"SHATTERED DREAMS: Buying beats renting in most cities, studies find"

By James Rosen Published April 05, 2012 | FoxNews.com advertisement "I feel like we've been losing money for the last five years," Laura Logerfo said wistfully.

After a long spell as renters, Laura and her husband Vincent Pickett, both government workers, have just clinched a deal to buy a house in North Arlington, Va., right outside the nation's capital. 

The notion that renting is ultimately more costly than buying had lingered on Laura's mind for some time. "That was what your parents always tell you, and I realize now that (my mother) is actually kind of right," she said.

More Americans may soon reach a similar conclusion. A recent study of residential units in America's most populous 100 metropolitan areas by Trulia, a real estate website, found buying to be less expensive than renting in 98 of the areas -- with Honolulu and San Francisco the exceptions.

"That's a big shift since the height of the housing bubble," said Jed Kolko, chief economist for Trulia. "We've seen (home) prices fall so much, and at the same time rents have been rising in many cities."

The trend found by Trulia is confirmed by an array of other studies and reports. The Wall Street Journal recently found that between January 2011 and January of this year, median rents rose 3 percent, while home values fell 4.6 percent. Another survey of metropolitan areas by real estate website Zillow reported that in 2011 nearly 70 percent of cities saw rental prices increase, while home prices increased in only about 7 percent of cities. And Zillow found a 3 percent rise in rental prices nationwide.

"With the mortgage rates as they are now, it seems like it's the best time to kind of grab them before they go back up," Logerfo told Fox News. 

"We spent a lot of time sort of looking at the rates and trying to figure out what was within our budget," Pickett agreed, "and then we dove in."

The aspiration to own a home remains a core tenet of the American Dream. The latest National Housing Survey by Fannie Mae found that most Americans -- across all demographic groups and income levels -- regard home ownership as more sensible than renting. 

Indeed, the study found two-thirds of current renters saying they expect to buy a home in the future.

According to figures kept by the U.S. Census Bureau, the national home ownership rate at the end of 2011 was 66 percent -- down about half a percentage point from the same time in 2010, and down three-and-a-half points from the seasonally adjusted peak reached, at the height of the housing boom, in late 2004.

That many people continue to rent is most likely a reflection of the enduring difficulty of securing a mortgage, experts said.

"Credit's harder to get than it was, certainly, during the bubble," economist Kolko told Fox News. "Because we're just coming out of this recession, lots of people are either still unemployed, or they're not secure enough about where they are in their job to be ready to buy. And many people -- especially those who've lost their homes or fall behind on payments -- now can't qualify for a mortgage."

The Fannie Mae survey found that certain groups -- among them those with lower education levels and lower incomes, African-Americans and Hispanics -- were most likely to cite poor credit or the difficulty of navigating the mortgage process as their reasons for not purchasing their own homes.

Fox News’ Paige Kollock contributed to this report.

Read more: http://www.foxnews.com/us/2012/04/05/shattered-dreams-buying-beats-renting-in-most-cities-studies-find/print#ixzz1rIAWZYF1

"Douglas kids living the sweet life"

Jane Reuter jreuter@ourcoloradonews.com | Posted: Wednesday, April 4, 2012 4:17 pm

Douglas County’s children are thriving, awash in more advantages than other places in Colorado, according to the results of a state survey released March 27.

The 2012 Kids Count in Colorado report ranks Douglas tops for childhood well-being among the state’s 25 largest counties. Those counties, survey representatives say, include 95 percent of the state’s children.

The annual study, a publication of Colorado Children’s Campaign, is based on rates that include poverty, literacy, teenage pregnancy and infant mortality. Broomfield and Larimer counties ranked second and third best, with Denver County at the bottom.

It’s good news for Douglas County, said Colorado Children’s Campaign president and CEO Chris Watney, but not surprising.

“The overall child well-being rate correlates so closely with child poverty rates that I did expect to see Douglas County do very well, if not top the list,” she said. “When compared to some other places in the state, it is a very prosperous place and a good place for kids to live.”

