http://www.coloradodreamhouse.com/index.php/news/ Fuller Sotheby’s agent Dan Polimino tells us in this week’s market update that there are far less luxury homes on the market than rumored to be. Cherry Hills Village, Greenwood Village, Lone Tree and parts of Douglas county have far less luxury homes than one would think. To find out exactly how many watch this week’s market update with Dan Polimino for Denver, Colorado.

Check out the video at http://www.youtube.com/watch?v=ELtclLrsumc&feature=player_embedded

As you drive up the private lane through a forested Colorado Hillside to the gated entrance of this mountain estate you will notice the 6 bedroom, 9 bathroom, one-of-a-kind mountain retreat. Located a short 26 miles or 25 minutes from downtown Denver, but a world away from the hectic city lifestyle. Situated on just under 7 acres with a 10,292 square foot main house, a 1052 square foot guest house and new 2,080 square foot carriage house where your nearest neighbors are Elk and Deer yet you are only five minutes to shopping and restaurants. Expansive views of snow capped peaks are the icing on the cake of this one-of-a-kind exclusive estate.

Please Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a private showing.

Check out http://www.coloradodreamhouse.com/featured/property.php?id=0 for more details.

Take the virtual tour at http://www.youtube.com/watch?v=UBP1EuGXYWg

In my last post, I discussed that the MAJORITY of first time home buyers are eligible for DPA here in Colorado. In this post, I am going to talk about what are the qualifications for DPA. You will be surprised how easy it is to qualify and it is not that restrictive in order to get your piece of the DPA pie.

The first factor that has to be considered for DPA is HOUSEHOLD INCOME.  Household income is defined as “everyone” in the household (that will live in the home) that earns an income. That total income has to be counted towards the income limits for that agency’s guidelines. For example, if a parent is going to live with a young couple, then that parent’s income has to be counted in the total income household income calculation. Different agencies/programs have different income limits and depending on which one you use you are subject to the income limitations.     

The second factor that you have to consider when analyzing DPA is the GEOGRAPHIC AREA in which you are looking to purchase. There are agencies that lend and cover the entire State of Colorado and others that only cover very specific areas. In many cases there are several options for assistance for the buyer. Understanding this and knowing which is best for the buyer is critical. The last thing you want to do is get stuck with assistance that does not work into your financial goals. You as the buyer should choose only one program over the other just because the lender does not offer both programs. Shop around, find a lender who can do both and provide direction and guidance for the program that best suits your individual needs. 

The last factor to consider when evaluating DPA is the TYPE of ASSISTANCE. Is a 2nd mortgage loan or is it an actual Grant from the agency? Assistance where there is a “repayment” of the assistance is becoming a very popular and common.

Grants for assistance are becoming less prevalent and generally have lower income limits that assistance that is repaid. Your Lender should be able to compare and contrast the different options and guide you the best option. 

Many more people know me as a marketing guru rather than a real estate agent and most of the emails I get are usually asking for marketing ideas or advice. As you know from time to time, I like to share novel marketing ideas here to help people buy and sell homes.

Today, I want to share with you an idea that I bet you haven’t thought of to market the sale of your home. It’s the website called Flickr. Some of you may already know it as a place to share photographs, which it is; but did you know that you can also sell a home from it? The premise behind Flickr is sharing photos of your life with your friends, family, and the world. You can post pictures of your kids for grandma to see or for people in India to see. So why not share pictures of your home? After all, the number one thing that people ask for when searching for a home is, “What does it look like?” So we send them pictures.

Anyone can create a Flickr account for free and upload pictures of their home. Then you can send out invites to your friends and family, asking them to take a look at the album of photos. You can also ask them to forward your email and link to their friends who may be looking for a home. You could also join a group. Just type in the word “real estate” and 768 groups that you could join pop up. Then send information to your groups about the photo album of your home. Remember to always give people a URL or link to click back from Flickr for more information. If they like the pictures that they see, you need to send them back to a website to get more information or to contact you.

As an example of how to do this, check out my flickrpage at http://www.flickr.com/photos/35522179@N03/sets don’t get me wrong, this is not the be-all and end-all of marketing your home. It should just be another tool in your overall internet marketing plan.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

http://www.coloradodreamhouse.com This week we are looking at home values for my neighborhood of Highlands Ranch, Colorado . As you can see from the graph Highlands Ranch home prices hit a high in late 2007 early 2008 of an average price of $305,900. Values steadily declined until early 2009 and then started to rebound. So far Zillow says home values are up 1.5% from this time last year to an average of $293,000.

To read more about this trend, the market in Highlands Ranch or to see how Highlands Ranch is comparing to other neighboring areas click the linkhttp://bit.ly/crDvBm

As always if you have specific questions and would like to contact me directly feel free at dpolimino@fullerproperties.com and 303-522-1161.

http://www.coloradodreamhouse.com Fuller Sothebys agent Dan Polimino talks about three potential problems facing the real estate industry in Colorado and across the nation in the next 45 days.

Check out the video at http://www.youtube.com/watch?v=_QY2Oln23bc&feature=player_embedded

With a level of attention to detail rarely seen, this amazing 12,000 square-foot, five bedroom, seven bathroom home is the perfect blend of old-world charm and every modern convenience.

The property abuts to a 400 acre dedicated open space and wildlife preserve allowing for breathtaking views that will always remain unspoiled.

Please Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a private showing.

For more information check out http://coloradodreamhouse.com/featured/property.php?id=4

Take the virtual tour at http://www.youtube.com/watch?v=F41vLZuDCzQ&feature=player_embedded 

So you think you want to buy a home.  You have a good job and reasonably good credit but you don’t have the 3.5, 5%, or 10% down payment that is required in order to purchase these days.  You’ve heard rumors about different down payment assistance programs (DPA) and how you can get in for as little as $100 or $1000.  Those programs are myths or urban legends correct?  Or those programs are designed to help only the under-served, the homeless, and the people who fall below the median income in this country……right?   THINK AGAIN! 

DPA is designed for one thing, to assist buyers in being able to purchase a home with very little money out of pocket.  Are there some income restrictions and geographic restrictions?  There can be but for the majority of first time (and some second time) home buyers in Colorado, DPA is available for the taking.  You simply need to ask and work with a lender that handles these types of programs.  If your lender serves this market, you will find it very easily.  

In Part 2 of this series we will talk about the factors that determine the qualifications for down payment assistance and in Part 3 we will talk about the specific agencies and types of assistance available in Colorado and the Denver Metro area.

Ok, here we go again. We are roughly 45 days away from the Federal Tax credit expiring for would-be home buyers. It seems like we just went through this the other day and in fact, it was just last October when we were writing articles just like this. It’s mid-March and at the end of April, the tax credit for home buyers and first-time home buyers will expire. The question is did you take advantage of it?

