Dan Polimino's Blog

As always, accurate information is critical to help you manage your finances. While we all know the importance of a good credit score, the many factors that determine a good credit score are often not understandable to the average consumer. When questions come up about what happens when a person gets married or divorced, I see a lot of myths and inaccurate information.

The experts at Advantage credit have done a great job addressing this subject. The best explanation I have seen on this is at http://www.advcredit.com/ under Yours, Mine and Ours: Marriage, divorce and credit.

Your questions and comments are always welcome.

Chip Allen

Crestline Mortgage Bankers

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Direct: 303.947.2109

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When people you care about need a mortgage,

for purchase or refinance, please do not keep me a secret. 

Since the real estate market crashed in 2008, the best position to be in would have been a buyer’s agent. After all, for the last five years, buyers have been in the driver’s seat in Denver. They had the low interest rates, low prices, and plenty of choices in homes. Since there were so few of them, they could name their price and get it. In essence, they had all the power while the sellers had none, and boy did the sellers feel it.

Fast-forward to present day and it’s a whole new world in Denver. Being a buyer’s agent in Colorado is not much fun right now. If you are currently a real estate agent, you know what I am talking about. It’s getting pretty hard to get a home under contract for the buyers that you are representing. At least 7 out of the last 10 buyers I had been working with got into multiple offer scenarios. The majority of homes we were trying to buy are getting two, three, or more offers at the same time. In the lower price ranges (300K and below) some sellers are getting higher than asking price and buyers are getting frustrated. It’s not like the buyer can just move on to their second choice, because there is no second choice. There are so few homes on the market with more buyers everyday it’s becomes a bidding war.

I looked at the stats from Metrolist for March 2011 versus March 2012. Two things jumped off the page: Firstly, inventory across the board for all price ranges was down 53.4 percent from March 2011; Secondly, when you look at how many “month’s supply of homes” it fell down from 8.7 to 3.4. It’s a competitive market.

For most of my career, I have been known as a seller’s agent. My business partner Gary Lohrman and I usually represent 25-45 sellers at a time. We can easily handle these many properties because we have seven people on our team so the news above is music to our ears. What it means to us is that for the first time in five years as a seller’s agent, we are finally on the right side of the equation. There’s no more getting beat up by buyers and their agents. These days, we manage the multiple offers for our sellers and we get them the highest price possible. In some cases as I mentioned, we get over the asking price.

I have been waiting to say this for five years. I know some people are afraid to say it and still others disagree, but I am going to say it anyway… ”IT’S NOW A SELLER’S MARKET in some of the price ranges!”

Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com  and www.coloradodreamhouse.com/denverpost

This week we are going to see Yelp reviews of Cherry Cricket, located at 2641 E 2nd Ave., Denver, CO 80206. The term “legendary” is overused these days. But the Cherry Cricket lives up to the lofty classification and the revered reputation it holds as a bastion of classic neighborhood-bar culture. The Cherry Cricket’s clientele includes working stiffs, old schoolers and shoppers taking a break from chic hunting. It also welcomes a younger crowd, business lunchers, and families who savor the aforementioned “legendary” status of the Cricket.

Few of the top reviews are given below:

Ericka from Denver, CO says, “Love this place. Good food, great service, and lots of variety. Also, the restaurant knows how to move people in and out, so even if there is a line..it goes fast.”

Michelle from Aurora, CO says, “Just what I wanted. Eating no bread for a week and pretty much just salads I wanted a juicy burger. That's exactly what I got and medium rare with bacon and green chili strips. Yum. Great fries to boot. Place was crowded but the wait was not too long. No wonder this has been a Cherry Creek favorite for as long as it has. With all the new and fancy burger places this is one of my favorites.”

Victoria from Colorado Springs, CO says, “Probably one of the best (non-fast food) burgers I've ever had. The meat was juicy, flavorful and cooked to perfection. I had mine topped with Swiss, mushrooms, grilled onions and avocado. I stole some of my boyfriend's jalapenos later since they were pretty mild. It was one of those situations where you are full but you keep eating because it's that good! I ordered onion rings which were tasty as well. The service was cordial and fast. The building doesn't match the surroundings (JW Marriott, Hermes down the street) but that just adds to its charm. If you have time, go across the street to the Cherry Creek Mall and work up your appetite. You'll want to finish your burger! I would definitely recommend coming here if you want a great burger. Adam Richman (Man vs Food)  did good on this one...Guy Fieri (Diner's Drive Ins and Dives) is still on my $H^% list! =)”

Get started searching for YOUR Colorado Dream Home.

