Archives for posts with tag: Aurora Real Estate

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.

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.

When you’re getting ready to put your home up for sale, one of the first things you must consider is to update your home. Not every area may need an update, but there are likely some problem areas and eyesores that you should try and improve. This could be anything from fast updates to complex renovations, and it could be key to selling your home to the right buyers. Consider these common outdated home weak spots that could probably use a tune up:

The Kitchen

An outdated kitchen is one of the most common turnoffs to prospective buyers. Even if the buyers don’t cook much, a kitchen is a common source of pride when it comes to home owning. An outdated kitchen not only looks very unattractive, but can make even the most simple kitchen tasks a pain. At the very least, you should give your kitchen a thorough cleaning and make some simple updates, like replacing broken cabinet knobs or fixing that leaky sink. But if your kitchen is so outdated that you would need to renovate, make sure you don’t underestimate how much this can boost your asking price. You can very easily look at a kitchen update as an investment that you’ll see pay off with your increased home value.

The Bathroom

Like the kitchen, home owners like their kitchen to be sleek and shiny. Make sure you thoroughly clean all the tiles, the toilet, the sink, and any other common bathroom problem areas. It can be very easy to overlook sore spots like a run-down floor if you’ve been looking at it all these years. Don’t leave any dirt or grime behind, and like your kitchen, you may want to consider some more major updates like re-tiling or renovating your shower.

The Landscaping

If you’ve been laid back about your landscaping these last couple of years and haven’t kept things as trimmed as they should be, then you should look at updating this. A great looking outside can make quite the impression on prospective buyers, so perhaps hire a new landscaper or trim everything up to get it back to your last landscaping plan. If you do minimal work outdoors but maintain it well, consider augmenting what you have landscaped to make an even bigger impression.

The Exterior

Exteriors can get dull and have dirty buildup over the years. If you are selling Berkeley real estate, this can be fixed with a power wash and a repainting, which can make a big different.

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.

You’ve finally found it—the home of your dreams. All you want to know is where to sign. Well, before you sign on the dotted line, there are some things to consider first. Here are some tips and warnings for those who fall in love with a home up for sale:

Don’t overlook the cons

If you think you’ve found your dream house, and you’re over the moon over its great features, you should take a step back and look closely at the whole package. Say you’ve been looking for the perfect covered patio for ages, and now you’ve finally found it on what seems like your dream house. In all the excitement, you may have overlooked other negative features, like that lack of an extra bathroom you thought you wanted. While the perfect house sometimes does not exist and it is reasonable to make compromises, you need to keep in mind what exactly your priorities are. You don’t want to get so blinded by all the features in the ‘pros’ column that you don’t even fill out the ‘cons’ section. Sure, you’ll be happy about that covered patio, but after moving in you may remember just how important that other bathroom was. That’s why it’s important to take a close look at your ‘dream house’ without the sparkle in your eye.

It may be too good to be true

Even after a buyer has settled on a home, it can be a while before the home actually becomes theirs with all the processing involved with transferring ownership. There is a lot that can happen between realizing you’re in love with a home and being able to officially call it your own. First of all, the seller could not accept your offer, or you may have to deal with competing offers. Or, you could hit a snag after the inspection reveals an issue. There could also be legal reasons tying up the sale. This is why, after you fall in love with a home, it is important to keep in mind that it is not a done deal to avoid heartbreak.

It may not be practical

When you’re deciding on your home features, it can be tempting to prioritize the things you want rather than the things you need. For example, your fantasy home may include a swimming pool with a waterslide and an outdoor kitchen. Before you even find this dream Baker real estate house, you should consider whether this is really going to be 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.

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.

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.

Lately, we’ve been talking about the recovering state of the real estate market. With this recovery comes increased activity in the game of buying and selling. A different market environment means that buyers may have to go a different way about purchasing their new home. Don’t be surprised if you see the following trends:

Bidding wars

There was a time not long ago when sellers were thankful for an offer below their asking price after long periods of no action. Now, in a recovering market, there are more buyers out there, many of which may be interested in the same type of house in the same area. Homebuyers shouldn’t be surprised by multiple offers on a house and resulting bidding wars. This also means that sellers can look forward to the possibility of being able to afford waiting out the lower offers without thinking they missed out on their chance. Not every home for sale will be sold after some bidding, but there are more and more sellers out there who can be more selective in which offers they accept.

Motivated buyers

We’ve been hearing a lot in the past few years about how it’s a buyers’ market. While this is not necessarily untrue now, recent statistics suggest that there are current advantages on both sides of the home sale. For sellers, home prices have been increasing steadily for some time now. In Colorado, median home prices have raised by around 15% since last year. Across the nation, the Standard & Poor’s/Case-Shiller Home Price index has reported that prices have been increasing steadily for fourteen months. And, more homes are selling, meaning that there will be fewer homes to choose from than in years past—Colorado’s first quarter home sales have gone up by 16% more than last year. Homes are also on the market for a shorter amount of time, as the average Colorado home is staying on the market around 90 days, cutting down last year’s number by about a week.

List-price offers

While we’ve talked about how this recovering market will see more bidding wars, it will also be seeing more offers matching the homeowner’s list price. With cheap mortgage rates and increased competition, if a prospective buyer falls in love with a home, they know they don’t have as much time before another prospective buyer may come along and put in a competing offer, which could result in paying more than the list price.

Real estate ‘stalking’

With this increased competition comes more dedicated methods. Those looking for a home in this market are often on high alert for home buying possibilities. Some may pursue a home that hasn’t even been put on the market yet after hearing that the owners were thinking about selling through word of mouth. Some may even approach owners of homes they like and ask if they would ever have an interest in selling.

To keep up with what it takes to compete in the Baker real estate market or other areas of Denver or Aurora, having a real estate agent on your side can make the difference between owning your dream home and putting in an offer too late.

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.

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.

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.

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.