Feb. Real Estate News, New Rentals, Tax Tips for Home Owners, and Cathy’s Mortgage Corner. :: Doctor Relocation, LLC. | MyNewsletterBuilder

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February Newsletter

This is possibly the best Valentine’s Day gift we have ever seen!


Cathy’s Mortgage Corner



Welcome to the first edition of “Cathy’s Mortgage Corner.”  I would like to introduce myself to you the reader… I have been in the mortgage business for 27 years. I have helped thousands of buyers become homeowners, some for the first time, and I’ve helped others with several home purchases.  Our markets are very fluid right now; we are seeing interest rates creep up a bit, but still at historical lows.  We anticipate interest rates will stay in this reasonable range through the third quarter.  As we begin to see the economy and home sales improve, we will begin to see interest rates rise.  Rates will never be better than they are right now. One reason to work with me and Guild Mortgage is that we do not have the credit overlays that most other mortgage companies have; by credit overlays, I mean we underwrite directly to the agency credit requirements – we do not add an additional, company required, layer of underwriting standards.  ALL of the large national lenders require the credit overlays.  We have underwriting turn times that are some of the best in our industry because we have processors, underwriters and closers all located here in our office – under one roof.  Our team is not spread out throughout the State or the country.  Working with me and my team gives you access to one of the three of us should you have questions or any concerns regarding your loan.  We supply you with not only our emails but also our personal cell phone numbers. 


I have worked with Steve Charlett of Dr. Relocation for over seven years and have always found him able to educate buyers on the best choice of homes for one of the biggest investments theyll ever make.  Together, we have helped our customers purchase their first home of their dreams or that second home in the mountains. 


Now is the best time to purchase a home, before interest rates rise and supply becomes more limited.  Be in your new home by summer and enjoy all that “Colorful Colorado” has to offer in our great outdoors.


Next edition: FHA fixed rates vs. ARMS



Cathy Bok

Guild Mortgage Company

Direct Phone # 720-746-4097

Cell Phone # 303-757-4121

Efax # 720-367-5488

Email: cbok@guildmortgage.net


NMLS # 374094



Home resales dip 8% in Denver area, but sales prices rise

Home resales in metro Denver were down in January from a year earlier, largely because there are no federal homebuyer tax credits to buoy sales, but average sold price was up because of the recovering economy, according to Metrolist Inc. data.

Resales of both standard houses and residential condominiums dipped 8.4 percent in this year’s first month to 2,156 from 2,353 for the same month of 2010. Such sales were down 12.7 percent from 2,469 in 2009.

Resales, also called existing home sales, are those of homes that have sold at least once before.

Average sold price, for houses and condos combined, rose 5.9 percent in January to $252,307 from $238,155 for the same month of 2010. That price was up 18.3 percent from $213,330 in January 2009.

Selling prices increased because consumer confidence is up, according to Bauer. “People are buying a little higher-priced home,” he said.

Metrolist Inc. of Greenwood Village is metro Denver’s Multiple Listing Service, providing real estate professionals with home sale data.

Another indicator of an improving resale market for houses is that active listings for them were up nearly 9 percent. Listings for condos, though, were down about 3 percent.

The federal government’s $8,000 first-time homebuyer tax credit and $6,500 credit for existing homeowners expired April 30, 2010. The first-time buyer credit had a longer life and was the more popular of the two.

The $8,000 first-time homebuyer credit was launched in early 2009, as part of the federal stimulus program (the American Recovery and Reinvestment Act) of that year, and was an enhancement of a $7,500 credit for the same type buyer established by the Bush Administration in 2008. The Bush “refundable” credit basically was a loan that had to be repaid. The $6,500 existing homeowner credit was created in the fall of 2009.

Other Metrolist resale data for January:

• House resales — Dropped 6.4 percent to 1,724 from 1,841 year over year, and were down 11.3 percent from 1,943 in January 2009.

• House resale prices — Average sold price rose 6.7 percent to $277,922 from $260,530 year over year, and was up 20.4 percent from $230,878 in the first month of ’09.

Median sold price increased 7.1 percent to $225,000 from $210,000 in January 2010, and 24 percent from $181,500 for the same month of ’09.

Median is the midpoint between highest and lowest selling price, and is considered a truer measure of price by some real estate experts because it’s not skewed by price extremes.

• Active house listings — Houses on the market for sale increased 8.7 percent last month, to 14,456 from 13,305 year over year.

• Condo resales — Dropped 15.6 percent in January, to 432 from 512 year over year, and 17.9 percent from 526 in the initial month of ’09.

• Condo sold prices — Average selling price dipped 4.8 percent last month to $150,085 from $157,701 year over year, and was up 1.06 percent from $148,509 in January ’09.

Median sold price decreased 4.2 percent to $124,995 from $130,500 year over year, and increased 10.6 percent from $113,000 in the first month of 2009.

• Active condo listings — Dipped 2.95 percent in January to 4,348 from 4,480 year over year.

Denver Business Journal – by Paula Moore. Date: Tuesday, February 8, 2011



Need referrals for just about anything related to your home?

