The Walters Team Real Estate

Thinking of Selling Your Colorado Home? The Denver Area Real Estate Market is HEATING Up! Answers to some Frequent Questions

The Walters Team — Thu, 24 May 2012 02:07:25 +0000

Frequently Asked Questions

If you would like a complimentary market analysis on your home to see what it could sell for in today's market request it here http://homepricingcolorado.com/

. Once we establish the Listing Price, can the Price be changed?
2. Should I be available at the Home when potential Buyers visit ?
3. How effective is it to have an Open House?
4. If I don’t have an acceptable Offer within the first 30 days, What does that imply?
5. What expenses am I responsible for when I sell my Home.
6. Do I have any Security concerns about letting potential Buyers visit my Home when I am not here?
7. When I receive an Inspection Report from the Buyer with a list of items to be corrected, I am I obligated to fix all of the requested items?
8. If the Appraisal prepared for the Buyers Financial Institution does not support the agreed Sale Price, What happens?
9. What does it mean to have a “Cloud on the Title”?
10. I have read newspaper article’s refer to the Median Price of a home vs the Average Price of a home, what is the difference?
11. What is the difference between the Square Feet of my home and the Finished Square Feet of my home?
12. What is the Seller’s Property Disclosure form?
13. Am I affected by the Lead Base Paint disclosure rules.
14. How do I determine the Taxable Gain on the sale of my home?
15. What is the difference between a Listing Agent and a Selling Agent.

Once we establish the Listing Price, can the Price be changed?

YES – The initial listing price is only the start. If you find your are getting “overwhelmed” with showings, we may decide to raise the Price before an offer comes. Conversely, if few showings and no offers are coming in, we may decide to lower the Price. Market conditions constantly change, you have the flexibility to meet these changes.

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Should I be available at the Home when potential Buyers visit

NO – When potential Buyers tour your home, they are there for the purpose of determining if your home meets their needs. As a general rule, they are with their Agent and wish to be totally unencumbered to speaking objectively about the home with their Agent. Your presence can prevent Buyers from speaking openly about their impressions or to ask questions they may have.

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How effective is it to have an Open House?

DEPENDS – Many factors are at work here. Generally, it is always good to have a few Open Houses. This is especially true when coordinated with a mailing to your entire neighborhood and/or newspaper advertising, prior to the Open House. It is also helpful in more remote or less frequently traveled areas.

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If I don’t have an acceptable Offer within the first 30 days, What does that imply?

It depends! How many showings are you getting? How many other homes in your neighborhood are selling, Have interest rates or other economic conditions changed in your area? What is the time of the year? Has your home been entered into the MLS and been given national exposure through the internet? If you are not getting activity after 30 days , you need to seriously review the initial marketing considerations and efforts.

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What expenses am I responsible for when I sell my Home.

Title insurance policy; payoff of your existing mortgage(s) including prepayment penalties, if any;
Broker’s commissions; unpaid property taxes for the current year; repairs which you have agreed to do; other miscellaneous items which you have accepted to pay.

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Do I have any Security concerns about letting potential Buyers visit my Home when I am not here?

It is strongly recommended that you NOT leave jewelry or other valuable items visible for Buyers visiting your home to see or take. While each Agent arranging for a visit to your home with a Buyer will be identified and registered, it is always best to avoid the problem of “tempting” anyone visiting your home.

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When I receive an Inspection Report from the Buyer with a list of items to be corrected, am I obligated to fix all of the requested items?

All inspection items fall into one of two categories: 1. Health and Safety issues and 2. Cosmetic issues. Generally, health and safety issues should be repaired; “cosmetic” items require a judgment call. If you don’t complete the Health and Safety issues, the Buyer will void the contract and you will be faced with the same issues with the next Buyer. Cosmetic items are a function of cost and ease with which you can find a new buyer without fixing the items listed. Many times, the issues can be resolved by agreeing to a monetary settlement, with the Buyer actually having the work completed.