I hope you did and if you didn’t, there is still time, but a word of warning to all the procrastinators out there. I do not feel confident this time around that it will be extended. Am I sure about this? No, and I reserve the right to be wrong, but there are just too many things in play right now to lead me to believe that it won’t be extended. I don’t have enough room in this column to express all of my thoughts on the subject, but I will share a few things that lead me to this conclusion. First, it’s an election year and all bets are off on how a Senator or Congressman will vote once they are up for re-election. Second, the economy shows signs of improvement, but that could be a double edge sword. If it continues to improve, Washington will make an argument that there is no need to continue the program. If the economy falters, Washington could make the argument that the money needs to be better spent elsewhere to stimulate jobs. Third, since the deficit seems to be a hot topic among lawmakers, I have a hard time believing that there will be a lot of support to spend more money on this program, but then again, I could be wrong.

So where does that leave the home buyer…about 45 days from missing out on $8,000 or $6,500 in cash. There is still time to find a house, get under contract, and close. Remember, you don’t have to close until the end of June; you just need to be under contract by the end of April to get the money. Getting the loan in place, finding an agent, a house, and getting it under contract can be done in the next 45 days; but you have to start now. To find out how, check out http://www.taxcreditforeveryone.com or http://www.firsttimehomebuyerdenverco.com.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and http://www.coloradodreamhouse.com/denverpost

Keep up to date with the latest market data information each week on this blog.

http://www.coloradodreamhouse.com Home Values peaked in last 2007 in Greenwood Village, Colorado and since then have been dropping. Despite the numbers this is still a very desirable neighborhood to live in and one that people want. Market data shows that values are down about 10% from this time last year. To see how Greenwood Village is comparing to other neighboring areas click the link below.

http://www.zillow.com/local-info/CO-Greenwood-Village-home-value/r_38807/

As always if you have specific questions and would like to contact me directly feel free at dpolimino@fullerproperties.com and 303-522-1161.

Check out the video at http://www.youtube.com/watch?v=Ejj5-ZyrsYo&feature=player_embedded

Last week, we began taking a look at rating your home for sale with a buyer’s eyes. What are buyer’s eyes and what do they look for when evaluating a home to buy? For that information and to re-read Part One of this series, go to www.coloradodreamhouse.com/denverpost and click on the “News” button at the top of the page.

This week, we’ll continue discussing the top categories that buyers use to rate your home. In Part One, we covered condition and location. Today, we’ll cover size, features, and amenities.

1)   Size: You know how this goes. Most people look to buy the biggest home they can for their money. So how does your home stack up size wise? When your agent did a market analysis of the homes for sale in the neighborhood, did you take a look at the competition and see how your home compared in total square feet and finished square feet? If you didn’t… do so and then give yourself a rating. Did your home land in at least the top four in size?

2)   Features: I am sure you know what your home has to offer, but you also need to know want your competition has to offer when it comes to features. In Part One, I told sellers to go see the other homes on the market in their neighborhood with their agent. Look for features while you are there and look at condition.

3)   Price: This is the biggie because in most cases, price can fix a lot of ills. Let’s say your home did not score very well in condition, location, size, and features. You may still be able to sell your home ahead of the others if it’s the best price and buyers see it as a value. Let’s say your home rated in the middle, but you need to sell quickly. Again, price could vault you to the number one choice of most buyers. Finally, let’s say you rated number one in all of the other four categories; then you do not have to be the cheapest home on the block to sell and sell quickly. Don’t get crazy either and price beyond what people would consider reasonable for the neighborhood.

Remember, proper positioning against the competition and rating your home with a buyer’s eyes may just be the edge you need to sell your home today.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Keep up to date with the latest market data information each week on this blog. http://www.coloradodreamhouse.com Each Friday on this Blog I will post up to the minute market data information on different cities across the US courtesy of Zillow. This week we are looking at home values in Cherry Hills Village, CO. You can see from the graph below prices bottomed out last April and have been on the rise since. Overall prices are up 3.7 percent from this time last year. To find out more information like how Cherry Hills Village is doing in comparison to say nearby Greenwood Village click the link below. As always if you have specific questions and would like to contact me directly feel free at dpolimino@fullerproperties.com and 303-522-1161. Have a great weekend.

More Cherry Hills Village Home Values

I must admit, for far too many years I originated loans and guided my clients by the philosophy to “buy as much home as you possibly can afford” believing that most people ended up “growing into their mortgage payment” as they continue to improve their employment skills and subsequently their income levels. While this might be true for some younger buyers, often that this is not the case. In addition, when you buy “maximum” house with your money you also get “maximum” utility bills, insurance, and property taxes that go along with that maximum mortgage payment. 

The meaning of “Less is More” is the notion that simplicity leads to better things.  In the case of homeownership, not being strapped to into a large mortgage payment leads to having more money to do other things in life. After interviewing allot of millenials (newest generation) lately, I believe this generation understands this concept very well. They’ve seen the results of their baby boom parents trying to “live the dream” with a large home, nicest cars, fancy clothes, etc., etc., by with both of their parents working 50-60 hour weeks, being tired and burned out at the end of the week, all for what?  So you can have a bigger or best house?

Today in the wake of a recession, 10% unemployment, and much uncertainty about what the future holds, I have changed my tune about how much house is too much. I believe that you should buy a home that “meets your needs” in terms of size, location, and budget (smaller is better). I think that the days of focusing on what the maximum house you can afford are over. There is allot more to life than being house poor.

This incredible custom home combines the charm of Observatory Park with luxury living. This 5 bedroom, 7 bathroom home with a fully finished basement boasts almost 5400 finished square feet.

The home has been designed with impeccable detail and attention to the finest materials. Finishes include Brazilian Cherry wood floors, Cherry Cabinets, Cherry plantation shutters, hand trowel walls and extensive use of clear Alder for the doors and paneling.

Call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing of this property at 2412 S Josephine St Denver, CO 80210.

More details at http://www.coloradodreamhouse.com/featured/property.php?id=6

Take the virtual tour at http://www.youtube.com/watch?v=o7sX0PtmDJU&feature=player_embedded

Fuller Sotheby's agent Dan Polimino http://www.coloradodreamhouse.com talks about a sellers market in the lower price ranges in Denver, Colorado. Inventory did not go up sharply in January as expected and that means it's getting tougher to find a home. Sellers are starting to get full price and more.

Watch Dan's video at http://www.youtube.com/watch?v=Ejj5-ZyrsYo&feature=player_embedded to find out more.

As Realtors, we tell sellers all the time to look at their homes with buyer’s eyes. What does that mean exactly? When you are selling your home, walk through it with a critical eye. Pick out and point out every flaw, imperfection, or anything that does not show well in your home. Sellers should also be honest with themselves about other critical factors that influence a buyer’s decision like location, size, features, and price. Is this easy to do when it’s your castle? No way. Do most sellers do it? No way. A good real estate agent representing you on the sale of your home should do it for you. Moreover, let the agent know it’s ok for him or her to be candid and honest with what they see and the information they know to be true about your neighborhood. Sellers should seek the truth, want the truth, and let the agent know its ok to communicate it. Use a buyer’s eyes to position your home against the competition. Specifically, take a critical look at these five areas: condition, location, size, features, and amenities.

