Fun Trulia Neighborhood HEAT MAP & Stats

Find and click on your neighborhood to get quick stats like sales prices, values, rents, & more!

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Denver neighborhoods	Avg. listing price Week ending Nov 5		Avg. sales price Aug-Nov '14		Median sales price Aug-Nov '14		Price per sqft Aug-Nov '14		Trulia popularity Week ending Nov 5
Name	Amount	w-o-w	Amount	y-o-y	Amount	y-o-y	Amount	y-o-y	Rank
Elyria Swansea	$155,475	4.5%	$133,239	10.1%	$139,250	16.0%	$165	17.9%	68
Westwood	$156,141	-0.6%	$167,429	27.0%	$160,000	24.5%	$189	35.0%	42
Valverde	$166,100	-12.5%	$161,750	17.1%	$162,500	30.0%	$184	19.5%	73
Windsor	$167,150	-10.1%	$146,787	22.5%	$113,750	8.9%	$124	22.8%	28
Barnum	$173,478	10.3%	$191,913	36.7%	$180,000	29.5%	$204	32.5%	59
Kennedy	$175,000	2.9%	$156,500	-	$156,500	-	$175	-	77
East Colfax	$184,920	-1.4%	$221,464	11.6%	$219,500	11.4%	$249	16.4%	36
Barnum West	$187,880	6.2%	$170,147	1.7%	$175,000	0.9%	$183	14.4%	71
Globeville	$188,967	16.3%	$184,909	28.8%	$188,500	20.8%	$182	12.3%	65
Ruby Hill	$189,460	-4.5%	$179,435	13.1%	$182,500	12.3%	$191	11.7%	56
Montbello	$194,161	-2.4%	$192,821	23.9%	$187,500	16.8%	$144	15.2%	10
Gateway	$195,358	-0.2%	$210,105	13.9%	$210,000	16.7%	$130	9.2%	22
Mar Lee	$206,379	8.4%	$201,549	27.9%	$189,950	21.0%	$220	38.4%	31
Vicca Park	$213,960	3.0%	$203,561	30.3%	$200,000	33.3%	$219	26.6%	67
Denver International Airport	$217,337	-0.7%	$153,393	26.1%	$155,000	21.5%	$115	23.7%	57
Goldsmith	$223,700	-26.8%	$257,107	7.8%	$330,000	1.5%	$183	13.0%	72
College View	$230,017	4.1%	$178,808	0.3%	$185,000	10.1%	$159	16.1%	52
Harveys Park	$235,927	-1.1%	$223,313	17.2%	$227,953	14.0%	$206	14.4%	27
Overland	$242,333	-5.9%	$309,800	52.7%	$315,000	43.2%	$295	49.7%	75
Green Valley Ranch	$256,868	0.9%	$237,347	10.0%	$225,711	14.6%	$131	11.0%	2
Athmar Park	$261,817	2.8%	$205,719	18.3%	$194,000	17.6%	$212	30.1%	53
Harvey Park South	$264,282	5.9%	$256,180	14.4%	$265,000	19.9%	$225	25.7%	51
Northeast Park Hill	$277,200	-1.0%	$233,881	18.9%	$235,750	17.9%	$235	29.8%	49
Hampden	$289,344	2.2%	$199,047	-5.8%	$166,700	-5.1%	$140	-	18
Bear Valley	$294,533	5.4%	$230,901	5.0%	$255,000	-1.5%	$148	5.0%	66
Marston	$295,065	-6.0%	$231,196	-4.7%	$197,450	-12.0%	$162	6.6%	54
Skyland	$309,300	-2.6%	$286,028	4.4%	$285,500	5.9%	$288	-4.6%	46
Clayton	$309,465	-1.2%	$258,732	8.9%	$270,400	12.7%	$282	5.6%	50
Virginia Village	$320,276	-2.7%	$277,045	9.4%	$265,500	-1.6%	$222	9.9%	21
Chaffee Park	$322,593	5.3%	$224,647	10.1%	$211,500	8.2%	$238	8.2%	69
Lincoln Park	$343,100	8.9%	$264,382	8.5%	$245,000	10.6%	$275	-6.1%	47
Hampden South	$361,186	-4.8%	$262,182	8.6%	$184,500	4.8%	$155	6.9%	19
Cole	$365,973	9.5%	$292,183	13.3%	$307,750	24.6%	$268	23.5%	61
Regis	$367,538	9.2%	$349,903	29.1%	$315,000	21.2%	$373	40.8%	70
Fort Logan	$390,610	3.2%	$288,817	20.2%	$292,800	22.0%	$175	19.9%	33
North Park Hill	$396,972	-1.0%	$351,485	0.5%	$342,500	7.3%	$326	20.7%	12
