Part II: Common turn offs for real estate buyers

Along the road of selling your home, you will probably have many different interested buyers. However, it doesn’t take much to lose this interest, especially considering how big of a decision buying a home is. If you selling Aurora real estate, consider these common missteps or turnoffs that can cause a potential buyer to lose interest.

You’re not friendly

Although in initial stages, contact may be brief, you will most likely get to meet prospective buyers once the transaction gets into the more serious stages. Any seller should keep in mind that even though the principle interest is in the house, the way you act can turn off prospective buyers from a sale. Try to be polite and not overbearing, and although it’s understandable that you’re attached to your home, try not to be territorial. Let them get a chance to have a thorough showing without your presence so that they can take a look without being distracted. If you’re annoyed by a showing’s timing and can’t leave your home, try to hide your annoyance.

They saw the neighboring properties

If the buyers liked what they saw on your online listing, this is a good sign. However, they haven’t seen the neighborhood yet. The buyer will be taking note of your surrounding area, neighborhood, and the properties right next to yours. Even if they love your property, if they don’t like the scenery they’ll have to look at every day, this can be a deal breaker. Many buyers can dislike surrounding properties so much that they may turn around and cancel the showing.

The home isn’t as impressive in person

It’s a great strategy to have high-quality photographs of your home, and to decorate strategically to make your home photogenic. In the photos, it is easy to hide or downplay a weak spot you have in the home, or you have excluded areas that need the most updating. But remember that even the best pictures and decorating don’t guarantee as that the buyer will like what they see in person. Perhaps it isn’t exactly what they imagined become disinterested. Or, the features that were purposely excluded from photos were deal breakers.

You don’t respond well to feedback

If your prospective buyers give polite feedback after a showing, take up the chance for some constructive criticism and don’t take it personally. Even if they have some negative things to say, they could still be interested with the intention of making some updates to suit their needs. This is why you should take criticism gracefully, and don’t assume you’ve lost a sale just because the buyer doesn’t like a few things.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Part II: Real estate lingo any buyer or seller should know

If you are buying and selling a house, it can be difficult to understand all the real estate terminology you would come across in the process. Too keep yourself in the loop with Aurora real estate, you either need to have a helpful agent or time to hit the real estate books. Check out some common real estate terminology so that you don’t get left behind:

Escrow—a party outside of the buyer and seller that holds onto funds until notified that the transaction can officially take place. This may be used when there are conditions that must be met before the transaction, but the other party needs the reassurance that the money is there.

Amortization—a method of loan payment where the borrower must follow a payment schedule. The initial period of this schedule will primarily focus on repaying the interest first.

Underwriting—this is when lenders will take a close look at the financial risk of lending to a buyer and determining the right characteristics for the loan. The lender will also look at appraising value of the house in regards to future collateral. The borrower will have to pay an underwriting fee for these services and for verifying data from the borrower’s application.

FHA—the Federal Housing Administration, which offers mortgage insurance from approved lenders. This is called an FHA insured loan.

Agency disclosure—during a real estate transaction, the requirement for agents to be upfront concerning who they are representing. Different states will have different laws determining at which point in the process this must be disclosed.

Upgrades—an option to improve a feature of the home. When looking at home features, if there is a weak spot that is not just a quick fix, then the seller will often offer an upgrade as part of the package.
Decorating allowance—similar to upgrades, a decorating allowance is an agreement that money will be offered by the seller for redecorating. This is often held in escrow, and is typically negotiated along with all the other terms of the purchase agreement.

Encroachment—this is a structure on a neighboring property, such as a fence, that extends over the boundary lines. This is a common concern for potential buyers, as the previous owners may have agreed to the encroachment (Letting tree branches extend over the fence because they thought it was pretty, for example.) didn’t notice, or did notice but didn’t say anything.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Why to buy right now

With the economic recovery on track, the housing market is on the upswing and low housing prices will soon be a thing of the past. Within the last year the home prices and interest rates on mortgages have in some places risen up to 22.5 percent higher than they were, meaning that a $140,000 house in 2012 is now listed for $171,500.

Decreasing supply combined with a growing economy are computing to higher home prices. This trend in increasing rates and prices is likely to continue as the economy continues to become stronger. Now is the time to take advantage of the low rates before they get any higher. Bottom line, houses are only getting more expensive, waiting for a lower price or a better mortgage rate may leave you without a home.

A study done by a leading industry source did found that it is actually cheaper to buy than to rent in several markets these days finding it to be 58 percent cheaper to buy than rent in New Orleans and 70 percent cheaper in Detroit. Trends like these suggest the housing market has seen its lowest and will continue to be on the rise for as long as the economy grows at the rate it has been. When considering whether or not to purchase a home keep these things in mind:

It is cheaper to buy than rent right now.

