Denver Realtor – is it time to stretch?

Not many Denver Realtor s can say they were here when. That is experience talking. See my website I started in 1997 at www.DenverRelocation.com.

Please allow this Denver Realtor to offer some advice for home buyers: STRETCH FOR AS MUCH HOME AS YOU CAN. or in other terms Buy as big a home as you can afford.

I know it is hard to know the future and the past is no guarantee of the future but in 1984 I was laid off. No jobs and Denver s Real Estate market was looking bleak, heck the economy was headed into the tank ( It took the rest of the country 2 years to figure it out). So by 1989 there was a lot of gloom and doom and we were sure that the world would end, at least economic world. It turned out it was time to buy real estate.

From 1989 until 2007 the Denver Real Estate market flourished posting pretty steady gains almost every year until 2007. The bottom of the market started to feel mushy in 2008 and fell out in 2009. Denver Homes and Realtors started to leave the market. Rookies Realtors have a hard time of it in a down market so there were fewer new licenses than ever before. Today, 4 years later every one you know thinks it is a great idea to get a real estate license. And the prices of homes are going up. Who will you choose to be your advocate in the negotiations? NEWBIE? or Seasoned Pro?

And neighborhood histories, if you know them, can be your friend, or not! Some homes were not built well. Some neighborhoods were “over mortgaged” by the well meaning lenders back in the day. Part of knowing the Denver real estate market history is knowing the downside as well as todays ever present upside. Somebody asked me the other day to look at an area for them, “cause the deals were fabulous”. And that is only because the neighborhood took the worst hit economically in this latest downturn in Denver. I am happy to help them buy there, but they need to know the pattern does not change.

Some areas retained 90% of their prior value. Some streets in those areas lost value. A home backing up to a busy street loses its value faster than a comparable home backing up to a greenbelt. So, if you can afford it today, stretch for that walk out or that  greenbelt location. It will be well worth it. That is my advice. Also, choose a seasoned pro to work with. Nothing wrong with newbies…they just do not know what they do not know.

That is this Denver Realtor’s story today, and I am sticking to it. Want to talk? Call me at 303-880-5585

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Denver Realtor has a sad buyer story in Centennial

I had a Denver Realtor call on the 10th about a property I had put on the market on the 19th of last month in Centennial.

He knew it was under contract but his clients wanted him to make a back up offer, or write up a contract to buy and sell  real estate in case the current deal dies. They were not ready to sell when they saw it come on the market (I already have 2 back up offers).

Their house still is not on the market. They do have a loan in place, but only if they sell their house. They need a seller who will accept a contingency.

It never fails…I have clients who really want to move; BUT, they want to see their new home first.

Most folks have to get inside and look at quite a few homes before choosing one. The internet has not changed that, except now we can view a home online, and everything speeds up. And the pictures are not always accurate.

Then, when they do find “the” home they cannot move forward because they are not “READY”. Their loans are not lined up (lender). Their house is not staged and ready to sell (Realtor & craftsmen). Their earnest money is not available. They have a wedding and 2 graduations this year so their lives are not ready to move. They need a realistic price range and listen to the advice offered. They need a plan and most of all, commitment. AND, they need someone they can trust!

I want to schedule an appointment to talk about creating a plan to sell your house.

Learn more by visiting http://www.DenverRelocation.com/standards.shtml

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Denver Real Estate & Colorado Senior Property Tax Exemption

Owners of Denver Real Estate may not know that there is an exemption for seniors that got re-instated for the property taxes that are due this year. The Fort Morgan Times reported this last May in an article about Govenor Hickenlooper’s signing the budget bill.

Requirements to qualify are: One owner must be 65 years of age; You must have lived in the home as a primary residence for the last 10 years. This may cause 50 percent of the first $200,000 of actual value of a home exempted from property tax, there by reducing your tax bill.

All of Colorado qualifies. So, if you live in Highlands Ranch, which is in Douglas County Colorado, go to the Assessor’s website and look for the Senior property tax exemption application. Follow the directions on the form.

Pete Doty, this Denver Realtor found the form for his Highlands Ranch home at http://www.douglas.co.us/assessor/senior-property-tax-exemption/ . All Colorado assessors should have the information on their websites. Google your counties assessor’s site.

Be cautious as there is also a tax deferral program, which is a loan which does require re-payment, typically when the real estate sells.

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Denver Real Estate Market Statistics

Every month I attempt to follow the Denver Real Estate market and how single family homes are performing, believing that where they go the rest of the market will follow. Some would call it a “key indicator”. I believe it and the volume of sales are the two most indicative of the real estate market’s health. And to help you see what is going on in Denver, Annual

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Growing up in Highlands Ranch

A Highlands Ranch memory from my daughter who now lives in Scotland:

My best memories of Highlands Ranch are of exploring the green belt behind our house. There are parts of it, just along the path to the rec center, that are far enough away from the houses to feel like you are in the old wild west. We would spend hours exploring the fields and ditches around the area, and there were always other children playing nearby. It made a wonderful backdrop for all kinds of imagination play – we were often explorers, or pioneers. And we would also reinact favorite films with the prairie as our scenery.
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Tax returns and Buying a home in Denver

If you are thinking about buying a home, here in Denver, or anywhere, and you need a loan to get the job done, make sure to file your tax return electronically and mail a check. Last year we filed by mail and it took until late July before the ‘official” IRS form got back to the lender who was doing the re-finance.

