There will be more Open House signs than Garage Sale signs in Highlands Ranch this weekend.  I plan on holding my listing at 9215 Mountain Brush Ct. in Highland Ranch Open on Saturday from 10 am to 2pm. ( Come by and See Me ) This is an effort by the National Association of Realtors to get the message out that there are some great deals out there for home buyers.  There will be thousands of homes in Colorado being held open by Realtors on Saturday and Sunday.  More than anything we hope to create some awareness that there is still a few weeks to take advantage of the First Time Home Buyer Credit.  With the low interest rate, low prices and tax credits it is a great opportunity for many to make the plunge into home ownership.

How To Hold a Good Open House

Signs, signs and more signs.  The number one key to having a good open house is to put out so many signs that people stop by to see the crazy Realtor that put out 12 signs pointing to the property for sale.  It is also worth it to put the Open House on Craigslist, realtor.com, zillow.com and other local online places.  If you do not generate traffic to the property, what good are the cookies and juice?  Having the house or condo prepared well for sale is also key to getting interest in the property.  I want the front entry to be freshly painted and yard trimmed etc.  Once inside the home being held open, all the lights need to be on and every window shade open.  Lots of light makes a house seem bigger and brighter.  Make sure that it smells good as well.  Bake the cookies in the oven prior to the open house and people will love it.

Marketing Tips for Open Houses in Highlands Ranch

I always have a sign in sheet with name, phone and email.  Who uses a physical address anymore?  One tip is to already have a name, email and phone filled out on the form so that they don’t feel like they are the first ones to get suckered into giving you their info.  Most people are cool with giving their real information as long as you aren’t going to spam them with canned email messages.  A nice property flyer with good information is also helpful.  Do not try to hold an open house during a Bronco’s game or some other major event.  It will be a huge waste of time.  Nationally less than 1% of all home sales are the result of an “Open House” In my 13 years of selling homes and assisting in over 500 transactions, I have sold two homes holding a house open.  There isn’t anything wrong with trying this approach, just have realistic expectations.

When all is said and done, consider the price.

All of the marketing and showings in the world will not sell a house that is over priced.  Most homes sell in the first 30 to 90 days of being listed.  If a property is getting a lot of traffic but not getting offers then you need to consider the condition of the home.   After doing any necessary repairs or updates if you do not get offers then the only thing that can be wrong is the price.   Some will argue that the location is the problem.  Since you cannot change the location, you must adjust the price. Wish me luck this weekend at the Open House in Highlands Ranch.  I’d like to make it three homes sold during Open Houses.

What did your neighbor really pay and how big is their house?

Douglas County keeps all of the information about your home and mine public on their website.  The website is actually pretty advanced as far as county websites go.  Just compare it to Adams County and you will get an idea of what I mean.  The Douglas County Assessor website is where I spend much of my investigative time when looking for real estate information that Metrolist does not offer.  ( Metrolist is the Denver MLS service where realtor’s get most of their information ) The website offers Geographic mapping where you can find a parcel from a satellite view and get the full information on the property.

Public Information on Highlands Ranch Homes

You can find out square footage, year built, amount of real estate taxes and assessed value on homes in Highlands Ranch, Lone Tree, Parker, Castle Rock and more.  I made a video that shows you exactly how to access the website and find properties based on the address and the owner’s last name.  You can access the video on How To Access Douglas County Assessor Information by clicking here. I hope that you find the video helpful.  The Douglas County Assessor site also has information on neighborhood sales so you can get an idea of what values are in your neighborhood.  Most appraisers use sales that have taken place within the past 6 months for comparables.

[youtube]http://www.youtube.com/watch?v=UZQARdDYdHk[/youtube]

Douglas County Foreclosure Information

If you are looking for information like a list of properties being foreclosed in Douglas County or the sale date on a specific property, you will not find that information on the county website without paying for it.  Douglas County charges to get full access to foreclosure sale information.  If you want information on just one or two properties you can call them directly at The Douglas County Clerk and Recorder’s Office at 303.660.7446.  Here is a link to foreclosure information for Douglas County. I also have access to a weekly list that I can email to you if you send me your information and request that list specifically.

Leave me your information below if you want foreclosure information.  Specify in comments section.

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Bank of America Short Sale Negotiator

Ask any agent who has had to deal with Bank of America on a short sale during the past few years and they will have war stories of hours, weeks and months spent in vain trying to get a short sale approved. There is nothing worse than investing hours, advertising dollars and more for months on end only to never make a dime when it goes to foreclosure. I can tell you that I would tell my home buyers to avoid them if I found out they were the lien holder. I am assuming that most of America now knows that a short sale is an attempted sale of a property where the loan is greater than the value of the house. The seller wants to / has to sell and the bank needs to take less than what is owed on the loan. This last week Bank of America took me by surprise and they seem to have finally gotten their act together.

