At the library the other day, I picked up the book by this title where Loren K Keim and his team who have been selling homes for over twenty years, identify 6 reasons a home doesn't sell-and what you can do to fix them. He's spot on for most of his advice. In the Denver metro area today, as in his turf in Philadelphia, many segments of the market are a buyer's market. Actually, in a hot market not every home sells.
Keim's 6 reasons for a home not selling are:
Reason No. 1 Poor Staging---It's remarkable how buyers respond differently to the same floorplan when it's set up to trigger a positive emotional response in the buyers. Buyers fall in love with the lifestyle a home can bring them. Some how your staging needs to help the buyer feel that connection.
Reason No. 2 Incorrect Pricing---Even in a hot market some homes don't sell because of the price. In a buyers market pricing is more sensitive. Some neighborhoods are very elastic in price with huge variations in price based on perceived (and real) differences in the homes. The obvious case is that a trashed home won't sell for as much as an updated home. However, every seller wants to know how much they can push the price for their improvements. Ask your realtor about the showing benchmarks in your neighborhood, so you know what to expect. Be realistic. It's frustrating and tiring and possibly expensive to lose prime selling time because your price places you out of consideration. Some experts suggest 90% of selling a home is pricing it correctly! Shortsales sometimes come into play here, as do lease/options if the seller owes too much and still has to move.
Reason No. 3 Improper Marketing---Market timing, marketing focus, effective marketing systems, and "guerrilla" techniques all apply here. Certain neighborhoods are not active in the winter, others are not active in the summer, if you choose to sell outside these times, the pool of available buyers shrinks and your time on market often increases. Ask your agent who are your likely buyers and how the marketing systems attract those buyers. For the tough sell properties "guerrilla" techniques may be needed. Guerrilla techniques target the buyers in non-traditional methods or with "give-aways" like vacations or appliances or bonuses or seller paid closing costs. In my experience, this can get more folks in the door and raise interest after the pricing is near right.
Reason No. 4 Location-Challenged Properties---What do you think the effect of a busy street or high tension power lines or a business next to a property? Any of these could affect a buyer's perception of the property and limit the number of buyers who will consider the property. In my experience of over a decade selling expired or withdrawn listings, price is affected by these location challenges. Market research can often determine just what the effect is on days on market and price.
Reason No. 5 Functionally Obsolete Properties---Imagine a home with only one bathroom or no central heat. The options for sellers in these cases are monetary-either upgrade the property to sell it at an acceptable standard for area buyers or sell at a discount for an investor or handyman to purchase and bring up to standard.
Reason No. 6 "Nobody is buying in the area"---Keim addresses what may have to happen if buyers are to be found outside the immediate area or cash flow is needed and a lease/option is a fall back position.
The rest of the book gives an overview of the sales process through closing in a generic way. Each state makes its own rules for real estate transactions. Ask your agent for specifics where you live. What is the sales process? Who pays for what? Who are the players? What is the time line? What are the usual tricky spots in a transaction? When do I know my home's sold? When do I move? When do I get my money?
That's the bottom line, right? It's about moving and getting your money from the sale. All the rest is done to get you there in as timely and profitable a fashion as possible. Here's to your smooth move.
Wednesday, December 1, 2010
Tuesday, November 2, 2010
Radon Testing Reasons
Recently, I asked Dallas Collins of Precise Radon Testing Labs why home buyers would consider the extra expense of having their prospective, new home tested for radon levels. We don't easily identify radon-it is a colorless, odorless, unchemically reactive, heavy gas. Radon gas has a radioactive isotope that is a product of uranium's nuclear decay. The EPA puts safe levels at or below 4.0 picocuries/L of air.
So check out this blog for more details: preciseradontesting.blogspot.com
What's your decision as a buyer? To test or not to test, that is the question....
So check out this blog for more details: preciseradontesting.blogspot.com
What's your decision as a buyer? To test or not to test, that is the question....
Monday, October 18, 2010
Questions to Ask Your Mortgage Loan Originator
The latest from the 2010 required Realtor Update course.
Consider these when choosing your next lender.
*What will the monthly payment be for every month of the loan, and could it increase?(When could it increase? What would my new payment be? Could my monthly payment incrase more than once?)
*Does the monthly payment include an escrow amount to pay for my property taxes and homeowners insurance? Or must I pay these costs on my own? If I have to pay on my own, can you give me an estimate so I can budget accordingly?
