house on the block. A house can look truly beautiful, warm, and inviting during the holidays. One very strong buyer desire is to be in the new home by Christmas. Last year I had four sales in December specifically for this reason. One of them actually closed on Christmas Eve to make good on my promise to get them in by Christmas.

Another idea would be to put some lights around the realtor's "for sale" sign too. Please make sure that your realtor replaces the holiday pictures in their marketing after the holidays. It looks nice while it is in season, but after that it just looks dated. More on that on point #5.

4. I like to invite friends over for holiday parties. I can't do that if my house is for sale. Are you kidding? This is the perfect opportunity to show off your home to a large group of people. Don't just invite a few people over, host the Christmas party. Your friends might not be in the market to buy a home, but you don't know who they know who might be in the market. It is estimated that most people know at least 150 people very well at any given time. 

5. If we don't sell the house over the winter, it will appear stale in the spring. This might be true but there are tricks you can do to lessen the impact. The most effective change you can make is to adjust the price. If the house was listed all winter and it didn't sell, the chances are the price is too high. Have a price adjustment, even if it is just a small one. Also, update the pictures. Most likely the original pictures were taken with leafless trees and plants without flowers. Your house will look drastically different with some fresh blossoms and updated landscaping. Be sure to take the picture of the house from a different angle as well. Someone who saw your house a thousand times on the internet will be forced to pause and look at the house again in a fresh light. 

6. That tax credit expired, it won't help me sell my house. Actually, congress decided to extend the tax credit through April. Not only did they extend it, but they opened it up to more people. If you wait until the spring you will miss this large group of buyers.  

These are just a few points to ponder as we head unto the winter months.

 Please call me with any questions.  I am always happy to help :-)

Happy Holidays!!

Metro Denver home prices up 5 months in row

by Roberts Johnson and Rachel Diedrich, Real Estate B

Great article from the Denver Post!

Metro Denver home prices rose for the fifth consecutive month in July, offering another signal that the depressed real-estate market has turned around.

Area housing prices increased 1.5 percent from June but were down 2.9 percent compared with July 2008, according to the Standard & Poor's/ Case-Shiller home-price index.

Each of the index's 20 U.S. metro markets fell from a year ago, although Denver fared third-best by having the lowest annual drop after Cleveland and Dallas.

"The rate of decline in home-price values continues to decelerate, and we now seem to be witnessing some sustained monthly increases across many of the markets," said David Blitzer, chairman of the index committee at Standard & Poor's.

Home Prices

  • Explore home prices and sales in your neighborhood with The Post's database.

Metro Denver was hit by the housing slowdown earlier than other cities, but it appears to be bouncing back sooner than other markets, said housing analyst and realty broker Gary Bauer.

The median price of a single-family home in metro Denver rose to $227,000 in August, a 0.89 percent increase compared with the same month last year, according to a separate report based on a recent analysis of Metrolist data.

The median price for a condo was up to $144,500, a 3.2 percent increase for the same period.

"We've seen our fair share of the recession, but we've been insulated from some of the bigger peaks and valleys compared to other regions," Bauer said. "We still have an active market and lots of buyers out there."

Nationally, the S&P/Case-Shiller index showed a 13.3 percent decline in the past 12 months through July. For the one-month period from June to July, the index was up 1.6 percent.

Out of the 20 cities in the index, only Las Vegas and Seattle showed a decrease in values from June to July. The biggest monthly gainer was Minneapolis, up 4.6 percent.

Steve Raabe: 303-954-1948 or sraabe@denverpost.com

Displaying blog entries 1-10 of 33

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Photo of Roberts (Bobby) Johnson Real Estate
Roberts (Bobby) Johnson
Cool Denver Homes, Inc.
2314 Curtis Street
Denver CO 80205
Roberts Cell: (303) 525-7599
Fax: (303)9635335

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