Belinda's Real Estate Blog: 2015

Tuesday, October 13, 2015

Denver Rental Rates at All Time High - Should I Rent or Buy?

The Denver Real Estate Market has been booming! This goes for both home prices and rental prices. It has just been reported that the Denver Rental Rates rose another 10% in the 3rd quarter, making our rental market the 4th highest in the nation.

It is estimated that the average rental rate for a 1 bedroom apartment is $1,360 per month, while the average 2 bedroom apartment will cost you somewhere in the range of $1,575 per month. And what's more, the average rent now consumes more than 46% of the renter's monthly income. WOW!!!

Denver Rental Rates Should I Rent or Buy

So, this leaves many renters wondering Should I Buy A Home?

Should I start contributing my income to an investment of my own?

This question has a few different factors to consider.

1) Do I have enough money to buy a home?

Buying a home can be pricey. In this market you may have to pay over asking price to get the home that you want, which can obviously rack up the dollar amount needed. However, there are lots of great options for down payment assistance, savings plans, and more. You may be surprised to find that the amount of money you need is not as much as you may think.

Check out "7 Tips For Saving For A Down Payment" for more information.

2) Will I qualify to buy a home?

After the "mortgage melt-down" of 2008 a lot of lending institutions tightened their qualification guidelines which pushed a lot of people out of the mortgage market. Now-a-days the FHA lending program is offering loans with fico scores down to 580 and, of course, a skilled mortgage broker (who can be referred to you by your Realtor) can help get you on the right track to a home loan.

3) Can I afford a home?

If you were to purchase a home using a total loan amount of $250,000, at an interest rate of 4.25% - your monthly principal and interest payment would be $1,230. This would NOT include any property taxes, homeowners insurance, or HOA payments, however, in this price range, your total payment would not be likely to exceed the average rent amount for a 2 bedroom apartment ... and you would OWN your OWN home!!

If you are interested in taking a look at

your home buying options,

please feel free to contact me at anytime!

For a sneak peak, here is a link to the current:

Homes For Sale in Denver for $250,000 (or under).

Homes For Sale in Aurora for $250,000 (or under).

Thursday, October 8, 2015

How Much Cash Do I Need to Buy a Home

Buying a home can be a costly event and making sure you are well-informed before going into the process is KEY! There are often costs involved with buying a home that buyers are unaware of, so, it leaves many folks asking
"How Much Cash Do I Need to Buy a Home"?

Well, of course the first and best step is to contact a Realtor local to your area. A Realtor can work with your specific situation to draw up a close estimate of what you will actually need based on your housing budget.

That being said, there are a few things you need to account for from the get-go.

1.) Down Payment - A down payment can range from 3% to 20% depending on the type of loan you qualify for. (Your Realtor can put you in touch with a recommended mortgage broker to help you determine this). For an FHA loan, you will need to put down 3.5%

So.. If you are buying a home for $250,000 you will need $8,750.

If you are not getting an FHA loan your down payment amount required will be higher.

2.) Closing Costs - While some sellers will agree to pay your closing costs, in today's Colorado Real Estate Market, this is less and less likely. Your Realtor will certainly negotiate to try to get your closing costs covered, but, in case she or he cannot, it is best to be prepared. Closing costs (if you are getting a mortgage) are usually about 3% (sometimes less, sometimes more).

So.. If you are buying a home for $250,000 you will need about $7,500.

3.) Transaction Costs - During the home buying process you will want to hire a home inspector to ensure the home you are buying does not have any major issues. Most inspectors want to be paid at the time of the inspection and usually charge between $200-$400. In some transactions you will also want to pay for a Radon test, Termite test, Sewer Scopes, Electrical Certification, and Roof Certification. Each of these tests can range in price. Your Realtor will give you a more specific idea based on your transaction, but, it would be best to budget for about $1000 total.

4.) Moving Expenses - Don't forget that you will likely have some expenses come up when you are getting ready to move. Utility transfer fees and new account setup fees, possible lease break fees (if you are currently renting), movers/moving truck/boxes/packing supplies, time off of work, new decor, etc. These costs will obviously be personal to you, but be sure to keep them in mind when preparing to buy.

Buying a home can certainly be an expensive process, but, if you are well prepared ahead of time, it will make everything much easier. For some fun tips on saving money, check out 7 TIPS FOR SAVING FOR A DOWN PAYMENT.

