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

New News!

2009-08-19T06:40:00.000-07:00

After 13 years in this wonderful industry, I finally opened my own real estate brokerage! House to Home, Inc., still with Metro Brokers, still the same great service to my buyers and sellers!

I have moved my office to the Marina Square office, just behind The Great Northern Tavern located at Belleview & Ulster in the Tech Center! The office number has changed, but my cell and email contact has not changed - still easily accessible!

I look forward to this new challenge, and continuing to assist buyers and sellers from all over the US!

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

Loan Modifications

2009-08-10T05:13:00.000-07:00

CNN Money accounced this past week, Obama's mortgage relief (loan modifications) are off to a very slow start. Just 9% of delinquent borrowers in trial modifications so far.

There are four million homeowners in line waiting for loans to be reviewed for loan modification, which should reviewed within the next three years. Financial institutions began accepting applications April 2009.

Due to the slow start, the program has had a flood of complaints from borrowers. The administration has ramped up discussions to see 500,00 loan modifications under way by November 1st.

Financial instituions have extended modification offers to over 400,000 borrowers or 15% of those behind in payments. The bulk of trial modifications have been done by a handful of servicers.

Performance was very uneven amoung the 38 servicers participating in this program. Saxon Mortgage Services, a subsidiary of Morgan Stanley let the pack, putting 25% of its delinquent loans into trial modifications, followed by aurora Loan Services with 21%.

MGAC Mortgage which is partly owned by the federal government, put 20% of its delinquent loans into trial modifications.

The major banks - JPMorgan Chase came in first with 20% of late loans, followed by Citigroup - 15%, Wells Fargo and Bank of America lagged with 6% and 5% respectively.

Servicers have been contacted, and they acknowledge they need to improve their performance, saying they were committed to the President's foreclosure prevention plan.

Wells Fargo said it will eliminate its backlog within weeks, stating their began modifying loans owned by private investors end of June, and those owned by Fannie Mae and Freddie Mac in April.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

New Rules for Foreclosure

2009-08-10T05:06:00.000-07:00

House Bill 1276 is now giving homeowners a 90 day deferement on their foreclosure sale. This means the public auction process will be delayed. This new HB can offer up to 90 days addtional days for the homeowner and their housing counselor to get the home sold, or get into a repayment plan.

When the homeowner is in a foreclosure process, this means the county Public Trustee has received filed documents from the lender, and the lienholder has posted this document physically on the home.

Eligibility does not mean that the homeowner will qualify automatically for this deferement, but a housing counselor can help them make good decisions for their family. Some rules are:
1. The home must be owner-occupied.
2. The home must be a primary residence.
3. The mortgage cannot be greater than $500,000.
4. The homeowner must have some source of income that allows them to make two-thirds of their regular mortgage payment.
5. The homeowner must continue actively working with a HUD-approved housing counselor to negotiate with their mortgage company.

The Colorado Foreclosure Prevention Hotline has information about the 90 day deferment and they can help families if concerned about foreclosure. 1-877-601-4673.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Denver's Housing Market

2009-08-07T13:26:00.000-07:00

It was announced in Reuters August 6th, that Denver had the smallest percentage of decrease in pricing for sellers for the month of July! Denver and Raleigh-Durham had the least amount of slashing in the country, and ended up being no more than 5%! That is pretty good, considering what the past year (2008) looked like if sellers HAD to move!

Las Vegas seems to still be the place to purchase, as they slashed approximately 23% off original list price! That still sounds like a buyer's market out there in the heat!

All indicators are still saying Denver is the Place To Be! Our economic indicators, weather and outdoor activities are absolutely fabulous!

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Denver Metro Inventory

2009-08-03T06:39:00.001-07:00

Just heads up, if you are a first time home buyer, and in the price range under $200,000, you will need to be patient when looking for your home! MANY buyers are entering the market, snagging these homes quickly!

In this price range, you will find many bank owned, and many short sales available, both needing patience. HUD properties are typically selling for $20-30,000 more than list price. If you are an FHA buyer, you cannot offer more than list price - there is an FHA appraisal on the property. If you have a lease that will expire, you may need to check on the availability of month to month. Short sales can take from 2-12 months to close, depending on what bank you are dealing with.

REMINDER: The $8000 stimulus check is awaiting YOU, but you HAVE to close by 11/30/09! As we close in on this date, the inventory will get slimmer and slimmer!

ARE YOU STILL WAITING FOR THE MARKET TO DROP?

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
www.JoanCox.com

Best Places to Live - Louisville, CO

2009-07-13T09:13:00.000-07:00

Wow, we made the national news again for our way of life here in the Denver Metro area - especially LOUISVILLE! CNN Money announced today, Louisville topped the list of 100 for Best Places to live.

Population of 18,800 and unemployment at 6%, Louisville is nestled along the Rockies with ice cream shops plentiful in this historical town. You can snag a burger at the Waterloo Cafe, there could be a Friday night street fair, beer gardens, live music and games for the kids to name a few things to do in Louisville. The TOP reason give this town the thumbs up --- The Great Outdoors! Louisville has 30 miles of trails, and the Rocky Mountain National Park is less than an hour away, 8 world-class ski resorts within two hours. The school district is highly rated as well. Along with dry, clear weather, little crime, good health care and low taxes, Louisville is a tough one to beat!

