In another attempt to ease the financial crisis heard round the world, Colorado Housing and Finance Authority (CHFA) and Congressman Ed Perlmutter (D-7) announced a new mortgage program to help Coloradans leverage Federal First Time Homebuyer Tax Credit into a down payment. If you’re not familiar with the tax credit afforded by the American Recovery and Reinvestment Act, it effectively “lends” borrowers the credit of up to $8,000 at 0% interest, which would have to be paid off by June of next year.

To learn more about the tax credit and how it may apply to your situation, ask a Colorado mortgage company or lender for more information.

The Anschutz Company, citing financial barriers and other complicating issues, announced that it has sold “the ski train.”  For many ski enthusiasts living in Denver, the ski train was a delightful distraction with a purpose: toting skiers in old-time luxury from Denver’s Union Station downtown to Winter Park. I guess it’s not too late to buy a home in Winter Park.

For more on this end of an era, see the Denver Business Journal’s article dated April 20, 2009.

The Arista in Broomfield is a new development of work/live lofts, flats, and townhome/condos near the Rocky Mountain Metropolitan Airport in the Jeffco Public School district. It makes a striking addition to the rest of the growth Broomfield is encountering right now (there are 796 real estate listings active in Broomfield right now!), complete with an A Loft Starwood/W Hotel on the premises that opened April 30th.

In another attempt to address the foreclosure issue in Colorado, the Denver Office of Economic Development is launching programs to lessen the impact of foreclosure on Denver neighborhoods.

Some of the Denver area neighborhoods that stand to benefit from the programs are Montbello, Green Valley Ranch, Northeast Park Hill, Elyria Swansea, West Colfax, Villa Park, Barnum, Athmar Park, Westwood and Mar Lee. For more on the activity, see the Denver Business Journal article dated May 13, 2009.

We’ve discussed in the op-ed post “Homebuyer, Know Thy Self,” which was an exercise in self-discovery falling well short of Freudian analysis, but enough to help you understand how knowing what you want and what’s important to you can lead to a successful home hunt.

If one of these explorations has lead you to concluding that nearby conveniences float your boat, you’ll be happy to know about Walkscore, a method for determining any addresse’s “walkability” index.  So, if you’re wondering weather that two-bedroom bungalow in Corey-Merrill spells out an existence of living in your car, or being able to walk to Joe’s Pizzeria for a dinner slice, give it a try. It’s on of the new built-in features at COhomefinder, and other fine sites.

See also the follow-up post: Walkscore May Raise Home Price

In our first op-ed piece, “Taking the Oath,” we explored the concept of claiming responsibility for one’s own home search and taking an active role in the process, coupled with collaborating with Colorado REALTORs to produce the best result.  Today, we’ll discuss what seems like a no-brainer, but I think it bears repeating: You have to know what you want in a home and what’s important to you in order for you to find the one that’s right for you.

It seems simple, yes? But I’ve met scores of grown people who either don’t bother to take inventory of their own personalities, or lie to themselves about who they are and what makes them happy. Who lives with that mistake? The home buyer, of course.

Below are some questions to explore that will ultimately help you in your home search. Share the answers with the trusted agent assisting you in your quest.

• Do you like to pull up roots often, or can you stay awhile?
• What’s more important, making the most from your investment, or other factors, such as layout and look?
• Are you REALLY happiest remodeling/making improvements in a fixer-upper, or are you willing to spend more money and time finding a more “livable” home?
• Do you want the most home for your money, or the most location?
• Is the occupancy in your home rapidly growing or shrinking?
• Have you encountered a major life change recently, such as a death in the family, divorce, marriage, career change, or children?
• What’s your lifestyle REALLY like, and what makes you happy? (Note that this is different than asking what you think it should be, or what you’d like it to be someday.)

Weigh in with what you think are other important questions to consider. Comments are open!

RELATED ARTICLES:

Homebuyer, Know Thy REALTOR
Taking the Oath: An Op-Ed Miniseries

For graphic purposes only. Bears no relevance to content whatsoever.

Boulder real estate sales reports from April are in, and as of that rainy month in 2009:

• The market for homes in the $300-400 K is tighter.
• The market for homes in the $1M-plus range is significantly softer, with only 2 sales in April, 2009 out of more than 50 properties on market.

Personal analysis: Just as the used car market is doing well, and new car sales are suffering, people still need and want to buy homes in the current economy; they’re just spending less. Further, appreciation matters more during these current economic conditions. Weigh the importance of how much lifestyle and construction matter against your need to make money on your investment relatively soon.

What this means to buyers:

• You’ve got negotiating leverage on high-priced luxury properties, particularly on luxury condos and attached dwellings.
• You may need to move a little faster than you thought you might have to on homes in the $300-400 range and lower.

What this means if you’re selling:

• Selling real estate right now priced under $400K means that you have a little wiggle room for mistakes. Perhaps you can get away with pricing on the higher side, or doing a little less with your marketing strategy. You may get away without staging your home, or really getting down to the nitty gritty with your aesthetic presentation.
• Selling a home at or around $1M or more means you’ve got to bring your A game. Hire the best agent you can find, and get everything right the first time: Pricing, preparation, and marketing.

