Colorado is a wonderful place to live year-round, but it is especially glorious in the autumn. The Rocky Mountains are truly spectacular during the fall when the aspen trees transform into shimmering gold brilliance for a few short weeks.

Recommended Fall Events in Denver

If you have an established credit-worthy FICO score, there is definitely money available if you are looking to buy a home in the Denver real estate market. Yes, lending constraints have tightened, but we are confident in the working relationships that we have established with quality Denver lenders. Here is how I see it:

1. It is a fact that liquidity has tightened and some mortgage companies have had difficulties funding their loans. Correspondent lenders’ credit lines are shrinking, and mortgage brokers have less room to maneuver with wholesale lenders. If you are in the market to buy a home, you should work with an experienced real estate agent that has established relationships with well-capitalized lenders. It is essential that your funds will be there when needed at the closing.

2. As a borrower, you should always work with a lender that can accommodate all types of loans, including FHA, VA, Conforming and Non-Conforming loans. With the recent price increases with PMI (private mortgage insurance), FHA has become much more attractive than in years past. With recent MIP (FHA’s mortgage insurance premium) changes, higher credit score FHA buyers, even those with 10% down or more, may benefit by comparing an FHA loan with a similar conforming loan.

3. As a homebuyer you should get preapproved rather than just prequalified. With no assurances of what future mortgage industry changes will look like, many agents are insisting on a fully underwritten preapproval (subject to appraisal) before house hunting and presenting an offer. Likewise, sellers should always demand, before tying up their property for 30 days or more that a “preapproved” offer is being presented. Nobody benefits when a listing is “tied-up” to find out later that a “prequalified’ borrower’s underwriting terms have changed and, as a result, they no longer qualify for a loan.

4. Sellers, if mortgaging your next transaction, you should also get preapproved prior to listing your current home. With recent mortgage changes, you will want to know that you qualify for a new home loan before you sell your current residence.  We certainly would not want the experience of explaining to a home seller that you have to rent rather than buy and your current home is under contract!

If you have any questions concerning buying a home in the Denver metro area, please contact a TeamCox member at 303-400-6060.  We are always happy to answer your inquiries.

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Good news! IKEA announced today that it plans to build its first Colorado store in Centennial! The new store will be located between County Line Road and Dry Creek Road. The Denver Post reports that the new IKEA, which is slated to be more than 400,000 sq. ft. spread out on two different levels, will bring approximately 400 jobs to the South Denver area.

For those of you who don’t know of IKEA, it is not your everyday furniture store, but an international phenomenon. The successful Swedish company sells sleek and stylish home furnishings at very competitive prices. One common complaint about IKEA is that many of its products need to be assembled, but you’ll likely let that one slide once you see all of IKEA’s unique offerings!

TeamCox Realtors will let you know when IKEA announces the opening date for the new Centennial store.

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Reluctant Denver Homebuyers are Missing Out on a Great Opportunity!

The Rocky Mountain News recently published an interesting article that examines an epidemic currently plaguing the Denver real estate market. In Friday’s article, “Home buyers have cold feet in hot market,” RMN Reporter John Rebchook examines a trend plaguing the Denver real estate market– although home prices are low and inventory is plentiful, many prospective homebuyers are simply sitting on the sidelines, fearful that they will make a mistake. We don’t want our prospective homebuyers to miss out on one of the most optimal buyer’s markets in years, so TeamCox Realtors has been trying to cure for this epidemic for months. If you are a bargain hunter, now is the time to purchase a home in Denver.

We understand homebuyers’ uncertainty given the state of the national real estate market, but the Denver housing market is rebounding much faster than other cities’ markets. Last month’s S&P/Case-Shiller Home Price Index indicated that Denver home prices are faring the best out of the 20 metropolitan areas surveyed. Other strong indicators are that the pace of home sales is increasing, and the inventory of homes for sale has plummeted 15% from last year. A few more reasons to buy this fall include: mortgage rates are relatively low, sellers are willing to negotiate much more than they will next fall, and there are bargains to be found throughout the Denver metro area. One other thing to consider is that even if your home doesn’t sell for top dollar, you will easily make this amount up when you negotiate a fantastic deal on your new dream home. 

In addition, if you are first time Denver homebuyer, it is imperative that you understand all of the changes that will be taking effect on October 1st - please click here to read our blog on this subject. You will need to act very quickly to beat this deadline.

Warm up those cold feet, and start house hunting! If you are sitting on the sidelines, waiting for the Denver real estate market to rebound, someone else is going to snatch up your dream home at a fantastic price. For more information on purchasing a home in the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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• Voter Registration: To vote in the state of Colorado, you must be registered to vote 29 days before the election - October 6th is the deadline for the November election. It is important to verify your registration prior to the election. You can visit the Colorado Secretary of State’s website or contact your county.
• Voter Eligibility: To be eligible to vote in Colorado, you must be 18 years old on election day, be a United States citizen, and have lived in Colorado for at least 30 days.
• Early Voting: It is possible to vote early in Colorado. For more information, check your county clerk’s website. 
• Absentee Ballot: You must request an absentee ballot in writing and send it to your county clerk.
• Voting Locations and other important information:
  • Click here for voting locations in Douglas County. 
  • Click here for voting locations in Denver County.
  • Click here for voting information in Arapahoe County.
  • Click here for voting information in Jefferson County.

For information regarding how the upcoming election’s amendments and candidates will affect the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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