Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver Colorado.

Check out the video at http://www.youtube.com/watch?v=hPi6Aj4p4Ho

You know how this goes. You are at an event or party and someone asks you, “So, what do you do?” I answer, “I am a realtor.” After that bad look like someone just stepped on their toe leaves their face, they immediately ask you, “How is the market?”

I get these questions about four or five times per week so I am pretty adept at answering with extreme precision. So you may be wondering “How is the market?”

Answer: I am more optimistic than I have been in a long, long time and this isn’t just realtor speak. Here’s what I saw over the spring, summer, and fall selling seasons in Denver.

The $8,000 first-time home buyer stimulus did work and people took advantage of the opportunity. Homes in the 250K price range and below sold, many were sold at full price and inventory is low in this bandwidth. Overall, it was a good season for buyers and sellers in the lower price ranges.

The good news has started to creep up to the mid-level price ranges but not as fast as everyone had hoped. Yes, deals are getting done in the 400K, 500K, and 600K price ranges, but not at the pace everyone would enjoy or benefit from.

The biggest news is the activity in the 800K to 1.2 million dollar bandwidth. We not only saw a lot of showings in the last six months, but we saw more people than I expected pulling the trigger, making offers, and closing on homes. I think that this was attributed to several factors. First, buyers realized that there was an excellent opportunity here with a large number of homes available on the market and at rock bottom prices. Some sellers got smart, listened to the market, priced their homes accordingly, and sold them.

I have been saying for some time clearly there is pent-up demand building from buyers to get into the market. These people want to buy and can buy, but they just aren’t sure when is the appropriate time to jump in. Given the market news above, maybe that time is now or is fast approaching.

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 says the first time home buyer frenzy is on. Sellers and buyers are moving fast before the November 30th deadline.

Check out the video at http://www.youtube.com/watch?v=IZ5y9V4bxic

Ok, for the last several years, you have been hearing about real estate being marketed via social media, blogging, video web portals, and syndication. You know it exists, you know people are doing it, but you’re unsure whether or not it produces results.

The answer is yes, it can produce results, but are there some rules for doing it right and doing it well?

1. Blogging – this is writing about a home, area, neighborhood, or agent services. Three simples rules for blogging with effectiveness:

a. You must do it at least three times a week, anything less will not produce results so don’t bother.

b. Its best if it is an original content not copied or linked from another site.

c. You must set up an effective network of places to post your information like other blogs, RSS feeds, and real estate web portals.

2. Social media – yes, you should talk about homes for sale on social networking sites. If you had a home for sale, you would tell all your friends about it. That’s called word of mouth. Putting this same information all over social networking sites is no different; it’s spreading the news to many more people much more quickly. Three simple rules here:

a. Be careful not to post the same information too much every week. Telling your friends three times a week you that need to sell your home will get you knocked off their friends list.

b. Make sure that you include a link back to a website where people can get more information.

c. Again, make sure that you have set up a network and are utilizing as many social sites as possible.

3. Syndication - this is a process of taking listing information and placing it all over internet real estate related websites. Two simple rules here:

a. Make sure that you know where that information is being placed.

b. Make sure that you check it often to ensure that it’s being displayed correctly.

Finally, it is imperative that if you decide to market on the internet, you stay married to the process. Trying this stuff for a month and hoping for results won’t work. You must be faithful to all of these practices day in and day out for at least a year to two years to see results.

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 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.

Take the virtual tour at http://www.wellcomemat.com/video/FB807ACD40

Fuller Sotheby's agent Dan Polimino talks about this weeks market update for Denver Colorado. Dan addresses the problem of appraisals and how sellers can avoid getting caught in the trap of their home not appraising for asking price.

Check out the video at http://www.youtube.com/watch?v=HsLV8gyNDX8

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.  

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.wellcomemat.com/video/DC7679F4EA

Last week, we began to take a look at a hot topic these days in real estate and that’s appraisals. We are seeing more and more people making solid offers on homes only to find out two weeks later that it did not appraise for the asking price. There are many reasons for this and if you would like to re-read part one of this series, you can, at www.coloradodreamhouse.com/denverpost

Last week, we spent a fair amount of time talking about what buyers can do to protect themselves in the asking price versus appraised price dilemma. This week, I want to pass along some information for sellers to protect their homes from appraising well below the asking price.

Tip #1) Understand and be realistic about what is the market value of your home. I know what you want to sell it for, but remember, there must be comparables in your market to justify it.

Tip #2) Don’t look at comps that go back farther than 6 months. In a rapidly changing market, appraisers are going to be first looking at sold comparables in the last three months and properties that are under contract. Looking at comparables from 12 months ago is an extinct barometer.

