Market News

Population in Denver

2010-04-11T07:11:00.000-07:00

This week the US Census Bureau announced they estimate 2010's population to the led the State of Colorado in population gain.

In 2006 to 2007, Denver just barely led the gain by a minute amount of 100 over Douglas County. In 2007 to 2008 led the gain over Arapahoe County by 5,000. And into 2009 the estimated county populations has Denver in the lead over Adams County with over 6,000.

The City and County of Denver has finally topped the 600,000 mark in population.

Joan Cox, ABR,GRI,CRS,e-Pro,CNE
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com

New Short Sale Process Upcoming

2010-03-23T12:29:00.000-07:00

Effective April 5th, according to the Wall Street Journal, banks will be offered an incentive to complete short sales much quicker. The BPO (basically an appraisal for the bank) will be done prior to listing, and the seller will know what the minimum amount the bank will accept.

Once the offer is submitted to the bank, the bank must accept within 10 days. Sellers will need to be accepted into this program by their banks, and not all sellers iwll be accepted. The program is called Home Affordable Foreclosure Alternatives (HAFA).

If you are getting behind in house payments, please call me, and I can assist in this process!
Hopefully in the near future, we won't say --- SHORT SALE/LONG PROCESS!

Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com

Spring Storms

2010-03-19T11:03:00.000-07:00

On a day like today, with 12" of snow expected, and occasional whiteout conditions, I am reading the article in my water bill about siren testing for the upcoming severe weather season --- tornados!

With the tornado we experienced here in Aurora last spring, they are vamping up their testing with all 56 sirens located across the City of Aurora.

When the sirens are activated - there is a three-minute "wail" tone, which means you need to take cover. Sirens are activated when The National Weather Service has spotted a funnel cloud, or a weather spotter has called in a sighting. There will be a 30-second "whoop" tone sounded when it is deemed "all clear".

Each siren is powered by a solar-powered battery with a 4000-foot sound radius for broadcasting and 70-decibel covereage. These sirens are audible anywhere within Aurora City limits.

Silent testing is done weekly, with audible testing done this year on 5/11/10 at 11 am.

Joan Cox

Metro Brokers - House to Home, Inc.

Denver, CO 80237

720-231-6373

www.JoanCox.com

FHA Loan Changes

2010-03-19T08:20:00.000-07:00

Early spring, FHA will begin charging differently on loans, due to high FHA mortgage insurance claims. With FHA loans up 21% from a year ago, and 120% two year years, they fear it could get worse. Currently 50% loans held are FHA.

Beginning this spring, FHA will raise mortgage insurance fees, cap the cash contribution sellers are allowed for closings costs and require a high down payment of those borrowers with poor credit scores.

- The new upfront mortgage premium will be increased to 2.25 - up from 1.75%, with some of this amount being able to be rolled into the loan.
- Borrowers must have a FICO score of 580 to qualify for the FHA's 3.5% down payment loan, and if it is lower, there will be a 10% down payment required. Most lenders currently require a minimum score of 620. The higher the score, the better the credit and the likelihood of qualifying for the least expensive loan.
- Sellers will only to be able to contribute up to 3%, half of the current 6% allowed.

So, bottom line, if you are looking for obtain an FHA loan, you may want to jump into the market today, and don't wait. Also, the Mortgage Bankers Assn has announced the interest rates most likely will increase one full percentage point early spring.

Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com

2010-03-14T13:32:00.000-07:00

A handshake IS NOT binding! In today's times there needs to be all terms in writing by all parties to be binding.

If you think doing a verbal offer until all terms can be met -- not a very good idea. If a buyer puts the offer in writing, it makes the buyer look more serious about the purchase. If not, they be "fishing" to see what amount you really would take.

As a listing agent, I advise the sellers to always respond to any verbal offers given --- please put this in writing, and I will present this.

No verbal offer is binding!

Joan Cox

Metro Brokers - House to Home, Inc.

Denver, CO 80237

720-231-6373

www.JoanCox.com

First Time Homebuyer Credit

2010-03-14T06:51:00.000-07:00

Just a reminder - the end of this credit period is looming! Homebuyers need to have a property under contract by 4/30/10, and closed by 7/1/10. If you have not owned a home in the last 3 years you would be eligible for 10% of the purchase price, or maximum of $8000.

