Buyers Increasingly Suspicious of Foreclosures - 12/19/08 02:25 PM
Buyers Increasingly Suspicious of Foreclosures, an article from Realtor Magazine Online, reports that fewer buyers are interested in purchasing foreclosed property than they were seven months ago.  According to a study by Trulia.com and RealtyTrac, 54% of adults surveyed seven months ago said that they would consider purchasing a foreclosed home.  When the survey was conducted again in November, only 47% said they would purchase a foreclosure.  The biggest turnoff is perceived risk.  Some 80% cited hidden repair costs, a difficult buying process and the fear that the neighborhood may lose more value.  To offset the risk, buyers expect at least … (0 comments)

Mortgage rates fall but could be lower - 12/19/08 02:23 PM
Mortgage rates fall but could be lower, an article from The Denver Post, reports that bank failures and the credit crunch have prevented rates from dropping further.  The full benefit of record-low yields on Treasurys and government-supported mortgage bonds isn't being seen yet.  Last week, the average rate on a 30-year fixed mortgage fell to 5.18% from 6.47% in October.  Based on the historical relationship between home loans and mortgage bonds, rates should be at least half a percentage point lower.  http://www.denverpost.com/business/ci_11265613 www.judesandvallloans.com … (0 comments)

Ten Real Estate Predictions for 2009 - 12/19/08 02:21 PM
Ten Real Estate Predictions for 2009, an article from Realtor Magazine Online, shares predictions from HGTV's FrontDoor.com Web site.  Among the predictions were the following:  Those in danger of losing their homes will receive more assistance from a variety of government programs.  Loan modifications and short sales will become easier to obtain.  More buyers will opt for smaller homes within walking distance of schools and work.  Buyers and sellers will continue to become more tech savvy and will utilize tools such as video, webcasts and mobile search.  Along with prices, interest rates will be low, create great buying opportunities and inspiring buyers to … (0 comments)

Lower rates spark refinancing mortgage boom - 12/19/08 02:20 PM
Lower rates spark refinancing mortgage boom, an article from Rocky Mountain News, reports that millions in the U.S. could see cheaper house payments.  Tuesday's rate cute brought the federal funds rate down to the zero to 0.25% range.  The Fed has pledged to keep funneling money into the market for mortgage investments.  Peter Lansing, president of Universal Lending, estimates that 25% of homeowners in the Denver area could benefit from refinancing with rates below 5%.  However, the challenge is that a house still needs to appraise at a high enough value to refinance.  FHA-insured loans, on the other hand, don't require a … (0 comments)

Make New Friends but Keep the Old! - 12/19/08 02:19 PM
Make New Friends but Keep the Old!, an article from Realty Times, underscores the importance of not only chasing new business, but maintaining relationships within your sphere.  For most agents, the average 20-value of a client is more than $93,000.  So where to begin?  Make a list, and check it twice!  Use whatever contact-management system you're comfortable with, and make sure that everyone within your sphere is in your database.  Segment your list so that you can market to VIPs appropriately.  Segments might include: friends and family, business associates, neighbors, professional contacts (e.g., doctors, CPAs), geographic farm, buyer prospects, and seller prospects.  … (0 comments)

'Flipping' houses take a new turn - 12/19/08 02:18 PM
'Flipping' houses take a new turn, an article from The Denver Post, reports that an estimated 3,400 homes were "fixed and flipped" in the metro area over the past three years, according to an analysis by Your Castle Real Estate.  The gross margin (difference between the purchase price and sales price) has risen from $38,792 in Q1 of 2005 to $80,538 in Q3 of this year.  The most popular neighborhoods for fix-and-flips are Montbello North, Park Hill East, Old Thornton and East Colfax.  While most of the homes are priced under $200,000, flipping more expensive homes is expected to become more popular once the overall … (0 comments)

Apartment vacancies go up in Denver - 12/19/08 02:17 PM
Apartment vacancies go up, an article from The Denver Post, reports that the statewide apartment vacancy rate reached 6.6% during the third quarter - up from 5.7% during the same quarter of last year.  The increase has occurred despite the high level of foreclosures and is likely due to younger people choosing to live with parents longer or opting for a roommate.  Metro Denver's vacancy rate increased to 6.5% during the third quarter, as compared to 5.3% during the third quarter of 2007.  However, northern Colorado's vacancy rate dropped from 5% to 4.1%.  The vacancy rate in Colorado Springs rose to 9.2% from 8.6% - … (0 comments)

Homebuyer Survey Contains Valuable Information For Agents and Sellers - 12/19/08 02:16 PM
Homebuyer Survey Contains Valuable Information For Agents and Sellers, an article from Realty Times, reports that first-time homebuyers have accounted for 41% of the market in 2008.  This is the highest rate since 2001, when it was 42%.  First-time buyers don't have to sell a home before they buy, which makes the process a lot easier.  Other factors to explain the increase include lower prices, lower interest rates and tax credit programs for first-time buyers.  Six percent of homes purchased during the year had been foreclosed or are somewhere in the foreclosure process.  This year, 69% of buyers said that they used … (0 comments)

