Archives for category: homes for sale in Denver CO

If you have reached an unofficial agreement or even signed some paperwork beginning the transaction to own a house, you should know that oftentimes what even looks like a sure sale can fall apart. Getting attached to a home only for there to be a problem or technicality in your way can lead to disappointment when your dream home falls out of your grasp. To make everything smoothly, perhaps consider a real estate agent to help guide you through putting up Denver Colorado homes for sale. During the transaction process, be on guard for the common ways that transactions fall through.

Contingencies

A contingency is a condition set into a transaction agreement that must be met before transfer of ownership becomes official. If the buyer or seller has a concern about something getting accomplished before the contract becomes official, then they can work this into the contract just in case. These are promises made by the two parties that protect them in case they need to fall out of the sale if the conditions cannot be performed. A contingency may have to do with passing inspection, or perhaps the buyer wants to include a clause that the sale of the house is not final until they sell their previous home. A contingency that most contracts have is that the buyer must obtain secure financing to purchase the home.

Disclosure

If you are seriously considering a home, there are things about the home that the owner is required to disclose. A disclosure is a required action by the seller to inform the buyer of anything they may need to know after taking over ownership. This could be anything that could affect the future ownership and value of the home. The exact rules may vary from state to state, but this could be something like leaving out that construction project that you know will be starting up later this year, making a lot of noise and covering up a great view. It could be a leaky roof or a termite inspection. A seller can face penalties such as lawsuits if they fail to disclose of a home issue.

Underwriting

An underwriter is a member of the lender’s team that will evaluate the risk involved with lending the hopeful buyer money. The underwriter will take a look at the actual value of the home in case it must be used as collateral and other financial information necessary to evaluate risk.

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.

Even if you aren’t knew to the real estate game, understanding real estate lingo can be confusing. You may find yourself constantly researching the words you’re looking at. And if you don’t have a real estate agent to help you sort things out with homes for sale in Denver CO, you should look forward to study sessions to get a handle on the process. To help you out, we’ve listed some common real estate lingo with some helpful definitions:

Closing costs—the price of the home in question is not the only expense that buyers and sellers have to deal with. The total costs associated with closing on a home are called closing costs. These may include fees or costs dealing with mortgage, escrow, attorneys, brokerage commission, taxes, transfers, insurance, and anything else that is paid for when buying the home.

Fixture—this term deals with the difference between real property and personal property. In the legal sense, real estate is termed “real property” while anything movable that the previous owners will be taking with them is personal property. Fixtures are a part of real property and are often put in writing so it’s clear who will be getting what, because it can be tricky with items like blinds that could be seen as either and that the previous home owner may have become attached to.

Contingency—a contingency is an agreement that includes an if. This means that the terms of the agreement are not officially legally binding until a certain thing happens. For example, a home buyer and seller could have an agreement that states that the buyer must have an appraisal that matches the asking price of the home before legally purchasing it. Even if they agreed to sell, a seller here could back out if this condition isn’t met because of a contingency provision.

Disclosure—this is anything that the seller must inform the buyer of before they take over ownership. These are things that will have an effect on future value or use of a property. This could be a leaky roof, a property that is prone to flooding, or anything else that the new buyer may need to know.

CMA—a comparative market analysis or competitive market analysis. This report will analyze the market for similar homes in the area that were sold, and what price they were sold for. These reports also often show details for homes currently on the market.

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.

Recently, we took a look at do’s and don’ts for home sellers when showing their home. Now we’ll be talking about the other side of things. When you are looking for homes for sale in Denver CO, it is important to follow certain etiquette when attending a home showing. If you’re going to take a look inside of a home, make sure to follow these important tips:

Don’t bring your kids or pets

This should be obvious, but you would be surprised how many showing attendees think of attending a home showing as a trip to a park. It is better to not bring your kids, but if they must come, make sure they are not running around and causing a ruckus in your host’s home. If your child makes a mess or breaks something, this can turn your dream home into an awkward situation that may not be worth pursuing for the resentful seller anymore. Generally you will not want to bring pets at all, as you cannot always control their behavior or the allergies and preferences of the home sellers.

Leave everything how you left it

If you are attending a home showing, it is important to remember to look, not touch. If you have to touch something, make sure everything is still in order when you leave it. This also means cleaning up after yourself if you use any of the facilities.