Move up buyers do NOT need to sell existing property, but purchase a new property with same qualifications above, and receive $6500.

The government is requiring paper documentation, no electronic filings will not be accepted. You will need to send in the HUD from closing, and expect a 16 week delay in receiving this refund.

Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373

Gas Company News

2010-03-02T11:49:00.000-08:00

There was a nice helpful sheet of tips from XCel this month that I thought worthy to share!

BE ALERT - Keep gas meters clear of snow and ice!

- Routinely check the outside gas meter and surrounding area for snow and ice buildup.

- Gently clear snow and ice from the gas meter and any associated piping, and divert any snow and ice gathered on rooftops away from it to avoid a dangerous situation.

- Keep the path to your gas meter clear, but avoid using snow removal or sharp equipment on and near the meter.

This week in Denver, doesn't look like we need to "watch for snow" with our gorgeous weather and sunny skies. Good advice down the road!

Joan Cox
Metro Brokers - House to Home, Inc.
www.JoanCox.com
720-231-6373

2010 Census

2010-02-15T07:22:00.000-08:00

Just a reminder - the 2010 census questionaires will starting arriving in mailboxes across the country in March. The government would ask that you respond, and get them back into the mail by April 1st. It will take 10 minutes, with 10 simple questions. No personal information, including social security number, nor bank information, nor credit information will be needed.

If census workers have to come to your door, they will come back up to 6 times, and will have official credentials showing they work for the census. It costs millions of dollars to have these workers come to your home, so completing this questionaire by April 1st is preferred.

Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373

Snow Days - Shoveling

2010-02-15T07:18:00.000-08:00

Just a reminder --- in Denver Cities - within 24 hours after a measureable snow fall, it is required that homeowners have sidewalks and driveways clear of snow within 24 hours after the snowfall has ended, or 48 hours after a snow emergency has been declared.

Corner lots and properties that back to a street with a sidewalk, are required to keep this additional sidewalk free and clear of snow & ice. Snow and ice on sidewalks can be slippery and dangerous for everyone.

Failure to comply with this city ordinance can mean a snow ticket.

Joan Cox
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
http://www.joancox.com/

Sales Slip for Luxury Homes in Denver

2010-02-07T07:04:00.000-08:00

In the Denver Business Journal 2/1 - stated there was a 9.5% sales boost in median sales price, but the total amount of sales decreased. In December 2009, there were 33 homes in the Denver metro area for $1 million and more, which is down from 48 sales in December 2008.

Median sales price for December 2009 increased 9.5 percent to 1.35 over the previous year. some real estate experts believe the median price is a better indicator of what the market is doing, over the average price of homes.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373

Remodeling Projects

2010-02-05T10:11:00.000-08:00

If you have thought about a large remodeling project, and wonder what you could expect to see in resale for that project, the news is out! In past years, with remodeling or updating projects, you could generally realize up to 87% of the cash outlay. With today's economy, probably a more realistic view is 64%, and still depends on WHAT projects you do.

The BIGGEST return on your dollar, is always the repair maintenance. Buyers do like those items you add--- Jacuzzis and Sub-Zeros, but they cannot tolerate a leaky roof, faucets, or outdated plumbing/electrical. Many times buyers walk into a home, and if there is too much deferred maintenance needed, they will go onto the next home to view.

If the buyers STAY, and write on your property, and ask for things to be fixed, you may end up spending more than you would have, had you fixed them before putting a home on the market. (if you don't have the cash to fix, and buyers want the $$ in closing costs, this amount will generally be inflated)

If you have thought about "adding on", maybe opening up a wall to provide a more open floorplan may do the trick, and will be less expensive.

Of course, if you have ANY questions, and were thinking of remodeling, and just wondering how much you could realize from this remodel, please give me a call. I would love to help!

Joan Cox, GRI,ABR,CRS-e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
720-231-6373

DIA -- 2009 was 2nd busiest year!

2010-02-05T10:05:00.000-08:00

Statistics have been released, and Denver International Airport had its 2nd busiest year in 2009. There were predictions they would have a 2% decline, but exceeded it.

December passenger traffic had a 1.7% drop from December 2008. However, December surpassed the 4 million mark in travelers, which is only the 2nd time in DIA's history. This also added another mile marker - 2nd time in history for 50 million passengers to pass thru DIA in 2009!

