8/14/2012
Monthly Economic Summary for Residential Real Estate
BY: Article and data provided by: Metro Denver Economic Development Corporation (Metro Denver EDC)
Following the typical seasonal slowdown, Metro Denver existing home sales declined between June and July. Total Metro Denver home sales through the first seven months of the year, however, were 16.8 percent higher than sales reported during the same months of 2011. Although the housing market is stronger compared to last year, a shrinking housing inventory continues to limit buying opportunities. However, analysts say historic affordability continues to keep buyer interest strong despite ongoing difficulties in securing financing. Total unsold inventory for all of Metro Denver in July was a substantial 38 percent below the unsold inventory available at the same time in 2011.
Despite the month-over-month decline in existing home sales, stronger home sales overall are helping to support higher home prices. The July average sales price for Metro Denver's single-family homes was up 4.8 percent over-the-year, and the average price for condominiums was up 24.3 percent.
The pace of new filings in Metro Denver is still on the rise as banks continue to clear their backlog of inventory. Metro Denver public trustees filed four percent more foreclosures through the first six months of 2012 than they filed during the same period last year but was 29 percent lower than the count recorded in the first half of 2010. Officials with each of the seven counties except Boulder reported year-to-date new filings that were at least 1.5 percent above comparable 2011 numbers.
Metro Denver officials issued 84.8 percent more residential building permits in June than they did in June 2011, a sign that new home construction is on the rise. Building activity for detached single-family homes and apartments continued at a measured pace, while permit activity for condominiums and townhomes was also up over-the-year.
The total count of Metro Denver building permits pulled through the first half of the year was 68.5 percent higher than the number pulled during the first six months of 2011. Notably, total building permit issuance for multifamily projects rose 173.1 percent between the first six months of 2011 and 2012.
Data from the Denver Metro Apartment Vacancy and Rent Survey show the region-wide average apartment vacancy rate in the second quarter (4.8 percent) was the lowest reported since early 2001. Second quarter vacancy rates around the region ranged from 3.6 percent in the Boulder/Broomfield area to 5.5 percent in Arapahoe County.
These lower vacancy rates have also pushed rental rates higher. In fact, analysts say the demand for rental properties has begun to outpace new construction activity. The region-wide average rental rate in the second quarter ($980) was 7.1 percent higher than last year's average rate, and rates around the region were up from last year's levels by anywhere from 2.3 percent in Adams County to 9.6 percent in the City and County of Denver.
Article and data provided by: Metro Denver Economic Development Corporation (Metro Denver EDC)
Following the typical seasonal slowdown, Metro Denver existing home sales declined between June and July. Total Metro Denver home sales through the first seven months of the year, however, were 16.8 percent higher than sales reported during the same months of 2011. Although the housing market is stronger compared to last year, a shrinking housing inventory continues to limit buying opportunities. However, analysts say historic affordability continues to keep buyer interest strong despite ongoing difficulties in securing financing. Total unsold inventory for all of Metro Denver in July was a substantial 38 percent below the unsold inventory available at the same time in 2011.
Despite the month-over-month decline in existing home sales, stronger home sales overall are helping to support higher home prices. The July average sales price for Metro Denver's single-family homes was up 4.8 percent over-the-year, and the average price for condominiums was up 24.3 percent.
The pace of new filings in Metro Denver is still on the rise as banks continue to clear their backlog of inventory. Metro Denver public trustees filed four percent more foreclosures through the first six months of 2012 than they filed during the same period last year but was 29 percent lower than the count recorded in the first half of 2010. Officials with each of the seven counties except Boulder reported year-to-date new filings that were at least 1.5 percent above comparable 2011 numbers.
Metro Denver officials issued 84.8 percent more residential building permits in June than they did in June 2011, a sign that new home construction is on the rise. Building activity for detached single-family homes and apartments continued at a measured pace, while permit activity for condominiums and townhomes was also up over-the-year.
The total count of Metro Denver building permits pulled through the first half of the year was 68.5 percent higher than the number pulled during the first six months of 2011. Notably, total building permit issuance for multifamily projects rose 173.1 percent between the first six months of 2011 and 2012.
Data from the Denver Metro Apartment Vacancy and Rent Survey show the region-wide average apartment vacancy rate in the second quarter (4.8 percent) was the lowest reported since early 2001. Second quarter vacancy rates around the region ranged from 3.6 percent in the Boulder/Broomfield area to 5.5 percent in Arapahoe County.
These lower vacancy rates have also pushed rental rates higher. In fact, analysts say the demand for rental properties has begun to outpace new construction activity. The region-wide average rental rate in the second quarter ($980) was 7.1 percent higher than last year's average rate, and rates around the region were up from last year's levels by anywhere from 2.3 percent in Adams County to 9.6 percent in the City and County of Denver.
Article and data provided by: Metro Denver Economic Development Corporation (Metro Denver EDC)
8/08/2012
7/08/2012
Denver Real Estate Market Continues to Sizzle
The latest data from Metrolist®, the largest real estate multiple
listing service (MLS) serving Colorado real estate agents, show June to
be another impressive month for Denver Metro area home sales.
With a 6% increase over last month's rising numbers, total sales for single family residences in the Denver residential market are now running 20% ahead of the same period last year. According to Metrolist, the provider of REcolorado.com, average days on market (DOM) fell another 8% to 72 days, a full 32 days shorter than June 2011.
According to Kirby Slunaker, President and CEO of Metrolist, the
fast-moving market is a function of rising demand and dramatically
shrinking inventories.
"We're nearing inventory levels that are about 40% under last year's available units while sales continue to run well ahead of 2011 figures," says Mr. Slunaker. "In other words, product that's priced right and ready to sell is moving quickly. We expect the Denver market to really sizzle this summer."
"With double-digit increases in prices and sales volume from last
year, I have to think Denver is among the better performing markets in
the U.S. today," says Mr. Slunaker. "The bottom line is we need more
available inventory for homebuyers to choose from."
With a 6% increase over last month's rising numbers, total sales for single family residences in the Denver residential market are now running 20% ahead of the same period last year. According to Metrolist, the provider of REcolorado.com, average days on market (DOM) fell another 8% to 72 days, a full 32 days shorter than June 2011.
