The new American Recovery and Reinvestment Act (ARRA) included a new $8,000 first-time homebuyer tax credit for 2009 home purchases. If you've recently purchased a home or are thinking about buying a home you have several different ways you can receive this tax credit -- even if you've already filed your tax return.

Qualifying taxpayers who buy a home between January 1, 2009, and December 1, 2009 can claim up to $8,000 or $4,000 for married individuals filing separately. You can claim the credit either on your 2008 tax returns or 2009 tax return next year. The credit begins to phase out at a modified adjusted gross income of more than $75,000 or $150,000 for joint filers. But if you make less than that you can claim 10% of the purchase price up to the maximum credit.

The filing options to consider are listed below:

• File an extension.  If you haven't yet filed your 2008 return but are buying a home soon, you can request a six-month extension to October 15th. This step would be faster than waiting until next year to claim it on your 2009 tax return. Even with an extension, you could still file electronically, receiving your refund in as few as 10 days with direct deposit.

• File now, amend later.  If you're expecting a sizable refund on your 2008 tax return but you're also considering buying a house in the next few months, you can file your return now and claim the credit later. You would file your 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.

• Amend your 2008 tax return.  If you're buying a home in the near future , but you've already filed your 2008 tax return, you can consider filing an amended tax return. The amended tax return will allow you to claim the homebuyer crdit on your 2008 return without waiting until next year to claim it on the 2009 return.

• Claim the credit in 2009 rather than 2008. For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when you file your 2009 tax return rather than claiming it now on the 2008 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

For more information on the new tax credit, see the IRS website.

Purchasing a home can be filled with excitement and anticipation for homeowners. Regarded as one of the great American traditions, it can also be a time where additional responsibilities are acquired. There are many locations throughout the state of Colorado in which citizens have been exposed to asbestos. Asbestos is found in the ground as a naturally-occurring mineral and pollutant. Left behind by many industrial plants and military bases which are now abandoned, there are still dangers present which pose risks to citizens throughout the state.

Potential Denver, Colorado home buyers or those remodeling homes should be aware that homes built before 1980 may still harbor asbestos materials. This is not to make you alarmed because asbestos exposure is easily prevented by taking simple precautions. Typically found in attic insulation, piping, popcorn ceilings, roof shingles and flooring, many green, healthy options insulation options exist that make the use of asbestos obsolete.

Asbestos fibers are thin and strong, and when inhaled frequently, an individual can develop mesothelioma, a rare but severe lung ailment caused by asbestos exposure. Several mesothelioma treatments are available; however, patient prognosis is usually poor. There are a number of factors that can impact how a person reacts to the disease and how their life span and mesothelioma life expectancy will be affected. These factors include latency period, age of diagnosis and cigarette smoking.

If any asbestos is suspected in the home, the best thing to do is leave it un-disturbed until a home inspector can determine the best course of action. Disturbing asbestos in good condition may cause its fibers to be released into the air. It is important to meet with health or environmental professionals to properly examine your new property. Sometimes, the best action is no action. However, if removal is necessary, it must be performed by a licensed abatement contractor who is trained in handling hazardous substances. Organizations such as the Colorado Department of Public Health and Environment, assists businesses and schools to comply with laws regulating asbestos containing materials.

In Colorado, construction practices are upgrading methods to suit better lighting, heating, cooling systems and environmentally habitable insulation. Green options such as cotton fiber, cellulose and lcynene should be given consideration as replacements to asbestos. Not only will eco-friendly materials provide a healthy atmosphere, it can significantly reduce energy costs.

Current statistics demonstrates that the use of recycled building materials such as cotton fiber insulation can reduce energy use in the home by 25 percent. Alternatives to asbestos allow for you and your family to live in a healthy and safe home, free of health corroding materials.

For help in buying a home in Denver where you can depend on an Exclusive Buyer’s Agent to look out for your best interests and point out potential pitfalls, call Judith Clausen today at 303-587-3509, or email Judith@Buyers-Advantage.net.  For more articles check out the Buyers Advantage website.

Denver's housing market is beginning to reflect the deepening economic crisis, but with some bright spots that show continuing buyer activity and potential for 2009.

According to recently released housing reports Denver's market is stronger than elsewhere.  The Case Shiller Housing Index shows a year over year average price drop of 18.5% nationally.  Of the 20 metropolitan areas measured, Denver showed the smallest decline, 4.0%, from 2007 to 2008.

