Have you heard of "pocket listings" in Fort Collins?

Home in Ridgewood Hills subdivision in Fort Collins, CO.

Home in Ridgewood Hills subdivision in Fort Collins, CO.

In your Fort Collins home search you are likely to hear the term “pocket listings” from your Realtor®.  So what exactly is a pocket listing?

In short, a pocket listing is a home or property that a real estate agent will be listing for sale in the near future but that has not been advertised in the Multiple Listing Service (MLS).  Real estate brokers are often able to network within their brokerage to pitch upcoming listings to other agents.  When housing inventory is low (as it has been in Fort Collins, CO for the last 12 months) it is important that you establish a relationship with a trustworthy Realtor® who can expose you to pocket listings.

Over 90% of home buyers search for real estate online.  Sure, retail websites like Trulia and Zillow make it very easy and convenient for online users to search for homes, preview pictures, and learn more about schools and neighborhoods.  But are you really seeing all of the homes for sale?

If you are only relying on your websites for listing updates then you are likely missing out on homes for sale that don’t even hit the market.  Large real estate brokerages like Coldwell Banker Residential Brokerage with over 100 agents in Northern Colorado and over 16 real estate offices throughout Colorado are able to sell homes quickly (and often internally) because of the massive networking and advertising exposure listing agents can provide.  Think about it.  A home on the Internet is not going to sell itself.  Serious home buyers know this, which is why they choose to have a real estate agent on their side.

If you are still waiting for the right home to appear online it may be time to meet with a real estate agent to discuss your property criteria, build a relationship, and let your Realtor® help you gain some exposure to pocket listings.

For more information about the real estate market in Fort Collins, CO please give me a call or send me an email

 

Waiting Periods for a Prior Foreclosure by Richard Jensen

If you are among the millions of Americans affected by job loss and foreclosure during the worst recession of the century, there is still hope for you to buy a home again.  I am often asked by previous home owners who had a foreclosure, "What can I do and how long do I have to wait before I can buy a home again?"  Well, it depends.

Waiting periods for buyers who experienced a foreclosure can vary depending on the type of loan approval they are seeking.  If you have had a foreclosure and would like to buy a home again, you can expect the following waiting periods:

  • For a conventional Fannie Mae or Freddie Mac loan, the typical waiting period after a foreclosure before you can qualify for a new loan is seven (7) years.  However, a lender may make exceptions to the waiting period after three (3) years if you can show that the foreclosure was a result of "extenuating circumstances," such as a job loss or death of a wage earner.

  • For a VA loan (Department of Veteran Affairs), you must have paid VA for the loss due to the foreclosure before you can qualify for a new VA loan.  The waiting period is two (2) years.

  • For an FHA loan (Federal Housing Administration), the waiting period is three (3) years; however, FHA also grants exceptions for "extenuating circumstances" that resulted in the previous foreclosure, and you must have re-estabilished good credit before you can qualify for a new loan.

Source: RealtorMag.Realtor.org

If you are considering a home purchase within the next six months, it is always a good idea to talk to a qualified lending professional to discuss your financing options and, if necessary, a credit repair program.  There are several lenders I can recommend, so feel free to contact me anytime for lender recommendations.  And as always, let me know if you have any questions about the real estate market in Fort Collins, Loveland, Windsor, or anywhere else in Northern Colorado.

Thanks for reading our Northern Colorado Real Estate and Lifestyle Blog.

September 2012 Real Estate Market in Fort Collins, CO by Richard Jensen

Single-family detached homes in Fort Collins, CO are in demand.  Here are some notable September 2012 statistics (Source: IRES MLS):

  • There were 49% more homes under contract in Fort Collins, CO in September 2012 vs prior year.

  • There were 41% more homes sold in Fort Collins, CO in September 2012 vs prior year.

  • There was a 42% decrease in the Fort Collins, CO single family home inventory in September 2012 vs prior year with only 4.0 Months Supply of Inventory (MSI).

 

Generally speaking when the MSI is 6.0 the real estate market is balanced, meaning it will take approximately 6.0 months to sell all of the current Fort Collins homes on the market.  When the MSI drops below 6.0 the Fort Collins real estate market becomes a "seller's market," making it a great time for Fort Collins home owners to list their homes for sale.  For more information about the real estate market in Fort Collins, CO or information about selling your home in Fort Collins, contact local Realtor® Richard Jensen with Keller Williams Realty of Northern Colorado.

Thanks for reading our Northern Colorado Real Estate and Lifestyle Blog!