2014 Second Quarter Real Estate Report For Mesa County

The real estate numbers are out for the 2nd Quarter of 2014 and here is what is going on in Mesa County! A total of 1028 real estate sales occurred during the 2nd Quarter. Sales increased 2%  compared to the same quarter number of 1004 sold in 2013. During the first half of 2014 there has been a total of 1677 sales and when compared to 2013's 1725 sales there actually is a 3% decrease in the total number of sales for the current year. The dollar volume however has increased 15% in the 2nd Quarter with 233.7 million in volume compared to 2013's 202.6 million, and has increased 5.5% for the first half of of 2014 when compared to 2013. This increase was helped by 13 sales in the 2nd quarter that were over $1 million totaling 25 million. Year to date there have been 22 transactions over $1 million totaling 40.6 million which is significantly more when compared to the 13 sales totaling $25 million in the same period for 2013. 

According to the Grand Junction Area Realtor Association the monthly median price for residential property in the 2nd Quarter was $180,500 for April, $185,000 for May, and $194,950 for June. We have seen median price continuing to trend upward for residential properties sold through the Multiple Listing Service. 

Foreclosure filings continue to decrease. When compared to 2013's 1st Quarter filings of 375, the 2nd quarter represented 295 filings and decreased 21%. Hopefully if this trend continues we will see the lowest filing numbers in the past 5 years. The record for foreclosure filings for Mesa County occurred in 1985 during the oil shale bust with 1600 and we came close to breaking that record during 2010 recession with 1580 filings for that year. Actual completed foreclosures also decreased to 232 when compared to the same period in 2013. The resale of foreclosed homes accounted for only 12% of the overall real estate transactions for the first half to 2014 and is a welcome sight when 2013's 1st half comprised 21% of that market. We are happy to see the downward trend we have been experiencing for the last 3 years of foreclosed sales. 

Home building has slowed slightly with 113 single-family permits pulled 2Q when compared to 120 permits pulled during the same time in 2013. It really hasn't slowed though. Year to date there have been a total of 210 permits pulled and that number is identical to 2013's during the same period. Commercial building permits dropped slightly to 6 for 2014 when compared to 7 in 2013 and 13 for 2012. 

What does this report indicate? It is still a great time to buy and sell real estate in the Grand Valley! Buyers can still take advantage of great interest rates and have the opportunity to still find decent deals while to market continues to improve. Sellers have the opportunity to sell at a higher price than we have seen in recent years. Contact us today if you would like to know what your home is worth or would like to have a free buyers consultation. Special thanks to Heritage Title & the Grand Junction Area Realtor Association for number compilation. 

First Quarter 2014 Real Estate Report for Mesa County

2014 First Quarter Mesa County Real Estate Report

So how is the first quarter real estate landscape? When compared to the first quarter of 2013 sales decreased 10% from 721 real estate sales in 2013 when compared to the 649 sales in 2014. The good news is that the foreclosure activity continued to trend down as well, improving market conditions. The total dollar volume also was down 8% from 2013 of  $145 million compared to $133 million in 2014. There were however 9 sales over $1.0 million dollars in 2014 compared to 6 sales over $1.0 million in 2013. 

The monthly median price for residential property in January was $167,400, $181,950 in February, and $159,450 in March. To put the median price in perspective the market peaked in Mesa County in 2008 with the median price being $222,000 and for 2013 the median price averaged $167,000. We believe the dip in March could have been attributed to our unusually cold winter with less people being motivated to move. The average days on market did drop to 131 days in 2014 when compared with the 153 days in 2013. The trend seems to indicate the home prices are on the rise and they are selling in a shorter amount of time. 

Getting back to foreclosures the market saw a 19% decrease in filings in the first quarter of 2014 compared to 2013. In this first quarter there were 148 filings compared to the 182 reported in 2013. In 2010's first quarter there was an astonishing 397 filings. The completed foreclosures also reduced 22% showing 2013 with 180 and 2014 with 137. The resale of foreclosed homes composed 14% of the overall real estate transactions in first quarter 2014 with 91 transactions. Compared to the same time frame in 2013 with 181 transactions representing 25% of the overall real estate transaction 14% is a great number. There were times in 2011 that the foreclosed homes comprised 35% of the market! The decreased filings in 2014 will also translate into less bank owned homes being sold in the upcoming quarters. These decreases are signaling that we are in recovery mode here in the Grand Valley and we expect this trend to continue. 

Home building permits increased slightly (8%) in 2014 with 97 permits pulled compared to 90 permits pulled in the same time last year. Commercial building permits doubled from 4 in 2013 to 8 in 2014. 

What does all this information tell us? We are looking at stable growth and recovery here in Mesa County. We anticipate that these trends will continue. Interest rates have crept up a little from the historic lows of 2013 and are still very attractive. If you are looking to buy or sell this upcoming quarter will be a great time to move forward. Contact us for detailed information for your property, as every area and community has their own special trends. Thanks to Heritage Title for compilation of figures. 

Tax Time!