Sunny Side	$411,961	1.9%	$351,710	12.2%	$382,500	17.7%	$336	8.4%	29
Washington Virginia Vale	$427,244	7.3%	$247,261	6.6%	$184,000	1.7%	$184	5.1%	14
Stapleton	$429,116	0.4%	$448,414	8.1%	$424,000	6.6%	$233	8.4%	1
Baker	$431,202	3.6%	$321,364	20.1%	$325,500	40.3%	$294	13.1%	44
North Capitol Hill	$440,106	-1.9%	$304,148	-3.7%	$309,500	-4.2%	$302	8.2%	38
Rosedale	$445,966	1.1%	$368,916	-4.8%	$353,840	-1.2%	$334	-2.9%	64
Whittier	$465,371	-0.7%	$397,684	27.1%	$401,000	48.5%	$302	8.6%	43
Jefferson Park	$466,600	-3.2%	$405,459	23.5%	$395,000	18.8%	$296	-4.5%	55
Capitol Hill	$485,375	5.5%	$248,013	8.6%	$201,000	11.7%	$249	13.7%	3
Congress Park	$496,501	5.6%	$445,744	12.8%	$376,500	-3.7%	$327	9.4%	5
University	$496,943	3.8%	$391,063	-0.7%	$365,350	3.5%	$431	26.0%	30
West Colfax	$502,554	1.6%	$311,547	51.0%	$309,000	81.8%	$287	45.7%	41
University Hills	$509,428	1.6%	$331,562	3.3%	$266,890	-2.9%	$251	8.7%	45
Berkeley	$523,435	-5.9%	$446,173	18.8%	$445,000	18.5%	$410	29.7%	35
West Highland	$533,220	2.2%	$408,001	-0.3%	$405,000	5.1%	$391	9.2%	13
Southmoor Park	$538,222	-4.7%	$424,459	11.3%	$362,150	-3.4%	$209	8.9%	63
Cheeseman Park	$550,173	-7.9%	$292,657	-8.1%	$194,900	-21.9%	$267	11.7%	16
City Park	$556,950	-7.2%	$408,599	-7.0%	$380,000	-1.3%	$360	0.8%	60
Montclair	$567,616	6.3%	$404,191	8.1%	$382,400	10.8%	$340	18.1%	40
Speer	$580,817	-10.5%	$329,548	2.7%	$274,100	-14.9%	$310	11.1%	8
Washington Park West	$588,678	-2.5%	$496,275	11.9%	$453,500	8.4%	$400	9.3%	7
Hale	$597,166	-4.5%	$325,098	4.8%	$313,500	-7.4%	$281	16.1%	32
Civic Center	$601,861	-	$357,737	-3.0%	$318,450	0.5%	$288	-0.3%	62
South Park Hill	$608,244	-6.9%	$472,012	-2.8%	$422,825	-1.0%	$367	13.6%	20
Lowry Field	$615,938	6.3%	$446,248	0.9%	$366,500	-6.0%	$224	-0.9%	34
Platt Park	$623,245	-	$482,194	11.9%	$480,000	12.9%	$402	30.1%	39
City Park West	$683,340	-0.6%	$304,736	6.3%	$294,950	7.3%	$277	13.1%	58
Washington Park	$693,498	6.0%	$753,732	11.1%	$615,000	-2.9%	$457	-6.0%	15
Auraria	$699,000	-	-	-	-	-	-	-	74
Sloan Lake	$716,005	-0.7%	$410,013	9.1%	$409,000	14.4%	$376	11.2%	11
Highland	$723,825	5.5%	$476,252	16.7%	$451,950	18.9%	$372	13.4%	9
Cory-Merrill	$822,149	3.5%	$687,710	14.4%	-	-	$452	9.2%	48
Union Station	$841,199	4.4%	$498,104	-10.0%	$422,500	-13.1%	$382	-7.5%	25
Wellshire	$853,734	-0.1%	$625,626	11.6%	$518,750	3.8%	$324	7.6%	26
Five Points	$907,619	-1.2%	$356,336	3.3%	$337,849	9.3%	$291	8.6%	6
Cherry Creek	$989,989	-5.1%	$774,054	0.4%	$798,000	28.7%	$393	8.6%	4
Belcaro	$1,031,036	-9.4%	$645,450	-18.4%	$556,250	-17.5%	$437	11.8%	23
Hilltop	$1,186,298	-4.8%	$863,554	-4.9%	$848,700	10.8%	$355	-0.3%	37
Sun Valley	$1,300,000	-	$145,600	-	$145,600	-	$159	-	76
Central Business District	$1,337,019	-16.1%	$378,331	-11.5%	$349,995	9.4%	$366	6.4%	24
Country Club	$1,938,152	1.7%	$824,549	-1.9%	$654,000	-5.5%	$435	17.9%	17
Arsenal	-	-	-	-	-	-	-	-	-
Elryia Swansea	-	-	-	-	-	-	-	-	-
Harvey Park	-	-	-	-	-	-	-	-	-
South Flatte	-	-	-	-	-	-	-	-	-
Villa Park	-	-	-	-	-	-	-	-	-
Wilshire	-	-	-	-	-	-	-	-	-