*What is the term of the loan (for example 15 years or 30 years)? How many payments will I have to make? Would the loan be paid off at the end or would I still owe a "balloon" payment?
*Will I have to pay prepayment penalties to refinance and pay off the loan early? If so, how much, and when would they apply? If the loan has an introductory or tease rate, can I refinance without penalties before the rate resets and my payment increases?
*Is the person I am speaking to on my mortgage a state of Colorado licensed loan originator?
DORA, the Department of Regulatory Agengies in Colorado, suggests that people verify they are working with licensed lenders or people who are exempt from licensure. Further, they recommend checking out these tips:
*Consumer Corner: availableon the Division's website at http://www.dora.state.co.su/real-estate
*Complaints with the Commission can be made online by clicking the "complaint process" button on the Division's home page.
*Look up mortgage licensees online by clicking the "search licensees" button on the Division's home page.
Consider these when choosing your next lender.
*What will the monthly payment be for every month of the loan, and could it increase?(When could it increase? What would my new payment be? Could my monthly payment incrase more than once?)
*Does the monthly payment include an escrow amount to pay for my property taxes and homeowners insurance? Or must I pay these costs on my own? If I have to pay on my own, can you give me an estimate so I can budget accordingly?
*What is the term of the loan (for example 15 years or 30 years)? How many payments will I have to make? Would the loan be paid off at the end or would I still owe a "balloon" payment?
*Will I have to pay prepayment penalties to refinance and pay off the loan early? If so, how much, and when would they apply? If the loan has an introductory or tease rate, can I refinance without penalties before the rate resets and my payment increases?
*Is the person I am speaking to on my mortgage a state of Colorado licensed loan originator?
DORA, the Department of Regulatory Agengies in Colorado, suggests that people verify they are working with licensed lenders or people who are exempt from licensure. Further, they recommend checking out these tips:
*Consumer Corner: availableon the Division's website at http://www.dora.state.co.su/real-estate
*Complaints with the Commission can be made online by clicking the "complaint process" button on the Division's home page.
*Look up mortgage licensees online by clicking the "search licensees" button on the Division's home page.
Sunday, September 19, 2010
Aid 4-Mile Canyon Fire Victims and Local Food Bank
Want to do something for those who lost their homes in the recent 4-Mile Canyon fires?
Are you concerned about the increasing number of people who go rely on the local food bank for groceries as times are tough?
Do something about it. Bring your donations to our fundraiser this coming Sunday, September 26th from 1 pm to 3pm. The location is 3360 W 98th Pl, unit A, West minster, CO 80031. See the invitation below for more details. We're having an Open House to gather the donations. As a thank you we'll have live jazz by a local trio and nibbles. (Yes, Broncos fans, the game will be on in the loft, too!) So you could say, we're having an Open House with Purpose!
Hope to see you there!
Thursday, July 29, 2010
Make The Final Walk-Through Useful
Here're some good ideas for that final walk through before closing. It's usually a day or so before closing and all inspection items have been completed, you hope. For those who like check lists, check this out...
Thursday, June 17, 2010
Lease Options, Wraps, other ways to get a property
Recently a couple of clients asked me about rent-to-own, rent-to-buy, lease option and other alternatives to a straight purchase or a straight lease. This article by Karen J. Radakovich, Esq. (counsel with Frascona, Joiner, Goodman, and Greenstein) discusses some of the pros and cons of this netherland between leasing and purchasing a property. You may care to read this article before contacting your lawyer to draw up an agreement that links renting and buying.
Tuesday, June 1, 2010
Spot On: Getting a Mortgage Loan Today
This recent article in Forbes correctly identifies the current market for home mortgages.
I would further add that a buyer putting down 25%, who has substantial assets liquid in the bank, a stellar credit score, and is no longer working for a salary (read retired or independent contractor), will find it harder to get a loan for an investment property than a person of modest means and decent credit scores with 3.5% down purchasing their primary residence.
Once again the resale markets for residential loans are driving the market. What is and is not possible is not governed by ability to pay as much as ability for the lender to resell the loan with other mortgage backed securities. That was the essence of the mortgage crisis earlier. To the other absurd extreme we go! The good news is that people are gettting loans. It's just harder across the board, no matter how qualified a buyer is.
I would further add that a buyer putting down 25%, who has substantial assets liquid in the bank, a stellar credit score, and is no longer working for a salary (read retired or independent contractor), will find it harder to get a loan for an investment property than a person of modest means and decent credit scores with 3.5% down purchasing their primary residence.