The deadline to file your income taxes is quickly approaching. Our friends in Washington DC propose, change, extend, and remove these tax breaks each year for taxpayers owning real estate. Most of these tax benefits have been extended and protected through the 2013 tax season and others will expire next year if Congress doesn't act. Here are the top ten tax breaks to watch out for when you do your taxes. Please note that this is for informational purposes only, as we are not tax professionals and we highly encourage you to contact a tax attorney or CPA when completing your taxes.

1.  Mortgage Interest Deduction

Homeowners who itemize deductions can deduct the interest paid on a mortgage with a balance of up to $1 million. There has been some discussion to limit the total itemized deductions for taxpayers making more than $400,000 however the current deductions currently hold for all tax brackets. Property owners save around $100 million every year by taking advantage of this mortgage interest deduction on their tax returns

2.  Home Improvement Loan Interest Deduction

The interest on home equity loans used for making improvements to your home might be tax deductible. If your loan is under $100,000, the interest is tax-deductible for a homeowner who uses the loan to make improvements such as adding square footage, upgrading the components of the home or repairing damage from a natural disaster. Sorry, but maintenance tasks like changing the carpet and painting a home usually don’t count.

3.  Private Mortgage Insurance (PMI) Deduction

 Currently if you pay PMI and your mortgage was originated after January 1st 2007 you should be able deduct that portion from your taxes. This deduction does have some income qualification so be sure to check with your tax professional to see if you qualify. This deduction currently is set to expire unless Congress renews it for 2014. Usually this deduction saves you only a few dollars, but every dollar counts right?

4. Mortgage Points/Origination Deduction

If you paid points on your home purchase or refinance you can often deduct those points on your tax returns. Points are also called origination fees and are usually percentage-based fees a lender charges to originate a loan. A 1 percent fee on a $200,000 loan would be one point, or $2,000.  If it is a home purchase loan usually the taxpayer can deduct all the points paid in the same year it was purchased. Refinanced loan points are usually deducted over the life of the loan so keep good records so the tax man doesn't come knocking at your door!

5. Energy Efficiency Upgrades/Repairs Deductions

Homeowners can deduct the cost of  energy efficiency upgrades to their home. It is a tax credit applied as a direct reduction of how much tax you owe, not just a reduction on your taxable income. The maximum credit is $500 and items such as roofs, water heaters , windows, air conditioners, and insulation should qualify. There are individual limits for certain items so be sure to visit with your tax pro about what the tax credit should be.

6. Profit on Sale of Real Estate/Capital Gains Deductions

If you have sold  your primary residence  within the last year, (you lived in the home two of the last 5 years) you can claim up to $250,000 of profit from the sale tax-free and married couples can claim up to $500,000 tax-free. The home must be a primary residence, meaning you must have lived in the home for two of the past five years.You might be able to potentially claim this tax break on multiple homes within a short time frame, and each tax-free sale must occur at least two years apart from the previous tax-free transaction. The Obama administration has enacted new rules for 2013 for those who make more than $200,000 in adjusted gross income. These folks may be subject to a 3.8 percent tax on some income from interest, rents, dividends, rents, and capital gains.

7. Real Estate Selling Cost Deduction

For those lucky folks whose profits on the sale of their home might exceed the $250k/$500k limits, there are still some ways to reduce the tax burden. The costs of selling a home can be claimed as tax deductions.

By adding up all of the fees paid at closing, capital improvements made to the home while you owned it, money spent to make repairs to damaged property and marketing costs necessary to sell the home, you can add a significant figure to the cost basis of your home. This basically raises the original price you paid for the home. Your cost basis begins with the original price of the home, and then adds in the improvement and selling costs.  When the new cost basis price is compared to your selling price, it reduces your potentially taxable profit on the home.

8. Home Office Deduction

For the 2013 tax year, tax filers who work at home can use the IRS’ new simplified option for deducting home office expenses. Be realistic so you don't increase the risk of being audited. You should be able to get a $5 deduction for each sq. foot used as an office, with a maximum of 300 sq. feet. This office should be the primary place you do business and used exclusively for business, so don't count your bedroom unless you want to do some explaining to the IRS.

9. Property Tax Deduction

How about a tax-deductible tax? This is great because the overall effect is that you don’t pay income tax on money that was spent on property taxes. You should only deduct the amount of property tax actually paid for the year, so have your tax professional review this to make sure it is accurate, and keep good records of the amount paid.

10. Loan Forgiveness Deduction

The Mortgage Debt Forgiveness Relief Act of 2007 made forgiven debt on some mortgages not taxable if you had a foreclosure or short sale. If you had a short sale and the home sold for $200,000 but your remaining loan amount was $250,000 the lender forgives the extra $50,000. The government views that amount as a gift from the lender to the borrower. The Mortgage Debt Forgiveness Act temporarily relieved the taxpayer of that burden, up to $2 million, or $1 million if filing separately. The act applies to primary home sales made from 2007 through 2013, but it will expire next year if Congress does not act.

Once again we are not tax pro's. We are Grand Junction CO premier real estate salesteam. Contact us if you are interested in buying, selling, or investing in real estate. We hope you are reaping the benefit of property ownership this tax season and look forward to discussing your real estate goals in 2014!