The economic future of this town has weathered, and industries are robust, such has high tech, energy and health care. This makes the county's unemployment amoung the lowest in the state.

The City of Superior (within minutes of Louisville) ranked #13 on this list of Best Places To Live.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
http://www.joancox.com/

Denver's Housing Market

2009-07-13T06:04:00.000-07:00

July stats from Metrolist shows very hopeful signs of comeback! June's stats actually show signs of normalcy. Sales were equally split between lower priced homes and larger more expensive homes.

In early 2009, most homes sold were first time home buyers enjoying the $8000 stimulus benefit. Bank owned, HUD homes and distressed properties were moving very fast.

June's sales increased 15.4% over the previous month's sales. Condo sales are on the rise also, showing a small percentage of increase over May. Average sales price has risen 6.34% from $243,022 in May to $258,434 in June 2009. This represents a decrease from June 2008's average of $267,005. Average days on market in June 2008 was 106, and June 2009 day's on market was averaging 104. Average sales price on a condos is $155,753.

I personally have experienced writing many offers in the last few weeks, and having on four separate occasions writing on properties under $350,000 and being in a multiple offer situation. This is good news - showing this market is looking more like a seller's market in this price range.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
www.JoanCox.com
Joan@JoanCox.com

Market News

2009-06-28T06:03:00.000-07:00

Denver is enjoying much media regarding our fantastic housing market! If you are purchasing a home under $300,000, be prepared to be in a bidding wars. Most homes under $300,000 are receiving multiple offers, and realizing much more than list price.

HUD properties are listed so low, most FHA buyers are not able to get the winning bid. Homes is fairly good shape are realizing anywhere from $15,000-$40,000 more than list price.

Our state is also enjoying an large influx of incoming home owners. The State of Colorado's population is estimated to increase from 4.8 million to 4.9 from July 2007.

Our home sales are considerably up over one year ago, and 40% of all sales are first time home buyers purchasing their home prior to the 12/1/09 deadline to receive the $8000 tax credit.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com

Market Update

2009-06-14T06:35:00.000-07:00

Denver's real estate is finally taking off again, even if it is starting with the first time home buyers! With the current $8000 tax credit offered to first time home buyers, the $250,000 and lower priced homes are going under contract very quickly, and many times are experiencing multiple offers. Bank owned and short sale opportunities are always viewing multiple offers before accepting. Inventories in this price range are shrinking!

If homes are clean, smells are not apparent, and priced correctly, many are not on the market more than one week! Keep that in mind when you are thinking of "low balling" an offer in this price range, especially if this is a home you really want! Most HUD homes are getting at least 5% more than list price, rarely accepting under list price.

Interest rates have been climbing from 4.75% early January, and currently are 5.62%. This does affect the amount your qualify for as it increases. The experts do not expect these rates to decrease again - we have seen the bottom.

Senators have proposed a new bill this past week to increase the tax credit to $15,000, and eliminate current restrictions on who can qualify -- removing the stipulation of having a home in the last 3 years, and all income restrictions. The National Association of Realtors and executive officers are pushing to expand the credit and to lower mortgage rates to revive the housing market across the country.

Denver's housing market is doing well currently, but this would help even more!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com

Denver FREE Building Permits

2009-05-26T08:53:00.000-07:00

From now until 6/15th, City of Denver is offering FREE building permits! These are for common projects including single-family homes and duplexes. These permits are valid for 180 days, and will be issued upon application. These fees normally range from $20 up to several thousand dollars, so TAKE ADVANTAGE!

There are qualifying projects, so check with the City of Denver to make sure your project would qualify. The permits require verification after work is performed. Free permits are available weekdays between 7:30 and 4 pm, at the permit counter, 2nd floor of the Webb Municipal building, 201 W. Colfax Ave.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373

Market News

2009-05-26T08:32:00.000-07:00

Wow, with The Today Show featuring Denver in the housing sector --- really shows off our great housing market here in Denver! Barbara Corcoran announced, Denver is the NUMBER ONE city for rebounding in this housing market in the United States! We could not have better advertisement!

Our inventory is down, foreclosures unfortunately are still available, as well as short sales, but the home values in many areas across the Denver Metro area are showing value increases! The days on market has decreased, and buyers are finally feeling comfortable in this housing market to move forward with making real estate changes.

If you need a Comparative Market Analysis on your home, please call me!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373

First Time Homebuyers BEWARE!

2009-04-30T09:18:00.000-07:00

Scam artists come of of the workwork when they see an opportunity! Here is another example!

The $8000 credit given to first time homebuyers is given ONLY from the government - not from any other company or entity! According to the BBB, there are web sites offering double and triple your credit if you go thru them! SCAM SCAM. If it sounds too good to be true, it is!

When you file your taxes, after closing on the house, you are able to claim this $8000 CREDIT. If you were going to get money back, add $8000 to this amount. If you owe taxes, deduct this from the $8000.

Any first time homebuyer that has not owned a home in the last 3 years is eligible. It is 10% of the purchase price OR $8000, not both.