Bank of America now using the equator.com platform for Short Sales

equator.com is a website where banks process thousands of foreclosed properties every month through real estate agents. This website is where the banks gather information from agents and post documents and REO assignments. During the past few months Bank of America has had a button on the site that allows a real estate agent to initiate a short sale. For an agent to begin this process, they need to have a listing agreement, seller authorization and know the loan number. It certainly helps to have the sellers full financial information as well, but that is about to change with the new system. I have a Highlands Ranch Short Sale where the seller is dealing direct with Bank of America with their financial info.

Equator agents have a new 800# for Bank of America

Once an agent has initiated the short sale on equator, they can call a special division of Bank of America dedicated to equator.com agents. That phone number is 866-677-2516 and they are just the nicest people in the world. Only somewhat helpful, but really really pleasant to talk with. I was surprised at how friendly they actually were with me when I called. They even asked me to take a survey afterwords where I could rate the service I received. I didn’t have to wait on hold for more than a minute. The property that I was calling on that day was getting close to foreclosure and we had an offer on it that I was calling to get an approval on. She asked me the offer price and buyer name and within a minute gave me an approval. I asked for a postponement of the foreclosure and she assured me that they would delay the sale and give me 30 days to close the deal. I was super excited and called the other agent and my seller to tell them of our good fortune. ( Unfortunately it was sold at auction a few days later and the sellers now have a foreclosure on their credit ) Obviously all the kinks are not worked out of the system.

Matt Kuchar Working Short Sales

Denver sellers jump through hoops on short sales

If you are a seller considering a short sale, most of the lenders like Bank of America are going to require you to disclose all of your financial information. The process is very similar to what you went through when you applied for a loan. They ask for the last two months bank statements, last two pay stubs from both borrowers, tax returns, a hardship letter and financial worksheet. In most cases if you are unwilling to provide these documents, they will not do a short sale. Why do the banks ask for this info? They want to verify that you are actually in a distressed situation and also want to know what assets and resources you have to go after in case they want to pursue a deficiency after foreclosure or short sale. The Bank of America sellers also have to call 1-866-677-2516 and give them their email. They will then need to log into the Bank of America website for short sales at Bank of America Short Sale. Once inside they will receive information that they need to provide to keep the process going.

Strategic Default versus Short Sale

Some clients are not really candidates for a short sale even though they want out of their house.  For example, a seller in Highlands Ranch paid $500,000 for their house in 2006 at the height of the real estate market and now it is worth $350,000.  ( It is just an example, values did not drop that much )  Lets say the seller doesn’t think they will ever be worth $500,000 again and wants out of the property.  The seller may make plenty of money to pay the payments and isn’t really in a hardship but wants out because the property lost so much value.  That is called a strategic default.  The seller may be better served by foreclosure since giving the bank all their financial information in a short sales may give the bank information where the bank can collect money after the foreclosure.  I am not a lawyer and am not giving any advice.  You just need to really think about these things prior to attempting a short sale.

Bank of America Short Sale Guide

One of the cool things that I did get from the recent updates is a guide that Bank of America emailed to me showing me how to improve the chances that a short sale will be approved.  Once you log into equator, you should receive an email with the offer instructions.  The main Bank of America Short Sale Phone number is 866-880-1232 and their fax number the last I checked was 866-680-1232.  If you are trying to do a short sale on a Bank of America line if credit, try 866-413-3757 as a phone number.  I’ll try to keep these updated for everyone to use as I can.  If a number changes, leave me a comment at the bottom of the page and I’ll update the post.  If you have a property that you need to sell and want to talk about a potential short sale, leave me your information in the contact information below.

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Existing Home Sales In Highlands Ranch Increase 50% Over First Two Months of 2009

Great news for Real Estate in Highlands Ranch and Lone Tree so far this year.  In 2009 there were 110 closed sales from January to February. So far in January and February we have had 167 closed sales in the same time frame according to information in Metrolist. ( A Multiple Listing Service – MLS in the Denver Metro Area )  There are several factors that have contributed to the rapid increase in closed sales. The historically low interest rates combined with government incentives for first time home buyers and move up buyers has helped people get off the fence and into a home.  We have also had a relatively mild winter as far as snow goes which makes it easy for us to get out and look at homes.

The Average Sale Price Increased 8.9% over February 2009

Not only were there more sales in the area, but the average sale price also had an upward trend.  In 2010 the average sale price was $334,635 compared to  $307,185 in February of 2009.  One month does not make up a whole year but I for one hope that the trend continues in this direction.

