More Choices

Great news for buyers! There are more homes to choose from. It seems there is relief from the days of drastically low inventory levels.

Compared to a year ago, residential inventory levels are up:
• 9% in Northern Colorado (Larimer & Weld Counties)
• 45% in Metro Denver (wow!)

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You can get many more fun facts like these plus get our predictions on the 2019 market by joining our annual Market Forecast. Just click the link below!

https://www.eventbrite.com/o/windermere-real-estate-12011801121

Posted on January 11, 2019 at 3:59 pm
Windermere Windsor | Category: Blog, For Buyers, Fun Facts | Tagged , , , , , , ,

Still Up

All the talk of the market cooling off might make someone think that prices must be going down.

The truth is prices are still going up.

Here are the latest year-over-year appreciation numbers from the Federal Housing Finance Authority (they track 243 markets all across the Country):

Colorado Springs 11.44%

Greeley 10.53%

Denver 9.97%

Boulder 9.89%

Fort Collins/Loveland 8.64%

Posted on December 21, 2018 at 4:09 pm
Windermere Windsor | Category: Blog, For Buyers, Fun Facts, Housing Trends | Tagged , , , , , , , , , , ,

Good Loan News

Here are two recently-announced pieces of really good news for home buyers.

• The Colorado Housing and Finance Authority recently raised the income limit for their down payment assistance program to $115,600.

Now more people can get help with a down payment.

• Fannie Mae and Freddie Mac raised their conforming loan limits so that more people can use a conforming loan and not be forced to use a ‘jumbo’ loan.

Contact us if you would like to hear how these pieces of news could help you.

Posted on December 7, 2018 at 8:31 pm
Windermere Windsor | Category: Blog, First Time Home Buyer, For Buyers, Fun Facts | Tagged , , , , , , , ,

Good News for Buyers

Here’s some good news for buyers who have been waiting for more selection…

No need to wait any more because the numbers show that more new listings are hitting the market compared to the recent past.

In Metro Denver, the number of homes for sale is up 14.42% compared to last year. 

That equates to 800 more homes to choose from.

Start spreading the news!

Posted on November 2, 2018 at 8:02 pm
Windermere Windsor | Category: Blog, For Buyers, Fun Facts, Market News, Northern Colorado Real Estate, Windermere Real Estate | Tagged , , , , , ,

Love Letters: How to set yourself apart in a seller’s market

Love letters are a lost art form, in romance and home buying. Yes, home buying. If you’re a buyer and you want to set yourself apart from other buyers, you might want to state your intentions clearly by declaring your abiding love for the seller’s home in a letter. Here are a few tips for writing a love letter that works (for love letters of a romantic nature, you’re on your own).

Consider what about the home makes it your dream home. Do you see yourself raising a family there? Do you have a special attraction to the architectural/design style? Does the home evoke a sense of nostalgia? Consider your emotional reaction to the home. Many sellers are emotionally tied to their homes, and they often want others to see value in the things that make the home appealing and unique.

Share your home-buying journey. Whether you’re buying your first home, upgrading to something larger, or seeking a place for retirement, those personal stories can help a seller empathize with you.

Share commonalities. If you have any information about the people selling the house, share what you have in common. This could be anything from children to hobbies.

Show, don’t tell. If you can, paint a picture of what your life will be like when you live there. For example, “I can imagine pancake breakfasts with our two children in the lovely kitchen.” If the seller has had similar experiences, continuing those traditions may be important to them.

Don’t over-compliment the seller. A love letter should be an authentic message about your interest in the home. A seller can tell if you’re genuine, so keep your compliments sparse and real.

Keep is short and simple. Your love letter should be a sonnet, not a novel. Keep to the point and try to remain under 200 words.

Show stability. You might find yourself bidding against all cash buyers or people willing to pay more than you are. Your letter may set you apart from the competition emotionally, but don’t forget to share that you’re a financially viable candidate. Also, if you have unique (and strong) resume attributes, consider including a couple of key points. You never know what might draw the seller to you.

Don’t point out flaws or improvements to be made. Even when you’ve found your dream home, you may still have plans for improvements. This is not what sellers want to hear. Make sure not to point out the household flaws, or renovations you will make once the ink has dried. This could sour the seller to your overture.

Consider a multi-media love letter. Last year, a Windermere agent helped his client purchase the home of her dreams. She was a violinist and the home she desired required a certain acoustic quality. He followed her through the home while she played in different rooms. When she sent this video to the sellers, it helped set her apart from other buyers bidding on the home.

Be professional. While this is a love letter, and somewhat emotional, it is also a part of a business transaction. Do not be overly familiar. Remember to format, address, and copy edit your letter as you would with any other business correspondence.

Here are some samples of love letters.

If you are submitting a love letter with your bid, make sure to consult your agent. They may have inside information about the people selling the home through their connections with the selling agent. Your agent can advise you if your letter is appropriate and what information it should contain.

In a competitive seller’s market a love letter will not always work, but as in love, it is always worth a try.

Have you ever written a love letter with a house offer? What was your experience?

