News: "Apartment Market Remains Tight"

The Boulder County Business Report says for the second quarter apartment vacancy rates in Boulder and Broomfield fell.  This is a good thing!  The vacancy rate for the second quarter was at 4.9% and fell to 4.6%.  Vacancy in Denver fell to 4.8%, which is the lowest rate in the greater Denver area since 2001 at 5.5%.

The lowest vacancy rate in Boulder was around the University of Colorado with a stunning 0.4% vacancy rate, while the rest of the city stands at 4.7%.  The median rent in Boulder and Broomfield counties is $969.13.  The median rent in metro Denver is $863.37.

What this means:  A fall in vacancy rates means that there is a growing demand and less supply.  It seems that more people are downsizing from homes and moving into cheaper apartment living.  This will pose a short-term threat to home sales in those counties but in the long-term it means there will be a large shift from apartment owners to home owners.

News: "How To Maintain Your Home's Resale Value"

In this market, resale value is very important in getting your home sold.  People today who are looking for a home, not only want to find a home for a good price, but instead want a home for a good price AND great value.  What is going to set your home apart from other homes on the market is the value of your home.  This comes from simple updating over the years.  It could be installing energy efficient windows, or updating that old oven and fridge that are 20 years old.  If you want your home to stand out it needs to have compelling aspects.  Think of it this way, people want a house they can see themselves moving into today and not a home where they walk into and say "I have to fix up the paint job, the kitchen, the flooring, etc." 


For more TIPS about maintaining your homes resale value read this article!

News: "Man Claims $300,000 Home for $16"

This has been all over the news lately, but if you have not heard the story, a man from Texas used his noodle to claim stake to a foreclosed home.  The Texas man cited the law of "adverse possession" to lay claim to the property.  Adverse possession is written to say, the owner of the property is no longer living here, (I) will occupy it for X period of time, and if the true owner does not fight the adverse possession within that time frame, then the 'squatter' will gain title of the property. 

You may be thinking it is unfair and illegal, but the main point behind adverse possession is the idea that the real estate is valuable and the government wants every piece of land to go to the 'highest and best use' of the property.  In this case the home was empty, a man said, "I will live there and maintain the home".  Because of this the government will not have to spend time and money to continue the foreclosure process and secondly in 3 years (the time the squatter receives title) will be paying property tax, both parties win.


For the entire article read HERE

News: "Health of the Real Estate Market"

It seems like there are articles written everyday by real estate newspapers and magazines that keep slamming the state of the economy and I just glance over it and do not put any more thought into the piece, however, this article by RealtyTimes really captured the national economy right. <full article>
Most of these articles blame the economy and the national debt issue, or that the summer heat is too hot, but not this one.  The author, Carla Hill, really dug deep and cited the Federal Reserve chairman Ben Bernanke and found the most important issue that has stunted the recovery of the market.  That stunt is not a heavy burden, but instead a common element in home buying that has been around since the housing market came about, and that element is a 'down payment'.


Yes, the biggest road block to the housing recovery right now is the 'down payment'; it holds the key to a recovery.  The issue at hand is potential homebuyers do not have funds to make a down payment and from a national survey, 82% say that is the largest obstacle in buying a home.  This is troubling news to hear, because homes have more affordable rates now more than ever. 
                    *for the entire article look HERE*


BOULDER:  For my Boulder followers, we have a different tale, the real estate market here has not been affected to the degree as most of the country, and comparatively we are in the 95percentile for best housing markets.  So do not feel down, we are doing fine.  If you have any questions or concerns, feel free to contact me.

News: "Chesapeake Buys Stake in Sundrop"

Local biofuel company in Louisville, Sundrop Fuels Inc., on Monday has signed agreements to receive $175million to build a "green gasoline" biorefinery.  The funds will come from Chesapeake NG Venture Corp. which is a subsidiary of Chesapeake Energy Corp., an Oklahoma based natural gas company.  Chesapeake holds a 50% stake in Sundrop Fuels.

Sundrop plans to build the oil refinery in 2012.  The refinery is expected to produce more than 40million gallons of gas every year!

What this means:  What this contract means is that Louisville, CO is going to see a BOOM in growth over the next couple of years.  This large investment will stimulate the economy, create jobs and opportunity for Louisville and the surrounding towns.