"We're nearing inventory levels that are about 40% under last year's available units while sales continue to run well ahead of 2011 figures," says Mr. Slunaker. "In other words, product that's priced right and ready to sell is moving quickly. We expect the Denver market to really sizzle this summer."
The Metrolist report also showed prices in the Denver metro area on the
rise. The average sales price for single-family homes rose to $297,597
in June, a 5% jump from May and a 12% increase from last year. Excluding
condos, the average home sales price in the region was $324,497 for the
month.
7/06/2012
June Reality Check
In real estate, as in many things in life, size and experience do matter. Buying or selling a home is often the single largest financial decision any of us will make in our lives. It’s an extremely complex and time-consuming process, with lots of exciting opportunities but plenty of potential pitfalls as well. This is no time to take a chance by working with an amateur.
Especially in today’s challenging market, it pays to use the best real estate company in the field. Hiring the top real estate brokerage means you’re working with the most successful company in your local market, whose agents have a long and proud track record of efficiently and effectively marketing properties and helping consumers just like you find the home of their dreams.
And in Colorado, that undisputed real estate market leader is Coldwell Banker Residential Brokerage.
The Denver Business Journal and RISMedia recently ranked Coldwell Banker number one among all residential real estate companies along the Front Range for the 14th consecutive year.
Not only was Coldwell Banker Residential Brokerage ranked the top brokerage again, but perhaps even more impressive, the company increased its total sales volume and total number of transactions in 2011 over the previous year, a notable accomplishment by nearly any measure when considering the challenging real estate market and overall economy.
The company completed more than $2.3 billion in sales and represented more than 8,200 buyers and sellers last year. And through its internationally renowned Coldwell Banker Previews® program, the company is widely recognized for its expertise in the luxury housing market.
This kind of professional success doesn’t just happen. It’s earned by the hard work of the most experienced and savvy Realtors in the business who work for Coldwell Banker Residential Brokerage. Their proven track record is just one reason why buyers and sellers, year after year, come back to Coldwell Banker for all their real estate needs.
Because Coldwell Banker’s sales professionals have handled so many transactions, they truly understand the ins and outs of the local real estate market. Our Realtors not only know the homes and specific neighborhoods in our communities, they often know the sellers and potential buyers, the local schools, community parks, commute times and even some of the best restaurants for great pasta!
Working with the industry leader also means having the networking advantages that small brokerages can’t touch.
The real estate business has changed so much over the years. While the buyer of your home may still come from across town, there’s also a decent chance that he or she may come from across the country – or even across the Pacific or Atlantic. Having the local, national and international reach of Coldwell Banker expands your marketing potential in an increasingly global economy.
Coldwell Banker Residential Brokerage has nearly 1,000 sales professionals working in 15 offices from Pueblo to Fort Collins and everywhere in between. And through the Coldwell Banker organization, local agents are connected to 85,000 Realtors in 3,100 offices across the country and around the world.
Some other advantages of working with Coldwell Banker Residential Brokerage, the market leader:
- The best agents in the business. A real estate company is only as good as its individual agents. Year in and year out, our agents often rank among the top Realtors – not just in our local market, but throughout the United States. Nationally, Coldwell Banker scooped up more spots than any other brand in this year’s prestigious Wall Street Journal/REAL Trends ranking of the top 1,000 Realtors in America. A total of 218 Coldwell Banker agents made the list for sales volume and number of transactions, fully one out of every five honorees!
- Superior professional experience. Our agents are some of the most seasoned veterans of the Colorado real estate market. Many have helped consumers buy and sell dozens or even hundreds of homes over the years. Our highly skilled agents have managed to succeed for their clients in good times and in bad, in booming markets and in recessions.
- Local market knowledge. There’s an old saying that "all politics are local." The same can be said about the real estate market. It doesn’t matter what the national real estate market is doing; what matters most is what is happening along the Front Range. You need a real estate broker who knows your market and the homes within your price range. Coldwell Banker agents know the ins and outs of different neighborhoods, how best to effectively market your home or which areas might provide you with the best home to suit your needs and budget.
- A leader in corporate relocations. Business relocations account for a number of homebuyers in many cities. Few real estate companies generate more corporate relocations in Colorado than Coldwell Banker Residential Brokerage. Each year, we assist more than 4,000 relocating buyers and sellers. Our connections mean we’ll show your home to corporate transferees that most real estate companies don’t have access to.
- Incomparable marketing support. Coldwell Banker Residential Brokerage provides critical exposure of your home through a sweeping, aggressive local and regional advertising presence. The power of global advertising with the most recognizable brand name in real estate puts your listing in front of an ever-increasing pool of potential buyers.
- Cutting-edge Internet exposure. Nearly nine out of 10 homebuyers begin their real estate search online. It’s no longer enough to use traditional print and direct mail advertising to sell a property. Coldwell Banker offers not just one but a host of popular websites to match buyers and sellers. Besides ColoradoHomes.com and ColdwellBanker.com, we tap into sites hosted by the New York Times and Wall Street Journal, REALTOR.com, Trulia.com, Yahoo Real Estate and more than 600 additional websites around the globe.
- Superior training for agents. The real estate business is a very challenging and complex field that changes all the time. That’s why it’s critically important for agents to stay on top of the latest professional and marketing issues. Our agents receive comprehensive training in all aspects of the real estate transaction process. By receiving the most up-to-date professional education, our agents make sure you receive the very best possible support to meet your real estate goals.
Buying or selling a home is never easy. But by working with the best real estate company in the industry you can make the experience a whole lot easier. If you’ve been thinking about buying or selling a home, now’s a great time to jump into the market. And Coldwell Banker Residential Brokerage professionals are ready to help you get the most for your property or find the home of your dreams. Just give me a call and we’ll get started today!
6/29/2012
6/27/2012
6/23/2012
6/19/2012
6/07/2012
Home prices up for 2nd straight month in April
By Inman News
Inman News®
U.S. home prices rose on both an annual and monthly basis for the second month in a row in April, according to a home-price index compiled by data aggregator CoreLogic.
Prices increased 1.1 percent in April compared to April 2011 and 2.2 percent compared to revised figures for March. When distressed sales -- short sales and real estate owned (REO) properties -- are excluded, prices jumped 1.9 percent year over year and 2.6 percent month to month.
