Rogers Realty Blog

Fourth Quarter FHFA Home Price Stats

admin — Mon, 01 Mar 2010 22:08:37 +0000

Great news from the Federal Housing Finance Agency with their highly anticipated 4th quarter home sales price statistics. Overall, the state of Colorado ranks 3rd across the nation in home price appreciation with a projected one-year rate of 2.76 percent. In the previous quarter, Colorado was ranked 9th in the nation.

Additionally, the Fort Collins/Loveland area is ranked 80th among major metropolitan areas across the nation with a one-year projection of -1.38 percent and edging just past the Boulder metro area, ranked 82nd, with a one-year projection of -1.45 percent. The Denver metro area still leads Colorado at the 79th place with a one-year projection of -1.37 percent.

In the last quarter, Fort Collins/Loveland ranked 108th across all other metro areas with a one-year projected appreciation rate of -1.15 percent. Boulder ranked 84th with a rate of -0.56 and Denver ranked 112th with a rate of -1.19 for the 2009 3rd quarter.

Click here to read the full FHFA report.

8 Quick Fixes to Increase Home Value

admin — Mon, 01 Mar 2010 21:45:53 +0000

Use this list from Realtor Magazine for some quick, easy updates that can help you have your home looking its best in no time! Here’s their list:

Buff up curb appeal
Enrich with color
Upgrade the kitchen and bathroom
Add old-world patina
Screen hardwood floors
Clean out and organize closets
Update window treatments
Hire a home inspector

With just a few quick, easy home upgrades, you could easily add a momentous amount of value to your home! It’s also good to always remember that sometimes you can gain the most value on your home by just fixing a lot of the “little” problems. Some of the bigger projects are not always worth the time and effort for the amount of value you will get out of them!

To read the full article from Realtor Magazine, click here.

February issue of Alice P’s Market Update is online!

admin — Tue, 23 Feb 2010 16:45:59 +0000

Check out this month’s issue of Alice P’s Market Update that is now online by clicking here. This month’s issue includes a feature article from our stager, Kathy Lanning; some great resources and tips for earning rebates and tax credit for purchasing energy-efficient appliances, and a brief look at how interest rates really affect your monthly mortgage payments and 30 years worth of savings.

Open House Event this Sunday in Eagle Canyon, Lyons

admin — Thu, 18 Feb 2010 16:57:26 +0000

Click here for map.

Stop by this Sunday, February 21st from 1 pm to 4 pm for a community open house event in the exclusive Eagle Canyon community in Lyons!

Our listing at 139 Eagle Canyon Circle offers beautiful custom work, 5 bedrooms, 4 baths, and a luxury master suite with a 5-piece master bath. Gorgeous stainless steel appliances in the kitchen with breakfast bar and a separate dining room. Spacious great room has an immaculate gas fireplace, and don’t forget about the finished walk-out basement!

Come see us Sunday, we will have snacks available, and it’s the perfect chance to come check out the wonderful Eagle Canyon community!

Top 10 Home Features that Buyers Want

admin — Wed, 10 Feb 2010 18:33:06 +0000

At the recent International Builders Show–held in Las Vegas–people saw some trends in homes that were popular across the board. Paul Cardis, CEO of Avid Ratings, lists the Top 10 Trends seen at this year’s show:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

from Realtor Magazine

February’s Reality Check from Coldwell Banker

admin — Fri, 05 Feb 2010 20:26:33 +0000

	HOMEBUYER TAX CREDIT DEADLINE QUICKLY APPROACHING What buyers and sellers need to do now so they don’t miss out.

With only three months until the new $8,000 first-time homebuyer and the $6,500 existing home buyer federal tax credits are set to expire, time is running out on an opportunity that buyers and sellers may not see again. The tax credit, which was originally created in mid 2008, then expanded in January 2009 and extended again this past November, was only designed to be a short-term incentive to drive more buyers into the housing market. That’s why many people in Congress are saying that, come April 30, 2010 when the credit expires, “That is it!”

So the clock is ticking. The average real estate transaction, from offer to closing, takes approximately 90 days and that is just about where we are now. To meet the federal deadlines, a buyer must have a binding sales contract in place by April 30, and have the home purchase completed by June 30. To achieve those time frames, buyers need to act almost immediately. Those deadlines also mean that this is also a prime opportunity for sellers. As the April 30 deadline gets ever closer, we are bound to see an influx of home-seekers who are hoping to find a house and make an offer in time to receive the tax credit. So for sellers who have been considering moving up in the market, downsizing, or relocating, now is an opportune time to put their house on the market.

We’re at a unique time in real estate. The tax credit deadline is helping to create the “perfect storm” in the market, due to four key elements – I.I.I.P:

Inventory: Although there are an overwhelming number of markets where inventory is down, and even with a decline in inventory year over year, there are still plenty of homes on the market for buyers to choose from.
Interest Rates: Mortgage rates remain at near historic lows. This means higher purchasing power for buyers.
Incentives: The extension and expansion of the homebuyer tax credit is providing benefits to buyers who may have otherwise not been interested in getting into the market.
Prices: Affordability remains at an all time record level nationally and in many of our local markets as well.

