Tag Archives: Buying a Home in Boulder

Boulder Homes Not Yet On The Market

If you are looking to buy a home in Boulder you will notice very few new high quality listings for sale. Boulder real estate is heating up and as it does, the best way to find a new home is to find it before the competition (other buyers) can to drive the price up in a multiple offer situation. Call me today for homes not yet on the market however going on the market in a short while.

Michael is a longtime resident of Boulder and has been in real estate since the mid 90′s and with Sotheby’s International Realty since their inception in Boulder County and along the front range. About Me If you have questions regarding this article or would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes

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Psych-Boulder Real Estate

Buying a home is the largest purchase most people will ever undertake. What takes people from desire to final purchase?

If you listen to the news day after day after day. There is unsettling news; higher gas prices, housing crisis, wars, politics; in other words sometimes staying put in the property you are living in seems much safer than moving.

Home buyers are beginning to hear positive messages about Boulder real estate and feel hopeful about the future and are excited about buying a new home and possibly selling their home. Humans are social beings and feel more secure taking a chance if lots of other people are doing the same. If the property market is busy with lots of turnover, it encourages others to follow suit. The Level of Confidence pushes us humans forward or makes us hesitate

The need for shelter is one of the most basic human needs. A guy by the name of Maslow came up with a very cool pyramid that he called the Hierarchy of Needs. His theory is that the lower levels of the pyramids have to be met before you can move up the needs pyramid. Property comes in on the second level after things like food, water, breathing and sex. Underlying this is the fact that there may even be a need for a stable environment for the most basic of these needs.

Houses provide shelter from the elements and security at the most basic level, but as each level of needs is met, property begins also to meet other needs. The need for self esteem, confidence, achievement, respect by others and near the top of the pyramid, property can also express creativity, problem solving, and provide an environment for spirituality and self actualization.

No two home hunting people are alike in their desire, motivation or needs. Getting to the bottom of this is when it is helpful to have a great agent, someone who will focus on your needs and wants and your timeline.

Many things can trigger home buying or selling. The birth of a baby, a marriage, a death or divorce, a loss of money,job or health, the kids having nowhere else to play when dad wants to watch the March Madness.

Buying or selling more often than not starts with the woman. It may be that they care more about the finer points or maybe they have more endurance to see the process out when often the male has given up and will settle for any home as long as it meets minimum requirements.

Great questions to ask yourselves are; What are my/our needs? What do I/we want? What can I/we afford? Why am I/are we feeling the need to move? To tell you the truth it may not even be a conscious desire.

In the early stages buyers prefer the internet and anonymity. The more information the buyer or seller has the more confident they feel making them able to move to the next step. Open houses usually are next and gives a great feel for equivalent value. Two things. Buyers typically think that their money can buy more house than it can and sellers typically think their house is worth more than it is. The value of a house is dictated by how much someone is willing to sell it for and how much someone is willing to pay for it. The getting real part can take a few days or months.

In an effort to work faster and more efficiently and see new properties on the market as quickly as possible buyers will phone their agent contact to view as many properties as p.ossible. This is the most efficient way to work.

If you’re purchase is more about balance, spirituality, quietude, please read this blog about The 7 Chakrasof buying Boulder real estate.

People eventually get to the point where they are tired of viewing houses, sometimes emotionally drained and despondent from missing out on one great or numerous great properties and are ready to buy. Usually these people are ready, focused and somewhat done with the house hunting portion and ready to make an offer.

When you are ready to search for or sell your fine property call Michael at 303-359-6627

Michael grew up near Santa Fe and is a longtime resident of Boulder and has been with Sotheby’s International Realty since their inception in Boulder County and along the front range.  If you have questions regarding this article or would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes. Michael is a (CNE) Certified Negotiation Expert and full time Realtor at Fuller Sotheby’s International Realty in Boulder, CO. What’s your lifestyle? I take great pride in my in-depth knowledge of Colorado luxury home market trends, utilizing research-based pricing strategies, having a powerful network of qualified Boulder real estate buyers and first-hand Boulder real estate insight. With a proven 16 year track record of selling unique Boulder real estate.

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Boulder Real Estate-In Praise of Louisville

WINNER 2011 Top 100 rank: 1
Population: 18,400
Unemployment:6.3%Compare Louisville to Top 10 Best Places

The report highlights small towns across America with populations of 50,000 or less, high job opportunities, fiscal strength, excellent schools, safe streets, great health care, outdoor and cultural activities and 300 days of sunshine (great weather).

