The Douglas County School District is proud to be known as forward-thinking and innovative. Now, residents served by the district may once again have the opportunity to use option certificates or vouchers towards private school tuition in lieu of public education. It’s an interesting concept that is a main topic of conversation with parents of school-aged children and acceptance of the proposed vouchers is varied.

The District’s board committee, the Choice Taskforce, has come up with a plan that will offer parents and students more options in school choices. The Taskforce meets fairly regularly, gathering information so that they may provide recommendations and suggestions to improve the quality of education in our district and how to better serve the community in alternative choices.

Douglas County residents have always looked for more choices for their children’s education and until now, Charter schools filled the void for some. The District believes this will allow public schools more autonomy by creating an opportunity to explore partnerships with private schools, expanding local programs and national programs.

Seven subcommittees make up the Choice Taskforce and they are as follows:

1. Neighborhood School Autonomy
2. Open Enrollment Reform
3. Online Learning
4. Contract Schools
5. Option Certificates
6. Home School Programs/Partnerships
7. Charter Schools

Each subcommittee works toward a specific focus or topic area.  The suggestions are presented to the Board and District the latter part of each year. 

At a recent meeting the Option Certificates subcommittee presented a draft to the Taskforce and the Board for further consideration and discussion. Similar to our current Charter Schools, it has been suggested that Douglas County consider adopting a private school as a “contract school”. In order to participate in the program the private schools would still undergo the same rigorous process as our Charter schools.

Exactly how these vouchers would work is not quite clear. In the most basic of terms, the per capita amount public schools receive would be made available to those parents looking for an alternative educational option for their children. A portion of their allocated money would go to cover private school tuition in one of the approved contract schools. Any balances after the disbursement of the money would have to be covered out of pocket by parents.

Some parents find this an exciting opportunity for their children. While others worry about how the shift in public funding to the private sector might affect our already struggling public schools. The verdict is still out on this one and no decisions have been made.

Denver short sales have significantly impacted the Denver real estate market over the past couple of years. The economy continues to show no signs of real relief and consumers are making more cautious decisions. For sellers, it has been a rough ride.

Regardless of your financial situation, selling your home in todays’ real estate market is a real challenge. Denver homes have been more or less negatively affected depending on neighborhood. For the most part, even those with less negative affect still have experienced somewhat of a loss. Short sales and foreclosures have driven prices down across the board. Sellers feel trapped in homes where they owe more than their home is worth. For those who have to sell, a short sale may be your only answer.
It is important to understand that you must qualify for a short sale to be approved. But for those sellers still wanting to sell, a bank may allow a short sale, which basically means the lien holder accepts less than is owed on the property. This however, would create a deficiency which the lien holder may or may not want paid back. If your home was purchased with a first and second mortgage, then it’s more common to see the first mortgage getting paid off with the sale and the second falling short. So more often than not the second lien holder is seeking payment of any deficiency.

In some cases the second lien holder won’t actually allow a sale to occur if the homeowner seller does not sign an agreement to pay the deficiency. If your second mortgage is a Home Equity Line of Credit (HELOC), you will most certainly see a deficiency document requiring you pay back the short fall. If you can prove the money you pulled out of the home was used for a remodel, addition, basement finish or any other home improvement, you may be spared.

Remember those initial documents you signed when you opened your HELOC? If your bank account is linked to the bank who gave you that HELOC, they have the right to withdraw the payment directly from your accounts with your pre-authorized consent. The good news is, if there is such a thing in a short sale situation, that the second lien holder may accept payment at no interest, over a long period of time. There are some factors that may impact their decision to do this however. A real estate agent experienced in short sales can help you with most of the bank negotiations and the sale, but it is probably best to have an attorney negotiate the payoff of any deficiency.