Could you use some help finding a trustworthy service provider?  I’m often able to save you time and money by pointing you towards providers who have received good reviews from my clients and colleagues.  Just call me, or reply to this email and I’ll be happy to assist you.

Your Realtor,

Steve Charlett



Contact me to get a home buying consultation, and/or a complimentary market analysis on your home!  


Cell # (720) 308-6835

Office # (720) 870-5321





Doctor Relocation, LLC

13770 E Rice Place

Aurora, Co 80015


“When You Think of Someone Who Needs to Buy, Sell or Rent a Home

,,, Please Think of Me”


See Our Rentals!


The Landing at Cherry Creek



Remodeled Condo by Heather Ridge Golf Course



Large Home in South Aurora-Centennial



Just rented! Our rentals are moving quickly and the homes below were filled just last month:


Nice Condo Great Price



Two Story Townhome Near Buckley A.F.B.


10 Common Errors Home Owners Make When Filing Taxes

Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit.

Sin #1: Deducting the wrong year for property taxes

You take a tax deduction for property taxes in the year you (or the holder of your escrow account) actually paid them. Some taxing authorities work a year behind—that is, you’re not billed for 2010 property taxes until 2011. But that’s irrelevant to the feds.


Enter on your federal forms whatever amount you actually paid in 2010, no matter what the date is on your tax bill. Dave Hampton, CPA, tax manager at the Cincinnati accounting firm of Burke & Schindler, has seen home owners confuse payments for different years and claim the incorrect amount.

Sin #2: Confusing escrow amount for actual taxes paid

If your lender escrows funds to pay your property taxes, don’t just deduct the amount escrowed, says Bob Meighan, CPA and vice president at TurboTax in San Diego. The regular amount you pay into your escrow account each month to cover property taxes is probably a little more or a little less than your property tax bill. Your lender will adjust the amount every year or so to realign the two.


For example, your tax bill might be $1,200, but your lender may have collected $1,100 or $1,300 in escrow over the year. Deduct only $1,200. Your lender will send you an official statement listing the actual taxes paid. Use that. Don’t just add up 12 months of escrow property tax payments.

Sin #3: Deducting points paid to refinance

Deduct points you paid your lender to secure your mortgage in full for the year you bought your home. However, when you refinance, says Meighan, you must deduct points over the life of your new loan. If you paid $2,000 in points to refinance into a 15-year mortgage, your tax deduction is $133 per year.

Sin #4: Failing to deduct private mortgage insurance

Lenders require home buyers with a downpayment of less than 20% to purchase private mortgage insurance (PMI). Avoid the common mistake of forgetting to deduct your PMI payments. However, note the deduction begins to phase out once your adjusted gross income reaches $100,000 and disappears entirely when your AGI surpasses $109,000.

Sin #5: Misjudging the home office tax deduction

This deduction may not be as good as it seems. It often doesn’t amount to much of a deduction, has to be recaptured if you turn a profit when you sell your home, and can pique the IRS’s interest in your return. Hampton’s advice: Claim it only if it’s worth those drawbacks.


Sin #6: Missing the first-time home buyer tax credit

If you met the midyear 2010 deadlines, don’t forget to take this tax credit into account when filing.


Even if you missed the 2010 deadlines, you still might be in luck: Congress extended the first-time home buyer creditfor military families and other government workers on assignment outside the United States. If you meet the criteria, you have until June 30, 2011, to close on your first home and qualify for the tax credit of up to $8,000.

Sin #7: Failing to track home-related expenses

If the IRS comes a-knockin’, don’t be scrambling to compile your records. Many people forget to track home office and home maintenance and repair expenses, says Meighan. File away documents as you go. For example, save each manufacturer’s certification statement for energy tax credits, insurance company statements for PMI, and lender or government statements to confirm property taxes paid.

Sin #8: Forgetting to keep track of capital gains

If you sold your main home last year, don’t forget to pay capital gains taxes on any profit. However, you can exclude $250,000 (or $500,000 if you’re a married couple) of any profits from taxes. So if you bought a home for $100,000 and sold it for $400,000, your capital gains are $300,000. If you’re single, you owe taxes on $50,000 of gains. However, there are minimum time limits for holding property to take advantage of the exclusions, and other details. Consult IRS Publication 523.

Sin #9: Filing incorrectly for energy tax credits

If you made any eligible improvement, fill out Form 5695. Part I, which covers the 30%/$1,500 credit for such items as insulation and windows, is fairly straightforward. But Part II, which covers the 30%/no-limit items such as geothermal heat pumps, can be incredibly complex and involves crosschecking with half a dozen other IRS forms. Read the instructions carefully.

Sin #10: Claiming too much for the mortgage interest tax deduction

You can deduct mortgage interest only up to $1 million of mortgage debt, says Meighan. If you have $1.2 million in mortgage debt, for example, deduct only the mortgage interest attributable to the first $1 million.

Do you know someone who could use this information? If so please click the “forward to a friend” link below & pass this newsletter on to them. Thank you!

Doctor Relocation, LLC. • 20551 East Weaver Ave • Aurora, CO 80016


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