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If the Appraisal prepared for the Buyers Financial Institution does not support the agreed Sale Price, What happens?

The first step is for us to discuss the basis for the Appraisers opinion with the Appraiser. If we cannot reach a satisfactory solution, then either the Buyer is required to come up with a larger down payment or the Seller needs to agree to reduce the price. If all else fails, then the contract will be void, and the marketing efforts to find a new Buyer continue.

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What does it mean to have a “Cloud on the Title”?

During the closing process on the sale of your home, Seller is required to provide a Title Opinion stating that Seller does in fact have the ability to convey Title in the property being sold free and clear to Buyers. If during the examination of Title, it is discovered that an encroachment , lien or easement on the property has been placed of record; it is said to place a “Cloud on the Title”. These items must be resolved prior to completing the sale of the property.

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I have read newspaper article’s refer to the Median Price of a home vs the Average Price of a home, what is the difference?

These statistics are often referred to as a means of indicating the trend of the housing market pricing. The median price is the midpoint of all homes sold in a given period. Midpoint means half the homes sold for higher prices and half the homes sold for lower prices. The average price of a home is calculated by adding the price of all homes sold and dividing by the number of homes sold in the same time period. In a given period, the average home price may increase if fewer but most expensive homes sold, while the media price of homes may not be appreciating. It is helpful to understand the difference when establishing a price for your home.

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What is the difference between the Square Feet of my home and the Finished Square Feet of my home?

Square feet as generally defined in the Metro Denver area of Colorado includes all the square feet “above ground”. Basements are not included the stated square feet for a home. If all or a portion of the basement is finished, this amount of square is added to the square feet of the home and is called the Finished Square Feet. The one notable exception to this rule is a “walk-out” basement, in which case the finished square feet may be included in the square feet of the home.

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What is the Seller’s Property Disclosure form?

This form is required to be completed by the Seller of a home, and MUST be provided to any Buyer at the time a Purchase offer is accepted. The Seller is required to provide notification to Buyer about the condition of his home including ALL KNOWN material defects.

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Am I affected by the Lead Base Paint disclosure rules.

If construction of your home commenced prior to January 1978, you are required by HUD to compete a Lead Base Paint disclosure form prior to entering into a Contract for the Sale of your home. The penalties for not doing this may be sever and are established by federal statue.

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How do I determine the Taxable Gain on the sale of my home?

This is a matter for you to discuss in detail with your tax advisor! As a general rule, the gain on the sale of your home is determined by subtracting from the Sale price of your home, net of closing costs and commissions (excluding payoff of financial encumbrances) the price at which you bought the home plus any “capital improvements” you have subsequently made to the home prior to closing on the sale of the home. Many other factors affect this calculation, especially if you rented the property for a period of time while you owned it.

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What is the difference between a Listing Agent and a Selling Agent.

The LISTING Agent is the Real Estate Company (or individual) you select to represent your interests exclusively in the sale of your home. The SELLING Agent is the Real Estate Agent which actually brings a bona-fide Buyer with a Purchase Offer to Buy your home. Usually, the Listing Agent and the Selling Agent are two separate entities, although both the Listing and Selling Agent may on occasion be the same.

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NOTE: The questions and answers above are provided for your general information only. We do not provide Legal or Tax advice. You are strongly recommended to seek Independent Legal or Tax advice for any matters pertaining to your specific circumstances and conditions.

Moving? 10 tips to avoid some common mistakes that could cost you $$$$

The Walters Team — Fri, 27 Apr 2012 14:01:39 +0000

Another great article came along from HGTV Front Door we thought was a great reminder to post. Enjoy and as always thanks By Shannon Petrie, FrontDoor.com for the article

Avoid these common moving blunders by planning and packing early

#1: Moving Without a Plan

Whether you're trekking across the country or simply shifting across the street, moving is a big job that takes considerable preparation. If you think you can throw everything in boxes and onto a truck at the last minute, you're bound to overlook important details and make costly mistakes. To alleviate the stress of last-minute planning and packing, stay on schedule with a moving checklist. As early as 60 days before your move, start getting estimates from movers, gathering packing supplies, and making travel arrangements. Be diligent in checking off the tasks on your list; time will be at a premium on the days leading up to your move, so the more you can get done in advance the better.