See home prices and popularity trends in Denver, CO by neighborhood or ZIP—sort by average listing price, average sales price, median sales price, average price/sqft and search popularity. Choose between seeing the actual prices or year-over-year (y-o-y) percentage changes on the map.

Your Castle Denver Price Change Map

Do you make less than $88k? You can get a NO downpayment loan!

Would you finally buy a home if you didn't have to worry about the downpayment??

One of the most unknown benefits for potential Colorado homebuyers in today’s real estate market are the multitude of Down-Payment Assistance (DPA) programs available, even for repeat homebuyers, and even homebuyers who plan to keep another home as a rental. By far one of the best down payment assistance programs available is the National Homebuyer’s Fund, or NHF. 

Currently NHF is providing a grant of 5% (grant, meaning you NEVER have to pay it back!) of the initial mortgage loan amount to be used by an eligible Colorado homebuyer for their down-payment and/or closing-costs and pre-paid expenses.  This grant has no strings or rubber-bands attached, unlike some other DPA programs available to Colorado’s prospective homebuyers, NHF’s grant does not require any sort of repayment, nor is any sort of future repayment expected when the buyer ends up selling the home, and is provided to the home-buyer at closing.

What's great is it allows for buyers to use Conventional OR FHA loans.

CASE STUDY:

Purchase price:               $200,000

– 3.5% down payment:    $7,000

= Base loan amount:       $193,000

+ 1.75% MIP                     $3,377

= Total loan amount       $196,377

5% grant =                      $9,818.85

WOW! You never have to pay this back! In this scenario you would have enough to pay the $7,000 down payment and have $2,218.85 left over to apply towards your closing costs!

Email me to see if you qualify!

Interest Rates Graph Since 1971

Check out this interest rates graph charting rates from 1971 until today. The 70's and 80's were not a fun time to buy, with rates going north of 18%! Even up until 2009 rates were 6.5%. Today they are sitting right at 4% for a 30 year fixed mortgage, and 3.19% for a 15 year fixed. 

Denver Rents Continue to Soar: From $762 in 2000, to $1145 today!

Metro Denver apartment vacancies dropped to 3.9 percent in the third quarter, the second-lowest recorded rate. Finding a place to lease was tougher only during the third quarter of 2000, when the information-technology boom made Denver one of the top places to live in the U.S. and the vacancy rate dropped to 3.7 percent, said Patty Silverstein, chief economist for the Metro Denver Economic Development Corp.

"It's a near historic low," she said. "You are going to start seeing a continual escalation of rental rates. You definitely will have to pay a little bit more to get that same apartment."

Rents averaged $762 in the third quarter of 2000, compared with $1,145 during the third quarter of 2014, and up from $1,117 in the second quarter and $1,073 in the first, according to figures released Friday in the Denver Metro Area Apartment Vacancy and Rent Survey. The statistics were compiled by the University of Denver's Daniels College of Business and Colorado Economic and Management Associates.

Silverstein said the drop to 3.9 percent from 4.7 percent in the second quarter was surprising because of the number of new apartments being built. She said 9,145 new apartments were built in 2013, 8,700 new apartments are expected to come online in 2014 and another 8,700 in 2015.