If you have further questions how this tax credit will be applied, contact a local tax preparer.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE
720-231-6373

Denver Real Estate Sales

2009-04-13T07:16:00.001-07:00

The numbers have been released --- FEBRUARY was a hit! The sales for February 2009 was up 29.07% over February 2008 sales! The sales were primarily in the $100,000 - $200,000 sales, which indicates our first time homebuyers are jumping into the market, or investors are feeling this is a good market to invest.

The median sales price increased 6.6% over last year's median price - which means our market is starting to show increasing values again.

Metro Denver has had a "condo glut" over the last few years, which has slowed sales in that price range, but with the first time homebuyers taking advantage of the $8000 tax credit, there is renewed interest in this arena.

Days on market for condos are now 106 days, which is down 2.75% from February and down 10.17% over March sales 2008. Single detached family homes have not changed for days on market.

High end properties are starting move again also. 29 properties were sold in March that sold for more than $1 million, compared to other months in the last year, which were all under 20.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point RE, Inc.
720-231-6373
www.JoanCox.com

Denver - The Relocation City

2009-04-01T06:29:00.001-07:00

It was just announced in Forbes recently that Denver is the buzz city with the relocation booming! Across the country, there is little to no population growth for 2008, and not much happening in the real estate arena, but DENVER has enjoyed a population growth of 2.17% in 2008. In 2008 - Denver was the 10th fastest growing metro area in the United States!

It was printed in PEW that Denver was the most popular city in America for our skiing, culture, vibrant nightlife and business opportunities. Our 300+ days of sunshine doesn't hurt either.

We are not a cow town, and more and more - other parts of country are finding out what a GREAT CITY Denver really is!

Joan Cox
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373
www.JoanCox.com

Come One Come All - DENVER the place to BE!

2009-03-24T12:13:00.000-07:00

Denver is set to be recognized in whatever venue we can snag! First, DNC with our President Obama, the latest being "SportAccord". We are trying to get the Winter Olympics here, we can handle it!

It will be nice for the United States to see we really don't travel by stagecoach anymore! Some still wear boots though!

Denver is a GREAT place to live, raise children and enjoy our 300+ days of sunshine!

Joan Cox
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com

CHFA Home Loan Programs

2009-03-14T11:50:00.000-07:00

Colorado Housing and Finance Authority has new home loans to assist those homeowners struggling with this recession. CHFA provides loans to low and moderate income home buyers at low interest rates.

CHFA just announced a couple new programs - HomeOpener and HomeOpener Plus mortgages which are available to first time homebuyers and those who have already purchased at least one home already. They provide 30 year loans, fixed rates and down payment and closing cost assistance thru these programs, that will require the homebuyer to participate in a homebuyer education course at the authority.

There are some qualifying factors - borrower must have a minimum credit score of 580, and maximum debt to income ratio of 45%.

CHFA has done bond issues since 6/2008, raising $90 million. CHFA sold the bonds largely because of its good name with the capital markets. They continue to search for new lending products for rental housing and small businesses.

CHFA was originally created in 1973 by Colorado Legislature for affordable housing in the State of Colorado. The authority is a major provider of financing for single-family mortgages.

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Rocky Mountain News

2009-03-12T08:53:00.000-07:00

The days of a "two newspaper" town are over! The Rocky Mountain News has now closed, and are left with The Denver Post as our only Denver newspaper (other than smaller city newspapers). The days of advertising in the newspaper and carrying high balances for these ads are coming to an end. With advertising our listings on the internet thru MANY sites, for no cost is truly the way of the future. For many years, home buyers have searched the many internet sites for their home - rather than poring over housing magazines or newspaper ads.

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Applications for Mortgages SOARING

2009-03-12T08:38:00.000-07:00

The uncertainty of our US economy has slowed home sales over the last 3 years - NOW, there is quite a surge of mortgage activity, which is a wonderful sign for a turnaround of our home sales! US mortgage applications jumped 11%, mostly consisting of first time homebuyers applying for their first home. With the tax credit given to these buyers, this will jump start the home sales, and give the "move-up" buyers the opportunity to move. Going into the spring, this is a good sign for a great housing season this coming summer!

President Obama has promoted hisHomeowner Affordability and Stability Plan, which is prompting these first time homebuyers to jump into the housing market with benefits around the corner on their next tax year. Many homeowners are refinancing due to very low interest rates. This is helping distressed borrowers avoid foreclosure. These interest rates are at historical low levels. For many homeowners to refinance, this will drop house payments up to $300 a month, depending on financed amount.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Tax Credit for Homebuyers

2009-03-02T09:25:00.000-08:00

first-time homebuyers who purchase in 2009 prior to November 2009 will have the opportunity to reap the benefits of a tax credit. Right now, it sits at $8000 or 10% of the value of the home tax credit. This is a CREDIT, not a tax deduction, which is money in your pocket! However, if the household income exceeds $150,000 for couples and $75,000 for single tax filers, you may not be eligible. If you sell the home within 3 years of purchase, this credit may need to be repaid.

This tax credit may only be used on primary residences, cannot be used for investment properties. This can be used for single detached homes, townhomes, or condos and manufactured homes.