Once again the resale markets for residential loans are driving the market. What is and is not possible is not governed by ability to pay as much as ability for the lender to resell the loan with other mortgage backed securities. That was the essence of the mortgage crisis earlier. To the other absurd extreme we go! The good news is that people are gettting loans. It's just harder across the board, no matter how qualified a buyer is.
Saturday, May 15, 2010
New EPA Lead Requirements for Fixer/Flippers
Just out last month are some important new requirements for anyone renovating and planning to sell or rent a home older than 1978. We now have SAFE LEAD PRACTICES. As you probably know lead was used in many paints until 1978 and in buildings circa pre-1978 the dust created when walls and ceilings are worked on often contains lead. In order to protect more people, especially children, from lead poisoning, all contractors doing this work are supposed to be certified by the EPA. Further, the seller will be held liable if the contractor doesn't follow safe practices in handling the dust. For the 12-page details go to http://bbakerowens.yourcastle.org/bc/documents/yourcastle/renovaterightbrochure.pdf
Yes You Can Buy After a Short Sale
This news just arrived in my email from one of the students in my monthly class for marketing homes, "What Does the Buyer Want? 6 Keys to Selling", Max Boyle. Max is a lender with Primary Residential Mortgage (303-600-8248). This article that he sent shares good news for buyers who have lost a home through a short sale or a deed in lieu. As you know any of the distress sales hurts the seller's credit for a number of years. What you may not know is you can still purchase a home after a specified waiting period and after you get back on your feet and strong financially. Here's the scoop.
Great News for Buyers with a Short Sale!
New Eligibility Rules Announced From Fannie Mae!
There's great news from Fannie Mae for home buyers who have experienced a short sale or deed in lieu of foreclosure. To help the housing market's continued stability, Fannie Mae is changing the "waiting period" (i.e. the amount of time that must elapse after the preforeclosure or short sale event) before home buyers can qualify for a loan. Several factors will impact these changes, including the required down payment or loan to value (LTV) for the transaction and whether extenuating circumstances contributed to the individual's financial hardship (e.g. a job loss). Feel free to check out the full announcement by Fannie Mae. Here's the executive summary:
Waiting Period Requirements by Preclosure Event
Deed-in-Lieu of Foreclosure
OLD: 4 years, Additional requirements apply after 4 years up to 7 years
NEW: 2 years – 80% maximum LTV ratios
Preforeclosure Sale
OLD: 2 years
NEW: 4 years – 90% maximum LTV ratios
Short Sale
OLD: No policy currently exists specific to short sales
NEW: 7 years – LTV ratios per the Eligibility Matrix
If you've had extenuating circumstances that caused the loss of your home, the new waiting period is 2 years – 90% maximum LTV ratios for people who had a deed-in-lieu of foreclosure, preforeclosure sale, or a short sale.
Note that the terms 'short sale' and "preforeclosure sale' are both referenced in Fannie Mae’s announcement and have the same meaning – the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.The bottom line: Buyers who have experienced a short sale or deed in lieu of foreclosure may be eligible for financing sooner than previously expected…especially if they have 20% to put down.
Great News for Buyers with a Short Sale!
New Eligibility Rules Announced From Fannie Mae!
There's great news from Fannie Mae for home buyers who have experienced a short sale or deed in lieu of foreclosure. To help the housing market's continued stability, Fannie Mae is changing the "waiting period" (i.e. the amount of time that must elapse after the preforeclosure or short sale event) before home buyers can qualify for a loan. Several factors will impact these changes, including the required down payment or loan to value (LTV) for the transaction and whether extenuating circumstances contributed to the individual's financial hardship (e.g. a job loss). Feel free to check out the full announcement by Fannie Mae. Here's the executive summary:
Waiting Period Requirements by Preclosure Event
Deed-in-Lieu of Foreclosure
OLD: 4 years, Additional requirements apply after 4 years up to 7 years
NEW: 2 years – 80% maximum LTV ratios
Preforeclosure Sale
OLD: 2 years
NEW: 4 years – 90% maximum LTV ratios
Short Sale
OLD: No policy currently exists specific to short sales
NEW: 7 years – LTV ratios per the Eligibility Matrix
If you've had extenuating circumstances that caused the loss of your home, the new waiting period is 2 years – 90% maximum LTV ratios for people who had a deed-in-lieu of foreclosure, preforeclosure sale, or a short sale.
