Assuming President Obama signs the bill, the $8000 tax credit has been extended until April 30, 2010.  In addition the bill has been expanded to provide existing homeowners who have lived in their homes 5 of the last 8 years a tax credit of $6,500.

The credit applies only to homes priced under $800,000.

The bill raises the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers.  The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

First time buyers have been taking advantage of this offering for the past months.  It was set to expire the end of November.  Sales have been brisk in the lower price ranges.

Fueling the entry level market has been good, not just for first time home buyers, but for the move-up buyers too.  Now with an extension and expansion, more buyers will be able to take advantage of the spring market.

If you or someone you know wants to buy a home, be sure to study the facts first.  I’ve attached a Frequently Asked Questions prepared by the National Association of Realtors which is very helpful.

Related posts:

1. First-Time Homebuyer Tax Credit
2. First Time Buyer Tax Credit ~ More to Consider
3. Federal Tax Credit for Homebuyers $15,000!

It’s seems like years ago that IKEA announced the decision to open a store in Centennial, Colorado.  Well it’s true.  Despite the ongoing difficulty in finding a place to land, IKEA is making progress.

Initially the store wanted to build in Lone Tree, but was  unable to come to terms with the City Planning Board.  When negotiations failed with Lone Tree, Centennial managed to grab the gold ring.

Now IKEA is being challenged by the sloping lot they purchased at I-25 and South Dayton St.  The store by anyone’s standards is huge.  The current plans call for a 4 story store that is 1/4th the size of Park Meadows Mall and a two story parking garage.

The good news for the community means not only will IKEA employ about 400 Coloradoans but it will attract shoppers from the entire front range.  That will mean a nice fat tax base boost for Arapahoe County!

IKEA has purchased the property and has received the necessary approvals from the City, but construction has not yet started. Guess we will still have another year or so to wait!

I visited an IKEA once upon a time in Newark, N.J.  It was an experience I won’t soon forget.  I enjoyed the way the store sets up their displays, showing entire rooms filled with their stock.  I even considered making some purchases, but when I realized how long and far I had to carry that purchase home, I put it back on the shelf!

Despite the topographical challenges, I’m sure IKEA will be delighted to have a home in Colorado.  I know we will welcome the company as a nice new additional to our shopping landscape.

Related posts:

1. Colorado Does Recreation Centers Nicely
2. Taste of Lone Tree, Colorado
3. Lincoln Station ~ End of the Line

Here’s a  parody of what it is like to purchase a bank owned home in today’s market.  Sad but true the conversation is very realistic.

Best enjoyed with a Cabernet or perhaps a nice stout beer.

Unfortunately there’s so much truth to this it makes me want to cry.

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2. Google Talk
3. Help me! I’m lost in Denver and can’t find the right neighborhood

Despite this October weekend is fall as per the calendar, our weather hasn’t been paying attention. In Denver there’s been an inversion, meaning it’s cold below freezing cold and it’s not changing.

Up in the mountains above the cloud the sun is shining and the temperature is warmer. I know, I’ve been there.

Last night we drove through the cloud to spend the night at the Conifer Mountain house (ele. 9500). It was 15 degrees warmer there. No kidding.

Among a few other reasons, my main objective was to photograph dawn. Denver didn’t see this, but I did and now you can enjoy it too:

Low hanging clouds obscured Denver, but from above the view appeared like an island in the sea.  The beautiful pre-dawn light softly warmed the horizon and the swarming clouds.

Oh the way down the hill, we took a drive to over to the south side of the mountain. There we could see Pikes Peak in the distance.  It looks like this:

It is a view like this that makes me glad to live in Colorado. I am so thankful that within a few minutes from my home I can see this whenever I wish.

Once again the low clouds hugged the valley offering a bright blue sky to those on an higher vantage.

How can a photographer’s morning get any better?

I wanted to stay and take photos, but there was work to do at  home.  We continued downward, passing through the mountain community of Conifer. This is what we saw:

The cloud that engulfed Conifer, froze the landscape, leaving a crystal winter wonderland. The area glistened in the light of day.

Colorado weather is anything but normal.  We have learned to love its surprises both sweet and sour.  Most of the time it’s very nice here.  As you can see even when the temperatures dip we are still rewarded with dazzling results!

If you are thinking about moving to Colorado and the metro Denver area, may I suggest the close-in mountains of Conifer?

It just so happens that I know a few outstanding vistas!  Give me a call, I’ll show them to you when we are house hunting!

Related posts:

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Paint is a wonderful invention.  It covers many sins, it brightens and lightens dark  rooms while enhancing our mood. Colorful paint puts finishing touches on a great decor like icing on a cake.

That is at least until the humans move out.

Then that wonderful paint stays behind lonely and disjointed. What once was delightful is now dreadful!  Never mind if the walls could talk, if they could only hear.

The house hunters exclaim as they look at the horror, “What were they thinking?”  “Oh My! Oh My! How many gallons is it going to take to cover this atrocity?”  “Yuck!”

I’ve always said there should be more regulation levied upon the paint buyers of the world.  A license in good taste should be required and presented when a paint purchase is allowed.