The loan limits have now been raised -between $417,000 and $729,750, you can obtain an extension on the additional tier of conforming loan amounts. These loans will be eligible for rates that are slightly higher than conforming rates, but less expensive than the standard jumbo rates. This is good news for the $500,ooo-$700,000 price range!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Obama's Homeowner Affordability & Stability Plan

2009-02-23T06:03:00.000-08:00

The housing sector of the stimulus bill recently signed by President Obama plans to stabilize the housing market and keep millions of homeowners in their homes.

This bill plans to assist in two ways - to refinance homeowners with less than 20% equity in their homes, or owe more for their home, than what it is worth. The second program is a loan modification section to lower monthly house payments to homeowners at risk of losing their homes.

March 4th should be the day the plan's details will be announced, and we shall see the benefits of this stimulus and how it will help homeowners in Colorado.

The refinance portion of this stimulus cannot include prepayment penalities or balloon payments. Credit scores will come into play when this refinancing occurs.

This stimulus plan also to increase fund commitment to Fannie Mae and Freddie Mac to ensure the strength and security of the mortgage market and help maintain mortgage affordability. This should ensure the mortgage rates remain affordable.

This government plan to scheduled to be unveiled March 4, 2009, but you can download the common Questions and Answers produced by the government at: www.treas.gov.initiatives/eesa/homeowner-affordability-plan/ConsumerQA.pdf

Joan Cox
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Stimulus Bill

2009-02-19T05:57:00.000-08:00

It was history being made, again. Barack Obama signed the stimulus bill in OUR City at the Museum of Nature and Science. This stimulus bill is slated to have $50 billion ear marked to aid the housing crisus for foreclosure prevention and loan modifications for those in dire need. Let's hope creating more debt for our Country puts a dent in our disfunctioning economy.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373
www.JoanCox.com

Home Improvements

2009-02-12T09:33:00.000-08:00

Have you decided not to jump into the real estate market, and to do home improvements instead? Did you know most home improvements will realize about 65% of what you put into your home? The most important improvement you can do with your home is to upgrade the kitchen and baths, especially the master bath. Buyers in today's real estate market are either looking for a home you can just move into, with little or no improvement, or a major fix and flip. These would be the investors in the market looking for that sweat equity in their real estate portfolio.

Flooring is very important, clean and newer carpet, wood floors that are "scratch-free", or your laminate flooring is in good condition. Do you need to change the paint, touch up the current paint? These are home owner maintenance issues.

If you would like to know what improvements you can do to eventually improve YOUR value, contact your Real Estate Professional. We know what buyers are searching for and can lead you in the right direction.

Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point RE
Centenial, CO 80111
720-231-6373
www.JoanCox.com

First time Homebuyer Credit

2009-02-11T08:57:00.000-08:00

The original legislation that created a $7500 credit which ended up being needed to be paid back over a 15 year span, has now been evolved into a credit of up to $15,000 or 10% of the purchase price CREDIT to the buyer for purchasing in the next year.

We need to get these first time homebuyers into the marketplace to enable our "move up" buyers to get into the next bracket, and so on. With so many short sales and foreclosures on the market currently, there are deals to be made, and first time homebuyers will definitely benefit.

Interest rates are still hovering around 5%, based on purchaser's credit history, but there ARE loans out there you can secure! If you have some "issues", and would like help getting your credit lined up so you CAN purchase within this year period, call me --- I have lender or two that can assist with this process.

If you have longed to be a homeowner, NOW is the time! Call me for more details!

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

A New Idea for Marketing Your Home

2009-02-11T08:48:00.000-08:00

Has your home been on the market for 6 months or more, tired of having it ready for show every day? Well, have you ever thought of letting the potential buyers "try it out", to see if your home would work for them?

A new idea in the marketplace --- allowing the qualified buyers to stay overnight in your home to "try it for free". This was an idea introduced into a marketplace in California, and now is being done at a home in Observatory Park listed for $1.65. They have a personal chef come in and cook for this family also. Obviously some precautions would need to take place, such as making sure they were truly in the market for this home, qualified for a loan, or cash, etc.

In a slower market, there are options, if you are willing to think outside the box.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Myths on Loan Modifications

2009-01-29T08:39:00.000-08:00

Are you facing foreclosure? Did you get laid off, and the payments are too much handle? There are some options you may want to explore before you "give up".

First, call your lenders and ask what options they may have. There is a chance they may drop the interest for a year, to get you on track to keep you in the property. If that doesn't work, try a "short sale", which means selling your home at the market value, which is lower than what you owe the lender. The lender needs to "approve it", and there could be requirements to sign a personal deficiency judgement prior to the bank approving a short sale. This still keeps you from showing a foreclosure on your credit.

Some myths on loan modifications:
1. "The banks want my house." No, they don't. They have piles of properties that could potentially come back to them, and they are not in the business of owning property, just financing them. They make money when you make payments. When payments stop, not only do they NOT make money, they incur legal fees, possible rehabing, and then Realtor fees of selling it, at a loss.

2. "My credit is bad, I cannot qualify" When lenders do loan modification, you do not need to "requalify", they simply change the terms and perhaps reduce the balance of a loan you already have. You don't "close" again, therefore, no qualifying, no closing costs, etc. A successful loan modification will actually improve you credit score over time, allowing a homeowner to make payments, keep current, and stay out of foreclosure.

