Thornton, CO August 6, 2009: Keller Williams Preferred Realty presented Thornton Elementary with a gift of well needed school supplies  in an effort to give back to the community.   The agents of Keller Williams Preferred Realty held a company picnic in July.   The suggested donation for attendance was some much needed school supplies which would be donated to a school chosen by the winning team of various realty related field-day type events.   The teams competed in a ‘busy agent water balloon toss’ where agents would toss balloons of gradually lengthening distances while holding a cell phone to their ears.   There was a ‘reluctant buyer three legged race’ and a ‘yard sign relay’.   The yard sign relay consisted of the first runner placing a yard sign after a 40 yard dash.   The second runner, realizing the yard sign was without brochures, ran to the sign to simulate filling a brochure box.   The premise for the third and final runner was that the property was overpriced and thus had to run to the sign to place a ‘price reduced’ magnetic sign.  

Three different teams of agents meet with Principal Carol Sorvig who accepted the donation on behalf of the school.   The winning team was represented by Heidi Strange of TheStrangeTeam.com , Kato Mitchell and Rumaldo Ulibarri.   Thornton Elementary welcomed the donation with open arms.  

The Keller Williams culture is to come from a place of contribution, and this marks the second concerted effort from this office this year on a mass scale donation to the community.   In May earlier this year Keller Williams Preferred donated 1800 pounds of food to the Food Bank of the Rockies.  

For a graphical report sent directly to your email within 30 minutes detailing what is currently for sale in your neighborhood and to find out how much your neighbors homes are selling, visit: FreeDenverValues.com it™s Fast, Free & Easy

To see everything available for sale in a particular area and to find out about detailed market statistics and other valuable information, such as: days on market, current sold to list prices and  proximity to conveniences click here: Market Update

Alan Strange and Heidi Strange, and The Strange Team,  has a comprehensive website focusing on Denver Real Estate.   Buyers can search all of the active Colorado MLS listings for homes Fast, Free and Easy.

The new Truth-in-Lending law went into effect last week.   One of the most important parts of the law says that if the Annual Percentage Rate (APR) on the final Truth-in-Lending disclosure differs by more than 0.125% from the APR that was disclosed on the most recent Truth-in-Lending disclosure issued by the lender, then the loan cannot close until 3 days after the lender delivers an updated disclosure showing the correct APR.   Ensuring that the APR is correct is the responsibility of the lender.   However, there are a couple things that routinely change near the end of a transaction that are the responsibility of the real estate agents.   Here’s what they need to look out for:  

•     Changing the closing date.   If you change the closing date, the number of days of pre-paid interest will change and affect the APR.
•     Not telling the lender if there is a change in the amount of seller-paid closing costs or the sales price.   If there is an amendment to the contract that changes the amount of seller concessions or the sales price, that will affect the APR.   You MUST tell the lender about any changes so they can re-disclose the APR.

Remember, if the APR changes by more than 0.125% (either higher or lower), then there is a federally mandated 3-day waiting period before the closing can take place.   The way to avoid delays is to make sure your agent sends all contract changes to the lender immediately and to resist the temptation to change the closing date during the week before the scheduled closing.   If you do those two things, then you can blame all delays on the lender.

Who’s watching out for your best interests?   How many times have you heard someone who’s real estate  transaction experience was tainted by a missed detail which extended the closing date.   “What’s Important To You Is Important To Us” is more than a slogan…it’s how we run our business.   We will watch out for those details which keeps you on schedule to close on time.  

For a graphical report sent directly to your email within 30 minutes detailing what is currently for sale in your neighborhood and to find out how much your neighbors homes are selling, visit: FreeDenverValues.com it™s Fast, Free & Easy

To see everything available for sale in a particular area and to find out about detailed market statistics and other valuable information, such as: days on market, current sold to list prices and  proximity to conveniences click here: Market Update

Alan Strange, and The Strange Team,  has a comprehensive website focusing on Denver Real Estate.   Buyers can search all of the active Colorado MLS listings for homes Fast, Free and Easy.

What’s going on in the Denver-Metro real estate market?   If you’ve read the newspapers it’s nearly all doom and gloom.   It’s what sells newspapers.   We spend a lot of time watching the market.   We consider ourselves as local economists and interested in the flow of money and market fluctuations.   I bet you haven’t heard that in March as inventory was down 20% from the year before under contracts and solds were….up?!     That’s right, up.   How about up 30%!   Is that the first you heard that?   I thought so.  

