Bruce's Metro Denver Real Estate Blog

Bidding on Homes with Multiple Offers

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Mon, 07 May 2012 09:06:25 -0700

Just in case you did not know, the real estate market is heading back up. At least that is the case for the Number two marketplace of Denver, Colorado. Inventory is down and more home buyers are getting off the sidelines and back into the hunt. In most price ranges there are more buyers than inventory and the simple rules of supply and demand dictate those multiple offer situations we are seeing will continue to increase.

Three strategies to follow when the home you want has competing offers:

Avoid over analyzing the listing agent or the other competing offers

After several years with a declining market the first response home buyers usually make when told the home they viewed several times and finally put an offer in on now has multiple offers is usually "Are you kidding me?" "Seriously?"

When the listing agent says there are competing offers, take them at their word. It is a single factor in the situation. Don't waste time trying to get into the heads of the competing buyers. You don't know what their offer is and the listing agent is not likely to tell you. The whole confidentiality clause.

The best you will typically get is the request to submit your highest and best offer which is good advice. Take a step back and if you still love the property continue to move forward. But do that at your own pace. Make an offer that you are comfortable making when your comfortable making it.

Remain focused on your offer with the seller

Lising agents often come back with responses that lead one to believe the competing offer gives a better price, has better qualified buyers or a faster closing timeline. Sellers usually take in the entirety of an offer when choosing to accept, decline or counter. Remember that you are not negotiating with the other buyers, you are negotiating with the seller. Don't get distracted by the other offers because those are unknowns and can drive you crazy.

Emphasize the positives of yourself and your offer

When selling a home, people generally look at the entire offer and not just price. The level of interest showed by a buyer is also a key factor when making the decision. As is the price, number of contingencies, earnest money, downpayment and timing.

When competing with other offers, if you love the home, let them know. Schedule more than a single showing to check the home at different times of day. Include a note introducing yourself to include with the offer. Include a strong pre-approval letter. Make the timeframe for the inspection contingency quick. Put up a serious amount of earnest money to show you are serious as there are dated contingencies within most offers that protect these funds.

Be flexible with closing and posession dates to ease the sellers transition out of the home. Selling a home and moving is a major life change for them and taking some of the stress from that by working on the dates can help make a sellers decision easy when choosing an offer.

Put your best foot and best offer forward, show patience and understanding. If you lose out, learn from the experience and use that knowledge on the next offer. Things happen for a reason and there may be a better home lurking around the corner.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Real Estate: Mortgages

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Wed, 02 May 2012 23:23:59 -0700

Almost any person who purchases a house is going to have to get some sort of mortgage as a means to be able to pay for the house. Most people do not have the available capital to be able to pay for an entire house in full and then some people who do would rather get a mortgage as opposed to paying it all upfront so that they are not in a financial bind. Mortgages can be confusing to some people as there are many considerations that go into a mortgage and the given rate that a person is held accountable to paying. A person should know a little bit about mortgages before purchasing a house and acquiring a mortgage of their own so that they do not find any unwanted surprises that can mess with their finances down the road.

First of all, a person should decide just how much money they will be able to afford in terms of a down payment. Obviously, the more that a person pays upfront and right away the less money that they have to eventually pay back, but some people cannot afford to pay a big down payment. A person should meet with a mortgage broker and see what option would give them the most desirable mortgage option with what they can afford and really try to put that amount of money down initially.

Another thing that a person should think about is the long-term feasibility of their mortgage plan. They should seriously consider how much they can afford to pay each month in mortgage payments without trouble or without the chance of defaulting on their loan. This can seriously harm a person's credit and also put them at risk for losing their house, so a person should be extremely cautious and serious about making mortgage payments in full and on time each month. For people who have experienced a changing financial situation, there is an opportunity to get the mortgage refinanced which can result in different monthly payments if the bank determines that a person falls within certain parameters.

A mortgage is something that most people have and it can be a great thing because it can greatly aid a person in their ability to purchase a house and be able to live in a house that they cannot outright afford, but a person should be knowledgeable about how much they will be able to pay and how much they can pay upfront as well as how the whole process will work out.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

When Did Owning A Home Become More About Property Value And Less About Putting Down Roots?

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Wed, 22 Feb 2012 11:04:04 -0800

In the midst of the crisis in the real estate market it seems that most people have lost the whole idea of why they wanted a home in the first place. A home is a place where you put down roots, raise a family, and grow old in a community where people know you. Or that is what a home used to be. Now it seems that too many people are concerned about the monetary value of their home rather than the intrinsic value and in some ways that is understandable and in others it seems that we have lost something more during this economic crisis than just the monetary value off what a home would sell for on the open market.

