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FHA & VA Loans Down to a 550 Fico
I learned 2 weeks ago that we can now offer both FHA and VA loans to borrowers with credit scores down to 550. With the FHA option, FHA requires that the borrowers put 10% down, but it can be gift money. Veterans and active duty military will still be able to buy a home with…
Say NO to Initiative 66
The Limited Growth Initiative or #66 has a chance to be on the fall ballot if enough Coloradans sign petitions to put this initiative on the ballot. Here is what this Initiative would do to all 10 Front Range counties— Limit new permits for the total number of all housing units to 1% in both…
Over 6,000 New Tech Jobs in 2017
Colorado saw an increase in new tech jobs in 2017 of 2.3%, the 10th highest increase in the nation as we added 6,350 new tech jobs in 2017 according to the annual “CyberStates” report published by CompTIA. The Tech sector makes up 9.7% of our state’s workforce with an average salary of $110,550, which is…
Denver Home Values Continue to Soar
Veros Real Estate Solutions is predicting that Denver home prices will rise by 9.9% this year, the highest increase outside of Washington state. Nationally, they are predicting that home prices will rise 4.3%. Why are our home prices rising so fast? Veros says population growth and low housing inventory are the 2 key drivers of…
Would This Help Our RE Market?
The Denver Post last Tuesday ran a story with a new idea on how to solve our housing crunch. According to John Burns Real Estate Consulting, owner occupied homes contain 442k spare unused bedrooms in metro Denver and 142k of those bedrooms are in homes owned by senior citizens. Thus, companies like Providence Home Share…
80% of Listings Are Expensive Homes
Trulia released a report in which they break down home inventory levels into thirds by price—starter, move-up, and premium levels. Here are their findings for the Denver market in the first quarter— For homes in the bottom third of price (aka starter homes) inventory levels are down a whopping 26.7% to just 567 starter homes…
Local Economic News You Need to Know
Colorado added 8,600 new nonfarm payroll jobs last month, more than double the monthly pace of the previous 12 months. The unemployment rate remained at 3% According to the U.S. Census Bureau 77,049 net new people moved to Colorado in 2017 and CO now has a population of 5,607,154 people. The Denver metro area grew…
3 Solutions For On The Fence Homeowners
Do you have homeowners who would like to sell and buy another home? Of course, you do. But, how can they accomplish their goals without losing their sanity or being homeless? Here are 3 solutions for them— Post-Closing Occupancy Agreement—This is what I tell my clients who are selling and buying. You put your home…
Our Housing Supply Crisis Will Only Worsen
Freddie Mac estimates that our country will add between 19 and 21 million MORE households by 2025! That means builders need to build roughly 2.5 million new homes and apartments a year for the next 7+ years. Currently builders are building about 1.25 million new homes and apartments a year. This means they need to…
Affordable Housing is A Problem Everywhere
Our affordable housing crisis is not just happening in Denver and other major “hip” cities like San Fran, San Jose, Seattle, Portland, Austin, etc. This is also happening in many other cities and states that are NOT “hip” places to move to. I read this story in a Builder Magazine newsletter last week. “Bob Snowden,…
Another RE Company You Will Hate
A new real estate company for all my readers to hate just opened in in Denver and it’s called REX Real Estate. REX placed a full page color ad on the back page of the news section of the Denver Post on Sunday with this headline “Small Fee Big Change”. How small is their fee?…