Highlands Ranch and Lone Tree Condos and Townhome Sales Increase while Values Drop

The condo and townhome market is also beginning to rebound in the local market.  The number of sales Year to date through February 2010 was up 22% over the same period in 2009.  I believe that the condo and townhome market will continue to gain strength overall through the next decade.  Some national companies that follow these trends see a shift away from large homes in suburbs to smaller efficient housing closer to transportation and other conveniences.  I have personally noticed increased interest in properties close to RTD Light Rail and Bus Routes.  People are paying more attention to things like walk scores and ease of maintenance.

Unfortunately the values of condos and townhomes in Highlands Ranch and Lone Tree dropped from $251,730 in February 2009 to $222,006 in February 2010.  That is a decrease of 11.8% in value.  Hopefully this trend will reverse itself over the rest of the year.

Here is the full report from my friend Jim Renshaw at Land Title.

Highlands Ranch and Lone Tree Market Statistics February 2010

Will all the medical marijuana media attention effect Highlands Ranch property values?

First of all, why would a marijuana grower in a residential neighborhood with tons of covenants go on television and brag about making 400K a year growing pot in his basement?  Was he high? Really?  Now that I have that off my chest, how will this effect real estate values? The media hype and flash will subside and I doubt there will be any lasting effect on home values except for the homes really close to the property.  The house will be labeled ” The Pot House” and it will stigmatize the house and possibly those next door to it.  Some people aren’t going to care but believe me there are some who will.  If I were the neighbor, I’d be pretty upset at Bartkowicz.

NIMBY is a term that most of us are familiar with. ( Not In My Back Yard )

Highlands Ranch Community Association sent me the following email

Reported Marijuana Growing Operation in Highlands Ranch

9News is reporting that there is a medical marijuana growing operation in Highlands Ranch. We understand that this may not be an allowed land use in Higlands Ranch.

If members know where this or other operations of this type are located please contact the HRCA at 303-471-8821 (covenants@hrcaonline.org) or the Douglas County Zoning office at 303-660-7497 (www.douglas.co.us).

There are guidelines that regulate home businesses in Highlands Ranch.  Home businesses are allowed under our covenants if they are professional in nature (they don’t create excess traffic or parking issues to be noticeable on the exterior, etc.).

Section 2.13 of the RIG’s deals with Business Activity from a Residence and refers to

Section 4.2 of the Supplemental Declaration. Residential Use. An Owner of a Residential Site in annexed property may use his Dwelling Unit for professional of other home occupations as long as there is no external evidence thereof and no unreasonable inconvenience to the neighbors is created.

All businesses in Highlands Ranch should be licensed and follow the necessary requirements by Douglas County Zoning. Douglas County Zoning Department – Home based Businesses can be reached at 303-660-7497.

Looks like they got a bunch of complaints from the concerned residents of Highlands Ranch

Medical Dispensary Set to Open in Highlands Ranch?

According to 7 News a local chiropractor in Highlands Ranch has applied for a dispensary permit for his location in Highlands Ranch. It would be the first medical marijuana dispensary in Douglas County. This will be interesting to see how it plays out in both the media and legally.  I personally would not like to see this in my back yard. The whole argument that it is a matter of convenience is a sham.  From what I have heard, a card carrying member can get their medicine delivered straight to their door and never leave the sofa. Kind of like ordering pizza when you get the munchies right?

Tell Me What You Think

This blog allows you to make comments for or against my opinion.  I welcome feedback and healthy discussion on the topic so please leave your comments.

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Craigslist is FREE

When I think of Craigslist, one word comes to mind. FREE  Oh how Denver buyers love free stuff.  I know REO Agents ( Realtors that list bank owned properties for sale ) that post free stuff on Craigslist to get rid of evicted tenant’s belongings.  And yes their are people who have made a living out of chasing down free stuff on Craigslist.  One person sits at the computer and constantly refreshes the page while a driver in a truck is waiting to speed over to the location where the free stuff is located.

Craigslist Makes You work hard for Real Estate Information

Free Denver Real Estate information on Craigslist can come at a cost.  Many times the information is incorrect and outdated.  A property may have been “under contract” for a week before it gets pulled from Craigslist.  The agent has no incentive to pull the add because he is getting calls and internet traffic.  Plus you have to open page after page of properties to find stuff worth looking at.

Denver Realtors Want Your Name, Email and Phone Number

The agents that Post ads on Craigslist would like to sell the property that you see on there.  But Denver Real Estate Agents really want you to give them your name, phone and email so that they can help you to find that next home.  That is the reason why I post properties on the site.

The Denver MLS IDX is better for finding Denver Real Estate

For clients that are serious about finding a good home at a good price, The Denver MLS IDX is the best solution that I know of.  With a username and password you are able to search most of the properties that us Realtors look at in Metrolist.  Best of all it is FREE.  Click here to get a FREE username and password.