Surrounding Areas:
Out of all Boulder-area communities, Longmont real estate seems to be fairing and recovering the best, but is still reporting high numbers of foreclosures.

Related Web sites:

• Boulder houses priced $200-400K
• Boulder houses priced over $800K
• Boulder Condos/Townhomes priced over $800K
• The 100 newest listings in the Boulder MLS

Calling all history and architecture buffs: Historic Boulder’s 2009 Landmarks of the Future Tour will open the doors of seven iconic homes May 16 and 17.

In advance of the tour, Historic Boulder will host a presentation on Haertling’s architecture with comments from his children Joel, John and Linda on May 15. A film of Haertling home movies, edited by Joel Haertling,
will present an insider’s look at the design process that produced so many timeless homes. The presentation, at Design Within Reach, Broadway and Spruce, from 6 to 8 p.m., is free and open to the public.

Tickets for Historic Boulder members are $10. Tickets for non-members are $12 in advance and $15 the day of the tour. Advance tickets are available from Historic Boulder, 1123 Spruce St., 303-444.5192; Boulder Book Store, 1107 Pearl St., 303-447-2074; Timbalier, 95th and Arapahoe Road, Lafayette, 303-666-4200; West End Gardener, 777 Pearl St., 303-938-0607; Page Two, 6565 Gunpark Drive, Gunbarrel, 303-530-3339; King Soopers stores at 3600 Table Mesa Drive, 303-499-4004; 1650 30th St., 303-443-9622; and 6550 Lookout Rd., 303-530-1020.

For more information, contact:  Abby Daniels, 303.444.5192 or http://www.historicboulder.org

A Fort Collins‘ local paper, The Fort Collins Coloradoan, recently closed its printing plant, laying off 48 workers. Coloradoan printing will continue at Denver Newspaper Agency, which also printed the Rocky Mountain News until its wholesale closure in February of this year.

The Coloradoan operates a full-scale Web site, and is owned by Gannett Co, a Virginia-based news conglomerate.

In this followup installment to Taking the Oath, we’ll explore good real estate consumerism, and how to–and how not to–use a REALTOR to help you buy or sell a home.

When I married a lawyer, that was my family’s cue to open the floodgates at dinner to every bad lawyer joke ever conceived. The truth is that if I had married a REALTOR, the outcome would have been the same, but without an invitation to dinner.

Despite having had a REALTOR of many years in the family, an agent for Century 21 back in the gold sport jacket days, they’ve become a maligned and misunderstood entity back  home. This is what happens when misinformation meets preconceived notions. But if there are as many REALTORs as there are lawyers, logic commands that there are good ones and bad ones, but without having the convenient signifier of a white or black hat.

Categorically, the smart money is usually on using a qualified REALTOR (with a white hat). Most buyers and sellers find it too hard to go it alone, and the decision to forgo the second opinion of someone ensconced in the business can turn out to be costly. The caveat: Choose your REALTOR with the same care you would choose a babysitter, a doctor, an accountant. There are thousands of real estate agents out there, and while that may make your job of finding a great one a little more complicated, there are guiding principles that have served me and many others well over the years. Here are a few, and remember to play along at home by commenting on some of your own.

Do you know what you want?
At the end of the day, if you don’t know what you’re looking for, and what’s important to you, no one can help you, even the best agent in the business. Make the rules. Determine what your currency is, and stick with it. I decided during our last transaction, that we would go slowly, at a pace that was comfortable to us. Any agent who became frustrated at our pace, anyone who tried to hurry us into a contract, was not for us.  Once you know what part of the experience important to you, your agent has a much better chance at providing it.

Are you willing to stand up for yourself?
You want an agent who’s working for you, and your best interests. If you find your agent pulling stunts that rub you the wrong way, you have to get comfortable with the art of mature confrontation.

Trust your gut
Anything that smacks of desperation, amateurism, or underhandedness is probably real, not imagined.  Be up front, take those hunches, and act on them. The good news is, there is no shortage of good agents in your city or state.

Just the facts, ma’am
If weather is an important consideration, check the weather data, don’t just ask for someone’s subjective data. If traffic is a deal-breaker, look at Google traffic reports. Look up a neighborhood’s Walkscore if you crave a car-free experience. Check property values and comparisons, and ask your REALTOR for clarification or translation if you need it. Look into local schools using the Department of Educations scoring methods. In other words, don’t take someone else’s word for it, look at the facts, and then go about interpreting them.

The customer service team
Does your REALTOR have more backup than the NYPD? That’s going to be important, come go-time.

Consider the REALTOR himself
No, you’re not going to ask him to move in with you, but you are going to spend some time together. If you don’t jibe with him or her, you’re not going to have the best possible experience. The first REALTOR I ever hired spoke only to my boyfriend whenever we were all together, which was comical to me, considering I was the sole buyer and title holder.

