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Happy Earth Day

For every closing, I donate a $150 to The Park People to plant one tree in Denver. On Saturday, April 27th they are distributing trees those trees and can always use volunteers. It is a wonderful organization that is helping to make Denver more beautiful. To find out more information see the link below. 
To learn more about The Park People and sign up to volunteer. 

Also, on SEPT 5th they are celebrating their 50th anniversary. I’ve been helping plan the celebration at Denver’s City Park Pavilion and it is sure to be a fantastic evening. SAVE THE DATE and attend! 

Posted in: Blog

LUNCH & LEARN

Thank you to everyone who came and made the LUNCH & LEARN such a success. If your company would like to host a similar event PLEASE REACH OUT TO ME. It is a great presentation to learn about the Denver market, first-time real estate investments and home ownership. I look forward to scheduling an event with you soon. 

*MORE dETAILED information about what LUNCH and LEARN will teach you.

Posted in: Uncategorized

2018 Real Estate Market Update

In 2018 we saw the same pattern of the past with a very hot spring market that cooled down when inventory came on in June. September was an unusually slow month due to the midterm elections. The blue columns behind show the percentage of ask price. At the first circle where demand and supply are very tight, you can see that sellers were getting over their asking price. As inventory increased, many listings were going under asking in the Fall.

We definitely saw prices go up in the first half of the year as the Spring bidding wars escalated prices. The highest prices were in April, which would have been clients shopping for homes in March when you see the under contracts peak in the first graph. Although prices dropped after June, they didn’t dip under $415K where we started the year in 2018.

In 2018, listing went under contract faster than average in the beginning of the year, but at the end of 2018 homes actually stayed on the market longer than average between 2013-2017. You can see that in March, April, and May homes were only on the market for about five days. That means they get listed on Thursday, have an open house on Saturday, and are under contract by Monday. This is a very typical pattern for Denver during the Spring market.

Posted in: Blog, Housing Market Update

Thornton Townhouse

4761 E 98th Pl, Thornton, CO 80229

This immaculate townhome was built in 2016 with numerous upgrades. Upon entering the main level, you are welcomed with natural light and a very spacious entertainment area. The kitchen features granite countertops with maple wood cabinetry. It has an open concept layout that creates a fluid transition from the kitchen into the living and dining spaces. The townhome has a comfortable front patio with unobstructed views and a private back-patio space that leads into a joined grassy open area. There are two bedrooms, a master and second bedroom. Both rooms are located on the top level and have vaulted ceilings and their own private bathroom. The washer and dryer are conveniently located on the top floor. The home also has a tandem two car garage with a storage closet. The neighborhood is conveniently located near the RTD light rail station. The Cornerstone Clubhouse is large and can be reserved for special occasions plus it has an outdoor pool, fitness center, and community playground.

Check out Taylor’s Listing Video

Posted in: Blog, Listings with Living Room

Happy Clients in Arvada


7283 Eaton Cir, Westminster, CO 80003
Kassidy Benson, Buyer Representative
Learn more about this listing or read the client review on Zillow.

Back Story: Ashley and Ezra were out with their dog when they saw my listing sign for a property in Arvada and called me on a Saturday. I met with them that evening to show them my listing and a few others nearby. They got really serious right around Christmas time and we found their house on January 1st. We were able to get it $25K under asking price and $7K of concessions! Their dog Ella was a major motivating factor and we were all devastated by her unexpected death while they were under contract. 💔 They stayed strong and we close last Friday. This week they moved into their house during a crazy snow storm. They plan to do a kitchen overhaul, can’t wait to see final result!

Want to relive their home buying experience? Go to @kassidybenson on Instagram and check the stories under “Ash&Ezra Buy”

Posted in: Blog, Our Clients

Living Room Real Estate Featured in Denverite

One thing that sets Living Room Denver apart of other real estate firms is our knowledge about Accessory Dwelling Units (ADU) — also known as granny flats, carriage houses or casitas. LivingRoomDenver.com is the only website that identifies ADU zoned properties. Most real estate agents don’t even know what an ADU is, let alone the specific zoning codes and lot size. It was an honor to get recognized by Denverite for this contribution. This is an exciting time for ADU enthusiasts as the city of Denver pushes forward on a plan to make ADUs allowed throughout the city with the new Blueprint Denver planning tool which will be reviewed by city council on April 22nd. Being on top of policy, understanding the zoning code, and being a leader in developing better ways for our clients to find properties are a few ways we stand out!

