Colorado Mortgage Broker

With home prices holding firm and colorado mortgage rates still dropping, home affordability is reaching new heights.

According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between April-June 2010 were affordable to families earning the national median income.

It's a slightly higher reading as compared to last quarter, and the second highest reading in the survey's history.

As with all aspects of real estate, however, home affordability varies by locale. 

For example, 97.2% of homes sold in Syracuse were affordable for families making the area's median income, earning the New York city its first "Most Affordable Major City" designation.  Indianapolis was the first quarter winner.

On the opposite end of the spectrum, the "Least Affordable Major City" title went to the New York-White Plains, NY-Wayne, NJ area for the 9th consecutive quarter.  Just 19.9% of homes are affordable to families earning the local median income, down 1 percent from last quarter.

The rankings for all 225 metro areas are viewable on the NAHB website but regardless of where you live, buying a home is as affordable as it's ever been in history. Furthermore, because home values are in recovery and mortgage rates may rise, the market is ripe for home buyers.

All things equal, buying a home may never be this inexpensive again. If you were planning to purchase later this year, you may want to move up your time frame.

Sometimes, you need to look deeper than the headlines to get the news that matters. This basic truth's latest example comes from the July Housing Starts data, as published by the U.S. Census Bureau.

According to the newspapers, Housing Starts improved last month:

• US Housing Starts Make Modest Rebound (FT)
• Housing Starts Rise Slightly (MoneyWatch)
• Housing Starts Tick Higher In July (MarketWatch)

However, these stories are speaking in terms of all housing starts -- not just the single-family ones. This is a major point of difference for home buyers in Evergreen because the most people don't buy the multi-unit homes and apartment buildings that's also a part of the Housing Starts data. 

The overwhelming majority of buyers buy single-family homes and in July, as in the previous 3 months, the number of single-family housing starts fell.

In fact, single-family housing starts are down by nearly 25 percent since April and are now at their lowest levels since May 2009.

This is a much different message from the headlines above.

It's not surprising that single-family housing starts are down; builder confidence is down as well and the two metrics tend to trend in the same direction.

Furthermore, building permits for single-family homes fell in July, too.

As a home buyer, the drop in Housing Starts should help reduce housing inventory in the months ahead.  This may lead home prices to rise because home values are based on supply and demand.  For home sellers, falling starts should help reduce competition for buyers.

Each real estate market is unique and supply levels will vary from ZIP code to ZIP code. For up-to-the-minute inventory levels, make sure to talk with your real estate agent.

The New York Times ran an important story this week concerning pregnancy and Colorado Mortgage approvals. Titled "Need a Mortgage? Don't Get Pregnant", the article discussed the difficulties that expecting and recently-expanded families are having with their Colorado Mortgage financing.

NBC's The Today Show picked up the story as well, as shown in the 3-minute clip above.

The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time.  The loss of income can raise a household's debt-to-income ratio to unlendable levels.

Now, your Colorado Loan Officer cannot ask you about a pregnancy; such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to broach the topic. And you should. If you're found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid.

Across both pieces, though, the prevailing message is this: Families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their loan officers. Colorado Mortgage financing is often still available for families expecting an addition -- there's just some extra paperwork though which to work.

Be prepared for that paperwork and you're more likely to get your Colorado Home Loan.

Builder confidence in the housing market slipped this month, according to the National Association of Homebuilders' monthly Housing Market Index.

The Housing Market Index is actually a weighted composite of 3 separate surveys. One measures current single-family sales; one measures projected single-family sales; and one measures traffic of prospective buyers.

All three surveys were down in July:

• Single-Family Sales : From 17 (June) to 15 (July)
• Single-Family Project : From 22 (June) to 21 (July)
• Buyer Foot Traffic : From 13 (June) to 10 (July)

The HMI's July reading of 14 puts confidence at its lowest point since April 2009.

For home buyers in Denver, a drop in builder confidence could create an opportunity for negotiation.  With Colorado Mortgage Rates at record lows, this means great deals on homes in Colorado.