Self-reliance and communication
If there’s one thing Suze Orman has taught us, it’s that we, at some point, have to look to ourselves for guidance.  No one can care as much about your home search as you, and no one will have to live with your choices but you. And at some point, your REALTOR will have to look to you for direction and guidance too. Decide what things you want your agent to deliver to you, and what kinds of services you think are worth paying for, and then ask for them. Aim high; you don’t just want someone who can open a lock box, you want someone who can provide value.  Resist the temptation to act on a friend’s referral, or use a friend who’s new to real estate.

Talk is cheap, information is cheaper (in a good way)
Today is when responsible consumerism marries technology; use the Web to research and find facts, and remember, now that information is freer than ever, you can’t use a price tag to conclude its worth. Use trusted sources, and check facts. Remember, this used to be a lot harder, way back when real estate agents wore big gold sport jackets with their names embroidered on the lapel.

RELATED ARTICLES ON THE WEB

• Finding the right real estate agent
• The home buying process
• For first-time homebuyers

When looking at a home, it’s hard to look at it in any other context than that day. Maybe it’s sunny out, or cold and damp, and it’s easy (or hard) to imagine yourself living there. That’s all good, but it’s important to consider that that same home was probably around long before you were. That’s why a home’s listing history and property values are good to have.

Traditionally, you had to sign up with a REALTOR before you were enlightened to these data. Today, you can either ask your agent to help you with data points such as listing history, days on the market, comparative pricing, and property values over time, or you can get them by signing up at COhomefinder.  There’s no obligation, and the client care team is happy to give you as little or as much hand-holding as you want.

But where a historical perpective counts is with the property’s informal history that’s usually recorded in the memories of the neighbors and other locals. If, for example, a property was the scene of a dramatic or catastrophic incident, that’s good to know. If a history of violence or repair doesn’t bother you, you might feel fine about continuing with a thorough home inspection. If it does, however, discovering the facts well before you start losing money and paying penalties is well worth it.

How would you like to work here, live here, and play here in north Boulder’s Holiday district? If you would, but are having trouble finding something with a cursory search, there are a few places to buy office space or a work/live condo unit in NoBo’s Holiday neighborhood that aren’t on the MLS.  Take a drive-by, or call an in-the-know Boulder REALTOR to help you snoop out the goods.  At last glance, prices are in the neighborhood of $275/sq. ft, with some units zoned for office only, and some for residential and/or office use.

To see how spring is shaping up in NoBo, here’s a quick video taken on a beautiful, quiet morning at the corner of Yellow Pine Ave and 14th Street.

April in NoBo from CO Homefinder on Vimeo.

If I could ask everyone who has ever been or ever will be a buyer of real estate to take an oath, it would be short. And it would go something like: “I pledge to be a good real estate consumer, and I promise to find a good balance between taking an active role in my experience and finding help.”

I have broken this oath a few times in my experience, and those were painful transgressions. Either I failed to consider the value of a good agent in the business, or I chose foolishly. Either I had handed over my home search or sale too much to someone else, or I thought I could do it all myself. A few times I’ve gotten it right, and there’s nothing better than knowing that it’s possible to buy or sell a home in Colorado (or any other state) without putting your life savings into the swear jar.

THE KEYS ARE NOT IN THE LOCK BOX, THEY’RE IN YOU
I’m not a realtor, or a REALTOR® , or a real estate expert, but I am a realist with a brain that works, and that entitles me to the opinion that the road to a good experience in any real estate transaction begins and ends with the basics: Real estate involves a series of collaborative efforts, and you are in charge of the formal and informal partnerships you create and negotiate.

We’ll do more delving into the art of being a good consumer of real estate, which, by the way, has never been easier to accomplish. That’s the good news. The bad news is that making seemingly small errors in judgment can cost you money, time, energy, happiness, and even relationships.

In future installments, I give you my take on the scarlet A: Agents. The good, the bad, the ugly, and the myths and stereotypes that plague them. I’ll opine on the market, using conditions to your advantage. And of course, more on how to use the modern conveniences of today to arm yourself with the information it takes to make good decisions.

Stay tuned, and as always, weigh in with your own opinion in the comments section.

May 4-8 is Teacher Appreciation Week, that time when parents and students take a moment to reflect on all the things teachers do.

In real estate, this sentiment applies because every home owner with a family knows how important it is to consider the school system when relocating or considering a move to a new community. Even homebuyers without children or with children in private schools outside the neighborhood are smart to check out the specifics of their local schools, as they have an impact on the market, the taxes, and the overall environment.

If you’re relocating to Colorado, and are unaware of the school system in the Colorado neighborhoods you’re considering, take a moment to find out a little about the school system there.  And if you do have children in school, thank a teacher today!

RELATED LINKS

• Why schools are a critical factor in buying a home, even if you don’t have children.
• Denver High Schools
• Aurora High Schools
• Boulder High Schools
• Arvada High Schools
• Westminster High Schools