With the economy in the U.S., expectations were set for a down year, and some airlines have had reductions of staff and flights. This shows optimistism for 2010!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home Inc.
www.JoanCox.com
720-231-6373

New HUD Director

2010-02-01T13:09:00.000-08:00

It was announced today that Denver City Councilman Rick Garcia was chosen for the regional director of the U.S. Housing and Urban Development. He will oversee a six-state area that does include Colorado.

Garcia will oversee fair and affordable housing initiatives in Colorado and five other western states to include Colorado, Wyoming, Utah, Montana and North & South Dakota. His job will oversee programs in the areas of affordable housing, housing discrimination, veterans' housing, foreclosure mitigation & disabled access.

Garcia replaces John Carson, who was appointed by former President Bush.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com

New FHA rules

2010-01-30T14:01:00.000-08:00

There are new FHA rules on the horizon --- Buyers will need to have a minimum credit score of 580 to qualify for a 3.5% down payment. With lower scores there will be a minimum down payment of 10% down. With this --- they have disclosed the average credit score of FHA-insured buyers is 693.

If you have a lower credit score, you may want to jump into the real estate market NOW, these rules are slated to be in effect spring or early summer.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com

Denver Area Foreclosures

2010-01-30T13:58:00.000-08:00

News out this week was --- Denver was ranked #46 in the nation of top metro areas - out of 203 areas. This is a considerable improvement over the last year!

Greeley is ranked 29th, Fort Collins is ranked 70th and Colorado springs is ranked 50th.

Colorado is doing better & BETTER!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Homebuyer Tax Credit

2010-01-21T08:46:00.000-08:00

The first time homebuyer tax credit ($8,000) as well as the "move-up" buyer credit of $6500 cannot be filed electronically. The government has requested that the paperwork be attached to prove you purchased - such as the HUD at closing.

Due to this new requirement, there has been a delay of around 4 months before you will receive your tax credit. You do need to close before filing for the tax credit.

If you have any further questions on this process, please give me a call.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

New HUD Rules

2010-01-21T08:38:00.001-08:00

It was announced on January 18, 2010 that the Department of Housing and Urban Development has lifted the 90 day rule for FHA financing. This means an investor can purchase a home, renovate it, and sell it with FHA financing when they are finished, and put back on the market. The old rule stated they had to wait to offer FHA financing for 90 days after the purchase.

This is all an effort by HUD to promote first time homebuyers to get into the market and have their properites under contract by April 30th, 2010. This waiver will be in effect February 1 and will remain in effect for one year. This will add to the listings FHA buyers are able to purchase.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
www.JoanCox.com
Joan@JoanCox.com

Denver Market News

2009-12-28T08:09:00.001-08:00

GOOD NEWS again! November sales show that 41% of the sales were from existing buyers, jumping on the $6500 credit offered to the move-up buyers.

The Holidays are over (slmost completely), and buyers are again in the market for new homes! I had 149% increase in web site hits on Sunday 12/27/09! If you are thinking of selling, DO NOT wait until spring when everyone lists their homes. Competition will be less plentiful now, versus springtime! Make your home the best you can for presentation from the curb on thru the home --- buyers will love it!

If you are thinking of selling, give me a call. I will walk your home, give you suggestions (if you need them) on how to make it look completely ready for buyers.

New Year, New Company, new vitality!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Denver, CO 80237
720-231-6373
http://www.joancox.com

Texting & Emailing in Denver

2009-12-01T09:38:00.001-08:00

Well, we all knew these texting and emailing techniques were difficult at best to do while driving. I know personally it has become a bit scary and have made a conscious effort to NOT text or email while driving.

Effective today - 12/1/09, you will be ticketed if found doing this while driving! You can still make calls (if over 18), preferably with hands free, but still no requirements on that yet. Even if you are at a stop light, and found texting or emailing, you can be ticketed. No word as to what the fines may be. Just pull over and stop if you need to text or email before reaching your destination.

