How much will it cost to sell my home? The purpose of this contest is to only charge you a 1% listing fee versus the 3.2% that most Denver Colorado agents are charging. With this you will also be paying the traditional 2.8% to the buying agent or a total real estate commission of 3.8% versus 6%. Let’s look at a breakdown if your selling a Evergreen Colorado Home for $500,000 and what kind of savings we are really talking about.

Normal Real Estate Commission of 6%

• Sales price of $500,000
• Listing agents fee of 3.2% = $16,000
• Buyer’s agent fee of 2.8% = $14,000

Total Real Estate Commision = $30,000

Real Estate Commission of 3.8%

• Sales price of $500,000
• Listing agents fee of 1.0% = $5,000
• Buyer’s agent fee of 2.8% = $14,000

Total Real Estate Commission = $19,000 or a savings of $11,000

Now that we have a good idea of the savings involved let’s cover what it takes to sell your home. I’ve seen agents lower commission’s but make up for it on the marketing side. Since they are not making it on the commission side they will often spend less on marketing in a attempt to regain some of the commission shortfall. When looking at Denver Colorado Homes for sale the worst thing we can do is to cut corners. Your home must show well, have the proper marketing tools in place and priced at fair market value. Listed below are some of the highlights of what you will receive for the 1% commission.

• Pre Listing walk thru
• Detailed Market Analysis
• MLS Exposure
• Property Website
• Listing uploaded to all major search engines including Google, Yahoo, Realtor.com and more
• Showing service to schedule agent showings and follow up for agent feedback
• Yard sign and lock box
• Flyer’s
• Daily email alerts on Virtual Tour activity
• Weekly email alerts on neighborhood activity.
• Manage and present all offers including buyer background check
• Close property with appointed Title Company 

OK the next question that I’m sure many are asking themselves is why would anyone invest this much into marketing my home and only ask for 1% in real estate commissions. The answer is very simple, in order to continue to be successful and promote growth in  today’s Denver Colorado Real Estate environment we all must change with it. Although not a criteria of this contest I would hope to also represent you on the buying side here in the Colorado area or even refer you to an agent out of state if needed.

Now the details of the contest. We both want the same thing and that is to sell your home at top dollar in the shortest amount of time. For this to work we will have to make sure your priced correctly and your home is in the best showing condition possible to match that price. Upon agreeing on listing price will can move forward with the listing contract that will identify the 1% listing commission or total real estate commission of 3.8%.  To enter please email me at DewayneDove48@msn.com with your name, property address and best contact number. All entries will be considered and contacted with results. As the listing agent I may have to limited the amount of winners so each listing will receive the attention it deserves to capture the highest return in the shortest amount of time. Please email or leave a comment to this post with any questions or concerns that you may have.  

If you have any question about real estate in Lakewood, Evergreen, Golden, Genesee, Littleton, or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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It was determined that even if we saw additional drops in house values we could lose the opportunity to lock in at today’s interest rates that have been as low as 5.5% in the past couple of days. Upon further research we have some more indications that the Denver Colorado Housing Market is showing signs of making a turn for the better. Listed below are some key attributes to the road to recovery in the Denver Colorado Housing Market:

• S&p/Case-Shiller Home Price Indices tracks 20 major metropolitan areas and reports real estate trends. When they looked at the Denver Colorado Real Estate market from May to June we saw more appreciation than any other city.
• A 7.5 percent increase in home loan demand for the week ending August 29th and a 10.5 percent jump in purchase applications.
• U.S. Treasury Department announced it’s takeover of Fannie Mae and Freddie Mac. Just another vehicle to boost the housing market not only for Denver Colorado but also the entire nation.
• Colorado came in 5th in the nation for job gains. 35,000 jobs were added to the Colorado Economy in the most recent 12 month period.

When factoring in these results it would be hard to believe that we are not close or have already hit the bottom when looking at recent  home value trends. If your buying understand that the window may be closing quickly to purchase at favorable levels with financing that is still offering great interest rates. If your selling, more buyers will soon understand this and create a sense of urgency when starting the house hunting process.

If you have any questions about real estate in Lakewood, Evergreen, Littleton, Golden, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com. 

