housing market: Act now! 10 major housing markets with the shortest supply of homes - 04/10/12 02:14 AM
Denver
Decline in inventory: 42%
This mountain-high city never experienced the highs and lows in home values that its coastal counterparts did. And now, with rents rising and vacancy of just 2%, more apartment-dwellers are taking the plunge into homeownership, local broker Gary Bauer says.
This city's inventory in February was down 42% from the same period a year earlier, at just 10,086 units. The number of homes going under contract spiked 19% between January and February of this year as buyers raced to take advantage of low interest rates and relatively low prices.
"I'm not sure what magic thing happened … (6 comments)

housing market: FHA fees increasing on April 1, 2012 - 03/08/12 05:48 AM
FHA will increase the upfront mortgage insurance premium by 75% on April 1, 2012. The current upfront fee is 1% and will be increasing to 1.75%. This means that the upfront mortgage insurance on a $300,000 FHA mortgage will increase from $3,000 to $5,250. Additionally, the monthly mortgage insurance, which is currently 1.15% for a mortgage with a loan to value over 95%, will be increasing by 0.1% to 1.25% annually. 
At a Senate Hearing last week on the state of the housing market, Secretary Donovan indicated that FHA would be reducing premiums for FHA loans that were endorsed on … (1 comments)

housing market: Look Who Is Selling. By Dan Polimino. - 02/14/12 08:31 AM
When I am out showing homes to buyers, you can start to get a feel of what’s going on in each home that you visit. The feeling you get more than anything else these days is one word…DIVORCE! 
As a seasoned real estate agent, I can pick this out from a mile away and so can most people. The first thing you notice is that the home only has about half of the furniture in it. It looks sparse like there should be more furniture in each room. In the closet, there is just one set of clothes and the kids’ … (1 comments)

housing market: FHA Down Payment to increase by 286 percent? - 03/17/11 08:23 AM
I wish the 286% increase is a typo on my part, however, this is one of the changes that may impact the housing market in the near future. The FHA minimum down payment, currently at 3.5%, is strongly anticipated to increase to 10%. This proposed change was mentioned last month by the Obama administration in a white paper report. It resurfaced last week in Denver, when FHA commissioner David Stevens attended the Realtor Rally at the Colorado Convention Center.
The impact of the increased down payment is simple to calculate. If a buyer is looking at a $200,000 home, under the current rules the down payment would … (3 comments)

housing market: Encouragement. By Dan Polimino. - 10/04/10 07:21 AM
This past year, we have seen some improvements in the economy and we’ve seen some improvements in the real estate market. As we begin Fall, I keep telling sellers to be prepared for a slowdown. All the data indicates that the economy and housing market will be flat or there may be a slight decline for the remainder of the year. The fact that this is an election year doesn’t help the situation. Typically, in an election year, people stand pat and don’t make too many moves. From Wall Street to small business, people get conservative and apprehensive until they know … (2 comments)

housing market: Colorado Is Not California Or Florida When It Comes To Buying A Home - 07/28/10 02:25 AM
http://www.coloradodreamhouse.com/index.php/news/ In this week’s market update Fuller Sotheby’s Real Estate Agent Dan Polimino tells us that buyers coming from the East or West coast are in for a shock when buying a home in Colorado. Colorado is one of the first states to experience the recovery in the housing market and as such buyers from the east and west coast are surprised they are having a tough time getting 30, 40 and 50% off the sale price. Colorado is not California or Florida when it comes to real estate so buyers better have a different mindset. To find out more about … (2 comments)

housing market: Where are rates headed following the MBSPP? - 04/13/10 11:59 AM
Today marks the one week anniversary of the end of the Mortgage Backed Securities Purchase Program (MBSPP). This monster $1.25 TRILLION stimulus program began in Early January 2009 and held rates under 5.00% for most of the year. So, what happened?
THE GOOD NEWS is, so far the change in the market has been TAME with rates rising only .250% from a week ago. Considering that the stimulus program caused rates to FALL over 1.00% at its onset, there were fears the opposite would occur at its end. The modest increase is just what we need to keep the momentum in … (0 comments)

housing market: Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver Colorado - 01/27/10 10:59 AM
Fuller Sotheby's agent Dan Polimino talks about this weeks market update for January 27th, 2010 in Denver Colorado. This week Dan tackles why sellers are jumping back into the market after the holidays and why buyers should as well. He also covers the upcoming changes from HUD regarding FHA loans. … (0 comments)

housing market: Encouraging Signs. By Dan Polimino. - 12/07/09 04:13 AM
Everyone is always looking for encouraging signs when it comes to the economy. After all, the economy is the number one topic on everyone’s mind these days and with the Holiday season here, people are looking at retails’ numbers as one sign to gauge if the economy is getting better.
In real estate, there are a number of factors one could use to take the pulse of the market. Let’s take a look at few indicators that spell good news for the Denver Housing market.
1) At the beginning of October, Standard & Poor's closely watched S&P/Case-Shiller Home Prices Index showed … (2 comments)

housing market: I’ll Wait To Sell. By Dan Polimino. - 12/01/09 03:53 AM
You don’t have to sell your home right now. You would like to, but you can wait until the market turns around and you have a better chance at getting a higher price for your home. I don’t blame you and if you don’t have to sell right now, then don’t.
In the meantime, are there some things that you can do to not only improve your home, but make it more attractive to buyers in the near future and increase the value? You bet, says Chuck St. John of CSJ Home Improvement, LLC.
Chuck says that this should be broken … (2 comments)

housing market: Good News For Home Buyers! By Dan Polimino. - 11/16/09 07:37 AM
I am sure by now that you saw the news from two weeks ago about the first-time home buyers’ tax credit being extended through April 30, 2010 and Congress creating a new credit for people other than first-time home buyers.
This was one of the best scenarios we could hope for. The only way that this could have been better is if it was a $15,000 tax credit for first-time buyers and everyone else, but we’ll take what they passed. More importantly, there are several reasons why this will continue to help the housing market and the economy overall.
First, you … (1 comments)

housing market: No Urgency. By Dan Polimino. - 11/03/09 07:44 AM
A husband and wife are on vacation, the husband says to the wife, “Hey, what do you think about maybe making an on offer on that home we saw three months ago?” The wife says, “Yeah, I kinda liked it. Let’s call our realtor and take another look when we get back home.”
The nice couple gets back home, takes another look at the home for sale and decides to wait until spring before they make a move and buy a new home.
This scenario is being played out day after day, all over the country, and all over Colorado. I … (1 comments)

housing market: Shortage of Homes. By Dan Polimino. - 08/17/09 06:51 AM
I was recently speaking to a couple of frustrated lenders and it was not about being able to qualify someone for a loan. They had their clients qualified and ready to go, but the buyers could not find a home to write a contract on. You see, these buyers weren’t being extra picky. There just seems to be a shortage of homes on the market in the lower price range. If you are a buyer looking for a home in the 250K and below range, chances are, you could be having a hard time finding something that will meet your needs. … (1 comments)

 
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