My business partner, Gary Lorhman, and I started a policy in the beginning of May when the new Home Valuation Code of Conduct rules came down from Fannie May and Freddie Mac. We simply made a decision to meet the appraiser representing the buyer at every one of our listings that was under contract. At that meeting, we would greet the appraiser, tell them about the special features of the home and hand them the comparables which we used to price the home. That’s it, no more and no less. To date, our system has worked 100 percent. Every one of our properties that we have sold on behalf of our clients has appraised for the sale price. It’s important to point out to people that HVCC does not prohibit a realtor from speaking to an appraiser and providing information on comparables. I’ve found that sellers and agents have been scared into thinking that a conversation with an appraiser would land them in the big house. Not true, so be smart, price it right, and make your homework available to appraisers.

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

The 4 bedroom, 3 bath boasts over 4100 finished square feet and over 5800 total square feet. The huge gourmet kitchen with cherry cabinets and granite island opens to a spacious family room with a fireplace. The sliding glass doors lead out to your professionally landscaped yard with your own coy pond waterfall and stream. A separate dining room is perfect for entertaining a large group as is the enormous living room. The main floor has a combination of hardwood floors and tile with a spacious floor plan. The study is a perfect comfortable home office. The master suite is the jewel of the upper level providing more than enough space for a sitting area and of course the beautifully adorned private master bath. The three second floor secondary bedrooms are large providing plenty of room for kids to enjoy. All the bathrooms have been finished with granite countertops. The home is immaculate and in move in condition.

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

Take the virtual tour at http://www.wellcomemat.com/video/8612A13D3A

Built in 1983 the 9000 square foot Spanish style Villa was built for the Maytag family. They were so concerned with building the highest quality home that they commissioned Gerald H Phipps commercial contractors to build their Colorado getaway. At the time the family spared no expense and gave architects a free hand in designing an authentic turn of the century Spanish villa. By the end, the project cost 2.5 million in construction which was an incredible amount of money in 1983.The current owners purchased the property from the Maytag’s 10 years ago and since then have refined the property to make it the epitome of elegance and design you see today.

The Villa 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.

Call Dan Polimino 303-522-1161 or Gary Lorhman 303-829-5900 for a showing of this property at 333 Faraway Place, Castle Rock, CO. 

Take the virtual tour at http://www.wellcomemat.com/video/52DECFB63E

“Will it appraise?” This is the question that every buyer must ask themselves these days before they make an offer on a property. Appraisals are becoming more and more of an issue when it comes to buying a home. Why? Well, there are several reasons for this and I’ll detail some, but not all below. 

1. When sellers put their home up for sale many times, they are unwilling to sell it at market value. As such, their idea of the worth of the home and the appraiser’s valuation may not be in sync. With vast drops in property values, we see this situation played out more and more.
2. We know that organizations like Fannie and Freddie Mac who buy mortgages from lenders have come down hard on appraisers, enforcing new rules and guidelines. This has made a lot of appraisers scared and conservative in their valuations, to say the least.
3. In conjunction with the new rules and guidelines, a buyer could have an appraiser working on their contract that is not from the area nor are they familiar with the neighborhood. I am not saying that the appraiser will do a poor job, but having an area or neighborhood of expertise certainly helps for fair valuations.

Now that we have documented a few of the problems associated with appraisals, lets take a look at an example of what could go wrong and often does.

A buyer finds a home that they want and the asking price is 200k. They’ve looked at everything, believe the 200K is a good deal for this home, and they make a full-price offer. The seller accepts, the lender orders the appraisal, and it comes in at 185K. In this case, there are three remedies: a) The seller reduces the sale price to 185K and the buyer agrees to continue with the contract. b) The seller won’t or can’t reduce the price to 185K, but the buyer can move forward if they come with an extra 15K cash out of their pocket at closing. c) The buyer can terminate the contract and move on.

While this seems straightforward and academic, you cannot believe how many times we are running into this on a daily basis. A word to the wise: buyers, before you make an offer on a home, get with your agent and really make sure that the home you are making an offer on will appraise at the price you are offering.

Next week we’ll tackle what sellers can do to make sure their property will appraise at the asking price.

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 exceptional residence located in Heritage Estates offers the epitome of a luxurious lifestyle. A sample of the outstanding features and appointments of this home include crown molding, hardwood floors, floor to ceiling windows, travertine tile and custom woodwork throughout.

The exterior boasts a swimming pool, spa, and an integrated water feature. The spectacular views of the golf course and majestic mountains are inspiring from every angle.

Heritage Estates is a Golf Course Community positioned around the fairways of the Arnold Palmer designed Championship Lone Tree Golf Course, a splendid trail system, and a collection of award winning masterpiece custom homes. Located minutes from high-end shopping districts, the Denver Tech Center, and Mountain Resorts, this is the perfect community even for the discriminating buyers.

Call Dan Polimino 303-522-1161 or Gary Lorhman 303-829-5900 for a showing.

Fuller Sothebys Agent Dan Polimino talks about the final 60 days for first time home buyers and the $8,000 dollar tax credit. He outlines a plan for any first time home buyer looking to meet the deadline.

Check the video at http://www.youtube.com/watch?v=m59m5pUgyJo