3. "I haven't missed any payments" Some banks/lenders would rather talk with you BEFORE you get behind in payments. Some do need to wait until you are late on 1 or more payments. Lending regulations have been changing severely in the last few months to work with the current credit/housing issues facing many homeowners today. Your best bet is to call your lending institution at the onset of a layoff, etc. and discuss all options you may have.

4. "I would be better off walking away or filing bankruptcy" Both of these options seriously affect your long term credit. When a foreclosure is on your credit history, banks view that as a serious credit risk down the road. Especially, when you want to buy another home. Again, personal deficient judgements can be filed against you, even if you allow your home to go into foreclosure.

5. "Its too late, already have received foreclosure notice" UNTRUE. Banks/lenders today are delaying this sale date to allow current homeowners to get current, talk about options of reducing interest rates/payments, and would rather KEEP you in the home. Again, short sale options are available also. After the sale date, banks/lenders incur more legal fees, and usually sell at a reduced price at that point.

If you have further questions, please contact me, or I can give you other options available to KEEP you in your property.

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Aurora - Foreclosed/Vacant Properties

2009-01-28T06:33:00.000-08:00

Aurora City Council passed a measure Monday, January 26th, forcing banks and lenders to maintain foreclosed and abandoned properties in Aurora or face fines. With the many vacant and abandoned properties throughout the City, something was needed to be done to maintain these neighborhoods.

Aurora has experienced an abundance of foreclosures in 2008, and is expected to grow.

With this new measure, banks/lenders are required to complete a monthly inspection list to ensure these new codes and standards are adhered. It is expected for banks/lenders to register vacant or abandoned properties with City of Aurora, and failure to do so could result in a fine of $200 per property.

With this new measure, could result in banks needing to access properties while tenants still living in a property, which will increase their legal and financial exposure. This should help these properties from looking vacant/abandoned, therefore reducing the likdlihood of criminal activity in these neighborhoods.

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Builder News - John Laing

2009-01-26T09:18:00.000-08:00

According to Denver Business Journal, John Laing has suspended construction in the Denver metro area, and laid off staff in Colorado. According to current buyers waiting for their new home to be built in Stapleton, they recently received a call stating their contruction stopped with just a shell form (walls & roof). They are currently living in a rental after selling their previous home. They are currently awaiting their deposit to be returned from John Laing Homes.

Stapleton's building has remained strong, but will be minorly affected by this builder leaving their group of Forest City Stapleton, Inc. Laing has sent a statement back to Denver Business Journal stating, the homebuilder as a whole, has reduced its workforce, but "operations have not ceased." Part of this statement also included "deposit are secure." They did not have further comments about its Denver-area operations. Currently, they build in Denver as well as Gold Hill Mesa in Colorado Springs.

Linda Mamet, Laing's sales and market vice president stated "is currently reviewing all potential options to meet its capital requirements. Any decision (made) to this effect will be communicated to all stakeholders in a timely and appropriate manner."

John Laing Homes is owned by Emaar Properties PJSC of Dubai, United Arab Emirates. Laing Homes was founded in Great Britain in 1848, starting construction in U.S. in l984. This also spun off Watt Homes to form WL Homes LLC. Emaar Properties acquired Laing Homes in 2006 for $1.05 billon cash. In Newport Beach, California, the Builder magazine name Laing, America's best builder in 2006.

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Pledges for Pets

2009-01-25T14:04:00.000-08:00

The annual telethon for the Dumb Friends League is on today, and are encouraging donations for pets with no homes. Each pet in the shelter costs around $300 to the shelter, and they do not charge this when you adopt a pet. The adoption fees they charge include - neutering/spaying, microchipping, all shots and are adopted healthy!

Did you know --- the over 65 crowd can adopt a pet FREE? Do you know someone who needs a pet to keep them company? Animals can be the best of companions, especially if a person has lost their spouse!

There are locations - Quebec & Evans in Denver, and the Buddy Center in Castle Rock - Founders Parkway & I-25!

Go visit these centers, and make a donation, or better - ADOPT A NEW PET! www.ddfl.org

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Going GREEN

2009-01-23T11:41:00.001-08:00

Keeping the environment safe, being green really helps! The following suggestions are ways you can be GREEN. Some of these suggestions actually help you save money in our recession! Save our planet, and save green in your wallet all at the same time!

1. Recycle. You can recycle glass and plastic, but did you know you can recycle furniture? Near new shops and Craigslist are great places to buy and sell furniture! This keeps unwanted furniture out of the landfill. If you are thinking of buying new furniture, ask about renewable and environmentally friendly materials.
2. Appliances that are energy efficient. If you have the funds, invest in new appliances that are energy efficient. The new refrigerators can save you $150 year in energy use.
3. Unplug when not needed. Did you know even when the lamp isn't on, if it is plugged in, can use electricity? Unplug everything if not in use, especially tvs, computers, and all electronics, including your dryer.
4. Use your own cleaning solutions! Did you know vinegar and water works VERY well to clean most projects, AND still remains GREEN? The cleaning products purchased in the store could be toxic, plus vinegar is cheaper!
5. Thermostat, turn it down! Turn down the furnace to the lowest temperature you can be comfortable with, and turn up in the summer. Every degree can make a significant difference in your electricity bill.
6. Hardwood flooring. Bamboo trees renew themselves in less than a tench of the time has most hardwood trees. Just know, there are differeent bamboo flooring, some of which is MUCH softer, and the durability is not like the harder floors.
7. Paint. Standard paint have toxics that are released when used into the air when wet and sometimes when dry. Buy zero or low VOC paint, and will reduce these toxins.
8. Trash. Aim for zero trash, this comes under the same category as RECYCLE. Compost your leftover food, reuse plastic bags and use cloth bags for your grocery shopping.
9. Light bulbs. Fluorescent light bulbs are 66% more energy efficient than standard light bulbs. They are slightly more expensive, but far outlast the standard bulbs.
10. Bill pay online. Contact your catalog companies and ask to be removed from their mailing lists. Don't print, except when absolutely required to save our trees.

