Colorado Real Estate News

Wendy Lee | Kentwood Featured Agent

Wendy Lee

Wendy Lee | Featured Agent

Hometown:

Glencoe, Illinois.

What Is One Special Thing About the Place You Grew Up?

Glencoe is on Lake Michigan, 20 miles from downtown Chicago, with all of its world class museums, amazing architecture, food, sports, and music. It’s a truly wonderful place to grow up.

What Was Your First Job?

I had a paper route with my sister until I was old enough to babysit.

Hobbies:

Golf, cooking, entertaining, and working out.

Describe Yourself In 5 Words:

Genuine, reliable, compassionate, diligent, and loyal.

Favorite Colorado Past-time:

Golf and house hunting.

One Unusual Thing About You:

Both of my parents were born in 1925, they are still happy and healthy at 93 and 94.

In What Ways Are You Involved in Your Community?

I am very involved with the Denver Art Museum, First Tee of Colorado, Dumb Friends League, and Food Allergy Education for schools and teachers.

Who Inspires You?

Dale Carnegie, his words inspire me every day.

What Is Your Proudest Accomplishment and Why?

Raising my son Philip. He is a sincere, considerate, and intuitive young man.

How Do You Define Success?

Getting what you want and being happy with what you have.

What Career Path Would You Have Chosen If You Didn’t Become a Real Estate Broker?

I would have started a cooking school or a catering /event company.

What Is the Most Adventurous Thing You’ve Ever Done?

I packed up my car in 1990 and moved to Denver from Chicago on a whim.

If You Could Have Dinner with Anyone, Who Would It Be and Why?

I would love to have dinner with my grandfather, Jules Herbuveaux, he passed away in 1990. I would love to introduce him to my son. He was a Navy flier in WWI, the pioneer of Chicago television, and the bandleader that discovered Benny Goodman and many other Jazz musicians in Chicago.

What Is Your Favorite Family Tradition?

We love a beach trip especially when it includes golf! I grew up going to a little area in Mexico called Palmilla. It is the best place for golf, fishing, swimming, paddle boarding, playing cards, and hanging out together. We try to go every year.

What’s the Best Concert You’ve Ever Been To? What Made It So Special?

Most memorable: The last Grateful Dead show in Chicago at Soldier Field in July of 2015. I went with my 18-year-old son and younger brother.

The Best would either be Led Zeppelin at the Chicago Stadium in 1977 or The Rolling Stones at Soldier Field in 1978.

Wendy Lee

Colorado Real Estate News

Cash Offers – How to Compete with Them

Cash OfferWhy do sellers prefer cash offer? When deciding between multiple offers on a home, cash offers draw a certain allure. Buyers who are paying with cash can immediately verify they have the money available. This means that the closing process will go quickly and without any unexpected hiccups. Buyers who need their purchase financed through a mortgage lender can be a liability to sellers. A buyer’s loan can be denied for multiple reasons like home inspections and appraisals. Cash offers tend to close quickly and predictably and often without an appraisal or home inspection.

This can leave some buyers wondering how they could ever compete with a cash offer. Just because you aren’t able to offer up a briefcase of cash, doesn’t mean that achieving your goal home ownership is out of reach. But if you are going to go head to head with a cash offer, you are going to need to have an edge. Following are a few tips to help you compete with a cash offer.

Figure Out The Seller’s Goals

Determining what is most important to your seller can be the key to closing on your dream home. Many buyers assume that a seller wants the most aggressive, quick close for the highest price. Which isn’t always the case. Different sellers value different things. Some want the highest price they can get. While others want to close in time to purchase another home. And some just want to find a good caretaker for their home. While a cash offer comes with a definite allure, sometimes those offers ignore the most important factors for the seller. If you can match the seller’s criteria, you will be a strong candidate.

Consider Your Contingencies

If you want to make your offer as strong as possible, you should consider if there are any contingencies that you are willing to forgo. If you are willing to waive a home inspection or a secondary appraisal, you may have a leg up on buyers who won’t. Sellers are drawn to the least amount of restrictions as possible. Just keep in mind that this comes with a certain risk. Anything potentially wrong with the house will be your responsibility to fix.

