Why Use A Realtor® to Buy or Sell Real Estate in Colorado?

Not all real estate agents are the same. Only real estate licensee's that are members of the National Association of  Realtors® are properly called  Realtors®. Why is this important? First of all  Realtors® abide by a strict code of ethics and are committed to dealing with clients and consumers in a fair and honest manner and are expected to maintain a high level of knowledge when it comes to buying or selling real estate. For most people buying or selling real estate is one of the most important financial decisions that they will make in there life. To put this in perspective, the median sales price in Grand Junction currently sits around $180,000.00. Consider if you had a $180,000 tax bill or a legal proceeding that amounted to $180,000.00. Wouldn't it be logical to engage the help of a CPA or an Attorney? Would you even consider tackling these issues without the help of a professional? Considering the small upside cost and the large downside risk, wouldn't it be foolish to consider a real estate transaction without the professional assistance? Here are a few other reasons to use a  Realtor®.

1. Local Realtors® have many resources to assist you in your home search. A hyper local search is key to getting the most updated information about properties for sale and whether or not they are still active. Sometimes the property you are looking for is available but not actively advertised in the local market area, and it will take some investigation by your agent to find all available properties.
2. We can help you in the selection process and provide information with regards to schools, zoning, utilities, and homeowners associations. Each one of these could be key with the home that you select.
3. We can help with the negotiations. There are a lot of negotiating factors. Price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment are some points that can affect the purchase of the property. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you close on the property. We can advise you as to which investigations and inspections are recommended or required. 
4.We can help you understand different financing options and help identify qualified lenders to assist you.
5. When selling your home, we can give you up-to-date information on what is happening in the Grand Junction Real Estate market and the price, financing, terms and condition of competing properties. These will be the key factors in getting your property sold at the best price, in the least amount of time.
6. We can expose your property to the public and to our fellow agents like no other marketing tools available to the general public. 
7. We can advise you on possible repairs or upgrades that will help you sell your home for more money.
8. We can offer staging advice and put you in contact with a qualified stage professional if needed.
9. Most Sellers/Buyers find the required paperwork to be overwhelming. Realtors® will thoroughly explain review and complete the paperwork so you can understand what is going on in the transaction.
10. We have formed networked business relationships with fellow agents and business professionals that will help deliver a smooth transaction and reduce complications that could arise.

Please contact us for your free, no obligation buyer or seller consultation so we can answer any questions you might have about the real estate sales process.

Are the holidays a good time to list a home?

You've heard it before. The holidays are a horrible time to sell real estate. Everything is slow during the holidays. While it may be true that sales do slow during the winter months in your market it can also be a great time to put your home up for sale. Here are a few points to ponder. Some buyers might need to purchase property before the end of the year for tax purposes. Other buyers are more emotional during the holidays so they might be more inclined to pay your price. Typically there aren't as many homes on the market during the holidays for buyers to choose from and gives the seller greater negotiating power. Homes that are decorated for the holidays have better curb appeal and generally will show better since we just cleaned it for the holiday guests! New employees starting jobs during the first of the year will also be out looking since they cannot wait until spring to purchase once transferred. After January listings ( your competition) usually start picking up. If you sell during the holidays you could get more money and be able to make a non contingent offer on your next home and have a larger pool of listings after the first of the year. Remember, the more listings that are on the market equals less competition for the sale of your home. Buyers will also take time off from work during the holidays and have better availability to preview properties than during a regular work week. The number one reason for selling your home during the holidays is that the people that are looking at property are serious buyers and generally want to get something done quickly. The "Looky Loo" buyers are out shopping, sledding, or spending time with family. This brings up the point that you can always restrict showings on the actual holidays or the days surrounding it. If you have any questions about our local Grand Junction Real Estate Market please contact us. We are available around the holidays to help you realize your real estate goals.

Why do I need title insurance when I purchase or are selling a property?