Take each category and begin asking yourself these questions:

1)  How is the condition of my house? Is it pristine, ready to move in, without flaw, or does it need little touch ups or a lot of fix up? How would my house compare with the others for sale in my neighborhood? If you don’t know, have your agent take you to see the other homes in the neighborhood. Bottom line, if you want to sell your home and sell it quickly, you better be in the top 3 or 4 when it comes to condition.

2)  Location. How does my home compare in location to the others? If your home is the only one in the neighborhood that’s for sale that backs to a greenbelt and is at the end of a cul-de-sac, you may be the lucky winner. At the very least your home would rate #1 ahead of all the others in the location category.

Buyers also evaluate very closely the size, features, and amenities. Next week, we’ll tackle those three categories and find out how your home rates in a buyer’s eye.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

This beautiful home features an abundance of architectural detail. Art niches, built-ins, and dramatic arches evoke European craftsmanship throughout this 6 bedroom, 6 ½ bathroom masterwork. The freshly completed low maintenance deck features lush views of Glenmoor golf course. Classic brick and stucco finish, new Milgard windows and doors throughout, and a 4-car garage make this showcase a joy to live in.  

More details at http://www.coloradodreamhouse.com/featured/property.php?id=5

Call Dan Polimino 303-522-1161 or Gary Lorhman at 303-829-5900 for a showing of this property at 37 Glenmoor Dr Cherry Hills Village, CO 80113.

Take the video tour at http://www.youtube.com/watch?v=XkxRXKj8ekU&feature=player_embedded

For those of you new to the home buying process, a new change happened January 1st, 2010 that will make you life allot simpler in terms of shopping for a home loan. The new Good Faith Estimate (GFE) requirements have made lenders HIGHLY accountable for the interest rate and closing costs quotes on a home loan. In the past, mortgage lenders and brokers could play “fast and loose” with their Good Faith Estimates often quoting terms that were not available just to get the client “in the door”. Once you invested a few weeks with them and gotten the loan approved, the terms would change at the last minute. Consumers either were forced to take the different terms or start the process over with a new lender. The number one complaint by consumers to HUD was that their terms at closing (rate, closing costs, and cash required to close) was significantly different than they were originally quoted.

Today Lenders are now required to provide you with a “Good Faith Estimate” (GFE) that binds them to their quote (rate and fees) for a minimum of ten days. In addition, the new GFE discusses lock options much more clearly. Sections A of the new GFE (lenders origination charges) cannot change at all (other than decrease) and Section B (Other Settlement Services) cannot change by more than 10% of the original quote. If the section B charges are above the 10% tolerance, the lender is required to “refund” the difference back the borrower at closing.  So the consumer is very much protected from terms changing at all from the original quote. I recently attended a seminar and one of the points that the instructor made is that the acronym GFE should now stand for “Guaranteed Fee Explanation” and I could not agree more. Basically the new GFE has become that, a form that guarantees the fees and rates to the client. Good news and more transparency for the consumer.

Fuller Sotheby's agent Dan Polimino http://www.coloradodreamhouse.com talks about this weeks market update for Denver Colorado for the week of Feb 15, 2010. Dan is looking for move down buyers and he tells them why this is perfect time to move down from their big home.

Check out the video at http://www.youtube.com/watch?v=Kye9ZIaqZc0&feature=player_embedded

I was talking with the good people from Shea homes the other day and they find themselves in an interesting predicament. I am sure a lot of home builders find themselves in the exact same situation these days. You see, Shea has people walking through their models in Back Country everyday that would love to buy a new home there BUT…they have a home to sell.

You see, the “BUT I have a home to sell” issue is happening all over Colorado. Many home owners would love to buy right now and take advantage of the low prices, low interest rates and many incentives, but they can’t sell their home or afraid it will take too many years to sell their home. So Shea came up with a good idea to help people sell their homes.

I know what you’re saying, “Selling a home is a pretty standard process. Many people know how to do it.” Not so fast; this is a very different real estate market place than the last time you sold a home. Moreover, the real estate landscape is changing everyday and the way we buy and sell homes will look a lot different in two years than it does today.

So what’s Shea up to? They are going to start holding classes on selling your home. Not exactly a new creation when it comes to ideas, but it is a good one and here’s why. For years, real estate agents, mortgage lenders, and yes builders held home buying classes, but very few held home selling classes. The reason is simple; it’s been a while since we’ve been in a scenario that is so one sided with more sellers than buyers. As such, there really hasn’t been a reason to hold “home selling classes” until now.

What are you going to find out if you decide to attend one of Shea’s classes? How to sell your home with today’s latest marketing techniques and technology, the science of pricing, and how absorption rate affects how quickly you’ll sell. How about how to SAVE MONEY on the sale of your home, what buyers really want when evaluating a home purchase and a whole lot more?

If you want to attend “How to Sell Your Home Today” and hear from great realtors like Gary Lohrman from Fuller Sotheby’s, Bill Watson from ReMax, Pam Kiker from Keller Williams and the Shea Team call 720-344-1800 and tell them you want to attend the class. Or email Sheri Tannascoli at sheri.tannascoli@sheahomes.com. The class is on Saturday, Feb 27^th at 11:30am at Back Country in Highlands Ranch.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

So you are sitting on the sidelines right now missing out of the $8000 First Time Home Buyer Tax Credit because someone at the bank told you that your score was not good enough to buy right now. The banker probably did not provide much more information other than you “need to fix your credit and pay your bills on time” if you want to buy a house. 

What are you supposed to do get started on that path of homeownership? Are you going to try to figure this credit fix stuff out on your own? Worst yet hire a credit repair firm and pay thousands of dollars for them to make money and show meager results? Or just continue to sit on the sidelines and rent and miss out probably one of the best buying opportunities in the past 30 years? 

Here is a fact, 78% of the people who decide to buy a home ultimately by a home with 5 years of making that decision to buy. So the question is really not “IF” you are going to buy a home but “WHEN” are you going to buy a home. Problem is that most bankers and their loan officers don’t get this concept. They just see the never ending supply of other customers coming through the door and move onto the next customer. You are left to fend for yourself.

I have over 15 years of credit scoring and repair expertise. I have moved credit scores by over 100 points in 30 days. In addition, I have saved client tens of thousands of dollars is educating them on how to work out settlements with past due accounts. Before you give up on your dream of homeownership, get a second opinion on your credit. Your dream may be closer than you think!