A new phenomenon took over the Denver homes market as homeowners started to realize that they could rent the same size home or, in some cases, an even larger home for less than their current mortgage payment. Not being able to qualify for a short sale, these homeowners opted for a “strategic foreclosure”. Although this may seem like a financially reasonably solution, every action has a reaction. In some cases, even after a bankruptcy, a lien holder can come after homeowners that walked away from their homes. Before you walk away, talk to a Realtor about your options and discuss the potential consequences of this strategy with a reliable and knowledgeable real estate attorney.

Why Should You Bother Staging Your Home?

The Denver real estate market has seen alot of changes in the last two years. Sellers saw tough competition as short sales and foreclosures dominated parts of the Denver Metro area.  Throughout 2009, a declining number of sales continued to affect not only real estate in Denver, but across the nation.  Still there were a number of homes in Denver that faired well.  For Sellers who wanted to sell quickly and at top dollar, the answer was staging.   

In February of 2010, the Real Estate Staging Association or RESA®, released a report that, once again, revealed how staging impacts home sales.  RESA® staged homes, both vacant and occupied, that had been previously on the market without a sale.  In 87 vacant properties that had already been on the market for an average of 277 days, RESA® staged and re-listed these homes and sold them in an average of 63 days.  That’s a difference of 214 days or 78% less time on the market.  In 39 occupied properties previously on the market for an average of 233 days , RESA® staged and re-listed these homes and sold them in an average of 53 days, a difference of 180 days!  The final chart of previously listed homes includes both the same vacant and occupied properties for a total of 126 properties.  Combining these two data sets shows that the homes were on the market for an average of 263 without a sale prior to being staged.  Once these homes were staged and re-listed the homes sold within an average of 60 days on the market. 

RESA® then staged a series of homes prior to putting them up for sale.  In 2009 the nation saw declining numbers in the number of home sales. The studies again show that staging has a significant impact on the number of days it takes for a home to sell.  You will note from both sets of studies that vacant homes tend to have a longer average days on market than occupied properties. 

Professional staging can be expensive.  But when you consider the savings in selling your home in less than 2 months vs 6 to 9 months or more, it becomes fairly evident that the cost involved in staging your home is money well spent.

Internet Exposure 

A typical search for Denver CO cities starts online. The internet has made it easy for Buyers to begin their search from home, and often, early in the process. At Denver Homes, pictures, virtual tours, and video have become a must to succeed in a competitive market.  Insist, at minimum, on only good quality photos and submission of your listing to some of the major sites.  To maximize your internet exposure make sure that pictures show off your home.  If they are not good enough, ask that pictures be retaken or shot by a professional photographer.  

Let It Shine! 

Your home not only needs to have internet exposure, now more than ever, it needs to SHINE!  Demanding buyers are looking for higher-end finishes, finished basements, tiled baths, and great kitchens.  If you can’t offer these features, give your home a fresh look.  You might think that buyers aren’t looking at your furniture and other personal items because they are not being sold with the home – think again.  Creating a warm and inviting, neutral environment gives Buyers the opportunity to see themselves in your home.  Take clues from visiting new home communities and consider staging as an option in your own home. 

A Lot of Elbow Grease and Little Money Go A Long Way 

If an upgrade or remodel is not in your budget, there are still things you can do to set your home apart from the others.  Here is a list of some basic things you can do for little or no money: 

Exterior 

• Lay fresh mulch in exterior yards and entrances
• Plant fresh flowers in beds or pots in summer
• Keep path to home clear from overgrown shrubs, trees and/or toys
• Keep path and driveway free of snow and ice in winter
• Remove debris from landscape beds
• Trim bushes and trees as necessary
• Paint front doors and replace exterior hardware as needed
• Replace any worn trim around windows and doors
• Apply fresh caulk around windows
• Apply paint on exterior and trim if it looks worn out or faded
• Replace outdoor lighting if your existing ones are old and worn
• Replace or remove old and faded outdoor cushions and furniture
• Refinish or repaint deck areas
• Create inviting outdoor spaces with plants and furniture
• Keep grill areas clean and tidy
• Remove dead plants or trees
• Repair any outdoor leaks on spigots and sprinklers