Try not to schedule for awkward times

When scheduling a showing, you will want to schedule a look at appropriate times. Many sellers know that they should try to accept any times that a buyer wants to look at a home, and also that they should try and be absent during showings. This is why you will not want to schedule showings too early or too late in the day. You don’t have to adhere to normal business hours, but you don’t want to schedule a time that the seller may not have left for work yet or when they are trying to go to sleep.

Focus

When you are looking at a home, try not to waste the time of the agents, sellers, and buying partners by focusing on the matters at hand. This does not necessarily mean non-home buying issues are off limits, but try not to be so social or otherwise distracted that you don’t get to the point of the visit. Be polite and conversational, but make sure that you take care of business at the same time.

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.

A big factor that can make or break a home sale is the real estate agent. The agent is who the buyer or seller looks to for advice and expertise to navigate the real estate market and having a good agent will make all the difference. Here are some qualities of a great real estate agent:

They have a vast network

There’s a reason real estate agents tend to be social creatures—having a large network to fall back on for business is a huge advantage for a real estate agent. Many clients that they end up selling houses to or for come from a network of previous clients and people that they already know.

They only do real estate

While a part-time real estate agent isn’t a deal breaker, you should make sure they are dedicated to the amount of work they promise. This means that “entrepreneur” type of part time real estate can be dangerous, as this type of real estate agent may just like to collect interests, having many other “jobs” along with selling real estate. You want an agent that has dedicated a career to knowing the ins and outs of real estate rather than just knowing the ins and outs of a lot of different topics. You should always ask whether your agent is full or part time and whether they have any careers other than selling real estate, and if they do, ask how serious they are about selling real estate.

They’re consistently on time

Being a little late every once in a while is only human, but an agent that is constantly late is a sign of inefficiency and that your agent is unprofessional. Booking and making appointments according to an irregular schedule is a huge aspect of a real estate agent’s job, and so an agent who fails to do this is probably not taking their job seriously, and signals that the agent does not respect your time. An agent that does not respect your time will probably not work very hard to sell their house when they are not standing right in front of you, and a lot of work necessary to sell a house happens behind the scenes. A professional will work as hard to sell your home from behind a desk as they do in person, and so look for an agent who understands the importance of respecting the time of others when buying or putting up homes for sale in Denver CO

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.

Finding the right home can be impossible if everyone on your team is on a different page. Before setting off house hunting, make sure you’ve had a good talk with you agent and whoever you’re buying a house with over what exactly you’re looking for in a home. An agent won’t know what to show you unless you give them something to work with.

And while it’s good to be open minded, give your selection some type of scope—for example, if your spouse was hoping for a cozy bungalow while you’ve set your eyes on a sprawling Victorian, you’re unlikely to find a satisfying combination of both desires. Make a list of things like how many stories, bedrooms, bathrooms, acres, and other home features you want and another list of things you don’t want. Often times, prospective buyers found that they wanted or didn’t want a feature that they didn’t realize was an option. Your agent may arrange a showing only to see a pool or smaller kitchen that your partner was fine with but for you is an instant deal breaker, wasting the time of everyone involved.

Another issue is if you have a buying partner that is not actually going to be living in the house. For example, parents of adult children may wish to make an investment and help them purchase a home. This means that many names would be on the lease, but not all of them would be living there. Your investors may be looking for features that could help add resale value rather over thinking about what sort of home your family could be comfortable in. It’s not ungrateful to speak up about your priorities—it’s more important to be open about what your family needs than to let it cause resentment later on, and besides, there will be plenty of compromises to make. For example, if your investor wants a lot of acreage but you’re not up to the neighborhood’s demand for maintenance, perhaps your investor should take charge of this task until the home is sold.

You are allowed to be reasonably picky when it comes to picking out such a big investment, so make sure everyone on your team has the same vision for what you want in homes for sale in Denver CO. Don’t be afraid to say exactly what you like—even if your agent can’t find it specifically, real estate professionals have experience finding alternatives or the essence of what you want. And the more you suggest, the more your agent will understand your tastes.

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.

Even if you aren’t knew to the real estate game, understanding real estate lingo can be confusing. You may find yourself constantly researching the words you’re looking at. And if you don’t have a real estate agent to help you sort things out, you should look forward to study sessions to get a handle on homes for sale in Denver CO. To help you out, we’ve listed some common real estate lingo with some helpful definitions:

Closing costs—the price of the home in question is not the only expense that buyers and sellers have to deal with. The total costs associated with closing on a home are called closing costs. These may include fees or costs dealing with mortgage, escrow, attorneys, brokerage commission, taxes, transfers, insurance, and anything else that is paid for when buying the home.