With this report, CoreLogic also introduced a pending home price index based on recent prices changes gleaned from multiple listing service data. That index forecasts that home prices rose another 2 percent between April and May, CoreLogic said.
Anand Nallathambi, CoreLogic's president and CEO, said in a statement that the increases are a sign "the housing market is stabilizing."
"Home prices are responding to a restricted supply that will likely exist for some time to come -- an optimistic sign for the future of our industry."
Mark Fleming, CoreLogic's chief economist, said in a statement that, when distressed sales are excluded, home prices in March and April improved at a rate not seen since late 2006 and faster than in 2010, when a federal tax credit program boosted sales.
"Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the 'locked in' position of so many homeowners in negative equity," he said.
Of the 100 most populous metro areas in the country, 44 saw year-over-year price declines in April, down 10 from March, CoreLogic said. Six of the 10 largest markets saw price increases with the Phoenix metro leading the pack.
10 most populous metro markets, ranked by percent price change in April:
Source: CoreLogic
The five areas to see the biggest annual price jumps in April, including distressed sales, were Arizona (up 8.8 percent), Washington, D.C. (6.4 percent), Florida (5.5 percent), Montana (5.4 percent), and Utah (5.4 percent), CoreLogic said.
The five states to see the sharpest annual decreases were Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
Inman News®
U.S. home prices rose on both an annual and monthly basis for the second month in a row in April, according to a home-price index compiled by data aggregator CoreLogic.
Prices increased 1.1 percent in April compared to April 2011 and 2.2 percent compared to revised figures for March. When distressed sales -- short sales and real estate owned (REO) properties -- are excluded, prices jumped 1.9 percent year over year and 2.6 percent month to month.
With this report, CoreLogic also introduced a pending home price index based on recent prices changes gleaned from multiple listing service data. That index forecasts that home prices rose another 2 percent between April and May, CoreLogic said.
Anand Nallathambi, CoreLogic's president and CEO, said in a statement that the increases are a sign "the housing market is stabilizing."
"Home prices are responding to a restricted supply that will likely exist for some time to come -- an optimistic sign for the future of our industry."
Mark Fleming, CoreLogic's chief economist, said in a statement that, when distressed sales are excluded, home prices in March and April improved at a rate not seen since late 2006 and faster than in 2010, when a federal tax credit program boosted sales.
"Nationally, the supply of homes in current inventory is down to 6.5 months, a level not seen in more than five years, in part driven by the 'locked in' position of so many homeowners in negative equity," he said.
Of the 100 most populous metro areas in the country, 44 saw year-over-year price declines in April, down 10 from March, CoreLogic said. Six of the 10 largest markets saw price increases with the Phoenix metro leading the pack.
10 most populous metro markets, ranked by percent price change in April:
Core-based statistical area (CBSA)
|
Single-family change from year ago
|
Excluding distressed
|
| Chicago-Joliet-Naperville, Ill. | -7.3% | -1.1% |
| Atlanta-Sandy Springs-Marietta, Ga. | -5.3% | 1.9% |
| Riverside-San Bernardino-Ontario, Calif. | -1.4% | 0.3% |
| Los Angeles-Long Beach-Glendale, Calif. | -0.5% | 1.2% |
| New York-White Plains-Wayne, N.Y.-N.J. | 1.3% | 1.7% |
| Philadelphia, Pa. | 1.7% | 3.0% |
| Houston-Sugar Land-Baytown, Texas | 2.0% | 3.6% |
| Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. | 2.8% | 3.1% |
| Dallas-Plano-Irving, Texas | 3.5% | 5.4% |
| Phoenix-Mesa-Glendale, Ariz. | 11.3% | 7.0% |
The five areas to see the biggest annual price jumps in April, including distressed sales, were Arizona (up 8.8 percent), Washington, D.C. (6.4 percent), Florida (5.5 percent), Montana (5.4 percent), and Utah (5.4 percent), CoreLogic said.
The five states to see the sharpest annual decreases were Delaware (-11.9 percent), Illinois (-6.8 percent), Alabama (-6.6 percent), Rhode Island (-6.2 percent), and Georgia (-5.6 percent).
5/03/2012
After several years of an oversupply of homes on the market and an undersupply of qualified buyers, the tables have turned for the Colorado housing market. It may be hard for some consumers to believe, but the local housing markets across the Front Range, including central Denver and the Northern and Southern Colorado markets, have bounced back in a big way. Eager buyers are once again out in force ready to purchase their next home. But ironically, the only thing stopping them is a serious shortage of homes for sale!
We’ve come a long way from the recessionary days when homes sat on the market for many months, or even a year or longer, waiting for a buyer. Today, properties are once again being snapped up quickly, often with multiple offers due to the shortage of inventory. While this imbalance is frustrating some would-be buyers, it is also creating a great opportunity for savvy homeowners who have gotten the message that now may be the best time in many years to sell their home.
In the Denver Metro Area, inventory levels are down more than 44 percent from a year ago. This comes as the economy gains momentum, the job and financial markets improve, and Colorado receives increased national media attention as a top place to live – all providing more ready cash and incentives for buyers to purchase. The result is that there are more offers for good homes for sale. Sellers are getting higher prices and properties are moving faster than they have in years.
Similarly, in Northern Colorado, in areas such as Fort Collins and Loveland, inventory levels are down more than 20 percent from last year at this time, according to the Fort Collins Board of Realtors. Additionally, the number of homes sold and median sales price were both up in March 2012 compared to March 2011.
The ratio of buyers to sellers or balance between supply and demand is critical in any market. While inventory has steadily been declining in Colorado, demand has recently shot up once again.
As a result of dwindling supply and growing demand, we are back to seeing offers with no contingencies in some cases, and buyers making offers on several properties before they actually get into contract on one. Multiple offers of thousands of dollars over asking price is not unusual in some prime neighborhoods. In one extreme example, there were 28 offers on one property that sold over listing price.
Adding to the strong buyer demand are record-low interest rates. Interest rates fell to historic lows again in April. Thirty-year fixed-rate mortgages averaged 3.87 percent, down more than 1 percent from a year ago, according to Bankrate.com. Fifteen year fixed rates dropped to 3.11 percent and adjustable-mortgage interest rates were 2.73 percent in April.