One needs to remember that part of the problems facing the real estate today was caused by greed. The greed of people who wanted to own a house that was far above their financial means and the greed of bankers who were willing to not look too closely into whether these people really had the means to afford the homes they set their sights on. These people were not buying a home they were buying an investment that they thought they would live in for a few years and then sell for a nice tidy profit. Some of these people even used their homes as their own ATM machine exchanging their equity in their home for cash to buy toys, go on expensive vacations, and other such things. Then, the housing market went belly up and home values fell and they were left owing more on the mortgages than their house was valued for.

Now these people are crying at the unfairness of it all, but, what about the homeowner who worked and saved for that down payment and then chose a house that he could afford and made his payments, and finally owns his own home. His home value went down as well, but these people for the most part are not complaining and in fact, many of them have paid no attention to the fact that their homes are now valued at 1/3 less than they were a few years ago. Why? Because these people were not investing their money in a house. They were buying a home. And no matter what happened or will happen to the real estate market these people own something they consider far more valuable than a house to live in and sell a few years down the road for a profit. They own a home.

And some areas have more underwater mortgages than others. In Phoenix 66% of the homeowners are paying mortgages in excess of their homes worth, While in Atlanta the rate is 58.7% of homeowners who are underwater and Tampa stands at 56.5% of mortgages that are higher than the value of the homes. All of these homes are considered high risk for foreclosure not because the mortgages aren't being paid, but because of the likelihood that the homeowners will simply give up the struggle deciding the sacrifices they are making to pay the mortgage simply won't be worth it in the long run.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

What Makes People Flip Out Over House Flipping?

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Wed, 25 Jan 2012 10:10:35 -0800

It doesn't make sense that it is 2012, the housing market is still down and people are still angry over those people who make a profit buying a house doing a few simple repairs (or not) then selling it days or weeks later at a profit. While the house flipping has gone on a very long time it seems to be a hot subject for many people. Some even feel the act of house flipping is shady. But actually, house flipping can have some benefits for many people other that the people who make money off these house flipping deals.

For starters the neighborhood where the purchase and sold house stands certainly benefits. Any neighborhood is dragged down by a house that has an unkempt lawn, peeling paint, and a general air of abandonment. Potential home buyers won't buy it finding it unattractive and these empty houses are a beacon to mischievous kids who may want to explore and in the end may do real damage to the property.

Now along comes a house flipper who after inspecting the home decides it only needs a few minor cosmetic repairs. He buys it dirt cheap mows the lawn, trims the trees and bushes, Plants a few flowers, paints the entire house inside and out, and replaces a couple of faucets and maybe a light switch here and there and then sells the house for several thousand more than he purchased it for. By fixing up the house and increasing it's value it improves the value of all the homes surrounding it. Buyers get a home that is in good condition, the temptation for neighborhood kids to explore the now occupied house is removed, and the real estate company made two home sales within a very short period of time.

This all appears to be a win/win/win situation for all concerned. What is so shady or underhanded about that? While in some cases investors do flip homes for a fast profit without doing any property improvements this is really the exception rather than the rule. In most cases house flippers do choose homes that only need small cosmetic improvement to increase their profits, but if these improvements increase the potential value of the property and make it more attractive to potential buyers, then why would anyone have a problem with that? After all no one is forcing buyers to buy the property and the house flipper is taking the risk that he may get stuck with the property for a considerable length of time.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Benefits of Being a First-Time Homebuyer

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Mon, 12 Dec 2011 12:02:42 -0800

There are many benefits being a first-time home buyer with all the new regulations and rules plus help from the government. With the economy the way it is today the housing market is considered a "buyer's market." What this means is that there are many houses on the market from which buyers can choose. With this type of market, there are both good points and bad points. The one good point for buyers is that with a buyer's market the prices of house are lower, which means that buyers may be able to get a house that they would not ordinarily be able to afford in any other type of market. On the flip side, the bad point is that with so many houses to choose from, it makes it hard for the buyer to make a decision as to which one they want to purchase.

With so many houses to choose from, it is best for the buyers to make a list of what they are looking for in a home and try to only look at houses that have what you are looking for. The buyer should not look at more than three or four houses at a time because any more than that can be overwhelming. As you are looking through the houses, take notes of what you like about the house and what you do not like so you can do a comparison of the houses when you are back at your current home.

If you do not have a lot of money, there are many types of loans out there for first time home buyers. When you make the decision to purchase a home get with a real estate agent or talk to you bank about the various programs or loans that you may be eligible for. Once you have that list, make sure that you submit your applications so you will know what type of financing you can get and how much you will get. There are FHA home loans, if you are a veteran you can apply for a VA home loan, and there are many others. in addition, there are various loan and government programs to help first-time home buyers.

