5 Things You Should Know About Relocating to Denver
November 29th, 2011 categories: Relocation Tips
If you’re moving into the Mile High City, there are a few things you may find helpful as you pull up stakes and head to the Rocky Mountains.
- Denver isn’t actually in the mountains. During college, one of my friends from home commented, “Wow! You must be in good shape to ride your bike in Denver!” It took a minute to realize she was under the impression I was riding over mountain passes. I explained that Denver is on the Plains, and suggested she come visit – maybe branch out from Santa Barbara.
- We do have traffic, but it’s not as bad as Chicago or LA. It will be worse during rush hour and definitely bad when the snow is heavy. Then the sun comes out and melts it all away (and creates our wicked pot holes.) If you want to keep your drive a certain time frame, use Map Quest or Google Maps. They’re both pretty accurate, but won’t account for rush hour or snow.
- We have great public schools, great private schools, and our population is among the most educated in the nation. For school information go to the Great Schools website as a start. Always visit the school and meet the Principal and staff. Don’t choose based on web sites. That’s just a good place to begin. Like looking for houses on the internet. You’ll still need to visit, see it, smell it and look around.
- We name a lot of places “Cherry.” There is “Cherry Creek” (meaning Cherry Creek North and the Cherry Creek Shopping Center,) Cherry Creek Schools (down south by the Cherry Creek Reservoir,) Cherry Hills and finally there’s actually a Cherry Creek, with the Cherry Creek bike path along it that connects Cherry Creek Reservoir and Cherry Creek North. Confused? Come out to Denver and I’ll show you around.
- Westword and 5280 Magazines will fill you in on local flavor. 5280 is known for publishing annual editions on the Best Doctors, Best Neighborhoods and Best Restaurants. Westword is irreverent and edgy and publishes interesting exposes on Denver misadventures. We used to wait expectantly every spring for the annual summer concert edition.
There is so much more to know about Denver, but this gives you a start. Don’t be afraid to explore, we have many terrific neighborhoods and there’s something for everyone, except for a beach. Well, maybe you could call the dirt at edge of Cherry Creek Reservoir a beach… never mind.
Gretchen Faber, LifeStyle Denver author, is a local Denver real estate broker. Contact Gretchen for information on Denver area real estate.
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Shop Denver Small Businesses on 11/26/2011
November 23rd, 2011 categories: Life In Denver, Relocation Tips
This is shop local weekend on Small Business Saturday. Time to support your favorite local Denver area businesses.
Here are a few Gretchen Faber favorites:
- Pine Creek Clothing Company in the Washington Park neighborhood.
- The Tattered Cover Bookstore at Colfax and Elizabeth.
- PJ’s Boutique and 5 Green Boxes on Old South Pearl Street.
- The Tended Thicket on Old South Gaylord Street.
- Bonnie Brae Wine & Liquor.
- Mariel’s and Cry Baby Ranch at Larimer Square.
- Antique Row on South Broadway.
Feel free to comment below and add your own favorite locally owned businesses! And have a great shopping day on Saturday. By shopping local, you’ll avoid the mall and parking headaches. There are always fun local bars, restaurants or coffee joints to explore near the great boutiques, so stick around the neighborhood.
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Why You Want Your Broker to Show You Properties
November 9th, 2011 categories: Market Trends, Relocation Tips
A few days ago I had a call from a buyer who wanted to see properties in Cherry Creek North. This seems to be a trend lately. Call the listing agent directly.
He found the homes on my web site, www.GretchensDenver.com, and gave me a list of what he wanted to see, which weren’t actually my listings. I asked if he was working with a broker. At first he said, “no.” Then he said, “well, my wife is, but the broker isn’t here this weekend.”
While I would love to grab new buyers, “double-end” a listing if it’s my listing and get another closing in before the end of the year, I also thought it best to warn him about why he should be represented, and what “procuring cause” is.
If you’re a buyer and you’re not real estate savvy or an attorney, then you should have your very own broker representing your best interests. If you have a broker who goes away for the weekend, then find out who is covering for him. If you call the listing agent directly, your broker will not earn a commission. Or you could be in jeopardy of paying your broker’s commission.
The same goes for builder properties and FSBO’s (for sale by owner.) Let your broker call them and set the appointment.