Interior – Entry

• Paint interior of doors
• Keep entry clutter free and clean
• Consider some fresh paint in the foyer as needed
• Clean baseboards and trim and paint as needed

Formal Rooms

• Wash or replace window treatments and cushion covers
• Recover, replace, or remove old or worn furniture
• Keep wooden tables and chairs polished and dust free
• Clean glass on tables, curios, china cabinets and mirrors

Family Room

• Recover, replace, or remove old or worn furniture
• Refresh or replace window treatments and cushions
• Keep coffee tables, side tables and storage table clear of clutter
• Remove or store away toys, games, or magazines
• Keep video games, movies and game systems organized
• Keep pet beds clean  and fresh

Bedrooms

• Freshen bedspreads and window treatments as needed
• Clothes organized in closets to show maximum space available
• Dirty clothes in hamper or other storage area
• Bedside tables clear of clutter
• Remove items from under the beds
• Remove excess furniture to show maximum space available
• Keep beds made every day

Bathrooms

• Remove old caulk around tubs, showers, and sinks
• Clean free of mold and mildew, apply caulk
• Clean or replace hard water stains from glass shower surrounds
• Repair of replace seal around glass surrounds in shower
• Remove and replace broken tiles wherever needed
• Remove loose grout in shower area, re-grout as needed
• Organize cabinets and drawers and put away personal items
• Keep cosmetics and perfumes organized
• Keep this room sparkling clean at all times

Kitchen

• Clear drawers free of clutter and organized
• Clear pantries of old items and organize the rest
• Clean around cooktops and stoves
• Keep stainless steel cooktops spotless and looking new
• Clean vent filters or replace as needed
• Pull out appliances and clean behind them
• Clean and wipe down interior of refrigerator and freezer
• Remove anything attached to refrigerator door
• Keep all stainless steel clean and fingerprint free
• Declutter and organize cabinets
• Box up excess items to maximize space
• Wipe down shelving as needed
• Paint, polish, or replace cabinets as needed
• Keep floors clean at all time
• Replace any kitchen mats with new ones
• This room should ALWAYS sparkle

Whole House

• Keep entryways and hallways clear of clutter
• Wipe down baseboards and trim
• Wipe down switch plates and outlet covers
• Switches, outlets, plates and covers should match
• Clean behind and underneath furniture
• Professionally clean carpets and rugs
• Pay extra attention to heavy traffic areas like stairs
• Clean wood floors daily and keep them sparkling
• Rebuff, resand, and refinish old worn out wood floors
• Clean and apply fresh grout on old worn out tiled areas
• Remove and replace loose caulk where needed
• Replace broken tiles anywhere it is needed 
• Remove built-up dust on stairs, repaint as needed
• Dust and clean all light fixtures, ceiling fans
• Clean crystal chandeliers for maximum brilliance
• Clean window treatments and vacuum regularly
• Clean windows regularly and let the sun shine in
• Keep laundry room clear of laundry (dirty or clean)
• Replace blown out or missing light bulbs
• Have furnace cleaned and certified and replace filters
• Paint – Paint – Paint   

Garage

• Remove large grease and oil stains from the floor
• Consider painting your floors with a paint epoxy kit
• Organize storage areas and cabinets
• Keep waste receptacle areas clean and tidy
• Hang tools and lawn accessories for a clean, organized look
• Maximize the space by keeping loose items off the floors
• Store sports equipment in appropriate containers
• Hang bikes and scooters and keep them off the floors
• Check garage doors and openers and repair as needed
• Replace blown out or missing light bulbs

The time and relatively small amount of money that you’ll invest in preparing your home for a sale, is worth every penny.  Lack of attention in some of these areas can be seen as deferred maintenance by potential buyers.  If you want your home to stand out from the rest, these are not optional things to consider but an absolute must.  Look at your home through the eyes of a buyer before you put your home on the market.  The extra effort will pay off in the end. 