Posted on July 22, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, For Buyers & Sellers, Housing Trends, Northern Colorado Real Estate, Windermere Real Estate | Tagged ,

When Buying a Short Sale Home is the Right Fit

Purchasing a home can feel overwhelming at times, but a short sale home offers a unique opportunity for a prospective buyer. A short sale occurs when a homeowner owes a lender more than their home is worth, and the lender agrees to let the owner sell the home and accept less than what is owed. Lenders may agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.

Short sales do differ in a number of ways from conventional home sales. Here are a few things to consider if you’re thinking about buying a short sale property.

    • Short sale homes sell for less, but not significantly less than market value.

Buyers hoping to snap up a home for half the market value will be disappointed. The selling price for short sales averages about 10 percent less than for non-distressed properties. The bank is looking to recover as much of the value of the home as possible, so they will not accept offers that are significantly under market value. That said, with savings that can equal tens of thousands of dollars, a short sale is a great way to get more house for your money.

    • Short sale properties are sold “as is”.

The lender will not be making repairs to the home. Any improvements that need to be made are most likely going to be the responsibility of the buyer. A savvy buyer’s agent/broker will get contractor bids for any necessary repairs and use those to help negotiate a lower sales price with the bank.

    • A short sale will take longer than a conventional home sale.

Once you and the seller have mutual acceptance on an offer, you need to allow 60 to 90 days for the lender approval process. There are often long stretches when the offer is slowly winding its way through the bank’s system, so buyers need to be patient.

    • If you have to sell your home first, a short sale is probably not the best fit.

Lenders generally will not take contingent offers on a short sale.

    • A short sale is one real estate transaction that you shouldn’t attempt on your own. 

Short sales are complicated transactions that involve a different process and significantly more paperwork than a standard real estate sale. An agent/broker that is unfamiliar with short sales can write an offer in such a way that they inadvertently cause their buyers to lose the deal. An experienced short sale agent/broker will protect your interest and help the process move forward smoothly.

The bottom line: As long as you can be patient, and are working with an agent/broker who understands the process, buying a short sale is a great way to purchase the house you want at a price you’ll love.

Posted on July 17, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, Fort Collins Real Estate, Northern Colorado Real Estate, Windermere Real Estate | Tagged

Buying your home: A step-by-step approach

There is a lot to consider when you decide to buy a home, especially if it is your first. How much home you can afford? What kind of loan should you choose? Which neighborhoods are both affordable and a good investment? These are just a few of the questions you’ll be asking yourself. But with an experienced agent to help you, you’ll get the guidance you need to come up with the right answers−and a home you love.

First things first

Before you start shopping, you need to find out how much home you can afford to buy. Your agent can refer you to a loan officer who will help you determine how much of a down payment you can manage, as well as the monthly payment, taxes and insurance costs. Your lender can then prequalify you for a dollar amount, which can help you focus your search. You can also get a quick, rough estimate of monthly mortgage costs at Windermere.com; there’s a mortgage rate calculator on every listing detail page.

Create a wish list

Once you know your price range, talk to your agent about the home features you need and the ones you would prefer. The former might include number of bedrooms or suitable space for a home office, while the latter might include hardwood floors or a pantry. By clearly communicating your needs and preferences, you can help you agent narrow down the selection and avoid wasting your time.

Check out a few neighborhoods

Be sure to talk to your agent about what you’re looking for in a neighborhood. Are property values your highest priority? Great schools? A short commute? Small-town atmosphere? Big-city amenities? Your agent will try to narrow down the affordable neighborhoods that fit your criteria. Then you can either explore them with your agent or get a sense of each neighborhood on your own.

Shop for a loan

There are many different loan programs to choose from. You’ll want to find one that offers you the best terms for your current situation and future plans. Your agent can give you the names of several mortgage specialists who can review your options with you and help you determine which loan is the most advantageous. Once you’re approved for a loan, sellers will consider you a more attractive prospective buyer.

Make an offer

You’ve finally found the right house in the right neighborhood. It fits your practical needs, has potential and just feels right. So how do you ensure that you keep the price as affordable as possible without running the risk of losing it? Your agent has the expertise to help you make the right offer. He or she knows what comparable houses are selling for, how long they’ve been on the market, and whether or not the asking price for the home you want is fair. Your agent can also offer excellent advice when it comes to making a counteroffer.

Seal the deal

Once you’ve found the home you want and your offer has been accepted, you give the seller an earnest-money deposit. Your agent draws up a purchase and sale agreement; it’s the contract that outlines the details of the property transfer from the seller to you. This contract is typically contingent on the home passing a structural inspection and you obtaining approval for financing.

The inspection lets you know if the house has any major issues and how well it has been maintained. Remember, no house is perfect. If the inspection uncovers some problems, your agent can help you determine whether to ask the seller to handle or pay for the repairs or to renegotiate the price of the home.

When the inspection is concluded and any loose ends resolved, you “close” on the home. Closing is when you and the seller sign all the papers, you pay your share of the settlement fees, and the documents are recorded. Your agent will be a happy to answer any questions throughout this complex process.

