Colorado Home Buyers: 10 Ways to Prepare for Homeownership

10 Ways to Prepare for Homeownership


1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving.Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order.Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications.How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact me, a Colorado REALTOR® serving the Denver Metropolitan Area.  I can help guide you through home buying process.

Stefan Geyer
303-858-8100
Home Real Estate
"A Modern Realtor® for Modern Times"

Have home listings sent directly to your e-mail:  http://www.stefanmax.com/

Colorado Home Buyers: Top 7 Reasons to Buy Your First Home Today

Top 7 Reasons to Buy Your First Home Today


1. Free Money. The $8,000 tax credit for first time home buyers is valid before April 30, 2010(under contract deadline). This is a special tax credit from the government that you don't have to pay back, as long as you stay in the home for at least 36 months. Contact me today for a free and informative a tax credit packet.
2. Affordability. Based on recent property declines and current interest rates, home affordability has not been higher since it was first tracked over 40 years ago. Your grandparents couldn't have received a better interest rate than you can today.
3. Tax Breaks. The IRS allows you to deduct the interest you pay on your mortgage, your property taxes and, in many cases for those who qualify, some of the costs to buy your home and mortgage insurance. Owning a home is a great way to lower your tax bill.
4. Build Wealth. Unlike paying rent, with each mortgage payment you make, you build equity and you decrease your income tax liability. Owning a home is still the best long-term investment.
5. Appreciation. As home prices have fallen precipitously in today's tough economy, the basis for realizing appreciation in future years is very strong. Historically, even with other periods of declining value, home prices have exceeded consumer inflation. From 1972 through 2005, home prices increased on average 6.5%, according to the National Association of Realtors®.
6. Stability. Knowing you can establish roots and raise a family in one location, free of the desires or needs of your landlord to sell the property you are living in. This is something no other investment provides. You can't live in a stock, and you can't raise your kids in a bond.
7. Independence. Enjoy the freedom to do what you want to your home. After all, it's yours to do what you wish. And, with any improvements you make, you have the ability to benefit from your investment. Try that with an apartment!

Call me today to get started!

Stefan Geyer
Home Real Estate
303-766-4663
www.StefanMax.com

Reprinted courtesy of:
Mandy Hammer
Loan Officer
Pinnacle Mortgage
Phone: 877-716-9006 ext 885
mhammer@pinnacle-mortgage.com
www.mytoplender.com

Colorado: Real Estate Questions? I Have Answers. No Pressure.

Colorado Home Sellers: 10 Home Features Buyers Want

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

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

Source: MarketWatch, Steve Kerch (01/30/2010)

Don't Burn Money, Get Paid to Buy a Home

Buy a Home, and GET PAID.

Lease Termination Fee? No Problem!

Own a Home & Want to Move? You get Paid to Buy too!

The home buyer tax credit offers you a chance to get cash from the government for buying your dream home...but you need to be under contract no later than 04/30/2010. Time to Act! It is EZ! Not to mention, rates and home prices are LOW. Don’t plan on the tax credit being extended again. We can help you with the four easy steps below:

1. Qualify with a Lender.
2. Negotiate your Current Lease.  Early termination fee?  There is a potential solution.
3. Find your Dream Home.
4. Collect your Money from the Governement($6,500-8,000 is typical).

Why wait? Call today and receive an informational free Homebuyer Tax Credit Guide.

Stefan Geyer                          Tom Turnquist
303-766-4663                         720-407-8100 x217
Realtor® | Eco Broker             Senior Loan Officer
Home Real Estate                    American Summit Mortgage
http://www.stefanmax.com/     tturnquist@americansummitmortgage.net

Colorado: $8,000 reasons to buy a new home.

$8,000 REASONS
FOR YOU TO GET OFF THE FENCE!

Dear Future Homeowner,

There’s never been a better time to buy a home. Really!!

That’s because Congress is offering the $8,000 tax credit to help first-time homebuyers, like yourself, purchase a home. If you qualify and buy a principal residence before April 30, 2010, then you’re eligible for the credit—allowing you to subtract 10% of the purchase price of your home up to $8,000 from your tax bill.

Also, the FHA at the urging of NAR has changed the rules to make this money available to you at closing! Visit www.HousingMarketFacts.com for more information.

So, why wait? Please contact me for more information about this can’t-miss opportunity.


STEFAN GEYER

Realtor®, Home Real Estate
C: 303.766.4663 , F: 303.534.5508
http://www.stefanmax.com/

"A Modern Realtor® for Modern Times"

Colorado Suburban Home Styles: A Popularity Ranking

I have appraised thousands of homes in hundreds of neighborhoods in Colorado.  From my first-hand  research, I have established a popularity ranking of the most common suburban style detached homes.  The list was determined by analyzing average days on market, and sale price of the various styles.  Below is the list, starting with the most popular.  Click on the link for a description of the house style.