The writer says it is a “sunny lively mountain town”; it is not a mountain town. While the views are great of the front range, Louisville is mostly in a valley and is situated on the “plains.”  I agree with “crime rates are among the lowest in Colorado” and the town is “easy to navigate.”  Louisville boasts lots of good jobs in tech, telecom, aerospace, clean energy, alternative energy and health care and many companies are relocating to the area as happy workers are great workers. In addition there are  world-class mountain biking, hiking, and skiing nearby as well as in the close by Rockies. Housing prices are still lower than Boulder real estate and schools rank well and are in the top three academically. Not everyone wants to live in Louisville;  however given the Music Festival, the Farmers Market, Street Faire, the great little mom and pop restaurants that have been here some since the 50’s and Main St. Louisville, what’s not to like? Read Money Magazine article. Ps. Superior Colorado came in at 20/100!

Search the MLS for Louisville or surrounding area

Michael is a longtime resident of Boulder and one of (FSIR’s)Fuller Sotheby’s International Realty. If you have questions regarding this article, Louisville or Superior or  would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes is a Certified Negotiation Expert and full time Realtor at Fuller Sotheby’s International Realty in Boulder, CO. 

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When should you pay more than asking for Boulder Real Estate?

Posted by Michael Hughes

Home sales in most of the country are floundering yet in Colorado and particularly Boulder, Boulder real estate is hanging in there. Unlike Detroit or some other areas,  I won’t mention, people actually ‘want’ to live here. We see the healthy lifestyle, coffee, world class dining, convenience, outdoor sports, 300 days of sunshine and a lifestyle to love. Boulder; home to the happiest people on the planet.

Couple that with low interest rates and now you have multiple offers with prices surpassing asking price. This of course will occur when a great listing comes on the market and it’s priced at or under market (did you know you can never price a property too low-the market will bring multiple offers and push it up, often past where the price should be-the market is a force and it is never wrong-I have used this as a strategy and it does work).

Paying over the offer price for Boulder real estate can be a good idea if the property has all the bells and whistles you want and as long as it appraises unless you are offering cash without an appraisal. Make sure it will appraise and that the price can be justified by recent sales activity in the area. Your Realtor can pull all this data together to see if it makes sense.

*Fair market value is the price a willing and able buyer will pay and seller will accept with neither party under undue pressure to act.

The decision of how much to offer should be based on a sound knowledge of market data/values in the area, your personal financial situation and lifestyle goals. If you do choose to pay more than the local comparable sales indicate, recognize that you may not be able to sell for the price you paid right away.

Michael is a longtime resident of Boulder and a Realtor with Fuller Sotheby’s International Realty. If you have questions regarding this article any of the neighborhoods or have any questions about Boulder or would like information about Boulder real estate or Boulder Luxury Real Estate check out my website. You may also call or TEXT me 303-359-6627 or e-mail Michael Hughes is a Certified Negotiation Expert and full time Realtor at Fuller Sotheby’s International Realty in Boulder, CO. 

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A Short Sale before you’re 103 years old

By Michael Hughes  October 5, 2010

A short sale can take forever.  Currently of the roughly 50 million households in the U.S. 2.5 million are in foreclosure and 7.3 are delinquent.  A related number which encompasses many of these households are the 11 million homeowners who owe more than what their home is worth (“upside down or underwater”).  In order for these people to sell their house and move on they either have to come to the closing with money or negotiate with the bank who hold the mortgage to accept less than they owe (short sale).

Basically what a Short Sale is: A short sale is a sale of  Boulder real estate in which the sale proceeds fall short of the balance owed on the property’s loan (mortgage).  It often occurs when a borrower cannot pay the mortgage loan on their house in Boulder county, but the lender decides that selling the property at a moderate loss is better than pressing the borrower into foreclosure. A short sale is better for the borrower because it does not impact them as severely (or nearly as long) as a foreclosure does. Both parties (lender and the owner) consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency..

