Troy Hansford for Denver Real Estate | 303-617-0607 | HansfordTeam@TroyHansford.com
          

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What’s Happening With Interest Rates in 2015?

Today we are going to reveal to you our predictions of what will happen with interest rates for mortgages in 2015. We
are fortunate to be joined by Giuseppe from Hallmark Mortgage to ask some questions about the mortgage industry, which is always
changing.

Right now, Fannie Mae and Freddie Mac are rolling
out new programs for home buyers that will allow you to buy a home with
just a 3% down payment
. Unlike some of the other bond programs, this
offer is open to anyone. It existed in the past, was pulled for about a
year, and is now back and a great alternative to an FHA loan. One
big change from when this existed a few years ago is that now, the 3%
down mortgage is really only for first-time home buyers
, but there are some exceptions such as spouses.

Now, the question you all have been waiting for: What is going to happen with interest rates in 2015?

According to many economists, rates will rise in the next year, somewhere around the high 4% range for a 30-yr fixed rate. The 1% movement is a big deal, because just a 1% increase in interest rate will decrease your purchasing power by around 10%. It can be tricky to lock in a rate in a competitive real estate market like this.

If you are thinking about taking advantage of these great interest rates
and loan programs, please give us a call or send us a quick email. We
would love to help you find a new home in the first quarter of 2015.

Merry Christmas from The Troy Hansford Team!

 

Denver Real Estate Agent
Today we have a special holiday message for you all. Our team wanted to take this opportunity to say thanks to all of you for your continued support, business, referrals, and friendship in 2014.May the holiday spirit be with you and your family today and every day throughout the next year. We look forward to hearing from you in 2015, as it promises to be a fabulous year for those of us in Colorado. Happy Holidays!

What Do Recent Market Trends Mean for You?

Today, we’re going to take a look at how the market performed in the 2nd and 3rd quarters, and make a prediction about what to expect in the 4th quarter here in Denver.

In April, we had about 14,000 properties on the market. That number grew through July, where it hit 16,000, before tapering off in September. Despite the inventory being lower than usual, this is pretty typical market behavior. 
We were selling under 6,000 homes in April. Again, that number rose in the summer months. This is because most homes go under contract in May and June, and close between June and April. The number of home sales also tapers in September, once the cold starts to set in.
What does all of this mean? For one, it gives us a pretty clear idea of the supply and demand situation. Even though more homes are sold in the summer, there are fewer homes on the market in the fall. This means that, contrary to popular belief, the fall is a pretty ideal time to sell. People have taken their unsold homes off the market, but there are still buyers out there looking. With fewer sellers to compete with, the fall and winter months are a great time to sell your home fast and for top dollar.
If you have questions about this or any other real estate topic, don’t hesitate to give us a call or shoot us an email. We would love to hear from you!

Our Predictions for Denver Real Estate this Fall

 

Hey there everyone. Welcome back to our blog. First off, we would like to congratulate Clint Marley for winning our iPad mini raffle from the South Metro Firefighter’s charity golf tournament. Now, let’s get to some predictions for the Denver real estate this fall.
We continue to have extremely low inventory as we head into the fall selling season. The market is still hot, even hotter than we normally see this time of year at the end of the summer. If you’re thinking about selling, it’s still a great time to put your house on the market and get it sold all through the fall. Fall has beautiful weather and you should have no problem getting it sold in this market.
If you have any questions about the market, or anything about real estate at all for that matter ,please give us a call. We would love to answer any questions you have.

Denver Summer Real Estate Market Update

 

With the summer season in full swing, there’s no better time to reach out and give you an update on the Denver real estate market. Here are some of the main trends:

  • Inventory has been low up to this point and we don’t see that changing any time soon.
  • Homes are selling quickly but we don’t have enough on the market for all the buyers out there.
  • The flurry of activity we saw in the spring has continued thus far and doesn’t seem to be slowing.

This means you haven’t missed the boat if you’re looking to sell your home – it’s not too late to put it on the market. In fact, now would be an ideal time.

If you have any further questions about the market or want details on conditions in your specific area, give us a call or shoot us an email. We’re always here to help.

Secrets of the Sump Pit

A sump pit is a low space, often located in the basement of a home,  that collects any undesirable liquids from the outside such as water or chemicals. The function of a sump pit is to filter out all the water or chemicals that may seep into your home’s foundation from the outside. Most of the time a sump pit is rarely seen, but if the water level in the pit rises too high, you could be in for trouble.

There is an access panel in your basement that allows you to get in and observe  the sump pit. There are pipes that drain into this pit, but if the water level reaches these pipes, you will need to install a sump pump to get rid of the excess water. A sump pump, which can be purchased at any home improvement store in Denver, pumps out the excess water through your pipes and brings the water level in the sump pit back down to normal.

