Help for Denver Homebuyers

If you are buying a home in the City and County of Denver in the near future, you will be eligible for a federal income tax credit.

For the life of the loan, 20% of the interest on your mortgage loan will be returned to you in the form of a tax credit.

The Mortgage Credit Certificate Program is anticipated to last through December 31, 2011, but if the $25,000,000 available is used before then, the program will cease.

Available to first time buyers (defined as persons who have not owned real estate for 3 years), the program also has income limits and purchase price limits.  Non-first time buyers are eligible for the program if they purchase within one of several targeted areas in Denver.

For families of 1-2 persons, maximum income limits are $88,600 if the home is in a non-targeted area, and $91,200 for a home purchased in a targeted area.

For families with 3 or more persons, the income limits are $101,900 and $106,400.

Homes in non-targeted areas must have a maximum price tag of $354,900.

Homes in targeted areas can cost up to $433,800.

This program requires that the buyer attend a class and receive a certificate once completed the course.

Qualifying for this program does not preclude your eligibilty for the $8,000 federal tax credit that is currently available through November 30, 2009.

For more information on MCC, please click here.

If you’d like to be put in touch with one of the mortgage lenders that is participating in this program, please give me a call or email me.

to sell or buy, call…

DEBBIE PALLAI

www.debpallai.com

debpallai@comcast.net

Radon: what is it? why should you care?

You can’t smell it.  You can’t taste it.  You can’t see it.

Radon is a naturally occurring radioactive gas that causes cancer.  It is the  leading cause of lung cancer among non-smokers in the United States.

Radon can be easily detected and mitigated.

When you are purchasing a home, have your home inspector do a radon test.  If the readings come in higher than 4.0, have a radon mitagation company fix the problem.  It is relatively inexpensive both to test for radon and bring the levels within EPA standards.

You can test your home yourself.  Home testing kits are available in many home improvement stores.

Click here to learn more about radon.

debpallai@comast.net

www.debpallai.com

Proposed Changes to Homebuyer Tax Credit

The Wall Street Journal reported on June 11th that a bill to expand the homebuyer benefit has been introduced in the Senate. 

The bill would increase the tax credit to $15,000 from the current $8000 credit for first time buyers.

The proposal would lift the income maximums and apply to all homebuyers, not only first time buyers.

The current tax credit applies to first time buyers only.  First time buyers are  defined as anyone who has not owned real estate for 3 years.  Current income limits are $75,000 for a single person and $150,000 for a couple.

The current tax credit for first time buyers is set to expire on December 1. 

While the proposed legislation has the potential to improve the real estate market, the elimination of income restrictions is controversial.

The bipartisan bill is estimated to cost another $35.5 billion over the $2 to $3 billion the current measure is expected to cost.

debpallai@comcast.net

www.debpallai.com

Walk Score Comes to Denver Metrolist

Denver Metrolist has added a new field to its program:  walk score.

Brokers can now search for homes for their clients by putting a minimum walk score into the search parameters.

A home’s walk score is calculated by locating nearby stores, parks, restaurants and more. 

Metrolist is responding to the growing demand by some buyers to purchase homes in neighborhoods where their environmental footprints will be reduced.  The demand for homes that are located in areas where one can live a car-light or car-free lifestyle is increasing.  Although public transportation is not part of the walk score calculation, light rail has added to the consciousness about this issue.

The higher the score, the less driving required to live in the neighborhood.

• 0-24       Car-dependent.  Virtually no destinations within walking distance.
• 25-49     Car-dependent.  Few destinations within walking distance.
• 50-69     Somewhat walkable.
• 70-89     Very walkable.  It is possible to manage without a car.
• 90-100   Walkers paradise.  Most errands can be done on foot and many folks in the neighborhood don’t own cars.      

For more information go to www.walkscore.com.

If you’d like help calculating the walk score of your current home, please email me at debpallai@comcast.net or call me at 303–883-8837.