For more home buying information, please feel free to contact me anytime!

7 TIPS FOR SAVING FOR A DOWN PAYMENT

So, you are thinking about buying a home? Wonderful! Buying a home can be one of the most exciting processes and also a bit stressful. Before you begin your home buying process you will need to save enough money for a down-payment.

The good news is that there are many different down payment options available depending on the loan type you qualify for. The total amount needed can range from only 3% to a full 20%, and usually does not include the funds you will need for closing costs on your new home.

Of course, the best first step to take when you are thinking about entering the home buying market is to contact a Realtor in your area! A Realtor can help you determine how much money you should be saving.

In the meantime, here are some fun ideas to help your piggy bank grow!

7 TIPS FOR SAVING FOR A DOWN PAYMENT

1.) CUT YOUR BILLS - Our monthly bills are one place where our money goes very quickly. Take a look at your monthly bills and see if you can cut down your overall cost. Can you switch from cable to free (or low cost) streamed TV? Going from a monthly cable bill to a monthly Netflix, HULU, etc bill may save you quite a bit. Is your cell phone plan due for a review? How about your car insurance? Often times if you call your service providers and let them know you are looking to save money, they will work with you!

2.) EAT DIFFERENTLY - A lot of people do not think about how much money they spend on food each month. Take some time to look at your spending habits and see if you can cut down on the number of times you eat out each month. Evaluate your grocery buying habits and see if buying in bulk, making bigger meals (left-overs anyone), or buying "generic" versus brand name goods will save you money! You may be surprised.

3.) MONITOR YOUR USAGE - Are you making the best of your heating or cooling systems? Are you using programmable thermostats to ensure your house is kept at optimal temperature with the least amount of energy usage? Have you thought about keeping the house a bit colder in the winter and bundling up with those warm flannel sheets? How about using circular fans in the summer to avoid turning on the money-guzzling A/C.

4.) HOBBY REVIEW - Part of enjoying our lives often times means we have hobbies. Whether it be attending yoga classes, doing arts and crafts, playing on a local sports team, or heading out on the weekends - these hobbies add up quick. Now, I am not saying to stop having fun, but, is there any way these hobbies can be slimmed down a bit? Perhaps try your yoga practice in a local park, invite your friends to a game of ball in your backyard, and enjoy weekends at home. Even though this may seem hard at times, it will be well worth it when you have saved enough money to buy your new home!

5.) SELL IT - Many of us collect things over the years that are rarely used and not serving a purpose in our home. What things do you have in your home that you are no longer using? Have you thought about selling them? It is always amazing what people will buy, you know the old adage, one man's trash is another man's treasure. Well, find your "trash" and put it up for sale so someone else can pay you for their next treasure. Of course, if you are going to use Craigslist to sell, make sure you meet in a well-populated area and do not go alone. (I meet buyers INSIDE of a Starbucks or Target).

6.) LOOSE CHANGE - Keep a big jar in your home and at the end of each day, put your loose change in the jar. Easy right? Well, here is another idea for those of us that don't often use cash, and as such, don't often have loose change. Check with your bank and see if they have a "round-up-savings" option. Some banks will offer to round up every purchase you make with your debit card and automatically transfer the difference into a savings account. This can really add up!

7.) USE YOUR MIND - Saving money, as with many things, is often "mind over matter". Try using your MIND to grow your money stack. For example, consider the amount you are going to spend based on your total income --- you love those $60 pair of shoes, but you make $15 an hour, is it worth it to you to work for 4 whole hours just to pay for one pair of shoes? Maybe ... but maybe not. Focus on short term savings goals rather than the whole amount. Just like losing weight, if you reward yourself at each increment, you will be more motivated to keep going and proud of yourself for a job well done.

Are you ready to start saving and text the next step on your home buying journey? Feel free to contact me for help ... and for more tips!

Wednesday, October 7, 2015

The Denver Area Sees More Homes On The Market

If you were in the real estate market this past Spring and Summer, you might have noticed the severe shortage of available homes for sale in the Denver Metro Area. This made it hard for buyers to have their contracts accepted - especially if they were financing their purchase through traditional lending. Cash buyers were out in groves getting their contracts accepted first and foremost.

