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.
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.
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!
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
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.”
Click here to view more info. on our newest listing at 312 Lucca Drive in Evans, priced at $113,500. Adorable 2 BR/2BA end-unit condo with special layout that includes full utility area with closet! Bright west/southwest exposure with inviting outdoor front patio area. Gas fireplace in the living room, vaulted ceilings, central air, maple cabinetry and fabulous tile work. Full master bath and great views out secondary and master bedroom. Contact us today to schedule a showing!
The Northern Colorado Business Report recently published an article with favorable expectations for home prices for the upcoming year.
Based on data from First American CoreLogic, an online organization that provides information on real estate and mortgage transactions across the country, home prices across the nation are expected to finally be appreciating by October 2010, with prices finally bottoming out in March.
Click here to read the full article from the NCBR.
Any homeowners who have been thinking about upgrading their home appliances should make the decision to do so—starting in March. As a part of the Recovery and Reinvestment Act of 2009, each state has been given funds to rebate homeowners for their participation in purchasing Energy Star home appliances.
Colorado has been granted $4.7 million for this project to rebate back to any homeowners who participate in the program. The program is tentatively set to begin in March—so hold off on any appliance purchases until then.
Eligible appliance upgrades include:
Refrigerators
Washer/Dryer
Dishwasher
Gas storage water heaters
Gas tankless water heaters
Gas furnaces
Gas boilers
For more information on appliances and pricing, visit Energy Star’s web site by clicking here.
The program does not include retroactive purchases, so be sure to wait for the launch of the program before you purchase any new appliances. Similarly, not all appliances qualify. The Governor’s Energy Office web site has more information for program participants. The program will be continued on until the funds are exhausted—so don’t wait too long to get started on renovation projects!
A recent report released from the Federal Housing Finance Agency revealed statistics about home prices and trends across the nation–the good news, is that Colorado ranked 9th on their list of states for year-over-year price appreciation!
The report puts Colorado at -.03 percent for price appreciation for the year, and projects an appreciation rate of 6.87 percent in five years. This puts Colorado very close to being back in the positives for home price appreciation!
Posted by admin 
