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Denver Skyline

According to statistics kept by moving company United Van Lines, Colorado ranked 8th in the United States for inbound moves; 55% of moves taking place in the state of Colorado are inbound, while just 45% of moves taking place are outbound.  (United Van Lines, 2013)

Over the past several years, an influx of 200,000+ people in a single year has been the norm for Colorado, and between 80-90,000 of those folks are settling in Metro Denver on an average basis.

What does this mean for you as a homeowner, landlord, or potential buyer in the Metro Denver area?

  • If you are considering selling your home, there are plenty of buyers! In fact, lots of buyers and not enough properties for sale. It’s time to list! If you are not sure what your house is worth, or how hot the market it in your neighborhood or price range, just ask!
  • Weighing the pros and cons of purchasing an investment property? This is a seller’s market, but there are deals to be had. Because of the shortage of homes for sale, many would-be buyers are renting until they can find a home, or renting until they know the area better. Now is a great time to be a landlord, and rental rates are substantial in our area.
  • As a potential buyer, you owe it to yourself to work with a pro who knows the Denver area Real Estate market. When you find your next home, you’ll need to act fast and have an experienced negotiator by your side.

Are you new to Denver, or have a friend or family member thinking of joining our happy ranks? Give them my name. I’m happy to provide stellar service to your friends & family. And if you are relocating outside of Metro Denver, give me a shout. I may have a great Real Estate contact in your new hometown.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Can TV characters afford their homes?

When you spend as much time immersed in the world of Real Estate as I do, you start to wonder about things like, “Hey you onscreen – do you really have any business living in that mansion on the salary of a waitress?”

Quality Time

This article on the reality of the homes our favorite onscreen characters dwell in is a fun read if you are a TV watcher. Article linked from website PureWow: http://www.PureWow.com.

Read it here: http://bit.ly/Xy3PQu

Are you ready to turn off the tube and take action on your own dream home? Drop me a line!

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate

Upside Down – Turned Around

Upside-Down-House-in-Austria8

This, my friends, is an upside down house in Austria. I don’t want to talk to you about this house – although you should check out the article, it’s pretty cool. What I want to tell you is a story about my friends Sue and Derek (*not their real names), and what happened not too long ago when their house in the Metro Denver area was upside down.

Sue and Derek live on the South end of Metro Denver, like many of my friends and clients do, and a little over a year ago they found themselves in a pickle. Money was tight, bills were mounting and their mortgage felt like a burden they weren’t sure they could afford. They considered selling their home, but much to their dismay, they owed about what the home was worth at the time, and after the costs of selling the home they would have to bring money to the closing table. This couple had no equity in their home, and they were concerned they might lose the home to foreclosure if they weren’t able to successfully enter into a loan modification with the bank.

This, friends, is what it means to be upside down in one’s home. This is a mild case – in some markets that have fallen on tough times, homeowners have found themselves much further underwater than Sue and Derek with a home worth much less than they paid for it. This is not a good situation to be in, particularly if your income changes or you want or need to sell your home.

The reason I’m telling you about Sue and Derek’s situation is to shed some light on what is happening in the Denver Real Estate market. For some, the economic downturn does not feel far enough away in the rear view mirror to truly move forward with confidence. Changes to your job, your spouse’s job, the value of your property, etc. might have been too challenging for you to be able to move past emotionally despite the upswing in the economy, and I don’t blame you for wanting to be cautious after whatever damage the economy might have done to your wallet, retirement fund or home value. I get it.

Sue and Derek were ultimately able to achieve a reasonable loan modification plan that saved them a few hundred dollars a month and let them keep their home. Even better, they recently sold the home with a net profit to them (tax free, by the way – consult your accountant about how that works) of $50,000. After all fees, commissions and buyer concessions were covered, these folks walked away with $50k in their pockets and an opportunity to start fresh in a home that is more affordable for them. Beats foreclosure, doesn’t it?

So what about you? Have you been wondering how the shifting market has affected the value of your Denver-area home? I encourage you to take courage, be bold, and FIND OUT YOUR HOME’S VALUE instead of worrying about it. We’ve faced challenging times in the job market and Real Estate market over the past few years, but wonderful things are happening in Denver and all over the country. People who were clinging to the shirt on their back are finding that the market is now in their favor and they can make the move they’ve been putting off.

Drop a line and let me know what Real Estate questions are topmost in your mind. I’m happy to help you make informed decision about the home you own, or the one you want to.

Jack Meyers
jackestate@aol.com
303.263.3050
Twitter: @jackestate