To be sure, the housing market is once again coming alive. Real estate agents are seeing dozens of visitors at some open houses, multiple offers are no longer the exception, but the rule in many communities, and buyers are showing a sense of urgency perhaps out of concern that record low interest rates could be heading higher before long.
As the Denver Post reported this month, “Metro Denver’s real estate market, not long ago a buyer’s domain, suddenly has shifted to a seller’s paradise, at least in some neighborhoods and price ranges.”
A new report by the National Association of Realtors finds that the Denver Metro Area is second in the nation for the shortest length of time that a home is listed before being sold — 33 days — far below the national median of 89 days.
In particularly high demand are homes priced from $250,000 to $400,000. Even though Colorado homes have shown only modest price appreciation so far this year, most industry experts are saying that strong demand and multiple offers could soon push values higher in lower to moderate price ranges.
But buyer interest isn’t limited to entry level and mid-priced housing. The luxury market has also seen a strong surge in sales and buyer demand over the past year.
There were 50 homes sold priced over one million-dollars in March along the Colorado Front Range, up from 31 the previous month and 42 a year ago. Homes sold in an average of 129 days, down from 206 in March 2011. And the median sale price jumped 9.1 percent in March from the previous month to $1,325,000.
To be sure, the local housing market is alive and well with robust buyer demand. Now sellers need to sense the same pent up demand, excitement and urgency in the market that buyers have sensed for the past year. They need to take the long postponed leap to list their homes for sale now.
Simply put, there just aren’t enough homes on the market to meet the tremendous demand from buyers. And this is true in all price segments, from small starter homes and condos right up to multi-million-dollar Previews International properties.
The days of buyers being only interested in distressed properties at bargain basement prices are over. Homebuyers are pounding the pavement looking for good, well-maintained properties at fair prices in every segment of the housing market.
The real estate market has always come down to two simple factors: the law of supply and demand, and consumer confidence. Right now, both of those are creating a sellers’ market here in Colorado. Consumers are feeling more confident as the economy picks up steam and the stock market turns in strong gains in 2012. Clearly, the scales of supply and demand are tipping heavily in favor of sellers today.
Smart, strategic homeowners understand all this, and they’re making their moves right now – not six months or a year from now. They’re the ones getting multiple offers for their home because there just isn’t a lot of competition for buyers’ attention. They’re out there now, before everyone else joins the "house party" and tips the scales back in favor of buyers once again.
If you’ve been thinking about selling your home, now is the time. I’m happy to answer any questions you may have – and to help you get the very best possible price for your home while demand is so strong.
4/26/2012
4/23/2012
Colorado Real Estate Industry 2012 Snapshot
The following is a snapshot of Colorado’s housing market:
I. Nearly three quarters of 3.6 million or 67.6 percent of Colorado residents are homeowners.
II. CARHOF (Colorado Association of REALTORS® Housing Opportunity Foundation gave $132,308 in 2011 to non-profit housing agencies across Colorado totaling over 7 million since 1990.)
III. Colorado consistently receives top rankings nationally as a place to live and start and succeed in business. Bits of proof of this is supplied below:
a. Best State to Invest (OwnAmerican.com)- 1st
b. Technology Industry Employment Concentration (TechAmerica Cyberstates 2010)- 3rd
c. Research & Development Inputs (Milken Institute)-3rd
d. Best States for Business (Forbes Magazine)- 4th
IV. Colorado’s unemployment rate is currently at 7.9%
a. Service industries make up the largest portion of Colorado's gross state product. The two largest service industries are real estate (10%) and health care (12%).
b. Tourism is the second largest industry in the State of Colorado.
c. The second-largest aerospace economy in the nation is right here in Colorado. The state’s aerospace economy consists of businesses providing products and services for commercial uses, the military, and space exploration.
d. Colorado is expected to add over 23,000 jobs in 2012, more than any other state.
V. How Does Real Estate Affect the Economy?
a. Real estate contributes 10% of the total U.S. economy's output.
b. If real estate sales decline
i. Construction jobs decline
ii. Unemployment increases
iii. Real estate prices decrease
iv. The value of homes decrease whether they are being sold or not.
v. The amount of home equity loans the homeowner can get decreases.
c. In 2011, Colorado consumers spent more on goods and services, with retail sales increasing 6.5% for the year. In 2012, retail sales are forecast to remain relatively strong with a gain of 4%.
d. Colorado home builders, for the second year in a row, pulled more permits than they did the year before.
VI. Homes Sold by Colorado REALTORS®- Year End 2011 (based off same time period in 2010)
a. 57,730 Single Family Units were sold in 2011, an increase of 3% compared to 2010. 12,476 Condos/Townhomes in 2011 were sold, a decrease of 1% compared to 2010.
b. The median price for Single Family homes was $196,667 in 2011, a 2% decrease from 2010. The median price for Condos/Townhomes is $126,667 for 2011, a 10% decrease from 2010.
c. About 80 percent of homeowners in Colorado have lived in their house over 1 year and more.
VII. Who were the Buyers?
a. 50% of recent home buyers were first-time buyers
b. The typical first-time home buyer was 30 years old, while the typical repeat buyer was 49 years old.
c. The median income was $59,900 among first-time buyers and $87,000 among repeat buyers.
d. 20% of recent home buyers were single females, and 12% were single males.
e. When considering the purchase of a home, commuting costs were considered very or somewhat important by 76 percent of buyers.
f. New home purchases were at the lowest level in nine years—down to 15% of all recent home purchases.
g. The typical home purchased was 1,780 square feet size, was built in 1990, and had three bedrooms and bathrooms.
h. 11% of buyers over 50 purchased senior related housing or in an active adult community.
VIII. Foreclosures
a. Colorado is ranked 11th in the nation for its foreclosure rate according to the Denver Post.
b. The state Division of Housing says that foreclosures are down 28 percent at the end of 2011. Many predict the number will continue to slowly decline in 2012.
c. Foreclosure-related properties, which made up roughly one in five home sales in the third quarter of last year, sold for an average 34 percent less than homes that were not “distressed sales,” according to the latest data from RealtyTrac.
