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PMI – How to Avoid it!

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Worried about PMI (Private Mortgage Insurance)? I work with a lender that has programs with 3% or 5% down on conventional loans. These programs require NO mortgage insurance by using Freddie’s Home Possible Advantage program with 3% down and their Home Possibly program with 5% down.  You do need to make < $80,100 or the property does need to be in an area that is not income-restricted.   Call me with questions!  HAPPY SUMMER!

May Market Minute

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Housing Market Minute

Housing Market MinuteMay, 2017

Pending home sales were down slightly in March, a by product of continuing low inventory and high demand.
The average sales price for April single family detached homes came to $471,145 and $312,320 for Condos and Town-homes.  This is a study increase month over month since the beginning of the year.
(Data provided from REColorado for Aurora, Northglenn, Westminster, Lakewood, Thornton, Arvada, Englewood, Edgewater, Centennial, Littleton, Bloomfield, Denver, Golden, Lone Tree)
In my last issue I talked about the top 5 factors driving our hot housing market.  Two of the reasons mentioned were people moving here and job growth.  I happen to have a home for rent here in Englewood, CO and after renting this home since 2004 I have never had so many out of state applicants.  Many of them flying in for the week to buy or rent in the short week they are here.  Although not a representative sample, my everyday life seems to be evidence coinciding with the report I posted last month entitled “Is the Denver Real-estate Market in a Bubble?”.
Last but maybe least on my list is a Spring Cleaning checklist.  Items I will realistically never get to, but maybe you are more on top of spring cleaning then me!  🙂  Happy Winter (I mean Spring!)

Englewood Home for Rent

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Fabulous 4 bedroom house in a mature neighborhood (this used to be a 3 bedroom house upstairs, two old bedrooms have been turned into one). So their is 2 bedrooms upstairs and 2 rooms down in the basement (non-conforming). Lots of trees, great value! 4 bedrooms including one master and 2 full bath, finished basement. Dishwasher, garbage disposal, granite fireplace. Granite counter tops, remodeled kitchen, stainless steel appliances, large fenced back yard, storage shed. Walking distance to light rail, the community recreation center, and park. Close to Platte River biking trail, and 2 dog parks. The light rail is a 15 min ride to Auraria Campus and the general downtown area. The light rail also can take you to Arapahoe Community College and downtown Littleton. There are shops nearby, one light rail stop away in the Englewood City Center. Walking distance to Riverpoint shopping area (Costco, Target etc.) This house has been recently remodeled.

THIS PLACE WILL GO FAST so please only contact us if you are ready (in town) and serious about scheduling a viewing.  Available 1st of June!

 

Is the Denver Market a Bubble?

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Is the Denver Real Estate Market in a Bubble?  There are five items that are driving the hot housing market in Denver. These are not the same as reasons for the past housing bubble.  See the full report.
#1 – Population Growth
#2 – Job & Wage Growth
#3 – Soaring Rents
#4 – Record Low Interest Rates
#5 – Awards for Denver – US News & World Report Denver as #1 city to live in.

U.S. News and World Report just ranked Denver the #2 city in the country

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U.S. News and World Report just ranked Denver the #2 city in the country to live in for 2017, down from our #1 spot in 2016. They based their rankings on these factors-value of living there, quality of life, job market health, desire to live there from online surveys, and the number of people moving here.
 
Hired, a job network for tech companies and job seekers, just ranked Denver the 2nd best city in the country for tech employees. Why? A strong focus on work-life balance in Denver was mentioned.
Penske, the truck-rental company, said Denver was the 4th most popular city in the country for 1 way moving destinations last year, up from #6 in 2015.

4 Kitchen Features of the Future

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Today’s modern kitchens may include seamless appliances, lavish amenities and stylish upgrades, but they’re still a far cry from the new technologies companies are developing. Here are a few of the cool features that could make it into your kitchen in the years to come.

Smart appliances: Appliances are beginning to incorporate technology that provides added convenience in ways we’ve not experienced before. For example, Samsung’s revolutionary new Family Hub refrigerator, available now, features a Wi-Fi touch screen that syncs family calendars and displays digital notes and texts. Unsure if you should grab milk while you’re at the store? Built-in cameras capture fridge contents so you can double-check with ease.

Touch-screen hubs: Touch screens aren’t just for appliances. At the 2016 Consumer Electronics Show, Whirlpool imagined one as a kitchen backsplash that serves as a hub for the entire house. The screen recognizes each family member and displays a personalized calendar with daily tasks and appointments. It can even harness GPS to track the arrival of the morning bus.

Visible food storage: IKEA’s 2025 concept kitchen includes pantry shelves that cool glass storage containers, keeping food visible so you always know what’s on hand. The sink’s built-in composter squeezes the water out of fruit peels and other organic matter and then presses it into an odorless puck.

Intelligent cooktops: IKEA’s concept kitchen also features a smart table that serves as a prep surface and cooktop in one. Place ingredients on the table for recipe suggestions. Then use the built-in scales to measure ingredients and the embedded coils to heat individual pots, leaving the rest of the surface cool to the touch.

Whether you buy a high-tech fridge that helps to keep your family on schedule or another forward-thinking upgrade, the kitchen of the future will have some fun and useful features.

Thanks for reading. I look forward to connecting with you soon!

Hottest Denver Neighborhoods in 2016 and 2017

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Redfin recently ranked our country’s 50 most competitive neighborhoods to buy a home in 2016. Metro Denver had 7 of the 30 most competitive and 10 of the top 50. The most competitive neighborhoods have these characteristics-

  • Fewer median days on the market.
  • Higher average sale-to-list price ratio
  • Home price appreciation
  • Higher percentage of homes sold for all cash
  • Homes for more than their asking price

So, here is the 2016 list for metro Denver-

  • #8–Lakeside near Sloan’s Lake
  • #12-West Pleasant View in Golden
  • #13-College View in Denver
  • #14-Hoffman Town in Aurora
  • #17-Highline Villages in Aurora
  • #23-Union Square in Lakewood
  • #27-Horseshoe Park in Aurora
Here is Redfin’s 2017 list for hottest neighborhoods in Denver-
  • #9-Greenfield in SE Aurora
  • Also highly ranked were Old Town Arvada and Athmar Park in SW Denver.

Real Estate Market Tighter

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As of January 4th, 72% of the single family detached homes priced under $460k were under contract!!!  For homes priced under $350k, 79% of them are under contract! WOW!!!  Our market only continues to get tighter and tighter. Thus, prices can only go up, up, up!
If the Real Estate market was a Super Market here is an analogy for what a super market would look like…..imagine walking into King Soopers and 79% or 4/5 of the aisles are closed off because the stores’ shelves are bare. Basically, only the ends of the stores have anything to sell. Thus, only the bakery, the butcher and the produce sections are open. If you want soup, cereal, pasta, frozen food, condiments, milk, butter, cookies, chips, paper towels, etc. the store is out of inventory and there is no ETA for delivery by truck of any of these items. That’s what our real estate market is like.
(by: Lonnie Glessner)