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Melanye Phipps

Spring in Denver

The Denver real estate market is hot. Spring is officially in the air and homes are selling. The number of homes for sale have increased by 2,184 since December and the average sold price rose from $260K in January to $270K in February.

In the recent months, I have experienced a demand for homes selling under $250K to be greater than the market can provide. In the last month, I've seen this trend work its way into homes selling for over $250K. Just last week, while scheduling showings, 4 of the 5 were already under contract. These homes averaged $300K and had been for sale an average of less than 30 days. Today's housing market is actually a "sweet spot" for sellers and buyers.

Sellers, today is a great time to put your house on the market for a few reasons:

  • Buyer demand is high partly due to gov't tax credits ( set to expire April 30th )
  • Spring and Summer are peak sales months.

Buyers, the timing is perfect to purchase for several reasons:

  • Even as demand increases, homes are still reasonably priced.
  • The number of homes for sale are increasing with the Spring and Summer seasons.
  • You may still take advantage of $6500-$8000 in tax credits if you are under contract by April 30th. Unlike a tax deduction, a tax credit is a check to you after the purchase.
  • Interest rates are still very low, but expected to increase as the year moves on. Low interest rates increase your buying power, which means you can get more house for a smaller monthly payment.

Get it while it's hot. Let me know if you have specific market questions.

Melanye Phipps, MelanyesMinute.com, 303-913-5325

Refinance Program Extended

The refinancing program was extended today

The Obama administration announced today that borrowers with little or no equity in their homes will have another year to take advantage of a refinancing program. The Home Affordable Refinance Program was set to expire in June, of this year but will now be extended to June 2011.

Read more information from the Washington Post here: http://www.washingtonpost.com/wp-dyn/content/article/2010/03/01/AR2010030102143.html?hpid=topnews

$8,000 Tax Credit

Time is running out. Only about 1 1/2 optimal months left to find a home and get it under contract to take advantage of the $8,000 tax credit. For those of you who have not owned a home within the last 3 years, NOW is the time to get started on owning your own home. After November 30, 2009, that free tax credit may not be available. There has been talk of an extension but no official evidence yet.

Watch this short video to learn more details about the tax credit and the required timing:

(Click on the link right next to the red arrow)

http://www.teravisiontech.com/majesticconsulting/postcards2.0/showpostcard.php?postcard_id=22&clientid=86

I hope this helps,

Melanye Phipps

Your Castle Real Estate

303.913.5325

www.MelanyesMinute.com

Mel-YourCastle@hotmail.com

Denver waiving permits for certain home improvement projects

This is great!
Permit fee waived! For a limited time, June1 - 15, 2009, Denver is issuing FREE construction permits to homeowners and licensed contractors making qualified home improvements or repairs to existing one and two family dwellings, which can increase the value of the home. The HOME RENOVATION BONANZA is offered in order to encourage the improvement of existing 1 and 2 family homes, raise property value and encourage homeowners to stay in existing homes. A variety of home improvements are covered by the Home Renovation Bonanza, including: Basic Interior Remodel of existing 1 or 2 Family Dwelling (existing Kitchen, Bath or Bedroom) Basement Remodel of existing 1 or 2 Family Dwelling Residential 1 or 2 Family Roof Covering Repair or Replacement Wall Insulation Replacement of water heaters Change out central heating and air Residential Photo Voltaic Systems Stucco or siding home exteriors To qualify for a FREE HOME RENOVATION BONANZA permit, the following conditions apply: Projects in 1 and 2 family dwellings (Subject to International Residential Code) only No new dwellings No additions, garages, or accessory structures Over-the-counter Quick Permits and/or 1 and 2 family walk-through plan review process only. Permit shall be issued on the day of application All permitted work shall be finished, inspected and approved within 180 days of permit issue Any re-inspection fees shall apply Permits will be issued from Downtown office only (201 W. Colfax Ave) From City of Denver's website: http://www.facebook.com/ext/share.php?sid=100482269991&h=chLju&u=XReSo&ref=nf

Denver is on the rebound

Watch this short video about which housing markets most likely to rebound, fail Real estate expert Barbara Corcoran talks with TODAY’s Natalie Morales about the five cities in America that are may be on the verge of recovery from the housing slump and the three cities with the hardest road ahead of them. http://today.msnbc.msn.com/id/26184891/vp/30825142#30825142