#2: Hiring the Wrong Moving Company

A quality moving company can save you a lot of the time, stress and muscle strain it takes to tackle a do-it-yourself move. However, not all movers are created equal -- hire an undependable company, and you might actually add stress to your move. Fortunately, there are several steps you can take to make sure your movers are legit. Use these tips to choose a reliable moving company:

Ask your friends and family for recommendations.
Check out the company's licenses, credentials and track record. Look for the company's U.S. Department of Transportation license and their Motor Carrier number on their website. Find out if the company is a member of the American Moving & Storage Association or another industry trade association. Check with the Better Business Bureau for many unresolved complaints about the movers.
Get in-home estimates from at least three companies. Movers need to see your stuff to give you a truly accurate estimate, so skip estimates over the phone or internet.
Don't hire a mover that offers a too-good-to-be-true rate.
Avoid movers that require large deposits or down payments

#3: Not Setting a Budget

It's easy to get caught up in the costs of selling your home and buying a new one, but don't overlook the costs associated with moving. Besides the obvious expenses -- a moving van or crew, boxes and tape -- there are lots of little expenses along the way that can wreak havoc on your wallet if you're not prepared for them. For example, while you're calculating the costs of moving your stuff, keep in mind the cost of moving yourself: If you're traveling a long distance, factor in costs for transportation, lodging and meals on the road.

And don't forget to save your receipts -- they might save you money after your move. If you relocated for a new full-time job at least 50 miles away from your previous home, you can deduct the cost of packing, transporting or storing your household goods from next year's tax return.

#4: Packing Poorly

Let's face it: Packing is a pain. But so are the last-minute hassles and possible property damage you'll face if you don't take the time to pack your belongings correctly. If you can fit it in your budget, your moving company can save you time and stress by packing your items for you. But if you choose to box up your own belongings, follow these quick tips to pack like a pro:

Invest in quality packing materials. Boxes designed specifically for moving will help keep your belongings safe and secure.
Label your boxes. Make unpacking easier by labeling each box with the room it belongs in, plus a short description of its contents.
Know what not to pack. Movers won't touch flammable items, perishable foods or plants.
Pack a moving survival kit. This box should contain toiletries, medications and other necessities and should stay with you -- not with the moving truck. You should also transport valuable and irreplaceable items yourself, such as jewelry, family heirlooms and important documents.
Don't wait until the last minute. Pack a few boxes a day so you don't get overwhelmed.

#5: Not Understanding Your Insurance OptionsEven with the most careful movers, accidents can happen -- and when they do happen, typical moving insurance may not be of much help. Basic carrier liability, which is the minimum coverage required by law and is included in the price of your move, pays about 60 cents per pound for damaged goods. That means if your 20-pound plasma TV breaks in transit, you'll be reimbursed $12 -- even if you paid $800 for it last year. If you want the peace of mind that your goods will be replaced if broken, you'll need to purchase additional coverage. First, check your homeowner's insurance to see if it covers damages that occur in transit. If it doesn't, explore other options to find one that fits your needs and your budget.#6: Withholding Details From Your Moving Company

You can never be too honest with your movers. When getting in-home estimates, show them everything you plan on moving so they can give you an accurate quote. If there are any factors at your new home that might affect the move -- say, a narrow driveway or a steep set of stairs to the front door -- be sure to disclose these details to your movers as well. Most obstacles are not insurmountable, but you'll be charged extra for them later if you don't tell your movers upfront.