Andy Jorgensen

Sr. Loan Originator

Guild Mortgage Company

7951 E. Maplewood Ave. Suite 290

Greeenwood Village, CO 80111

www.taxcreditforeveryone.com

Mortgage Originator License #MB100011854

303-753-9135 or 888-333-6944 office

303-753-8747 or 888-999-3594 fax

303-810-1191 cell

This wonderful five-bedroom, four bath, 3800 square foot home rests just steps away from a quiet greenway path, and Redstone Elementary School. With new carpeting on the main floor, fresh paint throughout, new exterior paint and a finished basement, this home is ready immediately. Three bathrooms, a powder room, and a three-car garage make this space a joy to live in. The cul-de-sac location next to the green belt makes it private with plenty of space for the kids to play.

Check out http://www.coloradodreamhouse.com/featured/property.php?id=1 for more details.

Take the virtual tour at http://www.youtube.com/watch?v=EvwoPd_DWbA&feature=player_embedded

Fuller Sotheby’s agent Dan Polimino talks about this weeks market update for Denver, Colorado for the week of Feb 8th, 2010. Dan explains why this is starting to look more like a sellers market in some price ranges than a buyers market.

Check out the video at http://www.youtube.com/watch?v=6NTjkWvO0yw&feature=player_embedded

As you drive up the private lane through a forested Colorado Hillside to the gated entrance of this mountain estate you will notice the  6 bedroom, 9 bathroom, one-of-a-kind mountain retreat. Located a short 26 miles or 25 minutes from downtown Denver, but a world away from the hectic city lifestyle. Situated on just under 7 acres with a 10,292 square foot main house, a 1052 square foot guest house and new 2,080 square foot carriage house where your nearest neighbors are Elk and Deer yet you are only five minutes to shopping and restaurants. Expansive views of snow capped peaks are the icing on the cake of this one-of-a-kind exclusive estate.

Check out http://www.coloradodreamhouse.com/featured/property.php?id=0 for more details.

Take the virtual tour at http://www.youtube.com/watch?v=UBP1EuGXYWg

As realtors, we are always telling people why “today or now is a good time to buy” and many times we have good reason for that. The prices are down and there are a number of foreclosures available, buyer incentives, etc, etc. Maybe the best reason of all right now to buy is the interest rate.

I know mortgage lenders are always talking about this and advertising this, but we hear it so much that we forget to pay attention to it. If you really stop and think about it, interest rates may be the biggest influence on whether we can buy or not. Let’s face it, the vast majority of the population buy based on what they can afford in a monthly mortgage payment. Nothing affects that more or greater than the interest rate. Let’s take a look at a snap shot of a few figures to see the real impact when interest rates rise and what that does to your monthly payments.

According to Metrolist, at the end of 2009 the average price for a single family home was $281K. For this example, let’s call it an even $280,000 and let’s also base all of our calculations on a 30-year-fixed. We’ll take a look at a 5% loan, a 6%, and a 7%. We are also all in agreement that it’s unlikely that interest rates will go lower and the reality is that they are only going high from here.

a.      $280,000 at 5% = 1,503 P&I

b.      $280,000 at 6% = 1,678 P&I

c.      $280,000 at 7% = 1,862 P&I

Just the jump from 5% to 6% almost added $200 a month to your payment and we still haven’t added in taxes and insurance yet. If you have to add mortgage insurance, you could be easily looking at $2000 a month. It adds up quickly and that’s why interest rate is such an important factor. It’s also the main reason why I tell people who are on the fence about buying now or waiting not to wait any longer.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Sure, as a new home buyer you are going to get your $8000 tax credit for buying a home  (provided you close before the deadlines) and you will begin to “itemize” your tax deductions (real estate property taxes, mortgage interest, and points) going forward each year.  All of these can potentially save you allot of money on your federal taxes which one of the many reasons people chose to buy rather than rent.  But did you chose the right loan program to enhance your tax savings or allow to you qualify for that extra $20,000 in purchase price?  The Mortgage Credit Certificate (MCC) program can potentially accomplish this.    

The MCC program is an enhancement to your loan that allows you to claim 20% of the mortgage interest you pay as an actual dollar for dollar tax credit (not a tax deduction) and this is for the life of the loan (not just one year).  The remaining 80% of the mortgage interest continues to qualify as a itemized tax deduction.   This is a significant tool to super charge your federal tax savings or increase your purchasing power when out there house hunting.

Talk to a “qualified MCC” lender for more details.

In this month’s news letter we’ll tell what new changes are coming to FHA loans and the details on our contest to win $250,000 dollars towards the purchase of your dream home. For more information about the contest read below. But first…what’s going on with FHA loans?

If you are a first time home buyer or even a second time home buyer and you were thinking about getting an FHA loan from HUD you might want to BUY NOW before they make it harder to get a loan. You may have noticed last week that Housing and Urban Development (HUD) announced they will be making changes to their FHA loan program.

Change # 1: HUD will increase the amount of mortgage insurance required on each loan. Right now it’s at 1.75% of the loan amount.  This gets rolled into the loan and you pay for it each month over the life of the loan.  HUD will most likely make the change this spring to 2.25%. HUD says this will help them rebuild their insurance reserves after massive losses with mortgage defaults.

Change # 2: If you have a FICO score of 580 or less you will be required to put down 10% as a down payment instead of the usual 3.5%. This will prevent some people from getting a loan. HUD says the risk is too high to loan people with a credit score less than 580 so they want the home owner to put up more money and have more skin in the game.

Change # 3: Going forward HUD will reduce the amount of seller contributions from 6% to 3%. This is probably the most significant change and impacts everyone getting a loan. For cash strapped home buyers having a seller contribute says $6000 dollars on a $100,000 purchase price is a big deal. Soon buyers will only be able to accept 3% (or $3000 dollars) towards closing costs or pre-paid items. Overall not a good thing so buyers should get under contract before this happens.

Bottom line FHA is still the best deal in town for a large majority of the population. There isn’t anybody else right now willing to lend you money with only 3.5% down so for that reason and that reason alone it still a good option.

Above all take advantage of the 6% seller contribution rule now and get under contract with a property before the rule changes.

Finally go to http://www.firsttimehomebuyerdenverco.com or http://www.taxcreditforeveryone.com for a chance to win $250,000 toward your dream home. It’s easy to win and you’ll get great information about the new tax credits and how to get $6500 or $8000 in your pocket right away.

Please feel free to contact me with questions or if there is any way I can be of help at 303-522-1161 or dpolimino@fullerproperties.com

Sincerely,

Dan Polimino 

Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver Colorado for the week of Feb 1st 2010. Dan gives sellers a tip about having their home show ready at all times. You never know when a buyer wants to see your home and is ready to write a contract. Don't miss that opportunity because your home is not ready to show. Also he encourages you to check out 10101 Brady Place in Highlands Ranch. It's a 4 bed, 4 bath, 3800 sq. ft. home on a clu-de-sac and on a green belt. Check it out at http://www.coloradodreamhouse.com   

Check out the video at http://www.youtube.com/watch?v=2sCc5FxfcWk&feature=player_embedded

333 Faraway Place Castle Rock, CO. It’s not often we see a 1 million dollar price reduction, but that’s what we’ve done with the Maytag estate in Castle Rock. Built in 1983, the 9000-square-foot Spanish-style Villa was built for the Maytag family. The four-bedroom, five-bath home sits on 227 pristine acres. The land has a little of bit of everything with forested hills, open meadows, and gorgeous rock outcroppings. There are extensive views of majestic snow-capped peaks, peaceful valleys, and the near town of Castle Rock. It’s perfect for a private barn, equestrian center, corrals, or just incredible hiking and sightseeing.