The report noted that more people are moving to Colorado than are leaving, with net in-migration projected at more than 55,000 next year, far above the historical annual net in-migration of 40,000.

"You just look at the lease-up that is going on, it is just phenomenal," report co-author Ron Throupe said. "Denver is becoming one of the major cities. It is no longer secondary."

Rapidly rising home prices have pushed potential buyers out of the market and into rentals, Silverstein said. But she said people with professional aspirations also are flooding the market.

"People are definitely looking at Colorado as the place to be," she said. "We have become an area where young professionals are moving. Entrepreneurs can start their businesses anywhere in the country, and so they are choosing areas where the lifestyle matches their preferences."

Email me to see how much you would be paying if you bought a home!

Home-Owners LOVE these numbers: Denver Home Price Changes from 2006 Until Now

Here are year-over-year price changes in the Denver area from the S&P/Case Schiller Home Prices Index report for recent years:

• August 2014: Up 6.3 percent, index 156.17.
• July 2014: Up 6.7 percent, index 155.36.
• June 2014: Up 7.7 percent, index 154.39.
• May 2014: Up 8.2 percent, index 152.58.
• April 2014: Up 8.9 percent, index 150.59.
• March 2014: Up 9.1 percent, index 148.20.
• February 2014: Up 9.1 percent, index 146.13.
• January 2014: Up 9.0 percent, index 146.21.
• December 2013: Up 9.0 percent, index 146.26.
• November 2013: Up 8.9 percent, index 146.45.
• October 2013: Up 9.5 percent, index 146.78.
• September 2013: Up 9.9 percent, index 147.3.
• August 2013: Up 10.1 percent, index 146.95.
• July 2013: Up 9.7 percent, index 145.63.
• June 2013: Up 9.4 percent, index 143.37.
• May 2013: Up 9.7 percent, index 140.98.
• April 2013: Up 9.9 percent, index 138.28.
• March 2013: Up 9.8 percent, index 135.79.
• February 2013: Up 9.9 percent, index 133.90.
• January 2013: Up 9.2 percent, index 134.17.
• December 2012: Up 8.5 percent, index 134.14
• November 2012: Up 7.8 percent, index 134.5.
• October 2012: Up 6.9 percent, index 134.03.
• September 2012: Up 6.7 percent, index 134.01.
• August 2012: Up 5.5 percent, index 133.48.
• July 2012: Up 5.4 percent, index 132.79.
• June 2012: Up 4.0 percent, index 131.06.
• May 2012: Up 3.7 percent, index 128.48.
• April 2012: Up 2.8 percent, index 125.81.
• March 2012: Up 2.6 percent, index 123.66.
• February 2012: Up 0.5 percent, index 121.81.
• January 2012: Up 0.2 percent, index 122.92.
• December 2011: Down 0.4 percent, index 123.62.
• November 2011: Down 0.2 percent, index 124.79.
• October 2011: Down 0.9 percent, index 125.38.
• September 2011: Down 1.5 percent, index 125.57.
• August 2011: Down 1.6 percent, index 126.48.
• July 2011: Down 2.1 percent, index 125.98.
• June 2011: Down 2.5 percent, index 125.97.
• May 2011: Down 3.3 percent, index 123.94.
• April 2011: Down 4.1 percent, index 122.32.
• March 2011: Down 3.8 percent, index 120.56.
• February 2011: Down 2.6 percent, index 121.26.
• January 2011: Down 2.3 percent, index 122.73.
• December 2010: Down 2.4 percent, index 124.10.
• November 2010: Down 2.5 percent, index 125.02.
• October 2010: Down 1.8 percent, index 126.58.
• September 2010: Down 1.6 percent, index 127.33.
• August 2010: Down 1.2 percent, index 128.57.
• July 2010: Down 0.1 percent, index 128.72.

*Each month from October 2009 through June 2010, the Case-Shiller report showed year-over-year increases in Denver-area home prices. That ended in July 2010.
*Before October 2009, Denver saw 36 straight months of year-over-year price declines, peaking at a 5.7 percent drop in February 2009 from the year before.


What does this mean? Sellers it's STILL an amazing time to sell!

6 ACTUALLY SOLID REASONS TO BUY A HOME RIGHT NOW

You probably keep hearing it over and over and over again. But it's true. And

I will stop saying it when it stops being true. Right now is a great time to buy a home.