Home at last

When you buy a home, you get more than just a place to live. You get the satisfaction of having a place that is truly yours, one that reflects your style and provides a comfortable setting for you and your family. Buying a home also gives you a substantial annual tax deduction and a way to build wealth over the years.

Posted on July 16, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, Fort Collins Real Estate, Windermere Real Estate | Tagged

NEW LISTING – 1125 Redwood Drive, Loveland, CO 80538

Check out this Windermere Certified Listing! Make yourself at home in this well maintained ranch! Hardwood floors in living room and all 3 bedrooms. Large lot allows for plenty of space for outside entertainment. Central A/C, patio, storage shed, workshop with electricity, no HOA, RV/Boat parking on property.

Contact Julie Kendall for more information on the property details, including price.

Posted on July 5, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, Northern Colorado Real Estate, Windermere Real Estate

The Risks and Rewards of Purchasing a Bank-Owned Home

The process of purchasing a home directly from a lender can be long and arduous, but could very well be worth it in the end. If you have your sights on a particular home or are looking to find a deal on your first, working directly with the lender may be your only option. Purchasing a bank-owned home is not for the faint of heart, here are some tips for negotiating the REO process:

1. Be prepared: The condition of bank-owned properties are often poor and hard to show. Past owners may have departed on bad terms, leaving the home in poor condition with foul smells, missing appliances, wires taken from breakers, gas fireplaces gone, even bathrooms without toilets and sinks.

2. Understand the costs: Maintenance or repairs may be necessary, since these homes have been vacant for an unknown period of time–sometimes months or years. Keep in mind, when they were occupied the owners could have been under a financial hardship, preventing them from doing regular seasonal care or repairs when needed. Remember as well that the bank is trying to sell the house immediately, so you will receive a financial break in the price rather than a willingness to negotiate on the maintenance and repair issues.

3. Accept the unknown: In traditional real estate transactions, homeowners fill out Form 17 regarding important information about the history of the house. A bank owned home is either exempt or marked with “I don’t know” throughout the document. Not having the accuracy of this 5-page disclosure form could leave you with a lot of unanswered questions on the history of the home.

4. Know what is non-negotiable: The pricing on the house may not get much lower. Some of these properties can be “a dream come true” if you get them at an amazing price, or they could be your worst nightmare. Do your due diligence researching any property, and conduct all necessary inspections to safeguard yourself. Some major repairs may be negotiable, but will likely not reduce the home price.

5. Make a clean offer: The higher the price you can offer, the better. Include your earnest money, keep contingencies to a minimum, and suggest a reasonable closing date. The simpler your offer is, the higher chance you have of the bank accepting your offer or countering in a reasonable time period.

6. Be patient: Consult with a professional who handles bank owned home purchases to help you negotiate the pathway to homeownership. The process of purchasing a bank-owned, foreclosed or short-sale home is typically longer than a typical real estate sale.

Posted on June 30, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, Northern Colorado Real Estate, Windermere Real Estate | Tagged

5 Deal Breakers that can blindside home buyers

Purchasing a home can be a complex endeavor for even the most well-prepared home buyer.  You’ve diligently saved for your down payment, followed the market, researched agents and now you are ready to make an offer on your dream home.  Don’t let these 5 “Deal Breakers” come between you and your new home.

  1. Big Purchases on Credit. It is tempting to buy the furniture for your new home or a new car for the garage before the sale closes. Take care if you are making these purchases on credit. Large purchases on credit can have a major impact on your credit profile which effects your mortgage application. It’s a better plan to wait until after closing or pay cash for these transactions or you may be putting that furniture in a different living room than you originally picked them out for.
  2. Overpaying. Before your bank will approve your mortgage they will appraise the home you are purchasing.  If they feel you are overpaying they are likely to decline your mortgage application. If you find yourself in this situation consult with your agent on renegotiating your offer to be more in line with the bank’s appraised value.
  3. Purchasing too close to Foreclosure. If you are making an offer on a house which is facing foreclosure be sure to have a closing date set before the foreclosure date. Have your agent work with the lender to structure closing before the house goes back to the bank and into foreclosure.
  4. IRS liens. You’ve heard the old saying “Death and Taxes”.  Back taxes and liens can derail your attempts to get financing for a mortgage so be sure to have your books in order before filing your loan application.
  5. Comprehensive Loss Underwriting Exchange (CLUE). CLUE is a database of insurance claims for both people and property.  Your home insurance rates are determined by the information about you and the property you plan to purchase which is contained in this report. Past claims for water damage, falling trees and even dog bites from present and past owners can multiply your insurance rates. Consult your agent about the CLUE report for your future home as soon as possible once your home purchase offer is accepted.

When purchasing a home there will be challenges which you can plan for and the unexpected hurdles.  By educating yourself as a consumer and choosing a well trained real estate agent you can avoid many of the pitfalls of 21st century home ownership.

Posted on June 15, 2018 at 6:00 am
Windermere Windsor | Category: For Buyers, Windermere Real Estate