Real Estate & Relocation ^ Colorado

Teleworking is hot in Denver

  A new study released by Sperling's BestPlaces and Intel Corp research firm ranks Denver as third among large cities as the best place for telework.

Denver is known for telework-friendly jobs and has widely accessible broadband Internet access.

Teleworking has so many benefits, increased productivity, decreased absenteeism and decreased commercial leasing costs.  Workers can enjoy working in the privacy of their homes while intregating home life and work. 

Considering the cost of gas, wear and tear of cars in traffic why travel to work when you can stay at home and get more done in less time?

Aerospace workers increase

Colorado ranks third in the number of aerospace workers.  A report by the Metro Denver Economic Development Corp for the Colorado Space Coalition states the private sector workers are now numbered at 24,600 up from 22,200 in 2004.

Major Aerospace contractors in Colorado are:

• Lockheed Martin employs 10,300 people in  Colorado with more than half working in Jefferson County, near Ken Caryl Ranch and Roxborough.
• Ball Aerospace and Technologies Corp. Employs 3,800 people in Colorado
• Raytheon Co. employs 2,500 here.
• Northrop Grumman employs about 2.900 in Colorado
• Boeing Co. employs 2,300 and has several locations within the state.
• ITT Industries Inc. Systems Divisions employs about 1,000 people in Colorado Springs.

Denver real estate and relocation

Rocky Mountain Sunset

Purging made simple!

Now that spring is here, it's time to get the home ready to sell.  When the real estate signs are popping up faster than the tulips, how is ones home to stand out in the crowd?

Major decluttering is the first step.  In recent years, some brilliant person devised the concept of the "Pods".  No, it's not an Apple Ipod, but a "Portable On Demand Storage" or PODS.  This wonderful concept makes getting all the STUFF out of the house and out of site a cinch.

PODS have lots of competition on the market, but the concept is the same.  One calls for a delivery of this portable storage unit, it gets delivered to your front door, you fill it, they come and take it away.  You pay a higher fee than if you rented a storage unit, but you also save yourself the inconvenience of having to transport your stuff.  After you move to the new location, you call and the portable storage unit is delivered to you.  So easy, it's brilliant!

What I found even more amazing is how just one guy can maneuver the container.  Here are a few pictures to tell the story.  Enjoy!

Financing Follies

One of my pet peaves is listening to the advertisements on the radio or tv.  The ads for home loans are not always straightforward, actually they are down right misleading.  The consumer is beakoned to call a specific lender because they "don't charge closing fees". 

Sure.

Actually the probably don't charge closing fees.  They charge, but they just call the fee by another name.

Consumers only hear the interest rate and think it's a good deal.  The reality is, the consumer needs to know the whole story.  Ask for a "good faith estimate". 

If the consumer decides to go with a lender, they should insist that the lender provide them with a GUARANTEE that the lender will deliver that interest rate in time for the consumer's loan committment date.  It the lender cannot deliver it, the lender will reimburse the consumer's earnest money.  This lender guarantee should be in writing.   If the lender doesn't want to provide a guarantee, then the consumer should find a lender that will.

Unfortunately lenders have absolutely no fiduciary to the consumer.  They can tell them ....whatever and walk away.  It's the consumer that loses.

OF course I must qualify the previous statement, the consumer does have a responsibilty not to change their finacial position after the loan application.  By that I mean, the consumer should not be out charging new furniture or buying boats and cars, etc. 

:)

Myths, Fictions and Facts regarding credit scores

There are many myths regarding how to maintain or improve your credit score.  Here are a few;

1. Don't close accounts! Closing unused or old credit cards lowers your score.
2. Transferring balances to a new card with a lower rate lowers your score.
3. Multiple inquiries into your credit by the same source, i.e, mortgage lenders, within a 14-28 day period does not lower your score.

If you have questions about your credit score, don't rely on myths.  You can obtain a resource called "Know Your Credit" by requesting it from me.  It's free. Just drop me an email with your physical address and I'll snail mail it to you.  mailto:kristal@theberkshiregroup.net

Both boxes and lips should be sealed

I recently closed a transaction where I was the listing agent.  Initially the buyers had approached me to help them purchase the home, but I requested they go find an agent to represent their best interests, as I represented the seller.  In the course of the conversation, the buyers told me they didn't need representation, as they were outstanding negotiators and educated in the matters of contracts, etc.

They continued to share with me personal information about their situation, even after I suggested they share this information with their own broker.

A few days later they found someone to write the offer.  I presented it to my seller and he refused to accept an offer less than full price.

Why?  Because the purchasers had spoke to a "mutual friend" and shared the fact that they were willing to pay even more than full price for this home.  DUH!

So these "experienced negotiators" weakened their position by chatting about their circumstances and intentions to who ever would listen. 

The "mutual friend" it turned out had a higher purpose, they were also a homeowner in the neighborhood and for the cause of  "neighborhood values" turned on them and shared this info with my homeowner.

Innocent conversation sometimes reaches the wrong ears.

State Taxes in Colorado

It's always refreshing to be able to tell a client who is relocating to the  Denver area about the State taxes.  It generally happens that the client is arriving from a more expensive area and is pleasantly surprised.

The U.S. Census Bureau ranks the States by Total Taxes and Per Capita Amount, visit the Census Site.

For Total Taxes Colorado is ranked 26 and per capita 47.

Considering these facts, it just one more reason so many citizens are coming to Colorado.

When facing foreclosure...

If a borrower is facing a situation where a house payment cannot be made, face up to the fact, get proactive.The more time that passes the more difficult it will be to make up the payment(s).

Some lenders will restructure a payment plan so the borrower can add to the term of the original loan.This might help buy valuable time, to either let you stay in the home long enough to correct the problem or sell it.

Get a broker (or 2) to give you an assessment of the market value of your home. A CMA also known as a "Comparative Market Analysis" along with a "net sheet" of projected costs will help to determine your chances of selling your home.

Some lenders have the ability to accept a "short payoff".  This means if you are able to find a buyer for your home, at a fair market value, the lender may accept less than is owed to them.  Keep in mind, if you are granted a "short payoff" this amount will become taxable income.  It may work out to be not such a good thing.

When a mortgage loan goes into default, time becomes a valuable commodity; every minute wasted is one that is clicking closer to foreclosure.

Don't stick your head in the sand. Educate yourself on your options and act.

Foreclosures in Colorado

Last weeks headlines read,  Colorado foreclosures are up by 30% over last year’s figures.  Why is this so?

It’s all about “easy money”.  Mortgage loans have been getting easier and easier to get.  Homebuyers can buy home with little or even no money down.  This easy money climate is a formula for disaster, if the borrower doesn’t consider all the consequences.

What happens when the home owner gets transferred or has a change in income?  If the home must be sold, there may not be enough equity available to cover the closing costs.  In this case, the borrower must pay out of his own pocket to sell the home…or risk losing the home to foreclosure.

Many “easy money” loans come with prepayment penalties.  These penalties tie the borrower to the initial mortgage loan company for a period of time.  If the borrower decides to pay off the loan early, this fee is owed to the mortgage company.  These fees are significant and cannot be negotiated away or ignored.

This risk lessens over time.  Appreciation generally adds to the value of a home, but if life’s changes occur too soon, the borrower must act responsibly and pay the mortgage company what is due.

As with most good things in life, there is a price to pay.  Chances are if a home is purchased with no money down, going out there will be a price to pay.  A wise buyer is one that can assess the entire picture and plan a strategy that includes a successful exit.