Please call Dan Polimino at 303-522-1161 or Gary Lohrman at 303-829-5900 for a showing. NOW REDUCED FROM $4.8 MILLION TO $3.8 MILLION.

Take the virtual tour at http://www.youtube.com/watch?v=4dMfjTQf0Kk&feature=player_embedded

At the end of last year, Move.com, the company that also owns the more popular Realtor.com, published a survey they conducted forecasting home buying in 2010. According to Move.com one in 20 Americans say they plan on buying a home within the coming year. While that doesn’t seem like a lot of people the most interesting part of the data are the demographics. The people most likely to buy will have a median age of 34 or younger and will be living in the South and West according to the survey.

If that’s true, it bodes well for Colorado. Denver has been one of the first cities to lead the charge out of the housing slump. Denver also has continued to grow through this recession because it’s an attractive place to live and work. Young people flock to Denver because of jobs, lifestyle, and climate. Corporations are relocating their headquarters here, or building new facilities. Along with that come new young workers.

According to the survey, roughly one quarter of all potential buyers said that the number one reason that they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates, and a wide selection of homes. Now let’s take that data and see how it applies in our local market. Again, that fits in perfectly with what Denver has to offer and what we are hearing from buyers. With the exception of the luxury market, home prices bottomed out earlier this year and now are headed up. The buyers we are working with know that foreclosures are harder to come by, they don’t seem motivated by interest rates, and the inventory has not been historically high in Denver since 2006.

Of course, this is just one survey but it is encouraging for Denver and its surrounding suburbs. There is no question that if the recovery continues, Denver is poised perfectly to appeal to what buyers want and where they want it.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

HUD announced this week several major changes for FHA loans later this year. Some of this items will not go into effect for several months but are worth noting.  Overall, HUD is doing the right thing to keep themselves in business and help consumers be able to purchase homes.

1. Up-front MIP will increase to 2.25%, to be announced in a Mortgagee Letter today; this will go into effect sometime in the spring (NOT effective immediately).

How this effects you: Currently up-front MIP is at 1.75% of the base loan amount. Example, on a $100,000 base loan amount, the amount that is currently added to that amount is $1750.00. This makes the total loan amount that is financed as $101,750.00.  The monthly payment (assuming a 5.50% rate) would be $577.73. Under the new change the new loan amount would be $102,250.00 ($500.00 more added to the loan balance) and the new monthly payment would increase to $580.56 ($2.83 per month more). Not a huge impact on the consumer but worth noting. The benefit is significant to HUD as it allows them to re-capitalize their insurance fund (which is low due to loan losses over the past several years) and continue to insure home loans will minimal down payments which is a good thing.

2. Borrowers with credit scores less than 580 will be required to put down at least 10%; effective early summer.

How this effects you: Although HUD/FHA has never required a minimum credit score, most investors have required minimum credit scores for quite some time.  Most have a minimum of 620 with a few down to 600 and even 580. This is not going to impact much currently as almost no investors/lenders are doing FHA loans with this low of a credit score. However this change might cause some investors/lenders to look at this market segment more seriously because of the significant down payment of 10% possibly opening more opportunities for more borrowers with lower scores and a down payment.

3. Seller contributions to be lowered from 6% to 3%.

How this effects you: This is VERY significant especially lower priced homes.   Currently on a $100,000 the seller is allowed to pay up to $6,000.00 (6.0%) in closing costs and pre-paid items (taxes/insurance). This change will reduce this amount to only $3000.00 (3.0%) in this example.  If your closing costs and pre-paid items happen to be$4,000.00, then you the borrower would have to pay that difference yourself ($1,000.00) due to maximum being now 3.0 percent. This means that your “funds to close” would be $1,000.00 higher than under the prior guidelines. Not a good thing on a cash strapped buyer.    

4. The waiver on anti-flipping requirements is effective 02/01/10, and a preliminary memo was sent out about that on Tuesday.   

How this effects you: This is very good news and means that there will be a better inventory of renovated property properties to chose from for buyers.  Let’s face it, there are allot of properties out there for sale but many of them are in very rough condition or in short sale situations where it is difficult for a first time buyer to either have to deal with renovations or wait for banks to approve the short sale. This new rule removes the “90 Day hold requirement” by sellers so that properties can be resold more quickly after a purchase.  This will help “fix and flip” investors by reducing their hold times on properties and provide more inventory to prospective buyers. One word of caution to buyers, “Beware of properties that were purchased and marked up with little or no renovation being done”. There are specific rules that must be followed in order for these properties to be financed.  Contact your qualified real estate professional for specifics.

As always, feel free to use me as a resource for your specific circumstances.

Andy Jorgensen

Sr. Loan Originator

Guild Mortgage Company

7951 E. Maplewood Ave. Suite 290

Greeenwood Village, CO 80111

www.taxcreditforeveryone.com

Mortgage Originator License #MB100011854

303-753-9135 or 888-333-6944 office

303-753-8747 or 888-999-3594 fax

303-810-1191 cell

Fuller Sotheby's agent Dan Polimino talks about this weeks market update for January 27th, 2010 in Denver Colorado. This week Dan tackles why sellers are jumping back into the market after the holidays and why buyers should as well. He also covers the upcoming changes from HUD regarding FHA loans.

Check out the video at http://www.youtube.com/watch?v=46zRpnYHOcU&feature=player_embedded

Last week, we started taking a look at a checklist of items that every buyer should focus on when getting a home. The priority list should include location, size of home and lot size. Why are those the first and most critical pieces to buying a good investment? Go ahead and reread Part One of this series at www.coloradodreamhouse.com/denverpost.

Today, I want to focus on the things that you could live without and probably could sacrifice if you are buying a home on a budget.

1) Condition: Believe it or not, condition of the property does not make the top three in the priorities list. The reason is simple and that’s because even the worst properties can be fixed up. Now, I know that you are buying a home on a budget and may not have the resources to fix it up, but it doesn’t have to be done all at once. A project can happen slowly overtime, and if you are even remotely handy, it can be done with some classes at a home depot, a small budget, and a little hard work. 

2) Garage: It’s always nice to have a big garage. These days it seems like the three-car garage is the norm and some people can’t even fathom living with a two-car garage or no garage at all, but it doesn’t make the priority list. If you have to make some cuts and you can’t get everything you want, think about sacrificing here. Would you want a smaller house, but a bigger garage? Or a smaller lot and a bigger garage, or even a three-car garage, but a bad location? The answer is no, no, and no. Location, lot size, and size of the home will trump a garage any day. 

