Great Newsclip on Denver Real Estate

Here is a great newsclip on Denver Real Estate.  Inventory is very low, and buyers are increasing.  We are seeing a lot of  momentum in the Denver Market right now.  Many brokers in my office are now seeing mulitple offers on properties.  I just sold a property here in Golden that lasted one day, and we got multiple offers and sold for more than the asking price.  Very encouraging sign.

http://www.youtube.com/watch?v=Y9frmEv-vPA&feature

Pictures of Golden, CO

Here are some pictures of Golden I took in Feb 2012. 

US Pro Cycling Challenge is coming back to Golden

http://denver.cbslocal.com/2011/12/09/schedule-announced-for-usa-pro-cycling-challenge/

Golden Happenings, Snow, and Some Good Real Estate News

I cant believe the year is winding down, and winter is cranking up!!  We now have snow on the ground, and on the foothills.  With all the lights up in downtown and by the river, it is truly a winter wonderland.  December is a fun month in Golden.  The annual candlelight walk was last Friday, where many residents and visitors walk down Washington Ave holding candles, singing Christmas carols, and sipping apple cider and other drinks.  As everyone arrives down by the river, the Christmas tree is lit, while carolers and performers sing and dance.  It is quite a site.  Every weekend as well, Golden hosts their own Christmas parade.  It is quite the scene in Golden these days. 

I just read an interesting article by Lawrence Yum, chief economist of the National Association of Realtors.  Yum states that with rental rates on the rise, typically housing prices follow over time as well.  Based on the fact that rental rates are rising on average 3.5% a year,  they would double in 14 years.  If home prices catch up, which historically they do, Yum sees housing prices doubling in the next 14-20 years as well.  Yes, that means that it wont happen tomorrow, but that the long term future of real estate is still very bright!  Ironically, while many people are choosing to rent, it is becoming increasingly more expensive to rent, while buying remains as inexpensive as ever. 

Merry Christmas to all

-Jeff Fox

Fun happenings in Golden

Well, I cant believe that summer has passed here in Golden.  On a rare dreary day in Golden, I thought I would reflect back on some of the cool Golden highlights of the summer.  As a family, we had some great weekends away in different parts of Colorado.  We spent time in Breckenridge, Aspen, Carbondale, Keystone and more.  We camped, soaked in some hot springs, mountain biked, hiked and fully enjoyed the outdoors.  This truly is an amazing state, with so many different things to offer.  We capped off our summer with a great weekend this past weekend in Telluride Colorado for the Imogene Pass Run, from Ouray, Colorado to Telluride, Colorado, a 17 mile run over a 13,000 foot pass.  It was a great way to end a great summer!  When we were in Golden, we caught a few events as well.  Golden has a huge 4th of July celebration in Lions Park, with bands, food, stuff for the kids, and fireworks of course.  It amazes me how many people pack into Golden, especially along the river for crazy 4th of July fun.  We also spent time at Buffalo Bill Days (another huge celebration with food, bands, river fun, and kids activities celebrating Buffalo Bill and Golden), as well as the Fine Arts Festival, Friday Night Movie Nights in the park, the Golden Farmers Market every Saturday, and last but not least, the USA Pro Cycling Challenge final stage right here in Golden.  It was so fun to see the top 3 racers from the Tour De France, as well as many famous American riders literally right out in front of our house. 

We were reminded so many times this summer as to why we love this state, as well as the Denver Front Range.  Can it get any better?

New House Listed in Golden 807 20th Street 359k

I am so excited about this house in Golden that was just listed.  Knowing how difficult it is to find a good quality home for under 400 k within walking distance to School of Mines and downtown Golden, I doubt this home will last long.  This Golden home has so much to offer!  It is an easy couple of blocks to The School of Mines, and just a bit longer to grocery shopping, downtown Golden, parks, trails, clear creek and much more.  This spacious 3 bedroom 2 bath home is all on one level, with no stairs to worry about.  There are new windows, finished hardwoods, French doors, updated appliances, new kitchen with granite tile and much more.  This property includes a master bedroom with bath, great yard, patio and views of South Table Mountain.  All the appliances will stay as well.  This property has been well maintained and cared for and sits in a quite neighborhood.  Check this property out, or tell a friend.  It wont be around for long.  Listed at $359,000.

Sincerely Jeff Fox

For a virtual tour, see below (scan with phone)
Go to jefffoxhomes.com for more pics

What can I afford when buying a house?

When looking for a home, it is very important to have a good idea of what you can afford before looking for a home.  There is a simple formula that many lenders use to determine how much of your income should be used for your total housing costs.  Generaly speaking, lenders figure that no more than 28% of your income should be used for total housing costs.  Lenders also require that your total monthly debt should be less than 36% of your total income.  These numbers may vary slightly depending on your lender, but they are a good check when deciding how much to spend on a home.  Here is an example of how this would play out.  If you make $60,000 a year, divide that by 12 months.  Your total monthy income would be $5,000 before taxes.  Twenty-eight percent of $5,000 is $1400.  So the payment you would want to shoot for would be $1400 which would include your mortgage, insurance and taxes.  So if you wanted to purchase a home for $250,000 and put 10% down ($25,000), at 5% interest your payments would be $1207.85 before insurance and taxes.  Make sure to find out how much property taxes are annually, and divide that by 12 months to find out your monthy taxes.  In addition talk to a qualified homeowners insurance agent to find out your monthly costs for insurance as well.  You will then have a good idea of how much you can afford when looking for a home.  A lot of figures I know, but trust me this will be extremely helpful in determining what price to shoot for when looking for a home.  Good luck!