A Financial Black Hole

Short sales and foreclosures are an unfortunate reality today.  With many homeowners already distressed and credit scores already impacted by late payments, how can you repair the damage caused by a short sale or worse yet, a foreclosure?  What happens when the speculative housing bubble of yesterday turns into the housing crisis of today and job losses or unexpected medical expenses complicate matters further?  Is there any escape from the financial black hole?

Any level of debt can weigh heavily on even the most fiscally responsible person. Whether you want to get rid of some credit card debt, pay off your car, buy a new house, refinance your existing home, or recover from a short sale or foreclosure, this can sometimes feel like such an enormous task that it can seem insurmountable. But it really doesn’t have to be.

Understanding a Counterintuitive Process

Everyone knows that late or missed payments can lower credit scores and that can make it difficult to obtain new credit.  But did you know that having and using too much credit can have the same affect, even if you’re making all your payments on time?  Some sources, including politicians, indicate that the average American family carries a credit card debt load of well over $8,000.  If you are lucky enough to have been given $10,000 in credit but your available balance is now less than $2,000, it’s likely your credit score will be as low as someone who has missed or late payments.  The closer you are to your credit limits, the more likely your credit score will be negatively impacted.  Regardless of your financial status, if you’re not managing your credit properly, you could be in a similar situation.

Short sales will negatively impact your credit, although not as long or as bad as a foreclosure.  Missed payments on any reported debt will have a negative impact on your credit score.  So before you get too far in setting your goals, make sure to establish and develop a plan around paying off your debts while increasing your credit score.  This process can be a little counterintuitive. For example, an increase in your credit score does not automatically happen as the result of eliminating debt.  In fact, if you are not careful, it can actually have an opposite effect.  If you’re trying to increase your score, reducing the debt to a little less than 50% of your total balance will get you there faster and more effectively.  Read up on how credit bureaus determine your credit score. 

Setting and Identifying Your Goals

Setting a financial goal is not that difficult to master.  The key to successful goal planning is to keep it simple.  Your goals should be specific, realistic, and definitive.  Start with the most obtainable goals and write them down, one by one.  Lofty goals will set you up to fail before you even get started so be reasonable with your expectations.  Give each goal a starting and ending date.  Be realistic about meeting those deadlines or you will become easily discouraged and possibly give up before you ever have a chance to win.  No matter what your current situation is, having a clear and concise plan, and sticking to it, will be the key to your success.

It’s really important that you understand not only what you want to accomplish but how you are going to get there.  Knowing your ultimate outcome will really help you stay on track and not lose focus of why you are doing this in the first place.  To properly identify your goals start by asking yourself a few questions.  Here are some to help you get started:

• What do you want to accomplish?

Write down your desired outcome.  Whether you are paying off a card to eliminate debt completely, or paying down a card to show greater available credit and consequently increase your score, stay focused on the end result.  This will make the task easier.

• When can you start working towards your goals and how long do you think it will take to get the results you want? 

  If you plan properly you should be able to determine the right time to start working on the specific goal in mind.  Give yourself enough time to obtain the results your looking for and set yourself an end date.  Having an end date will keep you more focused on the prize. 

• How will you obtain the additional funds to put towards your goals? 

  Consider the various options available for obtaining the funds you will need to meet your goals.  Borrow from an already healthy savings account, reduce unnecessary expenses like frequent dining out, get a part time job, or find a roommate with whom to share expenses.

• What’s your WHY?  

  Probably one of the most important questions you will ask yourself.  Your “why” will keep you focused and help you stay on track. It’s the “eye on the prize” that keeps most people away from temptations.  Write it down on a piece of paper and put it in a place where you can read it every day.  Make it a part of your screensaver as an ultimate reminder of why you are working so hard to reach your goals.