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In the article titled “Buy now or Wait in the Denver Colorado Real Estate Market” I spoke to the risk of waiting for home values to drop in order to lower your monthly payment. When factoring in all the components it was clear that at the time it was a huge gamble to wait. When factoring in what was a great level for interest rates coupled with home values it was pretty easy to understand what could be lost if you sat on the fence. Listed below is a simple breakdown that was used in this article to describe what could happen.

$300,000 Home Purchase Today

• Purchase Price = $300,000
• Loan Amount after 20% down = $240,000
• 30 Fixed Rate Payment at 5.5% = $1,362.69

Potential 2% drop in Home Values 

• Purchase Price = $294,000
• Loan Amount after 20% down = $235,200
• 30 Year fixed rate payment at 6% = $1,410.14

If you noticed we assumed a 1/2 percent increase in interest rates. This could be a very modest number and can change rapidly. When looking at this example, although my client would save $6,000 up front on the purchase price he would be losing $17,082 over the life of the loan or a net loss of $11,082.

The past couple days have provided some proof that the Denver Colorado Real Estate market is showing signs of recovery. The number of homes on the market in the Denver Colorado market was 24,648 in August which is down 4 percent from July. The is normally a great sign that recovery is on the way. We are also seeing the gap between homes being sold and inventory levels shrinking which will also move us down the right path to recovery. Interest rates have dropped today as low as 5.75% on a 30 year fixed versus the 6.5% we were seeing this time last month.

With that being said it appears we once again have a great opportunity to capitalize on both favorable interest rates and home values that may have bottomed out. We never know when home values are at their lowest until we start seeing increasing values in homes sold, which appears may be right around the corner. It appears now would be a great time to buy whether looking at Evergreen, Lakewood or any Denver Colorado neighborhood.

If you have any questions about Real Estate in Evergreen, Lakewood, Littleton, Golden, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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When looking at Denver Colorado Real Estate that has a bank involved in the decision process understand what role they are playing. When looking at Short Sale properties the current owner of the home has gone to the their bank that has financed the loan and provided documentation that they can know longer afford to make the monthly house payment. The homeowner is looking for the bank to accept a contract for less than what they currently owe on the property. Although the bank is looking at taking a loss on this contract many times the loss would be less than going into the foreclosure process. If there is a second on the home the second lien holder also must accept this contract. Please remember that you will be waiting for all lien holders to respond to the contract. Depending on which bank you’ll be dealing with this can take a week to several months prior to receiving a response.

A Denver Colorado Foreclosure is strictly bank owned. The prior homeowners stopped making the monthly payment and the bank invoked the foreclosure process. Many times you ‘ll notice these homes to have some pretty significant damage and even appliances and light fixtures removed. Generally speaking people are not happy about this situation and vent their frustration on the home itself. Again, you will be looking at a response time from the bank that can reach out several months.

Again these properties are right for some but not all. I’ve seen several clients over the past year submit offers and wait several months for a response only to hear that another offer came in higher. Banks have been know to sit on offers while waiting for other higher offers to come in. I’ve even spoke with bank processors who mange these files to get a better understanding on how this process can take so long. Just last month I was told by one of these individuals that she had 500 properties on her desk. She would be doing well to get through 4 to 5 a day.

So remember, although there is some upside to purchasing a Denver Colorado Bank Owned Home when looking at price, there is a ton of downside. Most of the time your looking at extensive repairs, competing against multiple offers, long response times and just a major pain in the neck. If you find the right property that is not bank owned or in a short sale your typically receiving a response in 24 to 48 hours, you have the ability to negotiate any inspection issues with the seller and if your Colorado Real Estate agent did their job, your making a purchase at fair market value.

If you have any questions about real estate in Lakewood, Evergreen, Littleton, Golden, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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Working with a buyer looking at Homes in Lakewood Colorado this week I was asked if waiting a few months would provide a better opportunity to capture a lower price. I referred my client to a article I wrote back in February which showed what the potential risk involved are. http://www.ddoverealestate.com/realestateblog/2008/02/22/denver-colorado-real-estate-market/  In this article you’ll see that we were looking at interest rates on a 30 year fixed rate loan as low as 5.5%. Listed below is the breakdown of the monthly payment if you bought a $300,000 home in Feburary with  20% down at the 5.5% rate we were seeing then versus waiting for a 2% drop in home values and the same loan now charging 6%.