There’s more to real estate than checking out nice houses, and you need your broker involved to help you wend your way through complicated contracts, inspection issues and the appraisal. Not to mention the closing, settlement statements and other documents.
So when you find a property you like on the internet, call or email me. Or click the “contact” button at the top - if you don’t already have a broker representing you. If you do, have your broker call.
Thanks, Gretchen Faber
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Low Denver Inventory Leads to Multiple Offers
November 4th, 2011 categories: Market Trends, Relocation Tips
I’ve been working with a family relocating from the mid-west for several months. We look at a few properties whenever they make it to Denver for a visit.
There haven’t been many great matches for their specific needs (picture a giant playset.) This week, we’ve narrowed it down to three really good possibilities, with a fourth thrown in for good measure.
Here’s what we found out this afternoon as we’re deciding which one to make an offer on:
- 1 went under contract
- 1 got an offer yesterday and the seller is countering
- 1 has another agent with a client getting ready to make an offer
The inventory in Denver is the lowest since 2000 and nearly 28% below this time last year. That hasn’t translated into higher prices yet for a few reasons. The lower price point homes are selling in higher numbers, making it look like prices are down. And if prices were going to be down, this low inventory has helped keep a floor under any further decline.
This will be a telling time. I predict that we will begin to see slowly rising prices next year. I recently received multiple offers on a Washington Park bungalow and it closed less than 7 weeks after going on the market.
BUT! Sellers still need to very clearly hear what “the market” is telling them. There are properties that have languished on the market for months and months. Only once the price has been adjusted “to the market” will the seller receive offers.
If you’re thinking about putting your house on the market, do it soon. Don’t wait. Buyers in Denver need fresh meat!
Search for your new home on Gretchen Faber’s web site: www.GretchensDenver.com.
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Denver – B Cycle Program in Winter
November 2nd, 2011 categories: Life In Denver, Relocation Tips
When I lived in Germany, I was flabergasted that they would ride their bicycles throughout the winter. On snow-packed roads!
I guess being California raised meant that I had no clue you could bike all winter.
Denver’s B-Cycle program is out to prove it this year, and the rental bikes will be available in sunshine or blizzard.
Today’s storm didn’t slow down many people. The Denver Public Schools think their students are like postal workers. School is rarely canceled – rain, sleet or snow. And by late afternoon the sun was shining. Oh, Denver! A glorious place to live!
Looking to live in Metro Denver? Search homes at www.GretchensDenver.com.
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Denver Calling – Why London Can’t Match Denver’s Lifestyle
March 7th, 2011 categories: Relocation Tips
Denver, Colorado, USA. A great place to live and a fabulous opportunity for anyone moving here.
The 80’s band The Clash sang about London Calling. I may have danced to that song in college, but I danced in Denver. Denver is a marvelous place to live and work, and now is a great time for buying a home in here.
In Denver, property values are lower than London. A lot lower! We may not have Big Ben or the Changing of the Guard, but we do have Red Rocks and the Denver Mint. I’ve lived here for 28 years and can count on one hand how many foggy days I’ve seen.
Moving to Metro Denver?
There are a few things you’ll need to know before you arrive:
- We’re obsessed with the weather report. Growing up in SoCal, we never paid attention to the weather forecast. Tomorrow would pretty much be like today, maybe a little rain thrown in during the Spring. In Denver, we check the weather multiple times a day.
- People like to exercise. Skiing and snowboarding don’t count as exercise. That’s a hobby. Walking the dog can be counted as exercise (I count it, unless I’m at the dog park standing around.)
- Everyone has a dog. Except for the few people on the fringes who have cats. Some have fish too. Fish ponds are big, so you may get one in your new house.
- The Denver Botanic Gardens is a great place to see a concert. Unless it’s the monsoon and you get soaked. It’s still fun when it rains, but the picnic gets pretty wet.
- We don’t like to drive far. When I lived in California, we would drive an hour to try a good restaurant, go to the theater or a museum. In Denver, we think 15 minutes is really far.
- The light rail is high on cool factor and people don’t mind going further than 15 minutes away when they take light rail.
- In the Spring, potholes grow so large they can swallow small cars. That’s why everyone drives an SUV here.
- It can snow in June and you could conceivably get a tan in January.
