I wanted to share with you my thoughts on choosing the RIGHT Realtor to help you sell or buy your next property in the mountains.  Unlike the Denver Metro area where square footage, floorplan, and proximity to schools/highways/shopping are main criteria when understanding value in a home, mountain properties involve a variety of unique attributes that can be critical in your decision making process. Access, fire mitigation, radon, uranium, mountain wild life, tree infestation, water/wells/septic, topography, easements, zoning, gardening, propane, horse property, open space, road maintenance, & sun exposure....these are elements an experienced mountain Realtor can help you with. When deciding to move to the Evergreen/Conifer/Genesee/Pine/Morrison/Bailey foothill communities, PLEASE rel... 12/10/2009

Dreams of Colorado usually include living in a mountain home, with spectacular reaching views, tall evergreens and the sweet sound of a gentle breeze whistling through the trees.  Of course most people still enjoy the conveniences of nearby stores, schools and other important things, like Starbucks and good dining establishments.  Mountain living doesn't always include this, but Conifer, Colorado does!  This charming town has all the necesssities of everyday living plus it is a reasonable drive to Downtown Denver. If you would like to explore the possiblity of buying a Conifer home, you will be happy to find this Conifer home search website.  Just follow the link to preview the lastest Conifer listings! 12/08/2009

April 18 and I'm writing from my little horse ranch in Conifer at about 8000 feet. We are snowed in! I was able to keep my driveway open for most  of yesterday but I eventually got stuck-- even with chains. And now the snow has accumulated to a depth well beyond the capacity of my Ford F350 or it's captain. We lost power some time after 2 AM as did all of Conifer and most, if not all of Evergreen. According to IREA we can expect to the power loss to last through the weekend and possibly as late as Monday. I've called my neighbors who usually rely on me for plowing and they are all okay, hunkered down and waiting it out. Maybe we'll have a neighborhood Monopoly match later. One Belle Meade neighbor has a generator so we may head over there-- eventually. He's a Scotch drinker though so it... 04/20/2009

Conifer, Colorado  Conifer is an unincorporated mountain town of Jefferson County, Colorado in the foothills South and West of Denver, CO along highway 285.  Conifer serves as the gateway to  Colorado’s Southern mountains,  South Park and a wealth of fly-fishing, mountain biking, skiing, snowmobiling and overall Colorado mountain activities!  Conifer real estate offers a wide variety of homes for sale and lifestyle improvements! The town of Conifer sits at about 8,300 feet although there are homes at the top of Conifer mountain approaching 10,000 feet in elevation and at the bottom of Foxton Road at the North Fork of the South Platte River the elevation is about 6,400 feet.! Conifer is home to the well known and visible sledding hill of Meyers Ranch open Space.  Passersby on Highway 285... 03/12/2009

Investing in Real Estate 9 - Scrapes, Pops and New Construction This blog will discuss a type of real estate investment, scrapes, pops and new construction, in the Conifer area in Denver.   What this investment is:  Purchasing a small home in an expensive neighborhood that may or may not need work.  The home is bulldozed and a new home or duplex is put on the lot.  Alternatively, the existing home is renovated and more square footage is added on.  A pop-top is adding a second story to an existing home to add more square footage (commonly, a master bedroom suite).   Equity needed:  Being able to document your income and your assets will be critical.  For a commercial loan, your net worth should generally be at least as much as the loan you are seeking.  The good news is that the commerci... 12/30/2008

Investing in Real Estate 8 - Condo Conversions This blog will discuss a type of real estate investment, fix and flips, in the Conifer area in Denver.   What this investment is:  A synthesis of the fix and flip and rental operations - purchasing an apartment building in a neighborhood dominated by owner occupants, then converting the building from apartment building to condominium.  Often requires renovation of the units to meet the expectations of owner-occupant buyers in that area.  Complex and time consuming, but has wonderful tax advantages compares to fix and flips and often has superior returns to all other asset classes.  Ideally suited for the sophisticated investor with extensive experience.    Equity needed:  Being able to document your income and your assets will be critical. ... 12/30/2008

