Janet Frederick's (aspenre) Blog

Colorado's January Latest Data: employment growth, mortgage loan payoffs, home prices, MORE

Janet Frederick, Aspen Real Estate, Littleton CO (Aspen Real Estate) — Wed, 25 Jan 2012 12:28:51 -0800

JUST IN FROM THE Colorado Division of Housing A Division of the Colorado Department of Local Affairs DATE: JANUARY 25, 2012 January 2012 Colorado news on the latest data on: employment growth, mortgage loan payoffs, home prices and MORE Employment growth during December 2011 hits 5-year high Colorado gained 80,107 jobs in December 2011 compared to December of 2010, and the non-seasonally-adjusted unemployment rate fell year-over-year from 8.7 percent to 7.9 percent. According to the most recent employment data, collected through the Household Survey and released today by the Colorado Department of Labor and Employment, total employment in December, not seasonally adjusted, rose to 2.504 million jobs. There were also 63,000 more people in the work force during December, compared to December 2010. The unemployment rate remained largely flat from November to December in spite of job gains due to a relatively large number of workers joining the labor force. From December 2010 to December 2011, total employment rose 3.3 percent, while the labor force rose 2.3 percent. The total labor force in December included 2.72 million workers. MORE Latest trends in mortgage loan repayments in Colorado Today, the Division of Housing released its 2011 year-end report on releases of deeds of trust. Since release activity reflects trends in home purchase and refinance activity they can help us identify some trends in demand for home loans. The report notes that, in general, release activity responds to movements in the mortgage rate in ways very similar to that seen in mortgage refinance activity. For example, in the first chart, we see that there was a surge in release activity in 2003. MORE Economic Update: National Assoc. of Residential Property Managers For those at the NARPM meeting who wanted larger graphs, here are the slides for the economic update I presented to the Denver Chapter of the National Association of Residential Property Managers. Mortgage loan payoffs fall in 2011, hit ten-year low The number of mortgage loans paid off in Colorado was down 6.4 percent during 2011 compared to 2010, although loan payoffs rose from the third quarter to the fourth quarter of 2011. According to a new report released today by the Colorado Division of Housing, public trustees in Colorado released a total of 235,749 deeds of trust during 2011, falling from 2010’s total of 251,861. Typically, a release of a deed of trust occurs when a real estate loan is paid off whether through refinance, sale of property or because the owner has made the final payment on the loan. Release activity declines as refinance and home-sale activity falls. For the fourth quarter alone, the number of deeds of trust released this year fell 27.3 percent. Releases fell from 80,265 during 2010’s fourth quarter to 58,340 during the same period this year. On the other hand, releases rose from the third quarter of 2011 to the fourth quarter, rising 15.5 percent from the third quarter’s total of 50,506. MORE Housing News Digest, January 25 Mortgage loan payoffs hit 10-year lowThe number of mortgage loans paid off in Colorado was down 6.4 percent in 2011 compared with 2010, according to a new report from the Colorado Division of Housing.A total of 235,749 deeds of trust were released in 2011, falling from 2010's total of 251,861, the report states.Typically, a release of a deed of trust occurs when a real estate loan is paid off, which can include a refinancing, a sale of the property or because the owner has made the final payment on the loan. Release activity declines as refinance and home-sale activity falls.Read more: Mortgage loan payoffs hit 10-year low - The Denver Post http://www.denverpost.com/breakingnews/ci_19817386#ixzz1kU5AYnZXRead The Denver Post's Terms of Use of its content: http://www.denverpost.com/termsofuseSurvey Aims At Solving HomelessnessCOLORADO SPRINGS, Colo. -- More than 70 volunteers, including 12 Fort Carson troops, gathered in Colorado Springs to conduct a survey of the homeless population in town. The survey was aimed at gathering a headcount of the homeless individuals as well as recording demographic information from that population.The survey is conducted in compliance with requirements set forth by the U.S. Department of Housing and Urban Development.Crowne Plaza hotel focus of court battleOne of the oldest and largest hotels in the Colorado Springs area, the Crowne Plaza, could end up in new management hands as the result of financial and legal battles.The hotel’s owners, Stamford Real Estate (Colorado Springs) LLC and Harrell Colorado Operating Co. LLC, defaulted in July after failing to repay a $30.8 million loan used to buy and remodel the property. The 500-room hotel at 2886 S. Circle Drive remains open. But the default prompted Wells Fargo Bank to ask 4th Judicial District Judge Gregory Werner on Jan. 11 to name a Florida hotel executive as receiver for the property. Wells Fargo is trustee for a Boston-based trust that owns the loan.Anxiety Mounts Over Maturing Real Estate LoansBorrowers and lenders are starting to grapple with the billions of dollars in commercial real estate loans made during the boom year of 2007 that are coming due this year, in a greatly contracted economy.Experts have warned of a rash of recapitalizations, refinancings and building sales. In New York City alone, nearly $70 billion worth of commercial mortgages that were bundled together and issued as collateral for bonds are maturing this year. Of those, $26 billion, or 37.4 percent, are five-year loans that were originated during the height of the real estate bubble, when underwriting standards were loosest, according to data from the research firm Trepp LLC.Obama Answers Bernanke Plea With Refinancing Plan: MortgagesPresident Barack Obama answered