Who will ultimately be responsible for leading the United States to economic recovery and out of one of the deepest recessions we've ever experienced?  Cast your vote now!

It's been reported that improvement in the real estate market will drive the recovery.  Then again, it's been reported that a decrease in unemployment and improving consumer confidence will lead the way.  How about the banks and financial institutions, who have received billions of dollars of bail-out money? Where are they in leading us out of the current recession?

This recession is certainly a collapse on several different levels. I'm no economist, but this is what concerns me... Stevenson Jacobs from The Associated Press (09-17-2009) reported that, "...at the height of the housing boom, seven out of ten mortgages were approved.  At the end of 2008, only five out of ten got the green light. During the boom years, home buyers could qualify for the cheapest rates with a credit score of 660. Today, they need 740 or better".   

How can there be a housing recovery when buyers can't get loans? Today's buyers are facing much stricter lending guidelines and it feels like somebody left the parking brake on!  Sellers can't sell their homes if buyers can't buy....screech! Not to mention that several recent "governmental protections" may have gone a little too far and also hampered the recovery of the real estate market. And, the one thing that seems to be driving the recovery of the real estate market - the first-time home buyers tax credit - will expire November 30th at midnight, if an extension does not get approved.

Interest rates will soon be climbing.  Credit card companies are canceling lines of credit, reducing credit limits and raising interest rates. When consumers can't buy product or services, employers cut back on employees, jobs are lost, companies are closed and the cycle repeats itself.

So, where will traction come from in the road to recovery?  An improved real estate market, a decrease in unemployment or an ability for individuals and businesses to get loans and maintain credit? Or somewhere else?    

Price declines don't affect all homes the same way. When we compare the average sales price of a Denver home from January to May 2009 and compare that to the same period in 2008, we find that the average Denver home price dropped about 8%. (It has since improved to a 6% year-to-date decline).  Are all homes impacted in the same way? No, it depends a lot on the size and location of the home.

The smaller 10% of the homes that sold (those under 910 square feet) experienced only a 2% drop.  The larger 10% (those over 2875 square feet) experienced a 17% drop.  The home size segments in the middle generally matched the overall average price drop.

What does this mean for you?

• If you have a smaller home, it appears that prices are about at the bottom.  In many neighborhoods, prices have already began to rise.  If you want to trade up to a larger home,  now is a great time to do so!

• If you have a mid-size home, and want to trade up to a larger home, this is also a great time to do so.  You may not get as much for your current home as you'd like, but you'll find that the larger homes have never been more affordable.

• If you have a larger home, and need to sell, perhaps your best move will be to price it right and move now in case prices drop slightly further.

• If you've been thinking about buying an investment property, now is the time to make that purchase. Don't wait any longer. Prices on good rental properties are firming up and won't be any more affordable than they are now and you risk interest rates going up in the coming months.

We are always happy to discuss the Denver real estate market, your options and answer any question that you may have!

The Streets at SouthGlenn celebrated their Grand Opening on August 28 - 30th. It was a fabulous weekend speckled with many activities for all ages to enjoy. The merchants are extremely happy to be a  part of the City of Centennial at the beautiful and stunning revitalization of The Streets at SouthGlenn. Please do stop by and welcome them to our community!  And don't forget your checkbook - you are going to love the shopping and dinning opportunities!

One opportunity you won't want to miss - The Streets at SouthGlenn Tile Project. Hundreds of hand-painted tiles are going to cover the wall outside the concierge lobby. This showcase of tiles will be painted by the children in our community.

The number of tiles is limited, so reserve your tile now!  The price is $25 for each   6" X 6" tile.  The donation is tax deductible and benefits the Arapahoe Library Friends Foundation, which provides funding for programs such as summer reading, writing contests, computer labs and much more.

Painting will take place at the new SouthGlenn Library at The Streets at SouthGlenn, 6972 South Vine Street, Centennial, Colorado  80122. Times will be filled on a first-come, first-served basis.  An email confirmation will be sent upon receiving your order and will confirm your scheduled time and date.  
Contact Nicolle Davis at 303-798-3021 or ndavies@ald.lib.co.us

Saturday, August 29th, 10am - 1pm and 1pm - 4pm
Saturday September 12th, 10am - 1pm and 1pm - 4pm
Saturday September 19th, 10am - 1pm and 1pm - 4pm

Tile artists and their families will be invited to a special breakfast and unveiling of the wall during The Streets at SouthGlenn Tile Unveiling Party this fall!