Fixture—this term deals with the difference between real property and personal property. In the legal sense, real estate is termed “real property” while anything movable that the previous owners will be taking with them is personal property. Fixtures are a part of real property and are often put in writing so it’s clear who will be getting what, because it can be tricky with items like blinds that could be seen as either and that the previous home owner may have become attached to.

Contingency—a contingency is an agreement that includes an if. This means that the terms of the agreement are not officially legally binding until a certain thing happens. For example, a home buyer and seller could have an agreement that states that the buyer must have an appraisal that matches the asking price of the home before legally purchasing it. Even if they agreed to sell, a seller here could back out if this condition isn’t met because of a contingency provision.

Disclosure—this is anything that the seller must inform the buyer of before they take over ownership. These are things that will have an effect on future value or use of a property. This could be a leaky roof, a property that is prone to flooding, or anything else that the new buyer may need to know.

CMA—a comparative market analysis or competitive market analysis. This report will analyze the market for similar homes in the area that were sold, and what price they were sold for. These reports also often show details for homes currently on the market.

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.

In order to sell a house, there are the conventional methods sellers and agents use, such as flyers, open houses, showings, and online listings. However, the market’s environment these recent years has encouraged sellers and buyers to use unconventional methods for buying and selling real estate. Not every home is bought and sold in the same way, and those with unique needs and situations may consider one of these creative or unconventional methods in order to buy or sell a home.

Cash offers

There many advantages to buying a home in cash. It’s cheaper, and you don’t have to worry about struggling to make payments. Sellers prefer cash buyers, as it typically makes the whole process easier and faster, and you may even be able to pay less for the home if you can pay in cash—the sellers do not have to worry about the buyer getting denied by the lender during the process, which can happen even if the buyers are pre-approved or if the appraisal is less than the agreed upon price. The buyer gets to move in sooner, and closing costs are usually lower. Also, don’t forget about all that loan paperwork that cash buyers don’t have to fill out or bring around with them.

“Viral” promotions

While this is perhaps the rarest method, some sellers have started unique promotions to bring in business. The promotion could be as simple as a free dishwasher or dining set. Other types of incentives can include country club memberships and cars. But some sellers have escalated the freebies in order to bring attention to their homes with a viral effect. Take the San Diego development company that offered to give a $400,000 dollar home to those who bought one of their luxury homes.

While these types of promotions do often result in sales directly, one of the main benefits is that they create buzz. Word of mouth is still a very effective way to sell homes. These viral marketing promotions get people talking, and then they get interested. Odds are, many buyers brought in as a result of the promotion came into contact with a photo or detail about the home for sale through the marketing buzz and were simply informed that a house within their specifications was for sale. However, incentives definitely sweeten the deal.

If you are looking at selling or buying homes for sale in Denver CO , one of the best strategies you can use is the help of a real estate agent. An agent will be able to think of a marketing plan tailored to your home and market or find the right home 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.

We’ve been looking at red flags that homeowners should look out for when buying a home. As they narrow down options in the buying process, potential buyers often start to notice things that may not have been a concern when looking at the home’s big picture. There are many problems that may seem minor but will actually be more work to fix than originally thought. When looking for your new home, look into these red flags in order to save yourself a major headache later on:

Ceiling stains

While some ceiling stains may be considered normal for a home that has been lived in, there may be a reason to look at stains more closely. Especially if the stain is below a bathroom or other plumbing sources, it could be the result of a leak. Repairing leaks can be expensive, and unrepaired leaks can lead to further damage and mold. You don’t necessarily need to veto a potential home just because of ceiling leaks, but make sure to do a thorough evaluation as to the causes of the leak and how much repairs would be. Speaking of stains, other wall or floor stains may be a concern for water damage as well, especially in the basement, where you would commonly see damage from flooding or leaks.

Strange odors

Strange odors may be just that—an unfamiliar smell that someone outside of the home just isn’t used to. However, a strange odor may also be a sign of a larger problem. Heavy damage from pets, smoking, or other activities may pose a larger problem than they seem, with the odor remaining long after the pets and previous occupants are gone. This may not be a quick fix. Strange odors may also be a sign of mold or water damage, which may also be a sign of a home prone to leaking or flooding. Evaluate any strange odors for sings of a larger problem. If the house smells of bleach and other cleaning materials or air fresheners, make sure that this is due to regular cleaning and freshening rather than an attempt to cover up a larger problem.