These are just some of the many benefits that a first-time home buyer can take advantage of and to find out more you can go online and do a search. If you are considering buying your first home, now is the time to do buy.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Mistakes that Sellers Make with Their Homes

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Tue, 18 Oct 2011 15:21:06 -0700

For those ready to sell their home and eager to put their home on the market, first they should step back and take a deep breath. Now, reflect whether you are ready to put the home on the market and this means not personally ready, but is the house ready? Has it been cleaned, repairs been made, organized and basically ready to put on the show its life? This is something that the seller has to consider, and is one of the biggest mistakes that people make when they are in the process of selling their home. They get ahead of themselves and simply jump in. When a person does this they are going to find that it may be harder to sell their home since they did not put in the time to present it at its best before putting it on the market. Though this is a common mistake, it is by far not the only mistake that sellers are making that can jeopardize whether they sell their home or not.

Another mistake that sellers make is that they upgrade the home too much in hopes of getting a greater return. However, in doing this they will find that buyers notice how the home does not reflect the neighborhoods characteristics and this can make them hesitate to buy since the home stands out from the neighbors.

Those that have a home that has some problems with it, should make sure that they disclose these problems. Many sellers think that they should not have to do this, however, they will find that in most states this is a law and if the person is found to be lying about something or not disclosing it when they knew it was a problem, then they are going to find that they can be sued later on, which is a place that no home seller wants to find themselves in later down the road.

Of course, another mistake that sellers make is getting emotionally attached to the sale, making it harder to let go of the home. This is something that the individual must simply realize that they cannot do and that they should step away from. They have to put the house above the connection that they have to it and realize that it is just a house, they can make a home in another location.

Getting past these mistakes that sellers commonly make will make it much easier for the person to sell the home and get a fair price out of the sale.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Getting Ready to Sell Your Home

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Thu, 06 Oct 2011 13:11:43 -0700

The sale of a person's home is a very important part of their life and will be one of the more crucial points that a person will experience. There are several things that will need to go into the sale of a home before the transaction completes. The biggest of these is the getting of a home ready for sale.

This is a process that will take time to complete; there is a lot that will go into getting the home ready to be sold. The most important of these is the fixing of items around the home that are in need of being repaired.

Look around the home; I am sure that you are able to find a few items that have to be fixed before the sale of a home. This can be one of the best ways to get a home on the market and ready for the sale. If there are any issues with a home, then a potential buyer will be dissuaded to purchase due to the condition of the home.

Minor repairs will not be as big of an issue as making sure that the larger items are taken care of. A leaky roof will be a lot bigger issue to take care of than that of a leaky faucet. It will be important that you make the decision about what you can fix as opposed to what you will require a professional to fix.

This is an important part of the entire process. The more that you are able to do on your own, then the lower the costs involved. This can go a long way towards saving money while getting the home in a condition to be sold even in the toughest of markets.

Having the home in the best condition possible can help to get homes sold in a hurry regardless of the current state of the housing market. A little upfront investment to accomplish can save time and money when it comes to selling.

Even the smallest issues can turn into a deal killers if a person is not careful. The best advice is to look it all over and make repairs where you think they need to be made. Where you would expect them to be made if you were buying the home.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Increasing a Homes Value with Landscaping

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sun, 28 Aug 2011 18:15:19 -0700

Having your home appraised can cause a bit of anxiety for homeowners. If the appraisal is for opening a second mortgage or selling there are small things that can be done to improve the appearance of your home that don't require tearing down the walls. The outside of your home makes the first impression on an appraiser and a well manicured lawn does so much to improve the look of your home.

Choose plants that add interest and compliment the physical structure of your home. If you have a Mediterranean style home using tropical plants to tie together the feel of your home and increasing the value of your real estate. Garden centers have a variety of plants that are suitable for your region and that will complement your home. Think of colors and themes that are consistent. You can choose monochromatic for a bold dramatic modern statement or use swatches of colors and plants to add more interest to your real estate.

If you have a cottage style home use wildflowers of various colors and types. Choose plants that bloom at different times so that there is always something blooming year round. Homes that have a unified appearance of structure and accents look better maintained, and can increase the value of the house in the eyes of the auditor as well as the buyer. Making your best impression the first time can help insure that your real estate is valued at the highest possible value.

Maintenance is important, if you spend the money, time and effort to have a professional landscaper come and landscape your home try and get someone that is more than a mow and blow guy. They rarely care for the plants, spending a bit of extra money may actually go a long way in this case. A landscape designer can help you to put things into order as far as placement and design, but for maintenance you will need to hire someone else. Ask neighbors for recommendations, and often you will find business cards posted at garden center announcement boards.

Having well manicured grass is nice, but to make the best possible impression add other plants and flowers to help tie in your yard with your property. Real estate values are mostly market based, but doing simple thing to improve appearances can make a great impact on the final value.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

6583 East Ida Avenue, Greenwood Village

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sat, 27 Aug 2011 11:24:36 -0700

6583 East Ida Avenue
The Gardens in Greenwood Hills

Contemporary Luxury Living

Blending indoor and outdoor spaces - $1,260,000

MLS#: 1029808

Property Type: luxury single family home

Bedrooms: 4

Bathrooms: 4

Square Footage: 4395

Location: Greenwood Village

Year Built: 1983

RE/MAX Southeast
Bruce Swedal

Broker Associate
303-437-8611 (Cellular)
303-597-4112 (Fax)
http://www.bruceswedal.com/idx/cms/3/details.html

Each Office Independently Owned and Operated

©2011 Imprev, Inc.

