Jude's Real Estate Rumblings

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The lowdown on getting a low down payment loan

The lowdown on getting a low down payment loan, an article from CNNMoney.com, examines the ins and outs of FHA loans.  The Federal Housing Authority is still offering 3.5% down loans to qualified buyers.  The borrower should contact a mortgage broker or FHA-approved lender.  The agency's guidelines require that the buyer spend no more than 31% of their gross income on mortgage payments.  Interest rates on FHA loans aren't based on credit scores, as there are for most loans.  FHA borrowers will receive the same interest rate that any conforming borrower with a good credit score would receive.  However, borrowers with credit scores under 500 will have to put 10% down, rather than just 3.5%.  Insurance premiums are also charged on FHA loans, to cover defaults.  There is an up-front fee of 1.5% to 2.5% of the dollar-value of the loan, as well as an annual fee of 0.5%. 
http://money.cnn.com/2009/01/15/real_estate/low_down_loans/index.htm?postversion=2009012006

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 22 2009 02:10PM

Price drop for homes not as bad in Denver

It may be small consolation if you bought a home in the Denver area at the top of the market, but the local residential real estate market is in far better shape than almost any other major metropolitan area in the country.

The most recent S&P/Case- Shiller report showed that Denver-area home prices were down 5.2 percent in the 12 months ending in October, compared with an average 18 percent drop for the 20 cities in the index.

http://www.rockymountainnews.com/news/2009/jan/07/price-drop-for-homes-not-as-bad-in-denver/

 

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 21 2009 07:28AM

Relocation.com 2008 Moving Survey -- Who's Gaining, Who's Losing

Relocation.com 2008 Moving Survey -- Who's Gaining, Who's Losing, an article from Relocation.com, reports that Denver is the second most popular destination for people looking to make a long distance state-to-state move.  The top spot went to Las Vegas.  Reasons for people to relocate include: taking a new job, finding a place with more solid economic opportunities and finding a place with more favorable climate or cultural opportunities. 
http://www.relocation.com/library/moving_guide/2008_moving_survey.html

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1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2009 11:43AM

In these struggling economic times, luxury is still thriving

In these struggling economic times, luxury is still thriving, an article from 9news.com, reports that the Landmark in Greenwood Village is not only succeeding, but it's getting a lot of national attention.  Thursday evening, a grand opening was held for the Meridian Tower at Landmark.  The tower has been featured in the New York Times and other national magazines because of how well it's doing in a down economy.  Ranging in price from $500,000 to $2 million, the posh condos come with access to swimming pools, fitness centers, business centers and golf simulation theaters.  Future plans call for a "European Village" of brownstones and manor homes.  The Four Seasons in downtown Denver is another luxury development finding success - the condominium/hotel tower is nearly sold out. 
http://www.9news.com/seenon9news/article.aspx?storyid=107807&catid=509

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2009 11:42AM

Green Home Features Grow in Demand

Green Home Features Grow in Demand, an article from Realtor Magazine Online, reports that green features are growing in popularity.  For buyers, it means lower costs, being more environmentally friendly and adopting a healthier lifestyle.  The focus is on energy efficiency, water efficiency and indoor air quality.  Energy Star appliances, low-flow shower heads, carpets and paint with low volatile organic compounds and building materials from local suppliers are what buyers are looking for.  The average green buyer is willing to shell out an extra $12,400 to get these features. 
http://www.realtor.org/rmodaily.nsf/pages/News2009011605

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2009 11:40AM

Denver Metro Area - New Home Prices

Denver Metro Area - New Home Prices
 
   
Average Price
Median Price
2006
Jan
$340,300
$300,400
 
Jun
$378,100
$340,400
2007
Jan
$375,200
$317,700
 
Jun
$408,700
$331,000
2008
Jan
$407,400
$334,200
 
Jun
$422,400
$347,800
 
Nov
$356,100
$322,500
 Source - Home Builders Research - HBRColorado.com

Do you think it's a good time to buy a new home?

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2009 11:39AM

Fixes that "git 'r sold"

Fixes that "git 'r sold", an article from the Denver Post, examines maximizing return on investment (ROI) when it comes to home improvement.  It's important for homeowners to recognize what their home really needs and how it stacks up against neighboring homes.  "Look to see what your neighbor has.  You want to be the best house on the street," said Gary Eisenbruan, president of the Colorado Association of Real Estate Appraisers.  "This applies to all income levels and all value neighborhoods."  The main goal should be to correct any deferred maintenance issues, such as broken windows.  Take care of any roof repairs and fix any leaky plumbing.  Kitchen and bathroom remodeling projects remain perennial winners - they sell houses. 
http://www.denverpost.com/headlines/ci_11475900

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1 comment • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 20 2009 11:38AM

Washington Report: Who Chooses Appraisers?

Washington Report: Who Chooses Appraisers?, an article from Realty Times, reports that Fannie Mae and Freddie Mac recently announced their adoption of a "revised version of their controversial settlement with New York attorney general Andrew Cuomo."  The original version, which was agreed to last spring, created a strict set of guidelines for appraisals on all mortgages purchased or guaranteed by the two companies.  The code prohibits mortgage brokers from selecting appraisers and forbids Realtors from having "any say or influence over the choice of an appraiser on a sale transaction."  Appraisers are unhappy with the changes, as they've established long-standing, legitimate relationships with Realtors brokers and small lenders. 
http://realtytimes.com/rtpages/20090105_washingtonreport.htm

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 15 2009 10:44AM

It's a first-time homebuyer's market

It's a first-time homebuyer's market, an article from The Denver Post, reports that federal help and willing sellers is helping to speed the process for first-time homebuyers.  A U.S. Department of Housing and Urban Development program allows first-time buyers to make a down payment of only $100 on HUD-designated properties.  Last year, a one-time tax credit was made available to first-time homebuyers.  The interest-free loan can be paid back over 15 years or when the home is sold.  Individuals making $75,000 or less can qualify for the full $7,500 credit.  Couples need to have a combined income of less than $150,000 to get the full amount.  Some homebuyers are also considering a loan from the Colorado Housing and Finance Authority.  CHFA requires that the person selling the home have owned the property for at least 90 days. 
http://www.denverpost.com/headlines/ci_11359617

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0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 15 2009 10:43AM

10 Tips for Generating Buyer Interest

10 Tips for Generating Buyer Interest, an article from Realtor Magazine Online, examines 10 tips to help get a home sold.  The first one is an obvious one - declutter.  Next, let the light in by taking down heavy drapes.  Scrub-a-dub-dub - shampoo carpets, scrub the front door and touchup scuffed walls.  Fix anything that needs to be repaired.  Enhance the view by obscuring unattractive nearby properties with a fence or shrubbery.  Consider a weeknight open house to attract a different crowd.  Ask buyers' agents for feedback.  Have owners vacate the property during showings.  Rent-to-own may be an option worth considering for some sellers to avoid two mortgage payments.  And finally, drop the asking price.
http://www.realtor.org/rmodaily.nsf/pages/News2009010703

www.judesandvall.com
0 comments • Jude Sandvall, ABR, CNE, SFR 720-255-1021 • January 15 2009 10:42AM