The new OFHEO (Federal Housing Finance Agency) report for 2008 shows that Denver's values decreased by only -0.71%, 111th of 292 Metropolitan Statistical Areas. In the fourth quarter of 2008 values actually increased by 0.77%.

Foreclosure filings dropped by 2% in 2008 according to the Colorado Division of Housing. Completed foreclosures dropped 16% from 2007.

Denver's drop in values began in 2001, unlike most U.S. cities where the drop didn't begin until 2003, and then only in cities showing the greatest increase in prices during the early 2000s. Denver's increases took place in the 1990s and prices did not drop steeply from 2001 to date.

More houses went under contract in January than in December by 16.59%, following a trend beginning in December. But average prices for all residential housing dropped significantly by 5.29% from December. The mix of single family residences sold under $200,000 in January was 56.19% and over $200,000 was 43.81% compared to December where the mix was evenly split. For condos the split was greater. Only 20.9% of sold condos were over $200,000 while 79.1% were under $200,000.

For buyers, the time is still opportune, especially given recent interest rate drops. Interest rates reached 4.875% on February 20th for a $300,000 loan from our preferred lender, Rate One, The Mortgage People. FHA rates were at 5.000% for a $140,000 loan and 4.875% for a $300,000 loan. Credit is still tight, but loans are still possible for buyers with good credit and a 10-20% down payment.

Single family homes priced well, in good condition, in good locations were staying on the market fewer than the average of 99, and were selling in 30 days or less for 98.73% of list price. Homes staying on the market over 90 days sold at 94.46% of list price. If you’re a seller you’ll want to price your home well and make sure it’s in good condition, attractively staged. If you’re a buyer and you want to buy a move-in ready home in a good location, be prepared to pay close to list price. My experience over the last month to month and a half shows that premium homes are selling, many with more than one offer, and some even at above list price. Denver’s real estate market isn’t uniformly declining, contrary to what you may hear on the news or read on the internet or in the newspaper.

According to the Denver Economic Development Council, the outlook for Denver’s economy in 2009 is better than average. Denver’s unemployment rate at the end of 2008 (the latest figures available) was 6.1, considerably better than the national unemployment rate of 7.6%. Jobs outlook is better, too, for the Denver Metro area. According to the Manpower Employment Outlook Survey for the area issued on February 6th, 15% of employers expect to hire more employees, 12% expect to reduce their work force, 70% hope to maintain their current work force, and 3% are uncertain. Sectors hoping to hire include construction, transportation and utilities, information, financial activities, education and health services, and other services. Sectors expecting job losses are manufacturing, leisure-hospitality, and government.

Of course, all this could change given the volatility in the economy, but for now the Denver metro area is plugging along and likely won’t be as hard hit as other metro areas in the country, partly due to Denver’s recession beginning in 2001 which tended to stop the real estate bubble earlier than other metro area. Prices have held relatively steady through the end of 2007, and only in the last two months have prices dropped significantly, which is good news for buyers.

The Pew Research Center cites Denver as THE top place to live! Just what I've always thought. And the recently-released Case Shiller Report shows a loss of value much less than in other cities, just 1.1% less in November than in October 2008 (the report lags by two months), and 4.3% lower than in November 2007.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000."

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.

Buyers are in the catbird seat again this month, that is, if they can get a mortgage. Prices take a slide but credit is still tight even though rates are the best they've been in awhile.

It's too early to tell, but Denver's real estate market may be showing signs of life. More homes sold in December than sold either in December of 2007 or in November 2008. The uptick over 2007 was slight, just .47%, But the gain over November was a surprising 10.75%. For single family homes the mix of sold properties was evenly split between homes selling under $200,000 and homes selling over $200,000. For condos and townhomes the split was more stark, 76% selling under $200,000 and only a quarter selling above $200,000. Generally condos and townhomes sell at a lower price than do single family homes. Average sold price for condos is $162,770, while for single family homes the average is $240,945. For all homes the time it took to sell was down both from last year and from last month.