Hurry and get your order in now!  Orders must be received by September 15th, 2009!

Tips for preparing your home for fall showings.

Curb appeal is important year-round. Because first impressions are irreversible, make sure your home is inviting. Think as if you were going on a blind date!

During the autumn months, rake leaves, pull weeds, prune shrubs and trees.

 Apply new bark mulch and plant fall annuals.

As always, mow your lawn and clean out any debris clogging your gutters.

• Paint the front door and hang a festive wreath.
• Remove all cob webs and wash the house exterior. Paint the exterior if it needs it.

 If it snows, be sure to clear a path to the house.

Everything inside should sparkle.  A good first impression is just as necessary on the other side of the front door.

• Clean the drapes and blinds and make sure your windows are sparkling clean.
• If walls are looking worn, a fresh coat of paint will make everything look fresh.
• Clean appliances.  Replace discolored drip pans and burner rings on stove.  
• Dust ceiling fans, especially the blades.
• Consider the smell of the house.  Remove sweaty clothes from closets, clean litter boxes daily, remove grease from kitchen.  Candles and potpourri can help, but they won’t mask cigarette and pet odors.  You’ll need to clean or replace carpet and open windows daily to freshen the house.
• Clean or replace dirty switch plates and outlet covers.
• Re-caulk bathtubs and showers. 
• Repair any dripping faucets and showerheads.
• Repair running toilets.

Create a warm environment. Your home should offer a warm, friendly experience, especially during the first showing.

• Keep the house cozy and well-lighted.  Clean all light fixtures and replace light bulbs with  higher wattages.
• Create a warm and welcoming environment with pumpkins and other fall embellishments.
• Turn on soft music.
• Fresh baked cookies are a nice touch.

Depersonalize. You don’t want people distracted by the fact that you live there.  You want them to be able to see themselves living there.  Help them do that by removing potential barriers.

• Leave your home during showings.
• Take down family photos, trinkets and other clutter.
• Remove posters from bedrooms.
• Neutralize your home.  You may have loved living in a sea of pink, but a fresh coat of white paint will go a long way toward making a room feel neutral.

Highlight the architecture.  Architectural details may be what sells your house.

• Remove excess furniture.
• Don’t hide a fireplace behind a couch.
• Don’t block a patio door with furniture or plants.

Make it easy to view your home.  Buyers want to know everything about a home before they move forward. 

• Secure your pets, so buyers can enter the house and yard safely.
•  Unlock outside buildings, including shops.
• Store seasonal clothing and remove excess hangers from the closets.
• Clean and organize the garage.

First-time home buyers tax credit is ending soon, and soon is coming sooner than you realize!  There has been talk within the industry that it could be extended into 2010 and the terms may change.  

But, no official statement has been made!  So, let's deal with what is currently available.  Here to help, are answers to some of the questions that you may have regarding the Housing and Economic Recovery Act of 2009:

• A first-time homebuyer is an individual (and the individual's married spouse) who has not owned and used a property as a principal residence at any time during the three years before the date of the purchase of the new residence. 

• Applies to purchases that close after April 8, 2008 and before December 1, 2009.

• Applies to purchases of a principal residence only.

• Reduces a taxpayer's tax bill or increases a refund dollar for dollar.

• The credit does not need to be repaid unless you sell your home within a 3 year period of the purchase. 

• Tax credit is 10% of the purchase price of the home with a maximum of $8,000 if you purchased your home in 2009 for single taxpayer or a married couple filing jointly. The amount is half that if you are married and file separately.

• There are income limits. The credit is phased out based on your modified adjusted gross income.  For married couples filing jointly, the phase out range is $150,000 to $170,000.  For other tax payers, the phase out range is $75,000 to $90,000.
  

• Vacation homes and rental property do not qualify.
  

• You must have closed on the property before you can claim the tax credit.

• A home purchased from a close relative does not qualify for the tax credit.

• If within the 3 year period following the purchase, it is no longer used as your principal residence, the taxpayer is required to repay the tax credit.

•  Taxpayers can file Form 5405, First Time Homebuyer Credit, electronically.  