Douglas County ranked sixth on MSN Money’s most recent list of the nation’s wealthiest counties. Its median household income is nearly double the national average.

The Kids Count survey is in its 19th year, but 2012 is the first time the Colorado Children’s Campaign has ranked the counties’ results.

Among 12 categories the report uses to assess children’s quality of life, Douglas County ranked first in six, including the lowest percentage of children living in poverty and uninsured, the smallest percentage of families relying on low-cost food, lowest teen birth and infant mortality rates, and smallest rate of births to women with less than a high school education.

The school district plays heavily into quality of life, and is among the reasons many families choose to live in Douglas County.

“As superintendent of a great school district and parent of two young children, I’d be the first to tell anyone Douglas County is a great place for children,” school superintendent Liz Fagan said. “I was very proud to see it in print, to see the data correspond to my personal experience of living and working in Douglas County.”

The Kids Count survey provides an indication of a child’s life path. In Denver County, for instance, more than half of the fourth-grade students are not reading at their grade level.

“When you look at those numbers, you start to see a picture of kids who are not going to succeed in school or life,” Watney said. “Colorado is really a story of disparity when it comes to a child’s well-being. There are pockets of place where we know kids are doing really well, and Douglas County seems to be a place where more kids are doing well than not.”

But statewide, a high percentage of children fall both well above and well below the averages, with fewer clustered around the middle. Watney believes there’s a disconnect in some areas between quality jobs and quality education.

“Colorado is a great place to live and a lot of very well-educated people will move here and take some of the very well-paying jobs,” Watney said. “But we aren’t necessarily educating our children well enough that they are able to take jobs and life themselves and their families out of poverty. The state’s economy, in the future, really relies on our ability to prepare the kids who live here to succeed.”

Further darkening the picture, 2010 U.S. Census Bureau statistics show the numbers of Colorado children living in high-poverty areas rose sharply over the last decade, from 2 percent in 2000 to 8 percent in 2010.

In wealthy areas, those statistics often are overlooked, and the issues they point to insufficiently addressed.

“For a county like Douglas to have historically been very prosperous, sometimes it’s even harder to address some of the needs of families and kids who are struggling because there aren’t necessarily systems in place to do so,” Watney said. “While it’s great you have a history of being an economically strong county, it does mean you may not have enough experience in how to support families that are struggling.” 

Posted from: Highlands Ranch Herald 

Are You Pre-Qualified or Pre-Approved?

If you’re considering the purchase of a home, you may be concerned with the issue of finance. Attaining the right mortgage is key in the home buying process, but it doesn’t have to be a stress-inducing one. Most lenders offer pre-qualification, pre-approval or both to help you know where you stand.
If you have a home on the market, you will want to know that your seller is pre-approved or pre-qualified. Let me explain the difference between pre-qualification and pre-approval:

Pre-qualification: is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information aren’t validated for pre-qualification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.

Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.
Regardless of which option you utilize, or even if you take both steps, you’ll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage? Or, if the determining factor between two homes is the amount of property tax, are both in your budget?

I have great relationships with different lenders that are trust-worthy and hard working to get you the right kind of loan for your budget, at my disposal.  If you have questions about pre-qualifying, getting pre-approved, moving, building, selecting your first home or moving up to your next home, contact me, Brook Willardsen.

Time Saving Tips for Moving Day

Dreading Moving Day? Most people do, but we’ve found that planning your move well in advance can make things go much smoother. It’s also important to know what to expect on moving day itself. Feel free to print this list of helpful hints to guide you thru moving day.