You've already missed the bottom of the market which was 2009-2011, but that doesn't mean there aren't great buys to be had out there.

What are the solid signs to look for in order to make the decision to buy instead of rent? To begin with, the economy is growing. From information gathered on or before August 22, 2014, the Federal Reserve's "Beige Book" report found economic activity is up in all eight national districts, including consumer spending, freight loads for deliveries of goods, and more.

But there are even better reasons to buy a home right now. Here are just a few:

1) More jobs are available

The Labor Department announced that the jobless rate is now below six percent. Consider how far the job market has come since January 2010 when unemployment was 9.7 percent.

2) Houses hedge against inflation

The Consumer Price for All Urban Consumers is up 1.7% from August 2013 to August 2014, excluding volatile food and gas prices. The food index has risen 2.7 percent over the span, while the energy index has increased 0.4 percent. This is the first month that the index hasn't risen since 2010.

Why is that good for homeowners? Even in a tepid inflationary environment, when prices rise, a major asset such as a home, purchased at a fixed cost, becomes more valuable. Typically, in an inflationary environment, housing prices rise.

3) Housing price gains are slowing

The median existing-home price in August was $219,800, which is 4.8 percent higher than home prices in August 2013. This marks the 30th consecutive month of year-over-year price gains. In 2013, home prices rose in the double digits.

4) Mortgage interest rates are still low

According to Freddie Mac's archives, the lowest that mortgage interest rates have been in modern history (since 1971) was in November and December 2012 at 3.35 percent with 0.7 points for a benchmark 30-year, fixed-rate loan, and that was back in 2012 before the housing recovery began in earnest. The most recent Freddie Mac survey found national averages at 4.16 percent with .05 percent points in September 2014.

5) Pent-up demand ready to release

Household formation has been muted since the Great Recession, preventing as many as 2.5 million people from forming households who otherwise would have. Economists with Harvard's Center for Joint Housing Studies predict that annual U.S. housing starts should average 1.4 to 1.5 million over the coming decade. Considering that the largest generation ever -81 million Echo Boomers -- are well into renting and homebuying age, the numbers should be closer to the 2.3% annual growth of the 1970's, when 78 million Baby Boomers reached adulthood.

6) Buy VS rent ratios favor homeownership

Trulia, a real estate marketplace and research group announced that nationally, rents rose 6.5% year-over-year in September 2014. Apartment rents were up 6.9%, while single-family home rents gained 5.2%. At the same time, housing prices have leveled off.

And I'll Add a 7th reason: There are tons of downpayment assistance programs for buyers!!
If you make less than $88,200/year, you can qualify for many different downpayment assistance programs that will either grant you or lend you your downpayment!

-The takeaway

A housing market never remains even. There are always surges and dips. Buyers could wait for possible better market conditions, but the present alignment of low mortgage interest rates, slowing home prices, rising rents and pent-up demand add up to great reasons to buy a home right now.

The Stress & Stats on Trying to Sell Your Home Without a Realtor Like Me

The stress, the multiple-hat wearing, the contracts, the legal jargon, the marketing, the endless negotiations, the multiple party communication, the missed money...you get the picture. 

Denver Metro Real Estate Market Trends

These geeky kind of stats, averages, and trends are actually really important since they give us a good picture of what has happened recently, how it compares to where we were 1 year ago, and what it may say about what is to come. 

Market Insights:

• Average sale price for single family homes was $361,307, down 2.36% from August and up 7.13% from September 2013
• Median sale price for single family homes remained unchanged at $310,000 from the previous month, but up 10.27% year-over-year
• Condo market showed an average sale price of $217,792, down 0.76% from August and up 7.34% from September 2013
• Median sale price for condos was down 1.34% to $180,000, but showed a significant year-over-year increase of 13.71%
• The current year-to-date sales volume for residential (single family and condo) was $13.271 billion which represents a 3.18% increase from 2013 and a sizeable 37.73% increase compared to 2012.

By the numbers, the inventory of available single family residences and condos for sale was 7,556 at September month end: 5,045 homes came onto the market, 4,622 homes were placed under contract, and 4,737 homes closed at a median sold price of $275,000 and an average sold price of $319,619 resulting in a closed dollar volume of $1.5 billion. 