Compared to the post-recession lows both home prices and rents have risen a little bit, but rent has increased more. With the consideration of tax benefits, mortgage rates as low as 4 percent and an only increasing market now is the time to buy and stop wasting money on rent.

Growing economy will cause prices and rates to go up. Historically after a recession home prices went up by 20 percent with in seven years of the lowest point in the recession. The drop in housing prices with this recession was as much as 4 times what it was in the last two recessions. Meaning that the gradual recovery of the housing market could lead to exponentially higher prices than we have seen in the past.

Inflation is imminent.

In the last five years, the amount of money put into circulation has tripled in an attempt to kick start economic recovery resulting in a dollar worth two thirds its value. Now that the economy is on an upswing, the Federal Reserve will remove currency from circulation to reinstitute the full value of the dollar.

The housing market has already bottomed out.

Nationally, home prices have increased 10.2 percent since 2012 and are still climbing. It is safe to say that home prices aren’t getting cheaper but more costly.

Market conditions for purchasing a house are almost optimal.

With current rates and prices so low and evidence showing a steady increase in house values, the time to buy is now. Taking advantage of market prices now is a chance not everybody gets. As a potential home owner, striking while the iron is hot will save lots of money in the long run. Fortunately, the window of opportunity is still open and becoming a homeowner now is a decision you will appreciate years down the line.

Take a step towards your future and invest in Aurora real estate today!

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Part II: Signs that you may need a new listing agent

We’ve been taking a look at red flags that your listing agent isn’t working out. You could be getting little interest or not attracting the right kind of interest in your home. Or, perhaps you’ve been making connections with prospective buyers that keep falling through. While it could be the market, the issue may be your agent. There are many signs that you should look into a real estate team changeup:

3. You don’t see any evidence of marketing

The way that houses get sold is through marketing, particularly on the internet. While you may get some interest from those that happen to pass by, odds are, your buyer will come from a connection they made through the internet. You’ll likely want to have the standard flyers or brochures available for this foot traffic, but most of your other marketing should be online. But, this doesn’t just mean one listing. If you ask your agent to see where your house is being marketed and all they have to show is an MLS online listing, you’re not getting enough online exposure. Buyers use many different types of websites to search for a home, so you’ll want to have a web presence with a far reach.

Also, the quality of the marketing matters as well. How much traffic do these websites get, and how much traffic for interest in your area? Your agent should be using the best websites available to them. Don’t overlook the content, either. If your photos are unappealing or fail to showcase the highlights of your home, this will not gather much interest. Or, you’re not attracting the right kind of buyers because the major buying points, such as a pool or large backyard, aren’t getting enough attention on these listings. Buyers that want the pool may not give the listing much attention and buyers that don’t want a pool may not realize their interest is a waste of time.

4. They’re always late

While you may not be your agent’s only client, you should still expect a standard of punctuality from your agent. Chronic lateness is not only an inconvenience to you but a sign that your agent lacks professionalism. If they don’t value your time when making appointments, how do they value the time they spend working on selling your home? Not to mention, real estate may be their job, but it’s probably not yours. You probably don’t have the time to sit around waiting for your agent to show up, which takes a toll on the effort to sell your home. If you are looking to sell Aurora real estate or a home in the Denver area, perhaps a PorchLight agent can help.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Common reasons a home isn’t selling

While the home selling process may just take longer for some homeowners than others, many home sellers are actually making common mistakes that are delaying the sale of their home. If you aren’t getting any offers or even any showings, you may be asking yourself why. To help budge the sale of your home into activity, consider these common mistakes that keep homes on the market:

Your home is outdated

If your décor is dated and the house needs some fixing, there are a few reasons buyers could get turned off by this. First of all, it is difficult for many prospective buyers to get past gaudy or old decorations, even if they are figuring a redecoration into the package. Bold colors, patterns, and outdated patterns can distract a potential from imagining the home the way they would want it. For this reason, many homes require a redecoration with more neutral colors and current decoration.

The other issue is that appliances and areas of utility need some work. An outdated kitchen is a common turn off for many prospective buyers. Buyers will likely be more interested in a home that will be less work. If they see that your home needs more renovation or updating than other homes on their list, then it may get crossed off in favor of homes that are ready to go. Making these changes can not only drum up interest but add value to your home as well. If you haven’t put your home on the market yet, it is a good idea to get started on these updates as soon as possible

Your list price is too high

This is one of the most common home selling mistakes. The home seller may not be aware that their price is too high, or they are setting the bar high thinking that potential buyers will just make lower offers anyway. But if you have little interest in your home and there aren’t any other overwhelming issues, then you may want to consider reevaluating. Even if you would accept a lower offer, a potential buyer may pursue other homes in their price range and not even take a second look at your home. If you believe your price is fair, you will need the expert advice of a third party to consider whether your list price is too high or not.