Are you currently GREEN?

Joan Cox, GRI,CRS,ABR,e-Pro
Metro Brokers - Turning Point RE
Centennial, CO 80111
720-231-6373
http://www.joancox.com/

NAR & Housing Crisis

2009-01-22T08:51:00.000-08:00

The National Association of Realtors have welcomed our new President Barack Obama with open arms, and will assist in the improvement of our current housing crisis across the country. With 1.2 million Realtors in the U.S., the President of NAR, Charles McMillan will work with Congress to implement policies to decrease the number of preventable foreclosures. Some policies include reducing mortgage payments, and reducing current interest rates to assist homeowners to remain in their properties and maintain current abandoned properties, to keep neighborhoods maintained. This is expected to reducing the number of foreclosures and strengthen existing home sales.

NAR will continue to focus on policies that will bring buyers back to the market to reduce inventory, and stabilize home prices. This can only happen if we can improve the housing market and the nation's economy.

Joan Cox, GRI,ABR,CRS,e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Denver's Recession

2009-01-22T08:30:00.000-08:00

In today's news, Tom Clark with the Metro Denver Economic Development Corp. has said we could run another 6-12 months, but Colorado is spared with its full wrath! Most states across the country should see some recovery in 3rd quarter 2009, and some not until 4th quarter 2009.

With over $1 trillion in losses that have been written off by banks across the country, still another $1 trillion in write-offs are still expected. The stimulus program that is being injected by banks should help this concern.

In Denver, Development Research Partners in Littleton expects to see flat retail sales and negative job growth of .4 percent this year, but the country's outlook is 3.5 decrease in retail sales and 1.1% decline in jobs. This sets Colorado far ahead of most states, again.

Colorado is on record for the fifth-best rate of job growth in the country last year. The hardest hit sectors have been the financial services and durable-good manufacturing industries. Colorado never experienced the large double digit increases in home prices as some locations across the country has experienced over the last ten years, such as California, Arizona and Nevada. VectraBank's economic forecaster, Patricia Silverstein expects metro-Denver's median home values to increase 1% this year, making Denver the first in the nation to recover!

Joan Cox, GRI, CRS, ABR, e-Pro
Metro Brokers - Turning Point Real Estate, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Denver's Foreclosure rate Declines!

2009-01-15T12:31:00.000-08:00

The foreclosure rate in the metro Denver area has seen a decline of 11.8% over 2007 - first time in the last 12 years! The foreclosures filed in the seven county area in 2008 were 24,494, compared to the filings in 2007 of 27,785. Foreclosures have been on the rise every year since the mid 90's. When the economy was strong during the 90's, the increases in foreclosures was minimal.

Realty Trac (a foreclosure tracker) has been quoted to say "it is possible that Colorado has gone through the worst of its foreclosure cycle." Nationally, the foreclosure rate is still recording huge increases. Luckily, Denver is sitting pretty!

The Public Trustee for Adams County is stating the banks are working harder at completing short sales before homeowners are ending in foreclosure, or modifications in interest rates. Some credit has to go to the nonprofit Colorado Foreclosure Hotline, which has helped many families over the past several months. Many homeowners were in touch with the Hotline prior to being 3 months behind in mortgage payments, and in many cases, calling when they first realized there could be some issues getting these paid down the road. These calls to the Hotline have doubled from a year ago, which shows this nonprofit company has been a huge help to families in need.

If you, or someone you know needs the Foreclosure Hotline --- 1-888-995-HOPE or log onto
www.995HOPE.org

Joan Cox, GRI, ABR, CRS, e-Pro
Metro Brokers - Turning Point RE, Inc.
Centennial, CO 80111
720-231-6373
www.JoanCox.com

Relocation is Up!

2009-01-05T09:26:00.000-08:00

According to the most recent DMV data, the relocations are recording most, are from California, Texas and Arizona. It was stated that the fires in California are getting to much for families, and the heat in Arizona and Texas was too much to bear. The various reasons given for the relocations were job growth here in Denver, our climate, quality of life and a sense of reasonable economy, compared to other parts of the country right now. This information was also verified with Denver's Office of Economic Development.

The top ten states showing the most growth were:

Utah, 2.53 percent
Arizona, 2.31 percent
Texas, 2.03 percent
North Carolina, 2 percent
Colorado, 2 percent
Idaho, 1.85 percent
Wyoming, 1.8 percent
Nevada, 1.79 percent
Georgia, 1.71 percent
South Carolina, 1.7 percent

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

Auctioning Homes

2008-12-17T07:05:00.000-08:00

Auctions are becoming more and more popular. On Monday, December 15th, AJ Karas Auctioneers held an auction at one home that was up for auction. Many sellers are seeking this form of sale versus the traditional for sale process.