- We don’t need to tent our houses, and rarely find a termite. Most people wouldn’t even know what a termite is. That doesn’t mean they don’t exist, or that you shouldn’t listen to your inspector if he sees signs of termites. It means that it’s a rare enough occurrence that every third house on your block won’t look like a circus tent.
- Denver has a lot of parks. We even have a group here called “The Park People.”
- You need to layer. Goes back to the obsessed with weather comment.
- The most amazing thing about Denver? We have a mountain view from everywhere. Maybe not from every back yard, but drive anywhere, and you’ll be gazing at the mountains as the little photo radar van snaps your picture. Yeah, we have that too. Photo radar tickets, but we have an excuse.
Search for your next Denver home at www.GretchensDenver.com. Gretchen Faber is a local real estate broker with over 16 years experience in listing and selling homes throughout the Metro Denver area.
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Sellers – Are You Taking the Sale of Your Home Seriously?
July 26th, 2010 categories: Relocation Tips, Selling Strategies
I’ve been working with two families who will be relocating to Denver in the next few weeks. Both are lovely couples with school-age children, both are motivated to find a home to land in as soon as their houses sell.
When buyers who are moving to a new town come for a house hunting trip it can be a whirlwind. We hit the ground running, whether it’s 95 degrees out, raining cats and dogs or the snow is anything less than a blizzard. The days are long, the homes run into each other, and sellers have only moments to make an impression.
First impressions count.
This is an actual sign I saw on a home last week. I’ve made one alteration. I’ve altered what was spelled out in full force to hit us between the eyes as we stepped up to the front door.
The buyers had their two young boys with them in their car, and asked me to run up and preview the house quickly before they got the kids out. There was a retail center behind the house we weren’t counting on, and they felt it would be a deal killer. However, being respectful to the sellers, they wanted me to take a quick look and leave my card.
As I came up the walkway, there were cigarette butts all over the front patio and crumpled cigarette packages in an empty planter. The paint on the front door jamb was discolored and poorly re-painted. Then there was the big sign on the door. I’ve never seen anything like it.
Needless to say, we beat it out of there and never looked back.
I have to wonder who those sellers are? This home is priced more than double the average home price in metro Denver, and is in an area of large suburban single family homes. Do these sellers think this is funny? Do they have teenagers and forget that you don’t talk to everyone else like this? (Or anyone else for that matter?)
I sent the listing broker detailed feedback and never received so much as a comment back from him. A match made in heaven. He apparently doesn’t want to sell his listing any more than his seller does.
Sellers – we have plenty of choices for buyers out there. If you aren’t serious, don’t waste my time or my clients’. Get your house looking its best. This is a beauty competition. The house with the sign won for ugly.
Check out my listings online for terrific homes with fabulous sellers!
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Real Estate Buyers Facing Greater Lending Hurdles
June 27th, 2010 categories: Real Estate News, Relocation Tips
Denver, Colorado – Buyers who want to finance the purchase of their home should rethink carefully what they do financially in the time between obtaining their first conditional loan approval and the time they close on their new home.
Lenders are facing more regulations for underwriting mortgages. These standards will certainly ensure that buyers will need to do more than fog a mirror to get a loan.
If you’re considering purchasing a home, here’s what you’ll need to know:
- The lender will be pulling another credit score about three days before you close. If you opened a new credit card, bought the SUV you thought you had to have to live in Colorado or decided to max out a credit card with your new appliances, beware – your credit score could be negatively affected. Don’t let that happen. Put off your big purchases until after the closing and don’t open new credit.
- Employment verification – yes, the lender has to do this again too. Three days before closing. Don’t quit your job before you buy your house!
- As I said in a recent article about credit scores, buyers’ initial scores need to be higher than ever to get the best rates. Make sure you handle any credit repair issues in the months prior to applying for a home loan.
The best advice of all is to utilize a loan officer who clearly knows the guidelines, and who can advise you throughout the process. Use a loan officer in the community you’ll be buying in. Out-of-state lenders rarely know or understand the nuances of closing loans in another state. We see more delayed and messed up closings with out-of-state lenders than for any other reason. Now, buyers themselves may cause delays (and be at risk of losing their deposit) if they don’t heed the warning to leave well enough alone when it comes to their credit and employment.
Look for your new house here: www.GretchensDenver.com and click “contact me” to ask for references to great local Denver loan officers.
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Bad Score, Bad Score – What You Gonna Do?