The total number of homes on the market in December was lower than it has been since 2002, the year after the Denver market started to decline. That's a good sign, as is total sold activity at the end of 2008. Fewer foreclosed homes were on the market in December, indicating a possible turnaround in the availability of cheap homes. The Colorado Division of Housing predicts that when year end figures are in, the number of foreclosures for all of 2008 will decline by about 13%. With a broader mix of homes on the market prices may begin to rise.

Buyers may be encouraged to begin searching for homes with interest rates below 5% and lenders a bit more willing to lend. But Buyers will still have to have excellent credit and a sizeable down payment.

The only fly in the ointment is the Colorado economy and the possibility of more job losses leading to more foreclosures. Unemployment in the Denver metro area rose .2% in December to 5.9%, which is less than the national unemployment rate of 7.2%, but still high. However, the Monthly Economic Summary published by the Metro Denver Economic Development Corporation titles its January 2009 report, Strong long-term prospects will support a solid recovery for Metro Denver's economy, a very good sign for Buyers looking to buy in the Denver metro real estate market.

But there are some sweet spots for sellers too. As I've said before, good homes in good shape in good neighborhoods sell quickly, even in this slow market. And if you're looking for a good deal on a foreclosure - either pre- (short sale) or post (bank owned), you may be competing with several other offers forcing you to pay above asking price if you really want the home. For either resale or distressed sale homes, the basic rules of economics still apply. Good houses in great shape in desirable locations command the attention of multiple buyers in good times and bad. What's in short supply these days is the total number of buyers. But take note that some may be looking at the very same house you want.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000."

The Denver Post has a very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more. The map hasn't been updated since the end of June 2008, but it's a useful guide nonetheless.

Interest rates are historically low. Conventional loans were at 4.750% for a loan value of $300,000, and 5.000% for a loan value of $140,000; FHA loans of $140,000 were 5.000% and $300,000 were 4.875% for well-qualified buyers as of January 12, 2009, from our preferred lender, Rate One, The Mortgage People. Homes are much more affordable. Denver's economy is steadier than the rest of the nation, and while unemployment has risen to 5.7%, jobs are still expected to increase this year.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.

Buyers are in the catbird seat again this month, that is, if they can get a mortgage. Prices take a slide but credit is still tight even though rates are the best they've been in awhile.

Figures for the Denver real estate market for November 2008 show steep declines in prices, in number of homes sold versus last month and last year at this time, and number of homes currently on the market. Area economic experts predict that prices will continue to fall, possibly into 2010. But metro Denver is still in a better position economically than most.

Average single family home prices dropped the most, a whopping 18.55% from November 2007. Condos and townhomes fared better, experiencing only a 2.37% drop in average price from this time last year. The single family median sold price dropped below $200,000 to $195,000 for the first time since the 1990s. The average price was $242,557.

The average price for condos or townhomes was $161,615 compared to $165,533 in November 2007, while the median price was $130,000 compared to $139,000 in November last year, a drop of 6.48%.

The total number of homes sold in November 2008 as compared to November 2007 dropped 16.14%. But the biggest drop came when comparing the drop from October to November 2007, indicating a seasonal slide, to the drop from October to November 2008. The drop in 2007 was 9.51% while in 2008 it was 31.81%! Denver, like other major cities, has taken a hit in light of the general economic picture, particularly tightening credit.

But overall the year to date home sales number through November is trending only slightly under 2007 (4.22%), a good sign for the future, especially considering the local economy which is showing a slowdown in job hires rather than the steep drops seen elsewhere. And home foreclosures, which have been a drag on the Denver real estate market for the last few years, dropped 2% for the first ten months of this year compared to the same period last year. New building continues to slow down. In 2008 only half the number of homes were built than in 2007, reflecting the general economic slowdown.

But there are some sweet spots for sellers too. As I've said before, good homes in good shape in good neighborhoods sell quickly, even in this slow market. And if you're looking for a good deal on a foreclosure - either pre- (short sale) or post (bank owned), you may be competing with several other offers forcing you to pay above asking price if you really want the home. For either resale or distressed sale homes, the basic rules of economics still apply. Good houses in great shape in desirable locations command the attention of multiple buyers in good times and bad. What's in short supply these days is the total number of buyers. But take note that some may be looking at the very same house you want.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000."

The Denver Post has a very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more. (The map hasn't been updated to include the third quarter 2008.)

