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How to find your flood risk.

I have numerous clients that want to know the flood risk of their property or a property that they are looking at. Here is the site to use, http://msc.fema.gov/portal. Once you input your address there will be a couple of maps at the top that you can open and see where your house is. I like to use the hybrid map because it is easier to find the house you are looking for. It might also be easier if you open the county GIS map at the same time and look for the roads, streams, lakes, railroad tracks, etc… so you can find the house you’re looking for. The flood maps are not the easiest maps to use but they are pretty accurate. The symbols in the upper right hand corner tell you the flood risk. You’ll have to zoom in and out to get a good understanding and to even read some of the map. If you still have problems finding the information, give us a call at the office at 970-663-0733 or call Randy Nelson at 970-308-0007. FEMA

Selling Prices for Loveland & Fort Collins-from Rick Padden/Broker Associate

I ran a search for Fort Collins Condos that have been listed and sold since the first of the year, to see what they’ve been going for.

Here are the results of what the 31 listings sold for:

Full price: 16
Above asking price: 5
Below asking price: 10
That’s 68% of the condo listings selling at or above asking price.

Here’s the numbers for sales of detached homes, $185-250K in Fort Collins since the first of the year.

Sales: 111

At asking price: 29

Above asking price: 33

Below asking price: 49

56% of homes sold at or above asking price.

For detached homes in Loveland in the $175-255k range I found 61 sales, and here are those results:
Full price: 21
Above asking price: 15
Below asking price: 25
That’s 59% of the detached homes in that price range selling at or above their asking prices.
Even allowing for a 5% error factor either way, I think it’s safe to say that the majority of houses in our area are selling at, or above, asking price.
Just something all our buyers need to be aware of when we’re writing their offers.
Rick

New Loveland Events Location

We are pleased to announce that one of our clients and friends has been working hard getting her events’ center ready to rent in West Loveland.  Linda Jackson will be opening her business this coming weekend and hosting her first event on Sunday March 23, 2014 at Dreammaker Events, 4229 W. Eisenhower Blvd, Loveland, CO 80537.  Linda has been remodeling and planning on opening this business with the west side of Loveland in mind.  Being rural, the west Loveland communities have had less choices to hold business, holiday, wedding and other events without traveling to central or east Loveland or Fort Collins.  Now there will be an event center that offers reasonable rates and scheduling for your personal or business needs.  There is a dance floor and the possibility of a bar will be available in the near future.  Rates at this time are as follows:  $250/3-4 hours, $450/for an all day indoor event and $650 for an all day inside and outside event.  Call 970-689-2219 and talk to Linda for further details.

Lenders getting a little more lax

front croppedSome lenders are starting to get a little easier to get a loan today. Most lenders are still requiring a FICO score of 620 but a few have come out with lower guidelines around the 600 FICO score. Of course the higher the score the better your interest rate or the lower your closing costs will be. Still, for Northern Colorado, it is harder to just find a home for sale. When they lowered the FHA maximum loan limit from $417,500 in Weld County to the 2014 number of $271,050 that compressed a lot of buyers going with an FHA insured loan to all those homes below $275K. With a lot of the builders building homes in the $300K to $400K price range, about 30% of their buyers just disappeared. A lot of it is not the builders fault though, with city fees and hookups to water/sewer/electrical exceeding $40K before the builder even gets to start building. Also, with the new FEMA maps coming out on where homes can be built and where they can’t, prices will continue to escalate. By the way, Larimer County’s FHA loan limit was dropped from $312,500 to $276,000.

Good luck in finding that special house, but at least the interest rates are incredible compared to what some of us have seen in our lives. Remember to call Blue Tree Real Estate to learn about USDA no money down programs even if you make under $40K there is a program for you to own your own home if you qualify and have some patience.

New FHA Limits

I guess if you are reading this you probably already know this is Randy Nelson’s post. I just wanted those lucky ones reading this to know a little about what will happen in 2014. Some changes in the industry will artificially inflate the prices for 2014. For one, FHA loan limits were changed (reduced) in almost all counties/parishes throughout the United States including Larimer and Weld. Larimer went from $312K to $276K and Weld went from $412K to $271K.