Remember, it wasn't too long ago that most Colorado home builders were flush with home inventory, unable to find willing buyers. To help move product at that time, builders dropped prices and offered incentives including free upgrades. If confidence continues to sag going forward, home purchase deals of that nature may return -- especially as the foreclosure market gets larger.

See, in the past, builders' main competition for Colorado Home Buyers were the existing home sellers.  Today, builders compete with the existing home sellers and the banks with REO. 

It's a terrific time to be a Colorado Home Buyer, in other words -- sellers are fighting for you. It's no wonder sellers have little leverage anymore. Couple that with all-time low Colorado Mortgage Rates and affordability for homes is at an all-time high.

If you're planning to buy a home later this year, you may want to consider moving up your time frame. The market looks ripe for good deals this summer.

Don't Miss Out! Home Owner Tax Deductions for 2010 Denver Colorado

If you don't take advantage of these Home Owner Tax Deductions you are throwing your money down the drain.  You may already be aware of some of the following Home Owner Tax Deductions, but some you may not know about. 

Mortgage Interest:  The interest you pay on your mortgage is tax deductible.  Your mortgage company should have provided a 1098 mortgage interest statement to you by now which breaks down the total amount of interest that you paid in 2009.  This is one of the biggest Home Owner Tax Deductions that you have.

Property Taxes:  Property taxes are another of the Home Owner Tax Deductions you can take advantage of this year.  You must itemize your deductions in order to take this one, but starting in 2008, the government started allowing filers who have the standard deduction to take advantage of this as well.

Home Buyer Tax Credit:  By now you have probably heard enough about this Home Owner Tax Deduction but the home buyer tax credit is a huge tax break to both first time home buyers and existing home owners.  The credit is $8000 for married first time home buyers, $4000 for singles, and $6500 for married move up buyers, $3250 for singles.  This one is a straight tax credit!  You must be under contract by April 30th to take advantage of this Home Owner Tax Deduction!  You can find more details here:  Home Buyer Tax Credit

Mortgage Points:  Points paid for buying a home are fully tax deductible in the year you purchased your home.  On a refinance, points must be amortized over the life of the loan meaning that if you paid for example $3000 in points on a 30 year fixed mortgage, you can only deduct $100 per year each year for 30 years.

Private Mortgage Insurance:  Private Mortgage Insurance, or PMI, is one of the more recent Home Owner Tax Deductionsthat congress approved.  You can write of the cost of your monthly PMI payment if you have PMI, common for loans with less than 80% loan-to-value ratio.

Home Improvements:  Keep your receipts!  Home improvements are not Home Owner Tax Deductions for this year, but if you keep records, the amount of improvements can be added to the sale price of your home in the year you sell when determining the tax basis for the sale.  Energy efficient improvements may be tax deductible in the year you make the improvements!

Tax Free Profit on Sale:  One major advantages of home ownership is the ability to take tax free profits on the sale of your home.  The rule for this Home Owner Tax Deductionis that you must have lived in the home for at least 2 of the last 5 years as your primary residence.  Single filers are exempt from $250,000 in gains, married couples are exempt from $500,000.

This article is not tax advice and I am not a tax professional or CPA.  Please consult with your tax advisor for verification of your specific Home Owner Tax Deductions!

Affordable Homes in North Evergreen Colorado

Are you wanting to live in North Evergreen but think you can't afford it?  Think again!  There are Affordable Homes in North Evergreen.  It's just a matter of being patient and working with a great Realtor who is also patient and knows what you are looking for.

North Evergreen is the most coveted area of the Evergreen/Conifer corridor because of the easy access to Evergreen Parkway.  The infamous 3-way stop light in downtown, and the traffic jams that build up there, can be avoided by living in North Evergreen.

But the location comes at a price.  The typical home in North Evergreen is priced well above a comparable home in South Evergreen or Conifer.  Finding Affordable Homes in North Evergreen can be difficult.