#7: Hastily Signing Off on the Moving Inventory

This important document proves that all of the items from your old home were packed and put on the truck. When the movers arrive at your new residence, check every item on the inventory sheet before you sign off -- if you hurriedly confirm that everything arrived intact, you'll have a hard time backtracking when you notice your favorite flatware is missing. If you notice any damages or missing items before the movers leave, alert them and make a note on the inventory sheet or Bill of Lading. If they offer to settle on the spot, politely decline. You may end up underestimating the damages.

#8: Forgetting About Fido

If you're moving with pets, don't forget to make any special arrangements needed for your furry friends. Make travel plans well in advance: If you are flying, reserve a space for your pet at least three to four months prior because flights have limits on how many pets they can carry. If you are driving, make sure your dog has somewhere to sleep at night -- you don't want to start searching for pet-friendly lodging after a long day's drive. The commotion of moving day will likely be stressful for your pets, so consider asking a friend or a professional to care for them while you're loading up the moving van. At the very least, designate a safe spot for your pets where they'll be out of the way of the movers

#9: Moving Things You Don't NeedWhether or not we admit it, most of us are packrats. Rather than parting with all the junk we never use before a move, we'd rather box it up and haul it to our new homes. But transporting items you don't need will make your move more expensive if you're using a moving company (movers often base their price on how much stuff you're shipping) and more difficult if you're moving yourself (why lift extra boxes if you don't have to?). Before you start packing, get rid of anything you don't currently use or won't be necessary in your new home. You can hold a garage sale to make some extra cash to put toward moving expenses, or you can give your things away to friends, family or charity.

#10: Not Timing Your Move

Summer is the busiest time for moving, and the best moving companies get booked well in advance. Waiting until the last minute to plan a summer move can mean getting stuck with a second-rate mover -- or no mover at all. If you can postpone your move to the fall or winter, you'll have a much easier time hiring a great mover at a low rate. But if a summer move is unavoidable, don't procrastinate on planning. Start getting estimates from movers three to four months before your moving day.

We hope these common mistakes will guide you in keeping more money in your pocket!

As always The Walters Team is available to assist you in all of your real estate needs.
If you are wondering what your home would sell for in the Denver metro area in this fast changing market let us know. We will provide you with a personal market analysis specific to your home!

http://homepricingcolorado.com

New to Colorado? Ask us for a personalized relocation guide

Denver Area Rents Are A Rising! STOP making your landlords mortgage payment!

The Walters Team — Thu, 23 Feb 2012 03:59:20 +0000

Don't miss this amazing opportunity to own your own home the moment is now!

You always hear Realtor s say, "Don't rent buy" or "Don't make someone else's mortgage payment" I am sure you have heard this one too "Buying is cheaper than renting"

Well we can really see how this does ring to be true in Denvers hot rental market. The interest rates are historically low and finally we see evidence of a shift of low housing inventory which makes prices start to increase.

So honestly you really could own your own home cheaper than some of the rents that are now being paid in Denver!

You might just be spring cleaning your own home!

This amazing article was posted in the Denver Business Journal and we felt it was worth the re-post.
by Dennis Huspeni, Reporter

Enjoy the article.

Average apartment rents in metro Denver jumped more than 10 percent in a year, according to a study recently released byTransUnion LLC.

The Chicago-based provider of credit information and information-management services (www.transunion.com) reported that average rents climbed from $777 in the fourth quarter of 2010 to $857 in the fourth quarter of 2011. Average deposits also went from $340 to $383 in that same time period, according to the report.

“That Denver increase of more than 10 percent is indicative of the economy there,” said Steve Roe, vice president of sales. “People want to live there.”

Those rental rates beat the national average by far, which went from $831 to $820 at a time when “rental vacancy rates were at their lowest levels in 10 years,” the report states.

The data was culled from more than 200,000 applications from property managers using TransUnion rental screening solutions.

“We’ve seen greater demand for apartments over the past year, but it hasn’t exactly translated into significantly higher monthly rental payments for consumers,” Roe said of the national numbers.