3) Layout: I hear this more often than you would think, “I don’t like the layout.” Layouts for the most part can be changed as long as you are not attempting to move a load bearing wall. Plumbing, electric, HVAC, and yes, rooms can be changed or moved. 

Remember, stick with the big three priorities: location, lot size, and size of the home. If you did well in those three categories, you got a great buy and a home that will be a good investment. 

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Ok, so you only have so much money to spend on a new home. You are realistic about what you can buy with that money and after looking at quite a few places, you know that you are not going to be able to get everything you want. The question now becomes: ‘What things do you sacrifice and what characteristics are critical for a good investment?’

Here’s a quick checklist of how you should evaluate buying a home on a limited budget. I have broken it up into two categories, “Must have’s” and “Not Necessary.”

First, if you stick with these “Must Have’s,” you’ll never go wrong and your house will not only be an enjoyable place to live, but a good investment should you decide to sell it.

1)    Location, Location, Location: The critical things to look for are: Is it in a desirable neighborhood where people want to live? Are homes always in demand in this neighborhood? Is it in a good school district? Is it at the end of the cul-de-sac or a non busy street? Does it have a view: back to the mountains or a greenbelt? And how are the other homes in the neighborhood?
2)    Size: You should always be looking to buy the biggest home for your money. There is no such thing as too many bathrooms and bedrooms, but it is a problem when there are not enough.
3)    Land: Yard size is still a big deal. At least it is in Denver, Colorado. Everyone wants more yards and it’s hard to come by so get the biggest lot you can. If you bought a home that sits on a 3200 sq ft lot, you may have a tough time reselling that home.

There are a variety of things that you can live without and shouldn’t be a top priority if you are buying a home on budget. Next week, we’ll take a look at the checklist of items that you might consider sacrificing before buying a new home.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

In recent months, I have spoken to quite a few people that are concerned with keeping their expenses low in this economic environment. After all, it’s a smart practice in case the economy has a relapse, you lose a job, or you have some unexpected expenses.

For most of us, our biggest expense is our home and more specifically, our mortgage. So it’s not surprising that I have had a lot of conversation with people looking to downsize. Many people have come to the realization that they really could do without all of the extra space. In fact, they say to me, “We don’t really need 4500 square feet. We could do just fine with 2700 or 3000.” What they’re really saying is, “I wouldn’t mind going from a $475,000 dollar home to $350,000 dollar home and saving a thousand dollars a month in mortgage. Again, it’s sound, smart thinking.

Usually, what holds them back from making the move is that they’re concerned about how much money they’ll lose on the sale of their home. Of course, we all know our homes aren’t worth what they used to be, but if you bought smart (location, location, location), maybe, just maybe, you won’t take a huge hit. I also tell potential sellers that you could make up what you lose on your home in the purchase of a new home. After all, someone will be buying your home low and you’ll be buying someone else’s home low. It may be a moot point.

Since this is the first week of the New Year, it’s definitely a good time to start thinking about smart financial planning. The middle of winter is also a good time to find a deal. Don’t wait until the spring when everyone comes off the sidelines and the competition is high. Make a deal in January, February, or March when traffic and competition for premium homes will be less. This also may be a good time to look at buying low on a fixer upper. Spend some sweat equity, do the improvements yourself, and move into a nice home with a nice low mortgage.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Wow, what a hangover. And I am not talking about the New Years Eve Party, but rather, the last year in real estate. I feel like someone hit me over the head with a lock box and I can’t take enough Advil to make the headache go away.

The good news is that it’s January and as my four-year-old son says, “Do Over Dad!” Yes, the New Year means “do over,” but let’s not do over 2010 like 2009. Really, could 2010 be possibly worse than 2009? I think not. Of course, I am an optimist and one who likes to look forward and not backward.

The New Year symbolizes a fresh start so let’s take my son’s advice and try a “do over.” But what does that look like for everyone?

For Sellers: If you are thinking about putting your home on the market or putting it back on the market after taking some time off, let’s make sure that we get started on the right foot.
·         Is it priced right?
·         Do you have the right agent?
·         Are you comfortable with the marketing plan?
·         Is your home “show” ready?
 
For Buyers: Yes, there is a game plan for you here as well. Even though the market is in your favor, let’s make sure that we have some details nailed down.
·         Do you know how much home you can afford?
·         Have you spoken with a lender and do you feel comfortable with him or her?
·         Have you started driving in neighborhoods or doing your homework on the internet?
·         Is your credit in good shape and your finances in order?
·         Make sure you have an agent to represent your interests.

For Realtors: The worst is behind us, but we still have to be smart in conducting business, helping people, and making a living. A good friend who has been in the business for 30-plus years said, “Dan, I have only one rule about clients and real estate. I only represent good people.” I’ve stuck by that philosophy and it has never let me down.

Here’s to a better 2010 for everyone! Cheers.
 
Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness; it was the epoch of belief, it was the epoch of incredulity; it was the season of light, it was the season of darkness; it was the spring of hope, it was the winter of despair; we had everything before us, we had nothing before us; we were all going directly to Heaven, we were all going the other way.”

Charles Dickens.

This is easily my favorite quote of all time and it accurately describes how many of us felt during the course of 2009. Some of you may even be thinking, “were there any high points in real estate this year?”

Yes there were, and while I only have limited space I’ll try to recap the top five in each category.

The Lowlights:

·         Clearly, we started the year worse off than anyone imagined. People not only contracted their buying, but they also went into hibernation mode and some agents wondered if they would ever sell a home again.

·         Some price points like the Luxury market saw drops in value in excess of 30 percent in less than a year.

·         Lending has hit a new low. Never has it been so hard to borrow money for the average person. The regulations, guidelines, and qualifications are getting harder every day. At this juncture, I am not convinced that banks are remotely interested in helping Americans get back on their feet.

·         The mortgage industry is now being controlled by a few large banking institutions that have too much power and too much control. This is bad for consumers, bad for competition, and bad for capitalism.

·         The appraisal system has run amuck. It’s in complete disarray and if you wait a week, it will change again. We need stability here soon.

The Highlights:

·         More people were able to buy their first home. The first-time home buyer tax credit worked and stimulated the industry.

·         The fourth quarter looks to have a much stronger close in real estate sales than originally predicted. Improvements in the economy, buyer confidence, low home prices, low interest rates and incentives have brought buyers off the sideline.

·         Today we have a much more qualified buyer than in many years past. People who own homes now or recently bought homes are the ones that can truly afford them.

·         We made great headway in beginning to weed out fraud, deception, cheating, and people looking to take advantage of others.

·         We came out of an election year, banks failing, and unprecedented amount of foreclosures and still the real estate market continued to operate. We got deals done and actually improved the forecast for everyone.

