We’re only a month away from the start of  the 17th annual FREE Concerts at the Crescent series!

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Colorado Realty Professionals, LLC

On June 1st, 2013, most FHA purchase and refinance loans will carry monthly mortgage insurance (MIP) for the LIFE OF THE LOAN.  

The Federal Housing Administration has changed its policy allowing loan holders to cancel the mortgage insurance premiums once the principal balance of the loan reaches 78% of the original balance.  NO MORE!  This is an expensive and important change that could cost you tens of thousands of dollars over the life of the loan.  This change affects both new loans and refinances.

If you are planning on purchasing using an FHA loan, you should try and get under contract in May!

Moving forward, FHA mortgages will remain, although more restrictive, a great option for low down payment home buyers!

Contact us today for more information, or to get the process started!

Colorado Realty Professionals, LLC

You don’t like taxes, yeah, me neither.  So if you think you’re property taxes are unfair, this info is for you!

2013 is a re-assessment year for real estate taxes by county assessors.  This happens every other year and means your property valuation will be appraised for tax purposes this year.

What does this mean for Denver Real Estate owners?

• By May 1st, you should receive your new valuation.
• Value is effective as of January 1st, 2013
• Value is what the home was worth on June 30th, 2012
• Value is arrived at by comparing sales from January 2011-June 2012

Should You Protest? 

• Do you think this value is accurate as of June 30th 2012?
• If not, then look at the comparable sales, and be prepared to support a reduction in value.
• Often times the county has bad information about property.  For example, they may list your home as having 5 bedrooms, and a 3 car garage.  When in fact, you only have 4 bedrooms and a 2 car garage.  This will effect the valuation model the county uses and may well help lower your valuation.

How Do I Protest?

There are strict guidelines and time frames for a protest.  Check with your individual county for exact procedures.  Typically;

• Protest must be done between May 1st and May 30th, 2013.
• Most counties allow you to protest online, however, check with your county as you may need to Fax, Mail, or even go in person to do so.
• Once you’ve filed, you sit back and wait for decision.  A Notice of Determination will be mailed to you with the counties decision.
• If your property tax protest is not approved, you have the right to appeal with the County Board of Equalization.

County Resources:

• Adams County
• Arapahoe County
• Boulder County
• Broomfield County
• Denver County
• Douglas County
• Elbert County
• Jefferson County
• Larimer County
• Weld County

photo credit: cranberries via Compfight

Colorado Realty Professionals, LLC

The Denver Real Estate Market continues to gain speed.  In fact, the biggest problem is the lack of inventory available for local home buyer’s.  Here are a few of the key statistics for March 2013.

• Home sales increased 46% from February 2013.  And sales are up 20% over March 2012.
• Average sales price of a Denver area home is up 19%, to more than $295,000.
• Average days on market is down 35%.
• Inventory level is 34% lower than March 2012.
• In March there were 6,682 homes on the market.
  • This is the lowest level in 28 years!
  • Inventory has fallen 9 months in a row!

The Get Home Denver Team tracks monthly Showing per Listing, and believes this is the strongest, forward looking, indicator of where the market is going.  Here is the latest chart of this key statistic.

Colorado Realty Professionals, LLC

$1,575,000

This beautiful custom completely remodeled, 3 leveled, 4500 sq ft home is located on the 9th fairway of the Boulder Country Club. This house features 4 bedrooms, 6 bathrooms, 2 offices (one that is a full bedroom suite), an entertainment center, solar electric (total electric bill for 2012 was a credit for $17), solar heat / hot water, hard wood floors throughout, gourmet kitchen, large master bath with steam room, music room, and art room with mountain and golf course views. It features beautiful landscaping, mature trees, fire pit, and built in BBQ and 3 decks.

 

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Colorado Realty Professionals, LLC

$539,000

A Decor of Tuscany in this “Vallagio” City Rowhome Siene Model. Main floor has a magical kitchen and dining area with polished walnut flooring, cabinetry, stainless and granite. An abundance of storage and deck right off the kitchen for great grilling access. Center granite island with gas cooktop and plentiful seating. The 10-12 foot ceiling and 8 foot Walnut doors lend a feel of much more than 2234 sq ft in this townhome. Great room with 2 sided gas fireplace shares the dining area, powder room and small tucked away office space with built-in granite desk and cabinets.