The report also points out that property managers “tightened their acceptance criteria for potential applications that are accepted without any conditions, such as a higher deposit amounts,” the report states. “TransUnion’s analysis found that of those property managers that made changes to these measures, their acceptance criteria increased by more than two percentage points.”

“An increase in this criteria would seem to indicate that property managers’ rental volume is sufficient enough that they can afford to be more selective in offering premium terms,” saidMike Mauseth, president of the company’s rental screening solutions department, adding, “Denver has been called out as a fast-recovering rental market.”

Start your search here and lets see if you can really stop paying someone else's mortgage!

http://thewaltersteamrealestate.com

Investing In Real Estate? The latest on Investor Loans….

The Walters Team — Tue, 29 Nov 2011 02:00:05 +0000

"The Walters Team" in always striving to introduce our clients to the best real estate tools. This posting will give you some ideas on financing as an investor. In today's market and the advantage in investing in rentals, we thought it was important to look at all the options.

Denver Mortgage has what they call a “Portfolio” loan, which enables investors to refinance properties, up to ten, into one loan. This loan enables investors to free up their own cash, refinance out of “hard money” type loans or out of high interest other loans. The 10 properties is significant, because new rules don’t let investors have more the four government-backed loans. Since Denver Mortgage Company lends private, not government money for these loans the four-home limit doesn’t apply…

Here is the video enjoy

http://www.youtube.com/watch?v=Y33Qss2JEKE

Don't forget to check out our other website for the latest bank owned and fix-up properties. Ask us for a complimentary list. fixandflipdenver.com

Or if you are interested in the high end of the foreclosure arena we have just the site luxuryforeclosurescolorado.com

We thought this was worth another look….Thinking of buying a Fannie Mae home?

The Walters Team — Wed, 28 Sep 2011 14:35:31 +0000

With the interest rates falling again, we thought this information would assist you if you are in the market for a Fannie Mae foreclosed home. You can view the latest video with the link below.

http://www.youtube.com/watch?v=MgaS9OafDYM

Give us a call if you need more information or would like a list of these homes in your area! 720-295-8185 Also visit our bank owned website http://www.fixandflipdenver.com

Thinking of buying a Fannie Mae HomePath Property? There are great benefits including closing costs! Ask the Walters Team about it Today!

The Walters Team — Thu, 15 Sep 2011 18:44:00 +0000

HomePath Mortgage allows a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed. The Walters Team with Amy Wagner and Kris Andrea with Denver Mortgage give you more information on the process.

You can watch The Walters Team Fannie Mae HomePath Video here

If you are looking for a list of the available Fannie Mae available properties in the Denver and Denver metro area give us a call 720-295-8185 or drop us an email and we will compile your own free complimentary customized list. All of our agents are experienced and ready to show you whats available any day of the week! If you thinking of investing in a rental property or doing a fix and flip, check out our other website http://www.fixandflipdenver.com

Great Repost: Pricing Mistakes and How to Avoid Them

The Walters Team — Thu, 14 Jul 2011 15:08:37 +0000

Once again Front Door.com has something great for us to learn with!

By Shannon Petrie, FrontDoor.com | Published: 4/02/2009

Its interesting that this was posted in 2009 but still holds true today.

If you live in the Denver and Denver Metro area and would like to know what your home would sell for in todays ever changing market feel free to contact us 720-295-8185 or email us. Our market analysis is always no obligation and complimentary!

When selling a home, your pricing strategy can make or break your chances for a quick sale. Listing at the right price can almost guarantee that a buyer will swiftly snatch up your property, while listing at the wrong price can cause your home to sit on the market for months with not so much as a showing.

Unfortunately, pricing is not a simple process, and sellers are prone to make mistakes that waste both time and money. Don't let this happen to you; instead, make a speedy sale by avoiding these six pricing errors that sellers commonly make.

MISTAKE #1: Forgoing research

Without investigating past sales in the local market, sellers tend to base their prices on hearsay or on the listing price of the house down the street, says Leslie Sellers, president elect of the Appraisal Institute. Knowing the prices of your competition is important, but in many markets, listing prices are not a good indicator of what your home will actually sell for.