Later this week is the start of 2010. Happy New Year Everyone and let’s pray that we have more to write about in the highlights column.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

As many of you know from following my columns here in the Denver Post over the last six plus years, I don’t like to talk about business on the week of Christmas. After all, we’ve got 51 weeks in the year to do that. I think that this one week, we can take a break and tackle something more meaningful.

No doubt that this has been one of the hardest years in recent memory for many people including those in the real estate industry. All of us are trying to find our way around a new world of rapidly changing economics. I am reminded of the people who’ve lost their jobs this year, lost their homes, and now maybe spending their first Christmas without a place to call their own. It is my sincere hope and prayer that you’ll find some peace and encouragement this week and in the weeks to come. I am a big believer in positive thinking, finding joy in the little things in life, remembering what matters most, and being thankful for what I have instead of what I don’t have. I think that we need to wake up in 2010, put a smile on our face, declare it’s going to be a great day, week, or year and go get the heavy lifting done. We all know what the problems are so we need to focus hard on the solutions if we are going to turn things around.

Christmas week would not be complete without thanking a few people like the readers of this column. Thank you for your notes, comments, well wishes and shared stories. You inspire me to keep writing and you contribute greatly to the ongoing education process that is real estate. Thank you to the Denver Post for giving me a forum to share opinions, information and knowledge. I appreciate it more than you know. To my fellow colleagues in the business, I always enjoy meeting you, working with you on transactions, and I wish you the very best. When you succeed, we all prosper. To my clients that trust me to sell their homes and purchasing new ones, I am truly grateful that you chose and trusted me in such an important transaction.

Finally, on behalf of my family, it’s with heartfelt sincerity that I wish you a Merry Christmas, Happy Holidays, and a Happy New Year. God bless you in the coming year and take pleasure in this special Holiday week.

Sincerely,

Dan Polimino

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver, Colorado. This week Dan talks about Real Estate and Christmas. What should buyers and sellers being doing over the next three weeks and until the Holidays are over.

Check out the video at http://www.youtube.com/watch?v=6HiGSipElgQ&feature=player_embedded

Everyone is always looking for encouraging signs when it comes to the economy. After all, the economy is the number one topic on everyone’s mind these days and with the Holiday season here, people are looking at retails’ numbers as one sign to gauge if the economy is getting better.

In real estate, there are a number of factors one could use to take the pulse of the market. Let’s take a look at few indicators that spell good news for the Denver Housing market.

1)   At the beginning of October, Standard & Poor's closely watched S&P/Case-Shiller Home Prices Index showed that the average home price in Denver rose for the fifth straight month ending July. Overall, Denver was creeping up to the prices of 2008.

2)   According to the National Association of Realtors Chief Economist Lawrence Yun, at the end of October, pending home sales had increased for eight straight months. This is the longest series since the index began in 2001. Yun says that there is no doubt that the first-time home buyer tax credit helped fuel the streak.

3)   According to real estate mogul Barbara Corcoran, homes nationwide are at least one third cheaper than they were three years ago, and as Barbara says, “anyway you want to slice that, it is a bargain for buyers.”

4)   Rents are coming down. Why is that important? Remember, home sales and rents go in opposite directions. If rents are going up, people are not buying and vice versa.

So where does that leave us as we close out the year? If you are in the 300K and below market, it’s a much tighter, more competitive market. You may have to offer full asking price for a great home. In the luxury market, there are still deals to take advantage of because the inventory here is high. Will prices go down further? It’s hard to say because there are a lot of factors that indicate if prices will drop further like the job market in that area and inventory. One little test I like to do with clients is drive around a neighborhood that they are interested in living and count the ‘for sale’ signs. If there is more than one for sale sign per two blocks then chances are, prices are still moving down in that neighborhood.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver, Colorado. Dan talks about the market slowing down for the Holidays and inventory levels. He also says the perfect buying storm is shaping up for the New Year.

Check out the video at http://www.youtube.com/watch?v=Z6eo2iXWO9Y&feature=player_embedded

You don’t have to sell your home right now. You would like to, but you can wait until the market turns around and you have a better chance at getting a higher price for your home. I don’t blame you and if you don’t have to sell right now, then don’t.

In the meantime, are there some things that you can do to not only improve your home, but make it more attractive to buyers in the near future and increase the value? You bet, says Chuck St. John of CSJ Home Improvement, LLC.

Chuck says that this should be broken down to two categories: ‘normal upkeep’ and ‘improvement’. St. John says that unfortunately, many people who are getting ready to sell their homes start to neglect it. Instead of fixing things like they are going to be living in that home for another 10 to 20 years, they may let some things go because they know that they are going to sell it in the next year or two. This is a common mistake because home inspectors can see a house that has been neglected a mile away and that may be just enough to kill a deal. Besides, you want to make sure that your home shows better than the rest of your competition. Paying attention to details always pays off and helps a home show better than the rest. Chuck’s first tip is to have an inspection even though you are not selling the home. A good home inspector should be able to give you a solid list of items that need attention or maintenance. His second tip is to have someone with an unbiased opinion walk your home and list what needs to be replaced or repaired from a cosmetic standpoint.

Finally, St. John says that improving any of the following areas in a home will only add value and help get the house sold. Remodeling kitchens and bathrooms tops the list. Flooring and painting always get noticed. A new furnace and/or hot water heater are good attention getters. Outside new paint and a new roof tops the priorities list.

The takeaway message here is to use this time while you are waiting for the market to turn around to improve your own home. You’ll be glad you did.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

Colorado Realtors Dan Polimino, Gary Lohrman and Mortgage Lender Andy Jorgensen are at it again.

This time the trio is giving the American public a chance to win $250,000 dollars in cash towards their Colorado Dream Home.

Maybe you have been wanting to buy a first home, maybe you have dreamed of buying land and building a home or maybe you just want upgrade. No matter the reason Dan, Gary and Andy want to give this money away.

Just visit www.firsttimehomebuyerdenverco.com or www.taxcreditforeveryone.com and click on the link that says “click here for your chance to win $250,000 toward your dream home.” It’s no gimmick and there are no tricks.

Dan, Gary and Andy have been so successful with their website helping people buy their first home and get an $8,000 dollar tax so they decided to celebrate. Why celebrate because the government extended the tax credit to April 30, 2010 and created a tax credit for non first time home buyers. Check out the information about the $6500 tax credit for everyone at www.firsttimehomebuyerdenverco.com and www.taxcreditforeveryone.com .

As always if there is anything Dan, Andy or Gary can do for you in the home buying or selling process don’t hesitate to contact them. Their contact information is on the site.

A husband and wife were just about set to buy a home. They had narrowed it down to the final two choices and wanted me to go out with them one more time to help them decide. It was Tuesday night when they had contacted me and we were meeting on Thursday. By Wednesday morning, the two final homes had grown to six. They decided to look at four more including their final two choices. By Wednesday night, two of the six dropped off their list and they added four new ones. If you’re doing the math at home, that’s eight homes to look at on Thursday.

