Some Very Good Real Estate News

We all need a liitle good news in this tough market so here it goes. I love spreading this news to you!

Denver on list of 10 cities where Americans are relocating: Denver is one of 10 U.S. cities on a new Forbes magazine list of cities where Americans are relocating. (read more here)

Drop in mortgage rates trigger race to buy, refinance: Tumbling interest rates are setting off a mortgage-refinancing scramble among homeowners and pulling undecided buyers into the market. (read more here)

Mortgage Refinancing May Hit $2 Trillion in 2009: The Mortgage Bankers Association
on Tuesday
jacked up its 2009 forecast for mortgage originations to reflect the Fed's recent moves to engineer lower mortgage rates. The group now expects mortgage originations to total $2.78 trillion this year--an increase of more than $800 billion from its previous estimate.
(read more here)

New home sales in surprise rebound: NEW YORK: Sales of newly constructed homes rose unexpectedly in February, rebounding nearly 5% after sinking to the lowest level on record in January, according to a government report released March 25th. (read more here)

Xcel selects SunPower to build solar plant in Alamosa: Xcel Energy today announced it has selected SunPower Corp. to build North America's second-largest photovoltaic solar-power plant in Alamosa. The 17-megawatt plant would come online by the end of 2010. The project is expected to create about 200 jobs during construction. (read more here)

Pueblo approves SDS: Last night, after a three hour hearing, The Pueblo County Commissioners voted unanimously to approve Colorado Springs' proposed Southern Delivery System, which will deliver water from Pueblo reservoir to Colorado Springs. (read more here)

Grand Junction Makes the Cut: Grand Junction makes the cut! For the first time, Grand Junction has made the Forbes Business Top 25 as one the best small places for business and careers (read more here)

Did You Know?
Ft. Collins ranked 2nd and Colorado Springs ranked 10th on Forbes latest “Best Metros” list?

I am excited to see more good news as we head toward summer!

Jon Urban
Urban Companies

FINALLY SOME GOOD NEWS

With all the bad news the mainstream media is putting out lately I think it's about time we start fighting back with some positive news. Here some very encouraging signs the ecomony is already turning upward in the Denver area. Great reasons why now is a wonderful time to consider buying and investing in a home!

We’re Number One: The Pew Research Center's new survey says, "Denver is the most desirable city in America!" Forty-three percent of those in the survey say Denver was the city they would most like to live in if they had a choice of living in the nation's top 30 cities. In the top five Denver was followed by Seattle, San Diego, Tampa and Orlando. The bottom five, all east of the Mississippi were Cleveland, Cincinnati, Kansas City, Minneapolis and Detroit. http://www.kdvr.com/news/kdvr-denver-top-city012909,0,4773717.story

Schwab to add 500 jobs in Douglas County: Charles Schwab Corp. will bring 500 new jobs to Colorado by 2011, Gov. Bill Ritter announced Thursday January 15th at the state Capitol. http://denver.bizjournals.com/denver/stories/2009/01/12/daily55.html?surround=etf
Existing-Home Sales Show Strong Gain In December: Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors® report released January 26th. http://www.realtor.org/press_room/news_releases/2009/01/ehs_shows_strong_gain?LID=RONav0021

CSU, CU economists - Colorado’s recovery could start as early as summer: Colorado went through a bad economic year in 2008 and can expect more of the same this year, but there are signs that a recovery could start as soon as summer, a pair of Colorado’s top university business economists agreed Wednesday. http://denver.bizjournals.com/denver/stories/2009/01/19/daily20.html?surround=etf
Creative Foam moving into Longmont: Creative Foam, a designer and manufacturer of foams and plastics for the automotive, medical, and composite markets, announced in January 2009 that it is leasing 70,000 square feet in Longmont. The Michigan-based company is expanding in Colorado to service Danish wind turbine manufacturer Vestas Wind Systems. http://www.metrodenver.org/site-selection/news-deals

Fannie Mae to Loosen Refinancing Rules: Fannie Mae will loosen rules for homeowners seeking to lower their mortgage payments by refinancing. The District company, which accounts for more than 40 percent of the $12 trillion in U.S. residential mortgage debt, is seeking to break a "logjam" in refinancing and allow more homeowners to take advantage of near-record low interest rates, according to Brian Faith, a spokesman for Fannie Mae, which like its rival, Freddie Mac, is under government control. http://www.washingtonpost.com/wp-dyn/content/article/2009/02/05/AR2009020503157.html

Did You Know?
Colorado rated as the sixth best state for business in 2008, ranked No. 1 for both labor and growth prospects. - Forbes

Denver Real Estate Market one of the Best in the Country!