"Currently in Knoxville, Tenn., you'll find that homes typically sell for 7 to 9 percent less than they're listed for," Sellers says. "So sellers who list their homes based on other listing prices are already almost 10 percent too high about what they expect to get out of their house."

TIP: Price your home based on a comparative market analysis, a report prepared by a real estate professional that looks at recent sales of homes in your area that are similar to yours. For a fee, you can also get an estimate of your home's value with a professional home appraisal.

MISTAKE #2: Hiring the agent who offers the highest list price for your home

If you ask several listing agents how much they think they can get for your house, and one gives you a significantly higher bid than the others, be cautious: the agent may be trying to "buy" your listing by suggesting an unrealistically high asking price. This practice is unethical and costs you time and money, as you'll most likely have to slash the price after your home sits on the market unnoticed for many months.

TIP: Always interview at least three agents and choose one who can back up the suggested listing price with comparable sales data.

MISTAKE #3: Getting emotionally involved

You've likely spent a lot of time, money and energy transforming your house into your home, so it's natural to be emotionally invested in its sale. Unfortunately, buyers won't have the same sentimental feelings for your home as you do, so what you think your home is worth shouldn't be a factor in determining your listing price.

"Buyer and seller emotion is an extremely difficult thing for agents to deal with, because it needs to be a business transaction," says Jay Thompson, designated broker of Thompson's Realty in Phoenix, Ariz.

TIP: Stay objective during the pricing process by focusing on statistics generated by the CMA. Don't be personally offended by lowball offers. Instead, think of them as the starting point of a negotiation that could result in a sale.

MISTAKE #4: Pricing too high from the start

First impressions are crucial when selling your home. "The first 10 days after you implement a listing into the MLS are the most important because that's when it's going to generate the most activity," says Gaye Atherton, sole proprietor of Atherton Appraisals in Knoxville, Tenn.

If your home enters the market overpriced, many buyers will overlook it from the get-go because it will be out of their range. By the time you reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been sitting on the market for some time, which could lead them to believe there is something wrong with the home.

TIP: Price your home correctly the first time to gain the attention of serious buyers and sell faster. If getting less money for your home is not an easy thought to bear, think of all the costs associated with homeownership that you'll have to pay if your home sits on the market for several months at an unrealistic asking price.

MISTAKE #5: Overpricing because you have "time"

Sellers who aren't in a hurry often decide to test the market by listing their homes at a high price and waiting to see where the market goes. But in most markets where home prices are dropping, waiting it out may actually cause you to lose money.

"It's key to price properly right away because you have a greater chance of selling if you're just on the market," says Wendy Sarasohn, senior vice president of The Corcoran Group in New York. "Everybody wants something that's brand new, not been shopped around, and not on sale."

TIP: Sell your home faster and possibly for more money by pricing your home based on current home values

MISTAKE #6: Chasing the market

If you list your home too high to begin with, you may find yourself making incremental price drops but never quite catching up with the market.

For instance, Thompson has had a listing in Phoenix for a year that the sellers insisted on putting on the market for $250,000, despite the fact that comparable homes in the neighborhood were selling for around $225,000. Four months and no showings later, the sellers finally decided to drop the price to $225,000. However, home values had declined significantly in those months, so the reduced price was still four months behind the market. Since then, the sellers have been reducing the price on the home about every three months, but never catching up with their competition.

"When a home has had multiple price reductions, it appears not only to be stale, but that there's something wrong with it," Sarasohn says.

TIP: List your home competitively to begin with. If you don't get any bites, don't hesitate to lower your price. Work with your agent to reevaluate market conditions and determine the fair market value of your home.

To see more great articles we always reccomend The Front Door Website. http://www.frontdoor.com

Remember if you are thinking of selling your home, or looking for that new dream home The Walters Team would look forward to an interview and earning your business! We list and sell homes 7 days a week!