MLS Statistics April 2009

		% Change vs
	Apr 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,705	0.37	-20.89
Under Contract	5,183	7.40	-17.56
Sold	3,390	5.74	-20.52
Avg DOM	104	-2.25	-2.64
Avg Sold Price	$233,482	0.47	-5.70
Residential
Active	15,639	0.35	-22.02
Under Contract	4,153	6.30	-18.05
Sold	2,706	4.48	-19.30
Avg DOM	102	-3.77	-0.97
Avg Sold Price	254,442	1.14	-4.80
Condominium
Active	5,066	0.44	-17.18
Under Contract	1,030	12.08	-15.50
Sold	684	11.04	-25.00
Avg DOM	110	3.77	-7.56
Avg Sold Price	$150,560	-0.76	-14.09

© 1998-2009 Metrolist, Inc. All rights reserved.

 

What is the market value of your property?

The market value of your property as seen by a buyer and an appraiser

The market value of your property is not:

• what you have in it
• what you have to get out of it
• what you want to get out of it
• what you owe against it
• what it appraised for
• what your neighbor got for his/her home
• what the county assessor has said it is worth
• what the homes cost where you are moving
• how much it is insured for
• how you value your memories  

The market value of your home is what a buyer is willing to pay for it, what you are willing to sell it for, and what an appraiser values it at, based on:

• current market conditions
• current competition and buyer’s choices
• current interest rates and mortgage lending conditions
• the buyer’s perception of the condition of the property
• the location
• current normal marketing time
• accessibility of property for showings

As a seller you control:

• the price – price the property near the “front of the line”
• how the property presents – stage your home
• terms – offer attractive terms:  financing, timing, inclusions
• condition – make appropriate repairs
• access to the property – provide reasonable access for showings

As a seller you do not control:

• market conditions – supply and demand
• interest rates and credit conditions
• location
• competition’s motivation
• motivation and ability of buyers

Carbon Monoxide Detectors Required Upon Sale

and in rentals.

Colorado HB 1091  requires that sellers or landlords of residential properties install a CO alarm within 15 feet of the entrance to each room lawfully used for sleeping.  This law goes into effect on July 1, 2009.

So, if you are planning to sell your home soon or have income property, it would be prudent to install the necessary carbon monoxide detectors now. 

Even if you are not planning to sell your home, a CO detector will help alert you and your family if readings are high.

MLS Statistics February 2009

 

		% Change vs
	Feb 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,059	1.57	-19.88
Under Contract	4,183	9.19	-18.40%
Sold	2,484	0.61	-17.23
Avg DOM	107	7.38	-5.50
Avg Sold Price	$218,010	2.19	-14.63
Residential
Active	15,228	1.20	-20.13
Under Contract	3,352	6.96	-19.11
Sold	2,008	3.35	-14.26
Avg DOM	107	8.08	-3.60
Avg Sold Price	$236,920	2.62	-15.04
Condominium
Active	4,831	2.77	-19.08
Under Contract	831	19.23	-15.38
Sold	476	-9.51	-27.77%
Avg DOM	109	1.87	-11.38
Avg Sold Price	$138,239	-6.92	-19.54

 

When You List Your Property With Me…

Your home will be advertised on MANY websites, including:

debpallai@comcast.net

MLS Statistics January 2009

Residential and Condominium

All Areas

		Change vs
	Jan 09	Prior Month %	Year Ago %
Single Family (Res + Cond)
Active	19,748	0.76	-19.36
Under Contract	3,831	16.59	-15.80
Sold	2,469	-23.65	-17.34
Avg DOM	101	1.72	-11.38
Avg Sold Price	$213,330	-5.29	-16.85
Residential
Active	15,047	0.35	-19.60
Under Contract	3,134	17.47	-14.32
Sold	1,943	-24.84	-17.35
Avg DOM	99	1.02	-12.39
Avg Sold Price	$230,878	-4.18	-17.90
Condominium
Active	4,701	2.08	-18.57
Under Contract	697	12.78	-21.86
Sold	526	-18.95	-17.30
Avg DOM	107	2.88	-7.76
Avg Sold Price	$148,509	-8.76	-10.27

© 1998-2009 Metrolist, Inc. All rights reserved.
Metrolist® and PrimeAccess® are registered trademarks of Metrolist, Inc.

 debpallai@comcast.net