When buying or selling real estate in Grand Junction CO it is very important to have a title insurance policy and to review it before moving forward in a transaction. With a title insurance policy, you as owner, have coverage  that will reimburse you for loss in the event someone places a claim against your property that is covered by the policy.When a title policy is ordered the title company will review the public records throughly and create a list of requirements and exceptions that affect the coverage of the title policy. For example, if a seller had work completed on the property and didn't pay the contractor the contractor could then place a mechanic's lien on the property. This lien would have to be satisfied before closing so that the title to the property could be conveyed free and clear. Other requirements might include satisfying a release of deed of trust on the current seller's mortgage and a affidavit and indemnity agreement signed by the seller stating that no other issues affect the property that wouldn't be disclosed by a public records search. Like most insurance policies there are exceptions that they won't cover. These should be of particular interest to the buyer because down the road you can't use those items to make a claim since they were disclosed to them before the title policy was issued. These items might include right of ways, homeowners associations covenants, or other rights that someone might have to the property that was disclosed in the public record. An example of this might be that if you build a shed on a known right of way for a utility company and the utility company needed to tear down the shed to access that right of way. The new owner likely wouldn't be able to make a claim for the damage since it was disclosed in the title commitment before transfer of title. It is also wise to get a survey or improvement location certificate and provide it to the title company prior to closing so that they can investigate any possible encroachments or boundary issues not shown by public record. Title insurance will pay for defending against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured's losses. For a one-time premium, an owner's title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property. A few of the most common hidden risks that can cause a loss of title or create an encumbrance on title could also be false impersonation of the true owner of the property, deeds by persons supposedly single, but that are in fact married, fraud, undisclosed or missing heirs, and mistakes in recording legal documents. Buyers should also be aware that a title examination will be looking at any judgments or adverse items on them, so it is important to have those items taken care of when purchasing a property as well. Navigating the title policy can be a little tricky, so be sure to review it with your real estate professional, title examiners, and an attorney should you not be clear on what exactly is being covered and conveyed at closing. 

Mesa County Third Quarter Real Estate Report for 2013

Real estate sales have continued to increase this quarter when compared to the same quarter a year ago. There were 1045 real estate sales reported in the third quarter for 2013 and has increased 11% from the 938 sales in 2012. Year to date there has been a total of 2770 real estate sales in Mesa County and represents a 7.6% increase from the 2573 sales reported in the first 9 months of 2012. The dollar volume also rose in the third quarter transactions in Mesa County totaling $232.4 million. This is a  25.6% increase when you compare the $185.1 million in volume for third quarter 2012. Year to date volume is totaling $580 million and represents a 15.3% increase from the $502.9 million reported for the first three quarters of 2012.
The median residential property price for the third quarter is at $184,900 for July, $169,500 for August, and $167,500 for September.  The average price of a residential home in the Grand Junction Area Realtor Association's  Multiple Listing Service for the third quarter was $203,631 for July, $187,037 for August, and $202,125 for September. In the first three quarters of 2013 there were 591 foreclosures filed and represented a 41% decrease from the 1000 foreclosure filings reported from the same period in 2012. Completed foreclosures (as indicated by the recording of Confirmation deeds) through the first three quarters of 2013 stands at 470 and represents a 24% decrease from the 2012 period's 616 completed foreclosures. The remaining filed foreclosures are either in process, or have been cured and withdrawn. 19% of sales in the first 9 months of 2013 were bank owned re-sales totaling 521 properties. This represents a 24% decrease from the same period 2012 that reported 613 bank owned re-sales. In the third quarter there were 143 single family permits pulled, a 43% increase from the 100 permits pulled last year.  Year to date there have been 353 permits issued for single family homes and that represents a 15% increase from the 307 permits from the same period in 2012. Things are looking up for real estate in Mesa County. Sales, volume, and building permits are up, foreclosure filings and bank owned resales are down. If you have any questions about our real estate market, or are thinking about buying, selling, or investing please contact The Harris Group at Keller Williams Realty and we would love to help. Special thanks to Heritage Title and the Grand Junction Area Realtor Association for the information used in this report.