Residential (Single Family plus Condo): 

Active Inventory: 7,556   -6.93% prior month   

Sold Homes: 4,737 -8.87% prior month

Average Price: $319,619-2.72% prior month

Median Sold Price: $275,000  -0.31% prior month

Average Days on Market: 33   10.00% prior month

Single Family: 

Active Inventory: 6,155   7.00% prior month

Sold Homes: 3,361  -10.75% prior month

Average Price: $361,307  -2.36% prior month

Median Sold Price: $310,000    0.00% prior month

Average Days on Market: 36   12.50%  prior month

 

Condo: 

Active Inventory: 1,401    -6.66% prior month

Sold Homes: 1,376 -3.91% prior month

Average Price: $217,792 -0.76% prior month

Median Sold Price: $180,000  -1.34% prior month 

Average Days on Market: 28 16.67% prior month 

23 Gorgeous Places to Behold the Fall Glory

Maroon Bells - most photographed mountain scene in North America

 

One of my favorite joys in the world is BEAUTY. And there's a lot of it in Colorado at this time of year. We are blessed to be an actual "honey-moon destination" for many married couples from around the world! 

Are you ready to see Colorado's gives STUNNING nature shows with millions of leaves and Aspens about to show their glory?! That time of year of cooler weather to bundle up and watch football, go fruit picking, to fairs, and have super melancholic feelings!

I wanted to give you the prime spots to watch the short window of Aspen and other trees change color. By the second and third week of September, many aspen groves are well worth a day's drive. Usually the peak time to view aspen is around the last weekend of September. After that, early snows will knock down the leaves and others drop away by themselves. 

23 Gorgeous Places to 

Behold the Fall Glory:

1) Maroon Bells near Aspen, the most photographed mountain scene in North America!

2) Colorado 14 through the Poudre Canyon west of Fort Collins.

3) Trail Ridge Road (US 34) through Rocky Mountain National Park

4) Flat Tops country between Buford and Newcastle

5) Tennessee Pass, US 24, from Leadville to Vail

6) Boreas Pass between Como and Breckenridge, a 23-mile road cresting at 11,481 feet. 

7) Guanella Pass between Georgetown and Grant

8) Grand Mesa, Colorado 65 east of Grand Junction and north of Delta.

9) Steamboat Springs, Elk River country north on County Road 129.  Also check the view on Rabbit Ears Pass and Buffalo Pass east.

10) Independence Pass, Colorado 82 between Twins Lakes and Aspen.

11) Colorado 135 between Crested Butte and Gunnison. Also try Kebler Pass west of Crested Butte on Gunnison County Road 12! 

12) Cottonwood Pass, Colorado 306 between Buena Vista and Taylor Park

13) Monarch Pass, US 50 from Salida to Gunnison.

14) Cochetopa Pass between Saguache and Gunnison.

15) Gold Camp Road - Colorado 67 between Divide and Cripple Creek.

16) Lizard Head Pass, Colorado 145 between Dolores and Telluride.

17) Slumgullion Pass, Colorado 149 between Lake City, Creede and South Fork.

18) US 160, Navajo Trail, between Pagosa Springs and Cortez.

19) Platoro Reservoir, south of Del Norte and west of Conejos.

20) Cucharas Pass, Colorado 12, from Trinidad to Walsenburg.

21) CO 103 from Evergreen Parkway west to Echo Lake.

22) McClure Pass - This is a spectacular 8,755 foot pass south of Carbondale along Colorado 133 and the Crystal River.
23) And last but not least...the city of Denver! Wash Park, City Park, Cherry Creek & Bonnie Brae are all excellent neighborhoods with huge trees that become stunning!

Map (this map doesn't include Maroon Bells, so don't forget about Aspen!)

Enjoy the Colorado BEAUTY!!!

How to Improve Your Credit Score Quickly

With mortgage interest rates hovering near record lows, you may want to either refinance your mortgage or purchase a new home before rates go higher again.

The question is -- can you qualify for refinancing or a purchase loan?

Since the recession, lenders have tightened loan qualification standards and their most widely used tool to determine if you qualify for a loan and at what interest rate are your credit scores. Credit scores are determined by a software algorithm that analyzes your credit and payment history.

These "FICO" scores run between 300 and 850, with the highest numbers considered to be the best scores. The 47% of Americans with credit scores of 720 or higher receive the best interest rates, according to MyFICO.com.