Read the Denverite Article

Posted in: ADU, Blog, Denver News & Community Updates

Cancel your Private Mortgage Insurance

If you purchased your home with less than 20% down, you may be paying PMI. PMI is usually required by lenders because with less than 20% down you are considered a risky buyer more likely to default. In Denver, prices have gone up significantly the last two years. In May 2016 the average sales price was $451,429 and in May of this 2018 that jumped $89,195 to $540,624. A 20% down payment would have been $90,285 in 2016 and $108,124 in 2018. That is a lot of money!!

Many millennials were smart, they jumped into the market with 5-10% down conventional loans.

Once your loan to home value reaches 80%, you can contact your mortgage company to cancel your PMI. They will not identify this, so you will have it initiate the change. Each mortgage company is different, but there should be a place on their website to request to cancel your PMI. Once you initiate the process, they will require an appraisal ($700) or a broker price opinion ($100) to verify your home’s value before they drop the PMI.

Unsure of your homes value? Please contact me for a free broker’s price opinion before you pay for an appraisal to make sure you are eligible to drop your PMI.

Example

10% down loan ’16 = $406,287   ->  Loan balance ’18 = $400,000,
Purchase price ’16 = $451,429    -> Value of home ’18 = $540,624

= 75% loan to value in 2018 for the average home in Denver purchased in 2016

FHA

If you purchased your home using an FHA loan with 3.5% down, you are required to pay PMI for the life of the loan. If you put 10% down, your PMI will drop off after 11 years for FHA loans. This is a huge disadvantage of purchasing using FHA financing.

Refinance

Another way to drop PMI is to refinance. However, interest rated have gone up from about 3.75% in May 2016 to 4.75% in May 2018. Due to the 1% increase in interest rate, it does not make sense for most people to refinance right now.

Purchasing with less than 20% down

If you are considering purchasing a home, but are waiting until you have 20% down… STOP. As you can see, home values are appreciating quicker than you could possibly save money for a down payment. Jump in now! You may have to pay PMI for a few years, but as you can see above it can be cancelled when your home value increases.

Posted in: Uncategorized

The Real Cost of a HOA

The Sales Price Can Be Deceiving

Most buyers looking for an affordable home in Denver will naturally gravitate towards condos that seem more affordable when you just look at the purchase price. The monthly expense of an HOA can really add up, so make sure you consider the alternative of a single family home or townhouse that does not have an HOA. Also, ask yourself if the cost of the monthly HOA aligns with the services provided. Would you pay someone $250/m to shovel your snow? I recommend setting up two separate searches. Most HOAs in Denver are a minimum of $250/M which equals $50K in purchasing power. Set your max price for the condo search at least $50K lower than the price for a home that does not have an HOA.

Example

You are searching for a 3 bed/3 bath in Congress Park and your budget is $650K. You would like to keep your mortgage under $3,500 per month. Although the condo is listed for $99K less than the townhouse the difference in your monthly mortgage payment is negligible at only $155. They are within two blocks and both are 1700 sq ft. So which do you prefer if the price is basically the same?

Condo: $520K with HOA $502/M = Mortgage Payment w/ 20% down = $3151
Parking: 1 reserve spot
Outdoor space: Private deck and shared rooftop deck
HOA covers: Common Area Grounds Maintenance, Covered Parking, Exterior Maintenance w/ Roof, Insurance, Sewer, Snow Removal, Trash Removal, Water

Townhouse: $619K with NO HOA = Mortgage Payment w/ 20% down = $3266
Parking: 2 car detached garage
Outdoors space: Front porch, two decks, small fenced backyard
Party wall agreement with neighboring unit, insurance will be a little more expensive, and you will be responsible for mowing and shoveling snow.

Posted in: Blog, Insider Information

Is wholesaling wise or wack?

The real estate industry is very complex and there are many ways to buy ​a ​house. Recently I have been doing research on “wholesaling”. Wholesaling is a term used in the real estate industry to describe the process of finding great real estate deals and getting paid to bring them to real estate investors.

In the Denver market​,​ wholesalers have large teams working to try to find off market​ deals​ through their networks, mailings, etc. They also use the MLS​, where they ​buy​ ​about 50% of their inventory.  When they find a deal with a little bit of margin they quickly see the house​, ​write an offer and get the property under contract. Once the property is under contract they immediately open it up to a pool of investors, acting as a middle man. They benefit by taking the 2.8% commission​ offered on the MLS​ and usually increase the list price $3,000 to $10,000.  Within a few hours or days they have found an​ investor ​who will pay cash​ and do a double escrow closing the same day they are scheduled to close with the original seller.