“Last Load” box – Save back a large box for daily-used items that will need to come out first at the new home. Use this box for stripping your bedding the morning of your move. Also use this box for the alarm clocks, daily medications, 2 or 3 towels and wash cloths, paper towels and window cleaner.
Prepare the necessary rooms – If possible, clean and set-up the basics in the kitchen and bath areas before the big day. Place necessities in an obvious location – plastic cutlery, cups and plates and paper towels on the kitchen counter. Your bath should have soap, paper towels, toilet paper and a first aid kit available.
 Clear a path - Keep packed boxes in a room close to the door but out of the way. Keep an eye out for any obstacles that could block carried furniture such as railings or fence gates and temporarily remove them if necessary. Place non-slip rugs in any high traffic areas that could be potentially dangerous.
Call the sitter – It is best to leave small children and pets with a friend or sitter during the confusion and bustle of the move itself. At a minimum, your family pet should be confined, as even the nicest of animals can find a way to be dangerous underfoot.
Keep everyone refreshed – Whether you’re using professional movers or family and friends, make sure that everyone is comfortable and hydrated. If it is a hot day, provide lots of cold beverages and snacks. On cold days, offer hot chocolate or coffee. Ordering pizza for lunch is a nice way to show everyone you appreciate all the hard work.
Keep neighbors (old and new) happy – Keep the moving truck from blocking other driveways or mail box delivery, and make sure no one walks through your neighbor’s lawn or flowerbeds. Move during the day to avoid disturbing the neighborhood.
Last walk-through – Be sure to leave your old house as clean as you’d hope to find your new one. Check one last time for any forgotten items, and then lock all doors and windows.
Coordinate your move – If using professional movers, ask any remaining questions, finalize all contact information, and sign both the bill of loading and inventory sheet after careful review. Go over the destination address and projected route, as well as expected travel time.

If you have questions about moving, building, selecting your first home or moving up to your next home, contact me, Brook Willardsen.

Tips for Home Buyers

If you’re thinking of buying a home for the first time, you might be a bit overwhelmed by it all. We know that buying a home is a large undertaking, both in terms of time and money. I would like to help you get started. Sometimes the most important thing is getting pointed in the right direction. Here are some tips that can help make your home buying process successful.

Do Your “Home”work – The perfect home won’t find you by itself. Educate yourself on local schools, neighborhoods, and the kinds of homes available. By reading available materials and talking with experts, you can start to put together your idea of the perfect home. Getting information on the Denver should be your first step!

Decide on What You’re Looking For – Settle on the home features that are most important to you: floor plan, number of baths or bedrooms, entertaining space, architectural style, etc. For example, if you have large bedroom furniture, carry around the dimensions so you’ll know if it will fit!  Memorize an ordered list of which features that are most important to you. Having well-established guidelines will easily narrow down your search and prevent you from spending valuable time on homes that lack your key amenities. This approach can help you make the decision not to buy an attractive property that doesn’t really fit your needs. My website has a search feature that allows you to filter thousands of listings based on attributes that you select.

Start Planning – Proper planning is key when buying a home. Start a filing system with sections such as home-buying, home-financing, floorplans, and service providers. By forming a home-buying plan, you can focus on the most important factors structure the entire process. My website is a great resource for property information.

Investigate Your Mortgage – Deciding on the type of financing for your home can be as important as choosing a home itself. The first step is deciding what kind of loan best fits you: a fixed-rate mortgage, or an Adjustable Rate Mortgage (ARM), FHA and other forms of financing are available, but which is best for you? There are benefits to each form of loan, and your real estate professional can provide you with more information as well as put you in contact with reputable Senior Mortgage Broker.

Get Pre-Qualified – Getting pre-qualified for a loan is simple – usually only requiring a short phone conversation with your chosen lender, and can greatly help your home search. Pre-qualification does not guarantee you a loan, but it does provide you with an estimated monthly payment and a price range to use as a guide when searching for your home. Bring pre-qualified can also indicate to sellers that you are a serious, prepared buyer. I have relationships with preferred lenders that have proven track records on getting you approved!

Relax – You don’t have to make an offer on the first home you see. Take your time to view other listings in the area and get a feel for the marketplace. When you decide to make an offer on a home, consult with your real estate professional so that all of your questions can be answered.

Protect Yourself and Ask Questions – Before you sign, make sure you understand the promises you are making. There are time frames set for financing, inspections, insurance, closing, and possession dates, just to name a few. After it is signed, the seller does not have to cooperate if your situation changes.

If you have questions about moving, building, selecting your first home or moving up to your next home, contact me, Brook Willardsen.