Work With a Reputable Lender

When purchasing a home, you will be judged by the company you keep. So you want to make sure you make a good impression. Having a strong loan officer to represent you can speak volumes. Sellers love cash because it means there won’t be any last minute snags if the buyer can’t get a mortgage. Prove you are a serious contender by including a mortgage pre-approval letter from a strict lender. You can even boost your reputation by getting several pre-approval letters and including them with the offer.

Put Your Best Foot Forward

Since it is a challenge to compete with an all-cash buyer, you need to come out with your strongest offer possible. The more money you can put into your down payment, the less money you are borrowing from the bank. To the seller, this means a lower chance that your financing will fall through. Be prepared to come in at or above the asking price.

Show Your Personality

Writing a personal letter can really give you an edge up on a cash buyer. Especially if that buyer is a house flipper. If the seller has lived there for awhile, they are likely to have an emotional attachment to the property. Tell them why you love their home, and give them a little background about yourself. Explain why you should be the one lucky enough to get their home. Putting a face to a name and a story to a face can be a valuable way to secure the home that you want.

Stay Flexible

Make it clear that you are willing and able to operate in the seller’s schedule. If possible, figure out their timeline for moving and even their reason for moving. If a seller has all the time in the world, they are likely going lean toward an offer with contingencies and a higher price. But some sellers might be under a tight schedule due to the start of school or a divorce. In these cases, the seller could be likely to take a lower offer with no contingencies just to fit their time frame. So stay flexible and be willing to work with the seller for your dream home

Colorado Real Estate News

Is it a Seller’s Market for Luxury Homes?

Sellers MarketIs it a Seller’s Market for Luxury Homes?

Has the pendulum officially swung in favor of a buyer’s market for luxury homes priced $1 million and up?

In January, there was 7.65 months of housing inventory for the luxury segment; so, technically speaking, the answer is yes. The industry’s standard definition of a seller’s market is six months or less of inventory currently available, and a buyer’s market is seven months or more.

However, coining the luxury market as a buyer’s market comes with a caveat as it is not so ‘black and white.’ The luxury market in sales velocity is very dependent on the type of property, neighborhood, year the home was built, how updated it is, and so forth.

In this high-end price segment, the Denver area has only just gone over seven months. And when you look at other factors, like days on market, conditions to sell are still great. From 2016 to 2018, the median days on market has ranged from 71 to 84 in the luxury segment. Last month, median days on market was at 41!

So, home sellers must be cautioned not to despair that they are no longer in a “seller’s market,” they just need to manage expectations and price their home right. Home sellers are still in a robust market, in a city with good in-migration, and a great lifestyle.

More Housing Choices is Good for Homebuyers and Sellers

In January, the number of new residential listings for all prices ranges increased 109.7 percent from December to 4,821, an increase of 13.6 percent year over year. Active listings were up just 5.45 percent from the month prior, and up 52 percent compared to 2018’s record-low January reaching 5,881. For comparison, the number of active listings is still significantly below the historic average in the month of January of 13,469 (1985-2018).

So, even though the Denver area is still a seller’s market in most price ranges, there’s no doubt this is the best time to buy in a long time. With more choices and interest rates lower than expected, homebuyers placed more contracts in January compared to December, so more sales are expected.

While buyers are taking advantage of their housing choices, home sellers are still seeing appreciation with the average sold price up from $448,132 in January 2018 to $461,101 in January 2019.

All in all, now is a good time for buyers and sellers.

Colorado Real Estate News

13 Colorado Hot Springs to Relax In

Colorado Hot SpringsColorado Hot Springs range from off the beaten path and secluded, to equipped with water slides and snack shacks. These hot springs are perfect for soothing your muscles after a long day of mountain adventures.

Alpine Hot Springs Hideaway

The beautiful hand-built stone pool sits underneath big evergreens in the middle of the Rockies. The hot springs rise from their source at 130°+F. The pool and cabin are only open to overnight guests. There is a two night minimum and reservations are recommended well in advance for peak times. Nestled in Chalk Creek Canyon, Alpine Hot Springs Hideaway is a perfect mountain retreat.