Sources: Bureau of Economic Analysis; National Association of REALTORS®; Macroeconomic Advisors; Harvard Joint Center for Housing Studies, Colorado Multiple Listing Services, Realty Trac, U.S. Census Bureau, State Division of Housing; EconPost, Everitt Real Estate Center, Leeds School of Business, Denver Business Journal, Denver Post, Wall Street Journal, Colorado Office of Economic Development
I. Nearly three quarters of 3.6 million or 67.6 percent of Colorado residents are homeowners.
II. CARHOF (Colorado Association of REALTORS® Housing Opportunity Foundation gave $132,308 in 2011 to non-profit housing agencies across Colorado totaling over 7 million since 1990.)
III. Colorado consistently receives top rankings nationally as a place to live and start and succeed in business. Bits of proof of this is supplied below:
a. Best State to Invest (OwnAmerican.com)- 1st
b. Technology Industry Employment Concentration (TechAmerica Cyberstates 2010)- 3rd
c. Research & Development Inputs (Milken Institute)-3rd
d. Best States for Business (Forbes Magazine)- 4th
IV. Colorado’s unemployment rate is currently at 7.9%
a. Service industries make up the largest portion of Colorado's gross state product. The two largest service industries are real estate (10%) and health care (12%).
b. Tourism is the second largest industry in the State of Colorado.
c. The second-largest aerospace economy in the nation is right here in Colorado. The state’s aerospace economy consists of businesses providing products and services for commercial uses, the military, and space exploration.
d. Colorado is expected to add over 23,000 jobs in 2012, more than any other state.
V. How Does Real Estate Affect the Economy?
a. Real estate contributes 10% of the total U.S. economy's output.
b. If real estate sales decline
i. Construction jobs decline
ii. Unemployment increases
iii. Real estate prices decrease
iv. The value of homes decrease whether they are being sold or not.
v. The amount of home equity loans the homeowner can get decreases.
c. In 2011, Colorado consumers spent more on goods and services, with retail sales increasing 6.5% for the year. In 2012, retail sales are forecast to remain relatively strong with a gain of 4%.
d. Colorado home builders, for the second year in a row, pulled more permits than they did the year before.
VI. Homes Sold by Colorado REALTORS®- Year End 2011 (based off same time period in 2010)
a. 57,730 Single Family Units were sold in 2011, an increase of 3% compared to 2010. 12,476 Condos/Townhomes in 2011 were sold, a decrease of 1% compared to 2010.
b. The median price for Single Family homes was $196,667 in 2011, a 2% decrease from 2010. The median price for Condos/Townhomes is $126,667 for 2011, a 10% decrease from 2010.
c. About 80 percent of homeowners in Colorado have lived in their house over 1 year and more.
VII. Who were the Buyers?
a. 50% of recent home buyers were first-time buyers
b. The typical first-time home buyer was 30 years old, while the typical repeat buyer was 49 years old.
c. The median income was $59,900 among first-time buyers and $87,000 among repeat buyers.
d. 20% of recent home buyers were single females, and 12% were single males.
e. When considering the purchase of a home, commuting costs were considered very or somewhat important by 76 percent of buyers.
f. New home purchases were at the lowest level in nine years—down to 15% of all recent home purchases.
g. The typical home purchased was 1,780 square feet size, was built in 1990, and had three bedrooms and bathrooms.
h. 11% of buyers over 50 purchased senior related housing or in an active adult community.
VIII. Foreclosures
a. Colorado is ranked 11th in the nation for its foreclosure rate according to the Denver Post.
b. The state Division of Housing says that foreclosures are down 28 percent at the end of 2011. Many predict the number will continue to slowly decline in 2012.
c. Foreclosure-related properties, which made up roughly one in five home sales in the third quarter of last year, sold for an average 34 percent less than homes that were not “distressed sales,” according to the latest data from RealtyTrac.
Sources: Bureau of Economic Analysis; National Association of REALTORS®; Macroeconomic Advisors; Harvard Joint Center for Housing Studies, Colorado Multiple Listing Services, Realty Trac, U.S. Census Bureau, State Division of Housing; EconPost, Everitt Real Estate Center, Leeds School of Business, Denver Business Journal, Denver Post, Wall Street Journal, Colorado Office of Economic Development
4/16/2012
Foreclosure activity hits lowest level since Q4 2007
http://lowes.inman.com/newsletter/2012/04/16/news/184855
3/31/2012
3/27/2012
Buying beats renting in 98 of 100 metros according to Trulia!
Thanks to nationwide price declines and rising rents, buying a home is now cheaper than renting one in 98 of the nation's 100 major metropolitan areas. The Midwest has most affordable markets.
The rent vs. buy index is based on a price-to-rent ratio of asking prices to asking rents for properties on Trulia.com between Dec. 1, 2011 and Feb. 29. 2012, after adjusting for property and neighborhood attributes, the site said.
Where is still more affordable to rent than buy??? San Francisco and Honolulu.
The rent vs. buy index is based on a price-to-rent ratio of asking prices to asking rents for properties on Trulia.com between Dec. 1, 2011 and Feb. 29. 2012, after adjusting for property and neighborhood attributes, the site said.
Where is still more affordable to rent than buy??? San Francisco and Honolulu.
3/26/2012
Housing Affordability Index hits 42-year high!!
NAR Housing Affordability Index hits 42-year high in January 2012!!
The National Association of REALTORS®' (NAR) Housing Affordability Index reached a record high this January 2012 of 206.1. This is the first month since the index's inception in 1970 that the index has hit or passed 200, the group announced this week.
The index, calculated monthly by NAR, is built from the relationship among three data points: median home price, median family income, and average mortgage interest rate. The higher the index score, the greater the affordability.
The index aims to measure the affordability of a median-priced, existing single-family home by a median-income-earning family. An index of 100 represents a family's ability to exactly afford such a home, with a 20 percent down payment and mortgage payments at 25 percent of the family's gross income.
Late 2011 saw a steady monthly rise in the index from June's 172.4, the 2011 low, to 197.9 in December 2011. The index has risen from 169.4 in 2009 to 174 in 2010, and to 184.5 in 2011.
The index, calculated monthly by NAR, is built from the relationship among three data points: median home price, median family income, and average mortgage interest rate. The higher the index score, the greater the affordability.