Ben S. Bernanke's appeal for more action to fix the U.S. housing market that's restraining the economic recovery by proposing a plan to help borrowers reduce their monthly mortgage payments.Obama is sending Congress legislation that would allow homeowners to tap record-low borrowing costs, potentially boosting housing as he seeks re-election this year. The proposal could save participants about $3,000 a year, Obama said in his State of the Union speech to Congress. Friday, January 20, 2012 NAR: Median home price in U.S. West declines, existing home sales fall The median home price in the West region of the U.S., which includes Colorado, rose 0.3 percent from December 2010 to December 2011. According to new existing home sales data, released today by the National Association of Realtors, the median home price rose only in the West region and fell in all other regions. The median price fell the most in the Midwest where it declined 7.9 percent from December 2010 to December 2011. The first graph shows median home prices for all regions plus the U.S. The median home price in the West during the past six months has ranged from $191,000 to $208,000. The median price was $205,200 during December 2011, and during December of 2010, the median price for the region was $204,500. MORE Housing News Digest, January 20 Housing industry headed northAfter five rough years for the construction industry and the housing market, small glimmers of hope arise from the ashes of the Great Recession.With low interest rates, a housing glut and 448 homes sold last year, Teller County is experiencing the trickle-down effect of the nation’s housing market on the move. “If we continue to sell what we did last year, we’ll knock this housing situation down considerably,” said Carl Andersen, of Andersen Enterprises in Woodland Park. “Those are very encouraging numbers. So I do think Teller County is on the verge of a slow moderate recovery in the housing market.”Grower Linked To Listeria Fined On Migrant Housing The federal agency said Eric Jensen, owner of Jensen Farms, of Holly, rented migrant workers unsanitary, overcrowded rooms at a motel he owns. Inspectors said many rooms lacked beds, laundry facilities and smoke detectors. Jensen faces $4,250 in civil penalties.The fine was not linked to the outbreak.Housing authority will get $13K from town for projectThe Windsor Housing Authority will receive $13,000 from the Town of Windsor with the possibility of more fee waivers to come.During last Monday night's town board work session, board members said they'd like to see a resolution at the next regular meeting approving the WHA's request for $13,000 from the town to create organizational policies to enhance management operations and efficiencies.Tough economy doesn’t stop Porter HomesCircumstances, hard work and perhaps a bit of divine providence have led Nate Porter with Porter Homes down an interesting career path.He came to Grand Junction as a baseball player for Mesa State College, as Colorado Mesa University was known in 1999. By the time he graduated in 2002, he was ready to take a break from education and told an acquaintance he wanted to build custom log homes.Colorado Real Estate Commission pulls property manager’s licenseThe Colorado Real Estate Commission yanked the real estate license of a Fort Collins property manager after an investigation found the manager allegedly mishandled rent money owed to property owners, the Colorado Division of Real Estate said Thursday.The commission voted unanimously to suspend the real estate license of Sherry Jefcoat, also known as Sherry Eichman. She runs Legend Real Estate Services LLC of Fort Collins. Thursday, January 19, 2012 Corelogic: Colorado home prices flat, Denver metro rises Home prices in Colorado fell 0.05 percent from November 2010 to November 2011, continuing a downward trend in home prices in Colorado and nationwide. Nevertheless, the degree to which home prices have declined has lessened each month for the past nine months. According to the November Home Price Index (HPI), released last week by CoreLogic, the year-over-year decline for Colorado was the smallest decline in 15 months, while the Denver metro area reported the first year-over-year increase in 18 months.Nationally, the index fell 4.32 percent, and it rose 01.01 percent in the Denver-Aurora-Broomfield metro area during the same period. The first graph shows the year-over-year changes for the past 32 months in the US, Colorado and the Denver metro area. Over the past two years, the general trend in all three areas has been shaped by the home buyer tax credit, which was introduced in 2008 and expired in April 2010. Clearly, home prices climbed throughout the duration of the tax credit period, but declined after the credit's expiration.MORE Remodeling activity in U.S. West outpaces other regions in November Residential remodeling activity increased 33.4 percent in the Western U.S. from November 2010 to November 2011. According to the November 2011 Residential Buildfax Remodeling Index, released this week by BUILDERadius, The Western U.S. showed the largest rate of increase, by far, in its index for November 2011, outpacing all other regions and the U.S. as a whole. According to Buildfax's November 2011 release: In November, all regions except the northeast posted year-over-year gains. The West was up 43.7 points (43%) year-over-year while the Midwest was up 14 points (13%) year-over-year. The South was up 8.9 points (10.6%) year-over-year, and the Northeast was down 5.3 points (6.8%) year-over-year.In the graph, we see that the year-over-year percent change in the western region has outpaced all other regions and the U.S. as a whole for the past six months. Growth rates have been solid in recent months. November 2011's year-over-year change was considerably larger than November 2010's year over year increase. All the above information has been given permission to repost by the Colorado Division of Housing for informational purpose only.

