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Archive for the 'Castle Rock Homes' Category
Paying off my house and the BIGGEST load of CRAP in real estate.
Aug 30th 10
Are tax deductions worth the interest?
Should you pay off your mortgage? I think most people should.
Today I’m talking about mortgages, paying them off and what I consider to be a load of crap pushed on home buyers by the lenders of America, accountants and YES the real estate brokers.
I’ve never understood why everyone says “oh you have to have a mortgage because you get the tax write off.”
I say BS. Wouldn’t it be better to have a paid for house with no interest payment and just pay the tax?
Here’s my way of thinking and no it didn’t originate from me. I was raised by two depression era grandparents that were basically in a steady savings cycle preparing for the next GREAT DEPRESSION.
(BELOW-I may be off a little but I hope you are getting the picture. I’m going off memory as I did not go into the basement and dig out my tax returns to write this post.)
Two years ago I remember looking at my year end taxes and seeing that my wife and I had paid around $14,000 in interest to the bank over the year. I also noticed that my WONDERFUL tax deduction was around $2,400.
So basically I have to pay a bank ~ $14,000 in interest to keep from sending the government $2,400. Is this the Great American Home Tax Deduction everyone says is so wonderful? Not to mention over the life of these mortgage loans you pay hundreds of thousands in interest to get in my opinion “NOT MUCH” in the way of a deduction.
It looks like a load of goods the banks & government put together to make us feel batter about all the interest the banks charge us.
Personally I think I would rather send the government their tax and just keep all my interest. Besides living in a paid for house has got to be a GREAT FEELING. Think about it. You are recession proof. If you lost your job you could easily go work at an hourly job and make the yearly tax and insurance payments. Hopefully it would only be temporary..right?
Vacations Paid For in Advance
I talked to my accountant about ways to payoff our house and told him that over our lifetime it would save my wife and I nearly $200,000 in interest. He told me “oh, well if you do that you won’t get your deduction.” I explained my theory to him and he still tried to tell me I needed this deduction. When I asked repeatedly why I have to have this deduction he couldn’t give me a real answer. He like so many others in the country have been brainwashed into thinking that we MUST have our deduction. Again BS.
Pay your house off and live like a Prince or Princess and have your income to save, invest and SPEND as you wish. Can you imagine that?
The other side is my investment adviser. He says “Steve you need to be putting money away for retirement.” Well, we are still saving. He says all that money in the house could be earning more money in the market. REALLY. Have you seen the market? I don’t know about you but a few more of these every 10 year implosions and I’m done with “the market.” I have highly paid professionals begging for alternatives to the stock market. They all love real estate right now. YEAH.
If you have your house paid for at an early age and have the remaining years of your working life to save, invest and actually enjoy a paid for vacation how would that feel? I think it would feel pretty damn good wouldn’t it.
No matter how you do it I think paying off your home as quickly as possible is the best way to go. Here is a recent article to help prove that it isn’t just me thinking this way. A lot of Americans are starting to see the benefits of being free from all debt and especially the home mortgage.
I think this guy, Dave Ramsey, has a lot going on in his debt free classes. A few years ago my wife and I went to his Financial Freedom class in Colorado Springs. We were basically on his program without knowing it. His word is true and if you stick with it you too will live like no one else so you can then live like no one else. Think about it. If you live frugally for several years to payoff all your debt it will allow you to live the rest of your life debt free. Plus along the way you will learn tricks (personal self control) that you apply once you become debt free that will save you money after you become debt free. In our society putting off our instant gratification so we could possibly live a better and more financially rewarding life in the future is a TOUGH sell.
I’m sure there are people out there that have different circumstances, needs and investment goals so this may not apply. But I believe for the average middle class person/family this is a viable option and should be explored. Just a few years ago talking about this to friends and clients was a dead end and they all thought I was a crazy person but now they seem to be coming out of the wood work to share their new goals of paying off their house.
Steven Beam is a CRS Realtor in Parker, Colorado. See client testimonials.
Steven Beam Social Media Connect.
Newlin Meadows Homes for Sale in Parker. Colorado
Meridian Village in Parker Colorado
Townhome for Sale in Parker Colorado
Lone Tree Colorado Homes for Sale
Housing Market News for Denver and Colorado
Jun 29th 10
Here are some quick links to local and National news articles pertaing to the housing & real estate market. I thought you might enjoy.
U.S. home prices rise 0.8% in April: S&P – Prices have moved up 3.8% in the past year, marking the third consecutive year-over-year gain. Prices rose in 18 of the 20 metropolitan areas tracked by Case-Shiller in April compared with March. Over the past year, prices rose 4.4% in Denver.
