Home equity lines of credit have been very popular in the last 10 years or so. People found it a wiser financial decision to borrow against their home than to charge their credit cards and a good way to get some cash. Banks were encouraging this behavior and advertising home equity lines of credit available. Home owners "cashed out" their equity to remodel, pay off credit cards, buy new cars etc. Because lines of credit are mortgages they are tax deductible. This seems like a wise decision but with the financial difficulties facing millions of home owners today this has become quite a problem. Today you will be hard pressed to receive any line of credit from a bank. First of all many home owners owe more on their home than it is worth in todays market. Second, banks are not funding these lines of credit to begin with and reducing credit limits on lines already loaned. This has affected the economy in general.
Good news for Denver's overall housing market show signs of improvement in the last couple of months. However, the number of high end homes going into foreclosure is rising. Obtaining financing in general is harder for buyers these days and even harder for buyers trying to qualify for jumbo loans. A jumbo loan is any loan over $417,000. The whole high end market as a result is affected negatively. So, if you are a high end buyer it may be a great time to get a deeply discounted deal!
The Park Hill neighborhood has been ranked as one of the top 10 neighborhoods in the nation by The American Planning Association. The attraction of this neighborhood is no secret to my clients who have decided to purchase homes in Park Hill. Beautiful homes, a nice family community and a close proximity to downtown Denver are all reasons why many buyers should consider Park Hill when making their buying decision.
You can read the article for yourself here.
-Katie4Homes
When people in Denver think of the number seven, it is usually associated with John Elway; however, a new Forbes magazine reports ranks Denver as the 7th best city in which to sell a home.
While a 6.4 percent drop in prices last year had a chilling effect on the market, this year things have been different. The vacancy rate reduced by 20% over last year. There has been a large decline in new construction starts (down 49%) and the job market is looking very healthy with a 2% rise!
To read the full article with more detail on the report ranking, click here!
-Katie4Homes
I've had several clients interested in the Stapleton area of Denver. All of the builders have done a really great job of urban planning and building to preserve a real sense of community. Last Sunday (3/31/08) I had a chance to take a look at some the KB Homes by Martha Stewart. These really look nice and my clients have really had good luck with this builder. I snapped some pictures for anyone interested in how they look inside and out. Base prices right now are between 319k and 379k with most buyers planning approx. 20% additional for upgrades. If you want a tour, give me a call.
-Katie4Homes
Cherry Creek Properties Real Estate Broker: e-Pro, GRI, Eco-Broker - Denver, CO Serving the Denver metro area. I can also help with mountain properties via my great referral network
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