Missing Red Rocks this Summer?

There are still a few ways to visit and use the venue we all know and love.

Red Rocks has opened it’s doors back up in a much smaller and quieter way than past summers, but they are open (just not for concerts at the moment) none the less.

On June 30, they posted about their new and improved website and how they will be hosting ‘pandemic-friendly workout classes’. Almost all of the summer concerts have been cancelled so far, and those that haven’t been yet, will most likely be due to COVID-19 restrictions.

However, there are quite a few fitness options happening at the amazing venue if you’d like to try some out: Yoga on the Rocks, which will run Fridays through Sundays July 10 through August 30; the Quarantine 15 Fitness Challenge, set for 10 a.m. Saturdays with Fitness in the City; and SnowShape, a four-week winter fitness series running September through October, to help Coloradans prepare for the 2020-2021 ski season. Tickets for all of these are on sale July 1 at the Red Rocks website.

You can always experience Red Rocks on your own or with a small group of socially distanced friends as the park is now open for visitors. There are so many ways to create your own workout or yoga experience with all of the stairs, boxes and hills nearby, or just go to admire that beautiful view so many of us took for granted listening to amazing shows there each summer.

The Simple Facts about Real Estate Home Buyers

Thinking about buying a home? Already bought one?

As buying season is rapidly approaching, I thought it would be fun to share some interesting stats about home buyers :

* 63% of home buyers are above the age of 39 years old.

* 21% are above the age of 64 years old.

*Over 94% of all home buyers speak English as their primary language at home.

* Around 12% of buyers aged 29-53 years old were not born in the USA.

* At least 50% of home buyers 39 years and older have owned a home prior to buying a new home.

* The largest percentage of home buyers seeking a smaller home is above the age of 54 years old.

* Only around 2% of homeowners wished they had waited before buying a home.

* 86% of buyers buy existing homes, while 14% buy brand new homes.

* Over 50% of those aged 39 and under want a brand new home to avoid renovation, maintenance, and repairs.

* 38% of all buyers feel the same way.

* 82% of buyers buy a single-family, detached home.

* The average distance between a home purchased and the prior home is 15 miles. Above 64 years old it doubles, swaying averages. Under the age of 53, its under 11 miles.

* 58% of buyers said the neighborhood was their primary choice driver, followed by convenience to job sites, affordability, and convenience to friends and family.

* Just 5% mentioned public transportation.The largest percentage of home buyers buying a home above $500k were aged between 29-53 years old.

* 68% of home buyers bought a house 2,500 sf or smaller. 18% bought homes larger than 3,000 sf.

* 66% of the homes bought were older than 17 years.

* 22% of home buyers compromised on the price and 20% compromised on the condition. 34% made NO compromises!

* Home buyers aged 54-72 years old expect to stay in their homes for at least 20 years.

* 86% of buyers rely on an agent for information about their home search and 93% relied on online information.

* The average buyer spent 10 weeks searching and viewed 10 properties.

* The paperwork and understanding the process accounted for 36% of the most difficult buying steps.

* 87% of buyers rated photos as the most useful and valuable website feature.

* At least 60% of buyers were very satisfied with the home buying process.

* 87% of home buyers used an agent/broker to buy.

* Buyers want the following mostly from agents: help finding the right home, negotiating terms and price.

What else are you looking for in an agent?

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Tax Benefits to Owning a Home

People always say that it’s great for your taxes to own a home, but do you know why and what exactly those benefits are for you? See below for six great ones to keep in mind as you make your way through your real estate journey!

6 key tax benefits to owning a home:
1. A deduction of up to $750,000 worth of mortgage interest.
2. A SALT (state and local real estate taxes) deduction up to $10,000.00.
3. Tax-free rental income of 2 weeks if you rent your home out for 2 weeks per year.
4. A $250,000 tax-free capital gain deduction for singles and $500,000 for couples upon selling.
5. If you buy your home for $500,000, and it is worth $1 million when you die, your heirs' cost basis re-sets at $1 million and you bypass the capital gains on the initial value gain.
6. The current tax law allows you to take a tax deduction of $5 per square foot, for up to 300 square feet of office space. You can get a maximum deduction of $1,500.

10 Simple Staging Tips for You to Consider!

In a market that demands us to show property at its very best, and buyers start their ‘to do checklist’ the minute they walk in the door, one of my fellow Compass’s agents and stager, has provided some ideas to share with some rather easy and inexpensive staging tips knowing that expense matters, but is always made manageable for all with the program my new company provides called Compass Concierge!