Break it Down In to Smaller Chunks

Being realistic will stop you from setting too lofty a goal.  Like anything else, if you take on too much it will quickly become too big to manage, particularly when looking at your debt.  A credit card that has a balance of over $8,000 may seem impossible to pay down.  But if you plan on paying off $4,000 over a 6 month period, that only breaks down to a little over $600 a month.  Suddenly that seems like something much more manageable.  Focusing on how to get the extra $600 a month instead of how to find $4,000 will make the process a little less painful and a lot more attainable.  Creating your action plan just got a lot easier.

Creating and Implementing Your Plan

Most people don’t realize how much unnecessary money they spend per day.  Take a long hard look at your spending habits.  If you are visiting your favorite coffee shop every day that might be something you can consider cutting back on temporarily.  It may not seem like much on a daily basis but those coffees can add up, from $90 to over $120 per month.  If you work in an office and go out to lunch from Monday through Friday, you are probably spending about $8.00 to $10.00 a day, or $40 to $50 a week.  That’s $160 to $200 a month.  Still can’t find enough money to meet your goals?  Consider getting a roommate for a while.  You can find yourself getting much closer to your obtaining your ultimate outcome in a shorter amount of time.  The sacrifices you make might well be worth the results. Keep an open mind through the planning process.  Be honest with yourself and really examine your spending habits. 

Once you have created your plan, don’t waste any time getting started.  Keep site of your start and end dates and stay focused.  Create a spreadsheet so you can monitor your progress.  That in itself will keep you motivated to keep going.  There are also a wide variety of excellent sources available online to help you manage your money, track your credit, and get you one step closer to financial freedom.  Don’t lose sight of what you are trying to accomplish.  And as difficult as it might be, don’t let those small temptations keep your from obtaining the much bigger prize – financial peace of mind.

Light at the End of the Tunnel

The long and short of it is that there really is light at the end of the tunnel.  It may not seem that easy or even that attainable at times.  But regardless of where you are, the best approach to reaching your goals is to create specific, achievable, and realistic goals, stay positive, and focus on the what and how not the if.  Some challenges may take longer to overcome than others, but don’t let that discourage you from taking action now.  The longer you wait, the longer it will take to see some results.

The Difference between Comparative Market Analysis, Market Value, and Appraisal Value

One of the most commonly misunderstood things about the Denver real estate market is how the value of a home is measured.  Denver home values can be determined by using either the market value and appraisal value method.  Many factors go into each of these methods but only one is partially driven by emotion.  A Comparative Market Analysis or CMA , offered by Realtors to Buyers and Sellers, is often more a reflection of market value than appraised value. Make sure you ask for a CMA before you decide to buy or sell your next Denver home.

So, can there be a great difference between market value and appraised value?  In a more stable market, there really should not be a great variance between the two.  In a sellers’ market you might often see the market value of a home be higher than the homes actual appraised value.  This happens when there are more buyers than homes available and nicer homes receive multiple offers.  In a buyers’ market it is possible to see the appraised value of a home come in higher than the market value.  This might happen if there are too many homes on the market and a lower number of buyers.  Typically, buyers have their pick of homes in this market environment and Sellers are eager to sell their homes ahead of their competition.  Tough, negotiating buyers will offer less and demand more.

Market value

Market value is the price that a buyer is willing to pay for your property.  The interesting thing about market value is that it really reflects desirability.  In today’s market this translates into stainless steel appliances, granite or custom stone countertops, cherry or maple cabinets, stone or wood floors, a professionally finished basement, and views.  For years I have always explained market value as more like being “perceived value”, value perceived through emotions and point of reference. When a buyer walks into a home and “falls in love” it’s always an emotional response to something.  Point of reference is what you’re used to and reflects how you might compare things.

