Thursday, July 28, 2011
Wednesday, July 27, 2011
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Shorts Sales Are Different in Each State" at http://ow.ly/5OxSQ
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Shorts Sales Are Different in Each State" at http://ow.ly/5OxSQ
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Shorts Sales Are Different in Each State" at http://ow.ly/5OxSQ
Tuesday, July 26, 2011
Check out my latest real estate colum...
Check out my latest real estate column titled "Time To Update?" at http://ow.ly/5NCQy
Check out my latest real estate colum...
Check out my latest real estate column titled "Time To Update?" at http://ow.ly/5NCQy
Check out my latest real estate colum...
Check out my latest real estate column titled "Time To Update?" at http://ow.ly/5NCQy
Time To Update? By Dan Polimino.
I bought my home in 2000 so it is 11 years old and my wife and I realized that it's time to start updating. You know how we knew? I started looking at the market and what you could buy at a similar price. It did not take long to realize that if we were going to sell this house anytime soon for top dollar, we better update now. Granted, I have an advantage over most because I see 30-50 homes a week, but there is no reason that you cannot do the same. If you want to evaluate where your home stands in comparison with others, simply schedule some time to go out and look at homes with a Realtor or just visit some open houses.
When I was out showing clients' homes to buy in the $290K-$350K price range, I was amazed at what you could buy for around $300,000. Prior to this, I was thinking that I could sell my home for around $350K, but after seeing what a consumer could buy for $300K, I had to change my mindset. The homes at $300K were nicer than mine. They were similar in square footage, lot size, and location but the upgrades inside blew me away. People have come a long way in their understanding of what it takes to get a home to sell in this market. If I had to sum it up in one word, it would be "value." There are plenty of sellers that "get it" and show value to the consumer. As such, those homes sell and sell quickly. I told my wife, "It's time to upgrade the house." Not to keep up with the Joneses, but realistically, if we are not going to stay here much longer, we better be able to show a home that competes or beats what someone can buy at $300K.
If you are at all thinking about selling in the near future, I encourage you to look around your neighborhood and quickly ascertain what a consumer can buy for around the same price. Then honestly rate how your home stacks up to the competition. Would that buyer want the home down the street, or your home for the same price? You may be like me and realize that it's time to upgrade and give people more "value."
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
When I was out showing clients' homes to buy in the $290K-$350K price range, I was amazed at what you could buy for around $300,000. Prior to this, I was thinking that I could sell my home for around $350K, but after seeing what a consumer could buy for $300K, I had to change my mindset. The homes at $300K were nicer than mine. They were similar in square footage, lot size, and location but the upgrades inside blew me away. People have come a long way in their understanding of what it takes to get a home to sell in this market. If I had to sum it up in one word, it would be "value." There are plenty of sellers that "get it" and show value to the consumer. As such, those homes sell and sell quickly. I told my wife, "It's time to upgrade the house." Not to keep up with the Joneses, but realistically, if we are not going to stay here much longer, we better be able to show a home that competes or beats what someone can buy at $300K.
If you are at all thinking about selling in the near future, I encourage you to look around your neighborhood and quickly ascertain what a consumer can buy for around the same price. Then honestly rate how your home stacks up to the competition. Would that buyer want the home down the street, or your home for the same price? You may be like me and realize that it's time to upgrade and give people more "value."
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Thursday, July 21, 2011
Read my latest blog post titled "Is a...
Read my latest blog post titled "Is a loan with no fees or origination charge the best deal?" at http://ow.ly/5K0de
Read my latest blog post titled "Is a...
Read my latest blog post titled "Is a loan with no fees or origination charge the best deal?" at http://ow.ly/5K0de
Read my latest blog post titled "Is a...
Read my latest blog post titled "Is a loan with no fees or origination charge the best deal?" at http://ow.ly/5K0de
Is a loan with no fees or origination charge the best deal?
Is a loan with no fees or origination charge the best deal? Maybe. Never forget that interest rate is only half of the equation. Rate AND fees are the whole equation upon which you should make a decision. When talking to borrowers who have been shopping rates, I always ask the same questions. What is the term of the mortgage, are both mortgages fixed rate, and what costs are associated with the mortgage. Sometimes a borrower is comparing a 10 year fixed rate mortgage to a 30 year fixed rate mortgage. We need to make sure we are comparing apples to apples. The longer the term of a fixed rate mortgage, the higher the rate. It is very common when I inquire about the exact dollar amount of the closing costs or fees associated with the mortgage, the borrower does not know the answer because they either were fixated on the rate or it was not properly disclosed.