"Did you know that Denver is No. 2 in the nation for the shortest length of time a home is listed (33 days) before being sold?

Here are the facts (March 2012/March 2011):

1) The Number of Sold Properties is up 4.2% over last year. (3,514/3,371)

2) The Number of Properties for Sale is down 53.4%! (13,246/28,440)

3) The Average Days on Market is down 11.7% (91/103)

If you are in the market looking for a home, it is extremely important to have the very best experts on your side! The Colorado Dream House team is here to help you find your dream house of choice. If you are interested in buying, selling or investing in real estate, contact us today. http://coloradodreamhouse.com"

Let’s face it: moving is stressful for everyone involved and sometimes it’s hardest on the kids. Moving to a new neighborhood or even a new state means leaving your friends, maybe some family, and your familiar territory behind. For parents trying to help their kids make the adjustment, there are a few tips you can do to ease the anxiety. Here are a few of my favorites.

1) Let each child pick their new room and then help them personalize it. Every child has their own personality and this is a great opportunity to let them express that. This will take their mind off leaving their old room and house behind and focus on looking ahead.

2) While everything is still in boxes and disorganized, try camping out in the new house. Set up a tent in the living room, blow up air mattresses, and camp inside the house. This also works on the last night or two in the old house before you leave. Again, try to make the experience fun without focusing on the negative.

3) Explore, explore, and explore. In the first few days of moving, make sure that you make time as a family to explore your new surroundings. Try to find a new favorite pizza place or a new favorite ice cream shop. Make it an adventure or contest to see who can find the most fun places.

4) Routines! Nothing promotes stability and eases anxiety like routines and kids need them. If you have a standard bedtime routine, jump right into it as soon as possible. If you have a standard routine each morning getting ready for school or church on Sundays, make sure you stick with it. This will help the transition maybe more than anything else.

5) Open communication. This should go without saying, but sometimes in the busyness of moving, one can forget to stop and talk about what your child is thinking. If you notice that they have become unusually quiet over the first few days or weeks of the move, then chances are something is going on that you’ll need to address.

Finally, acceptance is the last step in making the transition. As parents, if we are having a hard time accepting the move, then you can bet the children will too. Make sure that you portray acceptance to your children and then help them to feel that way as well.

Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com  and www.coloradodreamhouse.com/denverpost

Buyers must act fast to get dream home. By Steve Raabe The Denver Post.

New advice from the trenches on buying a home: Look early. Think fast. Hone your quick-draw skills with the checkbook.

Metro Denver’s real estate market, not long ago a buyer’s domain, suddenly has shifted to a seller’s paradise, at least in some neighborhoods and price ranges.

Realtors’ offices are rife with fresh anecdotes of sellers happily cherry-picking from multiple offers - some of them above the asking price.

How fast is the market moving? A new report shows that Denver is No. 2 in the nation for the shortest length of time that a home is listed before being sold - 33 days - far below the national median of 89 days.

Until recently, prospective buyer Patty Kupfer had viewed shopping for a home as a weekend diversion. You know, tell your broker that you’re available, say, from 2 to 4 p.m. on Saturday.

Hah.

“There’s no such thing anymore as a weekend home tour,” Kupfer said this week. “Because if you wait till the weekend, nothing’s going to be there. If you’re just looking casually, you’re not really in the market.”

Kupfer, managing director of a nonprofit immigration-reform organization, said she has adjusted her approach in the face of vigorous competition from other buyers.

“Every house I’ve looked at has gone under contract within 48 hours,” she said. “This has forced me to be more serious about it. The very next house that seems like a good fit, we’re going to visit it that very day (it’s first listed).”

In recent months, buyer demand has surged and the number of homes for sale in metro Denver has dropped sharply.