While the urgency of trying to find and close on a home before the deadline may seem stressful, it doesn’t have to be. For those who are in the early phase of the home buying process, there are a few key things that you can do to speed up the process:

Find A Qualified Real Estate Agent. If you do not already have one, work with a real estate agent who will be able to help identify mortgage lenders, home inspectors, lawyers and others who will play a role in helping to get the buying process completed by the April 30 deadline.
Know Before You Go. Free online tools and mobile applications for smart phones are available to help you quickly and conveniently learn about neighborhoods and view homes on the market. Consult with your own tax advisor as to your ability to qualify for the tax credit based upon income levels, length of residency/homeownership and housing prices. Arming yourself with as much knowledge as possible in the beginning is bound to save time in the long-run.
Get Pre-Approved for a Loan. “Pre-approval” means that a lender has checked your credit and other credentials and is prepared to making a loan. Not only is this valuable to sellers, and may give you an advantage over other offers they receive, but it could speed up the loan process and allow you to complete the necessary paperwork before the tax credit deadline.

The tax credit has done a lot for the real estate industry since its inception. According to the National Association of Realtors, 47% of all homes sold last year were purchased by first-time home buyers. Paul Bishop, NAR vice president of research, has said that first-time buyers “are critical to housing and a general economic recovery because the market always heals from the bottom up – they absorb inventory, free existing owners to make a trade and stimulate related goods and services.”

For additional information and provisions on the homebuyer federal tax credit, visit www.federalhousingtaxcredit.com. For additional real estate information visit www.coloradohomes.co m.


			©2010 Coldwell Banker Real Estate LLC. All Rights Reserved. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Coldwell Banker Residential Brokerage Office Is Owned And Operated by NRT LLC.

Surge in short sale requests unlikely to impact housing market

admin — Sat, 30 Jan 2010 16:57:19 +0000

Reprinted from Real Trends

Although short sales are likely to increase in 2010, the jump in these transactions is unlikely to have any real impact on the housing market, according to a new study by Housing Predictor. While more at-risk homeowners are turning to short sales as an alternative to foreclosure, Housing Predictor says the small number of short sales that are actually approved by banks represent less than 1 percent of all homes facing foreclosure. In the first half of 2009, only 40,000 short sales were completed, according to the most recent data available from the Office of the Comptroller of Currency shows.

In addition, Housing Predictor said only an estimated 8 to 12 percent of all homeowners who request short sales accomplish a completed transaction. Because lenders only write off short sales as a loss when a property is sold, this small percentage of completed transactions leaves a gaping hole in the troubled banking industry’s problem with short sales.

FHA to provide early relief to struggling homeowners

admin — Fri, 29 Jan 2010 02:48:07 +0000

Reprinted from Real Trends

In an announcement Friday, HUD said homeowners with mortgages insured by the Federal Housing Administration (FHA) who are experiencing financial hardship are now eligible for loss mitigation assistance before they fall behind on their mortgage payments.

Previously, these homeowners were not eligible for such assistance until after they had missed payments. But the Helping Families Save Their Home Act of 2009 signed into law by President Obama expanded FHA’s authority to use its loss mitigation tools for borrowers facing “imminent default.” FHA issued guidance Friday to its loan servicers on how to assist these homeowners before they default.

According to FHA Commissioner David Stevens, FHA has always required lenders to establish early contact with delinquent borrowers to discuss the reason for missing a payment and to evaluate reinstatement options. But now, he says, servicers will have additional options for those homeowners who seek help before they go delinquent, increasing the likelihood that the borrower will be able to retain their home.

Effective immediately, the loss mitigation options of forbearance and FHA’s Home Affordable Modification Program may be used to assist borrowers facing imminent default. FHA defines a “borrower facing imminent default” to be one who is current or less than 30 days past due on their mortgage obligation, and who is experiencing a significant reduction in income or some other hardship that will prevent them from making the next required payment.

Under the agency’s forbearance program, the loan servicer can agree to postpone, reduce, or suspend payments due on a loan for a limited and specific time period. FHA-HAMP allows qualified FHA-insured borrowers to reduce their monthly mortgage payment to an affordable level by permanently reducing the payment through the use of a partial claim combined with a loan modification. The partial claim defers the repayment of a portion of the mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off. The remaining balance is then modified through re-amortization and in some cases, an interest rate reduction.

The borrower must be able to document the cause of the imminent default, such as unemployment or reduced pay, or a change in household financial circumstances such as a death in the family or serious illness. FHA said loan servicers are required to document the basis for their determination that a payment default is imminent and retain all documentation used to reach that conclusion. The servicer’s documentation must also include information on the borrower’s financial condition.

Source: Carrie Bay, DSNews.com

January of Alice P’s Market Update is now online

admin — Wed, 27 Jan 2010 08:01:45 +0000

Check out this month’s issue of Alice P’s Market Update by clicking here. This month we introduce the new rebates program for home owner purchases of Energy Star Appliances. We also have included the full NAR Profile of Home Buyers and Sellers, which takes an in-depth look into overall buying and selling trends over the past year. And last, but not least, our Healthy Home Tips section this month has some great ideas for budgeting organic foods into your diet. Enjoy!!

NCBR highlights real estate market’s successes and setbacks for 2009

admin — Sat, 23 Jan 2010 17:34:12 +0000

Click here to read this recent article from the Northern Colorado Business Report forecasting what’s to come in 2010 for the housing market.

The end of 2009 was marked with a success with the extension of the Homebuyer Tax Credit–which now runs in effect through April of this year (contracts signed by April 30th, closed on by June 30th). Last year also saw great improvement in the under $250,000 priced homes market and continues to pick up into 2010. Foreclosures still continue to lurk in the shadows, but loans seem to be “by the book” more and more so buyers can make financially sound decisions.