How about April?   In April the Denver Metro inventory was down from the prior year by the same as the month before 20.89%.   We feel that some of that  may be artificial with many banks still working out the moratorium on foreclosures instituted at the end of last year.   We’ve passed through many ‘deadlines’ where the gates were supposed to be opened,  but the numbers just do not show that they have been released, yet.   Thankfully, it appears that the strategy is to trickle them on the market where we can easily absorb them.   How about the rest of the stats for April:

Here are a couple of interesting points followed by the full statistics:  

Under Contract: 5,183 total  Î¹  up 7.40% from March  

Sold:                                3,390 total ι up 5.74% from March

% Change vs

Single Family                    prior   year

(Res + Cond)                     month   ago

Active

20,705

0.37

-20.89

Under Contract

5,183

7.40

-17.56

Sold

3,390

5.74

-20.52

      Avg DOM

104

-2.25

-2.64

      Avg Sold Price

$233,482

0.47

-5.70

Residential

Active

15,639

0.35

-22.02

Under Contract

4,153

6.30

-18.05

Sold

2,706

4.48

-19.30

      Avg DOM

102

-3.77

-0.97

      Avg Sold Price

254,442

1.14

-4.80

Condominium

Active

5,066

0.44

-17.18

Under Contract

1,030

12.08

-15.50

Sold

684

11.04

-25.00

      Avg DOM

110

3.77

-7.56

      Avg Sold Price

$150,560

-0.76

-14.09

Introducing  Keller Williams Red Day: May 14th, 2009!  

One of the things that separates Keller Williams and The Strange Team from the rest of the pack is that we strive to come from a place of contribution.   That’s why on May 14th, 2009, Keller Williams is presenting: Red Day.   Keller Williams’  offices  all over the country are going to be giving back to their communities by pitching in and lending a hand.   Many offices are partnering with their communities in a variety of ways from adopting highways to pitching in at Habitat projects.

Our office, located at 11859 Pecos Street in Westminster, CO 80234 is collecting non-perishable foods to be donated to the Food Bank of the Rockies.   Beginning at 9am and running through the end of business at 5pm we will taking donations at our office.   For those of you who are willing to participate The Strange Team would be honored to come by and pick up any donations you may have at your home.   Please give us a call: 303.668.5208 and let us know when we can come by to pick up your donations.   Food donations are needed more than ever and are often low during the summer months.   Together we can practice the WI4C2Ts.   Thanks.

UPDATE:   THE RESULTS ARE IN…

Thank you! Thank you! Thank you!   You guys really came through.   Keller Williams Preferred Realty had a succesful day collecting donations for the Food Bank of the Rockies.   Here’s a snapshot of your generosity:

What is the  difference between all of the real estate companies we see advertised all over the place?   We see different real estate  signs in yards all over  America.   I’d like to take a minute and give  one of the  main reasons why we chose to  partner with Keller Williams in our business.  

When aligning yourself with companies in the community it is important to look at values and ethics that those companies hold as important.   Many companies have catchy slogans or cliches that they tout as their business culture.   Keller Williams is different.   Aside from just surpassing Remax as the 3rd largest real estate company it has a long history of contribution.   In a day when so much is riding on reputation The Strange Team chose a company with a belief system that we can get behind.    We call this the WI4C2TS, it stands for:

WI4C2TS
Our Belief System in Action…

As we move into Spring we are all faced with different projects that we want to complete.   We thought some of the below information might be of value.     Enjoy these tips on making our homes more energy efficient.

Some benefits for going green:

• Lower maintenance costs and monthly expenses
• Enjoy health benefits likes lower emissions & better air quality
• Improve your home’s resale value & marketability

Green homes are designed, built, renovated, or improved in ways to more efficiently use natural resources.   While many newer homes are built green, even small improvements to an older home can help reduce impact on the environment, promote the health of those who live there and use energy and water more efficiently.

 Have a great Spring and don’t forget to visit: www.itsaSTRANGEmarket.com  for currently market information.  

Colorado legislators passed a bill this week requiring Carbon Monoxide detectors be placed in all residential sales effective July 1, 2009.   Governor Ritter signed HB 1091  this week which will cover all new residential construction and existing residential (single and multi-family) housing offered for sale or rent.  

Some particulars:

1. Residential property containing a fuel-fired heater, appliance, fireplace or an attached garage will be responsible for assuring that a CO detector be properly installed.

2. CO detectors will be required within 15 feet of the entrance of each room lawfully used for sleeping.

3. There will be no liability against claim if the CO alarm is installed in accordance with the manufacturers instructions.

4. This is effective July 1, 2009 for all new rental periods and residential sales.

Be sure to check with local governmental agencies on specifics pertaining to your area as they are allowed to enact more stringent requirements.   Also, be sure to investigate this to see how it pertains to your situation.  