2013 Annual Real Estate Report for Mesa County & Grand Junction CO

The numbers are out and the fourth quarter Mesa County sales have showed a 6% decrease in the number of real estate transactions. In 2012 fourth quarter sales were at 871 and 2013 fourth quarter finished at 819. The dollar volume however went up 7%, with 2013 totaling $190 million compared to the 2012 same quarter total of $178 million. There were fourteen transactions that totaled over 1 million dollars in 2013 compared to the ten in the previous years 4th quarter. A notable transaction for sportsmen was the Cabela's wing of Mesa Mall selling for $5.4 million.

For the year we have seen a 4.2% bump in sales when we compare the 2013 real estate sales of 3589 to 3444 in 2012. The total annual sales volume was $770 million and represents a 13% increase from the 2012 volume of $681 million for 2012. HUD/VA sales accounted for $31.5 million of those sales in 2013 and was a decrease from the $36 million that was reported in 2012.

The median price rose in 2013 to $166,753 up from $160,000 in 2012. The average residential sale price jumped as well to $190,091 in 2013 compared to $180,936 in 2012. Average days on market did go up a little in 2013 but only by about 12 days compared to 2012.

The new construction and home building sector also grew with increased building permits issued totaling 444 in 2013 compared to 398 permits issued in 2012. Not only did the amount of permits go up the value of the permits grew from $88 million in 2012 to $99 million in 2013. 

Bank owned foreclosures accounted for 18% of sales in Mesa County for 2013. In 2012 they represented almost a quarter of all resales in the valley. Foreclosure filings also decreased 30% from 2012 levels. This is great news and indicates we on on the road to real estate recovery. We still have room for improvement and bank owned inventory that needs to be worked through. We anticipate that bank owned properties will continue to decrease as our local economy grows.

For real estate market trends you can subscribe to our market insider report. If you are looking to buy, sell, or invest in real estate in the Grand Junction or Mesa County area we would love to provide you excellent customer service! Thanks to Heritage Title Company for there assistance with this report.

Why use a Keller Williams Real Estate Agent in Colorado?

If you are thinking about buying or selling real estate in Grand Junction CO or anywhere for that matter you should really consider using a Keller Williams Realty Real Estate Agent. There are many reasons that set Keller Williams Realty apart from every other real estate company. We believe what sets us apart first and foremost is our belief system and office culture. Our core belief system is as follows:
*Win-Win: or no deal
*Integrity: do the right thing
*Customers: always come first
*Commitment: in all things
*Communication: seek first to understand
*Creativity: ideas before results
*Teamwork: together everyone achieves more
*Trust: starts with honesty
*Success: results through people
These core elements create an amazing real estate professional who paves the way for the success of their clients throughout a lifetime of real estate transactions. It is important for our clients to realize that agents need support and guidance from their brokerage firm to provide them with top notch service. I can speak from experience that other agents in our office are always willing to share idea's and support one another when we need anything because we realize that through teamwork we all achieve more. The market center offers training classes several times during the week, every week, so the agents are always on top of the ever changing real estate landscape. We also have an amazing support staff and employing broker that are available to us should questions arise during a real estate transaction. Our national franchise invests its profits into the development of tools for the KW associates to provide to their clients. For example we recently released a mobile real estate search app that is one of the best on the market for Android and Iphone/Ipads. Keller Williams Realty is also an open book company that is agent directed. If you are part of our company you have access to review financials and actually participate in various committee's such as finance, technology, or our KW Cares charity program. This simple fact automatically puts all of the associates as partners in the company.  All local market centers also have what is called an Associate Leadership Council or ALC that acts like a board of directors . The ALC is comprised of the top 20% agents in production and they make decisions that affect the market center. This council is the bridge between the firms ownership groups and the agents of the market center that casts the vision of our local, national, and international franchise.
Why this is important to our customers and clients? It is important because Keller Williams Realty wants to build better business people that are always looking to grow, learn, and expand themselves both professionally and personally. Wouldn't you want someone like that to represent you in your next real estate transaction?
The Harris Group is proud to be associated with Keller Williams Realty and sit on the  Associate Leadership Council for our Grand Junction CO market center. We would love the opportunity to speak with you about how we can help you with all your real estate needs. If you are thinking about doing real estate business somewhere other than the Grand Valley we can recommend a great agent in that particular area as well, just let us know. Be sure to contact us if you are thinking about starting a career in real estate

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!



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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!

First Time Homebuyer Tax Credit Ends!!

Time is running out on the first time homebuyer tax credit. It is set to expire on April 30th 2010. Now is the time to take advantage of this great program designed to stimulate the housing market. Qualified first time homebuyers are eligible for up to an $8000.00 tax credit if they have a binding contract by April 30th that closes on or before June 30th. This isn't a mere tax deduction, but a true credit that has the potential to put that money directly in your pocket. Current homeowners are also eligible for a $6500.00 tax credit as well if they have lived in their current home 5 of the last 8 years and purchase a new principle residence. You will want to discuss this tax credit with your CPA or tax professional for futher details and to see if you qualify. We would love the opportunity to earn your business. Please call or email us to request more information!