RE/MAX Southeast
3600 S Yosemite St Suite 150
Denver, CO 80237

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

How to Find a Good Home Inspector

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Wed, 03 Aug 2011 11:00:58 -0700

Once you have found the right house, you have the funding, and the seller has accepted your offer, you should have it inspected before you close the deal. The reason that you should do this is to prevent you from finding on down the road that the home has some major defects.

A home inspection will normally cover an examination of the air conditioning and heating systems, electrical systems, plumbing, attic, roof, floors, walls, ceiling, visible insulations, foundations, windows, and basements. Make sure that the home inspector gives you a report on their findings. If there happens to be any major defects, you need to consider requesting that the seller fix the defect or to lower the price and let you fix the defect. Before you decide to fix it, you should know how much it is approximately going to cost.

Before you make the offer on the house, you should have something written into the offer that if the home inspector finds major problems you can cancel your offer if the home owner does not want to fix them. Most contracts have an inspection clause standard. A home inspection may cost you a couple of hundred dollars, but it is worth it in the end if it keeps you from buying a home with a major defect.

To make sure that you are finding a good home inspector you should find out just what the inspection covers, and how long that they have been in the home inspection profession. You should also make sure you ask just how many houses they have inspected to guage their experience.

Make sure that they are experienced in home inspections. You should also ask how long the inspection will take to complete. For a home inspector, it should take between two and four hours for a single family house. If it takes them less time they may not do a really thorough inspection. Ask them if they find any major defects will their company do the repairs or improvements. If they say yes, then they are operating against the ASHI Cod of Ethics.

Of course, you should find out what they charge for the inspection, which should be in the range of three to five hundred dollars. It depends on the area, how big the house is, and many other things. You should also ask for references and make sure that you contact them. Be there on inspection day so you can see just what they find.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Landlord Harassment

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Thu, 07 Jul 2011 15:53:51 -0700

In United States real estate law, people who have been harassed by their landlord or any person working for their landlord in an effort to make the person abandon their rental contract, have legal rights of protection. Often, in areas of the country that offer rent control, property owners will harass their tenants into moving out so that the rent can be raised for the new tenant. While this is illegal and ethically wrong, it can be difficult to prove. In the event the landlord commits a crime while harassing their tenant, many regions will punish the landlord more severely.

Landlord harassment can take many forms. For instance, when a property owner refuses to repair the property, keep up with landscaping, or trash collection, this can be a means to irritate a tenant. If they continually reference improper behavior on the part of the tenant, mutilation of the property, or create a great deal of noise, these acts too can be harassment. While some of these mentioned methods of harassment might in fact be deliberate, it is harder to substantiate. It is vital to document any potential harassment in the event the situation escalates. Obvious harassment would be considered verbal or written threats of physical injury or financial harm, or even actual physical assault. In situations of this type, it is best to contact law enforcement officials immediately to substantiate your claim of harassment.

Under the Human Rights Act, tenants are guaranteed certain freedoms, such as the right to enjoy their own private life and possessions within the property. There are many pieces of legislation at the federal level of government to protect a tenant, and many local and state governments have their own layers of protection in force. In many instances, a property owner can become angry with a tenant if the tenant has been vocal about an issue or has complained to a government agency about living conditions. The landlord however, is not at liberty to retaliate in any fashion against the tenant. This means that not only can the property owner not evict the tenant; they also cannot raise their rent or make changes to the terms of the rental contract within six months of the tenant's complaint. In the event a tenant sues their property owner for harassment of a retaliatory type, the burden of proof is on the landlord to show they did not engage in any tactics of retaliation against the tenant. If the retaliatory activities took place after six months have passed from the date of complaint by the tenant, the burden of proof lays with the tenant.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Real Estate Trends

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Mon, 06 Jun 2011 12:49:26 -0700

It seems that even though interest rates have been at record lows and foreclosure proceedings initiated by bankers were slow, the housing market has been struggling for the last several months. Soon it is anticipated that banks will step up foreclosure efforts and interests rates will raise, making it even more difficult for first-time home buyers to meet qualification requirements and come up high down payment amounts.

As the tax credit for first-time homeowners has been eliminated, real estate agents are seeing a large increase in the amount of sellers and a sharp decrease in buyers. In addition, houses that are up for sale are spending more time on the market waiting for a buyer to come along and snap them up. Well over half of real estate agents reporting in a national poll said that home prices are experiencing decreases in value, with only a quarter of agents reporting an increase and those are mostly in areas of economic stability and growth, such as Vail, Colorado and St. Augustine, Florida.