Antero Hot Spring Cabins

Situated in the San Isabel National Forest in the heart of the fourteeners region of Colorado and nestled along Chalk Creek, Antero Hot Springs features three unique accommodations. Each place has a hand-shaped private hot spring pool just outside the door. These large soaking pools are fed by a hot spring on the property and are rich in minerals but low in sulfur.

Conundrum Hot Springs

Getting to these jaw-dropping hot springs off the beaten path requires an 8.5 miles hike and an overnight permit. But this trek is arguably one of the most unique overnight backpacking trips across the country. At the end of the hike you will be rewarded with spectacular mountain scenery and a dip in the warm natural hot springs.

Dunton Hot Springs

Just across the mountain from Telluride, Dunton Hot Springs Resort is a romantic ghost town, set in an extraordinary alpine valley. The resort offers a variety of day and overnight packages, and the entire town or ranch can be rented exclusively for corporate retreats, family reunions, and weddings.

Glenwood Hot Springs Resort

The Historic Glenwood Springs setting, between Aspen and Vail, provides an atmosphere for cherished memories. The soothing mineral waters of the world’s largest hot springs pool are a great start, but this unique and historic destination includes a spa for stress reduction, a premier athletic club for working out, a resort boutique for retail therapy and on-location dining for convenience.

Indian Springs Resort

Variety rules with geo-thermal caves, private baths, outdoor Jacuzzis and a mineral water pool, not to mention lodging options that range from campsites to resort rooms. Visit the spa, where you can get the Maize Salt Glo Treatment, a massage and exfoliation with corn maize, magnesium and castor oil.

Iron Mountain Hot Springs

The perfect pool is waiting for you at the Iron Mountain Hot Springs in Glenwood Springs. You just have to decide which pool that is! Your choices include a freshwater family pool and any of the 16 hot springs mineral pools where you can soak in the iron-rich thermal spring water. All pools are located alongside the Colorado River with Rocky Mountain views that soothe and inspire.

Mount Princeton Hot Springs Resort

Relax and unwind in the odorless 100% natural hot springs soaking pools situated along side of the Chalk Creek. A must do at Mt. Princeton Hot Springs Resort are the hot springs pools located right in midst of the cool rushing waters of Chalk Creek. Create your own personal hot spring pool. Each pool is fed by its own natural geothermal hot spring that is bubbling up into the actual creek bed.

The Springs Resort and Spa – Pagosa Springs

This luxury resort boasts more than 20 soaking pools (including the world’s deepest geothermal spring), a full-service spa and salon and a separate luxury suites hotel, which is LEED-certified for its environmentally conscious design. Unwind in one of the five adults-only pools, which have sweeping views of the San Juan Mountains.

Overlook Hot Springs Spa – Pagosa Springs

Roof-top tubs, five indoor pools and one completely private tub give you options for any weather or occasion. Sunset Magazine recently named this hot springs, tucked inside a Victorian-era storefront, a great aprés-ski option just half an hour from Wolf Creek Ski Area.

Healing Waters Resort and Spa – Pagosa Springs

With lodging options spanning an RV park to rooms and suites with full kitchens as well as a spa, Healing Waters makes sure you don’t need to leave the grounds for a relaxing getaway. Consider an Aquastretch treatment in one of the warm-water pools to soothe weary muscles.

Penny Hot Springs

The Penny Hot Springs sit on the banks of the Crystal River, a short drive south from Carbondale. Sitting at the mouth of the Narrows, a granite section of the canyon cut by the Crystal River, they are easily found at a large parking lot on the east side of Highway 133, a few hundred feet north of mile marker 55.

Strawberry Park Natural Hot Springs

Just outside of Steamboat Springs nestled alongside Hot Springs Creek lies one of the most spectacular mineral springs in the world. Imagine relaxing in 104 degree mineral water while Steamboat’s famous Champagne Powder gently collects in the surrounding forest. After dark, Strawberry Springs is strictly 18 and up – clothing optional.