Missing pictures

Even before you go to look at a home, look at the online photos closely. If there are pictures of areas missing that seem like they should be included, such as the master bathroom or kitchen, then take a close look at these areas in person. While it is possible the buyer just did not include a picture of these areas, there could also be a reason why the seller did not want to showcase that particular space.

Spotting these red flags are often much easier with a buyer’s agent to help you. If you are looking for homes for sale in Denver CO, consider using the help of a PorchLight agent to help find the perfect home 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.

Like the rest of the market, the luxury real estate market has been recovering nicely. The Denver area is no exception. The state of the market is good news both for those looking to list or buy a home. Although numbers have been rising steadily for over a year now, this area’s market is seeing very significant number increases just from March of this year.

This April, ninety-three luxury homes were sold. Last year, this number was at forty-four. Seventy-one have been sold since this March, meaning the market saw a 31% spike in just a month. In April, Denver saw thirteen homes sell for over the $2 million mark. Denver is seeing more million-dollar homes selling that any other Colorado city, with 24 of these homes sold. Boulder was at second with 19.

Another good figure is that Denver is not only seeing more homes selling but they are selling faster. Homes sold in April were on the market for an average of 120.7 days, decreasing by more than ten days from March. Many sellers of desirable homes have reported homes selling in a matter of days. In April 2012, this number was at 172.6. And, sellers have another reason to be excited—reports state that sellers are getting around 95.7% of what they listed the house for, a number that was at 92.6% in April 2012.

While these numbers will be making listers happy, you may be wondering why this is good news for buyers. Well, a healthy market on one end usually means a healthy market at the other end. Houses are spending much less time on the market because of how desirable of a market there is to buy from right now. Interest rates are low and values are increasing. And, steadily rising numbers mean that the market is steadying, giving buyers confidence that these trends will continue.

While Denver has a home to offer any budget, from cute bungalows to sprawling Victorians, the luxury market has been very active lately overall. The Cherry Creek neighborhood, known for its upscale offerings, will be seeing development of a luxury Hyatt hotel soon. The Highlands/Jefferson Park area will soon see a 332 unit luxury apartment addition.

It’s no mystery why a luxury market thrives in a place like Denver, with a beautiful environment and lively amenities to match. If you are looking at Denver Colorado homes for sale, take a look at what a PorchLight agent can do 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.

Simply put, the statistics are saying that Colorado real estate is steadily recovering, and it doesn’t look to be stopping anytime soon. Whether you are a home seller or a home buyer looking in Denver or surrounding areas such as Aurora, you should be paying attention to what the market trends are saying.

Some important trends to take note of:

More homes are selling

The Colorado Association of Realtors has reported that first quarter sales for Colorado are up by 16% since last year. Included in this figure are 18,000 residential properties. Denver constitutes quite a bit of these homes, as it is one of the most desired places to live in Colorado. Alone, Denver home sales have increased by 17.5 percent since 2011. Denver houses appeal to buyers for a mountain of reasons—the beautiful environment, nice weather, great communities, exciting nightlife, recreational activities, and a diverse selection of homes to choose from. No matter what kind of home you’re looking for, you’ll find it in Denver. Check out a new luxury home in Cherry Creek or a charming historical Victorian in Baker. Or, perhaps your style is more of a Berkeley fixer-upper, a converted industrial loft, or a laid-back bungalow. Denver and surrounding areas such as Aurora have many of these styles and more, so you are bound to find your dream home.

Homes are selling faster

It’s not only important to see that more homes are selling, but that these homes are selling faster. On average, Colorado homes are staying on the market for 90 days, around a week sooner than last year. This means that if you have gotten used to the speed homes were selling a few years ago, many of the homes you would be interested in won’t be available for as long as you’d think.

What this means for buyers and sellers

As homes continue to sell faster, it’s important to stay in the game and take the chance to consider houses before another buyer snatches up your perfect home. This also means that the real estate game pace will be moving faster. Sellers must be ready for shorter sale periods and buyers must be ready to face more competition, as houses are spending less time sitting. Many buyers may not have the opportunity to further consider their decision as the house remains on the market. For help listing or looking for homes for sale in Denver CO and Aurora, considering hiring a PorchLight real estate agent to compete in this fast paced market.

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.