Fees to obtain a mortgage are referred to as closing costs. Closing costs are defined as all costs associated with a borrower obtaining a mortgage. These costs include, but are not limited to, origination fee, discount points, appraisal, title insurance, flood cert, doc prep, processing, etc. Prepays are charges for property insurance and funds put into the escrow account for property taxes, insurance, etc. Borrowers should always be careful to make sure that they are looking at a true no fee loan, and not one where the closing costs are added to the loan amount. On a true no cost mortgage, except when there is mortgage insurance or a VA funding fee, the interest rate should match the annual percentage rate (APR) as disclosed on the Truth-In-Lending disclosure statement (TIL). If mortgage insurance or a VA funding fee is required, the APR will be higher than the note.
Analyzing the mortgage choices to see what is best for the borrower is simple. Look at the difference between the costs associated with a mortgage and examine how long it will take you to break even. For example, lets compare two thirty year fixed rate mortgages with a mortgage amount of $300,000. One mortgage has a 4.25% interest rate and $6,000 in closing costs and the other option is 4.75% with no closing costs. Principal and interest for the 4.25% mortgage is $1,476 and $1,566 at 4.75%. By dividing the difference of $90 per month into the $6,000 for closing costs, we see that it will take the borrower 67 months to break even. This simplified analysis does not take into account the possible income tax ramifications or the time value of money.
Another important thing to consider is if the money used for closing costs could be better utilized paying off credit cards, kept for liquidity, used to fund a retirement account, etc. A borrower does not want to be equity rich and cash poor. As I know personally, it is very hard to eat equity. Borrowers should always remember to look at the whole forest, and not just one tree. I have noticed mortgage professionals almost always do their personal mortgage on a no cost basis. As always, the answer is to do the numbers and see what is best for your personal situation.
Chip Allen
Crestline Mortgage Bankers
A Division of Universal Lending Corp
Direct: 303.947.2109
Fax: 303.987.0676
Your Lender for Life!
When people you care about need a mortgage,
for purchase or refinance, please do not keep me a secret.
Click here to Get started searching for YOUR Colorado Dream Home.
Wednesday, July 20, 2011
Tuesday, July 19, 2011
Check out my latest real estate colum...
Check out my latest real estate column titled "Beware of What You Want To Hear" at http://ow.ly/5I6zX
Check out my latest real estate colum...
Check out my latest real estate column titled "Beware of What You Want To Hear" at http://ow.ly/5I6zX
Check out my latest real estate colum...
Check out my latest real estate column titled "Beware of What You Want To Hear" at http://ow.ly/5I6zX
Beware of What You Want To Hear. By Dan Polimino.
One of the toughest things about my job is telling people what they "may not want to hear" when it comes to the price of their home. I walk into people's living rooms every week and try to give them an honest evaluation of what I think their homes should sell for. In the last several years, that job has become more and more difficult as homeowners begin to understand the loss of value in their homes. I find myself being the bearer of bad news, and it is not a role I enjoy. I would love to be able to tell you that your home was worth more than you expected, but these days, it's not very realistic. I cannot ignore good, verifiable data and I don't want to lie to you just to get your listing.
I tell people all the time, "I am not a pie in the sky type of guy." I am going to tell you the honest truth. As such, I sometimes don't get the listings. I do warn homeowners to "beware of what you want to hear!" I see potential sellers scheduling two, three, or four appointments with Realtors in hopes of hearing the dollar amount they have in mind for their home. I tell consumers that I am sure you can find a Realtor to tell you the number you are looking for, but in the end, I am afraid that it will hurt you more than help you.
One thing everyone needs to be cautious about is overpricing his or her home from the start. The best chance you have to sell your home is in the first 30-45 days. If your home is overpriced, buyers will sniff that out in a minute and you may have lost your best opportunity. If your home does start out too high, chances are, it will sit on the market for a long time. The more days it's on the market, the more it hurts your chances to sell it. People start wondering what's wrong with the house, and why hasn't it sold. You inevitably start making a series of price drops. This leads to you chasing down the market, losing money, and coming off looking desperate to sell. All of this can and should be avoided.
