"It's Time to Buy" say all the local real estate experts.   If you've been waiting for the right opportunity, it's time to get in the game says Stacy Johnson of Money Talks News.

"I've wanted to buy my first home for a while, but when my landlord told me that my rent was going up to $900 a month, I got serious about it." writes Angela Colley on Money Talks News.  "So I researched the estimated value of the house I rent now ($160,000) on my local property appraiser website and figured out what my total monthly payment would be ($817). In other words, I could pay my mortgage, property taxes, and homeowners insurance for $83 less than what I pay in rent each month."

Okay, so you agree it's time to buy now.  How do you begin?  Colley lists the steps to take to buy your first home:

1.       Make Sure You are Ready, says Colley.  This might sound simple but it's always good to look before you leap.

• Is your job secure?
• Are you planning on staying put?
• Is there a situation in your life that makes this a good time to buy or change houses? For instance, new marriage, starting a family.

2.       Know what you can afford.  Ending up "house poor" is how this whole crisis began.,  Be realistic about what you can comfortably afford and stick with your budget.

"Your housing payment - including the mortgage, real estate taxes, and homeowners insurance - shouldn't exceed 28 percent of your monthly gross income. To determine the most you can afford each month, multiply your annual take-home pay by 0.28 and divide that number by 12." says Colley.

3.       Fix Your Credit:  Lenders have tougher requirements than ever.  Your credit score needs to be above 700 to qualify for an FHA loan and higher than that for more conventional loans.

"Order free copies of your credit reports through AnnualCreditReport.com, then check out 3 Tips to Raise Your Credit Score - Fast for ideas on boosting your score before you apply for a mortgage. You should check your credit at least 6 months - preferably a year - before home shopping so you'll have time to improve it before applying for a loan." writes Colley.

4.       Down Payment:  Most lenders require 20 percent down.  "The bigger the down payment, the better." Advises Colley, especially in today's tough competitive market.  In a recent market analysis, research shows that the best loan rates came with an average down payment of 28 percent, according to USA Today.

5.       Get Pre-Approved:  Once you have checked (and fixed) your credit score and you have the money for a down payment, apply for a mortgage.  Getting pre-approved for the mortgage before looking for a home means that you can make an offer quickly and it might mean getting accepted over other bids. 

6.       Build a Good Team, says Colley.  Find a great REALTOR® who is familiar with the areas you are interested in and find a good lender.

7.       Know your local real estate market: Make sure you and your REALTOR® are familiar with everything that is going on in your local housing market.

Read:  Tips for First Time Home Buyers

Posted in Marketing, Ownership, Real Estate Market Conditions

Ken Hutchison of Metro Brokers Tall Country Realty specializes in residential mountain homes in the foothills of Denver.

Interviewer:  Hi I am Kathy Soltero from Metro Brokers TV.  Today we have in the studio with us Ken Hutchison.  He is the broker owner of Tall Country Realty in Conifer.  Thank you so much for coming in today. 

Ken:  Thank you. 

Interviewer:  Tell me about where is Conifer? 

Ken:  Well Conifer is southwest of Denver about 25 miles from Downtown and about 25 miles from the Denver Tech Center. 

Interviewer:  So... mountain country? 

Ken:  Very much, in the foothills, about 8000 feet, with very beautiful vistas and views and everything. 

Interviewer:  All right.  How long have you been in the real estate business? 

Ken:  Well I started the business in 1971. 

Interviewer:  Wow, so you have seen a lot. 

Ken:  I have yes,

Interviewer:  Tell us about your experience, tell us a little bit about what you do and what you specialize in? 

Ken:  Well I do residential real estate and I have built houses, mainly for first time home buyers.  And I really have specialized in that because I really enjoy dealing with first time home buyers. 

Interviewer:  It's quite a different market these days isn't it? 

Ken:  Oh, yes completely different. 

Interviewer:  Tell us about some of the things that you are seeing that so different in the areas that you are working in? 

Ken:  Well, I work in the Evergreen, Conifer, Bailey, and Pine areas. You have got to cover a large area because there aren't very many people up there.  So, you deal with quite a few different aspects of real estate. 

Interviewer:  And are you doing bank owned properties as well, short sales, you are still seeing a lot of that up there in the mountain area? 

Ken:  Yes we are seeing that, that's mainly the main business that we are in right now. 

Interviewer:  Okay.  Have you seen it kind of like trickle off a little bit or? 

Ken:  Yes, we are having a shortage of homes that are on the market right now.  You don't get to pick and choose like you used to. 