$300,000 Home Purchase Today

• Purchase Price = $300,000
• Loan Amount after 20% down = $240,000
• 30 Fixed Rate Payment at 5.5% = $1,362.69

Potential 2% drop in Home Values 

• Purchase Price = $294,000
• Loan Amount after 20% down = $235,200
• 30 Year fixed rate payment at 6% = $1,410.14

As you can see this increased his monthly payment by $47.45 a month. The bad news is a 6% rate on a 30 year fixed would be pretty good right now. Today we are looking at rates closer to 6.5% on the same loan. With that being said he now is writing an offer on a beautiful home and has avoided any risk of additional rate hikes or higher home prices. Today’s Denver Colorado Real Estate market offers a large inventory with good values. These values are showing indications of going away in the near future. With the uncertainty of the current economy and which way loan rates are going to go, now is the right time to buy. We are in a great market for buyers but time is running out.

If you have any questions about real estate in Lakewood, Evergreen, Littleton, Golden, Genesee or any Denver Colorado area please email me at DewayneDove48@msn.com.

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If we want to look at this on a larger scale we can refer back to the past couple of months in the Denver Metro area and see some positive signs. S&P/Case-Shiller Home Price Index reported a 1 percent increase in home prices from April to May. The previous month the same index reported a 0.8 percent increase from March to April. This report measures home values within a 20 city index an shows that the Denver Colorado Housing Market is trending better than most. Although Denver Colorado’s annual decline came in at 4.8 percent, this is the third smallest decline behind Dallas and Charlotte, N.C.. Although this is great news and a sign that we are heading in the right direction we still need to continue this trend during the slower time of the year that hits in the fall and winter months. 

If we look at the current real estate housing trend on a national level the picture is not very pretty. If we look at the local picture it improves tremendously. And if we dial in on specific Denver Colorado neighborhoods we can see some great returns that will easily outperform anything you could have invested in the stock market to other areas that fit the mold of the national housing market. Supply and Demand will always dictate home values and if you position yourself in the right area you won’t be so worried about the current state of the industry. If your home is priced right and shows well in a area that returns demand for inventory the  end result should be a trend heading in the positive direction.

The bottom line is we are faced with less qualified buyers and a fear about today’s economy. We are fortunate that the Denver Colorado area is showing signs of improvement and has not seen a 28 percent decline in the past year like Las Vegas has. Understand your local market and have your Denver Colorado Real estate agent research all sales activity in recent months to have a good understanding of what to expect. If you have any questions about real estate in Lakewood, Littleton, Evergreen, Golden, Genesee or any Denver Colorado area please email me at DewayneDove48@msn.com.

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The largest area of savings when buying Real Estate in Denver Colorado is obviously the purchase price itself. Your Colorado Real Estate Agent will have the tools and the know how to pull recent comparable properties and determine fair market value. You should also factor in any areas that could increase or decrease the value of the subject property. If the condition of the home is poor you should see the reflection in price. If the home sits on a premium lot you should see and increased market value. And remember, in today’s market your Real Estate Agent should only be looking at  market activity that has occurred in the past few months. Hopefully when all the negotiations are complete, you are under contract on your new home at or below fair market value. Most home buyers will stop there and do not understand there are many other areas that also represent opportunities to save some cash.

Upon receiving a acceptable contract you will be under the gun to complete inspections, appraisals, surveys and meet all the loan conditions that are put in place by your lender. When looking at the wide variety of home inspections that are possible and the number of companies that provide this service, it’s a good idea to educate yourself on the depth of the inspection and the cost involved.  A general inspection usually runs $250 to $450 depending on the size of the home. Your Real Estate Agent should have some good recommendations based on his or her experience. Other areas that could come into play are Well and Septic, Radon, Pool, Roof and Structural Inspections. Remember, you have options on who to hire and never cut corners on these inspections to save a few bucks.

The next area would involve your Lender. Your Lender will be required to provide a Good Faith Estimate that will include all your closing cost associated with the loan. Shop around and compare. Don’t be shy, ask for discounts and understand the fees involved. If they want your business bad enough you’ll be amazed what charges can be eliminated. Again, be carefull to work with a qualified lender who you trust and comes highly recommended. It’s always great to save a few bucks but we want to show up to the closing table fully funded and ready to close.

