Preferred Properties

Understand How Mortgages Have Changed Before Buying Your New Denver Home

2014-01-30T15:27:55Z

Source: Freedigitalphotos

One of the biggest changes affecting Denver real estate is the new way home buying mortgages are structured. To be a qualifying mortgage now has strict requirements for lenders and borrowers alike.

Mortgage terms must now be more clearly laid out, and the loans must amortize within a 30 year period. Interest-only payments are no longer allowed for most mortgages, and neither are balloon payments. The objective is to make mortgages easier to understand and manage for regular people so that foreclosures will be less frequent and people can keep their homes.

Another change for borrowers is that income and assets are now legally required to be rigorously checked before a qualifying mortgage can be initiated. For a loan of over $100,000, the maximum amount of fees a bank can charge for a qualifying mortgage is 3 points. Monthly loan payments may no longer be greater than 43 percent of a potential borrower’s pre-tax income, even for a non-qualifying mortgage.

These checks are designed to ensure that borrowers do not over-extend themselves and can make their payments. To learn more about Denver real estate, contact us today.

Celebrate Your New Home With a Meal at One of Denver’s Best Restaurants

2014-01-30T15:15:43Z

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Have you recently moved to Denver, purchased your dream house, and now want to have a taste of Denver living to commemorate this big life event? You can do that at one of the best restaurants in town, Harman’s, in the scenic and happening area of downtown Cherry Creek. Why should you celebrate your new home with a tasty meal at Harman’s? There are some very convincing reasons.

When it comes to things to do in Denver, you’re going to have near limitless answers. But, one of the first things you need to do to celebrate your new home in Denver is to go and have a meal at Harmon’s, which was polled as one of the best restaurants in the area. The restaurant provides:

Meals that will introduce anyone new to Denver to the flavors found locally.
Each and every ingredient used in the menu is locally grown and organic, a perfect introduction to the green lifestyle found in Denver.
It is a local hotspot where you can meet your new neighbors and experience great food.

If you want to learn more about booming Denver real estate, contact us today with some information about yourself.

Colorado was a Popular Destination for New Residents Last Year

2014-01-22T15:04:39Z

Source: Flickr

What’s not to love about Colorado? From our breathtaking landscape and nature to our down-to-earth people and laid back lifestyle, Colorado is a great place to live. It seems that many people are beginning to take notice of our great state and are flocking to it in a big way.

In a recent migration study sponsored by United Van Lines, Colorado ranked eighth for the top states in the United States that people moved to in 2013. The reason for the influx was attributed to plentiful job opportunities and a lower cost of living.

Additional reasons to consider Colorado if you are relocating include:

Being surrounded by the majestic Rocky Mountains and the 20,000 acres of parks there.
Colorado is America’s fittest and slimmest state
An extensive public transit system
A solid mix of both affordable housing and upscale neighborhoods

If you want to buy a home in Denver, or for more information on Colorado and all it has to offer, contact us today.

More Luxury Homes Are Being Bought in Denver

2014-01-13T14:54:28Z

Source: Flickr

There are many indicators that real estate experts use to assess the current health of a housing market, such as median and average home prices, days on the market, the number of distressed properties, and sales trends. The sale of luxury homes, those with a price tag of one million dollars or more, also provide information about the strength of a local housing market.

A recent report from Coldwell Banker highlights the current state of the luxury housing market in Denver:

66 luxury homes were purchased in Denver in November 2013. This is an increase from the 58 that changed hands in November 2012.
Sales of upper-end luxury homes–those costing two million dollars or more–also increased year to year. 13 were sold in November 2013, up from just 9 the year prior.
The median listing price for a Denver luxury home was $1.325 million in November 2013. This price is virtually unchanged from the twelve months immediately prior.

To learn more about available homes for sale in Denver, at any price range, contact the real estate professionals with Preferred Properties today.

Denver is Beating New York for Real Estate Success

2014-01-13T14:50:00Z

Source: Flickr

The start of 2014 looks promising for the Denver real estate market, with some home buyers choosing the Mile High City over metropolises such as New York and San Francisco. Experts credit the interest to affordability, lower cost of living and close proximity to things to do.

Home buyers who are thinking about the Denver real estate market are often drawn to the area’s affordability when compared to coastal cities. In the third quarter of 2013, the median price of a single family home in Denver hit $285,000, compared to $515,000 in New York and $500,000 in San Francisco. Additionally, out of 25 U.S. metropolitan areas Denver experienced the third highest increase in 25- to 34-year-old residents from 2008 to 2012, tying with Seattle and following Baltimore/Washington D.C.

Although Denver is a city, there is green space and proximity to top skiing destinations, further adding to its appeal. Downtown Denver is transforming and seeing a mix of dining, entertainment and cultural destinations. The job market is also attracting transplants especially from the technology, natural gas and mutual funds sector.

If interested in learning about the Denver real estate market or are considering buying a home here, contact Preferred Properties today.