1.  Ranch
2.  Two Story
3.  4-Level, (split-level), with a basement
3.  Tri-Level, (split-level), no basement
4.  Bi-Level

The higher a house style is on the list, the more likely it is to sell quicker and for a higher dollar amount than the house styles listed below it.  There are always exceptions, and the list becomes less reliable in the cases of large houses, custom style houses, or houses located in the Colorado Mountains.

Do you want an idea what your Colorado home is worth?  Give me a call!


Stefan Geyer
Realtor / Certified Appraiser
Home Real Estate
303-858-8100
http://www.stefanmax.com/



  

Not Selling Your Colorado Home? Just In Case, Follow These Tips

Not selling your home right now? Chances are you will in the future, so I have a few recommendations for you, ones which will give you an advantage over your competition if you do decide to sell.

1. If you get work done to your home, get any required permits, and any required approval signatures. Many homeowners avoid getting permits, due to the expense, but this could later come back to bite you. Keep the permits in a file and make them available to potential buyers.

2. Keep all warranty information for relevant items such as appliances, roof, water heater, furnace, and garage door opener. When getting warranties, seek out ones that are transferable. Buyers appreciate this; it gives them more confidence in the home.

3. Take before and after photos of any remodeling done to your home. Buyers like to see these, and it could also help justify a higher asking price. Appraisers and lenders also like to see these pictures, even in the case of a refinance.

4. Hire a photographer to take professional pictures of your home when it looks the best, particularly the landscaping. If you list your home during the fall and winter months, these pictures will help buyers visualize the home when it looks its best. For my Colorado home sellers, this one is important (we have two feet of snow on the ground right now, and it is only October!).  This will not cost as much as you think, and I can refer you to photographers that I use when listing my client's homes.

Happy selling!

Stefan Geyer
Colorado Realtor
http://www.stefanmax.com/

Colorado Homeowners, Underwarter on Your House? I Can Help.

Underwater on your house?  If so, and you live in the Denver / Denver Metropolitan area, I can help.  Quick action is required, so please don't hesitate to contact me.

Fewer short sales are coming up short these days, have hope:   http://www.realtor.org/rmodaily.nsf/pages/News2009102103?OpenDocument#


Stefan Geyer
Denver Realtor / ECO Broker / Certified Appraiser
http://www.stefanmax.com/

Denver is 11th Most Walkable Neighborhood. What is Your Neighborhood's Walkability Score?

A healthy lifestyle is in fashion.  Just looking around, it is apparent that a growing number of people like to ride their bikes(I'm loving the cruiser bikes!), walk, and jog.  The areas where this is most evident is in areas where there is a good concentration of recreation, shopping, eateries, etc.  Click HERE to find out what the Walkability Score is for your neighborhood, or for a neighborhood you are interested in living in.  Denver is ranked 11th most walkable neighborhood in the top 40 U.S. cities, specifically the neighborhoods of Lodo, Golden Triangle and Capitol Hill.

Walk on!

Stefan Geyer
Colorado Realtor
http://www.stefanmax.com/

Colorado Architecture #3 | Highlands

 West Hayward Place is one of my favorites streets in Denver for viewing homes from the Victorian Architectural Period.  These homes were built in the late 1800's and reside in the popular Highlands area, which is approximately a five minute drive from downtown Denver.  The street is very peaceful, with old trees with large canopies providing blankets of shade.  Victorian Cottages primarily line the street, with their acute roof slopes creating a pattern of triangles lined up.  Upon closer look, you will see what makes these homes so unique; the detail in the woodworking on the gables and the use of vivid and contrasting colors of paint. 
These homes were built during a time of rapid industrialization, so new innovations in architecture and design were occurring, evident by these homes.  Wood detailers spent a great deal of time adding their designs to a home, such as fish scale shingles, and ultimately adding character.  I think it adds a quirkiness or playfulness to a home.  Some argue that the extra detailing creates needless complexity.  I appreciate that each home was given a unique personality.

