Centennial, CO Real Estate News

By Stefan Geyer
(SOA Realty)
Greenfield is one of those neighborhoods that suits lazy sunny days and a tall glasses of cool lemonade.  The long winding greenbelts, surrounding trail system, swimming pool, park, and large comfortable homes all combine to create a a great neighborhood. Greenfield is located in Centennial, a few miles north of E-470, off of Smoky Hill Road.  The is plenty of recreation nearby, including Aurora Reservoir and several golf courses.  There is also some fun places to spend money, the most popular being the Southland Mall area. The homes in the community range in price from approximately 250-550K, and there are around 700 homes, so you are bound to find one on the market at any given time that you would like.  The school district is Cherry Creek, which is one of the reasons that people ini...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
I just received a great comment on my last article outlining the 2008 Housing and Economic Recovery Act. There is one big change that effects Seller’s and the amount of capital Gains Tax they may have to pay. Buried deep on page 690 of the 694 page law is an important change to the Capital Gains Exclusion rule.  This rule is modified from allowing Seller’s to exclude capital gains on their home sale of up to $250k, or $500k for those filing jointly, to a formula that reduces this exclusion.  This is Bad, Very, Very BAD! As this new law is further digested, I wonder what other “Little Surprises” we will find? Thanks Brad Nix, for the info!  To check out the formula, and other details check out this article. http://maxsell.net/housing-and-economic-recovery-act-of-2008/   To keep in the l...
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By Deni Cates
(Fidelity Reverse Mortgage)
Sometimes I get asked, "You ONLY do reverse mortgages? Can't you do other types of mortgages, too?" Yes, technically I can do other types of mortgages, but I choose not to. Do all insurance agents sell life insurance, health insurance, commercial insurance, property and casualty insurance, disability insurance, long term care insurance, etc? Nobody I know does all those things. How about Realtors? Do all Realtors sell both residential and commercial properties? I don't know any who sell both on a regular basis. Why is that? Probably because they recognize the value of specialization.      I choose to specialize. I am an expert on the reverse side of the mortgage market. I am always studying and learning new things. If I don't know the answer I know where to get it or whom to ask, and I'...
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By Deni Cates
(Fidelity Reverse Mortgage)
There are a number of home repair and safety items seniors either put off doing, or are not able to do because of physical or financial limitations. Not making these updates or changes to the home may result in a fall or injury.        * Change smoke detector batteries      * Add carbon monoxide detectors or change their batteries      * Check the charge on fire extinguishers, or install fire extinguishers in convenient locations      * Add safety treads in bath tubs and shower      * Install night lights in bathrooms, hallways, kitchen,      * Change door knobs to levered handles      * Replace washing machine hoses with a brand with an automatic shut off      * Add grab bars in bathroom        These minor items may not seem like a big deal to younger, more able-bodied people, but to a...
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By Deni Cates
(Fidelity Reverse Mortgage)
"Why would somebody get into a reverse mortgage? Are all your clients poor but their houses are paid off?" Those are a couple questions I get asked frequently. The answer to the first question is, "it depends." The answer to the second question is, "no."      My clients' reasons for using a reverse mortgage are varied--as varied as the borrowers. Most do have their homes paid off, but not all of them do. Many of them need to use the equity in their homes to live, but not all of them do. Some still have small mortgage balances and they want to get rid of those monthly payments to help with cash flow.      What does my average client like? I know some of you just answered that question with "wrinkled." Most are single ladies, most of them widowed, and the average age is 73. They're smart ...
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By Deni Cates
(Fidelity Reverse Mortgage)
Are you tired of hearing about how horrible the mortgage market is, how bad mortgage lenders are, and how high the foreclosure rate is in Colorado? Maybe you're able to tune it out more than I, since it may not be the world you work in.   I know you didn't hear this story. It involves a Realtor (Tim Hoyman) wanting to help a long-time client stay in his home which was in foreclosure.   The homeowner had a heart attack and was in rehab for several months. During that time he missed a couple payments on his second mortgage, so it went into foreclosure. The homeowner was a 73-year-old gentleman who had a lot of equity in his home. With a reverse mortgage we were able to pay off his first and second mortgages, get his home out of foreclosure, and help the gentleman stay in his home. At the ...