HOW DO YOU REALISTICALLY SELL A HOUSE IN TODAY’S MARKET

Janet Frederick, Aspen Real Estate, Littleton CO (Aspen Real Estate) — Mon, 23 Jan 2012 06:37:14 -0800

HOW DO YOU REALISTICALLY SELL A HOUSE IN TODAY’S MARKET?

As we move into the new 2012-year of real estate, you might be thinking now of better strategies to move inventory than you did last year and the year before last. Where you successful at getting full asking price in 30 days or less? If not, this might put it in perspective.

If you have a seller now or in the future this tip might be the best insight we can pass on, it’s simple, realistic and it works. Realistically, housing prices are going down, some have stabilized but that can all change at a moments notice. If your sellers think they want top dollar for their house…good luck, you are wasting your time, your money and their time too, especially with spring looming around the corner you'll be dealing with more competition on the market. Remember, you are dealing with the shadow inventory as well that can even bring your sellers home into a lower price category with stiffer competition this spring/summer. If your house is not the best of the best and priced to move you are only setting your sellers up for failure. The longer it sits the more likely the sellers takes a bigger loss and or withdraws the listing leaving you with no commission and a frustrated seller who may use someone else. Tip: What your sellers lose on the sell end they can EASILY make it up on the buy end with price drops and interest rates at an all time low! They may even get a bigger home with better upgrades, lower interest rate and lower payment in the end. I typically just tell my sellers, “You’ll get much less than you may have hoped for your home...but you’ll also pay much less for the house you buy, so it really balances out. If you wait for your home to go up in value, then that home you eventually buy will also go up. The most important factor is you should SELL now while the interest rates are at an all time low. These rates will not last forever.” Here is a great scenario for sellers thinking about selling their home and might be wavering - Housing values increase in a strengthening economy. In a strengthening economy, interest rates also rise. If we can make some assumptions here is where it makes since. A seller owes $200,000 on his home today, and can only sell it for $225,000. The same seller wants to purchase a home currently on the market for $300,000 (they just had twins and need more room)! The wife wants to move ASAP because she is smart the smart one. The husband says babies are small and we can wait at least a year because we should be able to sell our home for $250,000 and that is what he feels it is worth because after all we believe everything the newspapers tell us.Scenario 1: The wife wins. They sell their home for $225,0000 They purchase their new $300,000 home and put down $25,000 (this is simple math as I’m not using realtor commissions and other costs). New home loan is $275,000 on a 30 year fixed mortgage with a rate of 4.00% = $1,312.89 monthly principle and interest Scenario 2: The husband wins. They sell their home 12 months from now. The economy is rocking and they saw a 10% increase in value. They sell their home for $247,500 The home they were hoping to buy a year ago for $300,000 went off the market and just came back on the market at $330,000 (10% increase in value) They purchase the home for $330,000, putting down $47,500 from the sale of their home. New loan is $282,500 on a 30 year fixed mortgage with a rate of 4.759% = $1473.65 monthly principle and interest They sure wish they would have bought and sold a year ago, because now they have an additional $7500 in debt and extra $160 per month in payments, not to mention the additional interest they are paying. This is truly the current market we are in at the moment. Consumers are waiting to sell because they do not want to sell for less than they paid...even if they have equity in their home. Now you know where a big portion of that shadow inventory lays.