Another area to look at is the Title Company and Tile insurers. Prior to the closing date you should receive a settlement statement from the Title Company that will handle the closing on your home. All charges should be mapped out. Both you and your Colorado Real Estate Agent should scrub these charges and understand why they are what they are. Don’t be bashful, ask questions and push to reduce charges that can be reduced. Don’t get me wrong, a good Title Company is worth their weight in gold but we don’t want to pay a premium for areas that should not apply to your closing.

All the areas described can always show us some options for savings. Every component is essential to bring you and the seller to the closing table and address any areas of concern prior to closing. Your Real Estate Agent should make sure that the level of service needed is in place and at the same time all cost involved are in line. Don’t hesitate to question charges and challenge everyone involved to reduce those cost while maintaining the same level of service. If you have any questions about Real Estate in Evergreen, Lakewood, Littleton, Golden, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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When we do look at the Denver Metro area as a whole we saw a 3.9 percent increase in the number of homes sold from May to June according to the Denver Metrolist. Although this number is down from June of 2007 this is another great sign that the Denver Colorado Real Estate market is trending well ahead of the rest of the country. We also saw home values increase by 1.5 percent and Condos increase be 0.2 percent. Again, not to the levels we saw in 2007 but a great indicator that the future shows some great potential when looking at the Denver Colorado Real Estate market. Another factor that is contributing to the drop in values versus 2007 is the average square footage of homes purchased is dropping. People are buying smaller homes which is driving down the median home price.

June inventory level was down to 26,104 versus 30,256 that we saw in June of 2007. This represents a 5.45 month absorption rate which can be considered a neutral market. All these factors clearly put the Denver Metro area well ahead of most areas of the country and continue to prove we are heading in the right direction. Granted, we are still not seeing the same numbers we saw this time last year, but it does appear we are recovering.

All these figures should be looked at as a overall snapshot of the Denver Metro Real Estate Market and not a true barometer of what is actually happening in your area. If your looking to sell a home in Evergreen Colorado have your Colorado Real Estate Agent look at the recent activity in your neighborhood. This should include like properties that have sold in the past six months in your area. The results will give you a good understanding about current market conditions in your area. If you have any questions about real estate in Evergreen, Lakewood, Littleton, Golden, Genesee of any Denver Colorado area, please email me at DewayneDove48@msn.com.

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Lakewood Colorado holds 145,00 residents and is the 4th largest city in the state. The city covers 45 square miles with a good portion of that dedicated to parks and open space. This is truly a bikers paradise and allows for the extreme mountain rides covering the Bear Creek trail system or the long road rides that can easily have you riding through Evergreen Colorado and other mountain towns. Speaking of Bear Creek, fishing is a local favorite whether fly fishing in the Bear Creek River or hitting many of the lakes in the area. Lakewood also provides some top notch public Golf courses such as Fox Hollow, Homestead, Foothills to some great private courses such as Bear Creek.

As I’ve mentioned in previous post, the new light rail system should really provide another positive for the city of Lakewood. Upon completion Lakewood residents will have an affordable way to commute to downtown Denver and also have access to all the great shopping and restaurants that have surfaced recently. The shops at Bel-mar and Colorado Mills are both great attractions and should fall within the light rail routing system. Both areas have a tremendous amount of shopping options and some of the best restaurants that Denver Colorado has to offer.

Another reason for the recent demand when looking at Lakewood Colorado Homes for Sale is the wide variety of homes that are offered. Prices range anywhere from the low 100s to well over a million. You can find the older style ranch home to the tastefully designed custom home. Mountain views, waterfront property, large lots, small lots and more. When talking to the locals many say this is the best place to live in Colorado and has everything you could ever hope for. 

If you have any questions about real estate in Lakewood, Evergreen, Littleton, Golden, Genesee or any other Denver Colorado area, please email me at DewayneDove48@msn.com.

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Short Sale’s

A short sale is a home that typically is trying to beat the foreclosure process. For example you have a owner who is having a tough time keeping up with his or her monthly payments and has asked the bank to allow a sales price of less than what they owe on it. The owner may owe $250k and realize the recent sold properties in the area determine a sales price of $225k. Although the bank is looking at a $25k loss coupled with all the fees it takes to sell a home, this would be a cheaper alternative than foreclosure. Understand that if you submit an offer on a short sale it can take months for the bank to respond. Although the potential is there to find a good deal this is not recommended for buyers who need to close on a home soon.