This should keep our Denver drivers safer!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
c: 720-231-6373
Joan@JoanCox.com

Market News

2009-12-01T09:27:00.000-08:00

YIPPEE, the homebuyer tax credit was extended, but also there was a "move-up" buyer credit added to the new bill! Details are as follows:

First time Homebuyers --
Up to $8000 credit or 10% of the purchase price. Purchases after 11/30/09, and need to be under contract by 4/30/2010. Cannot have owned a home in the last 3 years prior to purchase. Income limits - $75,000 if single and $150,000 if married

Move-Up Buyers --
$6500 credit, must have used the current home as a principal residence for 5 years, and new purchase must be a principal residence. The current home can rented or second home or sold, no requirements. New purchase must be done from 12/1/09 and under contract by 4/30/10 and closed by 7/1/10. Income limits - $125,000 - single and $225,000 - married The new home has no requirements for purchase price, but not over $800,000. This purchase may not be between "related parties".

If you have further questions, please contact me, and I will assist you in your answer!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
c: 720-231-6373
Joan@JoanCox.com

Market News

2009-11-11T08:05:00.000-08:00

GREAT NEWS! The news we have been waiting for, as Realtors, for a month! The First-Time Homebuyer Tax Credit has been extended to 4/30/2010. The first time homebuyer requirements have changed a little, with the income eligibility amounts being raised to $125,000 for a single buyer, $225,000 for joint buyers. The sales price limitation has been raised to $800,000. The tax credit for these buyers has remained at $8,000.

The new bill also includes "move-up" buyers for a $6500 tax credit! These buyers MUST have lived in their primary residence for 5 or more years, and the contract has to be written by 5/1/2010, and will have 60 days to complete their transaction. I have been looking into whether or not this home has to be owner occupied, or if it can be an investment or 2nd home, and have not gotten that verified yet.

This should help our middle market with the first time homebuyers moving up. In the past tax credit, many of our buyers were purchasing HUDs, bank owned properties and short sales, where we had no move up buyers, and stopped the process. This new bill should help with our $300,000+ properties now.

If you have any questions regarding this new bill --- please call me.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - House to Home, Inc.
Broker/Owner
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Market News

2009-11-01T16:08:00.000-08:00

The extension for the first time homebuyers is now in the last stages for signing. This bill will continue the $8,000 credit for first time homebuyers, and will also include those "move up"
buyers that have owned their homes for 5 years for a reduced credit.

We should hear soon if this passes!

Joan Cox, ABR, GRI, CRS,e-Pro
Metro Brokers - House to Home, Inc.
720-231-6373
Denver, CO 80237
Joan@JoanCox.com

HUD - Housing Counseling

2009-10-15T12:09:00.001-07:00

Good News!
The Department of Housing & Urban Development has granted $60 million earmarked to provide counseling for families with financial matters in housing to avoid foreclosure.

This money will be shared with 22 housing counseling agencies in Aurora, Boulder, Canon City, Colorado Springs, Commerce City, Denver, Durango, Fort Collins, Lone Tree and Westminster. If you live in one of these listed cities, and having troubles making house payments, you should get in touch with the City, and see how they can assist you.

The counselors will help homeowners avoid predatory lenders with subprime mortgages, unreasonably high interest rates, high fees or unaffordable repayment terms.

You can contact individual agencies found on the HUD web site: www.hud.gov/colorado or by calling the local housing authority.

Joan Cox, GRI,ABR, CRS, e-Pro
Metro Brokers - House to Home, Inc.
c: 720-231-6373
Joan@JoanCox.com
www.HousetoHomeInc.com

Safety in the Homeplace

2009-10-04T08:05:00.000-07:00

I recently attended a safety class in which I learned alot of things that would help my client/reader base in their home place.

If you have a keypad for your garage door, make sure you keep the keypad number clean. If you continually use the same numbers, they will become dirty, and would be burglars can figure out the combination.

Many times women are on the phone, and would be burglars can follow cars without being noticed. You pull into your garage (on the phone), and you do not even notice there was a car following, and they follow you into your home. Pay attention as you get closer to your personal home.

Just a few things I learned --- good tips, would have never thought about!

Joan Cox
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com

Condos in Foreclosure

2009-09-14T13:50:00.000-07:00

As if we have not heard enough bad news about condos and townhome multi-unit developments with a multitude of foreclosures! NOW, if the HOA shows more than 15% of any community in foreclosure or in arrears, your new buyers may not be able to obtain a loan.

If you have thought about listing your condo/townhome in the near future, it may be worth a call to the HOA and check out the rating in YOUR community. Sure hate to have everything ready to close, and find out, it won't.

If you need help on any of this --- please do not hesitate to contact me!

Joan Cox
Metro Brokers - House to Home, Inc.
720-231-6373
www.JoanCox.com