As we enter the Fall and Winter months, the buyer frenzy has tapered off resulting in homes on the market longer and more available homes for buyers to choose from.

This is the perfect time to begin your search for the perfect Colorado home.

We all know that interest rates will begin to rise as we enter into another Presidential Election Year.

Don't let the ideal interest rate window pass you by.

Take advantage of sellers who are now ready to negotiate coupled with historically low interest rates.

This is the time to buy a home in the Denver Metro Area of Colorado.

Aspen Lane Real Estate | 303-884-2026 | Belinda Spillman specializes in Homes, and Listings representing both Home Buyers and Home Sellers for the Greater Metro Denver Colorado Area.

Sunday, April 5, 2015

Rocky Mountain National Park Free Days April 18 & 19, 2015

Free Day at Rocky Mountain National Park April 18 & 19

The weekend of April 18^th is the annual opening of the Rocky Mountain National Park. To celebrate the kickoff to a new season, the Park will offer FREE entrance into the Park this weekend.

With over 300 miles of trails, Rocky Mountain National Park is a favorite escape for many city dwellers. Wildlife can be seen throughout the park and many have spotted bears romping around. Just be careful if you see bears with cubs. They are very protective and will attack at the sight anyone or anything that harm their young ones.

The Park encompasses 415 square miles of incredible mountain environments. Trail Ridge Road climbs up to 12,000 feet and offers some amazing views of the world below.

This season, Rocky Mountain National Park celebrates its 100^th anniversary. There will be many fun events in the Park this summer to celebrate including speakers, special activities and community events.

Rocky Mountain National Park is about 1 hour and 30 minutes from Denver. Just hop on US36 and head west. The scenery along the way can be beautiful and you just might see some Rocky Mountain Sheep climbing the mountain’s edge.

Thursday, February 19, 2015

Blackstone Country Club Aurora Colorado – Market Update 2/19/15

Blackstone Country Club in South Aurora Colorado is a luxurious neighborhood that portrays elegance and master planning with today’s families in mind. Residents enjoy endless walkways, bike paths, community parks and of course the absolute enjoyment of Blackstone Country Club and golf course.

Blackstone golf course is a private 18 hole, par-72, 7,313 yard course designed by Jay Morrish. This breathtaking course offers views of the Rocky Mountains to the west and impeccably groomed tees, fairways, bunkers and greens. Four tee boxes are available at each hole to promote playability for all skill levels.

In addition to golf, Blackstone Country Club offers fitness, pool, tennis and dining. There are also many social events at the club throughout the year in a relaxed, comfortable environment.

Currently there are 7 homes for sale in Blackstone Country Club. These homes range in price from $484,900 to $858,000 with 2242 square feet up to 3558 square feet. The average year of construction is 2013 and half of these active listings are new construction.

Over the 30 days, only 3 homes have sold in Blackstone Country Club with sold prices ranging from $437,900 to $489,199. Many of these homes were new construction. New construction is still prevalent in Blackstone Country Club with many builders taking advantage of the open lots.

If you’ve never been to Blackstone, it is definitely worth the trip to take in the natural surrounding beauty and peaceful elegance. For more information, contact Belinda Spillman (303) 884-2026.

Tuesday, February 17, 2015

10 Tips For Sellers to Shine During the Inspection

A buyer has made an offer on your home and you are now UNDER CONTRACT. The next phase of the process is the home inspection. The inspector works for the BUYER so be sure to make your home shine!

Here are some simple tips to help eliminate the number inspection items.

If the property is vacant, make sure the utilities are ON (including the water).
Take your pets out of the property for the inspection.
Make sure all of your lights are functioning. This may be as simple as replacing a light bulb. Don’t let the inspector note that a light fixture is inoperable simply because the bulb is burned out.
Repair or replace any broken items (which you’ve been meaning to get to). This can include door locks, windows, screens, etc.
Test smoke detectors and make sure carbon monoxide detectors are installed within 15 feet of all sleeping quarters.
Clear the perimeter around your house so the foundation and drainage can be inspected without issue.
Clean your furnace thoroughly. Replace the filter and scrub down the furnace inside and out. A shop vac usually works great for removing the dust build up inside the furnace. Make it shine!
Trim tree limbs from house. The inspector will be looking at the roof and the gutters. Make sure the tree limbs are cut back so this can be easily accessed.
Make sure all components are accessible to the inspector. This includes the furnace, H20 Heater, A/C, crawl space, and attic.
Make sure your appliances are ready to be run. If the washer and dryer are included in the sale, make sure they do not have clothes in them. The inspector will check the operation on these appliances. Also insure that the dishwasher is empty. This will be run through a cycle. Clean your oven. This will be tested as well.