The index aims to measure the affordability of a median-priced, existing single-family home by a median-income-earning family. An index of 100 represents a family's ability to exactly afford such a home, with a 20 percent down payment and mortgage payments at 25 percent of the family's gross income.
Late 2011 saw a steady monthly rise in the index from June's 172.4, the 2011 low, to 197.9 in December 2011. The index has risen from 169.4 in 2009 to 174 in 2010, and to 184.5 in 2011.
3/15/2012
2/27/2012
How to use Comparable Sales to Price your Home
Comparable sales (also known as comps), are recently sold homes that closely match the subject property.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same subdivision and it closed last week! If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?
Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.
Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners. **Your agent has access to this information and will help to adjust the price accordingly.
Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. He/She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.
More ways to pick a home listing price:
If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?
Are foreclosures and short sales comparables?
If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them out of state.
How much short sales are discounted from their market value varies among local markets. In some markets it could be as much as 8%, while other markets you'll see sellers price short sales the same as other homes in the neighborhood.
For more information and to request a free market analysis contact Lindsey Marcovich, a REALTOR with Coldwell Banker at 720-261-8747.
What makes a good comparable sale?
Your best comparable sale is the same model as your house in the same subdivision and it closed last week! If you can’t find that, here are other factors that count:
Location: The closer to your house the better, but don’t just use any comparable sale within a mile radius. A good comparable sale is a house in your neighborhood, your subdivision, on the same type of street as your house, and in your school district.
Home type: Try to find comparable sales that are like your home in style, construction material, square footage, number of bedrooms and baths, basement (having one and whether it’s finished), finishes, and yard size.
Amenities and upgrades: Is the kitchen new? Does the comparable sale house have full A/C? Is there crown molding, a deck, or a pool? Does your community have the same amenities (pool, workout room, walking trails, etc.) and homeowners association fees?
Date of sale: You may want to use a comparable sale from two years ago when the market was high, but that won’t fly. Most buyers use government-guaranteed mortgages, and those lending programs say comparable sales can be no older than 90 days.
Sales sweeteners: Did the comparable-sale sellers give the buyers downpayment assistance, closing costs, or a free television? You have to reduce the value of any comparable sale to account for any deal sweeteners. **Your agent has access to this information and will help to adjust the price accordingly.
Even if you live in a subdivision, your home will always be different from your neighbors'. Evaluating those differences—like the fact that your home has one more bedroom than the comparables or a basement office—is one of the ways real estate agents add value.
An active agent has been inside a lot of homes in your neighborhood and knows all sorts of details about comparable sales. He/She has read the comments the selling agent put into the MLS, seen the ugly wallpaper, and heard what other REALTORS®, lenders, closing agents, and appraisers said about the comparable sale.
More ways to pick a home listing price:
If you’re still having trouble picking out a listing price for your home, look at the current competition. Ask your real estate agent to be honest about your home and the other homes on the market (and then listen to her without taking the criticism personally).
Next, put your comparable sales into two piles: more expensive and less expensive. What makes your home more valuable than the cheaper comparable sales and less valuable than the pricier comparable sales?
Are foreclosures and short sales comparables?
If one or more of your comparable sales was a foreclosed home or a short sale (a home that sold for less money than the owners owed on the mortgage), ask your real estate agent how to treat those comps.
A foreclosed home is usually in poor condition because owners who can’t pay their mortgage can’t afford to pay for upkeep. Your home is in great shape, so the foreclosure should be priced lower than your home.
Short sales are typically in good condition, although they are still distressed sales. The owners usually have to sell because they’re divorcing, or their employer is moving them out of state.
How much short sales are discounted from their market value varies among local markets. In some markets it could be as much as 8%, while other markets you'll see sellers price short sales the same as other homes in the neighborhood.
For more information and to request a free market analysis contact Lindsey Marcovich, a REALTOR with Coldwell Banker at 720-261-8747.
2/24/2012
Houselogic
-
How to Use Comparable Sales to Price Your Home
Before you put your home up for sale, use the right comparable sales to find the perfect price. Read
-
Keep Your Home Sale from Falling Apart
After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read
-
7 Tips for Staging Your Home
Make your home warm and inviting to boost your home’s value and speed up the sale process. Read
-
5 Tips to Prepare Your Home for Sale
Working to get your home ship-shape for showings will increase its value and shorten your sales time. Read
Visit houselogic.com for more articles like this.
Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®
2/07/2012
Save 10 gallons of water a day!
Living in Colorado, it's easy to forget that we live in an arid state, which means our water resources are limited and precious. That's why we need to do your part to Save the Water. Below are some tips and tricks from some water saving experts - Thornton's League of Water Savers !
1/30/2012
Latest Estate Sale Treasure
Check out this awesome Mid Century Butler chair I picked up at a local Estate sale. This baby was screaming for a make-over!
The seat lifts to reveal a storage compartment and attached is a wooden hanger and tray. It was traditionally sold as a man's dressing chair and designed to hold shirts, pants, a jacket and accessories.
A couple trips to hobby lobby, a few broken nails, some cuss words and Voilà! The end result was well worth the headache. Imagine how beautiful this piece would be in a woman's bedroom, closet or bathroom.
The seat lifts to reveal a storage compartment and attached is a wooden hanger and tray. It was traditionally sold as a man's dressing chair and designed to hold shirts, pants, a jacket and accessories.
A couple trips to hobby lobby, a few broken nails, some cuss words and Voilà! The end result was well worth the headache. Imagine how beautiful this piece would be in a woman's bedroom, closet or bathroom.
1/28/2012
1/27/2012
Fun Ways to Stage your Home Inexpensively
Are you looking for ways to make your home more appealing to buyers? Consider staging a couple rooms. DIY staging can be very cost-effective and the return will be rewarding. Begin by looking at your house objectively through the eyes of a buyer. Start outside. Are there any cosmetic items needing attention such as, a new coat of paint on the shutters or maybe a new flowerbed? How does your entry door look? Is it chipping? What about the door hardware? Does it function properly? Make sure that the porch lights are not burned out. These little items if left unattended can leave a bad impression about the quality and care of the rest of your home. Now, open your front door. What is the first thing you see? Is there an outdated entry light that could be replaced, or maybe a large wall that needs some attention? First impressions are key!