OK, so maybe that is just too much over the top.  We all know legislating common sense isn’t going to work.

People need to express themselves, paint certainly is a form of expression, trouble is, few if any people appreciate this form of expression when it’s found in an empty house.

These photos were taken in a “short sale.”  Aside from the paint the house actually had a very nice floor-plan, good square footage and was located on a cul de sac. Overall it had most of the characteristics home buyers find very appealing.

Of course the big turnoff was the decorating.  If the homeowner simply took some time to “de-personalize” this “strong” decorating, chances are the short sale path could have been avoided.

Yes, common sense works in all areas of our life.  Painting is no exception.  Yes, you can enjoy your wild and wacky paint, just remember (read plug into budget) you will need to repaint to sell.

There’s a price for expressing one’s self.  Are you prepared to pay?

What about wallpaper?  Oh don’t get me started…wallpaper rules are pretty much the same as the paint rules.  It’s hard to believe, but not everyone is a Broncos fan!

Related posts:

1. Wallpaper vs. Paint
2. Decisions, decisions…
3. Facing Foreclosure? Don’t Walk!

First time home buyers who have been putting off the home search, now are realizing it’s time to get going!  The First Time Home Buyer Tax Credit of $8000 expires on December 1, 2009.

So you think 60 days is plenty of time to find a home and close?  Think again!

I’ve been working with several couples who are excited and anxious to close on a home.  Not just because they want a new home, but because they don’t want to miss out on that $8000 reward!

We have been diligently working to meet (or rather exceed) the expiration date, but it seems things keep getting in the way.

Last week one of my listings didn’t close on the stated closing date because the lender said “they are too busy to close today!”  Yikes! I wish I could tell my clients I can’t work today because I’m “too busy!”

Well we did get the property closed, but it was on the bank’s schedule not ours.  This is a problem we are going to continue to see right up until December 1.  In fact it is pretty obvious to predict the “too busy” issue is only going to get worse as buyers rush to meet the deadline.

The other issues we are facing is the tough competition among first time buyers in general.  They are out in droves.

I find a nice new listing, get my buyers over to see it and before we get home the home goes under-contract!  Yeah for the seller of the property, but boo for us!  We didn’t even have time to think about liking it!

There has been discussion about extending the deadline for first time home buyers.  I caution anyone who thinks they can count on this happening. It might and then again it might not happen. If you are a first time home buyer or know someone who is and should be taking advantage of this tax credit, you need to act now.

Within the next few weeks buyers should be under contract with a property so they don’t have to sweat it out at the last minute.  What we don’t want to hear is that we can’t close on your property until December 2, because the lender or someone else along the line of process is “too busy to close.”

$8000 is a nice grubstake for being a first time home buyer.  What would you do with that much cash?

Related posts:

1. First Time Home Buyers ~ Ready to Play All or Nothing?
2. Denver Real Estate ~ What does sold mean?
3. Ten of the Top 20 Contract Mistakes

It is Friday and that means it’s time to take a day off and travel to one of Colorado’s many wonders! This weekend I suggest going up the Estes Park the lovely town at the entrance gate to Rocky Mountain National Park.

I was there yesterday enjoying the majestic scenery of snow capped mountains, golden colors of the Aspen trees and listening to the bugling call of the Elk.

It is mating time for the Elk, a time know as The Rut.  Bull Elks roam the park collecting females for their harem.

Typically one would expect this process to occur far up in the hills. But no, here  the Elk are everywhere.  One can even park at the visitor’s Center in Estes and watch the herds on the golf course!

One of the beautiful benefits of the park is the safety it provides the wildlife.  They don’t seem to mind the presence of humans who line the roads watching and photographing their every move!

As dusk approaches the herds will gather in meadows. It is not uncommon to see a couple of Bull Elk duke it out with their antlers.  Of course crowds gather along the roadside in happy anticipation of this event.

If you plan to travel to the park, ask the Park Rangers where the best places to view the wildlife.  They are very helpful and will offer the best viewing suggestions.

The weekend of September 3 & 4 is the Annual Celebration of Elk Fest . The Fest offers a variety of events including:

• Educational Seminars
• Mountain Man Rendezvous
• Elk-viewing Bus Tours
• Live Music
• Wildlife and Raptor Exhibits
• Vendors Displaying Wildlife-related Merchandise
• Native American Storytelling, Music and Dance
• Bugling Competitions – all ages and levels

Parts of the park are now closed to automobile traffic, including Trail Ridge Road, the longest, highest continuous highway in North America.  This is a thrilling drive in the summer, but the road is not maintained once the snow falls.

Related posts:

1. Friday’s Photo
2. Please Sign the Petition
3. A Big Weekend Ahead!

Another day another closing, but this one really warms my heart.  Let me tell you about it…

Colorado mountain property is always unique if not downright interesting.  I say that because one never knows what to expect.  Like the settlers that tamed the country a century ago, the folks that occupy the mountains now aren’t too far removed.  They enjoy and revel in their uniqueness, of course that shows.

The client I worked with this past month is no exception.  We looked at many homes, exploring every niche and cranny of Conifer, Morrison and Evergreen until the day we drove past The One Special House that caught his fancy.  Yes, it was priced significantly over what he wanted to pay, but everything else was right, oh so right.