Interviewer:  Right.  Tell me about mountain real estate versus the neighborhood real estate that we are used to here down in the Denver Metro area.  How is that different? 

Ken:  Well mountain real estate is different because you have wells and septics and you need somebody that understands what is a good well production?  And septics you have got to have an inspection before you can even purchase a house in Jefferson County anymore.  And then the other thing that you always got to look for in the mountains is you want a house that gets good sun and good driveways.  And those things will save you immense amount of money in utility bills. 

Interviewer:  How do you know that when you are up there and you are looking around because you are kind of surrounded by all these mountains? 

Ken:  Well you can tell... you've got to look for the sun!

Interviewer:  Yeah, and the snow, right? 

Ken:  And the snow if there is snow on the ground and you look over to the left or right and there is no snow you think well I would rather be over where the sun is.  You bet. 

Interviewer:  Exactly, all right.  Well Ken, how can people reach you? 

Ken:  You can reach me at 303-838-1661.  I am located at 2627 Conifer Road in Aspen Park. 

Interviewer:  Okay and do you have a website as well or...? 

Ken:  Yes the website is TallCountryRealty.net. 

Interviewer:  Ken thank you very much for coming in and talking with us today and telling us a little bit about your real estate. 

Ken:  Thank you. 

Interviewer:  Good luck to you. 

Ken:  You bet. 

Interviewer:  And for more real estate related videos like this one.  Be sure to tune in to metrobrokerstv.com. 

Posted in Marketing, Buyer Resources, Story Request, Real Estate Market Conditions

Metro Brokers agent, Jan Hepp-Struck of Hepp Realty is located in Brighton Colorado and can help you with residential or commercial real estate in the Northern Denver metro area.

Interviewer:  Hi I am Kathy Soltero with Metro Brokers TV.  Today in the studio we have Jan Hepp-Struck with Hepp Realty.  Thank you so much Jan for coming in and talking with us today. 

Jan:  Thank you.   

Interviewer:  Tell us about where you are located?  You are out in Brighton? 

Jan:  I am located in Brighton.  I founded Metro Brokers of Brighton in 1983 and began Hepp Realty LLC.  I joke with my friends, my peers and tell them that I am Metro Brokers.  I was elected as one of the first female members of Metro Brokers Inc. board and then I served as the first female president of the board in 1987 and the second in 1997 and I served on the board and as an officer and in committees for over 18 years consecutively. 

Interviewer:  Wow in the 80's that wasn't a great time... 

Jan:  80's and 90's yes. 

Interviewer:  Well and then it started to get better right. 

Jan:  Yes-yes-yes. 

Interviewer:  Okay.  So, is that as long as you have been in the industry that's when you got started and everything? 

Jan:  No I actually was originally licensed in 1977 and then I joined Metro Brokers in 1983. 

Interviewer:  Okay great wonderful.  Well being a president and that sort of thing, past president, that's awesome. 

Jan:  It is. It was a pleasure. 

Interviewer:  Tell me about you are so involved in your community.  Tell me about that? 

Jan:  It's been my pleasure to give back to my industry and to my community.  I have a resume two pages long itemizing all of that, I've recently been appointed by the Brighton City Council to serve on the Brighton Urban Renewal Authority, which is fascinating.  I am enjoying that. 

Interviewer:  Oh, my gosh.  So that's like all the expansion and kind of development that can go around in Brighton and that sort of thing. 

Jan:  Yes-yes. 

Interviewer:  That's wonderful that you have got all that input then. 

Jan:  Yes-yes. 

Interviewer:  What locations then do you actually focus on? 

Jan:  I focus in Brighton, that's my location, but, in addition to that all of Adam's County and Southern Weld, so I would be your contact for residential and commercial office, retail, industrial, farm, ranch and land real estate in Brighton, Henderson, Thornton, Fort Lupton, Northglenn, Lochbuie, Kingsburg, Hudson and the Tri-town areas, as far as on Firestone Fredrick and Dacono. 

Interviewer:  Wow so that really is a broad area. 

Jan:  It is a broad area full of communities that were smaller but, now they have grown. 

Interviewer:  Absolutely.  Your website says that you offer a 100 percent customer satisfaction.  Explain what that means? 

Jan:  Well our customer's satisfaction is our number 1 priority and we all focus on being in touch, in contact and taking care of all the responsibilities and duties at our end. 

Interviewer:  So tell me how can people get in contact with you Jan? 

Jan:  My cell phone is the best way to contact me, 303-520-4340 or the website HeppRealty.com, where they can view more information about me, my company and our listings. 