Owners View: These would be sellers are stuck.  They would like to (need to) sell but for any number of reasons (bought at the peak of the Boulder real estate market, negative amortizing loans, ARM’s, second loans, HELOC’s) they can’t find a buyer who will pay a price for their home and that will also pay off the existing loans and closing costs.  Convincing the lender is not an easy job to take less than they are owed.  First of all there must be a compelling hardship where the seller absolutely cannot keep up the payments nor come up with cash to close.
So they must have a proveable hardship (and write a letter in detail regarding what the hardship is). Once all of the documentation is complete a package including the sales contract signed by buyer and seller is sent to the bank for approval.   Oh and there may be multiple contracts in play so roll those dice. You may be one of up to 10 or more offers in play. This is the tough part, it takes patience.  It can take up to 6 or 7 months but usually no fewer than 8 weeks to get an answer from the bank.  If the short sale is approved and  the sale goes through at a lower amount,  the sellers credit is hurt (although not as bad as a foreclosure) and the bank still has the right to claim and try to collect a deficiency.

Buyers Perspective: Short sales provide a unique value opportunity. If you have the patience Job. Many times banks approve a price which is a great deal for the buyer.  The main downside for a buyer is the uncertainty.  The bank has the right to accept other offers so even if you were the first offer in to the bank, by the time they get around to reviewing it there may be multiple offers.  It might take two or more months to figure out that the bank will not approve the list price of the house.  Buying a short sale is not for someone who has a certain date in mind or is not willing to be patient while the weeks tick by without any word.  You must have patience to the 10th power.  You hear when you hear and the news is not always what you had hoped for.  For the right buyer it is a good opportunity but it is certainly not for faint of heart or those wishing to move in a certain time period.

These are some simple yet effective tips to help you understand what a short sale is and to help you evaluate if this is a fit for you. When you are ready to start – ask your Realtor for help!

If you have questions about this article or anything Boulder TEXT or give me a call anytime. Michael Hughes-Fuller Sothebys International Realty=303-359-6627 or you can visit my website at www.BolderRealEstate.com

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Cooking on the fly

Posted by Michael Hughes March 20, 2010

Intuitive cooking. Looking in the refrigerator and knowing that you can create a fantastic over the top meal with the ingredients at hand.  There are NO rules. Knowing that adding a little fresh lemon juice or grilling pineapple with the salmon on the grill with a little garlic and olive oil will be de-lish. Grilling the garlic bread or putting a pizza on the grill at a low heat enhances the flavor and injects a smoky hedonistic feel to the palate. Knowing it is okay to grill a piece of chicken in Tamari and Pomegranite juice and to reduce the remainder in a pan with some lemon zest and pepper to give it a kick.

Create in the kitchen. Let it all go, pull it all together in to the best and most eclectic meal you have ever shared on the fly with friends and family. Involve the kids, they have the best ideas on what to add to make it taste even better and have fun.

When I think of cooking, I think and envision a picture I took long ago of a large Italian family sitting outside at a long table with friends, sisters, brothers, mothers in law, telling stories, drinking wine, talking to the kids, reconnecting with old friends and eating fantastic food for hours on end. The best!

Bon Appetit!

If you have questions regarding this article or are thinking you will Buy A Home In Boulder please call me 303-359-6627 or e-mail Michael Hughes at Sotheby’s International Realty in Boulder, CO

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If You Could Wave Your Magic Wand…

Posted by Michael Hughes   March 19, 2010

A house is four walls and a roof.  A home, is where family, values and who you are is represented by the very building that surrounds you. A place of refuge, love, memories, family, children, friends, where sharing the extraordinary, mesh with the extraordinary individuals who occupy these wonderful homes. Sotheby’s provides a world class experience when you buy a home in Boulder, Colorado.

If you could wave a magic wand and have the perfect home, what would it look like, where would it be, what would the feel be? After you envision the kitchen, the living or entertaining area, the outdoors the office, the closets, the master bedroom, the hot tub, the study; what would happen here? How would I feel if I were visiting? Welcome? Warm? Invited? Included?

When did you first feel the need for that family room that attaches to the kitchen with the open feel? Is it something your family had when you were a child? Is that something you wish to recreate? The large family feel or the small family intimacy, Is it something you have longed for? What is the drive?

  • Love
  • Safety
  • Community
  • Ease of living
  • Freedom
  • Prestige
  • Simplicity
  • Luxury

These are just a few of the things I talk to people about when buying a home. They talk until we are down to the core of what they want (not what I want).  I will never try to sell you anything. I am here to help, to facilitate, to make your dreams of buying a home in Boulder a reality. Luxury comes at all levels at Sothebys. Call me today.

If you have questions regarding this article or are thinking you will Buy A Home In Boulder please call me 303-359-6627 or e-mail Michael Hughes at Fuller Sotheby’s International Realty in Boulder, CO

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