As common as these mistakes are, many homebuyers do not realize why their home is taking so long to get moving. If you are selling Denver or Aurora real estate, you may want to enlist the help of an agent in order to increase interest in your home.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Part II: What the statistics say about Colorado real estate trends

It’s true—the market is recovering, and the Colorado area is no exception. In fact, this section of the real estate market is showing strong growth in the Denver area alone.

Median home prices are rising

Median home prices are a good way of measuring the value of a particular area. While in some cases it may mean that one area is more upscale than the other, when you see an increase in median home price, this means that home values are going up overall. In Colorado, the median home price has gone up by about $33,000. This is 15% more than last year. In just recent months, this figure has seen growth in the Denver area—the median sales price in April was at $280,000 while this number in March was at $268,200. And, not only are median home prices rising, but more sellers are seeing offers at their asking price. The Colorado Association of Realtors has reported that many homes are bought for 100% of their listing price.

Steady increases

While these numbers are something to celebrate, another important factor is steadiness. Sure, the market is recovering, but those looking to buy a house are in it for the long term—the question is, will these trends continue? A good indicator of this is to look at the market’s pattern. Prices have been increasing for the last 14 months according to the Standard & Poor’s/Case-Shiller Home Price index. Considering that median home prices have been increasing at the national level as well, this is good news.

Luxury Developments

The Denver area has seen some new luxury developments recently. This is a good indicator that those with a lot of investment to lose have confidence in Denver’s market. These developments also bring value and business to an area. This trend may also have something to do with Denver’s commercial market being on the upwards swing as well—another good indicator of growth, where rents are up and vacancy rates are down. Some of the luxury developments that the Denver area will see includes a new luxury Hyatt hotel in Cherry Creek that will have over $10 million invested in the project, and a 332-unit upscale apartment project in the Highlands/Jefferson Park area.

Even in a growing market, navigating the real estate game on your own can be tricky. If you are looking for Aurora real estate or real estate in the Denver area, considering hiring a PorchLight real estate agent to help you wade through these numbers.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Common real estate myths, part II

Understanding the ins and outs of real estate takes a lot of time, and even then it’s difficult to know which advice to take. The world is swarmed with real estate advice, both from professionals and aficionados. It can be difficult to understand which advice is good or which advice is misinformed. Here are some more real estate myths to look out for:

For sale-by-owners don’t want to work with a buyer’s agent.

Some might tell you that those selling their house without the help of an agent don’t want to sell their house to someone who uses an agent. This is because both sides will likely save money. But, the truth is, many by-owners may feel intimidated by a buyer with an agent, as their experience may give them a leg up in the negotiation phase. However, many by-owners will understand that agents help the entire process run more smoothly and that the knowledge and experience of an agent is quite the advantage. Some sellers see buyers with an agent as more experienced or trustworthy

Agents will only show you properties that they or a colleague have listed.

The logic here is that agents want a home’s commission to go in their own pocket or in those of their own real estate group. While some real estate agents may do this, most experienced real estate agents know that it is in their advantage to show a variety of homes within a client’s specifications and homes that are truly right for them, regardless of which group represents the home. This is partly because this means a job well done and partly because their job depends on their networking contacts—if you’re happy with your home buying experience, you’re more likely to refer the agent to someone you know when they want to list their house or to use that agent again when you decide to sell or buy a new house. Referrals constantly bring agents new business, which they depend on. Good agents know that in order to bring in new business, they need to do the best job possible with the clients they have.

If you’re looking for Aurora real estate or homes in the Denver area, consider working with a PorchLight real estate agent to avoid these common mistakes. These experienced real estate agents will be able to offer you sound advice and ensure the best real estate experience. m

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

The value of Aurora real estate

Aurora, Colorado is more than a friendly community with a beautiful mountain view—the Aurora real estate market is moving. Aurora’s real estate statistics show that the city’s market is showing progress, a bright spot in this recovering market. The median number of days Aurora homes are staying on the market is 21 while the national figure is at 78. With a 6% decrease in home resale inventories, this means that Aurora’s market is seeing more and more activity.

Over a thousand homes for sale are currently listed and the median sales price has increased by 16.7%. Considering the overall rise in single family home sales, with numbers like these, one could expect the upward trend to continue. In terms of value, Zillow’s home value index shows Aurora’s home values have increased by 17.3%. There are a number of factors influencing the market, but a simple one is Aurora itself—the value of an Aurora home reflects the strengths of the city:

The community is growing. A rise in single family home sales probably has something to do with Aurora’s population growth. Aurora’s population has been steadily rising for decades, with a growth rate at almost 20% since 2000 while the national rate is about 8%. The 2010 census showed a population of 325,078 people. Aurora is becoming one of the most popular places to move, ranked ninth in best American cities to relocate to. One attraction is that Aurora’s cost of living is lower than the national average, but you’d never know this when looking at the beautiful city.