Real life example:

Property near DU went on the MLS at 9am. By 9:15 wholesale team has a showing and has spoken with the seller. They submit a full price, $384,050 cash as soon as they finish the showing by 10am. They agree to buy the property “as is” and their only contingency is Title with a two week closing. They give the seller one hour to accept. They also sweeten the terms by paying for title and use a company that allows double escrow closings (most title companies do not allow this). The listing agent is representing her family in the sale of her late mother’s home and has no idea that the buyer is really a middle man who is actually just reselling the property to a higher bidder. That evening, a large wholesale team has put together a packet which includes comps, update costs, and an After Repair Value (ARV) estimates which they conclude is $530K by converting the attached one car into a master suite and updating the kitchen and bathroom. Each wholesale team member emails the packet to his/her database of investors. The next day they parade investors through the home (without permission from the seller) until they find an investor to purchase it for $389,500.  They will make $5,500 above the asking price they paid and take the commission of $10,752 equalling a profit of $16,252. The deal closes in two weeks and usually the buyer uses Hard Money to finance the purchase which is also available through the wholesale company. In this particular example, the cost of the hard money is 2.5% upfront ($11K) and 12% per month ($5K). If the rehab takes 6 months, the loan will cost the investor $41K. The wholesale company estimates the cost of the rehab is $55K. This property will be back on the market in a few months and probably sell for around $530K to a home buyer.

Conclusion

Investors prefer to focus on the construction projects and wholesale companies provide a benefit by identifying these properties, getting them under contract, doing the research on comps and ARV, and providing hard money. For a regular homebuyer and real estate agent, it is very difficult to compete against wholesale companies for the same properties. Luckily, they are usually buying the type of properties most buyers would not consider purchasing as a primary residence.

In the Denver market,  buyers are faced with three major challenges: 1) the market moves very quickly, 2) they end up competing against multiple offers, and 3) buyers face off against cash offers. After gaining understanding about how this process works, it is difficult not to point the finger at these wholesale companies and blame them for the escalating prices and difficult conditions buyers face. Wholesalers have figured out the game and homeowners with the right agent and knowledge can benefit from understanding their techniques. When you purchase a home that has been flipped, you are potentially taking on the cost of the wholesaler and investor, they are passed onto you and easier to stomach when you have access to a 30 year loan.

I’ve got an idea!

Let’s play out a different scenario. A homeowner sees the same house on the MLS. They can’t get there immediately, and end up competing against multiple offers and it gets bid up to $400,000. They hire a contractor and pick the exact finishes they like for the home and invest $55K into the property. Rehab loans are a good option for this type of project. After a six month project, they end up with a home they love for $455,000 and have almost $100K in equity.

Disclosure: Managing a large project like this is risky and very time consuming. It’s not a good fit for everyone. Investors have years of knowledge, lots of capital, and strong relationships that make these project less expensive and easier. Now you know! Please let me know if you have any additional questions.

Posted in: Insider Information

Are you composting?

Did you know about 40% of our food is wasted? Composting returns valuable nutrients back to the soil. The City of Denver’s composting program has been steadily increasing since the pilot program in 2014. You can compost too! The city charges $29.95/ per quarter to pickup compost or you can do it yourself and create a rich fertilizer in your own backyard.