January 18th, 2010 categories: Market Trends, Relocation Tips
What you gonna do when they deny you?
I got my 
credit score the other day. We’re about to refinance our house and this was the beginning of the process. My score was always stellar – high 700’s at one time over 780.
This time my score was just below 720. By some people’s standards, not bad. Well, in this lending climate it’s not great.
When I began selling real estate over 14 years ago, a score of 620 or higher was considered pretty good. At the end of the last decade, 680 was the minimum needed to get favorable rates. Last Spring, the minimum score needed for the good rates was 720, and now lenders say borrowers need a score of 730 to 740.
What drove down my score and what should borrowers pay attention to?
1. My former husband had two credit card accounts that were closed, but for some odd reason were being reported with balances. I never had this particular brand of credit card, but I was listed as an “authorized user.” This was bad news for two reasons: first was the reported balances, and second was that these two cards, on top of my actual credit cards, skewed my ratios to look like I had way too much unsecured credit.
2. I got in a fight a few years ago with a certain Visa issuer (Chase.) One day, I decided to check my account on their site. This somehow changed my bills to paperless, but I didn’t realize the change had happened. Subsequently, I read that this happened to scores of people.
I waited weeks for my bill, called Chase and told the rep I hadn’t received it, and his response was, “huh, we mailed it.” A week later, still no bill. I again called and authorized a draft over the phone. What did Chase do? They reported me as “seriously delinquent.” More than 30 days late.
I called Chase again and begged. Pleaded. Explained that I’d had their stupid card for years and had never missed a payment. Their response? “Well, you missed this one.”
What did I do then? Totally peeved, I closed the account. Take that Chase!
Guess what that did to my credit report?
Again, this was bad news for two reasons: first was that I had a “serious delinquency” and the other was that the account stated, “delinquent, closed.” That does not look good to the credit agencies. Plus, a seasoned or older card is much more valuable on your score.
3. Finally, two of my credit cards were nearly up to the credit limits. Credit reporting agencies want to see your revolving credit be only about 30% of the limit. So if you have more than one card, spread the love, but not more than 30% of it. And of course, pay by cash as much as possible. That’s our new mantra – cash. Forget the miles. Use the cards a little to keep the credit agencies interested and your score high.
The good news is that these items can be relatively easily fixed for many people.
- Pay off as much revolving debt as you can, spread your debt over the cards you have.
- Don’t cancel cards you’ve had for a long time, just stop using them. Seasoned cards bear a lot of weight on your report.
- Don’t apply for too many credit cards.
- Make sure that your credit report is correct and dispute cards or other debt that appear and don’t belong to you.
After 30 days, your score will begin to come up and it should happen pretty quickly. MSN Money has written about fixing your credit score and you can check your credit report at Experian. Keep in mind that you do not need to pay for your credit report, you can access a free one every year. However, these reports typically do not include the FICO score that lenders use to evaluate you.
According to my lender, the basic fixes I did should positively impact my score in about a month. If you’re thinking about buying or refinancing a house this year, begin to get your score straight now. You may need more than 30 days or you may already be Platinum!
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Earnest Money Requirements in Denver
October 4th, 2009 categories: Relocation Tips
Relocating buyers often ask how much earnest money they’ll need when they make an offer on Denver real estate.
My answer? “It depends.”
Some brokers and sellers request 3% some request 10%. Earnest money requests/requirements are entered in the MLS, so your Buyer Agent can tell you what the sellers have requested. 3% is more the norm for mid-priced homes, 10% is extremely high. However, for high end homes, closer to 10% isn’t too unusual.
What the sellers request and what the buyers provide are not always the same amount. When you prepare an offer for a property, consider how motivated you are, how strong you want to appear as buyers and how much money you want to risk.
Keep in mind that your earnest money is not at risk if you legitimately terminate the contract on inspection, appraisal or loan conditions. Make sure your broker and lender are keeping tabs on those dates.
Colorado is a very easy state to contract for purchase. We have state-mandated contracts that all real estate brokers are required to use. We close properties “at the table” in the offices of a title company (not in escrow.)
Earnest money is meant to show good faith on the buyer’s part. Plan to deposit enough to show you’re serious, but not more than you could stand to lose in the event of a default.
Looking to buy in Denver? www.GretchensDenver.com gives you access to nearly all listed properties plus the ability to map them! Bookmark the site today!
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