Unsold homes on the market totaled 10,325 at the end of March, a 42 percent drop from March 2011.

The result is that for some neighborhoods and some price ranges, homes are in short supply and selling fast.

In particularly high demand are homes priced from $250,000 to $400,000 and in central Denver neighborhoods such as Park Hill, Congress Park, Curtis Park, Mayfair and the Highlands, said Michelle Ackerman, Denver-area manager and broker for Redfin.

Even though metro Denver homes have shown only marginal price appreciation so far this year, realty analysts say strong demand and multiple offers could soon push values higher in lower to moderate price ranges.

One factor that makes price predictions difficult is foreclosures.

Lenders hold an estimated 1,650 foreclosed properties in metro Denver that haven’t been put on the market, according to data compiled by Redfin. As the market strengthens, more foreclosures will be listed for sale, which in turn could slow down price appreciation.

Sellers of homes listed for more than $500,000 generally aren’t enjoying the market heat.

“Once you move above $500K, inventory widens dramatically and prices are still down, and arguably falling,” Ackerman said.

Elsewhere, inventories are low and urgency among buyers is high.

Joshua Kurdys and Ileana Sadin, recent arrivals to Denver from State College, Pa., found the Denver market to be an exercise in frustration.

“You’d go out and see five or 10 houses, and the one house that was decent would be snatched up immediately” by other buyers, Kurdys said.

After several failed offers in central Denver neighborhoods, the couple decided to expand their geographic parameters, accelerate their pace and be willing to bid higher.

“It was very apparent that if we didn’t make an offer at very close to asking price, we weren’t going to get it,” Kurdys said.

The strategy worked. They recently targeted a newly listed home in Curtis Park, made a 9 a.m. appointment to see it and submitted an almost full-price offer the same day. They now have it under contract.

What can be a frustrating endeavor for buyers is a pleasant relief for sellers.

Connie Ulrich was anticipating the worst in attempting to sell her three-bedroom home in the Northbrook subdivision of Thornton.

But within a month of listing the home, she’d had 34 showings.

“We had so many showings, it was just insane,” she said. “I never expected it to be so busy.”

Listed at $254,000, the home now is under contact for $256,000.

“There is a shortage of good product,” said broker Rhonda Knop of Distinctive Properties. “If it’s priced right and shows well, it is selling.”

We have heard an awful lot about “Green Homes” and “Green Construction” in the last few years. In fact, builders have been working hard to fill this demand in the marketplace, but is there really a demand? I have heard that stats show buyers will not necessarily choose an eco-friendly home over a standard home simply because it’s green. Although I think that buyers can be influenced to buy a green home if they think that it can save them money. The big issue with people who are converting their existing home to a green home has been the upfront expense. I tell home owners that are thinking about making a green improvement that it may not benefit them in the wallet when it comes to resale, but can help the home sell quicker.

For example, if you are thinking about putting in a geothermal heating unit to be green, efficient, and cut down on energy bills, you better plan on staying in that house a long while to make up for the expense of installing it. The person that really gets the payoff on the geothermal system is the individual that buys your home. Chances are they did not pay more for your home because of the geothermal system and yet they will reap the benefits in the energy bills while you up fronted the cost of installation.

Still, there are benefits to certain green updates. Installing new energy efficient appliances that are being sold with the home is attractive to potential homebuyers. Tank-less water heaters still seem to be in demand and are on some buyer’s wish list. Energy efficient furnaces and air conditioning units are a noticeable upgrade that the average buyer wants. Converting all of your lighting from incandescent to fluorescent is cheap and people like it. In some cases, solar panels can be a good investment, but again, that walks the line on whether or not you will see your money back when it’s time to sell.

Of course, there are the die-hard green buyers out there who want recycled blue jeans for insulation, recycled glass tile, as well as carpet in a home that has zero energy bills. As a seller of an existing home, I do not recommend you go to this extreme. This is still a small segment of the buying population that is best suited for custom green builders.

Dan Polimino is an Owner/Broker with Keller Williams Realty DTC. He can be reached at dan@coloradodreamhouse.com  and www.coloradodreamhouse.com/denverpost