Credit scores make a significant impact. For every 20-point credit score increase, according to Zillow, the average low APR declines 0.12 percent, a savings of $6,400 on a $300,000 home over 30 years.

Improve your credit scores

FICO scores are based on your credit history. Each credit reporting bureau, Experian, TransUnion, and Equifax calculates its own score, so you may have three scores.

The first thing you need to do is review your credit reports for errors and get them resolved as quickly as possible. Visit freeannualcreditreport.com to get copies. You can then purchase your credit scores for approximately $14.95 from each agency or all three at myfico.com.

FICO scores change with every new piece of information that comes into the credit reporting bureau, so the credit score you receive today can be improved quickly by following some dos and don'ts.

Don't close credit card accounts. FICO scores utilize a credit utilization ratio that turns against you because it appears that you might be overusing your available credit.

Don't max out or consolidate credit cards. Credit card companies like it if you only use about 30% of your available credit on your card. You're better off having small balances on multiple cards than a large balance on one card.

Don't apply for new revolving credit or transfer balances. If you're buying a new home, it's tempting to buy some new furniture, but don't open that account until after your loan closes. You don't want "inquiries" to be raised in the scoring algorithm.

Don't change jobs right before you apply for a home loan, although job changes within the same field are considered more favorably in scoring.

Do pay all bills on time and with at least the minimum payment due. Lenders like on time payment histories.

Do pay down your debt, as lower income-to-debt ratios are attractive to lenders. Start by reducing credit card balances first, beginning with the balances that generate the highest interest rates. Revolving credit is considered riskier debt than installment loans such as student loans or car payments.

Do shop lenders simultaneously. Credit score software takes into account several inquiries from mortgage lenders as normal, but if you space rate-shopping out over weeks or months, that could impact your credit score negatively.

Remember, mortgage lenders are most interested in your ability to repay their loan. The most important factors are job and debt payment history. Job security -- long-term employment in the same field and on-time

Homeowners Net Worth 40 Times that of Renters

Home owners are building net worth at a pace that is up to quadruple that of a renter. Check out these stats:

• In the past 15 years, the net worth of the typical homeowner has ranged between 31 and 46 times that of the net worth of the typical renter.
• Data shows that median homeowners had nearly $200,000 in net worth or 36 times that of the median renter who had just over $5,000. The median value of owners’ homes was $170,000.
• Many households own a primary residence (65.2 percent). It is the most commonly held non-financial assets after vehicles (86.3 percent).

Homeowner equity is a substantial component of homeowner wealth. The Federal Reserve’s Survey of Consumer Finances, conducted once every three years, provides a snapshot of family income and net worth along with basic demographic details and more detailed information on where families keep the wealth they have accumulated. The most recent survey, conducted in 2013, offers a picture of the situation as home and equity prices normalized for most household balance sheets.

Denver-area home prices exceed pre-recession peak, says Zillow

Home values in the Denver metro area have gone above and beyond their highest pre-recession levels, and are predicted to keep rising, according to the data released Monday by Zillow.com.

In addition to exceeding their previous peak, home values are expected to continue their upward trend, growing by 1.8 percent over the course of the next year, from first-quarter 2014 to the same period in 2015.

Nationally, home values are expected to increase by 4.2 percent over the next year.

Not only have home values in Denver returned to their peak, but only three other metro areas surveyed by Zillow Inc. (Nasdaq: Z) have done the same. Austin, Texas; San Jose, California; and Pittsburgh are the only other areas in the country that can make such a claim.

In June, the median home value rose 8.9 percent year-over year to $256,800, and rose by 0.6 percent between the first and second quarters, according to the Zillow Home Value Index. The index measures the value of all homes, not just those sold in a particular period.

Brighton, Commerce City and Wheat Ridge saw the largest gains in home values year-over-year in June, increasing by 14.4 percent, 13.2 percent and 11.7 percent, respectively.

On the other end of the spectrum, Littleton's home values increased 4 percent from June 2013 and Broomfield's increased by 5.2 percent.

The highest home values can be found in Evergreen, at $427,100, while Aurora's homes remain the least expensive at $181,600 in June.

This simply means that it is TIME TO SELL if a homeowner would like to make a nice bonus this year and move into a bigger (or smaller) home.