Investing in Real Estate 7 - Fix and Flips This blog will discuss a type of real estate investment, fix and flips, in the Conifer area in Denver.   What this investment is:  Purchasing a home that needs work.  The scope can range from the basic "paint and carpet" to extensive overhauls to scraping a decrepit property and completely starting over.  Usually does not involve tenants, and the objective is to get in and out of the property as quickly as possible.  Great for beginners with the right skill sets or the willingness to learn.   Equity needed:  With hard money loans (defined in next paragraph), potentially 0% and they'll finance the construction costs, too.  Expect a LOT of strings to be attached.  A small local lender might give you 75% of the purchase price and the renovation bu... 12/30/2008

Investing in Real Estate 6 - Lease Options This blog will discuss a type of real estate investment, lease options, in the Conifer area in Denver.                        What this investment is:  A lease option (L/O) is Acquiring control of a property (though not necessarily ownership), then leasing the property to a tenant.  The lease is bundled with an option, so the tenant can (but does not have to) purchase the property for a given price within a given time frame.  Again you are seeking a tenant for a property, but usually for a slightly longer term (12-18 months) and frequently (though not always) with the goal that the tenant purchase the property from you at the end of the lease.  If you purchase the property, then it's an easier process; if you find a highly motivated seller to l... 12/30/2008

Take a look at the first page, for AUN (Aurora North).  Note these positive market trends this year:-          number of active listings steadily declining-          average list price pretty stable (finally!)-          U/C up dramatically-          Number of sales / month up (partially seasonality)-          DOM dropping-          Stability in average sold prices and sold price as % of list-          Sold price as % original price UP a lot - banks are getting better at pricing-          Number of expired listings down Every indicator is improving this year in AUN.  You will see the same trends in DSW (southwest Denver  County), but not as marked an improvement as AUN. By contrast look at DSE (southeast Denver County).  -          listings are up (they should be - seasonality)-         ... 12/30/2008

Recap of First Quarter 2008 Home Price Performance The average home price in Metro Denver increased +2% in the full year 2005 to the full year 2006, from $309,000 to $317,000. Comparing 2006 to 2007, the average home price across the metro dropped 2%, to $311,000. The first quarter of 2008 was $278,000 vs. the first quarter of 2007 was $296,000: a 6% decrease. Note that prices in the first quarter are usually a bit less than the rest of the year. This is because families that tend to purchase larger, more expensive homes tend to move in the summer months when their kids are out of school. The average price of a foreclosure or short sale dropped -3% to $188,000 from 2006 to 2007. The average price of a non-distress sale increased 5% to $370,000. Sales volume over the last twelve months i... 12/30/2008

Home appreciation near T-Rex light rail line stations have out-performed the marketOther cities such as Portland found that homes near light rail lines have out-performed the market in terms of price appreciation. The newest light rail line on the south east corridor (it was built during the T-REX I-25 expansion) bears this out. In the last two years, the average home within two miles has appreciated 4% while the metro Denver average is off 8%. We've shared this with our clients, and many decide to try to purchase homes near future light rail stops in anticipation of future appreciation. 12/30/2008

Improving conditions in Denver's market There are some signs of strengthening in our Denver market.  The metro area's inventory of available resale housing decreased 20% to 23,120 units in October from October 2007.  Some of this reduced inventory is attributed to homeowners taking their properties off the market in frustration because their property is not selling, but lower inventory implies a strengthening market.  Remember, the Denver area had housing inventory of 31,989 units in July 2006. Home sales rose 14% to 4,265 in September compared to the same month last year.  This is due almost entirely to the lower-end of the market (under $180K) selling like hotcakes. October's median selling price for single-family homes decreased 12% to $206,000 from the same month of '07, and was dow... 12/29/2008

How can you improve your FICO score? To improve one's credit score, it's critical to understand the factors influencing a credit score.  The factors that contribute to a FICO score and the weighted percentages for each are as follows: 35% - timeliness of payments 30% - the ratio of used debt to allowable debt for consumer credit 15% - length of credit history (the more credit history and showing proof of consistent timely payment, the better the score) 10% - types of credit used  10% - recent credit inquiries and recent new credit The greatest driver behind a score is making timely payments on all accounts.  Scores will be adversely affected for any payment that is 30 days late or more.  Being late on a mortgage payment will not only crush one's score, but will also make qualifying for ... 12/29/2008