Clean like your in-laws are visiting. The buyer will be spending 2 to 4 hours hanging out in your home as the inspector does his job. Make sure your home sparkles inside and out so they remain excited about purchasing your home.

Sunday, February 15, 2015

Homes For Sale in Sorrel Ranch – Aurora CO 80016 – 2-15-15.

Sorrel Ranch is conveniently located just north east of Southlands Shopping Center off of Aurora Parkway. Southlands Shopping Mall offers many retail shops, a movie theater and a wonderful dining experience. You can view all of the amenities at www.shopsouthlands.com. Sorrel Ranch is almost only 5 minutes away from the Aurora Reservoir where you can enjoy lots of water sports, hiking trails or just taking in the natural beauty of it all. Sorrel Ranch is also designated for the highly acclaimed Cherry Creek School System.

Currently there are only two homes for sale in Sorrel Ranch. One home is listed at $405,000 with 2,748 square feet and the other home is listed at $430,000 with 3,177 square feet.

23862 E Garden Drive is listed at $405,000

23858 E Alamo Place is listed at $430,000

If you have been wondering what your Sorrel Ranch would sell for, let’s talk. Inventory is extremely low and sellers are benefiting with huge sales prices and short days on the market.

For more information about Sorrel Ranch, contact Belinda Spillman at (303) 884-2026 or email Belinda1126@hotmail.com.

Sunday, February 8, 2015

Southshore in Aurora Colorado 80016 – Homes for Sale Feb 2015

Southshore in Aurora Colorado 80016 – Homes for Sale Feb 2015

Southshore is a great neighborhood for any active family. Located just south of the Aurora Reservoir and just east of the Southlands Shopping Center, there is never a shortage for activities in Southshore.

The Southshore community clubhouse offers a beautiful salt water infinity swimming pool with views of the Reservoir from just about any angle.

Just down the street, is the Southshore Boat House for those who want to take a paddle out for a quick splash around the lake.

Many of the homes in Southshore have breath taking lake views. The Aurora Reservoir is chock full of activities as well. There are 8 miles of walking trails all around the lake and can easily be accessed from the Southshore community.

Currently, there are 12 homes for sale in Southshore ranging in price from $369,900 to $625,000. Click here for detailed information about these great SOUTHSHORE homes for sale.

There are still some stunning brand new homes available in Southshore by Century Communities. You can pick whatever you want in your fabulous home and watch it being built from the ground up. These gorgeous homes are available in a number of floor plans and are in the $500k to $600 price range.

For more information about Southshore, contact Belinda Spillman at 303-884-2026.

Beacon Point Aurora CO - Homes for sale Feb 2015

Beacon Point in Aurora CO – Homes For Sale February 2015

Beacon Point is such a great place to live in Aurora, Colorado. Adjacent to the Aurora Reservoir, Beacon Point offers exciting amenities and activities all year long such as sailing, fishing, hiking, playing tennis, working out in the state of the art fitness center or just lounging by the community pool. A trail system connects Beacon Point with the Aurora Reservoir via an eight mile trail way.

Many of the homes in Beacon Point back the Aurora Reservoir or have incredible views of the Aurora Reservoir. Imagine waking up in the morning to this view. Or, imagine working from home and looking up from your desk to take in the beauty of the Aurora Reservoir.

Currently there are 11 homes for sale in Beacon Point. These homes are priced from $434,000 to $699,000. Click on the link below for detailed property information:

homes for sale in beacon point aurora co 80016

Beacon Point is in the highly acclaimed Cherry Creek School District so your children will have the honor of attending Cherokee Trail High School, Fox Ridge Middle School and Pine Ridge Elementary.

Shopping and entertainment is never a problem with Southlands Shopping Center just down the street.

Looking for a newer, family oriented community with endless activities to keep your family going? Beacon Point is the place for you.

For more information about Beacon Point, call Belinda Spillman at (303) 884-2026.