Wondering what all those abbreviated real estate terms mean? REO-BPO etc.? Heres a glossary to assist!

The Walters Team — Fri, 17 Jun 2011 22:24:03 +0000

Posted from Realty Trac

We hope these terms make it easier for you when you see them. We in the real estate world often use abbreviations without thinking that the public might not know what they mean.

If you have any questions as always feel free to contact us!

Glossary of Terms:

"Foreclosure (FC) sale": a sale of a property that occurs while the property is actively in some stage of foreclosure. (Stages include "NOD" for notice of default, "LIS" for lis penden, "NTS" for notice of trustee's sale, "NFS" for notice (judgment) of foreclosure sale, and "REO" for real estate owned or bank-owned property.) This definition of foreclosure sale includes only sales to third-party buyers or investors not involved in the foreclosure process. It does not include property transfers from the owner in default to the foreclosing bank or lender.

"REO sale": a sale of a property that occurs while the property is actively bank-owned (REO).

"Preforeclosure sale": a sale of a property that occurs while the property is actively in default (NOD, LIS) or scheduled for foreclosure auction (NTS, NFS).

"Pct. of all sales": total share of foreclosure sales (or preforeclosure sales or REO sales) among all residential sales during the quarter or year.

"Avg. FC sales price": the average sales price of foreclosure sales (or preforeclosure sales or REO sales) during the quarter or year, excluding sales with no sales price.

"Avg. FC discount": the percentage difference between the average sales price of foreclosure sales and the average sales price of nonforeclosure sales during the quarter or year. In order to come up with the discount, RealtyTrac takes the sale price and divides it by the number of square feet in the home, to come up with the average price per square foot. Then it parses the numbers by property (those not in foreclosure, those in foreclosure, and those which have already been repossessed by the banks). Comparing the average cost per square foot gives RealtyTrac the discount rates. The company doesn't take into account the condition of the property or the type of property (i.e. a condo vs. a detached home).

"Avg. REO discount": the percentage difference between the average sales price of REO sales and the average sales price of nonforeclosure sales during the quarter or year.

"Avg. preforeclosure discount": the percentage difference between the average sales price of preforeclosure sales and the average sales price of nonforeclosure sales during the quarter or year.

Source: RealtyTrac.

Is your head spinning at the thought of moving?

The Walters Team — Thu, 12 May 2011 19:44:18 +0000

The Moving Process Re posted from HGTV's Front Door

We thought that this article was worth a posting. When you are ready to find your next home and move visit us at http://www.thewaltersteamrealestate.com to start your home search. Enjoy!

Saying goodbye to friends and starting out somewhere new is bound to be stressful, but the moving process doesn't have to be! FrontDoor's here to be your personal relocation assistant, with four easy-to-understand moving stages and tips and tricks to help you out along the way

Part 1: Get Started

Before you start hoarding cardboard boxes, there are some preliminary steps you need to take in the moving process.

The Steps

Step 1: Decide if you're really ready to move. close

Whether you're moving to a new city or across town, you'll spend a lot of time and money relocating. You'll have to sell your house, buy a new one and sort, pack and move your belongings. Are you ready to make the investment? Think about the following questions:

How urgently do you need to move? If you're going through a major life change, like a new job, divorce or family emergency, throw that "for sale" sign in the yard. Even in the current housing market, a home that's correctly priced and in good condition should sell quickly. If you're not motivated to sell at market value, whatever that might be, seriously consider postponing your move.
Would home upgrades change the moving equation? If you can't stand your master bathroom, consider remodeling it rather than trading it in. Updating your home now will raise your home value when you decide to sell.
Can you wait until the moving off-season? Movers are in demand during the summer months; rates are much less expensive between October and April. If your relocation dates are flexible, you could save some money.
Still not sure if you're ready to move? Take our moving quiz to find out if you should ship out or stay put

Step 2: Find a community that will fit your lifestyle.close

You've decided you want to relocate, and now you need to choose a new place to live. Start with a blank slate to create your ideal place from scratch.

