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BEAUTIFUL COLORADO

A World of Scenic Wonder Awaits, In a Land Called Colorado
From swaying grasslands and red-cliff mesas to glorious Rocky Mountain alpine meadows filled with wildflowers, Colorado creates travel memories that last a lifetime.

An annual average of 300 sunshine-filled days gives us our signature blue skies and makes Colorado a great getaway that delivers exhilarating adventure or well-deserved relaxation – but always amid spectacular natural beauty. Our 10 national parks and monuments, 13 national forest and grasslands and 42 state parks provide abundant opportunities for outdoor enthusiasts, whether it’s hiking along vista-laden trails, mountain biking through evergreen forests, fishing crystalline streams, rafting tumbling rivers or photographing our native wildlife.

The Centennial State is also rich with cultural heritage found in ancient cliff dwellings, frontier forts, historic railroads, as well as 25 scenic and historic byways. Travelers seeking cosmopolitan Colorado look to our vibrant cities, towns and resorts for superb shopping, exceptional cuisine, cutting-edge art, plus top-notch music, dance and theater.

Learn to Country Dance with Chris and Patty
www.chrisandpatty.com

MORTGAGE UPDATE
Interest rates are still holding at 4.0% - 4.5% for government loans. We are hoping they will continue to stay there.
Denver Metro price have increased by 5.8% in the first quarter.

Beginning on June 1, 2010 with new applications for a mortgage Fannie Mae wants lenders to verify that borrows have not created any new debt while the loan package is being underwritten.

If any changes to the credit report occurs, such as a new credit card account, the loan will have to be resubmitted to the underwriter. Then there is a possible denial of the loan.
Underwriters will pull a last minute credit report checking for current credit card bills and minimum monthly payments.

The second report will be compared to the first credit report for any changes. They also will be looking to see if there have been any inquires about your applying for additional credit.
These inquires will lower the credit score and could put you below the minimum score to qualify for the loan.

Points, fees,adjustable rates,fixed rate, amortization, down payment,good faith estimate, escrow and refinancing.. If you are brand new to the home buying arena, then mortgage terminology can be overwhelming until you know what they all mean. Click on the link and you will have new knowledge that can be very helpful to you. realtytimes.com

And yet another change to FHA. This new "tax" will increase the buyers payments on a $200K house by $43. As FHA sees fit to increase the tax, the amount can reach as high as $152 per month. Looks like FHA needs more money so easing up on the guidelines will allow 1st time home buyers to be able get FHA loans.
This video explains it all in easy terms we can understand.

www.thinkbigworksmall.com


METROLIST UPDATE

Sales of existing homes in the Denver area increased 23%
since January 2011 according to Metrolist Inc.

The average sold price for single family homes and condo's combined is $257,177 +3.29%. May 2010 3.65%

Other existing home sale data for May 2011:

• Standard houses alone, also called single-family detached homes, Average sales price is $229,443 +8.84%

• Average days a home stayed on the market for sale is 109 days -2.68%
• Inventory of existing homes for sale for May 2011 is 17,888
currently number of properties under contract to close is 4,777-.059% increase

Year to date sold single family and condo's - 15,208

BUYERS
Why you should not make any Major Credit Purchases***
Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.

Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.

Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.

SELLERS
Making a Good First Impression
If you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer into making an offer; it influences a buyer emotionally and visually. In addition, what the buyer first sees is what they think of when they consider the asking price.

A bad first impression can dissuade a potential buyer. Don't show your property until it's all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.

Ask around for the opinions others have of your home. Real estate agents who see houses everyday can give solid advice on what needs to be done. Consider what architects or landscape designers have to say. What you need are objective opinions, and it's sometimes hard to separate the personal and emotional ties you have for the home from the property itself.

Typically, there are some general fix ups that need to be done both outside and on the inside. As a seller, you should consider the following:

*Landscaping - Has the front yard been maintained? Are areas of the house visible to the street in good condition?
*Cleaning or Redoing the driveway - Is your driveway cluttered with toys, tools, trash etc.?
*Painting - Does both the exterior and the interior look like they have been well taken care of?
*Carpeting - Does the carpet have stains? Or does the carpet look old and dirty?