Thursday, April 14, 2011
No 1099 Reporting for Landlords!
$600 1099 Landlord Reporting Law Repealed In a little-noticed but important victory for REALTORS®, particularly those who help households and mom-and-pop owners of small rental properties, Congress passed legislation to repeal a short-sighted provision in small business legislation enacted last year (and a similar provision in the big health care reform law) that imposed onerous reporting requirements on small landlords and the real estate practitioners who work with them.
Friday, October 15, 2010
Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense
Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense RISMEDIA, October 15, 2010—Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70% of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”
Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.
Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.
Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.
The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).
While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.
The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
For more information, visit www.realtor.org
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”
Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.
Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.
Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.
The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.
While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).
While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.
The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.
For more information, visit www.realtor.org
Friday, September 17, 2010
Economic Snapshot
A look at the current real estate market; provided by RE/MAX ALLIANCE
September/2010
As the announcer in baseball likes to say when one of the Rockies hits a home run: “You can kiss it goodbye!” Well, that’s about all that can be said about this summer of 2010. Poof! It was over before we even knew it. Now comes the fall; filled with football games, warm days and cool nights. Change is in the air.
The Boulder Valley real estate market limped along through the summer months. No longer bolstered by the Federal government’s tax payer incentive program, home buyers and sellers were left to survive on their own. Mortgage interest rates dropped to historic lows, which spawned a plethora of homeowners interested in refinancing. Problem was, home values had slipped and appraisals were coming-in low; leaving many homeowners on the sidelines (or in the dugout) unable to take advantage of lower rates.
There is some good news on the Boulder Valley real estate landscape. Year to date sales of single family homes and attached units are up slightly over 13% through August/2010 as compared to August/2009. Although some degree of that increase is a result of the Federal tax payer incentive program, it does show evidence of buyer confidence in the market. Another positive sign is the chart below, which is a brief overview of average single family home values for the Boulder Valley area for the past couple of years. (Information is from IRES, the Northern Colorado MLS.)
2009 2010 (Thru August)
Area Average Sales Price Average Sales Price % Change
Boulder $647,751 $654,723 +1.01%%
Superior $413,935 $414,007 No Change
Louisville $394,573 $451,710 +14.48%
Lafayette $352,884 $352,833 No Change
Longmont $241,041 $255,259 +5.90%
Suburban Plains $509,094 $545,155 +7.08% Suburban Mtns $417,035 $406,372 -2.56%
Broomfield $354,514 $368,465 +3.93%
========= ========= =======
Average … $405,502 $432,297 +6.60%
On the surface, Boulder Valley home values have stabilized and are (on average) improving in most geographic areas. At this time last year, through August/2009, home values were down approximately 5.53% as compared to 2008.
Real estate markets are composed of peaks and valleys; ups and downs. Between the peaks and valleys are plateaus. This is where a calmness normally prevails. People aren’t fighting the currents of change. They have become more accepting; more realistic. This may be where the Boulder Valley real estate market is today.
From a real estate perspective, we may never again see the past in the future i.e. annual double digit appreciation of home values followed by annual double digit depreciation of home values. There will always be opportunities in the real estate market to make money. They exist today, but they are predicated on a person’s willingness to wait. How long that wait might be is unknown, but, for some, their patience will eventually be rewarded. They’ll hit a home run!
Thanks to Dan Johnson Re/Max Alliance Louisville
Tuesday, September 14, 2010
New Class for Old Town Louisville!
IRES MLS#: 634429 PRICE: $579,500
ADDR: 1008 Jefferson Ave, Louisville, 80027
RESIDENTIAL-DETACHED ACTIVE
Locale: Louisville County: Boulder
Area/SubArea: 2/0 Map Book: R - 131 - S
Subdivision: Capitol Hill
Legal: Lots 3-4 Blk 1
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Total SqFt All Lvls 2916 Basement SqFt: 396
Total Finished SqFt: 2520 Lower Level SqFT: 528
Finished SqFt w/o Bsmt: 2520 Main Level SqFt: 1464
Upper Level SqFT: 528 Addl Upper Lvl: 0
# Garage Spaces: 1 Garage Type: Detached
Garage SqFt: 264
YearBuilt: 1925 SqFt Source: Building Plans
New Const: No Est. Comp.:
Builder: Owner addition 2005 Model:
New Const Notes:
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Public Comments: Enjoy the ambiance of a covered front porch in Old Town Louisville! Stunning addition that has kept the character of the old style Bungalow and added bright, light, open and contemporary master bedroom, kitchen/great room and guest suite. Stainless Steel Appliances w/Gas Range, Granite Counters in Kitchen and both new baths, main laundry, abundance of storage, Radiant heat in floors for the new part w/5 zones. A/C unit has 3 direct vents into rooms master, living room and kitchen. Magnificent!
