While dressing up is a big part of the fun of Halloween, you can’t say it’s been a perfect holiday if you didn’t enjoy a good walk in a safe neighborhood and score a full basket of candy.
Many people will stick to their own block this Halloween, but this is a great opportunity to get out and explore some different parts of the city. You might like the treats you find in one of Denver’s top four neighborhoods for trick or treating.
Here’s a Denver Trick or Treating Guide for 2014:
The Cherry Creek neighborhood is bordered by Colorado Boulevard, University Boulevard, First Avenue, and Seventh Avenue. In addition to seeing many gorgeous homes, you also can count on staying safe and walking away with a big haul of candy.
Between I-25, Downing Street, Cherry Creek, University Boulevard, and Cherry Creek you will find the Washington Park neighborhood. The nice homes are tightly packed together here, making it prime trick or treating territory. You won’t have to do a lot of walking to fill your basket.
Alameda Avenue, Monaco Parkway, Severn Avenue, and Colorado Boulevard make up the borders of Hilltop. You’ll enjoy a safe walk through this beautiful upscale neighborhood. If the kids get tired, take a break and enjoy a Halloween parade in Cranmer Park, which is centrally located in the neighborhood.
This is another highly populated neighborhood...
At least right now, October 15th 2014. Rates this week are phenomenal and represent a great opportunity.
We have found that most people shop for a new home based on the monthly payment and not the cost of the home. At least this is where most buyers start when determining the price range for searching. This makes sense as the monthly payment translates to the carry cost of owning the real estate. The “sticker price” has little tangible value with regard to affordability without a monthly payment.
When looking at the monthly payment for financing a new home, a big driver is the interest rate. We find it fascinating how much the interest rate changes the amount a buyer can purchase at the same monthly payment. The rule is fairly obvious, the lower the interest rate the higher the purchasing power. That sounds good but translating it into real numbers revels the AHHA!
Every 1% decrease in interest rate translates into 10.75% increase in purchase price. This also works in reverse, as it will erode purchase power when rates are rising.
So a buyer that wants a monthly payment around $2,000, with 20% down can afford a $500,000 home at a 4.75% rate.
That same payment gets the buyer a $553,750 home when the rate drops to 3.75%.
So as a real estate broker we like to keep an eye on rates as they have a direct correlation with affordability.
Please let us know if you would like us to run the numbers based on your specific purchase.
Congratulations, you have decided to buy a new home. That decision ushers in a flood of emotion ranging from excitement to anxiety.
In order to help with the later, we have created a home buying guide that identifies the steps in purchasing a new home.
Weather you’re a first time home buyer or seasoned owner, we feel our road map helps organize and simplify the process.
There are quite a few steps when purchasing a home. The graph below is a visual representation of the home buying process.
It all starts with hiring a professional real estate broker to guide you through the process. You will want to hire a broker that is an expert in the areas you are considering a purchase. More: Denver Real Estate Broker Duties, Home Purchase
Once you select to real estate professional to help facilitate your home purchase you will want to get pre-qualified/approved for your new home loan if you require financing. Selecting a lender is a very important step. Get referrals from people you trust. Then compare the personality’s you relate to, with a good faith estimate.
Next up, making an offer. What makes a good offer?
Next you will want to review all of the Colorado Real Estate Disclosures with your Broker.
After your offer has been accepted the next major hurdle is the general inspection. The general inspection...
What is the job of a real estate broker and what makes a good broker? These are two very good questions if you are considering hiring a real estate professional to help with the purchase of real estate.
There are four categories of skills that need to be managed by a competent real estate broker. These categories include; Guidance, Responsive, Accounting and Loyalty.
Guidance is an important attribute to a smooth and successful real estate transaction. Some of the areas of broker guidance center around the following:
- Frame the property search around what’s most important to you
- Recommend lenders for pre-approval that help determine an affordable price, strengthen your offer and lead to a faster closing
- Search the MLS and network with other brokers daily to find new properties that match your criteria
- Preview properties, schedule and accompany you to showings
- Analyze comparable property values and advise you on current market conditions
- Structure and prepare your offer, review disclosures and laws and deliver the contract
- Negotiate skillfully on your behalf and promote clear and frequent communication among all parties
- Review title commitment, recommend home inspectors, facilitate lender approval, insurance coverage, and recommend attorneys or tax professionals as needed
- Accompany you on final walk-through
Responsiveness is the next area of management and includes:
- Acting in good faith at all times
- Adhering to your instructions
- Returning all calls and emails promptly, keeping you informed
- Closely tracking dates and deadlines
Accounting for money and information is extremely important.