With the start of April, 2013 we had a shortage of homes under $300K on the market that is continuing today. Why, you ask. There are a number of reasons but I will only give you a few here. For one, larger markets that are starting to turn around (like California) are actually selling their homes now and are moving to the area. They sell their $750K house and move to Colorado where that same home sells for $300K and they get their property taxes reduced by one third. Colorado ranks currently as the 4th fastest growing state and estimates say 40% of the growth was from other states whereas in the 1980’s only 20% of Colorado’s growth came from outside the state. Colorado just recently passed the 5 million population level. This is not even adding in for the influx of oil workers recently.  The other reason is the builders wouldn’t build either because the banks would not loan unless the home was presold or the builders saw that the market was absolutely turning around. They did not want to get hurt like they did in 2006, 2007 and 2008. Now, with the new loan limits reduced we will see very few homes on the market below this price point. The builders have started to build again but they are just too far behind to get caught up. Some are overpricing their homes dramatically and appraisers are just going along with the prices, especially on new homes. As of Dec 2013 any home that is put on the market under $300K and is in good shape, clean with no red flags is snapped up within 60 days and sometimes sellers are seeing multiple offers.

Also, starting in 2014, Loveland will adopt a similar policy to Larimer county’s “as built” permit  rule. So, for example, a basement that was finished without a permit doesn’t have to have all the walls taken down to get the “as built” permit. I would like to congratulate the city in their decision to go forward with this. This will be somewhat of a relief to those families that bought a home unknowingly that the basement did not have a permit.

There might be a little bubble building up here but that will be for another blog in the new year.

Current NEDs

Randy’s 11/11/13 blog:  Not as many homes showing up on the NED list again, of course all of you know what NED stands for (Notice of Election and Demand). So, even though the market has slowed a bit in Oct and is continuing into Nov 2013 as a little slower then pr…evious months the NEDs continue to slow down also, with Larimer county at 6, Weld-8, Boulder -1, Adams-16 and so forth. Anybody that would like other counties please post the county that you would like. The sales for this Wed the 13th so far are Larimer county-3, Weld-8 (a couple of good ones, Adams-only 9 with only a couple with deficiencies (stay tuned later this week and I will explain deficiencies), Boulder-2 and no sales in Boulder County even though there are about 10 of them scheduled the next week when I check out the list.

Slim Pickings

Randy’s Blog November 5, 2013

Well, those of you that want to follow the foreclosure market should visit our site at least twice a week and you should see an update. Currently, homes are selling at about the 2004-2005 level which will put most homes back above water so the foreclosures definitely will be slower. Tomorrow the sales will be as follows for the county public trustees, Weld has 5, Larimer 2, Morgan 1, Yuma 1, Boulder 5 and Adams 18. If anyone would like for me to add Jefferson county, let me know. Slim pickings again this week.

Foreclosures in Northern Colorado

From Randy Nelson/Employing Broker/Owner at Blue Tree Real Estate Ltd, November 1, 2013

Foreclosures for Northern Colorado are getting fewer and fewer. The NED list last week for Larimer county was down to 7, Weld county 7, Adams county (which normally leads the pack and still does today) had 30 and Boulder county had only 4. …The NED (Notice of Election and Demand) is kind of a future snapshot of the upcoming foreclosures 120 days from now . Some of them never see the final foreclosure sale since they can be pulled for a variety of reasons. Bankruptcy, owners redeem, the property is short saled and some banks just don’t want them in their inventory. There is one in Fort Morgan that is at $70K but needs about $30K in repairs but USDA does not want it in their inventory for some reason. The place might be worth about $120 when fixed up but it would take the right person and an approved short sale. Slim possibility on someone buying it as a short sale but that would be the best avenue since if you pick it up at public trustee you would be stuck with all those city fines, water bills, taxes and anything else following the property. Hopefully more will be coming.

Questions to review before starting your remodel.

Good Day to all our web site visitors,
How many of you have ever done even a partial remodel on a home you are currently living in? I bet a lot of you have! Here are some great tips on how to proceed and endure a remodel so that your reward at the end of the project is worth while:
Happy remodeling!


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