Don’t let pet odors derail your home sale. Are pet odors killing your listing?

Janet Frederick, Aspen Real Estate, Littleton CO (Aspen Real Estate) — Mon, 23 Jan 2012 06:29:44 -0800

By: G. M. Filisko Published: October 15, 2010 Don’t let pet odors derail your home sale. Air your house out. While you’re cleaning, throw open all the windows in your home to allow fresh air to circulate and sweep out unpleasant scents. Once your house is free of pet odors, do what you can to keep the smells from returning. Crate your dog when you're out or keep it outdoors. Limit the cat to one floor or room, if possible. Remove or replace pet bedding.Scrub thoroughly. Scrub bare floors and walls soiled by pets with vinegar, wood floor cleaner, or an odor-neutralizing product, which you can purchase at a pet supply store for $10 to $25. Try a 1:9 bleach-to-water solution on surfaces it won’t damage, like cement floors or walls. Got a stubborn pet odors covering a large area? You may have to spend several hundred dollars to hire a service that specializes in hard-to-clean stains.Wash your drapes and upholstery. Pet odors seep into fabrics. Launder, steam clean, or dry clean all your fabric window coverings. Steam clean upholstered furniture. Either buy a steam cleaner designed to remove pet hair for around $200 and do the job yourself, or pay a pro. You'll spend about $40 for an upholstered chair, $100 for a sofa, and $7 for each dining room chair if a pro does your cleaning.Clean your carpets. Shampoo your carpets and rugs, or have professionals do the job for $25 to $50 per room, depending on their size and the level of filth embedded in them. The cleaner will try to sell you deodorizing treatments. You'll know if you need to spend the extra money on those after the carpet dries and you have a friend perform a sniff test.If deodorizing doesn't remove the pet odor from your home, the carpets and padding will have to go. Once you tear them out, scrub the subfloor with vinegar or an odor-removing product, and install new padding and carpeting. Unless the smell is in the subfloor, in which case that goes next.Paint, replace, or seal walls. When heavy-duty cleaners haven’t eradicated smells in drywall, plaster, or woodwork, add a fresh coat of paint or stain, or replace the drywall or wood altogether. On brick and cement, apply a sealant appropriate for the surface for $25 to $100. That may smother and seal in the odor, keeping it from reemerging.Place potpourri or scented candles in strategic locations. Put a bow on your deep clean with potpourri and scented candles. Don’t go overboard and turn off buyers sensitive to perfumes. Simply place a bowl of mild potpourri in your foyer to create a warm first impression, and add other mild scents to the kitchen and bathrooms.Control ongoing urine smells. If your dog uses indoor pee pads, put down a new pad each time the dog goes. Throw them away outside in a trash can with a tight lid. Remove even clean pads from view before each showing.Replace kitty litter daily, rather than scooping used litter clumps, and sweep up around the litter box. Hide the litter box before each showing.Relocate pets. If your dog or cat has a best friend it can stay with while you're selling your home (and you can stand to be separated from your pet), consider sending your pet on a temporary vacation. If pets have to stay, remove them from the house for showings and put away their dishes, towels, and toys. G.M. Filisko is an attorney and award-winning writer whose former mutt Marley no doubt created a wet-dog aroma in her condo that still remains. A regular contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

Five Star Institute class or REOMAC Conference

Janet Frederick, Aspen Real Estate, Littleton CO (Aspen Real Estate) — Tue, 29 Sep 2009 09:59:07 -0700

Hello All seasoned REO Agents, I am new to the REO Listing process! I received my first listing a month ago and I need your expert opinions! In your opinion:Would you spend the time and money to attend the five star class or attend the REOMAC Conference. Your opinions are very valuable to me and thanks for responding!

The Realities Of Real Estate in Todays View

Janet Frederick, Aspen Real Estate, Littleton CO (Aspen Real Estate) — Wed, 08 Jul 2009 12:09:34 -0700

"Gee! What is my house really worth and should I list now?" CALL US TODAY FOR A FREE NO OBLIGATION CMA (Current Market Value) 720-480-4803