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FRONT RANGE

October 2019

 
 

Real Estate Market Trends Report | October '19

Denver Metro Association of Realtors

In August, new listings, homes under contract, and days on market were up for Denver-area's median sold prices, and sales volume were down, as were interest rates. 

Read more... 

To view and download the entire report, click here...

 
Boulder News
 

FHA Rule Change Regarding Condo Loans Could Allow More Buyers to Break into Boulder County Market 

The Denver Post

The Federal Housing Administration is making it easier for first-time condo buyers, often with less than perfect credit, to get mortgages. 

Read the full article here.

 
Buyers' and Sellers' ADVICE
 

Should You Buy a Haunted House? 

Spooky houses look like they haven’t seen a living occupant, gardener or handyman in years. Many so-called haunted houses are so dilapidated they look occupied by ghosts, or they’ve been on the market so long, buyers suspect there’s a skeleton hidden in the closet. But that house for sale that gives you the creeps may actually turn out to be a good investment. 

So what makes a house seem haunted? It could be the tumbleweed landscaping,worn trim paint, broken steps or crooked roof—, material problems that can easily be repaired or replaced. But a house can also carry a stigma (which has nothing to do with the home’s structure) that evokes fear or repulsion, including a history of death within the home from murder, suicide or suspicious circumstances. The house could previously be occupied by an unsavory hoarder, drug dealer or occultist.  Or, there could be a real ghost. 

Would you be able to look past a home’s creepy appearance or scary reputation? According to Realtor.com, nearly half of homebuyers wouldn’t touch a haunted house, but one in three buyers would purchase one if they could get a lower price.  

That spells opportunity, especially if the home is in a nice neighborhood. If your low offer is accepted, get an inspection and renovation estimate from a local contractor. If the total costs are lower than or equal to the other home values in the area, you could end up with the friendliest bargain on the block.

 

Super Sleuth Your Next House

You’re ready to make an offer on a home. You’ve got the seller’s disclosure of material (physical and environmental) defects, but is that all the information you need to move forward? Before you sign your purchase offer, do a little quick research.

Get a loss history report. The Insurance Information Instituteadvises homebuyers to obtain a loss history report from the seller. This LexisNexis free service tracks hazard insurance claims. You’ll learn when the roof was replaced from hail damage but also if there have been any water leaks or other damage. During the home inspection phase, you can see how the damage was corrected.

Check Housefax.com. – Your first Property History Report is free and includes property details and building permits, among other information, so you can learn whether that room addition was done by professionals.

Visit DiedinHouse.com. For $11.99, you’ll receive an instant report that reveals if there’ve been any deaths in the home, because in many states, anything that isn’t a material fact doesn’t need to be disclosed to you. You’ll also learn if there’s been any fire damage, and whether the property was ever used as a meth lab. It also alerts you to nearby sex offenders.

Ask for an updated CMA. Your Berkshire Hathaway HomeServices network professional can provide you with an up-to-the-minute comparable market analysis (CMA) report. You’ll soon know if there’s been a change in the marketplace, such as new listings or solds that can help you decide how much money to offer.

 
Financial Advice
 

Too Many Clothes, No Down Payment

Crazy fashion trends do more than strain closet space. They can sometimes send the message that trendiness is more important than building wealth. Here’s to saving the money you spend on new clothes for something more rewarding – a down payment on your own home.

Reduce your wardrobe. Consign, donate or give away clothes you haven’t worn in a year or two. Keep anything that goes with at least three other items, like a jacket that works with a dress, skirt and blouse, or jeans.

Take better care. Fast fashion doesn’t last, so when you wash clothes, turn pants, skirts and blouses inside out first. Don’t use wire hangers. Fold knits instead of hanging them. Your clothes will look better and last longer.

Buy less. If you buy something for $100, look at how long the season is to wear it (four months) and how many times you’ll actually wear it (17). Take the cost ($100) and divide by the number of wearings. That’s a tax of $5.88 every time you wear it.

Bank the money. If you spend $200 a month on clothes, try a year without buying anything new and let that $200 multiply in a savings account, 401K, or CD. That’s $2,400 that could grow with compound interest and investment growth. In three years, you could have over $10,000 or more and that’s a good start toward owning a home.

 
Active Office Listings
 

1341 Washington Street #12 | Capitol Hill

$199,000

  • 1 Bedroom
  • 1 Bathroom
  • Original hardwood floors, new quartz counters with subway tile backsplash and stainless appliances
 
 

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In Colorado This Month
 

Ski season is upon us! Click to view full opening day schedule.

 
Monthly Tips and Recipes
 

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Active Listings
 
 
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Kelly Elizabeth Westergren
Broker Associate, Realtor, CRS
Kelly@KellyWestergren.com
303-883-4913
www.kellywestergren.com
Visit me on LinkedIn
 
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