Lending standards have been stepped up all across the country as banks are struggling to make money on home mortgages instead of continually foreclosing on properties. This increase in requirements to obtain a home loan has made it difficult for many potential homeowners who are looking to buy a home with a high price tag. Government financing options with low interest rates are still available to those who are buying lower priced homes, but anyone who makes too much money to qualify for those loans is stuck working with traditional financing options and hoping they make the grade.

Fortunately, there is an unseen benefit in this cloud of negative housing market news. With all of the foreclosures that banks and other lending institutions are undertaking, they are going to have to dump them back into the market at some point. This should allow for at least a small relaxation in the policies and requirements for would-be homeowners, making it easier to qualify for a mortgage. While anyone with a strong credit rating is given first consideration at financing options, it should soon be a little more open to people with average credit as well.

As a homeowner who is looking to sell, knowing that there are plenty of other houses on the market with relatively few buyers' means you must do what you can to make your property more appealing. With so many homeowners, simply discounting their prices it makes sense to update and beautify your property. Not only does this make your home more attractive, it negatively influences the price of neighboring homes in your area.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Selling Your Real Estate

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Tue, 17 May 2011 17:32:54 -0700

Deciding to sell your real estate is a daunting task, especially in these trying economic times. Many questions have to be answered prior to making the decision. Should you go through a Realtor? What is the fair market value? How will this affect you financially? Is this the best time?

The choice to go through a Realtor is the first decision that must be made. Some property owners have made the choice to sell on their own; FSBO (For Sale By Owner). This is done in an effort to leave out the "middle man" and thus retain more of the profits for you. As appealing as that may sound, it may not always be in your best interest; some liken it to being your own attorney and we all know the adage about that.

The benefits of having a licensed Realtor assist you are many. From doing the research needed to appraise the value of your property to ensuring that, existing loans are fulfilled to finding qualified buyers.

It is good idea to obtain a Realtor who is part of the National Association of Realtors (NAR). The association, which began in 1908 with a mere 120 members, has grown to a membership in excess of 700,000. The credentialing process is stringent and the comfort of knowing there is recourse through the association should something go wrong is invaluable.

A Realtor can assess what the fair market value of your property is. Some investigating on your part can be done as well. This can be done by researching what comparable properties in your area have recently sold for. You can also calculate how much it would cost to replace your property. Taking into account material and labor costs for any structures as well as the value of the land itself.

Obvious questions like what will be done with the proceeds from the sale need to be addressed. Will the income be invested in another property and if so, is it enough? How you manage your money currently will be an indicator of how any additional funds will be managed as well. Keep in mind that selling of property also has an impact on your income tax.

Lastly, timing can be a large factor in selling. The real estate market is certainly not immune to the recent recession and shift in the economy. As we have seen, many people lost their homes due to foreclosure. The unemployment rate is up and many can scarcely afford rent let alone a mortgage.

Selling real estate must be an informed decision. Knowledge is power and the more knowledge you have regarding your options the more power you will have in this struggling market.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Five Traits of a Good Real Estate Agent

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sun, 03 Apr 2011 20:24:42 -0700

When working with a real estate professional to buy or sell a home, there are a few traits to look for in order to get the services of a qualified real estate agent. Real estate agents can be a great source of information and knowledge and can help smooth out a transaction for sellers and buyers. There are many real estate agents, but as in any profession, there are good and bad apples. Here are a few traits of a good real estate agent.

Communication - Great communication is number one in the list of traits. The entire transaction will be based in an agent communicating with you, your lawyer, other agents, sellers ... Fortunately you will have a first interview with an agent and see if he/she is willing to answer questions, provide information, and if he/she seems to hear what you have to communicate as well. If you seem to be in the same page, then it seems that communication has started. However, it is worth mentioning that an agent may not be able to answer some questions about crime rates, ethnicity ... in a neighborhood because he/she is bound by the Fair Housing Act and a professional code of ethic. An agent should not take too long in addressing your questions and concerns. He/she has many other clients, but a courtesy call should be expected.

Techno Savvy - An agent should be able to navigate the internet and use some common tools of the trade to help you sell and buy a home. In this type of market and technological society, these skills are of the essence.

Committed to his/her profession - Instead of bypassing a part-time agent for a full-time agent, focus more on the commitment that this person seems to have to giving you the time and effort to help you buy or sell a home. There are lazy full-time agents and there are lazy part-time agents, but there are also very proactive and energetic full-time and part-time agents that are committed to their clients.

Knowledge and experience - Experience relates to how long the agent has been in the career field, but also in how many types of transactions he/she has handled. Knowledge relates to how well-informed the agent is about the current market, tools of the trade, RE information and latest happenings. Just because an agent has been long in the business and therefore experienced, does not necessarily mean that he/she is knowledgeable. In addition, there are many licensed professionals who are not very active in the field or keep up with the profession.

These are just a few traits to consider when looking for the right RE agent.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Highlands Ranch Mansion Hosts Murder Mystery Theater

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Tue, 22 Feb 2011 14:30:50 -0800

The Highlands Ranch Mansion will host Murder at the Speakeasy, a gangter style mystery based in the 1920's on March 11, 2011 from 7 pm to 9 pm.