So, to help you out, here are a few areas in North Evergreen to consider in your search for Affordable Homes:

Hiwan Hills:  Hiwan Hills is the little brother of the famous Hiwan Country Club area, and has pockets of Affordable Homes without the high HOA dues.  If you find the right home in Hiwan Hills, snatch it up fast because it won't last long.

Troutdale:  Borderline Affordable Homes can be found in Troutdale Village.  It just depends on what you define as affordable, but entry homes in this prime neighborhood start around $450,000.

Evergreen West:  Excellent schools and scenery, as well as some of the most Affordable Homes in North Evergreen, highlight the Evergreen West community.

Wah Keeney Park:  Great views and Affordable Homes can be found in this community, with quick and close Evergreen Parkway access.

El Pinal:  Located right next to Wah Keeney, El Pinal's only downfall is that most of the neighborhood only has sparse trees and it can get windy.  However, great views and the new park in the neighborhood make it worth a look.  Affordable Homes abound in El Pinal.

Downtown:  Some consider the small neighborhood behind downtown Evergreen to be part of Hiwan Hills, but don't forget about it in your quest for Affordable Homes in North Evergreen.  The location of this neighborhood can't be beat.  Walk to downtown!

Hopefully, this primer has helped you to zero in on a few neighborhoods where you can find Affordable Homes in North Evergreen.

Here is a list of our recommended Evergreen Realtors.

Homes in Evergreen West, Evergreen Colorado

Homes in Evergreen West represent some of the best value in the North Evergreen area.  Not only will you enjoy easy access to one of the highest rated elementary schools in the state, King Murphy Elementary, but you will enjoy great scenery and friendly neighbors.

The community sits west of Evergreen Parkway, with most of the Homes in Evergreen West sitting on or near Witter Gulch Road or Stagecoach Blvd.  Much of the neighborhood sits in Clear Creek County, representing lower taxes and access to King Murphy Elementary.  King Murphy has consistently rated at or near the top of all elementary schools in the state and sits in an idyllic setting among the pines and hills in the area. 

With a location a little farther from amenities and Denver access than other North Evergreen communities, Evergreen West makes up for it with spectacular scenery and views, with most homes sitting on large lots.  Homes in Evergreen West are also very affordable, one of the most affordable neighborhoods in North Evergreen, with many homes in the upper $300's and $400's. 

The community is extremely active, with families involved in the activities of the area and the schools.  The sense of community is one of the big draws to the area, and central to why King Murphy is such an excellent elementary school.

The community is quite large, encompassing hundreds of homes along it's many side streets.  Although Homes in Evergreen West are for the most part at least a 5 or 10 minute drive from Evergreen Parkway, the main arteries of Witter Gulch and Stagecoach Blvd are kept well plowed during winter storms to make the area easily accessible.

It is a must to include Homes in Evergreen West in your Evergreen Home Search.  The affordability, beauty, and sense of community in the area make it one of the best neighborhoods in North Evergreen.

Homes in Troutdale Evergreen Colorado

With one of the best locations in North Evergreen, Homes in Troutdale provide all the best that Evergreen has to offer.

Many of the Homes in Troutdaleback to the Dedisse Park, an expanse of open space with wonderful trails leading to and around Evergreen Lake.  This excellent location makes for a short walk or bike ride to central Evergreen events, the golf course, and Evergreen Lake.

There are not many Homes in Troutdale.  The area is a smaller community with newer homes and only a couple streets in the entire neighborhood.  The prime location was originally a vacation retreat that was first built in 1920 for the vacationing Denver elite.  The glamorous Troutdale-in-the-Pines consisted of about 500 cabins and offered a resort-like setting to it's visitors.  The original owner of the resort built the Evergreen Golf Course and was behind the establishment of Dedisse as an open space park.  Only in recent decades was Troutdale developed into a residential neighborhood.