1. Find your flaws: Never an easy thing to do, in life or at home. Know that buyers will fixate on the smallest of details; a broken window pane, mold on bathroom grout, too much furniture in the living room, and the list goes on. If something is wrong, buyers will wonder what else is broken and use that as leverage to negotiate your asking price. Before you list your home, make a checklist.

2. Refresh the basics: Replace a moldy shower liner and shower curtain; new bedding makes a world of difference. By making simple updates and upgrades, you can transform a home. Overstock, Gilt, and West Elm are some go-to's for affordable options. Having a professional cleaning person come through is crucial prior to listing and showing. 3. Make a statement, but proceed with caution: Want to catch a buyer's eye? Create an accent that stands out and showcases volume or constructs a separation of space. You don't have to break the bank but instead just buy a pillow or couch cover to add a little POP to your home! In a sea of sameness a photo that stands out will resonate.

4. Create reflections of how your home should be: Use mirrors to reflect light, not another wall. Well positioned mirrors bring in extra light and bounce it around the room. Mirrors can open up a small space by making it feel as if it goes on and on. A mirror facing another wall, in a hallway, or enclosed space is a waste.

5. Storage Wars: Store your off-season wardrobe in a trunk or consider renting space at a storage facility. You should clear out all unnecessary items: throw out products in your bathroom vanity and kitchen cabinets that you never use, and just empty out as much as possible. Showcase how much space the buyer will have if they move in. And while you're at it, arrange your clothes by color, it will help everything look more organized and efficient.

6. Get Trashed: Remove ALL trash and recycling. Trash should NEVER be out in the open for buyers to see. It's garbage, not artwork and definitely make sure it's all been removed before you photograph the listing. If you have an unattractive trash receptacle, get rid of it. Consider instead using something you already have: a vase, wine bucket, an unused piece of pottery, a magazine bucket, etc.

7. Flowers are great, but...they are expensive and only last a few days. Consider easy to maintain plants to add life, color, and a sense of calm to your home. Succulents, air plants, bamboo, ferns, and orchids are ideal and easily found at bodegas and grocery stores. If you have very high ceilings, consider using blooming branches in a long glass vase elevated above four feet to showcase the ceiling height. (Good) Fake plants and flowers also work great for photography, plus no one will know the difference!

8. Virtual Reality: Selling an empty property? Consider having it virtually staged to make the images more interesting. An empty apartment looks bland and small. If you don't want to stage it with real furniture, you should at the very least have it virtually staged with a design scheme that is representative of the apartment, building, neighborhood, and price point. You also have to understand your demographic. A loft in the city would look absurd filled with traditional furniture associated with the suburbs.

9. The Kitchen Conundrum: A cluttered counter is distracting in pictures. Make sure you hide all of those sponges, cleaning solutions, kitchen rags, and excess in all corners of your kitchen. If you just renovated your kitchen or bathroom, showcase the with a few attractive and high end products, but sparingly. Buyers will expect to see Molton Brown, not Dial soap on a Waterworks sink.

10. Make Scents: Air out your home at least 24 hours before you are showing - that means open every window. If there is a litter box, remove it before showing. Got a dog? Give him a bath. Fabrics capture smells, which can work to your benefit. One of my favorite "recipes" is adding a little essential oil (lavender, eucalyptus, orange, and grapefruit) to a spray bottle filled with water. I used this concoction to spray down every piece of cloth furniture and all the curtains in every room three hours before an open house.

Homebuyer Mistakes to Avoid

Buying a home is one of the most stressful times in your life! It’s a lot of money to spend and you want to be sure you’re being smart about it. With current housing conditions, most homes under $600k are moving very quickly so there isn’t room to sit around and debate your decision for a few days or it will be gone. Bidding wars are a common occurrence and houses are selling at and over asking price. If you can avoid making these mistakes, the process will be a lot smoother and less stressful, and you’ll have a better chance of getting that dream for you and your family!

Before Making an Offer

• Get pre-qualified to know how much you can afford

• Check your credit score and fix any errors that might be on there

• Take the time to raise your credit score if it’s not higher than 650

• Choose the RIGHT lender. Not all lenders are equal. Some will be a better fit for you and be able to help you more and close faster than others. Your agent usually will refer you to ones that they have worked with and are solid people to trust.

• Spending all of your money on your down payment and closing costs. Always have an emergency fund.

• Lacking vision. Doing upgrades can be less expensive than buying a house with the complete package.

• Indecision. A house you loved today and are thinking about buying might already have an offer being written from the person who loved it yesterday.

