The Pelikant Brief

Congress has extended and expanded the homebuyer tax credit. The $8,000 First-time Homebuyer is extended to April 30, 2010.

In addition Congress has expanded the tax credit to also include current homeowners up to $6,500 when they purchase their next home as a primary residence. To be eligible the homeowner must have used the home sold or being sold as their principal residence consecutively for 5 of the previous eight years and must be under contract on or before April 30, 2010 and close by July 01, 2010. The replacement home must be less than $800,000. Income limits and other restrictions do apply for both programs.

To learn more, call 303-904-1512 to speak  

with a Denver Metro Realtor®.

HUD homes remain one of the top ways for homebuyers to find a great deal on a home and to nearly purchase a home for as little as a $100 Down-payment. Sounds too good to be true? It’s not!

A buyer can purchase a HUD Home with a FHA Loan and the down-payment is only $100 instead of the usual 3.5% that is required by FHA. It requires a buyer to win the bid with at least a full price offer. In addition, HUD will pay up to 3% in traditional closing costs. This program also works with FHA 203K rehab loans. If you would like more information, please contact us at 303-904-1512 to speak with an approved Denver Metro HUD Realtor®.

It marvels us that when we work with buyers and take them to a HUD home, they seem to expect a home that is in near disaster. Most HUD homes are in good shape, and HUD actually cleans them up before they reach the market. That cannot always be said about bank owned homes.

Here is a great example of a beautiful ranch in Lakewood. This updated spacious ranch, listed at $245,000, has full basement and is priced $22,000 under market. The updated kitchen includes lots of cabinets, corian counters, and wood floors. The best part of this home is its warm and cozy family room with fireplace. The master suite includes two closets, and private full bath. The home includes central a/c, formal living room and dining room, updated baths, full basement with rough-ins to expand, large yard with patio and shed. For your personal showing call 303-904-1512 (ID # 9710) to speak with a Home Buying Consultant.

If you would like to see more information for this home and additional photos, just click this link to go to our featured properties. Hurry, HUD homes are usually only on the market for 10 days.

To see more HUD Homes and Take advantage of these great deals, just click Denver Metro HUD Homes.

Understanding Denver’s Real Estate Market

So, how is Denver’s real estate market really doing? Well…it depends in what price point your home is in. The Denver Metro Market has about five months supply of inventory. Not Bad! But breaking down the single family inventory by price point reveals a different story. If your home is worth $85,000 or less, there is only 0.8 months supply of homes. Compared that to homes that are $460,000 or more and there is a 20 months supply of homes.

Our current inventory has increased from an average of 4.9 months supply as of April 01, 2009 to an average of 5.4 months supply as of October 01, 2009. Breaking this down further revealed that homes with price point of $85,000 or less have shown no change in inventory, while homes $460,000 or more increased from 16.4 months supply to 20 months supply during this time frame.

 In fact, for all homes that are $210,000 or less, there is a small amount of inventory due to the First Time Homebuyer’s $8,000 Tax Credit and low interest rates for mortgage loans. However, this $8,000 tax credit has done little to impact the homes over $210,000.

Not surprising, since the lower end of the market is very competitive with little inventory and high demand; prices are increasing and sellers are receiving multiple offers within days of being on the market. The high end with little interest from buyers has declining prices. For homes sold $460,000 or more between May - August 2009, sold prices have decreased 14% when compared to the same period prior year.

It is clear that the $8,000 tax credit, coupled with low interest rates, has encouraged first-time homebuyers to purchase a home. But the market is slow for homes over $460,000 and has pushed sellers to rapidly decrease prices to attract a very limited supply of buyers.

To receive a complete detail of Denver Metro’s Market Analysis, email us at spelikant@yourcastle.org .

Denver Virginia Village Neighborhood returns to a Healthy Real Estate Market

The Virginia Village district is a large residential district located in southeastern Denver. It’s boundaries are Mississippi Avenue to the North and Cherry Creek to the Northeast, Quebec to the East, Evans to the South, and Colorado Boulevard to the West.  The neighborhood is largely made up of homes built in the late 1940’s through mid 1960’s.  Virginia Village average price of homes has significantly improved in the area. Average Sales as of January 2009, the rolling 12 month average price for a home was $243,000 with a –7% decrease in value, and 25% of homes sold were either a foreclosure or short sale. As of September 2009, the average price increased to $246,000 with 0% price change and only 18% of homes sold were either a short sale or a foreclosure. By our analysis Virginia Village is again a healthy and growing real estate market.

Click here to View Denver Virginia Village Neighborhood Homes for Sale .

 To to speak with a Virginia Village Realtor call 303-904-1512.

I’ve just sold a Resale - single family property at 6039 South Pierson Court in Littleton. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9161 Tennyson Street in Westminster. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9161 Tennyson Street in Westminster. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9161 Tennyson Street in Westminster. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9161 Tennyson Street in Westminster. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 9161 Tennyson Street in Westminster. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.