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Erie, CO Real Estate News

By Brian Mills
(Your Castle Real Estate)
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 al...
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By Brian Mills
(Your Castle Real Estate)
How does your FICO score impact your interest rate on your loan?Low credit scores are deemed greater risk for lenders since the likelihood for defaulting on the loan increases.  As such, lower FICO scores translate into higher interest rates.  Mortgage lenders will group credit scores in a range, usually in 20 or 40 point increments, with interest rates progressively getting better for each higher interval.  For example, a borrower with a middle credit score between 660 – 680 will have a higher interest rate (presuming all other variables being equal) compared to one with a 680 – 700 score.  Typically, when a borrower has a 750+ credit, they will be able to secure the best possible rate, assuming their income, assets, collateral and down payment are acceptable.For qualifying, underwrite...
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By Brian Mills
(Your Castle Real Estate)
What is a FICO score?FICO stands for Fair Isaac Corporation, a company that created the most used credit scoring model in the United States.  An individual’s credit score is calculated through a statistical algorithm and is used as a factor in determining the likelihood of a borrower defaulting on a loan.  FICO scores are generally used for obtaining mortgages, car loans or consumer credit.  The scores are provided from the three major credit reporting agencies: Equifax, Experian and Transunion.  Typically, there is a variance amongst the scores since each agency has a slightly different scoring formula.  FICO scores range from 300 – 850, with higher scores being considered less risky.  For mortgage lending purposes, any score over a 680 is considered good and above a 750 is considered ...
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By Brian Mills
(Your Castle Real Estate)
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 down 4.7% from September's median of $216,1...
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By Rob Kelly, Louisville Colorado Realtor
(RE/MAX Alliance)
Even though Christmas is still a couple of weeks away, I thought Erie residents would appreciate this information on Tree Recycling... The Parks Division's annual Christmas tree recycling program starts December 26, 2008.  Residents can drop off trees through Jan. 11 at Coal Creek Park, located at the intersection of Cheesman and Kattell.  All ornaments and tinsel must be removed from the tree. The Parks Division plans to mulch the trees and give the mulch away.  The mulch will be available on a  first come, first served basis through Feb. 6, 2009 For more information, call Mike McGill at 303-926-2892 or send an e-mail to mmcgill@erieco.gov
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
Can you believe Thanksgiving is just around the corner?? It's that time of year where most people gather around a table full of family recipes and mouth watering treats but during these difficult economic times, some are unable to enjoy this luxury. This year, Becky and I wanted to give back to the community that has given us so much this past year. We held our 1st Annual Erie Commons Food Drive the week of November 10th and picked up bags on Friday, November 14th. Both myself and Becky Coet were like 2 proud parents when we started collecting on Friday. House after house had the bag we had provided and some had even added additional bags to their donation. We couldn't believe how generous our neighbors were. We had a feeling they were wonderful but this event truly showed the spirit of...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
Happy Monday to all my fellow Active Rainers. I received a newsletter this morning from the Mayor of Erie Andrew Moore and he had some great information about the upcoming events in our town. I wanted to share them with you because these events always make for some fun during the holiday season. The Erie Rotary Club has a lot in store for the Town of Erie. Some of the events include: Light Up Briggs Street!  Friday, Dec 5, 4:30-6:30 Holiday Arts & Crafts Fair  Saturday, Dec 6, 10:00 - 5:00 Erie Community Library Winterfest  Saturday, Dec 6, 10:00 - 4:00 Erie Holiday Lighting Contest - Entries by 12/8, Judging on 12/11, sign up at the Erie Community Center Polar Bear Family Bike Ride - January 1, 10:00 - 1:00, click here for more information on how to sign up for this and other events. I...