Thursday came along, we looked at all the eight homes, and the two finalists were still the two finalists. They said, “Dan, which one should we buy?” I said, “It’s a no brainer in real estate; the first golden rule is location, location, location. The second rule is to buy the most house that you can for the money. Based on those two rules, house “a” is the clear winner over house “b.” Both homes had all the same amenities and both were similar in price. With that said, I patted them on the back, sent them off feeling confident that they had found their home after seeing at least 75 homes to date.

Surprise, surprise! A few days passed and the buyers decided that they wanted to see a whole new slew of homes in a neighborhood that they never considered before. When asked what happened to their two finalists, they said that they were worried they hadn’t seen everything and that they might miss out on a better deal.

Ok, let’s nip this in the bud right now. When you are eclipsing 75 showings, its official…YOU HAVE SEEN EVERYTHING.  The truth is, you could go on like this forever and feel like you haven’t seen everything. There will always be a story of someone that got a better deal. You can’t win that game, but you can ensure that you get a good deal for yourself, your price range, and your criteria. Stop chasing the deal of the century because you’ll end up frustrated, unfulfilled and without a home. Trust your gut instinct, stop over analyzing everything, make a decision, and get on with your life. Real Estate agents are the only ones that are supposed to look at homes for the rest of their lives.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

For the past ten years I (Dan) and my wife Jennifer have been gathering bags full of clothes, food, and other necessities to give to the homeless. Right around this time of year we ask our clients, staff, business associates, friends and family to help us by donating items that we can pack into Christmas bags. Then on the first Saturday of December our family plus the staff from our two businesses go to the rescue mission in Denver to hand out the bags. This year we will again be giving to the homeless although we have changed our format somewhat. Instead of gathering items and giving out bags we decided to accept donations and turn that into MacDonald’s gift certificates. We want to see how many people we can feed this year giving each person a $10 gift certificate. We believe the homeless will be much happier with the gift of getting $10 dollars worth of food. If you want to donate as always I can provide you a donation receipt for your tax records which is deductible since we conduct this event through our 501c3 charity Agape Ranch, Inc. Please let me know if you would like to participate before December 4th. On December 5th will be visiting the homeless outside the rescue mission down town. Finally if you believe in this event and want to share the news with friends, colleagues or family please feel free to copy and paste this information into an email to pass along. Thank you for your consideration and generosity in the past we sincerely appreciate it. 

Sincerely, 

Dan Polimino

Colorado Realtors Dan Polimino, Gary Lohrman and Mortgage Lender Andy Jorgensen are at it again.

This time the trio is giving the American public a chance to win $250,000 dollars in cash towards their Colorado Dream Home.

Maybe you have been wanting to buy a first home, maybe you have dreamed of buying land and building a home or maybe you just want upgrade. No matter the reason Dan, Gary and Andy want to give this money away.

Just visit www.firsttimehomebuyerdenverco.com or www.taxcreditforeveryone.com and click on the link that says “click here for your chance to win $250,000 toward your dream home.” It’s no gimmick and there are no tricks.

Dan, Gary and Andy have been so successful with their website helping people buy their first home and get an $8,000 dollar tax so they decided to celebrate. Why celebrate because the government extended the tax credit to April 30, 2010 and created a tax credit for non first time home buyers. Check out the information about the $6500 tax credit for everyone at www.firsttimehomebuyerdenverco.com and www.taxcreditforeveryone.com .

As always if there is anything Dan, Andy or Gary can do for you in the home buying or selling process don’t hesitate to contact them. Their contact information is on the site.

Have a great weekend and Happy Thanksgiving.

Fuller Sotheby’s agent Dan Polimino talks about how the tax credit extension has the phone ringing and people buying homes in Denver Colorado. He also talks about what it means for future buyers and seller. Finally he tackles the outlook over the final six weeks of the year.

Check out the video at http://www.youtube.com/watch?v=m0iE71AsHOo

I am sure by now that you saw the news from two weeks ago about the first-time home buyers’ tax credit being extended through April 30, 2010 and Congress creating a new credit for people other than first-time home buyers.

This was one of the best scenarios we could hope for. The only way that this could have been better is if it was a $15,000 tax credit for first-time buyers and everyone else, but we’ll take what they passed. More importantly, there are several reasons why this will continue to help the housing market and the economy overall.

First, you have seen me write this before the first $8,000 tax credit really did work. It got people off their couch, in the market, sold homes, put people to work, and stimulated the economy. Second, as I have said before, this crisis started with housing and housing will lead the way in turning the economy around. That’s why this critical legislation needs to be extended. It had a proven track record of success and will continue to benefit the country.

The $6500 tax credit for everyone else is also a strong move to get more people to buy homes. There are some preconditions here like you must have lived in your current home for at least five years before you can upgrade and cash in on the $6500. There are also some income limitations to be eligible for the tax credit, but overall, the incentive will bring more buyers into the market. (To find out all the fine details about the tax credit go to www.firsttimehomebuyerdenverco.com.)

Finally, there are a lot of reasons to buy a home right now: historically low housing prices, low interest rates, plenty of selection, motivated sellers, and cash incentives from the government. It’s almost the perfect storm for buyers. I say “almost” because the one piece of the puzzle that still needs to come around is the loosening of credit for buyers. We need to put pressure on Washington to get the banks to lend out more money with more favorable conditions.

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost

On Wednesday, Move.com, the company that also owns the more popular Realtor.com, published a survey they conducted forecasting home buying in 2010. According to Move.com one in 20 Americans say they plan on buying a home within the coming year. While that doesn’t seem like a lot of people the most interesting part of the data are the demographics. The people most likely to buy will have a median age of 34 or younger and will be living in the South and West according to the survey.

If that’s true it bodes well for Colorado. Denver has been one of the first cities to lead the charge out of the housing slump. Denver also has continued to grow through this recession because it’s an attractive place to live and work. Young people flock to Denver because of jobs, lifestyle and climate. Corporations are relocating their headquarters here or building new facilities and along with that come new young workers.

According to the survey, roughly one quarter of all potential buyers said the number one reason they would buy now is because prices appear to have bottomed out. That reason topped bargain-priced foreclosures, worries about rising interest rates and a wide selection of homes. Now let’s take that data and see how it applies in our local market. Again that fits in perfectly with what Denver has to offer and what we are hearing from buyers. With the exception of the luxury market home prices bottomed out earlier this year and now are headed up. The buyers we are working with know that foreclosures are harder to come by, they don’t seem motivated by interest rates and the inventory has not been historically high in Denver since 2006.

Of course this is just one survey, but it is encouraging for Denver and its surrounding suburbs. There is no question that if the recovery continues Denver is poised perfectly to appeal to what buyers want and where they want it. 

Dan Polimino is a Realtor with Fuller Sotheby’s International Realty. He can be reached at DPolimino@fullerproperties.com and www.coloradodreamhouse.com/denverpost