My attempt at being younger than I am…does it show?   CHFA is in the news again due to some well needed and helpful changes that are making it easier for first time homebuyers to get into the game.   With the real estate market the way it is in Colorado anyone buying now is going to come out way ahead in the upcoming years and here are two programs making that happen:  

CHFA HomeOpener and HomeOpener Plus

CHFA HomeOpener and CHFA HomeOpener Plus are statewide first mortgage programs available to homebuyers. There are no purchase price limits or first time homebuyer requirements, and mortgage loans originated in these programs are not subject to the Recapture Tax provision. The CHFA HomeOpener Plus program includes the CHFA Second Mortgage Loan to assist with down payment and closing costs for a single family property. The programs offers market interest rates.

These programs  have income limits, and to qualify, you must attend a Homebuyer Education class  if you are a first time homebuyer or Money Management if you are not a first time homebuyer.  You must also contribute a minimum $1,000 to the purchase of the home. The property must be occupied by the homebuyer and not used as a rental property.
 

CHFA Second Mortgage Loan

Used in conjunction with the CHFA HomeOpener Plus program, this optional loan helps with down payment and closing costs.  This loan, if used, will come from the same lender as your primary loan.

The CHFA Second Mortgage Loan is available for up to 3 percent  of the first mortgage loan amount at the same interest rate and term  (30 years) as the first mortgage, the CHFA HomeOpener Plus. Monthly   payments are due on this loan at the same time the payments on the   CHFA HomeOpener Plus first mortgage loan payments are due.  If the first mortgage is refinanced, title transferred, or if the property is no longer the borrower™s principal residence, the CHFA Second Mortgage Loan is due and payable in full.  The CHFA Second Mortgage Loan can not be subordinated to any new first mortgage other than one offered by CHFA.

source: CHFAinfo.com

According to  www.FinancialStability.gov  two new plans were initiated to  help struggling homeowners.   The details on those follow:

PROGRAM #1:  Refinancing For Strong Borrowers  

If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance. (program begins immediately and run until 6/2010)

Who may qualify:
1. The home in question must  be your primary residence.
2. It must be a Fannie Mae or Freddie Mac loan (conventional loan).  If you don’t know contact:  

Fannie Mae,  
1-800-7FANNIE (8am to 8pm EST).
www.fanniemae.com/homeaffordable
Freddie Mac
1-800-FREDDIE (8am to 8pm EST)
www.freddiemac.com/avoidforeclosure/

3. The mortgage must be current: “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
4. The value of your home must be about the same or less than the current value of your house.

PROGRAM #2: Remodifying Loan Terms For At-Risk Borrowers

Making Home Affordable Modifications

If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your monthly mortgage payment more affordable. Millions of borrowers who are current, but having difficulty making their payments and borrowers who have already missed one or more payments may be eligible. (program begins immediately, new borrowers are accepted until 12/31/2012)

Who may qualify:
1. The home in question must be be your primary residence.
2. The amount owed on your first mortgage must be  equal to or less than $729,750.
3. Are you having trouble paying your mortgage?   An example would be if have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR you have  suffered a hardship that has increased your expenses (like medical bills).
4. The current mortgage must have been created before January 1, 2009.
Go to the website for the links necessary for guidelines and more detailed information in how to apply and to learn how the loan is modified.

If you or someone you know is faced with either of the above situations and you would like more information we would be glad to help.   We have consultants waiting for you call and can help with home retention or foreclosure prevention.   Don’t hesitate to see what your options are.  

Don’t look now but over the weekend a good news article was posted in the Denver Post.   Read HERE.   The executive summary is:

• The number of homes put under contract in February 2009 increased by 9.2% to 4,183 from 3,831 the previous month.
• The median price (exactly the same number above and below that price therefor a better indicator than average price) rose a bit to $192,000 compared to $181,500 an increase of 5.8%.
• 53% of the homes that sold last month were priced under $200,000 reinforcing the affordability of Denver.
• The inventory is still down nearly 20% from last year.  

My spin: the law of supply and demand states that as inventory decreases and demand stays the same or increases then the next thing that should happen is an increase in prices.   That hasn’t happened  yet and the speculation is that lenders are waiting to see how the stimulus package is going to affect them.   That and the moratorium that banks issued on foreclosures has created some uncertainty.   There is a  rumor of nearly 1,000 houses to hit the market when they begin the foreclosures back.   One thing we noticed from last month is the market is shifting to homes priced between $200,000 and $299,000.   We feel that is mainly because of the lack of supply under $200,000.   We’ll keep an eye on that to see what the trend is.

This coupled with my last entry of the pending resets makes it a good time to review your situation with a trusted adviser and develop a strategy for the future.   That’s what we’re here for.   Give us a call and we’ll help explain these changes in the context of your situation.  

Wishing you our best, Alan and The Strange Team.