Meet these colorful characters and stay alert for clues because it is up to the audience to solve this WhoDunnit. Guests may also dress like a Flapper or a Mobster to add to the ambiance and participate in the costume parade.

A catered dinner will be provided to guests and costs for members is $35 prior to the event. Day of event tickets are $40. A cash bar will also be available.

Tickets can be purchased at a HRCA rec. center or by calling 303-471-8859.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Home Buying Categories

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sun, 16 Jan 2011 10:34:28 -0800

When it comes to buying a home, many people know what they want however, they may find that they are having trouble deciding between a few different houses. So the question is, how do you figure out which house is best for you? There are a number of aspects that you need to consider.

First off, are you buying the home as a starter home with the intention to move later? In this case, you will want to buy a home that you know you will be able to sell later. This may sound easy, however, buying homes and knowing which ones are going to increase in value is pretty much a game of chance. Many professionals compare this situation to one like the stock market, how do you know if the stock is going to increase? You really don't. However, with homes, you need to keep in mind the neighborhood. Is the neighborhood one that many people want? If so, then you can almost guarantee that you will be able to sell the house later. You also need to take into consideration how long you plan to stay at the home? If you know that you are going to be moving within a year, then is there really a point in buying the home? Perhaps, you should consider renting. A good rule of thumb to follow is to buy when you know you are going to be there for at least two years, so then you can be sure that you have upgraded the property and so forth.

For those that are looking to buy a home that they will stay at for years to come, then it comes down to the house having everything that you need, with room to grow, if you plan on starting a family. You will also want to consider the neighborhood area. Are there good schools in the area? Does the area have a low crime rate? And other concerns that you may have in mind.

Overall, there are two basic buyers, the ones looking to make a profit later down the road and the ones that are looking to make a steady home out of the house. Whichever category that you fall into will be the one way that you can determine if the house that you are considering is a wise investment or not. However, always keep in mind that the housing market is constantly fluctuating, so you may find that the initial investment does not work out for you in the end, however, there are other ways for investors to still turn a profit on the home, through renting if the situation warrants that decision.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Alternatives to Selling

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sat, 01 Jan 2011 17:08:54 -0800

Those who are contemplating a move are probably doing so because the market is a buyer’s market. If they own a home now though, this could be a problem. The current market has tons of houses for sale that are going nowhere. So what does this mean for a person who is contemplating selling their home? It means that you could ultimately end up paying two mortgages, if you still owe on your old house, while you try to sell. This is a financial situation in which no one wants to find themselves in, and given how poor the economy is doing, this could be the one thing that puts a family who is getting by into the realm of finding it hard to buy groceries. This is a situation that you should avoid putting yourself and your family in, but how can you do this?

This does not mean that you have to put off your idea of moving to a new place. It just means that you should consider other alternatives than just selling your home. You could place your home for rent. Given the number of foreclosures that are happening, more people are looking to rent now than ever. If you can charge a reasonable rent rate, you will find that this is an option that will allow you to make the mortgage payments on that house, while still getting to move. When you do this, be sure to use a real estate agency to handle the home, you will have to pay them a monthly fee, however, it clears you up from having to run from your new home to the rental home when every little thing goes wrong.

Another option is that many people are interested in lease to own homes. In this sense, you are almost selling the home yourself, and acting as your own banker. People like this option because it takes out the middle man and they do not have to pay outrageous fees for borrowing the money. The tenants will simply pay you each month and you will apply this towards the mortgage. They are literally taking over what you owe. However, be sure when you use this option to have papers drawn up setting a repayment schedule so that everything is legal. This will come in useful should you have problems with the payments.

Selling your home is no longer just the only option to do if you want to move. With these other options you can avoid the current market, but still make your dreams come true.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Choosing a Realtor

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Mon, 22 Nov 2010 10:52:23 -0800

So, you have decided to sell your house and you need to find a Realtor. You would think that it should be as easy as opening the Yellow Pages and making a call, but you need to keep in mind a few key points.

The person you hire to sell your house is going to be an important choice. The Realtor will be representing you to potential buyers and you should be confident that the impression they make is a positive one. Personally meet with possible Realtors to see what you think of them when you first meet. Were you bowled over by their charming personality or their overwhelming odorous cologne? How you feel when you meet them is how your impending buyers are likely to feel. Always interview with a few Realtors, collect their list of references, and then sleep on it before making a final decision.

Do not make a decision based solely on the Realtor's commission. They might be the lowest, but you might also be getting what you pay for. Most Realtors have out of pocket expenses to list and sell your property. If you select the cheap Realtor, he or she might only be putting a sign in your yard and waiting for calls. You need to make sure the Realtor is doing their job, which is saving you the time and effort of selling your home on your own.