One of the best things about Troutdale is that it is one of the more affordable neighborhoods in North Evergreen.  Homes in Troutdale start in the mid-$400's for one of the many townhomes, and range much higher for single-family homes, but affordable options can be found.  However, high-end luxury homes with spectacular views can also be found as in most Evergreen neighborhoods.  Search for Homes in Troutdale.

The location of Homes in Troutdale allow for easy access to Evergreen Parkway, and all that Denver has to offer is a mere 30-40 minutes away.  Shopping for all of the essentials is within only a couple miles, and downtown Evergreen is less than a mile away.  The family oriented neighborhood is a great place to raise kids and Evergreen schools are among the best in the state.

Mountain Biking Trails in Evergreen Colorado including Dedisse Park.

Homes in Upper Bear Creek Evergreen Colorado

One of the most exclusive neighborhoods in Evergreen, Homes in Upper Bear Creek meander along the winding creek for several miles with a few small offshoots of side streets. 

Homes in Upper Bear Creek begin less than a mile beyond the Evergreen Golf Course.  The main road is Upper Bear Creek Road, which makes it's way through a tight canyon for the first mile, with many nice homes in that area.  Beyond that, the canyon opens up, and spectacular views of Mount Evans are seen from most of the Homes in Upper Bear Creek.

Some of Evergreen and Denver's elite live and have lived in Homes in Upper Bear Creek, as the babbling brook and fantastic views make for a relaxing and luxurious setting.  The community has a rich history, originally envisioned as a high end area when the Troutdale area was developed and the Evergreen Gold Course constructed in the 1920's.  Early developers saw the potential to build Homes in Upper Bear Creek because of the natural beauty of the area.

Most Homes in Upper Bear Creek are in the $500,000 and above range, with many priced well over $1,000,000.  You can Search for Homes in Upper Bear Creek here.  Although many of the Homes in Upper Bear Creek are luxury homes and priced accordingly, there are many affordable options and bargains to be found as well.

The location of this neighborhood is excellent, with Evergreen Lake at the mouth of the canyon where Upper Bear Creek spills out into the lake.  The golf course and Lakepointe Center are right there, with downtown just a short drive around the lake.  Safeway and other amenities are nearby as well, with easy access to Evergreen Parkway.

The setting for Homes in Upper Bear Creek is one of the most spectacular in Evergreen, and worth a look if you are considering buying a home in Evergreen!

Read about other Neighborhoods in Evergreen

Homes in Wah Keeney Park Evergreen Colorado

Homes in Wah Keeney Park are among of the most affordable in North Evergreen, and is a great place for a family looking for affordability with a great location.

Dating back to the 1930's, Homes in Wah Keeney Park are some of the oldest in Evergreen, with some newer construction mixed in.  The neighborhood provides opportunities for both first time home buyers looking for a perfect starter home as well as higher end luxury homes with spectacular views.

Homes in Wah Keeney Park are sandwiched between the Hiwan and El Pinal neighborhoods, with close access to Evergreen Parkway.  There is easy access to shopping, banking, grocery stores, recreation, and more.

Recreation is abudant in Evergreen, and access from Homes in Wah Keeney Park is no exception.  Close by is popular Elk Meadow Open Space which can be easily accessed by bike or foot.  Elk Meadow boasts miles of excellent single track mountain biking with magnificent views from the top of the popular Bergen Peak climb.

Also nearby is the newly constructed family park in the El Pinal neighborhood, right by Evergreen Parkway, which can also be easily reached by foot or bike.  The park is a popular spot for families on nice days, and hosts many youth sports leagues on the playing fields.  Homes in Wah Keeney Park have easy access to these recreational amenities and more.

Denver is just a short 30 minute commute from Homes in Wah Keeney Park, so if you work in Denver but want to live outside the city, this area provides a great blend of mountain neighborhood living with the nearby convenience of the city.  Rockies and Broncos games are only a short drive as well, and access to the mountains for weekend getaways such as skiing and camping is much more convenient from Homes in Wah Keeney Park than from Denver. 

Homes for Sale in Wah Keeney Park