Loan considerations for a first time buyer    Lending guidelines are changing on a daily basis for every type of loan: conventional, FHA, VA & commercial.  Nevertheless, there are still very attractive first-time home buyer options available.   If you are or will be a first-time buyer, it is critical to speak with a loan officer before looking at homes.  It is a crushing feeling to view a home, picture making it your own and then find out that you cannot qualify to purchase it.  A loan officer will pull credit, analyze debt-to-income ratios, review assets and income and determine what you can afford.     Presuming a pre-qualification occurs, the loan officer will then be able to provide an array of loan options.  Presently, FHA loans are the predominant loan for first-time home buyers a... 12/29/2008

FHA First-Time Buyer Tax Credit    In an effort to boost the sagging real estate market and overall economy, first-time home buyers are being offered a limited time tax credit when purchasing a primary residence.  The highlights of the tax credit are: •·   The tax credit is available for first-time home buyers only. •·   The maximum credit amount is $7,500. •·   The credit is available for homes purchased on or after April 9, 2008 and beforeJuly 1, 2009. •·   Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. •·   The tax credit works like an interest-free loan and must be repaid over a 15-year period.   Due to the volume of questions that can be generated with the above, I would recommend clicking on the below li... 12/29/2008

Loan Considerations for Loan Amounts Between $200K - $417K   With all the doom and gloom publications that are mostly exaggerated, many potential borrowers believe that home mortgage lending options have dried up.  While underwriters and investors are scrutinizing files more closely, attractive rates and terms still exist for owner occupied purchasers seeking a conforming loan limit (under $417,000).  FHA and VA can still lend up to 100% LTV and conventional permits up to 97% LTV.  There are certain guidelines to meet when going to these high LTVs, but they are not impossible to surmount.   Every home buyer should first ask themselves what payment they feel comfortable in committing to on a monthly basis.  Too many buyers over-extended themselves in recent years on homes they simply cou... 12/29/2008

Loan Considerations for Jumbo Mortgages   For the Greater Metro Denver area, any loan amount greater than $417,000 is considered a jumbo loan.  Fannie Mae and Freddie Mac assign different thresholds for various regions across the country.  For instance, $417,000 is not considered a jumbo loan in a high cost city like San Francisco, yet there will still be higher rates for going above $417K.    Due to the size of jumbo loans, they are considered greater risk for lenders, resulting in higher rates.  Rates have fluctuated greatly over the past few years on jumbos.  As of today, a 30 year fixed could range from 7% - 8%; a full point higher than the prime rate below a loan amount of $417,000.  Five year ARMs are popular on jumbo loans, as they typically price out a half point lower than fixe... 12/29/2008

Loan Considerations for Fix & Flip / Short-Term Investors     Securing conventional financing on a fix & flip or short-term loan is not recommended.  Most conventional lenders sell off their mortgages to investors on the secondary market.  If the loan is paid off early (before six payments are made), the investor has not recovered their initial investment.  The investor will attempt to recover their loss from the lender, who will ultimately come after the loan originator.  The loan originator would then be obligated to pay back any premium paid out by the lender.  If such activity becomes habitual with the loan officer, the lender can cease doing business with them and their firm.   Furthermore, conventional loans require conventional appraisals.  The lender will require that the home i... 12/29/2008

Loan Considerations for Buy and Hold Investors As far as investment loans, little or no money down loans are impossible.  However, lenders do permit the use of Home Equity Lines of Credit or second mortgages from other properties owned by the borrower as a source of down payment.  Or, self-employed borrowers are using funds from business lines of credit to fund down payments or renovations (please note: there are asset seasoning guidelines for doing so and the debt incurred by accessing other credit lines must be accounted for against the borrower's debt-to-income ratio). Thus, we have clients leveraging themselves with other homes they own in order to get in with little or nothing down.  There are exceptions, but practically every lender requires Full Income Documentation on any invest... 12/29/2008

Colorado Mortgage Broker Licensing In response to the troubled national real estate market and Colorado's high volume of home foreclosures, efforts have increased to make higher caliber professionals involved in real estate. Licensing, rules and regulations have become more stringent for agents, appraisers, title companies and mortgage brokers.  In regards to mortgage brokers, the below items are mandatory.  No longer can someone open up the Yellow Pages, claim to be a mortgage broker and then be compensated for placing a loan --- what a novel concept.  Before committing to a mortgage broker, please make sure that they are licensed in Colorado by searching for them on the following link:  http://eservices.psiexams.com/crec/search.jsp •·         LicensingAll mortgage brokers conducting b... 12/29/2008