Look at the Realtor's record. Just because they have sold 50 homes does not mean they have a good ratio of sales to listings. Did they have 200 listed and only 50 sold? Check to see their complete record including how many times they had to reduce the asking price before getting a sale and how long each sold property sat on the market. Does this Realtor have a record of marketing properties creatively and actively? Those can be important factors in a slumped economy.

Do not pick a Realtor based upon a family or friend connection only. The old adage of never doing business with family can carry over into selling your home if the person does not have the necessary credentials or experience to do the job adequately. Would you hire your brother's daughter to do a root canal two days out of dental school? In addition, if the home does not sell or you have to lower your asking price significantly, it can damage the relationship with this person. Overall, this is a business deal and you need to feel confident in the ability of your Realtor.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Tips to Show Your Home in Cold Weather

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Wed, 10 Nov 2010 11:44:53 -0800

We just got hit with our first snow of winter season here in Denver. Not big by any means and about 2 weeks later than the norm. Seeing the snow means it is time to start thinking of how to properly prepare homes for cold weather showings.

Always keep a path to the door clear of snow and ice.
It is darker so turn on all the lights and turn off the TV.
Make a warm and inviting atmosphere on a cold day by turning on the heat… Who wouldn’t want to stay warm on a cold day?
Create a calming mood with vases of flowers, a breakfast tray on the master bed, the dining room table set with candles, etc…
Turn on some soft music but do not use a radio station…
Don’t over scent and if you use them the fresh clean versions are best. If you want that fresh baked cookie smell you better have a plate of fresh baked cookies sitting there.
Make it visually pleasing to your “guests” – keep it clean and use photos of summer gardens or bright sunshiny days.
Serve the buyer’s winter foods that they need to hold which will keep them in the home longer to notice the nice features of the home. Soups or hot apple cider...
Place out printed cards which hi-light the home features, just don’t over-do it.
Use technology with motion sensor lamps near the entry (for security), or timers. Turn off or down any noisemakers such as answering machines, dryers, etc…

Originally posted in my blog - Tips to Show Your Home in Cold Weather

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Common Home Buying Obstacles

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sun, 24 Oct 2010 14:23:05 -0700

Buying a home is not the easiest thing to do in the world. It takes a lot of careful planning, a lot of patience, a lot of work, and a lot of money. But in addition to this, home buyers at times may come across certain obstacles that seem to obstruct their once perfect view of their home and suddenly what felt as though it was in their reach, feels incredibly far away. Although obstacles sometimes cannot be avoided, it could at least be prepared for. As with most things in life, buying a home isn't a perfect flawless process, so it's better safe than sorry. Below is a brief explanation of some of home buying's most commonly occurring obstacles.

Down Payments

A down payment is a necessary tool for many looking to own a home, especially because very few people are extremely wealthy and can afford to obtain a mortgage without one. Common mortgages include conventional loans and FHA loans. These loans contain down payments that range from 3.5 percent and 10 percent.

FICO Scores

FHA loans do take FICO scores into account as well as conventional loans though conventional loans often require a higher score. Mortgages cannot be obtained unless scores are above the requirements. If your score is below their requirement, it may be harder for you to qualify for the specified mortgages. FICO scores can be found out through looking at your credit score. The ideal place to get your credit score is through your lender. Anywhere else may require a fee and may not be as accurate as the score you receive from your lender.

Loan Conditions

The presence of underwriting has the possibility of marking the end of your loan approval completely. Underwriters review files and make demands. They could make demands in the form of asking you for more documentation, your appraisal value, etc. The bad part about their demands is that sometimes, even if you apply, you can still be rejected for various reasons. Underwriter approval becomes important. In order to increase the likelihood of gaining approval, make sure that you tell the lender and underwriter every single detail about yourself as well as your finances.

Appraisals

Many times, homes can be met with low appraisal values, even if they do not necessarily deserve it. At one point in time, appraisals were superbly accurate, but nowadays, appraisals are often made at random by an appraiser that may not be familiar with the neighborhood. This fact can lead to low appraisals. If appraisals are not at value, buyers can opt out through the appraisal contingency or demand a price reduction. With this, they can choose to leave the deal completely or another option is to pay the difference in cash.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Snapshot of Denver Real Estate - September 2010 Sales

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Fri, 08 Oct 2010 17:28:57 -0700

The monthly sales data for the Denver Real Estate market can help both home buyers and home sellers in seeing where the market has been, where it currently is and where trends may take it in the future. The numbers here combine residential, condos, land and income properties.

August 2010

Active 27676
Pending 480
Under Contract 4086
Sold 3156
Expired 1265

September 2010

Active 27433
Pending 465
Under Contract 3727
Sold 3039
Expired 1481

We can see that though some numbers increased and some decreased that there were really no major shifts from August to September which can't be attributed to seasonal changes as we shift into fall while closing in on the Holiday months.