The next time you are getting ready to sell, don't be so quick to throw out the guy or gal that gave you the lower number on the price of your home. He or she may actually save you money.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
I tell people all the time, "I am not a pie in the sky type of guy." I am going to tell you the honest truth. As such, I sometimes don't get the listings. I do warn homeowners to "beware of what you want to hear!" I see potential sellers scheduling two, three, or four appointments with Realtors in hopes of hearing the dollar amount they have in mind for their home. I tell consumers that I am sure you can find a Realtor to tell you the number you are looking for, but in the end, I am afraid that it will hurt you more than help you.
One thing everyone needs to be cautious about is overpricing his or her home from the start. The best chance you have to sell your home is in the first 30-45 days. If your home is overpriced, buyers will sniff that out in a minute and you may have lost your best opportunity. If your home does start out too high, chances are, it will sit on the market for a long time. The more days it's on the market, the more it hurts your chances to sell it. People start wondering what's wrong with the house, and why hasn't it sold. You inevitably start making a series of price drops. This leads to you chasing down the market, losing money, and coming off looking desperate to sell. All of this can and should be avoided.
The next time you are getting ready to sell, don't be so quick to throw out the guy or gal that gave you the lower number on the price of your home. He or she may actually save you money.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Wednesday, July 13, 2011
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Where Are The Hot Markets In Denver?" at http://ow.ly/5DvKD
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Where Are The Hot Markets In Denver?" at http://ow.ly/5DvKD
Check out Denver Real Estate Weekly M...
Check out Denver Real Estate Weekly Market Update titled "Where Are The Hot Markets In Denver?" at http://ow.ly/5DvKD
Tuesday, July 12, 2011
Check out my latest real estate colum...
Check out my latest real estate column titled "People Still Want To Live In Colorado" at http://ow.ly/5CBgY
Check out my latest real estate colum...
Check out my latest real estate column titled "People Still Want To Live In Colorado" at http://ow.ly/5CBgY
Check out my latest real estate colum...
Check out my latest real estate column titled "People Still Want To Live In Colorado" at http://ow.ly/5CBgY
People Still Want To Live In Colorado. By Dan Polimino.
I was reading a story in the May 24th business section of the Denver Post by Howard Pankratz entitled, "Colo. Population Grew in 2009-10." In it, he explained how Colorado had a net gain of 56,310 residents in a year's period, according to the latest statistics by the Census Bureau. The stats show a migration of 210,939 residents moving into the state with 154,629 moving out. One other interesting note at the end of the story was how the nation's metro areas experienced a net loss of 2.3 million people while the suburbs showed a net gain of 2.5 million movers. This got me thinking about two topics: 1) Obviously, many states are experiencing a severe loss of population, but Colorado is still a place where people want to live. 2) I had been under the impression that more and more people might be moving back to the cities, but the stats say otherwise. What do the suburbs have to offer?
First, let's tackle my number one point. I think that one of the reasons why we have seen a good real estate market in the first and second quarters of this year is because of relocation. This is a place that people want to work, live, and maybe move their company headquarters. I know from personal experience that I have done a fair share of relocation with the military and Buckley Air Force Base. Not surprisingly, Buckley is very active in moving people in and out of Colorado. This helps the local economy tremendously and helps Realtors like me. Second, there is a lot to like about Colorado and I could spend another two or three pages talking about everything we have to offer, but it seems like the rest of the nation has already taken notice. I think that we should all be optimistic that Colorado had a net gain of 56 thousand residents last year because it puts us in a better position than most states.
The second statistic about people moving to suburbs more than the city is a bit puzzling. We hear all the time about the local government spending money revitalizing the downtown and metro areas. We are blessed here in Colorado to have such a vibrant and active downtown to live, work, and play. Not all cities are as fortunate, and maybe that explains why more people are moving to the suburbs. Having lived in the suburbs for the last 12 years, I do have to say that I enjoy it. There are just too many conveniences within a mile of my home, and activities for my kids are second to none.
In summary, this is good news for Colorado, our economy, and our residents.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
First, let's tackle my number one point. I think that one of the reasons why we have seen a good real estate market in the first and second quarters of this year is because of relocation. This is a place that people want to work, live, and maybe move their company headquarters. I know from personal experience that I have done a fair share of relocation with the military and Buckley Air Force Base. Not surprisingly, Buckley is very active in moving people in and out of Colorado. This helps the local economy tremendously and helps Realtors like me. Second, there is a lot to like about Colorado and I could spend another two or three pages talking about everything we have to offer, but it seems like the rest of the nation has already taken notice. I think that we should all be optimistic that Colorado had a net gain of 56 thousand residents last year because it puts us in a better position than most states.