Median home price slips in metro Denver - 12/19/08 02:15 PM
Median home price slips in metro Denver, an article from The Denver Business Journal, reports that with more homes selling in the lower price ranges, the median price of a single-family home in the Denver area slipped 15% in November compared to November of last year.  Homes in the $150,000-to-$250,000 range are selling more than any other price range.  Days on the market averaged 97 days, down 4.9% from October and 5.93% from last year.  Last month, there were 21,761 homes on the market - a 19.8% decrease from November of last year.  http://www.denverpost.com/economy/ci_11180399 … (0 comments)

The future for home prices in Colorado - 12/19/08 02:14 PM
The future for home prices, an article from The Denver Post, reports that Denver and Colorado Springs are among the metro areas expected to do well in the long run, according to Kenneth Rosen, chairman of the Fisher Center for Real Estate at the University of California, Berkeley.  He noted that cities with the most promise offer the following: "urban vitality" and "easy access to outdoor activities" along with affordable housing and promising job-growth opportunities from modern industries, such as biotechnology.http://www.denverpost.com/economy/ci_11170169 www.judesandvall.com … (0 comments)

Regulator sees mortgage rates below 4 percent - 12/11/08 11:26 AM
Regulator sees mortgage rates below 4 percent, an article from MSNBC.com, reports that government efforts to easy credit and jump-start home sales could slip mortgage rates "well below 4 percent," according to James Lockhart, whose agency oversees Fannie Mae and Freddie Mac.  Unfortunately, he was unable to provide a timeline for the drop.  Analyst Mike Larson of Weiss Research Inc. is selling evidence that the governments attempts to drive down mortgage rates is already having some success.  "Lower prices in some of the hardest hit markets, and almost irresistible bargains on distressed properties, are also bringing some buyers out of the … (0 comments)

Down sizing: Up with efficiency - 12/11/08 11:25 AM
Down sizing: Up with efficiency, an article from The Denver Post, reports that more homeowners are considering a move from their suburban homes to smaller condos or townhomes closer to the inner city.  Empty-nesters and small families alike are thinking that it may make economic sense.  In October, the average selling price for a condo in the Denver area was $164,686, as compared to $250,172 for a single-family home.  Benefits to downsizing include a smaller mortgage, lower utilities and less taxes.  http://www.denverpost.com/headlines/ci_11188030 … (0 comments)

Half of modified mortgages in default again - 12/11/08 11:21 AM
Data raises questions if government funds might be better spent on job creation. WASHINGTON (AP) -- More than half of all homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday.
The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision office at a housing industry forum sponsored by his agency.
http://money.cnn.com/2008/12/08/real_estate/meltdown.ap/index.htm?postversion=2008120814
… (1 comments)

Buyers' recourse: protecting home cost - 12/09/08 11:51 AM
Buyers' recourse: protecting home cost, an article from The Denver Post, reports that more and more developers are offering price protection programs.  Celebrity Custom Homes puts 10% of the sales price into an escrow account.  If after three years the home has depreciated, the buyer gets the money.  The Landmark in Greenwood Village is offering a buyback program for the last 12 condos in its first tower.  After living in the residence for three years, buyers can exercise the buyback option if their property has depreciated.  Byers Street Properties is offering a price-protection program for it's Berkeley Row project that is … (0 comments)

Washington Report: Rate Reduction Proposals - 12/09/08 11:50 AM
Washington Report: Rate Reduction Proposals, reports that there was a lot of talk last week about the Treasury Department and the real estate industry's desire for widescale rate reductions for home purchases.  In one scenario, a government agency would purchase 30-year mortgages at a below-market fixed interest rates.  There is potential for the Treasury to make money through a program of this type - by selling securities to bond investors at 3% rates and then acquiring privately-originated mortgages at 4.5%.  Another option is for the government to pay loan discount "points" or fees.  The goal is to pull people into the housing … (0 comments)

Low Prices, Low Rates Mean Opportunity - 12/09/08 11:49 AM
Low Prices, Low Rates Mean Opportunity, an article from Realtor Magazine Online, reports now may be the best time for first-time buyers to jump in.  Housing prices have fallen and interest rates are close to 5.5%, and may even fall as low as 4.5%.  In many parts of the country, winter is usually a great time for bargain shopping.  Also, new homes are becoming scarce and a steep drop-off in the inventory of new homes is expected to come soon.  Location, location, location is still a rule.  Purchasing the best-priced house in a great neighborhood is always a good bet.  http://www.realtor.org/rmodaily.nsf/pages/News2008120806 … (0 comments)

The future for home prices... - 12/09/08 11:48 AM
The future for home prices, an article from The Denver Post, reports that Denver and Colorado Springs are among the metro areas expected to do well in the long run, according to Kenneth Rosen, chairman of the Fisher Center for Real Estate at the University of California, Berkeley.  He noted that cities with the most promise offer the following: "urban vitality" and "easy access to outdoor activities" along with affordable housing and promising job-growth opportunities from modern industries, such as biotechnology.http://www.denverpost.com/economy/ci_11170169 … (0 comments)

 
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Jude Sandvall, 720-255-1021

Aurora, CO

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