Upper floor with large Master Bedroom, walk-in closet, lovely large travertine full bath and linen closet. Guest Room with 3/4 bath, linen closet and walk-in closet. The laundry room is conveniently located on this floor with sink and storage cabinets and built-in shelving. Central vacumn throughout the home. A larger built-in office with storage also resides on this level.

The entry level has a travertine foyer with coat closet, 3/4 bath and French Doors to a light filled den/TV area or use as a third bedroom. This level is the exit to the oversized 2 car garage with industrial shelving and large storage closet. Installed hose bib in the garage for easy cleaning and water source.
The Siene has a entry gate, faces east and a private patio with shaded summer evenings.

This home is pre-wired for sound throughout and total sound proof connecting walls. Vallagio has won top Urban Development awards with great retail shops, restaurants and it’s own connecting bridge to access Light Rail, just a short walk from your door. This is a must see property in a great location to I-25 and the Park Meadow area.

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Colorado Realty Professionals, LLC

FHA issued a new Mortgagee Letter yesterday which increased the monthly mortgage insurance by 10 basis points effective with case numbers issued on or after April 1, 2013 (along with a few other things).

 Here is a quick summary…

Consistent with FHA’s ongoing efforts to strengthen the Mutual Mortgage Insurance Fund, FHA is

• Revising the period for assessing the annual MIP

• Removing the exemption from the annual MIP for loans with terms of 15 years or less and Loan to Value (LTV) ratios of less than or equal to 78 percent at origination

• And increasing the annual MIP on all forward mortgages except single family forward streamline refinance transactions that refinance existing FHA loans that were endorsed on or before May 31, 2009

The revision to the period for assessing annual MIP and the removal of the exemption for annual MIP are effective for case numbers assigned on or after June 3, 2013. The increase to the annual MIP is effective for case numbers assigned on or after April 1, 2013

What does this mean for our clients????

For a client buying a $250,000 home, the mortgage insurance increase will increase their payment by about $20/month.

Colorado Realty Professionals, LLC

UNDER CONTRACT in 7 DAYS! – FULL DETAILS HERE

Fabulous marriage of old school charm and updated amenities. The main floor features two bedrooms, and an office/den. A large living room, with fireplace, dining room, full bath, and updated kitchen with granite and newer appliances. Designer Paint throughout! The basement has been finished and is super cool, and very ‘loft’ like with exposed brick, and wood floors. Additionally, there is a second kitchen down that could make for a great roommate situation. Located walking distance from Rocky Mountain Lake/Park.

Subdivision: Terre Bonne
Property Type: Single Family
Year Built: 1926
HOA Fee: None Listed
Lot Size: 6,220
Acres: 0.14
County: Denver
Zoning: U-SU-C
Property Tax: $1,538
Terms: Conventional, FHA, VA, Cash

Total Square Feet: 2,485
Finished Square Feet: 2,400
Basement finished percent: 90
Main Level Square Feet: 1,385
Basement Square Feet: 1,100

Measurement Source: County Records
Date Measured: 30-JAN-2013

Car Spaces: 2

Beds: 3
Beds On Main Floor: 2
Beds In Basement: 1
Baths: 2
Baths on Main Floor: 1
Baths in Basement: 1

Style: Ranch / One Story
Type: Detached Single Family
Property Faces: West
Master Bedroom Location: Main Level
Family Room Location: Main Level
Laundry Location: Basement
Basement Description: Full
Subfloor: Slab

Elementary School: Horace Mann E-8
Middle School: Horace Mann E-8
High School: North
School District: Denver 1

Construction: Stucco

Subfloor: Slab

Roof Material: Composite Shingle
Heating: Gas, Hot Water
Water: Public
Sewer: Public
Fireplaces: 1

Directions: Federal Blvd north to 47th, East and make immediate left into alley. House is 3rd on the left. Park on alley, or in parking space directly behind house.

Colorado Realty Professionals, LLC

This week’s mortgage rate information shows a slight increase.  Contact us today, to discuss if this may be a good time to buy or refinance!