Consider what's lacking in your current town and what's working. Write down a list of requirements for your dream town, then start searching in the real world! Need help? Ask yourself these questions to get started.
If you're a first-time buyer, read about the best places for first time buyers.
Once you've chosen a city, narrow down the neighborhood options. Learn about 12 different kinds of neighborhoods and get tips on how to choose a neighborhood

Step 3: Assess your financial situation.

Your mind is ready to move, but what about your pocketbook? Make sure you have the financial resources to make your relocation a reality.

If you're considering moving for a job, have you negotiated an adequate relocation package? Talk to friends, relatives or colleagues who live in the area and can give you realistic and up-to-date estimates, particularly if you'll be moving abroad.
If you're currently renting and want to buy your first home, read our First-Time Homebuyer's Guide to help you get financially ready to buy.
Current homeowners have a double burden: sell a home and buy a new one. Investigate how much you will net from the sale of your current home before you research how much it will cost to buy your new home. If you discover that the likely sale price of your home won't afford you the home or lifestyle you envision, you may want to delay your relocation plans.
If your current home hasn't sold and you need to move quickly, you may be able to get a "bridge loan" -- a short-term loan that can give you cash for a new home.
If you decide purchase a new home, assess what you have left for moving expenses. Put together a moving budget to find out what type of move you can afford. Strapped for cash? Check out our top 10 ways to cut moving costs

Step 4: Ready to move? Break the news to your family and friends.

Once you've decided to relocate, it's time to let family and friends in the loop.

If you have children, telling them about moving can be difficult. Here are some tips to make the news go over more smoothly:
- Tell them about the move early on -- you don't want them to hear the news from a family friend or relative.
- Pick a private setting, and try to minimize interruptions by turning off cell phones and the television.
- Focus on the positive aspects of moving, such as meeting new friends or experiencing a new culture
- Let older children help with moving decisions to ease their fear and anxiety.
Moving is difficult for everyone -- even the ones staying behind. Tell your friends and family members

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Denver Number 5 in Housing Market Performance

The Walters Team — Wed, 27 Apr 2011 03:28:54 +0000

Case-Shiller: Denver No. 5

We felt this was a great article to repost.

Originally posted by:John Rebchook
Denver Real Estate Examiner

The Denver-area housing market performed better than 15 of the 20 metropolitan statistical areas tracked in the closely followed S&P/Case-Shiller Home Price Indices released today.

Denver showed the best performance, as far as its ranking, in a year. The last time Denver ranked No. 5 of the 20 cities in the report was in February 2010.

The report, however showed that the Denver-area housing market, overall, fell by 2.6 percent in February. While that was better than the overall 3.3 percent drop for the 20 cities tracked in the index, it was the steepest year-over-year drop since the 3.1 percent decline in September.

It also marked the eighth consecutive month that the Denver housing market has shown a year-over-year decline.

“That is very consistent with what we are seeing the marketplace,” said Jack O’Connor, principal of Prestige Real Estate Services.

“However, definitely we have a split market in the Denver area,” he added. “Homes priced below $350,000 have appreciated. And homes above $350,000 are stabilized, for the most part, and in some cases are rising, too. At the high-end, every community has its own supply and demand dynamics.”

O’Connor said he doesn’t think the Denver-area housing market will experience a double dip, in which prices will fall below their previous low point during the cycle. Many observers believe nationally, a double dip in home prices is almost a foregone conclusion.

“I don’t see prices falling anymore,” O’Connor said.

Lane Hornung, CEO and co-founder of COhomefinder.com and 8z Real Estate, however, said that Case-Shiller shows it is less than 1 percent away from its previous low, set in February 2009.

However, any double-dip will be a blip, he said.

The low supply of unsold inventory in the Denver area, at a time when housing demand is picking up for seasonal reasons, means that housing prices will likely rise, he said.

“The low supply of homes bodes well for home prices,” Hornung said.