The second statistic about people moving to suburbs more than the city is a bit puzzling. We hear all the time about the local government spending money revitalizing the downtown and metro areas. We are blessed here in Colorado to have such a vibrant and active downtown to live, work, and play. Not all cities are as fortunate, and maybe that explains why more people are moving to the suburbs. Having lived in the suburbs for the last 12 years, I do have to say that I enjoy it. There are just too many conveniences within a mile of my home, and activities for my kids are second to none.
In summary, this is good news for Colorado, our economy, and our residents.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
Wednesday, July 6, 2011
Tuesday, July 5, 2011
Check out my latest real estate colum...
Check out my latest real estate column titled "My Favorite Misconceptions" at http://ow.ly/5wXnH
Check out my latest real estate colum...
Check out my latest real estate column titled "My Favorite Misconceptions" at http://ow.ly/5wXnH
Check out my latest real estate colum...
Check out my latest real estate column titled "My Favorite Misconceptions" at http://ow.ly/5wXnH
My Favorite Misconceptions. By Dan Polimino.
There are misconceptions about every business or trade, so real estate is not immune. Over the last several years, I have heard plenty of misconceptions about buying, selling, investing, or practicing real estate. I finally had a chance to jot down my favorites and thought that I would share a few here, in an attempt to draw a distinction between fact and fiction. Below is not the be-all-end-all of comprehensive lists, but just my top six.
1) "I am not worried about inspection. There is nothing wrong with this house. The inspector will not find anything here." In all of my years in real estate, I have never done an inspection where the inspector did not find something. They always find something. They are paid to find something!!! If you are selling a home, plan on dealing with inspection items.
2) "Selling a home is easy. Why do I need a Realtor?" If this were true, my profession would not exist.
3) "Anyone can be a Realtor. All you do is show homes to people. How hard can that be?" I too, once thought the same. Let me just say this: This job is not for the faint of heart. You work just on commission; there are a million and one variables that are out of your control, all of which can kill a deal and your paycheck after months of work. You deal with all kinds of personalities and you better be great at conflict resolution.
4) "I want to get into the fix and flip business. I see a lot of people making quick, easy cash doing it." There is no such thing as "quick, easy cash." Yes, I believe HGTV makes the fix and flip business look like a breeze. Before you go down that road, make sure that you really know how to buy and sell real estate, make sure you know home construction backwards and forwards, and make sure that you have the time and money. Last but not least, it is a high risk business and it might be a good idea to talk with a few people who have been burned doing the same.
5) "I want to buy short sales and foreclosures because I want to get a deal." More often than not, they're not such a great deal when you factor in the time, money, and labor.
6) "My house will easily appraise for the purchase price." Oh really? Talk with a few Realtors and I am sure that they'll share a story or two about homes not appraising in this new world order of lending.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
1) "I am not worried about inspection. There is nothing wrong with this house. The inspector will not find anything here." In all of my years in real estate, I have never done an inspection where the inspector did not find something. They always find something. They are paid to find something!!! If you are selling a home, plan on dealing with inspection items.
2) "Selling a home is easy. Why do I need a Realtor?" If this were true, my profession would not exist.
3) "Anyone can be a Realtor. All you do is show homes to people. How hard can that be?" I too, once thought the same. Let me just say this: This job is not for the faint of heart. You work just on commission; there are a million and one variables that are out of your control, all of which can kill a deal and your paycheck after months of work. You deal with all kinds of personalities and you better be great at conflict resolution.
4) "I want to get into the fix and flip business. I see a lot of people making quick, easy cash doing it." There is no such thing as "quick, easy cash." Yes, I believe HGTV makes the fix and flip business look like a breeze. Before you go down that road, make sure that you really know how to buy and sell real estate, make sure you know home construction backwards and forwards, and make sure that you have the time and money. Last but not least, it is a high risk business and it might be a good idea to talk with a few people who have been burned doing the same.
5) "I want to buy short sales and foreclosures because I want to get a deal." More often than not, they're not such a great deal when you factor in the time, money, and labor.
6) "My house will easily appraise for the purchase price." Oh really? Talk with a few Realtors and I am sure that they'll share a story or two about homes not appraising in this new world order of lending.
Dan Polimino is a Realtor with Fuller Sotheby's International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost
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