Interest rates have dropped significantly in the last few days. Conventional loans were an astonishing 4.5% for a loan value of $300,000, and 4.625% for a loan value of $140,000; FHA loans of $140,000 were 5.000% and $300,000 were 5.000% for well-qualified buyers as of December 17, 2008, from our preferred lender, Rate One, The Mortgage People. Homes are much more affordable. Denver's economy is steadier than the rest of the nation, and while unemployment has risen to 5.7%, jobs are still expected to increase this year.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.

Buyers continue to snap up Denver homes at bargain prices. 4,282 homes (both single family and condo/townhome) were sold in October compared with 4,265 in September, 4,542 in August, and 5,123 in July. Median prices for October were $206,000 for single family homes, a drop of $10,000 from September, and $130,300 for condos/townhomes a drop of $9,000 from September.

Home prices were 12.2% lower in October 2008 than in October 2007, which in turn was 2.67% lower than October 2006. The average price for single family homes and condo/townhomes combined was $232,284 compared to $265,232 in October of 2007.

Housing inventory continues to slide as sellers keep homes off the market. Prices of current listings continue to fall because buyers are in short supply. The recent global financial crisis and credit crunch has affected what looked to be a stable market in September, the first hopeful sign of a housing recovery in the Denver metro area. The area's real estate market is now expected to bottom out sometime in the future, perhaps as far out as a year or 18 months from now.

That leaves an incredible opportunity for buyers looking for Denver homes. Interest rates have steadily fallen, making more homes affordable. The only glitch is that buyers may have to come up with more cash down and have excellent credit in order to qualify for financing.

Denver is in a much better position than many U. S. cities. The S & P/Case-Shiller report for August 2008 (published October 28th) showed a very slight decrease in home prices from July, the first decrease in five months. In July Denver was one of only two cities out of 20 measured nationally that showed any increase. Only Minneapolis showed a greater increase (1.8%).

But the continuing loss in value from last year is striking. After the economic meltdown earlier this year local economists are predicting a continuing slide in prices for at least another year.

On the whole Denver's economy is showing a slow-down, but is still in better shape than many other U. S. cities. Job growth is stable, and unemployment through September was 5.4%, less than the U. S. rate of 6.1%. Governor Bill Ritter predicts that unemployment will slowly drop through 2009, and believes the Denver economy is relatively strong. A report issued by the Governor's office on September 19th shows that "Colorado's economy…is more resilient and perhaps better poised to rebound from the current national financial turmoil than the national economy," noting that "Colorado has lower unemployment, greater job growth and lower inflation than the nation overall."

Another interesting fact indicating the strength of Denver's economy is that its credit rating was recently upgraded to AAA from Standard & Poor's Rating Service, citing its "role as the economic center for the Colorado Front Range — with a diverse economy and reliant per-capita property values" (Denver Post, 9/9/08). And Wells Fargo, one of Colorado's largest lenders has just upgraded their ratings for Denver housing from "distressed" to "stable." In an article in Denver's Rocky Mountain News (9/16/08) Thomas Thibodeau, academic director for the CU Real Estate Center in Boulder was quoted as saying that "The housing market here is vastly different than the rest of the U.S. I think the Denver housing market has turned the corner and is on the way to recovery."

Two large renewable energy projects are slated for the metro area. Rentech recently opened a demonstration plant in Commerce City to produce synthetic jet and diesel fuel. And Vesta Wind Systems announced plans to build a wind turbine blade manufacturing plant in Brighton. The two projects combined could bring as many as 1,800 new jobs to the Brighton/Commerce City area. Colorado is becoming internationally known as a center for renewable energy and aerospace development activity. "Metro Denver's dynamic and innovative industry base continues to support the region's economy through challenging times," stated Tom Clark, executive vice president of the Metro Denver Economic Development Corporation.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000."

The Denver Post has a very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more. (The map hasn't been updated to include the third quarter 2008.)

Interest rates are still low (conventional loans were at 6.125% for well-qualified buyers as of November 10, 2008 from our preferred lender, Rate One, The Mortgage People). Homes are more affordable. Denver's economy is steady and jobs are expected to increase this year.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.