30-Year Fixed Mortgage Rates Rise Slightly; Current Rate is
3.28%, According to Zillow Mortgage Rate Ticker

SEATTLE, Jan. 22, 2013 (GLOBE NEWSWIRE) — The 30-year fixed mortgage
rate on Zillow(R) Mortgage Marketplace is currently 3.28 percent, up
two basis points from 3.26 percent at this same time last week. The
30-year fixed mortgage rate hovered between 3.28 and 3.32 percent for
the majority of the week, dropping to the current rate this morning.

“Mortgage rates rose slightly last week, spurred by improving economic
data on consumer spending, housing and jobs,” said Erin Lantz, director
of Zillow Mortgage Marketplace. “In the coming week, we expect rates
will be fairly flat until the markets receive more clarity around the
outcome of the looming debt ceiling debate.”

Zillow’s real-time mortgage rates are based on thousands of custom
mortgage quotes submitted daily to anonymous borrowers on the Zillow
Mortgage Marketplace site, and reflect the most recent changes in the
market. These are not marketing rates, or a weekly survey.

The rate for a 15-year fixed home loan is currently 2.61 percent, while
the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.38 percent.
—————————————————————————————–
…………………………………..Last Week      This Week        Basis Point Change
Colorado Mortgage Rates            3.3%             3.31%                         +2

Colorado Realty Professionals, LLC

The Colorado Foreclosure Hotline is a great resource for those struggling to make their mortgage payments.

The Get Home Denver Team has helped dozens of Families navigate through the process of foreclosure prevention in the Denver area, and would be happy to consult with you regarding your options.  Simply contact us, to set up an appointment.

This news release was just published about getting the word out, to those looking for some help.

Colorado Foreclosure Hotline announces statewide public-awareness campaign

 DENVER ¾Striking black-and-white posters and bus signage of Coloradans stating “I Was Foreclosure” have hit the streets. They entice the viewer to check out the website of the same name for testimonials by Colorado Foreclosure Hotline clients who faced foreclosure and were helped by its services.  Four out of five homeowners who call the hotline avoid foreclosure.

These are the first elements of this year’s Colorado Foreclosure Hotline public-awareness campaign. The campaign officially launched with a presentation by Colorado Housing and Finance Authority’s Cris White and Attorney General John Suthers who noted that the Colorado Foreclosure Hotline continues to be the best resource for Colorado homeowners in danger of foreclosure.

“The work of the Hotline is more important than ever if we plan to continue the trajectory of decreasing the rate of Colorado foreclosures and educating homeowners about their options early in the foreclosure process,” said Suthers. “It is important that distressed homeowners learn what relief is available to them.”

The purpose of the public-information campaign is to drive more homeowners at risk of foreclosure to seek the resources of the Hotline—and to do so sooner in the process when their options are greater. Currently, only one-third of eligible homeowners take advantage of this trusted and free resource that is a source of hope to everyone affected.

The bilingual “I Was Foreclosure” campaign will reach out across Colorado using avenues that are efficient and appropriate to each region—including television spots, radio interviews, and print ads. Counseling agencies around the state will receive tools from the campaign to increase awareness about the Hotline’s services available to all homeowners.

For information about the campaign, visit www.iwasforeclosure.com.

Colorado Foreclosure Hotline

Administered by Brothers Redevelopment, a 501(c)(3) HUD-approved housing counseling agency, the Colorado Foreclosure Hotline is the central point of contact among 26 state agencies offering HUD-approved counseling services to homeowners at risk of foreclosure. The Colorado Attorney General’s Office provides the primary financial support for operations and administration of the Colorado Foreclosure Hotline through the National Mortgage Settlement.Since its inception, the Colorado Foreclosure Hotline has received more than 165,000 calls from distressed homeowners. For more information on the Hotline, please visit www.coloradoforeclosurehotline.org and follow us on Twitter at @CO4closureLine

Contact: Allison Lockwood

Brothers Redevelopment, 303-685-4227

allison@brothersredevelopment.org

 Photo Credit:  Some rights reserved by JefferyTurner

Colorado Realty Professionals, LLC