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By Deni Cates
(Fidelity Reverse Mortgage)
Did you know reverse mortgages can be used to cover monthly expenses for seniors when savings or income won't? If your client has tens of thousands or possibly hundreds of thousands in home equity and they are over 62, perhaps a reverse mortgage should be considered as a way to manage and even grow their assets.  73-year-old Mrs. M. is in that situation. She works full time and makes mortgage payments and found that reverse mortgage would "free up $750 month that I could put toward other things. I could stop working full time, spend time with my grandkids, volunteer, and work when I wanted to." She still owns her home and now her freedom, too.  A reverse mortgage made it all possible. Are your clients asking you about reverse mortgages? Can you answer their questions correctly? Knowing ...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
PMI, Private Mortgage Insurance, is required on most mortgage loans in which the borrower has less than a 20% equity position.  These insurance companies charge the borrower a premium to benefit the mortgage lender in case of default.  Part of their insurance rate analysis includes an in-depth analysis on the potential for property value decline.  Obviously, a large concern for everyone today. From The PMI Group, Inc. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years. The Summer 2008 Risk Index is based on first-quarter Office of Federal Housing Enterprise Oversight (OFHEO) data. The Great News, Denver is one of only only 14 areas in the country, with a less than 1% risk of prices dropping in the next two years! To see the other...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
photo credit: sosico First and foremost in order to shop effectively you need to make sure you are working with a professional, someone who is interested in your goals and plans for the future. This is very likely your largest asset as well as your largest debt. Ultimately what we are talking about here is a lien against your income – and what is the best way to manage that? You are looking for someone who can advise you not just quote rates and payments over the phone. Get a recommendation from your Realtor they often have professionals they like working with and have completed multiple transactions with in the past. Or it is always nice to have a warm introduction from friends or family especially when you are dealing with your personal financial well being. Here are four simple thin...
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By Steve Scheer, Highlands Ranch Real Estate - Denver Real Estate
(Realty Oasis - Metro Brokers)
As a Realtor® in Denver, I see many homes throughout the Denver metro area all of the time as I have been very busy with home buyers.  Lately I have been to homes in varying price ranges and in different areas and neighborhoods.  My car has taken us through Highlands Ranch, Parker, Englewood, Greenwood Village, Castle Pines North, and Centennial in just the last 10 days or so.  The price range has varied from buyer to buyer from around $320,000 to just under $1,000,000.  For the most part, with some exceptions, the homes when you walk in the door are in stellar shape.  They have been cleaned from top to bottom and most would certainly pass the white glove test.  Most of them show beautifully. But lately I have seen something across the board - even in one of the higher end properties.  ...
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By Steve Scheer, Highlands Ranch Real Estate - Denver Real Estate
(Realty Oasis - Metro Brokers)
Centennial Homes For Sale - The New Listings If you are searching for the latest Centennial homes for sale you should find this map based search of new area listings helpful. If you ready to buy your next home, you definitely want to know where the latest Centennial listings are so that you are able to view them first if you desire. This tool will help you do just that. Regardless of what you may think about this Denver real estate market, it is not unusual for the very best homes in the Denver area to be Under Contract very quickly if they are priced right. This interactive map will help you stay on top of what is new at all times. The map below shows you the properties in Centennial that are new real estate listings in the last 3 days. It is constantly updating. If you come back tomor...
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By Steve Scheer, Highlands Ranch Real Estate - Denver Real Estate
(Realty Oasis - Metro Brokers)
With the increase of the price of homes over the last several years and perhaps the economic crunch hitting savings a bit, can this really be done?  Perhaps. It depends on you. If you have been planning for this, keeping your debt low and credit history excellent then you really can buy your first home here.  Of course, what I run into often are people not satisfied with needing to start out in anything less than what mom and dad have, or friends, etc…  This is where you need to look hard at the magic reality mirror and ask yourself what you can comfortably afford. I always say that it is better to hop on at the caboose than to miss the whole train.  Owning your home and building equity over time can do amazing things for your life.  But you may need to buy something less than you imagi...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
photo credit: David Watson My goal in working with Buyer clients with a contract to purchase a home is always to make the Closing a non-event. I strive to make sure all the footwork is done beforehand so when we sit down at the Title Company to sign the forest of documents that is a real estate transaction there are no surprises. That means all the items in the contract have been addressed, and the financed money is final and has been wired to the Closing Company. As the day for closing approached, the lender had been in constant contact and had the figures ready. The Title Company had prepared the settlement sheets for review. It is very important to look through these figures carefully as any concessions may not be called out specifically. Rather, numbers that would typically appear ...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically. Conventional 30 year fixed: 6.25% up from 5.875% last week FHA/VA 30 year fixed: 6.125 up from 5.875% last week 5 year interest only ARM: 5.5% up from 5.375% last week Jumbo 30 year Fixed: 8.125% (OUCH!) We actually have some news this week. Mortgage Bonds have made a decisive cross below the 200 day moving average, which is a STRONG indication of rising rates. Barring a quick reversal of the bond markets, we will most certainly continue to see a rise in mortgage rates. Stay Tuned! If you have any questions about mortgages, or how to lock in a rate, please contact us at any t...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
  photo credit: cioproject I'm witnessing an interesting trend. Investment property opportunities are much tougher to come by than only a couple months ago! Earlier this year, we were finding 2-3 properties per week that would meet our "Great Deal" or "Wholesale" criteria. That is, a property available for purchase at a price that was at least 20% below pre-2005 values. Its been over 3 weeks since one of these deals has surfaced. Additionally, [...read the rest] To keep in the loop about Denver Real Estate and the Get Home Denver Team, make sure and sign up for our feed.
