Welcome to the June edition of the 2014 Denver Real Estate Market Newsletter.
Home Buyers Get a Second Chance at Low Rates
Economists and real estate professionals expected mortgage interest rates to soar in 2014; the overall economy has been improving and the US Federal Reserve has been unwinding their fiscal stimulus program. Six months ago, interest rates for a 30 year fixed rate mortgage were 4.5%. Today, mortgage interest rate have retreated to 4.15%. Buyers, this may be your last chance to take advantage of historically low rates.
When mortgage interest rates increase, housing affordability decreases. For an example, a 1.0% interest rate increase equates to a 10% loss in affordability. These low rates won’t last long! Read More
The Doorway to Nowhere?
Do you have an access door to the crawl space under your basement floor? Afraid to open the door in fear of what you may find down in that dark, dreary space? Truth be told, this is one door you should never ignore, it is essential to your home’s health. Each month you should peek into the crawl space to ensure the sump pump pit has a normal water level and the crawl space ventilation system is working properly.
- Water is your foundation’s worst enemy. Homes built in areas with silty soils often times have a perimeter drain, built near the bottom of a foundation wall, to wick water away from the foundation
- If you have a sump pit, it is essential that the water level in the sump pit be below the perimeter drain pipe. If the water level is above drain pipe, the sump pump float may need to be adjusted or the sump pump may not be working at all.
- Always check your sump pump during and after large storm events
- I recommend installing a sump pump alarm to alert you of a sump pump failure. The Zoeller 10-1494 A-Pak Indoor Alarm System can be bought at Amazon.com for just $77. Cheap insurance considering that the cost to clean up and repair water damage can run in the tens of thousands of dollars
Note: Not all homes will have a sump pit, not all sump pits require a sump pump.
Watch Out For Storm Chasers and Out-of-State Contractor Scams
Colorado has seen its fair share of severe weather this year. Unfortunately, unscrupulous contractors ‘chase’ these storm events, going door-to-door, looking to make a quick buck and often times leaving the homeowner with subpar work, partially completed work, or repairs that never take place because the contractor left town.
Take these steps to protect yourself:
- Only work with local, reputable companies
- Do your research and check the following:
- Contractor rating with the Better Business Bureau
- Contractor is licensed to work in the City in which you live
- Verify the contractor’s insurance and workman’s comp coverage
- Call the contractor’s suppliers to verify history of paying their bills
- Ask for contractor’s references and call several references to ensure they were satisfied with the contractor’s performance.
- Ask for a lien waiver from the contractor. If the contractor doesn’t pay their suppliers, sub-contractors or employees may file a lien against your property.
- Better yet, call me for Contractor referrals.
FACEBOOK AND PAUL’S MOBILE REAL ESTATE APP
Please ‘Like’ my Facebook business page. Use this link to be redirected to ‘Paul Sobania – Real Estate’ and click on the ‘Like’ button (log in to Facebook.com if needed).
Search homes for sale on your smart phone or tablet using my home search app. Log in to the iTunes Store or Google Play and download the Keller Williams app. When prompted, type in the code ‘KWKB85L’. For simple downloading instructions use this link, www.PaulMobileApp.com.
MAY 2014 REAL ESTATE MARKET TRENDS
DENVER REAL ESTATE MARKET TRENDS
REAL ESTATE NEWS
Denver area home prices rise 9.5%, reaching all-time highs Read more
Inventory of homes finally rising, healthy sign for real estate market Read More
Downtown Denver’s condo market now dominated by resale homes Read More
Colorado foreclosure sales down 41% Read more
Colorado was state with 6th fastest growth in GDP in 2013 Read More
Metro Denver unemployment rate dips to 5.3% Read More
Colorado unemployment drops to 5.8%, lowest since 2008 Watch Video
Denver 12th for population growth Read more
Denver ranked 4th in the list of the 20 healthiest cities in America for 2014 Read more
Denver among safest cities for natural disasters Read more
THANK YOU FOR YOUR BUSINESS AND REFERRALS!
If you or someone you know is thinking about buying or selling a home, please let me know. It would be my pleasure to work with you or your referral. My commitment to my clients is to treat them with the utmost care as they work towards buying or selling a home. Referrals are the core of my business and are always appreciated.
Free Real Estate Tools
When searching for homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!
Please call me with your real estate questions. I’m always happy to help you navigate through this constantly changing real estate market!