Appraised value

Appraised value is what an appraiser determines your home is worth.  This is an unbiased opinion of price and determines how much a bank will lend you to purchase this particular home.  An appraiser uses a variety of factors to appraise your home.  These include but may not be limited to location, upgrades, and historical data of recently sold homes in your neighborhood.  A few years ago that meant looking at homes that sold within the last 6 to 12 months.  Today that means looking at sold homes in the last three months and within a shorter distance from the listed property.  A mortgage lender won’t lend the buyer more than the appraised value.  So if the purchase contract is more than the appraisal value, the buyer would need to come up with the difference.  Alternatively, if your Realtor has done their job, there is an appraisal contingency in your contract which provides the buyer with a way out of the contract without the loss of earnest money. 

Comparative Market Analysis of CMA

As the name suggests, a CMA compares the value of your home with similarly appointed homes in your neighborhood.  The data, combined with a value for upgrades and/or additions, help to give an accurate picture of your home’s worth.  Similar to “market value”, a CMA is market based information gathered by looking at comparable properties within a specific period of time.  A typical CMA lists properties side by side as a means to compare the size of the home, number of bedrooms and baths, basement type and finish, lot desirability, views, and upgrades.  A good CMA is an accurate measure of your home’s worth.

This brings to mind a home that I sold in Highlands Ranch a few years back.  We were in a somewhat stable market, maybe leaning a little towards a buyers’ market.   I had found a gorgeous home in a Highlands Ranch neighborhood that I thought my buyers would just love.  It was a favorite floor plan of a particular builder and the same plan could be commonly found in other parts of the Ranch.  Higher end subdivisions showed sales of the same floor plan selling for higher prices.  This is yet more proof that location prevails above all else.

After seeing many homes, my clients felt this one stood out for a few reasons.  In their price range, this home afforded them the WOW factor they could not find in any other home priced the same. This Highlands Ranch home had some amazing views but was still priced grossly higher than similarly appointed homes in the same neighborhood.  And most of those had finished basements where this one did not. This was considered a more moderately priced area and yet this home was priced even higher than the same floor plan in the higher end neighborhoods.  Justification for the price difference were the “million dollar views” this home offered.  Despite popular belief, “million dollar views” do not equate to a $100,000 to $150,000 price difference.  Being that location is once again the prevailing factor here, this was not a good measure for assessing this homes value.

I advised my clients of the comps but they were emotionally vested in the home at this point.  I recall they were not happy with my assessment of the value and they even argued they should pay more for the home.  Looking out for their best interest, I reviewed the comps with them again and once again explained the state of the Denver market at that time.  After lengthy discussions and some negotiating with the sellers, they came to an agreement in price.  This was a bit less than the asking price but still significantly higher than it should have been.  My clients’ point of reference and emotional investment in the home led them to purchase the house well above market value, despite comparable sales in the area. 

As I expected, the appraisal came back lower than the list price.  Arguments between the appraiser and the listing agent ensued.  My clients believed that the house was worth the higher price and so they came up with the difference between the appraised value and the agreed upon sales price.  They set a precedent and this became the highest priced home in the neighborhood. 

Three years later my clients put the home on the market.  Having paid close to $700,000 they were going to take a significant loss anyway due to the downturn in our market, but they also had to account for the gross price difference they originally paid.  Sadly, they lost quite a bit of money on the sale.

If a home is overpriced, paying more than it’s worth is not often advisable.  As with everything else, however, there are exceptions to every situation.  If you are purchasing a home and you intend to live there for a very long time, perhaps the relatively small investment is worth a lifetime of happiness. Of course you have to be in a financial position to be able to afford the larger down payment.  And you must be willing to take the loss should you be forced to move due to an unexpected change in finances or windfall relocation.

Ultimately it is sometimes the “idea” of a lifestyle that people sometimes buy into, not the actual home.  It’s important not to let emotions take over your decision and always pay attention to the comps.  Information gathered through the use of a CMA should be a good start in answering some of your questions regarding the value of a property.  A Realtor may not always have all the answers, but they can help you separate reality from emotion.