Aurora values itself. Investing in a home means investing in a community, and many home owners have taken notice of Aurora’s community outreach programs. In terms of the real estate market, the city has a neighborhood stabilization program made possible with funds from the federal Housing and Economic Recovery Act. This program buys and develops foreclosures, preventing the problems of vacancy and abandonment, which decrease both the aesthetic and monetary value of a community. Other programs focus on crime prevention and mediation between citizens and the community. On the social level, Aurora is known for its small-town feel with a tradition of block parties and friendly neighbor relations. A community that invests in itself brings reassurance that the city will support homeowners with future problems.

There’s plenty to do. Along with this small town feel comes big city opportunities. You’ll find a lively downtown scene, museums, and theaters along with a wide range of outdoor activities. The Rocky Mountains lie an hour away by car and the city itself boasts eighty parks and over 8,000 recreation programs held by the Library & Recreation Services department every year. The Aurora and Quincy reservoirs give citizens a chance to go sailing, swimming, fishing, and boating. For golfers, the city has seven award-winning municipal courses.

Whether you’re looking at statistics or the community, the Aurora real estate market offers a great opportunity for those looking for a new home.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Denver’s Best Home Interiors

The interior of a house is actually more like the beating heart of your home. Your family will celebrate many holidays, achievements, possibly struggle through hard times, and will bond and become one inside your home. It’s where your children can feel safe and loved, and where you and your spouse can build a family. The interior of a home shows who you are, and what’s important to you. Basically, the interior of your home is one of the most important places you’ll ever be. This is why selling a home boils down to the interior; and not just the potential of what it “could be,” but the beautiful blank slate that you are leaving to the new owner. This is why home staging is so important in selling a piece of real estate. Staging can go a long way in selling a home, and the best Aurora real estate agents will always recommend that a staging professional be brought in to either make some minor tweaks or to completely redesign your interior. Here are just a few small changes you can make to get your home ready to sell:

Cosmetics – It may seem like just a few walls worth of painting, or a nail needed here or there, but to a buyer, these can look like major fixes that they aren’t looking to add to their “To do” list. Buyers are under extreme stress from their home search; they are scheduling multiple showings a week, dealing with agents, lenders and inspectors and are dealing with getting out of their current living situation—whether it be selling their home or breaking their rental lease. So just the thought of adding a door to a jack and jill bathroom or painting the upstairs a more neutral color can be just enough to push them over the edge. Staging your home with neutral paint colors, modern accessories and a bit of added detail will help the house feel move-in ready and will be a pleasant surprise if the house is in a price range where it’s competition may not be as ready for resale. Added touches like crown molding, waynes coating, backsplash in wet areas and finished floors will help your home sell quickly and for more money. What may take you a few days and dollars’ worth of painting, adding backsplash and crown molding may get you an offer for $1,000 or more more!

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Interviewing Top Aurora Buyer’s Agents

Buyer’s agents in any major city seem like they’re a dime a dozen; anyone and everyone is ready to help you out when you first start looking at houses. Many agents will be quick to set up an automated MLS search for you and promise you the world for finding your perfect dream home, but when it starts getting more difficult, you can easily feel like the agents have oversold their services and under delivered. Being a great buyer’s agent takes a lot of hard work; simply having your real estate license and a gassed up car just aren’t enough anymore. Buyer’s agents need to be smart, creative and thoughtful to really deliver the kind of service most buyers are looking for nowadays. Luckily you can interview buyer’s agents just like you would interview listing agents, and there are a few key factors to look for:

Patient – Buyers agents need to be as patient as you plan on looking for a home. If you know you’re a “hard to please,” picky, or reluctant buyer, you’re going to need to look for someone incredibly patient. One of the most important parts of buying a home is the process; buyers need to come to terms with many realities that they may not have even considered. Sometimes a home buying experience is a flat out soul-searching process. Buyers learn things about their likes and dislikes and about how the cope with difficult and trying situations.

Reasonable – Now, we all know patience is a virtue, but your Aurora real estate agent needs to be able to reason with you as well. Are they a pushover? Would they show you houses for the next seven years without once reasoning with you on your expectations? It’s pretty common for buyers to think they can buy the world; it seems that every buyer wants the outrageously good deal while every seller wants a quick and overpriced offer. Your agent will need to know how to manage your expectations to help keep you grounded and realistic.

Resourceful – Buying homes in this market is no longer a conventional process; you have your short sales, your real estate owned properties (commonly mistakenly called “foreclosures”) and your regular sales. Buyers agents can even get creative and find properties that aren’t in the MLS and have much less competition. Many of these are either “For Sale By Owner,” cash only deals, and “wholesale” deals. If your agent is resourceful, however, they can make any sale work for you and can even find your financing for cash only deals (right now we can think of at least two ways already that we could make that happen for you).

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.