For the entire article read HERE!

News: "Concerns Shadow Real Estate's Buzz"

The Boulder County Business Report says "the Boulder area real estate market has approached a tipping point, and a recovery or another stall could be around the corner." 

Across Boulder real estate companies have seen a jump in activity so far this year and a handful of companies are seeing an increase of sales right now compared to this time in 2010. 

"We're at a point where if things continue in the right direction, the flood gates will open again," Gamble said, likening it to the environment about 10 years ago when the recession of the early 2000s ended.
The one big concern is the national debt debate.  Instability of the economy on the national level and if there is no resolution to the debt crisis people may become weary of spending/investing money right now.

For the entire article read HERE!

News: "When Buying A Home, How Much Can You Afford"

Are you in the stages of buying a home?  Then you probably have asked yourself this question, how much can I afford? 

Thanks to our friends at Yahoo Real Estate your question can now be answered.  Just follow THIS link for the entire article.

News: "Federal Housing Administration Eases Foreclosures Rules For Unemployed"

The Denver Post reports that the Federal Housing Administration will be lower regulation on foreclosed homes for people who are unemployed.  The FHA, starting on August 1st, will be extending the period for unemployed homeowners to miss mortgage payments to a full a FULL year from the previous 3-4 months. 

This does not mean that people do not have to pay their mortgage, it is instead a delayed foreclosure process to give unemployed people more time to find a job and make money to pay off their mortgages and keep their home.


For the entire article read HERE!

News: "Sellers Brace for New Mortgage Caps"

The Wall Street Journal reports new government regulation is soon ready to be enacted to lower mortgage caps, which means bad news for Sellers.  Three years ago the feds raised mortgage caps to $729,750, to help stimulate the economy and continue to encourage people to invest in the housing market.  However, new legislation wants to bring that number down saying the high cap is actually part of the problem and not the solution.  This is bad news for sellers because it means less people are going to be able to pull-out a large enough loan to pay for a home, which will lead to a drop in home sales.

This is not all bad news.  Yes, the feds are lowering the mortgage cap BUT it does not mean that that is the maximum amount of loans you may pull-out to make a deal.  There are other privatized loan, or second mortgages that allow you to receive the additional funding that you may need to purchase your new home.

For the entire story read HERE!

News: "Pending Home Sales Turn Around in May"

RISmedia.com reports that pending home sales strongly rose in May with all regions experiencing gains from a year ago, which points to a recovering market and pointing to higher housing activity in the second half of this year.

Read the entire article HERE!

News: "Boulder County Sells Old Farmhouse"

A couple days ago the Boulder County Commissioners voted to sell a parcel of property that was attached to a deal from April as part of a major open space acquisition.

The April deal included a 756 acre property which cost about $20.55 million and is said to be one of the largest remaining tracts of undeveloped land in Boulder County.  This acquisition also included the purchase of two ranches, totaling 70 acres for a price of $9,05million.

Boulder County Commissioners decided to sell part of a parcel with an old farmhouse to a lady for $322,000.  The property lies on N.63 Street.

News: "Get a Tax Break for Home Improvement"

Wanna know how to get a tax break on home improvements?

Homeowners today are weary to put money into their own homes, but did you know that home improvements can create tax breaks in the future?  This tax break is not short term, instead the added value from improvements make to your home allow for future tax benefits. 

Here is an example from inman.com:  Joe and Jane purchased their home in 1990 for $250,000 and it is now worth $1 million, they will have a $750,000 gain.  A full $500,000 of this amount is tax-free because Joe and Jane are a married couple and qualify for the tax exclusion.  BUT there is still $250,000 subject to taxation.  However, if Joe and Jane had spent $250,000 adding improvements to their home, they would have NO taxable gain.  This is because the $250,000 is added to the home's original value, which was $250,000.

To sum it up, if you add value to your home from improvements you will be able to deduct that added value from the gain-on-sale when you sell your home.  So do not be afraid to re-model that kitchen this summer, in the long-run it will pay for itself.

For the entire article, click HERE.

News: "Affordability Reaches Highest Level in 20 Years"

REALTOR.org reports that homes are more affordable today than they have been in the last 20 years.  "Nearly 75% of homes sold in the first quarter of 2011 were affordable to families earning the national median income of $64,400."


Check out the entire article HERE!