Foreclosures

Foreclosures are banked owned and the previous owners have been evicted due to lack of payment. These properties can also take months prior to receiving a response. And remember, most of the foreclosures your looking at have not been well maintained. The previous owners knew that the home was going to be taken away from them and had know need to take care of the place. Often times the previous owners are very upset about their situation and take it out on the home itself. You will see homes with holes in the walls, stained carpets, missing appliances, light fixtures and even plumbing pulled from the walls. Expect to spend some money on repairs just to make the place functional. With that being said, if you have the time and the funds for repairs you may find something that works for you.

Private Resale

This is the average homeowner who is looking to make a move and has hired a Denver Colorado Real Estate Agent to manage the process. These homes will typically show pride of ownership and are priced at fair market value. Upon submitting an offer you’ll typically receive a response within 48 hours. The other plus is you will have the ability to perform a inspection and negotiate any items of concern with the owner prior to moving forward with the contract. The best option for someone who is looking to close within 30 days and feel good about the condition of the home and any repairs associated with it.

As you can see you do have several options and all have their pros and cons. The most frustrating piece for both buyers and real estate agents is the communication process with the banks and the amount of time for a response. Denver Colorado Real Estate has seen it’s fair share of bank owned properties and the paperwork is piling up on desk waiting for the banks to respond. If you do go after a bank owned be patient and also prepare yourself for rejection and having to start from square one. If you have any questions about real estate in Lakewood, Evergreen, Littleton, Golden, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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Solterra consist of 220 acres and is being developed by Carma. In 2002 the cities of Lakewood and Morrison jointly agreed to the future development which will include 1400 single family homes, patio homes, town-homes and luxury apartments. Solterra appears to have already taken off with potential buyers already putting deposits to hold property.

The Parade of Homes will offer eight homes ranging anywhere from 5000 to 8800 square feet with prices ranging from $1.5 million all the way up to $2.5 million. Of the eight builders selected from the Denver Metro area, each will be designing a luxury European or Tuscan style home. Each custom builder will be following the strict Built Green Colorado guidelines. Built Green Colorado Homes consist of 200 features covering health, materials used, efficiency and resource conversation.

With Solterra’s location just west of downtown Denver and offering easy access to the major attractions in the Rocky Mountains, we are sure to see another Lakewood Colorado hot-spot. As I’ve mentioned in earlier post, Lakewood CO Homes offer owners a great place to live for many different reasons including commuting time to work, outdoor activities, shopping, restaurants and much more. If you have any questions about real estate in Lakewood, Evergreen. Golden, Littleton, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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This is the first month since August of 2007 Denver Colorado has seen a increase in Real Estate Values. And if we look back at last August we saw the sub-prime mortgage turmoil kick in. Since then we have seen a aggressive move made by lenders to tighten up lending practices which in turn has qualified less buyers. And we still saw some positive numbers which should be a good indicator that the Denver Colorado Real Estate Market is heading in the proper direction.

We all must keep in mind that a good portion of the news we watch and the papers we read are built around the national statistics. The Denver Colorado Real Estate Market saw it’s home values peak in 2001. This did not include double digit increases like other areas of the country did. Those areas are now faced with major declining values and are seeing homeowners in a scramble mode to save thier  homes. Not a good situation and I’m sure we all want to see a speedy recovery and help to people in those areas of need. With that being said  we need to focus on the local Real Estate Market and understand that we are already heading in the right direction.

Let’s take a look at how Denver Colorado Homes compared against other cities such as Las Vegas and Miami. According to S&P/ Case-Shiller, Las Vegas and Miami saw a decrease of 26.5 percent in the past year. Denver was hit with a 4.7 percent decrease over the past year. Although we would hope for increasing values this was during a time when we saw a tremendous amount of foreclosures and the great sub-prime mortgage mess hit. All in all we came out of it fairly clean and are looking at short term numbers that are great indicators of future growth in the Denver Housing Market.

When looking at the current state of the Colorado Real Estate Market we should feel pretty good whether looking to buy or sell in today’s market. If you have any questions about Real Estate in Evergreen, Littleton, Golden, Lakewood, Genesee or any Denver Colorado area, please email me at DewayneDove48@msn.com.

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