Note that the terms 'short sale' and "preforeclosure sale' are both referenced in Fannie Mae’s announcement and have the same meaning – the sale of a property in lieu of a foreclosure, resulting in a payoff of less than the total amount owed, which was pre-approved by the servicer.The bottom line: Buyers who have experienced a short sale or deed in lieu of foreclosure may be eligible for financing sooner than previously expected…especially if they have 20% to put down.
Wednesday, April 21, 2010
Colorado Gardening
Spring has sprung. The grass is riz. I wonder where the birdies is?
Trees are blooming. The grasses are greening. The hardy plants are returning. Ah Spring! When a friend asked about gardening, I remembered to refer her to the Sunset Western Garden Book and to my favorite reading, Colorado Gardening, Month-by-Month. For winter dreaming and planning these books are great.
However for vegetable gardening, I enjoyed the direct information in Square Foot Gardening. Making your garden productive requires a fair amount of soil augmentation work, especially where it seems our soils are either clay or sand with little humus or organic matter. A compost pile can help you make a rich soil from simple kitchen wastes and some ingredients from the nursery or hardware store. Now's a great time to be working the ground. Some folks have already planted the cold weather starts. Since Colorado weather can be unpredictable (late snows, chilly or hot summers, early snows or Indian summers) we have some extra challenges in timing the plantings and determining whether to mulch much or not. Further, the Colorado State University extension has good resources on-line and for specific questions, the extension agent can be helpful.
Finally, the Denver Botanic Gardens is a source of information and beautiful inspiration for gardeners.
Do you garden? What advice would you share with my friends who are just beginning to dig in the dirt this Spring?
Trees are blooming. The grasses are greening. The hardy plants are returning. Ah Spring! When a friend asked about gardening, I remembered to refer her to the Sunset Western Garden Book and to my favorite reading, Colorado Gardening, Month-by-Month. For winter dreaming and planning these books are great.
However for vegetable gardening, I enjoyed the direct information in Square Foot Gardening. Making your garden productive requires a fair amount of soil augmentation work, especially where it seems our soils are either clay or sand with little humus or organic matter. A compost pile can help you make a rich soil from simple kitchen wastes and some ingredients from the nursery or hardware store. Now's a great time to be working the ground. Some folks have already planted the cold weather starts. Since Colorado weather can be unpredictable (late snows, chilly or hot summers, early snows or Indian summers) we have some extra challenges in timing the plantings and determining whether to mulch much or not. Further, the Colorado State University extension has good resources on-line and for specific questions, the extension agent can be helpful.
Finally, the Denver Botanic Gardens is a source of information and beautiful inspiration for gardeners.
Do you garden? What advice would you share with my friends who are just beginning to dig in the dirt this Spring?
Thursday, April 15, 2010
Colorado Bucket List
With weather turning nicer and folks planning holidays this bucket list from Joe at Land Title caught my eye. Life's meant for living, so enjoy! Colorado has some wonderful things to experience. First, Joe's list, then some of my favorite additions. Finally, send me your Colorado additions.
Land Title's List of Things Not to Miss in Colorado:
Visit Air Force Academy * Take in a game at Falcon Field * Relax or golf at The Boradmoor * Check out Buckskin Joe's Frontier Town and Royal Gorge Scenic Railway * Explore Cave of the Winds * Visit Colorado National Monument, Grand Junction * Raft the Colorado River * Tour the Colorado State Capitol Building (the Capitol Dome is now open) * Take the train ride from Denver to Glenwood Hot Springs * Tour the Denver Mint * Ride the Durango and Silverton Narrow Guage Railroad * Hike Garden of the Gods * Tour the Grand Junction Wine Country * Visit Great Sand Dunes National Park * Enjoy High Tea at the Brown Palace * Spend at least a day at Mesa Verde National Park * Photograph the Maroon Bells in Aspen * climb or take the cog railway to the top of Pikes Peak * Take in a show at Red Rocks Ampitheatre * Drive the San Juan Skyway * Snowcat ski in Steamboat Springs
When our kids were little we explored Colorado together. Three resources were wonderful in giving us ideas that were "age appropriate" for the kids or for us to explore with friends of all ages who were visiting Colorado. Places to Go with Children in Colorado by Meitus and Thorn, divides the state up into areas. Highlights include activities, sights, and fun places to eat with costs, addresses and contact information. Real Cool Colorado Places for Curious Kids by Liggett and Mack does the same and adds friendly facts about wildlife, history, and geology. For the general audience The Colorado Guide by Caughey and Winstanley is my favorite resource. Each part of the state has a description of the area, history highlights, directions, major attractions with costs, festivals and events, outdoor activities, other attractions, accomodations, places to eat, etc. So, no matter where we went, there was a tour guide to give all of us choices for our fun times together.