Normal cyclical sales trends have been thrown off this year which can be attributed to the tax incentives offered early in the selling season. Those incentives made the sales stronger earlier in the year and caused a fall off through the summer months which are normally stronger. August and September saw some stability return to a more normal cycle. We will have to wait to see what plays out through the holidays.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Highlands Ranch Haunted Hayride

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Mon, 04 Oct 2010 01:36:03 -0700

A hayride like no other. Experience the haunts of the night at Chatfield State Park during this 30 minute family adventure which will send chills up and down your spine.

Sponsored by the 4-H with a concession stand at the indoor arena. The ride is not suited for all ages so exercise caution and all children must have adult companions.

Times October 23, 24, 25, 2010 between 6 pm and 8:30 pm.

Cost is $11 for adults and $8 for children.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

How to Make an Ideal Home out of a Modest Fixer-Upper

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Sat, 02 Oct 2010 20:54:19 -0700

Sometimes an ideal home isn't found through auctions or luxurious real estate properties. Sometimes in order to find the ideal home, home buyers must explore more creative options. It is very possible to find the home you need through purchasing a modest fixer-upper. In terms of real estate, fixer-uppers are estimated to cost about 24% less than the average home. So homes that are fixer-uppers can prove to be a little less expensive while being a dream come true for homeowners who want to be involved in creating their homes through home improvement. Finding a fixer-upper can be done rather easily and so can creating your ideal home.

Find the perfect fixer-upper.

Sometimes fixing the fixer-upper can feel like a much easier process than finding the fixer-upper. Not all fixer-uppers have the possibility of being fixed, just because there is simply too much to do. Fixer-uppers can typically be found through foreclosure markets and Realtors. Finding that perfect fixer upper is not the easiest task so hiring an agent to represent you on your hunt for real estate can definitely help. They help you avoid fixer-uppers in bad conditions and poor decisions for home buys.

Begin your budget.

Before an offer is made, also handle the important task of budgeting. Contractors should be interviewed and asked to provide you with an estimate of how much renovations will cost. In addition to these numbers, include 10 percent to 40 percent to the budget so that if anything goes wrong, those mistakes will be covered.

Make your offer.

In order to decide what a home is worth before you begin to make your renovations, a multitude of things need to be factored. This includes a comparison of the price of three different homes that are similar to the one you are looking to purchase, the cost of renovations, the neighborhood's popularity, as well as how much you believe the house will be worth after the renovations are made.

Have your home inspected.

Holding a home inspection is a significant process that should automatically come with the purchase of a home that is a fixer-upper. An offer should be made and accepted prior to hiring an inspector. Inspectors can give a professional outlook that you may not necessarily realize through the inspection of the roof, foundation, walls, the electrical system, and the ceilings. Significant problems with the overall structure of the house equates to expensive repairs. A home that does not have structural problems will have repairs that are not so expensive.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Highlands Ranch Ruler of the Railzz

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Fri, 01 Oct 2010 12:55:24 -0700

On October 2, 2010 at 11 am Redstone Park in Highlands Ranch will host a skateboard competition to determine who is the Ruler of the Railzz.

Open to all skaters in the Denver metro area the annual competition will allow the local skaters to compete for the top spot while showing off their moves.

The competition is open to all ability levels and ages. There are five divisions to compete in.

Registration fees are $20 per event and can be done on site starting at 10:30 am. Fifteen skaters are allowed to compete per division.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate

Chatfield Botanic Gardens Pumpkin Fest

Bruce Swedal, Metro Denver Real Estate (Re/Max Southeast, Inc.) — Fri, 01 Oct 2010 11:21:04 -0700

Set aside time for the kids on October 9 and 10, 2010 and visit the annual Pumpkin Festival at the Denver Botanic Gardens Chatfield location. Open from 9 am to 5 pm daily.

There are fun and free activities for the kids which include arts and crafts, face painting, kids entertainment stage, pony rides and the cider press. Older kids will enjoy the haunted tours through the historical homestead and tractor rides.

There is a 10 acre pumpkin patch so bring a wagon to haul away your perfect pumpkin. Pumpkin pricing varies by the size selected. When you have the perfect pumpkin you can leave it at the Pumpkin Daycare so you and your family can enjoy the other activities at the festival such as wandering through the corn maze.

Admission:

Children between 4 and 12 that are in costume are admitted free. Adults $6, Children $4 - Super tickets which include the Pumpkin Festival and Corn Maze $14 Adult, $8 Children

To get to the Chatfield Botanic Gardens

From I25 go west on C470 11.5 miles to the Wadsworth (CO-121) exit. Take that exit and trun left on Wadsworth. Continue on Wadsworth 1/2 mile and turn right on Deer Creek Canyon Road. Drive 1/4 mile to the location. 8500 Deer Creek Canyon Road.

Bruce Swedal
CDPE SFR ABR QSC BA NAR DBR
ReMax Southeast, Inc.
Contact Denver Realtor
Denver Real Estate