Posted in: Homeowner Tips

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Featured Properties

3635 W Ohio Avenue $415,000

3635 W Ohio Avenue Denver, Colorado

3 Beds 2 Baths 1,070 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of HomeSmart

234 Newton Street $425,000

234 Newton Street Denver, Colorado

3 Beds 2 Baths 1,600 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of HOMES ACROSS COLORADO

1600 Yukon Street $429,000

1600 Yukon Street Lakewood, Colorado

3 Beds 2 Baths 1,096 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Embrace Realty, LLC

1534 S Clay Street $440,000

1534 S Clay Street Denver, Colorado

3 Beds 2 Baths 1,774 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of ASSURED SALES

2757 W Amherst Avenue $450,000

2757 W Amherst Avenue Denver, Colorado

3 Beds 2 Baths 1,650 Sq Ft 0.420 Acres

Sale Type: Active Listing courtesy of Keller Williams Realty Downtown LLC

2747 W Amherst Avenue $450,000

2747 W Amherst Avenue Denver, Colorado

4 Beds 2 Baths 1,992 Sq Ft 0.210 Acres

Sale Type: Active Listing courtesy of Keller Williams Realty Downtown LLC

1232 S Mariposa Street $450,000

1232 S Mariposa Street Denver, Colorado

3 Beds 2 Baths 1,088 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Next Realty & Management, LLC

1155 S Patton Court $450,000

1155 S Patton Court Denver, Colorado

2 Beds 2 Baths 1,057 Sq Ft 0.170 Acres

Sale Type: Active Listing courtesy of Keller Williams DTC

141 Utica Street $469,900

141 Utica Street Denver, Colorado

4 Beds 2 Baths 1,672 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Highland Property

2755 W Bates Avenue $470,000

2755 W Bates Avenue Denver, Colorado

4 Beds 2 Baths 2,130 Sq Ft 0.280 Acres

Sale Type: Active Listing courtesy of Regal Realtors Colorado

2795 W Iliff Avenue $479,000

2795 W Iliff Avenue Denver, Colorado

3 Beds 2 Baths 1,248 Sq Ft 0.400 Acres

Sale Type: Active Listing courtesy of HomeSmart Realty

1859 S Bryant Street $479,900

1859 S Bryant Street Denver, Colorado

3 Beds 2 Baths 1,898 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of ALL PRO REALTY INC

4951 Fillmore Street $480,000

4951 Fillmore Street Denver, Colorado

4 Beds 2 Baths 1,683 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of PRIMEONE REALTY LLC

2770 W Cornell Avenue $485,000

2770 W Cornell Avenue Denver, Colorado

3 Beds 2 Baths 1,653 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of Great Way Real Estate Properties LLC

5102 W Custer Place $486,900

5102 W Custer Place Denver, Colorado

3 Beds 2 Baths 1,518 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of S.O.S. REALTY

3490 W Exposition Avenue $489,000

3490 W Exposition Avenue Denver, Colorado

3 Beds 2 Baths 1,099 Sq Ft 0.220 Acres

Sale Type: Active Listing courtesy of Keller Williams Realty Downtown LLC

26 Bryant Way $490,000

26 Bryant Way Denver, Colorado

4 Beds 2 Baths 1,422 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of Colorado Realty Resource

2300 S Galapago Street $495,000

2300 S Galapago Street Denver, Colorado

3 Beds 2 Baths 1,728 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Timani Realty Inc

4600 W Alaska Place $499,000

4600 W Alaska Place Denver, Colorado

3 Beds 2 Baths 1,688 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Opendoor Brokerage LLC

1585 S Decatur Street $500,000

1585 S Decatur Street Denver, Colorado

4 Beds 2 Baths 1,848 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of The Gala Realty Group Llc

3090 S Cherokee Street $500,000

3090 S Cherokee Street Englewood, Colorado

3 Beds 2 Baths 1,603 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of eXp Realty, LLC

1875 S Vrain Street $500,000

1875 S Vrain Street Denver, Colorado

3 Beds 2 Baths 2,034 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Keller Williams 1st Realty

1875 S Vrain Street $500,000

1875 S Vrain Street Denver, Colorado

3 Beds 2 Baths 2,034 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Keller Williams 1st Realty

1664 S Winona Court $500,000

1664 S Winona Court Denver, Colorado

5 Beds 2 Baths 1,980 Sq Ft 0.130 Acres

Sale Type: Active Listing courtesy of Sterling Real Estate Group Inc

2713 S Hazel Court $500,000

2713 S Hazel Court Denver, Colorado

3 Beds 2 Baths 1,178 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Equity Colorado Real Estate