You don't have to spend thousands of dollars on home furnishings to create a warm and inviting feeling in your home. Remember...it's the small things that count. Hardware, light fixtures, new light bulbs (no buzzing sound when a light is flipped), and paint are an inexpensive way to make your home shine. Consider renting or buying an inexpensive table and dining set that can be displayed. This is also useful when you have a smaller kitchen. Show buyers how best to utilize the space. Lastly, the master bedroom is always a hot topic for the buyer. If possible, stage this room and use soothing colors such as, brown/green/cream).
If you have bold, eccentric colors on your wall, I highly recommend painting over with neutral colors (and neutral doesn't mean white...think earth tones). To add a pop of color use staging items such as, curtains or an accent chair and table. And keep it cost-effective. Add life through your fabrics...not your walls.
I'm a DIY girl and love to bargain shop. Take this $4 thrift store chair for example. I made one trip to hobby lobby for some fabric, spray paint, staples, and stitch glue. Total material costs = $26.49. This chair would be a great staging item to add some life to a neutral room.
When it comes to staging have fun and keep it simple. Good luck and happy home selling. For more ideas and tips on selling your home, call me. I'm here to help! 720-261-8747
You don't have to spend thousands of dollars on home furnishings to create a warm and inviting feeling in your home. Remember...it's the small things that count. Hardware, light fixtures, new light bulbs (no buzzing sound when a light is flipped), and paint are an inexpensive way to make your home shine. Consider renting or buying an inexpensive table and dining set that can be displayed. This is also useful when you have a smaller kitchen. Show buyers how best to utilize the space. Lastly, the master bedroom is always a hot topic for the buyer. If possible, stage this room and use soothing colors such as, brown/green/cream).
If you have bold, eccentric colors on your wall, I highly recommend painting over with neutral colors (and neutral doesn't mean white...think earth tones). To add a pop of color use staging items such as, curtains or an accent chair and table. And keep it cost-effective. Add life through your fabrics...not your walls.
I'm a DIY girl and love to bargain shop. Take this $4 thrift store chair for example. I made one trip to hobby lobby for some fabric, spray paint, staples, and stitch glue. Total material costs = $26.49. This chair would be a great staging item to add some life to a neutral room.
When it comes to staging have fun and keep it simple. Good luck and happy home selling. For more ideas and tips on selling your home, call me. I'm here to help! 720-261-8747
1/25/2012
Mortgage rates near historic lows for third straight week!
Demand for purchase loans down 9.5% from a year ago
January 25, 2012
Mortgage rates were little changed this week, with rates on 30-year fixed-rate mortgages at or near 4 percent for the third week in a row, Freddie Mac said in releasing the results of its weekly Primary Mortgage Market Survey.
Rates on 30-year fixed-rate mortgages averaged 4 percent with an average 0.7 point for the week ending Nov. 17, essentially unchanged from 3.99 percent last week and close to the all-time low in records dating to 1971 of 3.94 percent seen during the week ending Oct. 6. At this time a year ago, rates on 30-year fixed-rate mortgages averaged 4.39 percent before climbing to a 2011 high of 5.05 percent in February.
Rates on 15-year fixed-rate mortgages averaged 3.31 percent with an average 0.7 point, little changed from 3.3 percent last week and close to an all-time low in records dating to 1991 of 3.26 percent seen during the first week of October. At this time a year ago, 15-year fixed-rate mortgages averaged 3.76 percent, before climbing to a 2011 high of 4.29 percent in February.
For five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans, rates averaged 2.97 percent with an average 0.6 point, down imperceptibly from 2.98 percent from last week and a hair above the all-time low in records dating to 2005 of 2.96 percent last seen during the week ending Nov. 3. At this time a year ago, rates on five-year ARMs were averaging 3.4 percent, before climbing to a 2011 high of 3.92 percent in February.
Rates on one-year Treasury-indexed ARMs averaged 2.98 percent with an average 0.6 point, up slightly from 2.95 percent from last week. The one-year ARM hit an all-time low in records dating to 1984 of 2.81 percent during the week ending Sept. 15. At this time last year, the one-year ARM averaged 3.26 percent before climbing to a 2011 high of 3.4 percent in February.
Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans during the week ending Nov. 11 was down a seasonally adjusted 2.3 percent from the week before, and 9.5 percent from a year ago.
The survey, which included an adjustment to account for the Veterans Day holiday, showed demand for refinancings was down 12.2 percent from the week before, but that refi requests still accounted for 77.3 percent of all mortgage applications.
During October, the MBA said 50.6 of refinancing applications were for 30-year fixed-rate loans, while 28.8 percent of refi requests for were 15-year fixed-rate loans and 6 percent for ARM loans.
Among homebuyers, 85.5 percent sought 30-year fixed-rate loans, 6.9 percent sought 15-year fixed-rate loans, and 5.9 percent applied for ARM loans. That was the lowest ARM share for purchase loans since the MBA's Weekly Mortgage Applications Survey was rebenchmarked in January.
1/13/2012
Rustic Wine Bottle Charms for Sale
These rustic ornaments look great as a decorative charm accessory on any wine bottle. A fun and unique gift idea: Perfect for dinner parties, housewarming, birthdays, and holidays.
Order online: http://www.etsy.com/shop/lindseyku
Or email for more details and custom pick-up / delivery options.
Order online: http://www.etsy.com/shop/lindseyku
Or email for more details and custom pick-up / delivery options.
1/11/2012
Outdated Hutch turns Hollywood Glam!
Here is my most recent DIY home remodeling project.
This was a beautiful hutch that we inherited from my husband's grandmother. The wood was in great condition but I wanted a more modern look for my dining room. However, I decided to keep the original rustic brass hardware for character and uniqueness. I'm rather pleased with the final results!!!!
This was a beautiful hutch that we inherited from my husband's grandmother. The wood was in great condition but I wanted a more modern look for my dining room. However, I decided to keep the original rustic brass hardware for character and uniqueness. I'm rather pleased with the final results!!!!
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1/09/2012
Top 5 tax breaks for homeowners (REThink Real Estate By Tara-Nicholle Nelson Inman News®)
Q: We bought a house this year! We put $33,000 down and the bank financed $28,000. Can I write this off on my 2011 taxes? How much of it?