Stefan Geyer
Denver Realtor
http://www.stefanmax.com/

Colorado Architecture, Case #1

A revitalization has been occurring in various historic Denver neighborhoods, particularly in the general Highlands (Denver NW) and Washington Park areas.  This revitalization has included an increasing number of property scrapes.  On the scraped lots, new homes are being built, in styles including Prairie, Craftsman, and Modern.  These historic neighborhoods, in the past, have been comprised primarily of bungalow's, craftman style homes and Victorian style homes, so the homes of modern design are new to the landscape.  Many of the local residents would like to preserve the architectural integrity of the neighborhoods and do not appreciate the new development, and in particular, the homes of modern design.  Others feel that the new development, including the homes of modern design, add a new interesting dynamic to the neighborhood.  I took the following picture of a home located near the Historic Highlands shopping area:

When I saw this home, I pulled over, as it had my immediate attention.  It may appear as there are two homes built very close to each other, but in fact, it is one structure.  The original structure is a Queen Anne style Victorian, built in 1907.  The modern style addition was added sometime after 2006.  The architect is seemingly comfortable with a marriage of the two styles and has made a bold statement to the surrounding neighbors and passer-by's. 
A nearby neighbor told me she felt the home was not cohesive, and would benefit from a more balanced design.  She felt that adding a modern tower to the opposite side of the Victorian portion would be a good remedy.  Otherwise, this neighbor was intriqued by the design concept.  What was the concept?  It may have been that the owner liked both styles and could not pick one.  Another idea is that the design is meant to force people to accept that the two style are essentially 'one', and will both be part of their neighborhood in the future. 

Stefan Geyer
Denver Realtor
http://www.stefanmax.com/

What is a condominium? It May Not be What You Think.

As a Realtor and appraiser, I am often asked what defines a condominium.  Some of the defining characteristics I have heard are:
1. A condominium does not have ownership of land associated with the unit.
2. A condominium shares one or more walls, or party walls, with another unit.
3. A condominium has a unit above and/or below it.

Though some or all of these factors can be true, there is only one reliable definition of a condominium, and that is form of ownership.   Condominiums are an individual interest in an apartment and an undivided interest in common areas contained in a condominium project.  It is ownership of the airspace whithin the unit only.  So, this is why a building that by all appearances looks like a duplex, can be considered a condominium.  Condominiums of course have other things that make them unique, such as a condominium declaration, which should be researched and understood if one is to best serve their clients whom want to buy or sell a condominium. 
Special tip regarding condominiums:  Other owners in a condominium project may have right of first refusal, in the case of an owner selling their individual condominium.  Something worth looking into prior to listing!

SOLiD Architecture Talks 'Green' | Denver, Colorado

If you are a fan of forward thinking building design, I recommend taking a few minutes to look at the web site of SOLiD Architectural Design, a Colorado company.  You will see homes like the ones pictured here, and you will also see some of their unique commercial projects, including the Tokyo Joe's Restaurant on 13th Avenue in Denver.  They were also responsible for building the Shoshone Development, which is an urban infill project in Denver (pictured below). 

I contacted Owen Beard at SOLiD recently, and asked him if his company incorporates any 'green' features into thier designs.  He answered with the following:

'It seems that Solar electric is the most popular green feature. Right now we have 3 or 4 projects that incorporate photovoltaic panels. This is probably because there are great rebates from power companies and the government.  It would be nice if I could find clients that foot the extra bill for gray water reuse systems, on site water retention, natural or recycled fiber insulation, no V.O.C. plywood and steel construction.  These would greatly increase the interior air quality while reducing the impact on the environment. But some of these add a lot of extra cost to a project.

A while back I designed a bog that would use cattail to convert gray water to usable irrigation water. The system is simple and really quite attractive. It ends up looking like a water garden. Since I do have clients that are environmentally aware I have recently been pushing steel structural systems. Even new steel has a high percentage of reused material and nearly all of it will be recycled after the building has been torn down. So it doesn't end up in a land fill.'

SOLiD Architectural Design is located at 70 South Cherokee Street, Denver, Colorado, 80223.  The phone number is 303-825-2313.

 

Neighborhood Maps: Aurora, Denver & Centennial

Looking to buy a home in Aurora, Denver or Centennial?  Below are links to neighborhood maps for each of these ares:
Denver
Aurora
Centennial

Get daily e-mail updates of property listings in Denver, Centennial, Aurora, Highlands Ranch, and Parker.  Just set up your property search profile at http://www.stefanmax.com/


Stefan Geyer
Colorado Realtor
Certified Appraiser

Is Your Home in a Flood Zone? It Will Cost You.

Is your home, or a home you are buying, is in a flood zone?  If so, you will likely pay a great deal more for property insurance each year; much more than if your home is not in a flood zone.  Not to mention, your home also runs a higher risk of experiencing some degree of flooding in the future.  If you want to find out if a home is in a flood zone, you can check with an appraiser, or on your appraisal report.  The flood zone information is typically found on page one of a standard appraisal report.  Alternatively, you can go to the FEMA website, just CLICK HERE.  Save some money and stay dry...buy homes outside of flood zones!