4354 W Custer Place $509,950

4354 W Custer Place Denver, Colorado

4 Beds 2 Baths 1,766 Sq Ft 0.120 Acres

Sale Type: Active Listing courtesy of HomeSmart

5527 W 8th Avenue $510,000

5527 W 8th Avenue Lakewood, Colorado

3 Beds 2 Baths 1,208 Sq Ft 0.300 Acres

Sale Type: Active Listing courtesy of 5280 Realty, Inc

1365 S Alcott Street $510,000

1365 S Alcott Street Denver, Colorado

4 Beds 2 Baths 1,712 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of eXp Realty, LLC

4710 Saint Paul Street $519,900

4710 Saint Paul Street Denver, Colorado

4 Beds 2 Baths 1,614 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Real Broker LLC

1317 W Gill Place $524,900

1317 W Gill Place Denver, Colorado

4 Beds 2 Baths 1,214 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Brokers Guild Real Estate

3060 W 38th Avenue $525,000

3060 W 38th Avenue Denver, Colorado

2 Beds 2 Baths 1,494 Sq Ft 0.090 Acres

Sale Type: Active Listing courtesy of Sterling Real Estate Group Inc

10 Teller Street $525,000

10 Teller Street Lakewood, Colorado

4 Beds 2 Baths 2,392 Sq Ft 0.230 Acres

Sale Type: Active Listing courtesy of DIVINE REAL ESTATE

4630 W Center Avenue $525,000

4630 W Center Avenue Denver, Colorado

4 Beds 2 Baths 1,644 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Your Castle Real Estate Inc

2795 W College Avenue $525,000

2795 W College Avenue Denver, Colorado

3 Beds 2 Baths 1,344 Sq Ft 0.190 Acres

Sale Type: Active Listing courtesy of Sherri Heim

1605 W Florida Avenue $525,000

1605 W Florida Avenue Denver, Colorado

4 Beds 2 Baths 1,852 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of Brokers Guild Real Estate

1821 S Irving Street $529,900

1821 S Irving Street Denver, Colorado

2 Beds 2 Baths 2,074 Sq Ft 0.150 Acres

Sale Type: Active Listing courtesy of Your Castle Real Estate Inc

7200 W 3rd Place $530,000

7200 W 3rd Place Lakewood, Colorado

3 Beds 2 Baths 1,033 Sq Ft 0.230 Acres

Sale Type: Active Listing courtesy of Compass - Denver

1500 W Louisiana Avenue $539,000

1500 W Louisiana Avenue Denver, Colorado

3 Beds 2 Baths 1,341 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Generator Real Estate, LLC

7452 W Cedar Circle $540,000

7452 W Cedar Circle Lakewood, Colorado

2 Beds 3 Baths 2,698 Sq Ft 0.090 Acres

Sale Type: Active Listing courtesy of RE/MAX PROFESSIONALS

1525 S Quivas Street $545,000

1525 S Quivas Street Denver, Colorado

4 Beds 2 Baths 1,484 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Big Heart Realty Inc

3610 Monroe Street $550,000

3610 Monroe Street Denver, Colorado

3 Beds 2 Baths 1,413 Sq Ft 0.180 Acres

Sale Type: Active Listing courtesy of RE/MAX Masters Millennium

6678 W Louisiana Place $555,000

6678 W Louisiana Place Lakewood, Colorado

3 Beds 3 Baths 1,860 Sq Ft 0.190 Acres

Sale Type: Active Listing courtesy of HomeSmart

648 Wolff Street $565,000

648 Wolff Street Denver, Colorado

4 Beds 2 Baths 1,824 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of 8z Real Estate

6305 W 6th Avenue A5 $568,000

6305 W 6th Avenue A5 Lakewood, Colorado

3 Beds 3 Baths 2,703 Sq Ft 0.100 Acres

Sale Type: Active Listing courtesy of Slifer, Smith & Frampton Real Estate Denver

740 Julian Street $569,000

740 Julian Street Denver, Colorado

3 Beds 2 Baths 1,516 Sq Ft 0.110 Acres

Sale Type: Active Listing courtesy of Guide Real Estate

7160 W Ellsworth Place $570,000

7160 W Ellsworth Place Lakewood, Colorado

5 Beds 2 Baths 2,366 Sq Ft 0.230 Acres

Sale Type: Active Listing courtesy of eXp Realty, LLC

1088 S Saulsbury Street $574,900

1088 S Saulsbury Street Lakewood, Colorado

3 Beds 2 Baths 2,340 Sq Ft 0.260 Acres

Sale Type: Active Listing courtesy of Sterling Real Estate Group Inc

1801 S Wolff Street $575,000

1801 S Wolff Street Denver, Colorado

4 Beds 2 Baths 1,998 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of Your Castle Real Estate Inc

1881 S Meade Street $575,000

1881 S Meade Street Denver, Colorado

3 Beds 2 Baths 2,335 Sq Ft 0.140 Acres

Sale Type: Active Listing courtesy of MODUS Real Estate

1380 S Alcott Street $579,000

1380 S Alcott Street Denver, Colorado

4 Beds 2 Baths 1,712 Sq Ft 0.160 Acres

Sale Type: Active Listing courtesy of USRealty.com, LLP

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