A: First things first: Congratulations! You've become a homeowner, and seem to have done so using an enviable financial arrangement. But now that you own a home, you might need to shift the way you think and look at some things, including your taxes and other financial matters.
Owning a home is one of those landmarks that signify financial adulthood. And one of the things that responsible financial adults do is get professional help when the situation requires it. Taxes are one of those areas that often do warrant calling the pros in.
I'm not just shilling for the tax prep industry here, either: The ultimate aim of using a tax professional is to make sure you get every deduction, credit and other tax advantage for which you qualify, without jacking up your chances at triggering the universally dreaded Internal Revenue Service audit by claiming dubious deductions.
Your mortgage debt is fairly small, as was your home's purchase price, though I don't know whether they are large or small in the context of your overall financial picture (i.e., income, assets, investments, etc.).
The fact that you saved or somehow came up with such a sizable chunk of change to put down makes me hesitate to assume that your finances are as simple as your mortgage balance might otherwise lead me to believe.
So, it might be the case that you can easily handle your own taxes -- in fact, it's even possible that your real estate-related deductions won't even outweigh the standard deductions, so that filing a simple form without even itemizing your deductions is actually the financially advantageous move.
Whether that's the case cannot be determined in a vacuum -- you may have other financial and tax issues going on. But with software and tax preparation services as inexpensive as they are, starting at under $20 for simple returns, I think it behooves you to get some professional advice and ensure you get the deductions you need.
Hiring a tax preparer might be a worthwhile investment to make, even if just this year, so he or she can brief you on what records you should keep and strategies you should do moving forward, like home repair and improvement receipts, or documentation of your use of an area of the home as a home office.
Now, let's talk more substantively about the deductions that are available to you, in the event you do decide to itemize your taxes (IRS Publication 530 offers a more nuanced view into Tax Information for Homeowners):
1. Mortgage interest deduction. Assuming this home is your personal residence, 100 percent of the mortgage interest you owe and pay before Dec. 31, 2011, is deductible on your 2011 taxes. In January, your mortgage lender will send you a form documenting the precise amount of interest you paid, although most lenders also now make this form immediately available to borrowers online.
Chances are good that you paid some amount of advance interest on your home loan at closing -- expect to see that on your statement from your lender, but you should also be able to find it on the HUD-1 settlement statement you received from your escrow agent at closing.
2. Property tax deductions. Again, assuming that this is the home you live in most of the time, you should be able to deduct 100 percent of the property taxes you've paid to your state and/or local taxing agency this year.
3. Closing-cost deductions. Discount points and origination fees paid to your mortgage lender and/or broker at closing are frequently deductible, but there are rules around this, which tax software and/or professionals can help you make sure you meet. Also, state and local transfer or stamp taxes paid at closing are generally deductible on your federal returns.
Beyond these basics, there are various home improvements (especially those that increase your home's energy efficiency), state and local tax credits for buying a foreclosure, and other tax advantages that might be available to you.
My advice is to work with an experienced, local tax preparer or, at the very least, use reputable tax preparation software to ensure that you get the maximum tax advantages available to you as a result of your new role as a homeowner.
A: First things first: Congratulations! You've become a homeowner, and seem to have done so using an enviable financial arrangement. But now that you own a home, you might need to shift the way you think and look at some things, including your taxes and other financial matters.
Owning a home is one of those landmarks that signify financial adulthood. And one of the things that responsible financial adults do is get professional help when the situation requires it. Taxes are one of those areas that often do warrant calling the pros in.
I'm not just shilling for the tax prep industry here, either: The ultimate aim of using a tax professional is to make sure you get every deduction, credit and other tax advantage for which you qualify, without jacking up your chances at triggering the universally dreaded Internal Revenue Service audit by claiming dubious deductions.
Your mortgage debt is fairly small, as was your home's purchase price, though I don't know whether they are large or small in the context of your overall financial picture (i.e., income, assets, investments, etc.).
The fact that you saved or somehow came up with such a sizable chunk of change to put down makes me hesitate to assume that your finances are as simple as your mortgage balance might otherwise lead me to believe.
So, it might be the case that you can easily handle your own taxes -- in fact, it's even possible that your real estate-related deductions won't even outweigh the standard deductions, so that filing a simple form without even itemizing your deductions is actually the financially advantageous move.
Whether that's the case cannot be determined in a vacuum -- you may have other financial and tax issues going on. But with software and tax preparation services as inexpensive as they are, starting at under $20 for simple returns, I think it behooves you to get some professional advice and ensure you get the deductions you need.
Hiring a tax preparer might be a worthwhile investment to make, even if just this year, so he or she can brief you on what records you should keep and strategies you should do moving forward, like home repair and improvement receipts, or documentation of your use of an area of the home as a home office.
Now, let's talk more substantively about the deductions that are available to you, in the event you do decide to itemize your taxes (IRS Publication 530 offers a more nuanced view into Tax Information for Homeowners):
1. Mortgage interest deduction. Assuming this home is your personal residence, 100 percent of the mortgage interest you owe and pay before Dec. 31, 2011, is deductible on your 2011 taxes. In January, your mortgage lender will send you a form documenting the precise amount of interest you paid, although most lenders also now make this form immediately available to borrowers online.
Chances are good that you paid some amount of advance interest on your home loan at closing -- expect to see that on your statement from your lender, but you should also be able to find it on the HUD-1 settlement statement you received from your escrow agent at closing.
2. Property tax deductions. Again, assuming that this is the home you live in most of the time, you should be able to deduct 100 percent of the property taxes you've paid to your state and/or local taxing agency this year.
3. Closing-cost deductions. Discount points and origination fees paid to your mortgage lender and/or broker at closing are frequently deductible, but there are rules around this, which tax software and/or professionals can help you make sure you meet. Also, state and local transfer or stamp taxes paid at closing are generally deductible on your federal returns.
Beyond these basics, there are various home improvements (especially those that increase your home's energy efficiency), state and local tax credits for buying a foreclosure, and other tax advantages that might be available to you.
My advice is to work with an experienced, local tax preparer or, at the very least, use reputable tax preparation software to ensure that you get the maximum tax advantages available to you as a result of your new role as a homeowner.
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