Approximate Location Boundaries: Denver Metro Area

Location Characteristics: Denver's an exciting place to live. Winter, summer, spring or fall -- there's always something special to do in the Denver area. Cultural amenities include the Denver Center for the Performing Arts which houses the Colorado Ballet, the Denver Symphony, and the Denver Center Theater. Art galleries, the Denver Museum of Science and Nature, over 90 golf courses, sophisticated shopping centers, the Denver Zoo -- the list goes on and on. Denver is a large urban area close at hand to some of the most beautiful country in the U.S. Ski areas are just hours away. Fly fishing, hiking, mountain climbing and much more offer spring, summer and fall recreation in the nearby Rocky Mountains. Quality of life in the Denver area is its biggest draw.

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About Judith Clausen, Broker/Owner:
I represent Buyers only. My hallmark in assisting buyers is to provide timely, energetic and honest service. Check out the Buyers Advantage Real Estate website for client feedback. When asked to fill out a Customer Satisfaction Survey one recent client, "I'll give you all tens because you're worth it!!"

If you're planning to buy in the next six months go to the Buyers Advantage Real Estate website Home Search feature to look for homes in the Denver area. You can save your searches, and return as often as you want. And I'm always available to answer any of your real estate questions. Just email me or call direct at 303-587-3509.

Yesterday a first-time home buyer asked if it was a good or bad time to buy a home. He and his wife had lived in an apartment for some years, and now their personal situation will finally allow them to buy a home of their own.  But they were worried about buying now when the economy is in such a mess.

I couldn't help them decide on long-term prospects for the American economy, but I do know that Warren Buffett's advice in an op-ed piece in the New York Times is sound.  He says, "Be fearful when others are greedy, and be greedy when others are fearful." 

In terms of buying a house, if you have good credit and money for a good-sized down payment, now is an excellent time to buy.  I learned very early in life to buy on the downside and sell on the upswing.  That's just good sense.  So if now is your time to look for a house, go ahead.  The supply of available homes in Denver is plentiful.  Interest rates are still low.  Denver's economy is solid. 

And if you need someone to help you sort out the possibilities, give me a call.  I only represent buyers.  I can help make sense of the complexities of buying either your first home or your move-up home.  You can reach me at 303-587-3509, or you can email me.

With the nation's financial markets in turmoil people want to know if it's a good idea, or even a doable idea, to buy a house. Paraphrasing Richard Nixon in 1970, "Frankly, if I had any money, I'd be buying a house right now." If you have good credit and a good source of financing, buying a house in Denver right now is a solid choice. The market is either at bottom, or just slightly on the rise. 

Denver's real estate prices continued to drop in September. Single family home median prices were down 11.78% and average prices were down 14.84% from September 2007, while condos and townhome median prices dropped 4.73% and average prices dropped 10.75% from this time last year. More homes sold in September 2008 by 14.13%, but sales were down 6.10% from August 2007.

The only good news for sellers is that 21% fewer homes were on the market than were available for sale in September 2007. 1.48% fewer homes went under contract than did a year ago. Average days on market for both single family homes and condos/townhomes remain virtually the same as last year, indicating that homes are not languishing longer as might be expected in a soft market. The lower inventory of available homes is likely due to sellers deferring plans to sell till the market shows a substantial increase in prices.

Denver is in a much better position than many U. S. cities. The S & P/Case-Shiller report for July 2008 showed an overall 1.1% increase in home prices over June, the fourth consecutive increase. Denver was one of only two cities out of 20 measured nationally that showed any increase. Only Minneapolis showed a greater increase (1.8%).

But the continuing loss in value from last year is striking. Has Denver reached bottom? It's still too soon to say. Bottom can only be defined retrospectively, after prices start rising more consistently month over month. When will that be? It's anybody's guess.

On the whole Denver's economy is showing a slow-down, but is still in better shape than many other U. S. cities. Job growth is stable, and unemployment through September was 5.4%, less than the U. S. rate of 6.1%. Governor Bill Ritter predicts that unemployment will slowly drop through 2009, and believes the Denver economy is relatively strong. A report issued by the Governor's office on September 19th shows that "Colorado's economy...is more resilient and perhaps better poised to rebound from the current national financial turmoil than the national economy," noting that "Colorado has lower unemployment, greater job growth and lower inflation than the nation overall." 