Interviewer:  Awesome.  Well thank you Jan very much for coming in and talking with us today. 

Jan:  Thank you. 

Interviewer:  You have been hearing from Jan Hepp Struck with Hepp Realty out in Brighton, Colorado and for more real estate related videos, like this one, be sure to tune in to metrobrokertv.com.

Posted in Buyer Resources, Real Estate Trends, Real Estate Market Conditions

Hold your breath... it's time for the appraisal.  You will either love it or hate it, depending on how your home is valued, especially in today's market, with home prices way down (but rising!).   An appraisal is necessary to complete the home selling process.

 What is the appraisal for?  The appraisal protects the interest of the lender, by making sure the property is worth what they are loaning on it.  The lender hires the appraiser and the buyer ultimately pays for it.

The appraisal is not an inspection but the appraiser will note any major concerns that might affect property value, such as a leaking or damaged roof.  A home inspection should still be done by the buyer.

Appraisers usually use one of three methodologies for determining value:

• The Cost Approach - The fundamental premise of the Cost approach is that the buyer shouldn't pay more for a property than it would cost to build it.
• The Sales Comparison Approach - Comparing the property with those of recently sold properties and then adjusting the price according to specific characteristics which influence value.
• The Income Approach is particularly common in commercial real estate and business appraisals. 

If the appraisal comes in lower than the price agreed upon for purchase, you do have recourse.  You and your agent can appeal it in writing.  This is the time to use facts and figures, not emotions; use alternative comparables, correct any errors, such as square footage and point out any improvements missed in the initial appraisal.  Time is a factor, so make sure you do this right away.  Find out if there is a deadline for disputing it.  

Contrary to popular belief, the seller can be present at the appraisal.  But be prepared and don't be caught off guard during the appraisal. "Do your homework," says an article on HomeCheck.com, "Prepare for your home appraisal like you would for a home sale."

You are in essence re-selling your home.  "Make sure all the maintenance you can do is done; this includes clearing and trimming the yard to painting the house - hopefully most of this was already done for the sale and should at most need only a minor touch up. Be polite to the appraiser and give them full access to your home; work with them not against. Inform the appraiser of your home improvements. Let them know about the new windows, new floors, the finished basement, etc." (HomeCheck.com)  You might even prepare a list of improvements and costs to give to them, be sure to include items not visible in photographs, such as a new air conditioning system, or high efficiency systems.

Provide the appraiser with comparable solds:  "Know what similar homes are selling for in your neighborhood. This is something that should be done before setting your selling price. But in case your home has been on the market for a month or two, keep your research current. Let the appraiser know about similar homes and what they have sold for, especially if you know why a particular home that is like yours sold for less- let them know why your house is different. (HomeCheck.com)

Pricing your home correctly is the most important thing you can do in today's market.  If your home is over-priced, it could mean a long selling season.   "Some homeowners are electing to pay $300 to $400 for an appraisal before putting their homes on the market," states The National Association of REALTORS®.  Understand that the lender will still, most likely, hire their own appraisal done during the contract process. 

The bottom line is that if the appraisal comes in low, you might have to consider lowering the price or some other steps to work things out.  If the issues can't be resolved, you might have to consider withdrawing from the contract.

Read more about Home Appraisals at HomeCheck.com.

photo credit: Ken_Mayer

Posted in Seller Resources, Real Estate Market Conditions, Headlines

More than 230,000 loans began the foreclosure process in January, reports Diana Olick on CNBC.  "Thousands of foreclosures that were stuck in process due to delays over the so-called "Robo-signing" paperwork scandal are working their way through a revamped banking system and heading toward final bank repossession."

Repeat foreclosures, which are failed loan modifications or loans that banks couldn't modify, also hit an all-time high in January.

Even though banks are working aggressively to modify loans, there are still almost 4 million loans in the process of delinquency that have not even begun the foreclosure process.

"The large amount of foreclosures that have been sitting out there, with borrowers not making payments for an extended period of time," says Herb Blecher from Lender Processing Services, "this may be coming to an end."

"While new mortgage delinquencies are falling, the backlog of distress is large." says Olick. "More than 40 percent of loans in foreclosure are more than two years past due and judicial states have 63 months of foreclosure inventory to work through."

Seeing an end to these large amounts of foreclosures will help the overall housing market in the long term. "This is what the market is looking for." says Blecher.

Read the full story at CNBC.

Posted in Buyer Resources, Real Estate Trends, Real Estate Market Conditions