• If you bought your home early in 2009 and have already filed your 2008 tax return claiming the $7500 first-time homebuyer tax credit under the old rule, you can file an amended return to get credit under the new rule for the $8,000 tax credit.

•  If you are now purchasing and would like your money early, you can amend you 2008 tax return. Or you can wait and claim it on you 2009 return.  

• For a principal residence purchased in 2009, generally there is no requirement to repay the tax credit. Unless, the home ceases to be your principal residence within 36 months from the date of purchase. Then the full amount of the tax credit received becomes due on the return for the year that the home was no longer your principal residence.

Specifically, first-time homebuyers who purchased a home in 2009, may claim the credit on either their 2008 return (due April 15, 2009) or their 2009 return (due April 15, 2010).  If the closing occurred after April 15, 2009, you can claim it on your 2008 return by filing an amended return.

The great irony of our buyers market is that even though the opportunity to buy is high, buyer urgency tends to be at an all -time low.

Buyer reluctance is ironic since not long ago buyers were incredibly excited about buying - and it was a sellers market.  Prices were escalating and it was perhaps one of the most difficult times in which to buy value.  Yet, people were buying like there was no tomorrow.  Buyers were afraid of losing out by not buying - even though all the advantage was with the sellers.

Now the tables have turned - the advantage is with the buyers.  But, the negative news and uninformed advice from the media has buyers filled with fear.  A fear of paying too much seems to be immobilizing buyers.  In a sellers market, buyers usually fear they will miss out on accelerating home values.  But once the market shifts, they fear they will overpay.

 Earlier, when they should have been afraid of paying too much, they weren't.  And now, when they shouldn't be afraid they are.

There are two types of buyers - those who believe they can time the market, and those who are always in the market.  History supports the second type - it says that although you may never sell at the peak or buy at the bottom, you can buy right and do well over time.  Logic says that you can't predictably time the market. Anyone who buys at the top of a market is just unlucky, and anyone who buys at the bottom is just lucky. People who buy in a buyers market are the smart ones.  They aren't looking to make a killing, because they know that's a matter of luck, not planning. 

Real estate is cyclical - all of this has happened before and it will happen again.  What goes up must come down. But what goes down has always come back up.  Equity build-up from the combination of appreciation and the paying down of mortgage debt still remains a proven path to financial wealth.

Many people have been led to believe that they can buy and sell every three to five years and make a killing on both ends.  This is quite unrealistic.  You can't sell high and buy low at the same time.  In the end, homeownership is best viewed as a long-term investment.  Once the market settles down and shows signs of improvement, buying opportunities will start slipping away.  The moment sellers no longer have to make concessions, they won't.  Buyers will face mounting competition for the best home available.  As Buyers jump back in the market, pent-up demand will drive us back into a sellers market.

So why wait?  Buyers who choose to wait until prices come down further are gambling that interest rates will hold steady or drop.  They often don't understand the larger impact interest rates have on the real monthly costs of homeownership.  A 10 percent drop in home prices is immediately nullified by a mere 1 percent increase in interest rates on a 30-year mortgage. And right now, there is a bigger opportunity to be missed - the first-time home buyer's tax credit. The last day you can close and still receive the tax credit is November 30, 2009.  Cut it too close and you may be disappointed! 

Have you heard about NVU?  They claim to be the #1 FREE  Web Authoring System with WYSIWYG and HTML modes, and this a a great thing for a "non-computer" type person like myself.  I stumbled upon this this site and downloaded the program and have been using it(?) for all my blog drafting.  However, my frustration has been figuring it all out and putting it all together,  adding the artwork, colored text etc., and then getting it pasted into my AR blog site.  As I toggled back and forth I always lost the enhancements, but by George, I think I've got it and I wanted to share it with you just in case there are any other  NVU users out there or someone who might want to give it a try (minus all the hair pulling)!  So, here is my attempt at a tutorial.

1. Download NVU for free!
2. Write your blog, adding links, font choice, colored text, etc. The capital "A" arrows will increase or decrease the size of your font and you might have to play with this a little to get it to look the way you want it on your blog. Draft everything right now except your artwork!
3. When you are done,  highlight the text, open the top view tab and click on "HTML Source". This automatically changes your entry into HTML code. Don't panic, if you forgot something and need to see the WYSIWYG version,  just go back to the view tab again and click on the "Normal Edit Mode".  You can go back and forth as many times as your need, just be sure that you have all your text highlighted before you make your choice of either "HTML Source or Normal Edit Mode".
   