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
  photo credit: EverySpoon Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically. Conventional 30 year fixed: 5.875% FHA 30 year fixed: 5.75% VA 30 year fixed: 5.75% 5 year interest only ARM: 5.375% Jumbo 30 year fixed:  7.875% Jumbo 5/1 ARM 5.5% Rates for Government programs (FHA & VA) have improved slightly over last week.  Conventional and Jumbo products have remained about the same.  There are fears from inflation that may move rates higher (Oil at record highs!) If you have any questions about mortgages, or how to lock in a rate, please contact us at any time.
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
Here are current mortgage rates for the Denver Metropolitan area. These rates change constantly, so they are subject to change. I will post new rate information if these figures increase, or decrease dramatically. Conventional 30 year fixed: 5.875% FHA 30 year fixed: 5.875% VA 30 year fixed: 5.875% 5 year interest only ARM: 5.375% Jumbo 5/1 ARM 5.5% You'll notice the market is not wanting to play on adjustable rate mortgages, and they are making sure to get a premium for the Jumbo loan programs. But the market is loosening up a bit for this type of money. If you have any questions about mortgages, or how to lock in a rate, please contact us at any time. To keep in the loop about Denver Real Estate and the Get Home Denver Team, make sure and sign up for our feed.  
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
When it comes to investing in Real Estate, no one wants the cash flow pimp of an empty unit!  Cash flow is king,  and if the market is saturated with available units, it means the owner/investor will have to eat a monthly payment, or reduce the rent charged to gain a tenant.  Both of these options kill cash flow! The Denver Real Estate market keeps getting stronger for investors!  Great value on the buy side, low vacancy rates, and HUGE upside in a 3-5 year period. Click here to read our full post on newest numbers on Vacancy Rates in the Denver area.   To keep in the loop about Denver Real Estate and the Get Home Denver Team, make sure and sign up for our feed.
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
In terms of Denver, Colorado Real Estate, there may be a new definition to "Buyer's Market." The typical definition of a "Buyer's Market" is one that says the conditions of the market place are more favorable to the buyer than the seller.  With the number of foreclosures still hitting the market, the mass amounts of publicity to the nationwide Mortgage Fiasco and the potential long term implications it is causing, it is easy to fall into the "trap."Unfortunately, many home buyer's in the Denver area are getting a not so pleasant wake up call.  My team has two separate clients that are thinking that Buyer's Market equates to Bidding War! Over the past month Client "A" has put in 5 bids on 2 different properties and has yet to have one accepted.  Each time others have outbid them, and we ...
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By Bob Schenkenberger, Denver Real Estate
(Colorado Realty Professionals)
When it comes time to sell a home, Seller's ALWAYS ask, What should I do to get ready?  A great answer to this is the topic of a recent post on my Denver Real Estate blog.Short of paint, carpet and the remodeling of Kitchens and Baths, the simple answer is to get your home ready like you were throwing a party!  How do you want your guests buyers to see your home?  How would you like these guests buyers to feel after they have left?If you can instinctively answer these questions, then you're on the right track.  If not, then call in a professional stager to help!  My stager of choice is Elaine Manes.  To read a full post by Elaine on this subject, go here! Find out more about Denver Real Estate and the Get Home Denver Team! 
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