Another interesting fact indicating the strength of Denver's economy is that its credit rating was recently upgraded to AAA from Standard & Poor's Rating Service, citing its "role as the economic center for the Colorado Front Range - with a diverse economy and reliant per-capita property values" (Denver Post, 9/9/08). And Wells Fargo, one of Colorado's largest lenders has just upgraded their ratings for Denver housing from "distressed" to "stable." In an article in Denver's Rocky Mountain News (9/16/08) Thomas Thibodeau, academic director for the CU Real Estate Center in Boulder was quoted as saying that "The housing market here is vastly different than the rest of the U.S. I think the Denver housing market has turned the corner and is on the way to recovery." 

Two large renewable energy projects are slated for the metro area. Rentech recently opened a demonstration plant in Commerce City to produce synthetic jet and diesel fuel. And Vesta Wind Systems announced plans to build a wind turbine blade manufacturing plant in Brighton. The two projects combined could bring as many as 1,800 new jobs to the Brighton/Commerce City area. Colorado is becoming internationally known as a center for renewable energy and aerospace development activity. "Metro Denver's dynamic and innovative industry base continues to support the region's economy through challenging times," stated Tom Clark, executive vice president of the Metro Denver Economic Development Corporation.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home. 

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000."

The Denver Post has a very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more.

Interest rates are still low (conventional loans were at 5.750% for well-qualified buyers as of October 8, 2008 from our preferred lender, Rate One, The Mortgage People). Homes are more affordable. Denver's economy is steady and jobs are expected to increase this year.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, BankRate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.

September 2008 Market Conditions

Denver's real estate prices continued to drop in August. Single family home median and average prices were 12.6% lower than August 2007, while condos and townhome median prices dropped 8.2%. The number of homes sold in August was down 9.34% from last year, and 11.34% from July. The only good news for sellers is that 20% fewer homes were on the market than were available for sale in August 2007, and that 4.98% more homes went under contract than a year ago. Average days on market for both single family homes and condos/townhomes remain virtually the same as last year, indicating that homes are not languishing longer as might be expected in a soft market.

Average sold price for single family dwellings decreased by only .43% from July, but showed a significant decrease of 13.72% from August 2007. Condos and townhomes fared better, showing an increase of 2.57% from July 2008 and an increase of 1.96% from August 2007.

Denver is in a much better position than many U. S. cities. The S & P/Case-Shiller report for June 2008 showed an overall 1.5% increase in home prices over May, the third consecutive increase. Denver was one of only two cities out of 20 measured nationally that showed any increase.

But the loss in value from last year is striking. Has Denver reached bottom? It's too soon to say. Bottom can only be defined retrospectively, after prices start rising more consistently month over month. When will that be? It's anybody's guess.

On the whole Denver's economy, like its real estate market, is better than many other U. S. cities. Job growth remains steady and unemployment through July was 4.8%, only slightly more than through the comparable period in 2007.

Two large renewable energy projects are slated for the metro area. Rentech recently opened a demonstration plant in Commerce City to produce synthetic jet and diesel fuel. And Vesta Wind Systems announced plans to build a wind turbine blade manufacturing plant in Brighton. The two projects combined could bring as many as 1,800 new jobs to the Brighton/Commerce City area. Colorado is becoming internationally known as a center for renewable energy and aerospace development activity. "Metro Denver's dynamic and innovative industry base continues to support the region's economy through challenging times," stated Tom Clark, executive vice president of the Metro Denver Economic Development Corporation.

A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

Average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer. (Bauer issues a monthly market report used by the Denver dailies and is widely regarded in Denver real estate circles as a market expert.) In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000." 

The Denver Post has updated their very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more.

Interest rates are still low (conventional loans were at 5.875% for well-qualified buyers as of September 9, 2008 from our preferred lender, Rate One, The Mortgage People). Homes are more affordable. Denver's economy is steady and jobs are expected to increase this year.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNN/Money.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests -- finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next home.

Denver's real estate market just got better for buyers.  We thought that June prices had bottomed out, but in July median prices dropped even lower.  The drop for residential single-home properties was 3.48% from June to July, but was even steeper from July 2007, a startling 10.1%. 

Condo median prices rose slightly, .4%, from $148,345 in June to $149,000 in July. But prices dropped 5.7% from July 2007.  One possible answer for the less precipitous price drop for condos affordability.  On average condos cost much less than homes.

More homes sold in July than in July of last year, but fewer went under contract.  Buyers have plenty of homes to choose from, and are taking their time making a decision about buying.  They're asking for more concessions from sellers, and sellers are paying them.