Colorado foreclosures down 43% from a year ago

The Denver Business Journal just reported that Colorado’s foreclosure filings dropped nearly 43 percent in the first half of this year compared with the same period last year, according to RealtyTrac’s mid-year foreclosure report.

Colorado had 6,416 properties with foreclosure filings from January to June, or one in every 345 household units, said RealtyTrac, an Irvine, Calif.-based private marketer of foreclosure properties.

The state had the 28th highest foreclosure-filing rate in the nation for the first half of the year among the 50 states. It was consistently in the top 10 states in 2011 and 2012.

In June, Colorado had 564 foreclosure filings, or one in every 3,921 housing units, a drop of 57 percent from June of 2013. The state had 195 completed foreclosures in June, according to RealtyTrac.

Nationwide, a total of 613,874 properties had foreclosure filings in the first half of the year, down 23 percent from the same period a year earlier.

This is essentially yet another sign that this real estate market in 2014 is completely different than the beginning of the recession in 2008, the bottom of the market in early 2011, and even the bounce back of last year 2013. This is a different animal folks, but still good for both sellers (who can sell very high right now with little competition), and buyers (who can still get great interest rates and pay less than renting for a mortgage, which can also be their investment and ticket to wealth). 

Average Interest Rates over the Decades

5 Reasons to Sell Now in Metro Denver

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? Can buyers qualify for a mortgage?  These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are five of those reasons.

1. Demand is Strong

There is currently a serious pent-up demand of purchasers as many home buyers pushed off their search this past winter & early spring because of extreme weather. According to the National Association of Realtors (NAR), the number of buyers in the market, which feel off dramatically in December, January and February, has begun to increase again over the last few months. These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition Now

Housing supply is still at record lows in Metro Denver. This means that there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future. Also, new construction of single-family homes is again beginning to increase. A recent study by Harris Poll revealed that 41% of buyers would prefer to buy a new home while only 21% prefer an existing home (38% had no preference).

The choices buyers have will continue to increase over the next few months. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Sellers are receiving multiple offers within 24 hours of putting their homes on the market! Denver is the fastest market in the country with the whole process taking 25 days! The rest of the country averages about 83 days from putting the house on the market to closing. 

One of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing. Banks are requiring more and more paperwork before approving a mortgage. As the market heats up, banks will be inundated with loan inquiries causing closing timelines to lengthen.  Selling now will make the process quicker and simpler.

4. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 19% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate in the low 4’s right now. Rates are projected to be over 5% by this time next year.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take back control of the situation by putting your home on the market and pricing it so it sells. Perhaps, the time has come for you and your family to move on and start living the life you desire.

That is what is truly important. Email me to get a free valuation of your home!

Spring Sellers Still Absent

Denver Post: Spring was expected to bring out Denver metro home sellers, lured by high prices and shorter sales time.

The April home-sales numbers for the area, however, show that wasn't the case — leaving buyers to struggle with a barren inventory ahead of the peak home-shopping season.

"We are at the mercy of inventory. Higher prices aren't bringing the sellers out," said Chris Mygatt, president and CEO of Coldwell Bankers Residential Brokerage in Denver, which Thursday released a compilation of last month's housing numbers.

There were 5,572 homes for sale in metro Denver at the end of April, compared with 8,716 a year earlier, a number considered unnaturally tight even back then.

There were 4,092 homes sold in April, up 15.1 percent from the 3,556 sold in March but down 6.3 percent from the number sold in April 2013.

Condos were especially hit hard. Only 331 sold last month, compared with the 892 that sold in April 2013, a collapse of 62.9 percent, according to Coldwell.

The median price for condos sold in April was $160,000 versus $157,000 in March and $168,000 a year earlier.

Sales of detached single-family homes were up 15.1 percent month over month and 8.2 percent year over year in April.

The median price for a single-family home sold in April was $268,000, up from $264,000 in March and down from $280,000 in April 2013, according to Coldwell.

Metro Denver homes are selling within an average of 37 days of listing, one of fastest turnover times anywhere. But that number masks several mispriced homes in poor condition or undesirable locations that just aren't moving.

The notion that a person can put their home on the market at any price is a mistake, Mygatt said.

So why haven't higher prices drawn more sellers? One theory is that homeowners who aren't leaving the area realize they will have to replace any property they sell. The slim prospects make them more inclined to stay put.

"The Denver real estate story is an inventory story," Mygatt said.