Buying a HUD home in Grand Junction CO

HUD homes are a great opportunity in the Grand Junction CO area. A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Almost anyone can purchase a HUD home, including owner occupants and investors. Often times there is a owner occupant bidding period where only purchasers who intend to occupy the property as a principal residence can submit an online bid. The time frame is set by HUD when it is offered for sale. Any properties that don't receive an acceptable offer within that time frame is then opened up to all buyers, including investors. To make an offer you need to place a bid. To place a bid on a HUD home you will need to have HUD authorized bidding agent to submit your offer and terms. Previewing the homes is much like any other property listed for sale, it needs to be scheduled through the appropriate office. Don't make the mistake of going on or in the property unannounced or alone as it is considered trespassing if you do. As the buyer you should also be aware that HUD doesn't usually complete any work or even allow the purchaser to do any work prior to closing and they are sold as is. If you are utilizing an FHA loan and the property doesn't meet FHA appraisal guidelines your lender might allow you to escrow funds to bring it to FHA standards once the property closes. If your bid is accepted your agent will be notified and a real estate packet with the contract and addendum's will be sent for you to review and sign. There is usually a limited window of 48 hours to get this returned otherwise it will go back on the market so time is of the essence. Since HUD homes have been vacant and are offered "as is" we HIGHLY recommend that our clients get a home inspection so you know what will need to be repaired after closing or if there are items that weren't apparent during the property preview. The purchaser has a 15 day window to perform these inspections. If there aren't any inspection items then you may move forward reviewing the title commitment, ordering appraisals, and getting your underwriting for your new loan complete. If there are items that need addressed you will need to contact your agent and let them know what you've found and how that impacts the sale of the property. If you are utilizing FHA financing you might not have to purchase another appraisal since the value that HUD set came from an appraisal that was completed before it was offered for sale. This will depend upon when it was completed and it's effective date however so talk with your agent and lender for the details on the particular property you are under contract on. HUD homes are offered for sale on www.hudhomestore.com and is available to the public. No real estate deal is the same so be sure to get an agent in your corner who will represent your best interests. If you follow these following steps you will have great success in purchasing homes offered by HUD.

1. Contact a HUD Authorized bidding agent
2. Contact a Mortgage Professional
3. Find a property that suites your goals and needs.
4. Place a realistic bid
5. Return the original signed contract and addendum's
6. Get a home inspection
7. Review the title commitment/homeowner association documents
8. Close the transaction

Throughout this whole process you should be also asking a lot of questions as well so that you are confident in the decisions you make. HUD homes are a great way to build sweat equity and/or a real estate portfolio so contact us today and we will walk you through the process in person!



. 

Think your credit score is killing you?

So what is your credit score? Have you been scared to look? Made some mistakes in the past? Would you like to move forward in your goals of home ownership and lower interest rates on other types of credit?
Contact us, we might be able to help guide you towards that goal. We have found that many clients, to their surprise, could actually be pre-qualified to purchase a new home since there are many different loan types and credit conditions that fit their situation. Other clients have seen that even if they have a few marks against their credit with a few simple strategies they could purchase in as little as 3-6 months. Even clients that have experienced bankruptcy or foreclosure have chosen to form a game plan that allows them to purchase on the "seasoning date" of their particular credit challenge. No matter what the situation, with a good game plan you can always start over and move toward your future goals. We love to assist people with those goals and if you know of anyone thinking about buying or selling a home in the Grand Junction or surrounding area's we would love to chat with them.

Keller Williams Realty #1 in the Nation!

We wanted to take a moment on our blog to recognize Keller Williams Realty International. It was recently announced that it is the largest real estate franchise in North America. Keller Williams Realty continues to grow every year and has recently launched real estate firms across the Globe. This continued growth is a direct result of the culture, training, and vision of the leadership at the national ,regional, and local levels. The Harris Group at Keller Williams Realty is proud to be associated with this great company. We are grateful that we can network with the top agents across the globe and provide real estate referrals to our friends and family that are buying or selling real estate outside of the Grand Junction Area. Please contact us if you are looking to buy or sell real estate even if it might not be in the Grand Valley, because we know the best agents in markets all across the globe!

FHA relaxes guidlines to get a loan after a short sales & foreclosures!



FHA has moved to relax its guidelines for borrowers who “experienced periods of financial difficulty due to extenuating circumstances”.  It is called the “Back to Work – Extenuating Circumstances Program”.

Ex-Homeowners, who lost their homes to a short-sale, deed-in-lieu, foreclosure, and/or had to claim bankruptcy because of an extenuating circumstance, or circumstances, are now eligible to purchase a new home in as little as 12 months after a one or both of these events, and FHA has confirmed that they will waive their waiting requirements of 3 years for a foreclosure related (short-sale and deed-in-lieu) event, and 2 years for someone who discharged their debts via a bankruptcy.

With this new program, FHA is evaluating mortgage applicants who have experienced periods of financial difficulty due to extenuating circumstances.  FHA is now allowing for the consideration of borrowers who have experienced an “Economic Event” and can document that:

• certain credit impairments were the result of a Loss of Employment or a significant loss of Household Income, beyond the borrower’s control;
• the borrower has demonstrated full recovery from the event; and,
• the borrower has completed housing counseling via a HUD approved housing counseling agency.