One home that had been appraised for $1.2 million was sold for $680,000 at 776 Ivanhoe Street in East Denver, another at 4546 W. 36th Avenue in northwest Denver was appraised for $900,000 and sold for $700,000. Potential bidders were able to see instant equity in their efforts.

If you are looking to invest and have the abilities to repair, this may be a chance to reap some benefits! This process sounds better than investing in the stock market!

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

Flipping homes in this Market

2008-12-15T08:15:00.000-08:00

In the Denver market, approximately 3400 homes have been "fixed and flipped" within a twelve month period. In this same period 150,000 home sales were posted - with over 2% being "flipped". This includes all six Denver metro counties. The margin of profit has increased from $38,792 during the first quarter of 2005 to $80,538 during the third quarter this year on these properties.

The biggest percent of flips have occurred in Montbello North, Park Hill East, Old Thornton and East Colfax. Homes priced at less than $200,000 have the most activity. This percentage of flipping should increase as our market in Denver becomes more viable.

The City & County of Denver has received $6.1 million through the Federal Housing & Economic Recovery Act of 2008 to acquire and redevelop foreclosed properties that may show abandonment. The cities most concentrated on are Westwood, Green Valley Ranch and Montbello.

Merchant's Mortgage and Trust Corp specializes in fix and flips. They lend money for the improvement of property, when other conventional lenders will not.

Joan Cox
Metro Brokers - Turning Point Real Estate, Inc.
720-231-6373

Interest Rates

2008-12-11T10:33:00.000-08:00

Wow --- are you ready for mortgage interest rates UNDER 5%? If the government has anything to do with it, we shall see 4.25% mortgage interest rates in the very near future. This will help those cities across America be able to refinance and stay in their homes, or get caught up if there was any chance of going into foreclosure. This all looks positive, then our resale market will be sitting better, and we shall again see an upbeat real estate market.

The average time most homeowners spent in their homes was four years. Now a days, it is closer to 10 years to realize value when they are able to sell.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

Home Prices in Denver

2008-12-11T06:41:00.000-08:00

Our sales for September and October exceeded sales from the previous year, however, our values for November sales declined 15% over one year ago. The $1 million dollar homes are decreasing, due to an abundance of inventory in this price range. November's sales did not exceed last year's sales, showing slowing of resale inventory. The slowdown is pretty normal for the time of year, but with the global economy issues, sales were even slower during this period.

Average days on market are showing 97 days. The more days on market, shows the price is too high, and will not bring enough qualified buyers through the homes. The Denver inventory is down 19.8% from the same period last year. As normal, unless you have to sell, normally sellers will not have their properties for sale during the Holiday season.

We in Denver are more fortunate than most of the country - our sales of both existing homes and resales are higher than most cities. Here is Denver showing a 15% drop in median price is not bad, comparing to other cities like in California, Las Vegas and Florida - where prices have dropped 25-40 percent! So, here in Denver, it could be worse!

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

Buyer Confidence Returning

2008-12-03T13:58:00.001-08:00

It was announced today --- mortgage applications have increased in the last week, more than in the last three years. This shows buyers are starting the purchase process, and our real estate market will improve. These buyers are seeing the benefits of decreasing increase rates, fair home prices in our market and the time in NOW to take advantage. Interest rates are at their lowest level since June 24, 2005 --- are you still waiting?

Now is the time to jump in, make those decisions, and take advantage of this market.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

Sharing Blame for our Economic Downturn

2008-12-01T08:18:00.000-08:00

Over the last few months, we have heard over and over how the banks have been at fault for loaning money where risk level was high. All along, I have said - those buyers signed for those loans. There is always TWO ways you get approved -- one, the bank says how much you can qualify for. Two, is what YOU are comfortable with. Usually if you purchase ALL of what the bank approves you for, you will not be prepared for any "setbacks" that may happen.

Being a homeowner, will provide you will an endless list of home repairs. These can range from minor to very major investments. If you have financed all of which you can afford, these setbacks could send you into foreclosure within months.

Many financial specialists profess we should have up to six months of disposable income available at all times, just for those setbacks. With a good economy, we as Americans have purchased multiple homes, more expensive cars, and have primary mortgages higher than we can easily afford.

With homeowners refinancing and taking equity out of their primary residence, mortgage debt has grown from 69% to 100% today. (As quoted in the Denver Business Journal 12/1/08) Since the mid 90's, our steady debt accumulation by both households and financial instituions has been a concern. Between 1977 and 2007, the U.S. debt rose from 1.6 times gross domestic product to 3.5 times. When a home has been refinanced up to 100% of home value, and with home values decreasing, the only way to get out of debt, is to have a "fire sale", or go into foreclosure.

Hopefully, over the next few months, foreclosures will slow down, and values will again be visible. Over the last month, lending requirements have increased and should help in the coming months to help strengthen our economy.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

Denver Housing Market News

2008-11-26T10:28:00.000-08:00

Denver is the third least affected market by the downturn in the US! According to the S & P/Case-Shiller Home Price Indices released on Tuesday 11/25/08 -- Denver is sitting pretty good, considering other markets across the US experiencing MUCH more value decreases. According to this source, Denver is showing 5.4% decrease in home value over last year's sales, which is good - considering other markets averaging 17.4 percent drop in values!