Real Estate advice is not just about houses. Denver Realtor, Pete Doty, has a handle on what you need to get the job done and is embarrassed about not knowing this last year.

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Denver Real Estate in 2012 almost reaches new HIGH PRICE

The Denver Real estate market, according to Pete Doty, Denver Realtor and owner of this blog site, in 2013 may be a race to the contract kind of year for home buyers and sellers. “Average prices increased a lot last year as you can see from my newsletter” at http://www.petedoty.com/Newsletter.  “We saw the average price of a single family home rise from about $280,000 in 2011 to over $304,000 in 2012 or an 8.5% increase in “average” value”. This would not be significant in itself except the number of closed sales increased in Denver from 31,400 in 2011 to over 37,000 in 2012, an 18% increase in volume in one year”. Both comparison charts are in the newsletter.

Pete Doty has been a Denver Realtor

since 1985. He owns and operates his own company within the Metro Brokers licensing agreement. He offices in Littleton, and has lived in Highlands Ranch since 1989.

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DRIVE BY NETWORKING, a cold feeling in Denver

Many years ago I was introduced to business after hours events in Denver which are billed as an opportunity to meet and greet many people. They are a time to relax with a drink in hand and see old friends. Similar daytime networking events have started up in Denver, mostly at coffee houses and other public venues where they charged a fee to visit. Their wrinkle is that they have everyone introduce themselves in 30 seconds. That really didn’t allow me to get to know them well enough to feel comfortable recommending them.

What really comes from these casual meetings/meetups? It is hard for me to see the benefits. I am looking for something more. I want a group more focused and determined to be advocates for one another, I wanted people I could get to know and be able to trust when I recommend them to someone. Professional sales people recognize that their reputation and recommendations carry amazing influence and value. These meet – ups seem to be focused on smaller products.

When I first started real estate in Denver I was told to find some good “bird dogs”, folks who would stay alert for my business opportunities and help me grow. The hard part;  regulated by the Colorado Division of Real Estate;  is that I cannot compensate them for their efforts! So a “bird dog” co-operative is needed here! Mortgage lenders have the same issue, as do insurance agents, financial planners, etc.

About 20 years ago I was introduced to the concept of “Leads Clubs” where folks were doing exactly what i was looking for. This advice came from some very smart real estate trainers, who are not from Denver. These are a smaller groups who exchanged business opportunities they had found in the last week. The trouble was, as a Denver Realtor, all the clubs had my category filled, so again I listened and when a spot came available, I was first in line with a check. I joined the Southglenn Chapter of Ali Lassen’s Leads Club. I have 20 “BIRD DOGS” plus a number who are no longer members but are still advocating for me.  It works but it does take dedication and persistence.

I discovered another great benefit to my clients and friends: I suddenly had a large network of dependable people I could send business to, as well as a sounding board of folks who know me for all those crazy ideas I get (they are the public after all). The best part was when I started inviting clients and customers to join, because now I had a built in fan club and it was a synergistic relationship for all.

If you, or someone you might know here in Denver, could benefit from a group based upon the mutual benefits of keeping an eye or an ear peeled for business, drop me a note. 

 

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Denver Real Estate Do’s & Dont’s for 2013

If the Denver Real Estate market has you thinking about moving this year, this is a good read. I just wrote it up, so take a look at some good advice on what real estate buyers should be doing in Denver in 2013. Sellers might want to take note as well. Take a look at http://denverhomesource.com/denvers-real-estate-market-creates-some-unique-first-time-buyer-dos-and-donts/.

Pre approval, DON’T FALL IN LOVE, future resale, not like a stock portfolio…Talk about all things real estate in with Pete Doty, Denver Realtor since 1985

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Denver Real estate Market Update

This Denver real estate update shows that there are 28% fewer homes on the market this year than last year at this same time, and the average sale price in Denver has increased by over 11% from a year ago, according to MetroList, the Denver multiple listing service. I have always contended that where the single family home market goes, the condominium and townhouse market will follow, therefore I have concentrated my reporting on the single family home. Last month, however,  the average sale price for a condo/townhome increased by over 29% from the previous year, and 10% from the month before.

The real estate market in Denver continues to tighten due to the inventory of homes shrinking, yet interest rates are at all time lows allowing you to buy more house than ever before! When a house gets close to all the parts you are looking for because it is likely that someone who saw it yesterday may still be thinking about it, or could be writing an offer.

2013 will be a year of multiple offers on homes in Denver and you best have a Realtor who knows how to position you in the best possible light to the seller. Sellers need an experienced Realtor who has handled multiple offers before.

 

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