• Waiting longer than 24-48 hrs to see a home in Denver that just hit the market. In our highly competitive market, over 60% go under contract in seven days or less.

• Not choosing an agent. Get professional help. They are the experts in contracts, negotiations and knowing the market.

• Make sure to get a feel for the neighborhood. Walk the area, talk to neighbors, look at the upkeep of houses and yards nearby to get an idea of who would live around you.

After Making an Offer

• Turn in your Earnest Money on time. If you wait to long, the contract will be terminated.

• Don’t make any large purchases before closing that will change your credit.

• Make sure to go all in on inspections. This can make or break a deal and you’d hate to find issues after you close because you thought new construction couldn’t have issues.

• Do all the tests necessary on top on inspection: check the home for mold; get it meth tested if there were ever renters there; do a sewer scope, double check all systems are in working order!

• Sign all disclosures or the contract can be terminated.

• Make sure your lender orders appraisal on time to make the deadlines work.

• Have an agent who is on top of everything and communicative with you during the whole process.

Don’t let simple mistakes keep you from the home of your dreams! Contact me with any questions or concerns!

How to Save for a Down Payment on a Home

Even if you don’t plan to buy a home anytime soon, starting to save for a down payment is always a good idea. Unlike saving for retirement, where you won’t see the funds for years and can put away a little at a time, this is something that needs to be accessed much more quickly, so here are some steps and ideas to get the process started quickly.

Step 1: Figure out how much you need to save. Talk to a lender and determine how much you can qualify for when purchasing a home and how much you’d like to put down as a down payment. 20% is not a requirement.

Step 2: Determine your time frame. The shorter the time frame, the faster you’ll need to save. Divide the number of years by the total down payment you hope to put down.

Step 3: Start a budget. Look at your current monthly expenses and see where you can cut back. Be creative! Try to carpool more, cut coupons, bring lunch every day, rent out a room with AirBnB, or save on energy costs by reducing your use. Embrace the changes, it’s all worth it!

Step 4: Set up an automated payment. Unless you’re a natural saver, the best thing you can do is have a certain amount or percentage moved to a savings account each month. This helps make the process automatic and invisible.

Step 5: Start Today! Saving for a down payment is tough. It takes perseverance and focus, so the best thing to do is start now.

Biggest Myths in Real Estate

I thought a great way to start off my new website is to get some of the myths out of the way first so we can move right into the real deal!

Myth #1 - 20% down payment is required

This is so far from the truth, I want you to forget that you’ve ever even heard it! According to a recent survey, 48.6% of people believe this myth and leads to people renting longer than needed!

There are so many options out there these days that lenders can help you find the right one for you. Depending on the type of loan you are doing, you may not even need to do a down payment! Some conventional loan programs offer down payments of 3-5%, FHA can be as low as 3.5%, and for veterans and military service members, VA loans allow for zero down payment!

Considering Millennials spend close to $100,000 in rent by the time their 30, I’d say it’s time to clear up this myth!

Myth #2 - Seller’s should price their home high because you can always reduce it

One of the biggest myths in Real Estate. Sellers want to protect themselves. so they think if they start out over the asking price of their house, it’s a good defense mechanism against selling too low. Pricing a house wrong is basically the kiss of death and can lead to lots of frustration. Buyers in today’s market are quite savvy and do their homework. If they see your home is overpriced, they may not even waste their time looking at all! You have to entice with the price.

Myth #3 - Zillow says it, so it must be true

Has Zillow or anyone working for them ever been to your home and walked through it? Have they ever pulled relevant comps, made adjustments and given you an appropriate range of value?

‘Zillow’s Zestimate’ gives home owners a general starting point for the value of the home, but by no means is it accurate. It can’t understand why some homes on one street would be more value than on the next, or the difference a good school might make in driving some prices up in an area.

Myth #4 - Buyer’s should start with a low offer

Buyer’s often think that throwing in a low ball offer on a home is just a starting point and they can negotiate from there. While there is nothing wrong with negotiating at all, unfortunately a low offer will sometimes upset or offend the seller and they won’t even consider the offer, much less negotiate it. Today’s market is still a sellers market, so they have more power. It’s better to submit your highest and best offer to stay competitive until the market shifts.

Myth #5- I need perfect credit to buy a home

Many buyers are under the assumption that they can’t start the home buying process until their credit score is close to perfect. While better credit is a good thing and can help you get a good rate, most lenders just require a score of 640 to get the process going. FHA loans typically only require a score of 580 score or higher to begin the process, and if you’re under that you’re not excluded, but you will need a bigger down payment to begin the process. So stop hesitating and reach out to one!