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Driving Directions: 2 blocks west of Main, 3 blocks north of Pine
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Property Features
Land Size - Style - Four-Level, Construction - Wood/Frame, Roof - Composition Roof, Type - Cottage/Bung, Outdoor Features - Lawn Sprinkler System, Storage Buildings, Patio, Basement/Foundation - Partial Basement, 25%+Finished Basement, Heating - Forced Air, Multi-zoned Heat, Radiant Heat, 2 or more Heat Sources, Cooling - Room Air Conditioner, Ceiling Fan, Inclusions - Window Coverings, Gas Range/Oven, Self-Cleaning Oven, Dishwasher, Refrigerator, Clothes Washer, Clothes Dryer, Microwave, Garage Door Opener, Disposal, Smoke Alarm(s), Energy Features - Double Pane Windows, Design Features - Open Floor Plan, Master Bedroom Bath - 5 Piece Master Bath, Utilities - Natural Gas, Cable TV Available, High Speed Avail, Water/Sewer - City Water, City Sewer, Ownership - Private Owner, Possession - 1-3 Days after Closing, Property Disclosures - Lead Paint Disclosure, Flood Plain - Minimal Risk, Possible Usage - Single Family, New Financing/Lending - Conventional, Exclusions - NONE
Best Buy Broomfield!
Year Built: 2005
County: Broomfield
Bedrooms: 3
Baths: 2 full, 1 partial
Sqr Footage: 2741
Garage Spots: 2.0
Garage Desc: 2.0 car garage attached
Subdivision: COUNTRY ESTATES FILING NO 8
MLS Number: 637827
COMMENTS
GORGEOUS RANCH WITH FULL FINISHED LOWER LEVEL FOR GUEST, GAMES, HOBBIES, POOL AND PING PONG TABLES, OPEN FLOOR PLAN , HARD WOOD KITCHEN & FORMAL DINING RM, STUNNING SLAB GRANITE COUNTERS WITH TALL MAPLE CABINETS, MAIN FLOOR LAUNDRY W/CABINETS, ALL APPLIANCES INCLUDED, 2ND BEDROOM LISTED AS STUDY. SERVICE DOOR IN GARAGE, FRONT YARD MAINTAINED, BACKS TO OPEN AREA NOT OTHER HOMES. SECURITY STORM DOORS FRONT AND BACK. NICE, PRICED FOR VERY QUICK SALE!
ADDITIONAL FEATURES
•Association Fee: 100.00/Monthly
•Association Fee Includes: Common Amenities, Common Utilities, Lawn Care, Management, Snow Removal, Trash
•Basement Description: Full Basement, 90%+ Finished Basement
•Bathroom Description: 2 (Full), 1 (Half)
•Construction Features: Stucco
•Cooling Features: Central Air Conditioning
•Fireplace Description: Family/Recreation Room Fireplace, 2+ Fireplaces, Gas Fireplace, Living Room Fireplace
•Heating Features: Forced Air
•Inclusions: Dishwasher, Clothes Dryer, Electric Range/Oven, Microwave, Garage Door Opener, Refrigerator, Self-Cleaning Oven, Clothes Washer, Window Coverings, Disposal
•Interior Features: Cathedral/Vaulted Ceilings, Open Floor Plan, Pantry, Separate Dining Room, Walk-in Closet, Wood Floors
•Location Description: Cul-De-Sac
•Outdoor Features: Lawn Sprinkler System, Patio
•Square Footage Information: 1282 Sqft(Lower Level), 1459 Sqft(Main Level), 1459 Finished Sqft, 2700 Total Finished Sqft
Carrie DeGraw
Accredited Buyer Representative (ABR), Certified Residential Specialist (CRS), Broker Associate, Re/Max Hall of Fame
Boulder
4770 Baseline Road Suite #200
Boulder, 80303
Email: carriedegraw@comcast.net
Primary: (303) 499-9880 x 1137
Toll Free: (888) 469-7331
Cell: (303) 548-8732
Fax: (720) 863-0942
Voicemail: (303) 497-0585
Office: (800) 373-1282
View My Properties
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