FHA mortgage insurance is now available for any loan which meets two conditions:

1. The loan must be made by an approved FHA lender
2. The loan must meet the minimum standards of the “FHA Mortgage Guidelines”

You may be eligible to qualify for the “Back to Work” exception if:

• You experienced a 20% loss of household income for a minimum 6 month period
• Your loss of income created an economic event such as bankruptcy, foreclosure, short sale, or loan modification.
• You can show a (timing) correlation between the loss of income and the hardship
• You can show that you have recovered from your hardship with 12 months of timely payments

You must also have satisfactory credit:

• You credit history is clear of late housing or installment debt payments, and major derogatory credit issues on revolving accounts;
• Any open mortgage is current and shows twelve (12) months satisfactory payment history.  Mortgages that have been brought current through loan modifications, which may be “temporary” or “permanent”  so long as all payments have been documented as being received in accordance with the modification agreement(s); and
• You meet all other HUD requirements for qualifying for an FHA insured mortgage

You must have housing counseling:

A requirement of establishing Satisfactory Credit following an Economic Event, boomerang buyers looking to use the Back to Work Extenuating Circumstances exception must complete Housing Counseling from a HUD approved housing counseling agency.

Please contact us if you are looking to make a real estate sale or purchase in Grand Junction or would like more details about this program

Come visit Glade Park!

Glade Park CO is a great little community about 15 miles outside of Grand Junction CO. It is a spectacular drive up the Colorado National Monument to access Glade Park and that access is free through the monument as long as you don't make any "pit stops". You do gain quite a bit of elevation so the temperatures are around 10-15 degree's cooler which is nice if you are looking to escape the heat of the summer. Once you reach Glade Park there is a little general store that offers the staples of gas, snacks, and gifts. If you head south from the store you will have access to camping at Mud Spring's campground and primitive camping and fishing at Enoch Lake. If you head west from the Glade park store you will find a great little hiking trail at Miracle Rock. A fun activity for the family is the volunteer fire department's movie under the stars and the best part is that admission is free, just be sure to order some food to support the fire department. If you would like more information please feel free to contact us or visit the local Glade Park website.

Did you also know that there is some awesome properties on Glade Park for sale? This one in particular is my favorite!

We would love to help you discover Glade Park. Contact Josh today at 970-261-2014.

Multiple Offer Time!

With the recent upswing in Grand Junction's real estate market we are beginning to see situations where our buyer's and seller's are seeing  multiple offers on properly priced properties in certain price points. Historically low interest rates and low inventory are a part of the equation that makes this happen. We have some advise for both buyers and sellers. We first advise all of our buyers to get pre-qualified with a reputable lender for their financing before we even get started looking at homes. This will allow us to immediately act should you find your dream home. If this first essential step isn't followed you won't be even in the running should there be a multiple offer situation. Second you need to put your best foot forward with your offer. You may only get one shot so make it the most attractive as you can with the offering price and seller concessions should you need any. A good agent should also have you write down a few reasons why you would be a great new owner of the home. Some things you might include is that you would take care of the property, be a good neighbor, or other reasons why the property is a perfect fit for you and/or your family. Don't forget that the seller might have an emotional attachment to the property and sometimes the bottom line isn't the only thing that will affect their decision. We work closely with our buyers in Mesa County to educate and counsel them on the process of purchasing a new home. For home sellers we recommend pricing the property correctly. If it is priced correctly it will create urgency and the possibility of multiple offers increases. With multiple offers there will be various factors that will affect the contract that you select. Price, seller paid concessions, closing date, deadlines, if financing is involved, or if it is a cash deal are examples. We as listing agents review all of this information with you so you can make the best decision with regards to which purchase contract to select or counter. Your agent should also thank and encourage the buyer's who's offers weren't selected to be in a back up position in case something should happen in the future with the contract that was selected. Please don't hesitate to contact us with any questions about buying, selling, or investing in Grand Junction!

Grand Junction Real Estate Apps for Iphone, Ipads, and Droids

The Harris Group at Keller Williams Colorado West Realty is proud to announce the arrival of our hyper local property search app for IPhone, Ipad, or Android Devices! We know that the consumer wants a access to properties in real time even when they are on the go. Our app utilizes GPS location based software that will pull the property details around you so you will always know the price of the neighborhood or area you are in. You may also view mobile enhanced photo galleries, set and save search criteria, and have one touch access to schedule showings or contact us with questions. Simply click HERE to get started! We are always striving to deliver excellent customer service along with the most cutting edge tools available for our clients. If you know of anyone buying, selling, or investing in real estate around Grand Junction CO please contact us! If you have a QR Code reader you can also scan the following for more info.