Fewer homes are on the market this July than were available in July 2007, which shows a shrinking of inventory likely due to investors snapping up foreclosed homes leading to lowered prices overall.  But because the number of homes on the market has decreased, it may be a sign that the Denver market is poised to recover.  Sellers continue to take a beating, and predictions about when the slide will stop have proven to be inaccurate.

Denver's economy is still outpacing the nation, with "nine of 18 economic indicators show[ing] positive monthly trends and four mov[ing] in a positive annual direction. Recent trends are steady, as this month's number of positive indicators match last month's number" according to the Metro Denver Economic Development Corporation's August Monthly Economic Summary.  Job growth is predicted at 1.5% for the remainder of 2008 compared to the national average of from .5% to 1%. It's still a good time to buy Denver real estate.

 A question asked by many of my buyers is "If I buy now, what about declining values? Will my home be worth less when it comes time to sell it?" The answer varies depending on how long you stay in your new home.

On average buyers stay in their homes about 5 years before selling according to independent real estate broker, Gary Bauer (Bauer issues a monthly market report used by the Denver dailies) is widely regarded in Denver real estate circles as a market expert. In an April 2008 report in the Rocky Mountain News by Rob Reuteman, Bauer is quoted on the issue. He says, "If I bought my home a year ago for $200,000, and I had to sell for $180,000, I'd be upset. If I'm staying in the Denver market I take $180,000 and buy a house that would have cost me $200,000 a year ago. But I'd still have a little feeling that I really didn't do so well. If I were that individual five years ago, my average appreciation would be 39 percent. Would I be concerned about a 10 percent drop in price today? I don't think so. I would have bought it for $130,000 and sold it for $180,000." 

The Denver Post has updated their very useful interactive map of home values across the metro area. You can look at values by neighborhood, discover whether values are rising or declining and much more.

Interest rates are still low (conventional loans were at 6.5% for well-qualified buyers as of August 12, 2008 from our preferred lender, Rate One, The Mortgage People). Homes are more affordable. Denver's economy is steady and jobs are expected to increase this year. The metro Denver and Colorado state unemployment rate in April were 4.4%. 2,000 new jobs are expected in Colorado in 2008, and foreclosures are expected to drop by about 9% according to Patty Silverstein, Chief Economist for the Metro Denver Development Corporation.

The Denver market is not in the same situation as many cities. We're still riding out the effects of the mortgage crisis which led to so many foreclosures, but values haven't dropped nearly as much as the rest of the country. Values dropped about 2% in 2007 and are expected to drop another 3% overall in 2008. Contrast that with Orange County, California (suburban Los Angeles) which dropped 10.2% or Boston a 13.3% drop.

Many parts of the country have suffered a double whammy with the real estate bubble bursting together with the number of foreclosures rising which put a downward push on prices. Denver's bubble burst in 2001, but values remained steady until 2007 when they began to drop. 2006 values increased an average of 2.7%, while values at the end of 2007 had dropped by 2%, a difference of 4.7%.

Denver's cost of living makes it an easy choice over higher cost areas like both coasts. According to CNNMoney.com it costs 51.1%% less to live in Denver than in San Jose; 43.8% less than in San Diego; 66.6% less than in San Francisco; and 12.9% less than Seattle. If you live in the east, it will cost 37.6% less than in Washington, D.C.; 32.8% less than in Boston; 101.9% less than in New York; 22% less than in Philadelphia.

For buyers coming from the south and the midwest, Denver could cost more. It costs 4.9% more in Denver than in Atlanta; 12.8% more than in Houston; 8% more than in Dallas; 8.3% more than in Dayton, Ohio; 5.2% more than in Rochester, MN, and 10% more than in Boise. But living in Denver still costs 10.7% less than in Chicago, 15.1% percent less than in Portland, and a whopping 49.3% less than in Los Angeles.

You'll need to do your due diligence to compare cost of living between your city and Denver at websites like Sperling's Best Places, Bank Rate or CNN/Money.

Having an Exclusive Buyers Agent to find the best buys will shore up your buying ability by representing your best interests - finding the best home at the lowest possible price, and saving you time and hassles. See client references. Phone numbers available upon request. Call Judith Clausen now at 303-587-3509 to help you find your next house.