Denver home values have seen a significant change over the past couple of years.  A number of short sales and foreclosures have impacted home prices in many Denver neighborhoods as job losses and pay cuts have seen their way into many Denver homes.  Homeowners are finding themselves upside down in their own homes with not many options in place for recovery.  Today, more than ever, understanding market value is extremely important. 

As a Realtor, it’s easy for me to see the importance of understanding market value and knowing what your home may sell for in the open market at any particular point and time.  A CMA can provide a glimpse into the local market and how your house might stand up against other homes for sale in Denver.  But a small number of my clients seek me out for this information unless they are thinking of selling their home.  I think our experience and knowledge is often under utilized.  More than 90% of homeowners are unaware of the market value of their home. I’m not sure anyone really appreciates why you should know what it is or how this data can be used.  Even if you own stocks, it is still likely that your home is the single largest investment you have.   So why do more people check the stock market than their home value?  Good question!

There are a number of reasons why knowing what your home is worth can be beneficial.  It can help you make important decisions.  Consider these:

1. Homeowners Insurance 

Nobody likes to think about the worst case scenario, but if disaster were to strike, is your home fully insured?  Continuous changes in construction material availability, materials cost, increases in labor costs, building code changes, and housing price fluctuations, can you be sure that your home is fully covered?  If your insurance policy has your home valued at a lower price this may impact your replacement value.  Make sure your policy is up to date.

2. Estate Planning

Having your estate in order may provide you with a certain peace of mind that your loved ones are taken care of.  Distribution of assets to your heirs can be impacted significantly if the value of your home is underestimated, causing your loved to potentially face higher inheritance taxes based on miscalculation of your homes equity.   This should be something that you look at and update periodically.  

3. Home Remodeling Projects

While planning your next home remodel a CMA should be at the top of your list.  By knowing what your home might be worth in todays market, you won’t over improve your home or make choices that would impact your home negatively.  Too many upgrades or putting money in the wrong remodeling projects can mean you price yourself out of the market.  If resale value is an important consideration for you, be careful when making too many “personalized” choices.

4. Refinancing

When you refinance, a lender orders an appraisal of your home to ensure their investment is well protected, shouldn’t you?  As we discussed in another article, appraised value is not the same as market value. Often times, the value of a home being refinanced is higher than that of a home that is going to be offered in the open market.  If you want to be more in control of your investment, check with a Realtor and ask them for a CMA.   Contrary to popular opinion, we don’t charge a thing for this complimentary, valuable service and we welcome the opportunity to build a relationship with you as a trusted real estate advisor.  A CMA will ensure that you don’t over finance your home. 

You probably already get some kind of monthly update on what is newly listed or recently sold in your area.  Take it a step further and find a trusted real estate agent that can help you stay informed on your homes value and how it compares to other properties in the area.  I promise, we don’t bite!

Denver Home prices: Denver real estate leads the nation in home price percentage increases, according to the Standard & Poor’s/Case-Shiller Home-Price Index. Denver’s S&P/Case-Shiller Home Price Index yearly percentage change improved for the ninth consecutive month, falling only 0.1 percent between November 2008 and November 2009. As reported by Standard & Poor’s, “Denver and Dallas are nearing positive territory with their annual figures at -0.1% and -0.6%, respectively”. Home prices have benefitted from the increased activity in November when buyers rushed to purchase a home before the expiration of the first time buyer credit. It’s incredible that prices were preserved during that buying frenzy.With the extension of the first time buyer credit perhaps we’ll see even more improvement.

Reduced inventory can often be an indicator of the health of the housing market. Michael Strauss, chief economist at the Commonfund, defines a normal inventory level and talks about the national inventory, “We’re showing signs that we’re clearing out the excess inventory, but inventories are still high.

A more normal level would be 5.5 to 6 months”. Unlike the nation, inventory of residential homes and condominiums in the Denver Metro area is at a normal level, finishing 2009 with a 5.7 month-supply. In 2009, its inventory fell 8.9 percent from November to December, and dropped 16.0 percent over the last year.