Many houses in Denver already have an outlet installed for a sump pump so that you can install it through the pipes in the pit. It is a fairly simple process, but if you need a sump pump installed and are unsure about exactly how to put it in, please contact the Hansford team.  We will get you in touch with a professional here in Denver that can install your sump pump today so that you don’t have to worry any longer about nasty groundwater backing up in your basement.

Denver Real Estate: Using Gift Funds To Help Purchase Your Home

There are plenty of viable financial sources available for conducting real estate transactions. One of the most popular sources involves the use of “gift funds”, which provide a prospective home buyer with an easy alternative for acquiring the necessary money to fund their real estate transaction. The concept for this method is quite simple: Someone “gifts” you the money, which you in turn apply towards your down payment, or the overall value of your home.  While I understand this might not sound like an entirely legitimate process, it’s important to note that roughly 25% of home buyers utilize gift funds as a means of payment.
Obviously there are important limitations and compliance measures for gift funds which can be levied by both the lenders involved in your home’s purchase, and the IRS. These entities will impose limits on the amount of money that can be gifted to you (IRS), and the amount of gift money you can apply towards your home’s purchase (lenders).
In addition to these limitations, you will also be required to document the origin of the money and sufficiently account for how/where it was used. A complimentary “Gift Letter” most also accompany the gifted money, serving as an additional stamp of authenticity.
If you believe gift funds could be a potential source of money for purchasing a home, do not hesitate to give us a call so we can arrange an appropriate lender for you who can ensure the process works accordingly and in a smooth manner.
If you’re interested in gift funds for the near future, but aren’t actively pursuing the purchase of a home, you will still have the option to set aside gifted money in the form of “season funds”, which will also serve in making the process easier and more efficient whenever you decide to buy.
Once again thank you for joining me on my video blog. Please reach out to me with any questions you have regarding the use of gift funds, or if you just want more information about current conditions for the real estate market in Denver. Thanks and have a great day!

Know Your Options with Down Payment Assistance

While enjoying a vacation in Hawaii with my family, I had the opportunity to play golf with a few friends. One of those friends had a question about down payment assistance – there are numerous options available for buyers, including:
  •     City Programs
  •     County Programs
  •     State Programs
  •     Federal Programs
There are income and job requirements that need to be met – this means that it is crucial to contact us immediately. We will examine your scenario and pair you with a lender that will find the best program for you. Not only are there down payment assistance programs, there are also ways to have your closing costs rolled into the loan – or even have them paid! This gives you the ability to come to closing with little or no money down.
Thanks and have a great day!

Tax Deductions: Is the Government Still Holding Your Money?

With tax season upon us, I wanted to review the top six things that people overlook when filing their taxes. Joining me today is Butch Shoup of CliftonLarsenAllen to offer some tax advice! 

  1. Missed property tax deductions. When a seller is closing on their home, as Butch tells us, they often miss property tax deductions that qualify for that year’s tax return. You may receive your interest and tax notice from your mortgage banker, but you forget your closing taxes.   
  2. Charity-related goods/services. Once you have itemized your deductions, you may overlook the
    non-cash deductions that you have available. People commonly think of dropping
    unused goods off at the Goodwill but don’t realize that the mileage they
    accumulate through driving to various events on behalf of the charity is
    deductible at 15 cents/mile. Whether it is buying supplies or food for the
    charity, these can be deducted from your taxes!
  3. Job hunting. Anytime that you are spending money placing a resume online, meeting with people, networking or looking for that next job, those costs are deductible! The caveat is good documentation; track what you’re doing, who you’re doing it with. Good records lead to good deductions!
  4. Childcare expenses. If both parents work, there is a credit offered by the U.S. government (which is better than a deduction). Be careful that you aren’t actually pre-paying for this through your W-2; this would cause the net amount to be used as a credit.
  5. Refinancing. As interest rates have dropped, many people have refinanced their homes. If you pay a point when refinancing, that point has to be amortized over the life of the loan; this makes the actual deduction quite small. However people tend to miss deducting the initial point payment from the last refinance. Keep in mind that there is a three year statute of limitations for amending your tax returns!
  6. Energy efficiency credits. Energy efficient credits have been available up through 2013, but have henceforth been dropped for the year 2014. This is always a hot-button issue for whether the government would renew this or not.
      If you need any more advice, we would love to put you in touch with Butch so contact us if you have any questions. Thanks and have a great day!

 

Should You Sell Your Home With the Holidays Approaching?

Should You Sell Your Home With the Holidays Approaching?

I am often asked around this time of year whether or not sellers should list their home with Thanksgiving and Christmas approaching. The market does slow down during the deep winter and holiday, but that doesn’t mean houses aren’t selling. Typically, buyers are transferring from out of state and eager to buy a home and sellers who have recently sold their house are looking to move in quickly. If you need to sell, it is a great time to do so especially with interest rates as low as they are.

Thanks and have a great day!