4. Are you ready to post to ActiveRain?  Highlight the text, open view and change it to HTML.  Once your post shows in HTML, highlight all of your text beginning with the line that starts <body... and left click to copy the text.
5. Open your ActiveRain to post a new blog.
6. Hit the HTML tab on top of the Entry Box.  Click "OK" to the pop-up box.
7. Paste your blog.
8. Title your blog.
9. Save it as a draft! 
10. Scroll down to the bottom of the page and post your blog.  Don't panic! Just like magic your blog your blog page opens up and your blog will be in living color and all!  But you are not done!
11. When your blog page opens, select edit.
12. When you come back to the edit page, click on WYSIWYG in the Entry section and now you can insert your pictures, fix any typos and make any adjustments you need.
13. Add your tags, visibility (change it from draft to whomever you are posting to) and make your additional posting selections.
14. Authorize your blog as the owner of content and post.
15. Congratulations!!!  You can now do what it took me months to figure out!
    

Every garage deserves to be MORE than just a garage! If your garage is full of junk stacked to the ceiling, hanging from the rafters, propped up against the walls and crawling all over the floor, now is the time to get organized and take back what is rightfully yours! Give yourself a "garage makeover" and start enjoying all that unused and wasted space that you didn't even know you had! 

Whether you have a one-car or two-car garage, you have a blank slate that you can design into something that provides storage for all your extras.  From closet organizers and now to garage organizers, you can go from simple and affordable all the way to elaborate and expensive, depending upon your budget.  Many storage options can be found at the big-box stores like Lowes, Home Depot, Wal-Mart and the like.  Or, you can contact a company that specializes in garage organization.

Start by making a list of what you have that needs to be stored and how it needs to be stored.  What kind of a storage container makes the most sense?  Metal shelving and clear plastic tubs with lids are a great way to get started.  If keeping things dust free is important, purchase a storage cabinet with doors.  Peg-board hung on the walls is a great way to store items that can be hung from hooks. 

Be sure to use all three walls if available and group your items into specific areas for lawn maintenance, sports equipment, tools, holiday decorations etc. Label your bins so you know what is where without having to look too hard. Keep the items that you use the most at a handy reach and those you rarely use at a further reach.  Bikes can hang from the rafters for winter storage. Skis can hang from clips attached to the wall.  You get the idea. And if you need an extra cabinet for food and household items, keep those near the door to the house.  For the finishing touch, paint the garage floor with paint designed just for garage floors and you'll have thatcomplete garage makeover when you are done!
 



  





 

Well, it's property assessment time and you should be receiving yours in the mail any day now. Statewide, assessments were mailed out on Friday, except for Archulata County, which will be mailed a month later.  Property assessments occur every two years and due to the recent economy, I'm sure many homeowners will have concerns and questions about their property assessment. 

Here are some things an owner needs to keep in mind when opening and reviewing their  property tax assessment:

• Owners can not protest their property taxes.  You protest the property value. 
• The valuation notice provides an explanation of how a homeowner can file a protest by  the June 1st deadline. Usually by phone or mail, although some counties will allow fax, email or on line.    
• The easiest to challenge are factual errors (square footage, number of rooms, whether a basement is finished or not).
• The hardest to challenge are home values, especially in a volatile market.
• Assessments are not based on the current market.  Assessors use sales data from an 18-month period that ended with June 30, 2008.  Sales data after June 30, 2008 can not be used in the appeal.
• The keys to a successful protest are appropriate and similar home comparisons.  In other words, like properties.  A protest based on the wrong comparable will not get you very far.
• If you need assistance, a call to your Realtor will provide you with more accurate help than some of the on line real estate sites.
• Remember... the current assessment will be for a period between January 1, 2007 and June 30, 2008. 
  

Neighborhoods...let's get connected!

The City of Centennial is inviting all neighborhoods, homeowner associations and civic associations to register on the City's website.  Each neighborhood is encouraged to list, at NO charge, it's meetings, locations and web address online.  Once you register your neighborhood, you will receive the latest information about what is going on in the City of Centennial and a Neighborhood Resourse Guide.  To register, go to the Living Section and click on Neighborhoods.