Here is some great news for the Denver area! According to an article in the Rocky Mountain news published on January 27Th. 2009, The Denver housing market has outperformed all but one market in the 12 months ending in November 2008. Also, in November 2008, Denver-area homes lost only 1.1 percent, making it the best-performing city in the S&P/Case-Shiller Home Price Indices. Home prices in the Denver area fell only by 4.3 percent in the 12 months ending in November. This is great news for Denver compared to other 20 metro areas average at 18.2 percent. Only Dallas, with a 3.3 percent decline, fared better than Denver. The decline in Denver is very small compared to areas like Phoenix and Las Vegas. These were the two worst markets through November, losing 32.9 percent and 31.6 percent, respectively, according to Case-Shiller. In some towns in California, homes that sold for $1 million two years ago probably are worth less than $600,000 today according to this article.....

I also agree with most area market forecasters who predict Denver and the whole state of Colorado to continue to outperform the nation. We may even see "minor" increases in home sales activity this year from 2008! One of the reasons for this is our market is not overbuilt. Denver has a very small amount of new homes being built and we are not plagued by a huge inventory of resale homes like so many other metro areas. We also never had the roller-coaster rise and fall of home prices other cities experienced!

What does this mean for you if you are considering buyer or selling a home in the Denver area in 2009? This means you will be faring far better than just about anywhere in the country! The Denver area is going to continue to be a great place to invest in Real Estate. What great encouragement for all of us!

Jon

What should my asking price be?

Here are some home pricing pitfalls...
When it's time to sell your home, it's very easy to be snared in the overpricing trap. After all, you want top price for your home. With this very dffucult market for sellers you need to be very careful not to price your home too high. Given that, it's logical that the asking price you set could be higher than "fair market value." Unfortunately, you probably won't realize it's too high until much later.
Here are just a few of the disappointments you'll be facing with an overpriced house:
Responses to your ads will probably be slow, since the public recognizes overpricing. Remember, people buy by comparison.
Some prospects who are attracted may be the wrong ones. They will be attracted because they're looking for a home priced the same as yours – but with MORE features.
Very few buyers will even make an offer on an overpriced home. The reason? Even if you accept their lower offer, they aren't getting a bargain since the final price is probably no less than "fair market value."
Your home will help buyers make a favorable decision on other homes that are priced fairly. Do you really want to be the example that drives people elsewhere?
If you do find a buyer at your price, their mortgage application could be rejected because of a low appraisal; the house simply doesn't meet the standards that the price indicates. This has become a huge factor in todays market.
This all sounds rather bleak, so what can you do to solve the pricing issue? Work with an experienced professional who knows the market in your neighborhood. Take advantage of the research and advice your real estate agent can offer, and you'll be on your way to setting the right price for your home.

Jon

What is most precious and important in your life?

I have been asking myself this question frequently this past week! A friend and neighbor was just killed tragically in a snowmobile accident. We had a lot in common....he was my age (40) and left behind a wife and 3 young children. He desired to live his life for the Lord and his family was very active in a local church. We had worked together in the Real Estate business.

The news of his death has been very difficult and has caused me to think a lot about how I am living my life everyday. Are my actions each day reflecting what is most precious and important in my life? Am I seeking to know the Lord Jesus with all of my heart each day? Am I willing to love and sacrifice for my family, friends, or someone in need? Will I put my own desires after the needs of others? What will I be remembered for when I pass into eternity?

I am recommitting to live my life today for what is most precious and important! What are you living your life for?

Jon