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Fort Collins, CO Real Estate News

By Rob Kittle, "We Specialize, You Benefit!" -Kittle Real Estate
(Kittle Real Estate)
Selling a home sounds simple. As a "For Sale By Owner," all you have to do is put a sign in the yard, an ad in the paper, and stand back while the buyers come running to bid. If you're tempted to market your home without the aid and advice of a real estate professional, take a moment to ponder these questions: Can you set a price on your home realistically and accurately? If you price your home too high, you'll get few shoppers and help your neighbors sell their houses. Price it too low, and you'll lose money. Local real estate markets change quickly, street by street, and unless you have the same information that real estate professionals receive daily, chances are you'll set your price over or under current market value. Are you prepared to spend possibly many days glued to your home?...
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
    Real Estate service professionals Matt Evans, MSM & David Timm, GRI would like to take this opportunity to update you on some important information regarding interest rates, financing, and our Northern Colorado Real Estate market.  Are you happy with your home?  Does it fit your life nicely right now?  Have you experienced life change recently?  Do you expect a life change soon?  Does your current mortgage fit your needs? These are questions that we as your Real Estate professionals encourage you to answer occasionally.  Should I refinance?  Currently it is not uncommon that a conventional loan interest rate is very near ±5%.  You may have a balloon payment coming or an ARM that you would like to convert to a fixed rate. Is now the time for my First Home?   There are many reasons to...
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
I generally avoid doing too many open houses on Sunday's But today I was asked to cover a vacancy. I did go to church, fulfill my privileges and service in the morning, then was off to set up.  The first hour or so was a little slow but the next hour and half was a frenzy.  I had so many buyers come by that never even talked to a couple of them since I was engaged with interested buyers. The buyers were out.  I guess they read the paper and are ready for a better 09.  Works for me! Visit the Great Homes at Conifer Meadows  
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
LAst week I had someone ask me to do a CMA on their Home to see if they could move to a different area.  They don't have to move they just want their kids in a different school district.  The news was not what they wanted to hear.  The recent sales show comps selling below what they paid. The gentleman in question said "I will never sell for less than what I paid!" He's a smart guy, went to business school...... I don't believe that now IS the right time for them to sell but, I had to spend some time trying to remove some of the raw emotion out of the situation.  I tried to illustrate that if he waited for the market to come back in his area that he may see the market in his target area even surpass the the values in his area and he would see a greater net loss. I don't know if he ever ...
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
I ran into a very good client today.  We exchanged pleasantriesand then he asked me Should I refinance?  He bought just a year ago.  I was a little surprised whan he next said, I figured you would let me know if I needed to refinance. I am not a mortgage pro and I don't play one on TV.  Having said that I told him what lenders had told me the last week or so.  Putting his situation aside, Should I be bringing up you should refinance, or you should consult your financial specialist.
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
So I saw a question the other day and it got me thinking.  So is it a good time to invest in Real Estate? The answer is as simple as it is complex. First lets explore what real estate investing is not.  RE investing is not day trading.  Sure every now and again you can see a high rate of return on property.  But what is a high level of return? 10, 25, 50 even 100%  Over years right?  Buy stocks at $5, they skyrocket up to $100.......  And if news goes bad back down or to nothing. Back to if now is a good time to invest.  The answer is and should be different for everyone.  If buying and holding Real estate fits into your long term investment stratagy, now there ARE great opportunities to find Quality investment properties in Fort Collins and Northern Colorado If long term investment is ...
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
Yesterday I visited a property which is quietly available in the old town area.  On the exterior it looked very solid.  Huge lot!  Great location!  No Brainer. Right? How is it that it could go wrong?  Apparently the investor, knowledgeable in real estate had a dream and got caught in a nightmare.  The drawings were done the plan launched.  Roof was popped up, structure done well.  But when it came time to put stairs in for the second story it didn't work.  Everything stopped.  The Investor became cash strapped, work stopped it got worse.  Now they just want out. Problem is the changes haven't added anything and probably done a great deal of damage.  We looked at it for out of town investors but came away knowing that we were not going to suggest they look at it.  It was not a waste of ...
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By Marilou Smith
(Your Castle Real Estate)
Loan Considerations for Buy and Hold InvestorsAs 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 investm...
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By Marilou Smith
(Your Castle Real Estate)
Loan Considerations for Fix & Flip / Short-Term InvestorsSecuring 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 is a) hab...
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By Marilou Smith
(Your Castle Real Estate)
Loan Considerations for Jumbo MortgagesFor 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 fixed pro...
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By Marilou Smith
(Your Castle Real Estate)
Loan Considerations for Loan Amounts Between $200K - $417KWith 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 could not...
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By Marilou Smith
(Your Castle Real Estate)
FHA First-Time Buyer Tax CreditIn 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 link for ...
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By Marilou Smith
(Your Castle Real Estate)
Loan considerations for a first time buyerLending 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 as they ...
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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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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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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 Marilou Smith
(Your Castle Real Estate)
TOPIC: Improving conditions in Denver’s  marketThere 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 ...
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By David Timm, CRS, EcoBroker, GRI, ABR
(Coldwell Banker Residential Brokerage)
As the year is coming to an end so too is the option to put 3% down on an FHA loan.  After January 1, 2009, the downpayment on an FHA loan will increase to 3.5%.  Now there is still time to identify a property before the end of the year and close in January to still take advantage of the lower down payment. Having said that, there are many other products which will continue.  USDA Offers 100% financing on Rural property loan.  These properties include locations such as Wellington, LaPorte, and Berthoud.  This is a great option for first time buyers on top of the current Tax credit. There are all kinds of other posibilities and with rates continuing to be remarkably low opportunity abounds.  Call me and lets review your wants and needs! Search For properties in Fort Collins and Northern ...
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By JJ Hannah
(Keller Williams Realty Northern Colorado )
For those of you agents who have green minded clients.  This product is for them.  This project is going to be an infill, mixed use development in downtown Fort Collins.  With such a phenominal location and a fatnastic concept; there is no wonder we are 50% sold out already.   We also have some really great videos of the project that you can check out here: http://www.youtube.com/watch?v=glvS54TBNX0 http://www.youtube.com/watch?v=X_7Bh09DJk4 There are still some great residential units and commercial units available.  Please get in touch with me if you have any questions or would like information.
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By Rob Kelly, Louisville Colorado Realtor
(RE/MAX Alliance)
For those folks involved with our interested in Colorado Real estate investing, here is another positive trend in rental vacancies in the Northern Colorado rental market.  We have been seeing similar number in the Denver Metro rental market. I am also hearing a lot of anecdotal evidence from our investor clients...most are reporting that any vacancies that they are marketing are flooded with calls and emails from motivated tenants.   It's a great time to invest and own rental real estate in the the Northern Colorado market! Rob Kelly www.RobKellyColorado.com www.DenverForeclosureTour.com Twitter: RobKellyCo   Rental market tightens up; rates rise in Northern Colo.BY CARI MERRILLCariMerrill@ coloradoan.com Thanks to foreclosure fears, the rental market in Northern Colorado is tightening ...
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