We are still not selling at 2004 home prices, but will get there again. The nation's unemployment rate is 6.5 - which is a 14 year high, and expected to climb higher into 2009.

Joan Cox
Metro Brokers - Turning Point RE
720-231-6373

First-Time Home Buyer Tax Credit

2008-11-21T16:57:00.000-08:00

Are you thinking of purchasing your first home in the next few months? This may solidify this thought - you are eligible for a $7500 tax credit! This is quite a bonus! You have to purchase your first home between 4/9/08 and 7/1/09. If you use CHFA or Denver Bond monies, this credit is NOT eligible.

If you need further information, please give me a call!

Joan Cox
Metro Brokers - Turning Point RE, Inc.
720-231-6373

Great Market News

2008-11-18T13:13:00.000-08:00

Everyone needs some good news --- RIGHT? Mortgage applications rose 12% last week, and mortgage rates dropped a quarter of a percentage point. Homes that went under contract were up from the previous year for the second straight month.

As everyone says - we did not get in this predictament overnight, and it will not improve drastically overnight. But the economists are saying it will be a "slow, steady, multi-year upward trend."

In Denver, after the Holidays, watch out! Buyers will be out!

Joan Cox
Metro Brokers - Turning Point RE, Inc.
720-231-6373

Denver - A City ready for rebound!

2008-11-13T20:21:00.000-08:00

SmartMoney magazine just released cities in the US that are on the rebound ---
Seattle, Raleigh, Des Moines, Philadelphia, Birmingham, Salt Lake City and DENVER!

Good news! Are you ready for a different market? I know I am!

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

Market News

2008-11-10T11:14:00.001-08:00

Two months in a row --- sales are up over last year's sales! September and October '08 sales were stronger than 2007! GOOD NEWS! Our president has been decided, now HOPEFULLY our global issues will settle down, and we can again enjoy a good real estate market in the Denver metro area. We are still experiencing some increases in a few neighborhoods. There are luxury condos in Denver selling like hotcakes, due to the lack of availability for empty nesters wanting housing in the City.

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

2008-10-20T13:55:00.000-07:00

Denver Housing Market

There is good news brewing in the Denver housing market! About a month ago - Wells Fargo announced Denver was no longer a "distressed" market, but a STABLE market. This change of status is good for underwriting and appraisals in our area!

The September sold properties increased 17% over last year's solds in September! Also, the inventory available is down over last year - 10%.

Now, if the global economy and the political issues would just calm down! If you are in the market for buying a home --- NOW is the time! Interest rates have been climbing, and now our prices will also!

If you would want to see what is available, please email or call me, and I would be happy to assist you.

Joan Cox, GRI,CRS,ABR,e-Pro

Metro Brokers - House to Home, Inc.

c: 720-231-6373

Denver - Ahead of the US in Housing

2008-06-28T09:01:00.000-07:00

GOOD NEWS! This past week, the S & P/Case-Shiller home price indicates Denver was #3 for least amount of value decrease in the nation. There were only two cities that did better - Charlotte, N.C. and Cleveland, Ohio. They showed we lot approximately4.6% last year, where other cities across the nation faired much worse. IN FACT, some areas of the Denver metro area, actually gained value in the home!

Records show from March to April Denver areas homes gained .8 percent, compared with a 1.4 overall drop for the 20 cities mentioned in this article. A separate report was done by the Federal Housing Oversight. They stated there are approximately 1.4 million homes that were foreclosed on for sale nationally, which is severely impacting other sellers in this market. The distressed sales are generally selling for 10-20% less than the ordinary resale market.

Some geographic areas such as Boulder County and Washington Park are showing value increases even in this market.

The buyers are still being cautious, but this is a GREAT time to buy! Despite all the negative reports in the media, there are still great deals and great homes out there, and interest rates are still low! If the home is priced correctly and shows well, they will sell in this market!

Southshore - An Aurora Community

2008-04-21T10:30:00.000-07:00

Southshore was named "National Masterplanned Community of the Year" by the National Sales & Marketing Council of the National Association of Homebuilders! Locaed off Smoky Hill Road just east of E-470, this is located close to highway access and the new Southlands mall.

This was the site of the 2007 Parade of Homes which were priced from $1.8 million to $2.6 million. There are still five properties available ranging from $1.825 million to $2.2 million. These homes feature the state of the art details most homes do not offer.

This community was developed by John Laing Homes & Village Homes, and the first in Colorado to win this coveted designation. Aurora Mayor Ed Tauer quoted - " Southshore's not just great houses, it's the 21st century model for bringing people, open space, entertainment and great shopping together in a vibrant package."

This is a must see community!

HUD Properties - FHA Financing

2008-04-07T14:03:00.000-07:00

For all first time home buyers --- GOOD NEWS, HUD is offering a $100 down payment for owner occupant properties with FHA financing! HUD is also offering to pay closing costs up to 3% --- so check out some HUD properties today and you could be a homeowner!

Call for a list of HUD properties - 720-231-6373

Joan Cox
Metro Brokers - House to Home, Inc.