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By Michael Clarkson
(Snow Coast Real Estate)
Market Trend Analysis - Denver Metro Selected Towns/Cities Based on information from Metrolist, Inc. for period from Octoboer 7, 2008 to November 6, 2008 Single Family Residences - All Price Levels Excludes Housing Not Listed in MetroList                     Note: Six (5.5 to 6.5) Months of Inventory Tends to Indicate Neutral Market, Over 6.5 Months a Buyer's Market, Under 5.5 Months a Seller's Market                     (How Calculated) A   B C = B/12 D = A/C    E    Price Range Active % of Market Sold in Past 12 Months Sold Per Month Months of Inventory Current Activity Status  Curr Month Under Contract  Near Term Sales Trend  $                  -    $        100,000                   798 4.35%                4,633                   386                  2.07  Seller's Market         ...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
Located on the west side of County Line Road in Erie Colorado, this beautiful community is very easy on the eyes!  One of the most appealing communities in the town of Erie, if you are looking for a change in scenery and an amazing street appeal, you definitely need to check out Erie Village. The color schemes in this neighborhood are so much fun and, a nice break away from normal neutral tones. You see bright blues, pinks, reds, greens, every color in the rainbow. The colors are an amazing addition to the Victorian architecture and they add so much character to each individual home. Many homes in this community are not only easy on the eyes, but they are also kind to the earth featuring many Built Green options to save on heating and cooling bills. Words cannot fully describe the feel...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
My neighbor and business partner, Becky Coet and I decided to give back to our community here in Erie, Colorado by starting an annual Food Drive. We simply delivered donated paper bags to each home in Erie Commons and will be picking up the filled bags at the end of the week. We have had such a warm response already and people have been contacting us to come and get their bags, I'm pleasantly surprised to see how much people are donating. I have a hard time believing that one neighbor had 3 bags of food just lying around their pantry (which consisted of 3 huge jars of peanut butter) and have a feeling they actually went out and purchased items for the drive...it makes me goopy just thinking about that extra effort being given to help the hungry!! The picture below is just a fraction of ...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
Being a native Coloradoan, I've grown up having seasonal snow. From the blizzard of 1982 (I think, I was a kid so I'm not completely sure of the year), to the one in 2006, it's inevitable that we will get some snowy cold white stuff soon. Here it is November and we haven't had any snow (unless you live in the mountains). I have an alterior motive to wanting it...read on my friends! Looking back on snow storms, they are the best way to have fun family activities. I'll never forget putting on my powder blue snow suit with this horrible '80's multi-colored jacket. My dad had shoveled snow for  a good couple hours and the snow was still about 4 feet high. We had the generator running for some heat in the house and for a hot plate since the power was out. As a kid, this was fun and exciting ...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
  What an amazing weekend it was. The weather is beautiful, if I remember correctly, we had snow about this time last year. I'm hoping the sun stays out for trick-or-treating on Friday. Saturday was the 26th Annual Eerie Erie hosted by the Optimist Club. This was a huge event! Over 600 participants joined in the fun. Many of the runners were even from out of town, I was pleasantly surprised to hear that people from outside Colorado knew of this great event in our great town! There was also the Trunk or Treat event at the Erie Community Center that brought in a huge crowd. I wasn't able to attend this but the parking was insane. My neighbors informed me that they didn't have enough candy for all the kids and families that attended. I guess the town didn't realize how big of a hit their e...
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By Heidi Marshall
(Innovative Real Estate Group, LLC)
I had to write today because I'm sitting at the Erie Community Center here in Erie. I'm watching my 3 1/2 year old in her ballet/tap class. There are so many kids in her class and I can't help but wonder if they will all grow up to compete on "So You Think You Can Dance?" My daughter, is the one in class that probably won't because she is running around galloping like a horse. But, enough about my daughter's imagination. I have to say I love this place. I am here at least once a day either working out (which is wonderful for stress relief, I highly recommend it) or bringing my kiddo over to run off some energy in their indoor playground. I even work here 3 days a week as a change of scenery and to make some money for my marketing...it's just fun! I've experimented with the climbing wall...
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By Brian Mills
(Your Castle Real Estate)
Investor often ask me what types of real estate investments are available on the market.  Here's what we tell them. This is the first of several postings on the topic. Please offer comments - positive or negative! Assignments.  If you don't have much equity to work with, and/or if your credit power is limited, assignments can be a way to get started in real estate investing.  You will need to have a strong "sales" personality to succeed at it, though.    Rental Condo or Rental Home.  Purchase of a residential property to be rented out to tenants, usually on a 6-12 month lease term.  This is how most new landlords get started.  You can hire out all of the property management functions, but in many cases you will do many of them on your own.  There are smaller down payment requirements th...
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By Michael Clarkson
(Snow Coast Real Estate)
Folks:I hadn't had a chance to share some good news with you that I have wanted to for a while.  My site - YES! MY SITE! - was chosen as Realty Times® "Site of the Day".  Realty Times® is by far the leading Real Estate News site on the Internet and is fast becoming one of the most informative real estate news broadcasts.Needless to say, I was tickled pink. It was such a great honor.  To see it for yourself, click here: http://realtytimes.com/rtpages/20080207_siteoftheday.htm   For those of you who don't click through, here is what was featured. http://www.MileHighHomeHunter.com -- "I am a part of a select group of REALTORS® that continually invests in their education to support clients.  I am a GRI (Graduate REALTOR® Institute), an accreditation of achieved by 20% of REALTORS®. I am als...
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