Home Inspections in Colorado

So you have been prequalified for your financing,  found the property with your Buyer's Agent, negotiated price and terms of the home sale. Now what? One of the most important items within the dates and deadlines of the contract is the period where you have the opportunity to inspect the property. Some people wish to complete the inspection on their own, while others hire professional home inspectors. We always recommend the use of a home inspector. Home inspectors can do a thorough walk through of the property and let you know if there are items that are or could pose a problem in the future. Typically the home inspection should be completed within the first 10-15 days after the contract is signed depending upon how long the contract period until closing is. We recommend that our clients do the home inspection as quickly as possible after title review because if potential items come up we want to be able to address them in a timely manner to make best use of both the Buyer and Seller's time. If items do come up we will execute a notice to correct. These items are presented to the seller and then they have 1 of 3 options. They can agree to do all the items, none of the items, or present an alternative resolution. Depending on how the seller responds to the inspection items will determine the next step. If they agree to correct the items great, no other action is required. If they refuse to complete the items or offer an alternative resolution the buyer will then need to respond that they are either terminating or accepting the terms of the sellers response. The Colorado contract to buy and sell real estate has two different dates that deal with inspections. The first is the inspection objection and the second is inspection resolution. The inspection objection date is the latest date you can object to the items under the terms of the contract. The inspection resolution is the date that all parties to the contract must agree to the terms of the inspection resolution. If no resolution is reached by that date the contract automatically terminates. If you have questions regarding this process or are in the market to buy, sell, or invest in homes in Grand Junction Colorado please don't hesitate to contact us at 970-261-2014 or visiting us at our website.

I'm thinking about buying a home in Grand Junction CO. What is the next step?

We often get asked the question "I'm thinking about buying a home, what do I need to do next?" We love it when people ask that question because it shows that they have put some thought into reaching the goal of home ownership and aren't afraid to ask the first important question of many when it comes to purchasing real estate. First things first. Get qualified for your financing. You may have been searching the Internet for properties and doing the online mortgage calculators, but you really need to speak with a professional to gauge exactly what amount you are approved for. Even if you are approved for more you will want to discuss the payments at certain price points and be comfortable with that payment before you start shopping. Another factor is the type of financing you are getting. Are you going conventional, FHA, or VA? It is important to know this as well, because the different types of loans have different attributes that can affect the type and condition of the home you purchase. Once you have settled on your financing the next step is to contact a real estate professional who has experience in the area's you are thinking about purchasing in. Don't be afraid to interview agents. Once you feel comfortable with the agent you select you will want to engage them as your buyer's agent to advocate for you throughout the real estate buying process. Don't be afraid to research the area's you are interested in. Your buyer's agent should obviously know about these area's property values and what has been going on in the market, but it never hurts to do some investigating of your own. Your agent should start looking for suitable properties that fit your criteria. A few agents will give you access to a VIP buyers portal that will also allow you to search properties online at your leisure and save the ones of interest. Once you find the "one" your agent will discuss the offer, contract, property disclosures and the various other details of the real estate transaction. We will discuss this process in depth in future posts. If you are thinking about buying a home or other real estate in Grand Junction CO we would love to apply for the job and answer any questions you may have!

How is the real estate market in Grand Junction & Surrounding Area's? Let's look at the second quarter of 2013 for the answer!

The second quarter of this year produced 1004 sales in Mesa County. This is an increase of 7% when compared to the 939 sales for the same quarter of 2012. For the first half of 2013 there have been 1725 sales, a 5.5% increase from the 1635 sales for the first half of 2012. This is encouraging and we are looking to have a great 3rd quarter as well.

The dollar volume for the second quarter of this year was $202.6 million. This equates to a 9.5% increase from the second quarter of 2012 with $185 million in sales. The dollar volume for the first half of 2013 reflects a 9.3% increase from the first 6 months of 2012, from $317.8 million to $347.5 million. There were 7 sales over $1 million during the second quarter of 2013, accounting for $12 million in volume. Year to date there have been 13 transactions at this level, accounting for $25 million, down slightly when compared to the 18 sales totaling $28.9 million in the same period of 2012. You can research your own area by clicking HERE on our Market Insider report.

The Grand Junction Area Realtor's Association reports the monthly median price of residential property for the second quarter at $162,400 for April, $165,000 for May, and $180,000 for June. The monthly median price continues to trend upward for residential properties sold through the multiple listing service (MLS).

Thank you to Heritage Title Company for compiling much of the information above from the Grand Junction Realtor Association. If you are looking to buy, sell, or invest in real estate in Grand Junction or Mesa County please visit us at www.harrisgrouprealty.com or simply click HERE!