He bite the bullet and bought it.

Our inspection went well.  We got to meet the Mrs. Owner who explained all about the neighbors. She loved them. Actually she loved them to tears, because when she spoke about them, she choked up dreading the day she would have to leave this house.

Her neighbors were so friendly, of course she was telling us about the four-legged kind that come to visit her regularly.  The cute little chipmunks ran about the lot playing and doing what chipmunks do, the deer and elk  who stand  majestically within view while surveying their domain.  Best of all were the cute little foxes, who actually had names, Boots and Baby Boots plus others.

Oh my!  I felt like I stepped onto the set of a Disney movie.  All that was missing were the talking blue birds.

The night we did the final walk through upon opening the refrigerator we found several well labeled packages of hot dogs.

It was then the reality hit us. Not only did the range/oven, dishwasher and drapes convey with the home, but so did Boots and Company!

Within a few minutes the neighbors were clicking on the deck door, we looked to see a timid little red fox looking in from the darkness at us!

It must be dinner time!

Hearing the call of hunger, Ms. Buyer quickly runs to the frig, grabbing the first package of Franks.  Of course we knew Boots only eats Smoked Franks, but the problem was how do we know who Boots is?

Guess we will find out by process of elimination!

The following minutes were a mixture of delight and danger.  The eager foxes dined on franks all the while watching our every move.  They expressed a desire to eat, and would light-footedly approach us, but if we moved they were off like a flash.

Of course the temptation of food brought them back and the dining ritual began again.

For us it was an interlude with nature to be cherished and enjoyed.  A welcome to the neighborhood from the wildlife committee!  Who wouldn’t appreciate that?

Of course I must say, we know feeding wildlife is wrong.  It’s not good for the animals and they are after all wild.  So as the new owner settles into the house the foxes will get weaned from the wieners.  He knows it’s the right thing to do.

In the meantime I will fondly remember the experience.  The buyers are delighted, we found The Dream Home in the mountains. Seeing another dream come true is a fulfilling experience.

My face is smiling.

The view from the deck, that’s Denver!

Related posts:

1. Denver real estate ~ Real estate photos are so important
2. Minimalism in real estate
3. Rebuild a home in day!!

Determining Residential Values ~ Denver, Colorado

There are various statistical models for determining the value of residential real estate.  Zillow, Case-Shiller, OFHEO are all sources where appraisers look for pricing trends.  Each source is unique in arriving at a value.  Interestingly when comparing the models they tend to arrive at a value with relative consistency.

The newest model used is the Absorption rate pricing which considers the amount of homes available on the market (inventory) and divides by the amount of sales in that market to determine the number of weeks it would take to sell (assuming no other homes come on the market).  Realtors are using this model to arrive at better pricing. Absorption rate pricing can and should be used drilling down to the LOCAL neighborhood in order to provide the best pricing guidance.

For an overview of the models, how they are determined please view this power point, developed by Larry D. McGee, managing broker of The Berkshire Group as presented to the Appraisal Institute this weekend!

Yes, my readers get a preview, because 1) You Rock! 2) I am the webmaster!

Enjoy!

Related posts:

1. Absorption Rate Reveals Strategy for Pricing
2. Selling your home
3. How to figure absorption rate

Anyone who works with the public will confirm one must always be ready for the unexpected.  As residential Realtors we show houses that aren’t always in “show” condition.

At times one only needs to poke a head through the front door to see “enough.”  Most of the time we feel compelled to actually set foot in the house, just because we drove across town after setting an appointment and golly gee, we are here after all.

Denver real estate brokers co-op.  That means we all share our listing for sale with each other.  We learned years ago it is more efficient to share the inventory with all.  We save time for the buyers and sellers.

We also cooperate by providing feedback on the homes we show.  Feedback comes in the form of suggestions and responses from both the buyer looking at a property and the agent showing it.

Oftentimes this feedback is extremely valuable in giving the seller clues as to how to improve the home so it will sell.

Feedback is often tempered with too much politeness.  Many agents know the remarks go directly to the seller, so they tend to water the remarks down diluting them until they have no value.

Others give pointed comments the cut to the quick.

One of my associates had us laughing until our sides ached at the last meeting.

She is dealing with an owner who had to rent his “for sale property in Denver” out to a tenant, who obviously isn’t on board with the program.

The response from the showing agent is, “Horrible showing! Between all the empty party beer bottles and dirty dishes and sloppy, dirty, filthy condition, this condo might have been nice.  But the highlight of this showing was the girl that was passed out in the master bed and had no idea anyone was in the condo.  We were not sure if she was dead or just drunk out of her mind.  She did not appear to be blue in color, so we did not dial 911. You really need to have a serious talk with the sellers on this one, or you will never sell this condo!”

Well the pointed feedback worked.  The tenant is a short-termer now and the seller is on board with getting the place in tip top shape.  Anyone interested in a nice condo in Denver?

If only the walls could talk!

Related posts:

1. How Realtors Get Paid
2. Selling your home
3. Turning an ugly duckling into a swan