What is on YOUR bucket list for Colorado? Where do you recommend visitors go to experience Colorado? Thanks for sending me your recommendations!
Land Title's List of Things Not to Miss in Colorado:
Visit Air Force Academy * Take in a game at Falcon Field * Relax or golf at The Boradmoor * Check out Buckskin Joe's Frontier Town and Royal Gorge Scenic Railway * Explore Cave of the Winds * Visit Colorado National Monument, Grand Junction * Raft the Colorado River * Tour the Colorado State Capitol Building (the Capitol Dome is now open) * Take the train ride from Denver to Glenwood Hot Springs * Tour the Denver Mint * Ride the Durango and Silverton Narrow Guage Railroad * Hike Garden of the Gods * Tour the Grand Junction Wine Country * Visit Great Sand Dunes National Park * Enjoy High Tea at the Brown Palace * Spend at least a day at Mesa Verde National Park * Photograph the Maroon Bells in Aspen * climb or take the cog railway to the top of Pikes Peak * Take in a show at Red Rocks Ampitheatre * Drive the San Juan Skyway * Snowcat ski in Steamboat Springs
When our kids were little we explored Colorado together. Three resources were wonderful in giving us ideas that were "age appropriate" for the kids or for us to explore with friends of all ages who were visiting Colorado. Places to Go with Children in Colorado by Meitus and Thorn, divides the state up into areas. Highlights include activities, sights, and fun places to eat with costs, addresses and contact information. Real Cool Colorado Places for Curious Kids by Liggett and Mack does the same and adds friendly facts about wildlife, history, and geology. For the general audience The Colorado Guide by Caughey and Winstanley is my favorite resource. Each part of the state has a description of the area, history highlights, directions, major attractions with costs, festivals and events, outdoor activities, other attractions, accomodations, places to eat, etc. So, no matter where we went, there was a tour guide to give all of us choices for our fun times together.
What is on YOUR bucket list for Colorado? Where do you recommend visitors go to experience Colorado? Thanks for sending me your recommendations!
Sunday, March 21, 2010
Home Inspection: Ways to Make it Work for You
*Have you ever felt a home inspection missed something important?
*Conversely, have you ever felt a home inspection made much out of little in an inspection report?
*Or have you ever decided that the home inspection clause in the buy/sell contract was simply an opening into round 2 of contract negotiations?
*Perhaps you're buying your first home and getting ready for your home inspection.
Consider checking out this FREE, 2-hour CLASS on home inspections. Chuck Luellen and Nick Flores of Apex Real Estate Inspectors and Beth Baker Owens of Your Castle Real Estate are teaming up to address these and other issues regarding home inspections. Please RSVP, so your free materials will be ready for you. The first class is this Tuesday, 23 March 2010. Subsequent classes will be the 4th Wednesday monthly, April through September, 2010.
Home Inspection: Ways to Make it Work for You
03/23/10 Tuesday 06:00 PM-08:00 PM
Is a home inspection just an extra cost for the buyer? Is it round two of the negotiations? What does a good inspection cover, anyway? How can you choose a competent inspector? What can a seller do to be proactive? How much can a buyer really discover in an inspection? How do inspections work for distressed properties?
Please RSVP to: Beth Baker Owens bethbakerowens@comcast.net
Presenters: Beth Baker Owens, Chuck Luellen & Nick Flores
YCRE MINERAL - 9085 E. MINERAL CIR., main conference room at Panorama Falls, ENGLEWOOD, 80112
*Conversely, have you ever felt a home inspection made much out of little in an inspection report?
*Or have you ever decided that the home inspection clause in the buy/sell contract was simply an opening into round 2 of contract negotiations?
*Perhaps you're buying your first home and getting ready for your home inspection.
Consider checking out this FREE, 2-hour CLASS on home inspections. Chuck Luellen and Nick Flores of Apex Real Estate Inspectors and Beth Baker Owens of Your Castle Real Estate are teaming up to address these and other issues regarding home inspections. Please RSVP, so your free materials will be ready for you. The first class is this Tuesday, 23 March 2010. Subsequent classes will be the 4th Wednesday monthly, April through September, 2010.