- Receive, deliver and monitor all earnest money deposits
- Receive and deliver all documents in a timely manner
- Review final settlement statements to ensure accuracy
Denver Real Estate Inspection, what should I have done?
This is another question we get from every one of the clients we help. The short answer is, you should inspect for everything that is a concern to you. Now that is a pretty vague answer so I’ll expand.
There are plenty of inspections that can be conducted for a home you are working to purchase. Here is a list of some of the inspections offered in Colorado. This is not a complete list, it’s simply a list of the most common.
- General Home Inspection
- Sewer Line
- Waste Pump
- Soil Condition
- Lead Based Paint
We typically recommend that a buyer, at the bare minimum, conduct a general inspection, sewer line inspection and radon inspection.
The general inspection is conducted by are third party selected by the buyer. Most real estate brokers have a list of referrals for inspectors so don’t worry if you don’t have an inspector in mind.
The general inspection typically last between 3 and 5 hours, depending on the size and age of the home. During the general inspection everything that can be visually accessed is inspected. The inspector will then generate a detailed report explaining the items inspection and the repairs needed.
This report gives you the actual condition of the home so that you can determine if the home is worth buying.
What Makes a Good Offer When Purchasing Real Estate?
This is a question we get asked by each and every client with work with. A good offer is one that gets accepted. That is the simplest explanation, however that can be a tricky undertaking.
It may be perceived, especially on the buy side, that a good offer is an offer at the lowest price. This is not the case as the market determines the price. Real estate typically trades hands at a price that other buyers paid for similar improvements (real estate). Now there are situations called distressed sales where prices fall outside this economic fact, however that will not be discussed here.
To make a good offer your real estate broker should first determine market price for the property you are interested in (subject property). This in not always, and often isn’t the list price of the home. Your broker finds the market price by gathering sales of comparable properties as close to the subject property as possible. Then through the art of adjustment, market value is determined.
Next your real estate broker will want to consider how long the subject property has been on the market. This is a good indication as to the willingness of the seller to negotiate on the price. The general rule is that the longer the property has been on the market the more negotiable the seller is likely to be.
Next it is a good idea for your broker to check public records to see is the seller has a recorded mortgage and how much is still owed on the home. This is another clue as to the willingness of the seller to negotiate. If the seller has the home listed at the amount they owe, the likelihood of them negotiating is lower.
The last thing to consider when determining what makes a good offer is the location of the property. You have heard the adage - Location, Location, Location. This is a fundamental truth in real estate; the best location commands the highest price. Therefore the best offer may be significantly...
Most Colorado real estate transactions have a standard set up disclosures that are provided by the seller and disclose important facts about the home being sold. Below you will find a list of the most common disclosures. This is not an all-inclusive list, as some real estate firms require other disclosures.
Sellers Property Disclosure – This is an important disclosure from the seller as to the condition of the home and systems within. This form has 13 sections that range from the structural condition to environmental condition. This form should be analyzed thoroughly as it will give you clues on where to pay special attention with the inspections.
Lead Based Paint Disclosure – This disclosure will only be present if the home was built prior to January 1st, 1978. This form discloses any knowledge the seller has about the presence of lead passed paint in the home.
Square Footage Disclosure – This is a disclosure that is made to the Buyer and Seller with regard to the square footage being represented for marketing purposes. The disclosure requires the listing broker to disclose where the square footage measurement comes from.
Closing Instructions – This form identifies who will be conduction the closing and the fees associated with the closing services. The form also includes instructions for the closing company and how conduct the closing.
Source of Water Disclosure – This form discloses the water provider for the property with contact information.
The title insurance commitment is an insurance policy that is purchased by the seller that insures the property against loss due to title defects, liens or other matters related to title.
When reviewing your title commitment it is important to examine Schedule B, Section 2, Exceptions. This is the section that lists the items that will not be insured against.
More often than not, this section contains utility easements, recorded neighborhood plat maps etc. that are normal and don’t pose a liability for the buyer. However, there are transactions where serious exceptions are present that need to be cleared prior to closing on the property. Your real estate broker should offer guidance on involving a lawyer or title expert when issues with the title commitment arise.