Entries from December 2008
Even a new home can have problems.
When you buy a new home, you generally have the opportunity to do a “walk-through” before closing. During the walk-through, you’ll make a “punch-list” of issues that the builder will generally address after closing. These are usually cosmetic issues. Perhaps there’s a nick in the paint, or a missing switch plate. The builders generally have a system in place to get these issues fixed quickly.
And because you are buying a new home, and permits have been pulled and a Certificate of Occupancy has been granted by the appropriate local government entity, you assume that all systems have been installed properly. After all, they’ve passed inspection.
I recommend you have an independent home inspector check the house for you before closing. On one new construction home purchase in which I was representing the buyers, the inspector found three significant problems, one of which was a serious safety issue. The builders repaired all three issues before closing. The buyers and I were very glad they had hired the inspector, even though it cost them about $200 to do so.
In Colorado, there is no licensing or certification of home inspectors. Anyone can call her/himself a home inspector. Be sure you are hiring someone with experience and training.
Founded in 1976, The American Society of Home Inspectors (ASHI) is the oldest professional organization of home inspectors. Prospective members must pass a Standards of Practice Exam and pledge to adhere to a Code of Ethics. The organization offers classes for their members, and keeps them current on the safety and health issues of home construction. To learn more about ASHI and to find an ASHI inspector in your area, go to their website at www.ashi.org.
Categories: Buyer Information
Tagged: Buyer Information, Metro Denver Real Estate
Interest Rates are Low!
If you’re lucky enough to be gainfully employed and are planning to stay in your home for a while, this may be a great time to refinance!
30 year fixed FHA loans are currently at 5%.
30 year fixed conventional rates are a little higher, but remember that FHA maximum loan amounts are in the low $400s.
You should especially consider refinancing NOW if you are in an interest only loan.
If you’d like to explore refinancing, find your loan papers and give me a call. I’d be happy to share the name and number of my favorite lender with you.
Categories: Market Conditions
Tagged: Market Conditions
Residential and Condominium
All Areas
|
|
|
Change vs
|
|
|
Nov 08
|
Prior Month
% |
Year Ago
% |
|
Single Family (Res + Cond)
|
|
Active
|
21,761
|
-5.88
|
-19.78
|
|
Under Contract
|
3,637
|
-19.25
|
-9.23
|
|
Sold
|
2,920
|
-31.81
|
-16.14
|
|
Avg DOM
|
94
|
-0.24
|
-6.84
|
|
Avg Sold Price
|
$226,895
|
-2.32
|
-15.60
|
|
Residential
|
|
Active
|
16,775
|
-5.98
|
-18.58
|
|
Under Contract
|
2,923
|
-19.90
|
-7.94
|
|
Sold
|
2,355
|
-30.45
|
-13.39
|
|
Avg DOM
|
93
|
0.00
|
-7.00
|
|
Avg Sold Price
|
$242,557
|
-3.04
|
-18.55
|
|
Condominium
|
|
Active
|
4,986
|
-5.53
|
-23.57
|
|
Under Contract
|
714
|
-16.49
|
-14.18
|
|
Sold
|
565
|
-36.94
|
-25.95
|
|
Avg DOM
|
97
|
-4.90
|
-5.83
|
|
Avg Sold Price
|
$161,615
|
-1.86
|
-2.37
|
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Categories: Market Conditions · Statistics
Tagged: Buyer Information, Market Conditions, Metro Denver Real Estate, Seller Information
The mortgage crisis and the global economic crisis are affecting title companies.
Protect yourself and your investment.
There have been title company failures, mergers and buyouts.
If you are one of the lucky sellers who has been able to find a qualified buyer for your property, and expect to walk away from the closing table with some profit, be sure you get your funds as “good funds”. A cashier’s check is best. Wired funds can be rescinded within 3 days of receipt. A cashier’s check provides more reliable funds.
Categories: Market Conditions · Seller Information
Tagged: Home Selling, Seller Information