Additional articles that you may find of interest:
- Peloton offers stimulus discounts to next 12 buyers
- Utter, Bowes form firm
- Fannie Mae gets tough with ’strategic defaults’
- Home prices rise 0.8 pct. in April from March (Denver up 4.4% over the past year)
- Furniture Row buys Watkins land for $6.5M
- Banks: We’re Hiring
- Factory-Built Homes Gaining Acceptance
- Renovation Projects For Older Housing Must Follow EPA Rules
- What Wall Street reform means for your mortgage
21923 Swale Dr Parker Colorado Home for Sale
May 6th 10
21923 Swale Drive
Parker Colorado 80138
HOME FOR SALE
Swale Dr in Parker Colorado For Sale
Located in the Villages of Parker and right next to the Black Bear Golf Course Swale Drive is a nice place to call home. The house site on a great interior lot and has a huge cul-de-sac in the front for the kids to play in. Built in 1999 this home has been well maintained and cared for.
New roof, granite kitchen counters and exterior paint.
Details for 21923 Swale Drive.
- MLS # 882027 Download the MLS Sheet Here
- 3 Bedrooms on the upper level
- Main floor office or bedroom
- Basement bedroom or office
- Fully finished Walkout basement
- Total sqft 3389
- Finished sqft 3389
- Bathrooms 4 [2 full baths upstairs, powder room on main level, 3/4 bath in the basement.
- Wet bar and media room in the basement with BEER on TAP!
- Formal living and dining room
- Big views from the deck.
Other Homes for sale in Parker Colorado
Home for sale in Elizabeth Colorado
Real Estate Closing TIPS.
Apr 21st 10
- Real Estate Closing Tips
Here are a few quick reminders of things to watch out for before and during closing a real estate deal in Colorado.
- Don’t open any credit accounts after you have been approved for your loan and before closing. Wait until after closing to open any new accounts. The lender will re-check your credit just before closing. If they see new credit lines opened you may not qualify for the loan anymore.
- Make sure to schedule and complete a final walk through inspection of the house just before going over to the closing office. I ran into a friend today that when they completed their walk-through this morning on the house they were about to close the realized the family dog was so upset from all the furniture missing they the dog peed all over the house and carpet. A Disaster Recovery Team was called to come do clean up.
- Make sure to check with your bank at least two weeks prior to closing on the availability of funds you will need for closing. Also ask them how long it takes to get a Cashier’s check or wired funds from your account. Two weeks is important because many banks can complete most money transfers within that time frame. Colorado real estate transactions are closed with “GOOD FUNDS.” It’s sort of like sliding a briefcase full of cash across the table to the seller.
- Ask your real estate broker, lender and title company to please give you a complete copy of the Settlement Statement 24 hours in advance of the closing so you can have plenty of time to review the numbers and have changes made if needed.
- Make sure you bring a photo ID. They have to make sure you are a legal citizen and check to see if you are a terrorist.
- Be prepared for a minimum of 45 minutes if you will be at the closing by yourself. If the buyer and seller are closing at the same time expect a minimum of 2 hours.
- Finally but most important…NEVER piss off the title lady otherwise known as the closer. They have the ability to make your life hell at closing.
How is the real estate market in Parker Colorado?
The Home Buyer Tax Credit is Going Away!
Apr 2nd 10
Home Buyer Tax Credit
I guess we can all kiss the government Home Buyer Tax Credit bye, bye, bye. From the reports I’ve read and information I’ve heard it appreas to be going away with not much of a chance for a second extension.
NAR , The National Association of Realtors, appears to have given up hope of getting it extend and posted this information on a website.
“NAR has had extensive discussions with congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focusing on improving the availability of financing.”
Well that sure is a bummer but at least we know they are going to now try and work out the many wrinkles in the mortgage industry. This should be interesting going forward.
Congratulations to all you buyers and sellers that took advantage of the tax credit and received your benefits.
Steven Beam is a member of the National Association of Realtors.
5792 Diamond Ridge Parkway, Castle Rock Colorado Home for Sale
Mar 3rd 10
This is the Castle Rock Colorado Home for sale Video. 5792 Diamond Ridge Parkway in the Diamond Ridge Estates. Asking price is $575,000.
Parker Colorado Christmas Tree Lighting Festival November 27
Nov 24th 09
Parker Christmas Tree Festival
- Parker, Colorado Christmas Tree lighting festival.
- Friday, November 27th
- Starts at 5:00 and the tree lighting will begin around 6PM.
- The Lions Club will have their famous chili and the Children’s Choir will be singing.
- See you there. Dress warm!
NEWS-Real Estate Market Report for Douglas County-Parker Colorado Real Estate
Oct 30th 09
REAL ESTATE MARKET UPDATE
An Information Service of RE/MAX Alliance/Douglas County
October/2009
Real estate markets are always bottom-up markets. Which means? For a real estate market to sustain itself and flourish, the bottom of the market, that being the less expensive properties, must sell in a timely manner. When the bottom of the real estate market suffers, the entire market is negatively impacted.