Home Inspection: Ways to Make it Work for You
03/23/10 Tuesday 06:00 PM-08:00 PM
Is a home inspection just an extra cost for the buyer? Is it round two of the negotiations? What does a good inspection cover, anyway? How can you choose a competent inspector? What can a seller do to be proactive? How much can a buyer really discover in an inspection? How do inspections work for distressed properties?
Please RSVP to: Beth Baker Owens bethbakerowens@comcast.net
Presenters: Beth Baker Owens, Chuck Luellen & Nick Flores
YCRE MINERAL - 9085 E. MINERAL CIR., main conference room at Panorama Falls, ENGLEWOOD, 80112
Saturday, February 6, 2010
Denver Chamber 2010 Economic Forecast
Denver Metro Chamber of Commerce hired the Metro Denver Economic Development Corporation to report on our local, state and national economy. In a report on Jan 13, 2010, they presented their findings. For the whole report and the details, just ask me (303-962-4272 626#).
Highlights for Metro Denver in 2010
• Job Losses Beginning 4th quarter of 2008, the US recession hit Colorado and the Metro Denver area. In 2009 the rate of job losses in Metro Denver exceeded the national rate after resisting change in 2008.
• New Jobs Several companies relocated new headquarters operations here. Sectors include
renewable energy and healthcare. Neither large construction projects nor large increases in jobs can be expected in 2010 from these relocations. They set the stage for stabalizing the economy.
• Unemployment Unemployment rates about 8.2%, like in the 1980s, are expected for 2010.
• Housing Market Metro Denver is healthier than most of the US due to a decrease in unsold inventory and stabalizing home prices in many neighborhoods. Home sales should rise in 2010.
• Foreclosures Depending on job stability and the effectiveness of foreclosure avoidance probrams, there should be fewer foreclosures in 2010 than in recent years.
• Commercial Real Estate Due to tighter credit and decreased demand, the commercial real estate market is weak, yet it is still healthier than in other metropolitan areas nationwide.
• OVERALL "Metro Denver continues to attract businesses with the potential to support growth in the long term. The fact that businesses have moved to the region even during recession itself speaks to the region’s competitive advantages. While the recovery may prove underwhelming in 2010, the rebuilding, restructuring, and repair that will happen throughout the year will set the stage for more stable growth in the long term."
• Job Losses Beginning 4th quarter of 2008, the US recession hit Colorado and the Metro Denver area. In 2009 the rate of job losses in Metro Denver exceeded the national rate after resisting change in 2008.
• New Jobs Several companies relocated new headquarters operations here. Sectors include
renewable energy and healthcare. Neither large construction projects nor large increases in jobs can be expected in 2010 from these relocations. They set the stage for stabalizing the economy.
• Unemployment Unemployment rates about 8.2%, like in the 1980s, are expected for 2010.
• Housing Market Metro Denver is healthier than most of the US due to a decrease in unsold inventory and stabalizing home prices in many neighborhoods. Home sales should rise in 2010.
• Foreclosures Depending on job stability and the effectiveness of foreclosure avoidance probrams, there should be fewer foreclosures in 2010 than in recent years.
• Commercial Real Estate Due to tighter credit and decreased demand, the commercial real estate market is weak, yet it is still healthier than in other metropolitan areas nationwide.
• OVERALL "Metro Denver continues to attract businesses with the potential to support growth in the long term. The fact that businesses have moved to the region even during recession itself speaks to the region’s competitive advantages. While the recovery may prove underwhelming in 2010, the rebuilding, restructuring, and repair that will happen throughout the year will set the stage for more stable growth in the long term."
These findings fit what we're tracking at Your Castle Real Estate. There is much opportunity in this time period as the economy shifts.
Tuesday, January 26, 2010
Forbes Ranks Denver Metro 5th For Smart Home Buying
10 Cities Where It's Smarter to Buy
For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. Here are the top 10 cities the magazine chose as the best places to buy right now.
1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10.Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.
Source: Forbes, Francesca Levy (01/21/2010)
For people who want to own a home, the premium to buy—the spread between what they’d spend to rent and what they’d pay for a mortgage—is much lower than the 15-year average in many cities.To determine what cities are smart buys, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. Here are the top 10 cities the magazine chose as the best places to buy right now.
1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10.Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.
Source: Forbes, Francesca Levy (01/21/2010)
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