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home buying

Home Buyer Basics

Learn about the home buying process from start to finish. Starting with a review of the current Colorado real estate market and covering a variety of topics, such as: describing your new home, choosing a real estate broker, what to look for when viewing homes, negotiating with sellers, understanding the home inspection process, understanding real estate contracts and forms, and knowing what to expect throughout the process.  You will leave the class with the information you need to be an informed home buyer!

ROOM location will be provided after registration at the ACC website linked below

Home Buyer Basics

Learn about the home buying process from start to finish. Starting with a review of the current Colorado real estate market and covering a variety of topics, such as: describing your new home, choosing a real estate broker, what to look for when viewing homes, negotiating with sellers, understanding the home inspection process, understanding real estate contracts and forms, and knowing what to expect throughout the process.  You will leave the class with the information you need to be an informed home buyer!

ROOM location will be provided after registration at the ACC website linked below

Home Buyer Basics

Learn about the home buying process from start to finish. Starting with a review of the current Colorado real estate market and covering a variety of topics, such as: describing your new home, choosing a real estate broker, what to look for when viewing homes, negotiating with sellers, understanding the home inspection process, understanding real estate contracts and forms, and knowing what to expect throughout the process.  You will leave the class with the information you need to be an informed home buyer!

ROOM location will be provided after registration at the ACC website linked below

Home Buyer Basics

Learn about the home buying process from start to finish. Starting with a review of the current Colorado real estate market and covering a variety of topics, such as: describing your new home, choosing a real estate broker, what to look for when viewing homes, negotiating with sellers, understanding the home inspection process, understanding real estate contracts and forms, and knowing what to expect throughout the process.  You will leave the class with the information you need to be an informed home buyer!

ROOM location will be provided after registration at the ACC website linked below

Home Buyer Basics

 (Cost is $25 bring a friend for free!)
Thinking of buying a home?
This class is designed to provide you with everything you need to know to buy a home. You will learn about the home buying process from start to finish. Starting with a review of the current \ real estate market and covering a variety topics (choosing a professional real estate broker, red flags to watch for, negotiating tips & techniques, your home inspection and what it really costs to buy a home. I promis you will be a well informed buyer by the end of class.
Sign Up At
https://www.arapahoe.edu/community-education/current-classes/get-started/home-garden-and-cuisine

Home Buyer Basics

(Cost is $25 bring a friend for free!)
Thinking of buying a home?
This class is designed to provide you with everything you need to know to buy a home. You will learn about the home buying process from start to finish. Starting with a review of the current \ real estate market and covering a variety topics (choosing a professional real estate broker, red flags to watch for, negotiating tips & techniques, your home inspection and what it really costs to buy a home. I promis you will be a well informed buyer by the end of class.
Sign Up At
https://www.arapahoe.edu/community-education/current-classes/get-started/home-garden-and-cuisine

Real Estate Bubble or Not?

The truth is I don’t know if this is a real estate bubble or not and neither does anyone else!  What I can tell you is what I tell all my clients.  “If you’re ready to buy then now is the right time”.  Of course, I also tell them to carefully consider the following information:

  1. Buy only what you can afford with the salary you are making RIGHT NOW.  Don’t count on a promotion, a raise or a new job.  In most cases, especially with first time home buyers, your income will increase, not decrease.  If you buy a home you can afford today you can weather any volatility in the the real estate market. 
  2. The market value of your home only matters when you SELL.  Although no one can predict the future, if you plan to stay in your home for 5 – 7 years you can very likely wait out any downturn in the market. Looking at historical data if you purchased your home at the peak in 2006, the Denver Market had essentially recovered by 2013 (7 years). Prior to that the property values had been increasing steadily since 1992! (S & P, Case-Shiller Home Price Index). 

    S&P Dow Jones Indices LLC, S&P/Case-Shiller CO-Denver Home Price Index© [DNXRSA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DNXRSA, June 6, 2017.

  3. Interest rates are incredibly low right now and the likelihood of them increasing gets a little greater every day.  For every increase in interest rates you reduce your buying power. For example: if you want to keep your principle and interest payment around $1500 and you have 20%  down, the graphic below shows you how that affects your buying power.

With all that being said… If you’ve been sitting on the fence, wondering if you want to buy or not, please reach out to me.  I will help you logically evaluate your unique situation so you can make an informed decision about whether or not you’re ready to buy.

Property Value, Assessment, Taxes and Mill Levy – What does it all mean?

If you live in Colorado, you should be receiving your new property assessment and tax rate notification by May 1, 2017.  Below you will find definitions and information that I have summarized from the Arapahoe County Assessors website for your review.  It is extremely likely that your tax rate will have increased significantly as property values continue to increase at an extraordinary rate.

If you disagree with the property valuation you can make an appeal with your county assessor.  The deadline is likely June 1, 2017 to file an appeal.  You cannot appeal the mill levy as that is determined by the individual taxing authorities. 

If you disagree with the property value the assessor has determined, and are considering making an appeal, feel free to contact me and I will gladly provide you with comparable property sales for documentation to use in your appeal.

Property Value – In Colorado the county Assessor, for the county in which your property is located, is required to reappraise (determine the market value) all real property (land and improvements) every 2 years in the odd numbered years. 

Property Assessment    Every 2 years the assessor determines the actual (market) value for all real and personal property. Then a percentage (assessment rate) is multiplied by the actual value to determine the assessed value. In Colorado the residential assessment rate is currently 7.96%. 

Mill Levy – Is the tax rate applied to real property.  The mill levy is set by individual taxing authorities in your area, these might include schools, county, fire, water, sanitation, library, recreation districts and metropolitan districts.  Mill levies within a county can vary widely.

Property Taxes – The final property taxes for your home and/or land are calculated using this information.    The actual value is multiplied by the assessment rate which is then multiplied by the mill levy. The residential rate in Colorado currently is 7.96%. The assessment rate for all other property, including vacant land, is 29%.

Example: A home which has a market value of $300,000 (actual value) x 7.96% (residential assessment rate) x .081265 (mill levy) = $ 1,940.61 (annual tax dollars). Please note this is only an example. Your value and mill levy maybe different. (300,000 x .0796 = 23,880 then 23,880 x .081265 = 1,940.60)

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