The government’s $8,000 tax credit, which ends in late November/2009, unless there is an extension or change in the program, was designed to serve two purposes: (1) provide first-time home buyers an incentive to buy now, and (2) stimulate the housing market by getting entry level homes sold so current homeowners could “move-up” to more expensive properties. The result being that life would be breathed back into the overall housing market.
There were some hurdles to overcome to this seemingly perfect plan. First, with the economy limping along, home values had been driven down in most geographic areas around the country, resulting in a loss of homeowner equity. A home seller considering buying-up now had less cash in their current home to buy-up with. Second, almost overnight the home mortgage industry went from loaning money to anyone with a pulse to being over selective as to whom they would bless with their sacred funds. Finally, the uncertainty of the job market and the high unemployment rate has led to many potential move-up buyers deciding to rent rather than buy. This has resulted in the more expensive homes being forced under the boot of foreclosure or short sale, or they have become rental havens for those individuals choosing not to buy now or not having the ability to buy now.
Below is a brief overview of the absorption rates for single family homes for the Douglas County area through September for the past two years. The Absorption Rate is the length of time it would take for the existing inventory to sell assuming two things happen: (1) the rate of sales activity remains the same, and (2) no new listings come into the marketplace during that period of time (this is not going to happen). (Metrolist MLS is the source of information.)
“NEWS Articles of Interest for the Denver & Douglas County Real Estate Market”
Denver fares better than nation in home resale prices - According to a First American CoreLogic Inc. report released yesterday, Denver-area home resale prices dropped in August year over year, but were down far less than the national average. First American’s LoanPerformance Home Price Index (HPI) showed that metro Denver’s average home-resale price — including sales of distressed homes such as foreclosures and short sales — decreased 1.44% in August from the same month of 2008. Nationwide, resale prices dropped 10.1% in August from August 2008. By comparison, July home prices in the Denver area dropped 2.64% from those of July 2008, and June prices were down 3.21% year over year. However, when distressed sales are excluded, August home prices were down less than 1% — .58% — from the prior-year August. July prices, not including distressed sales, decreased 1.26% and June’s prices dropped 1.68% year over year.
http://denver.bizjournals.com/denver/stories/2009/10/26/daily51.html
Freddie Sees Weekly 30-Year Fixed Rate Pass 5% - The 30-year fixed-rate mortgage averaged 5.03% with an average 0.7 point for the week ending October 29, 2009, according to Freddie Mac’s Primary Mortgage Market Survey. Last week, it averaged 5.00%, and a year ago it was 6.46%. Sales have increased, prices are down and supply is starting to decline, according to Bankrate.com. Susan Wachter, a real estate professor at the University of Pennsylvania’s Wharton School of Business, said in the Bankrate.com survey the housing market is not at a false bottom. “These are strong numbers, but not surprisingly strong numbers,” Wachter said. “The fundamentals are in place for a recovery — however, a slow recovery.”
http://www.housingwire.com/2009/10/29/freddie-sees-weekly-30-year-fixed-rate-pass-5/
Additional articles that you may find of interest:
Building a home yourself without swinging a hammer
http://www.9news.com/money/consumer/article.aspx?storyid=125948&catid=103
Homebuyer Credit Gets New Life
http://www.realtor.org/RMODaily.nsf/pages/News2009102901
How to Tell Mortgage Rates Are Rising
http://www.realtor.org/RMODaily.nsf/pages/News2009102904
FHA 203(k) Loans on the Rise
http://www.realtor.org/RMODaily.nsf/pages/News2009102906
Investor Report: Fannie Mae’s PRP
http://realtytimes.com/rtpages/20091030_investorreport.htm
Castle Rock Colorado Real Estate Stats Market Report
Oct 9th 09
Here is the September 2009 real estate market report and stats for Douglas County West which includes Castle Rock and surrounding areas. Castle Rock real estate is doing ok compared to many other areas. I think everyone I show homes to in Castle Rock loves it. The views and landscape are beautiful. If you want to see every home for sale in Castle Rock look below as I have a FULL list of every home for sale in Castle Rock, Colorado.
See the graph below.
- Absorption Rate = 10 months of inventory supply right now.
- Average Days on Market = 158 now versus 122 just one year ago.
- New Active Listings = 1,311 that are active right now.
- Sold Homes YTD for 2009 = 1,078 versus 1,238 sold by this time last year.
Castle Rock Homes For Sale
Click the Graph to Enlarge.
Castle Rock Real Estate Stats
Thank you Jim Renshaw and Land Title for these great graphs and stats!
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