Computers can do home appraisals. But humans are better In our computer-oriented world, decisions driven by data and algorithms have become commonplace. This raises the question: Is there still a need for human input to get the right outcome? It’s a question many are asking regarding home appraisals. “With these [technological] advances, will computers inevitably replace appraisers when it comes to valuing homes?” asks John S. Brenan, director of appraisal issues for the Appraisal Foundation. He explored the idea in a recent Realtor Magazine article. Computer models, called automated valuation models (AVMs), are used by websites like Zillow, tax assessors, lenders and others. Most experts agree that AVMs have their place in today’s world. For example, they are useful in situations where the appraisal isn’t critical. Brenan offers the situation where a person owns a $2 million home free and clear and wants to take out a $50,000 line of credit. “I’d be irate” he notes, “…if I had to pay a large fee” for an appraisal. In this case, an AVM would work nicely and save the homeowner as much as $700 in appraisal fees. Computer algorithms also work well when evaluating average homes with no special variations. But few homes are “cookie cutter.”  AVM’s don’t consider whether the home is located on a busy street corner, if it has been updated or is in major disrepair, and so on. As Brenan writes: “[C]omputers don’t buy houses; people do. An AVM does a great job of analyzing tangible features, such as a property’s age, number of bedrooms and baths, square footage and lot size. However, a property’s overall appeal is something that has been, at least to date, extremely difficult to quantify.” Brenan notes that while AVMs can help appraisers in their valuations, the human element is still critical in most situations. “[U]nless and until AVMs can better emulate the human factor, an ethical and competent appraiser remains indispensable.” We have been in the industry for a long time and have established relationships with reputable appraisers in Denver throughout the years. Contact Sultan Newman Group if you would like contact information for our trusted appraisers in the area. ReMax of Cherry Creek

Market Insights for Fall 2018 Housing inventory increases to the highest level in four years giving homebuyers more selection and signaling increased days on market and a slowdown in the rate of price growth. Is this the time to sit on the sidelines waiting for the market to turn? With interest rates expected to go to 5.1 percent in 2019 and forecasted appreciation softening but continuing to remain strong at 5.6 percent year over year in Denver, the cost of waiting is significant. Don’t fall into the trap of rumors about the Denver Real Estate market. Contact one of us at the Sultan Newman Group team directly and I will help guide you through the buying or selling process. A $425,000 home today will cost an estimated $23,800 more in purchase price in one year and $286 more a month in your mortgage payment – that’s a 13 percent increase or cost for waiting a year. With that being said, don’t wait to purchase until next year. The time to buy is now. Contact one of us at the Sultan Newman Group directly to get the buying process start. We have an excellent team backing one another that will make sure home buying is as seamless as possible. Quick Stats: Average active listings for August is 17,020 (1985-2017). Record high August was 2006 with 31,664 listings and 2016 represented the record low with 7,327 listings. August 2018 had 8,228 active listings. The 20-year average change in active listings from July to August is a .16 percent decrease. 2018 represents an increase of 7.65 percent. This is the highest percentage increase ever recorded. DMAR Market Insights If you have any real estate questions or needs please feel free to reach out to our Director of Operations at admin@re303.com and she will get you in touch with one of us.

Denver’s luxury market hits record high in sales In Denver’s vibrant housing market, it’s not just bungalows that are flying off the market. Luxury homes are also selling at record levels. According to the Denver Business Journal, Denver’s luxury housing market surpassed $2 billion in sales by August of this year, the earliest it has ever hit that mark. Luxury homes are generally defined as those priced over $1 million. In recent months, such homes have been spending an average of 66 days on the market—far less than the historic average of 80-90 days. “I believe the growth of luxury buyers is a relatively new phenomenon,” Steve Danyliw, chairman of the Denver Metro Association of Realtors’ market trends committee told the Journal. Homes are selling at higher prices than in the past, which explains some of the change. Additionally, higher paying jobs have migrated to Colorado, through companies such as Charles Schwab, Strava, Charter and Xero, fueling buyers’ ability to pay high prices. More inventory in that price range has also impacted the total sales figure. This record-breaking streak is seeing a slowdown, however. “[Despite] more inventory and high sales volume, many luxury homes across the metro are also experiencing price reductions and are spending more days on the market,” noted one DMAR market trends committee member. As inventory continues to increase, he adds, price reductions are likely until February, when the sales season “kicks back into high gear.” If you are interested in buying or selling a luxury home in the Denver area, look no further, contact Sultan Newman Group today!   ReMax of Cherry Creek Photo Copyright: www.unsplash.com

Under Contract in 3 days! Whittier Gem, 2545 Marion Street! At Sultan Newman Group, we go above and beyond for our clients. When we get the honor of listing your property we will make sure everything is perfect so once your house hits the Denver Real Estate market we have already created buzz about your house! This vibrant & eclectic Whittier neighborhood presents a charming bungalow, ready for you to move right in! This floorplan maintains original architectural details – gleaming hardwoods, period fireplace, bay window, soaring ceilings – complemented by thoughtful updates throughout – fresh paint and added powder room. The kitchen features concrete counters with breakfast bar and new stainless kitchen appliances including a gas cooktop. There are two bedrooms, one with a built-in murphy bed, perfect for guests/home office, and a jack-and-jill 3/4 bath that has been modernized with a new vanity and slate tile shower surround. The basement provides excellent storage and houses the mechanicals. Outside, there is a Trex deck with pergola, flagstone patio, and hot tub – perfect for entertaining. An oversized 2-car garage sits on the alley. Great location adjacent to historic 5-Points/Curtis Park with light rail just 5-blks away and neighborhood shops & restaurants nearby. With so much buzz online, there were 65 scheduled showings before the weekend ended. This Whittier gem definitely did not last long, after being on the market for just 3 days our team received multiple offers well over asking price. Our seller was given all the information to make the best decision for him and now is home is Under Contract for 55K over asking price! Sultan Newman Group works diligently for buyers and sellers to make sure you have all the information you need to ensure we get you to closing. If you or someone you know is looking to put their house on the market, look no further, Sultan Newman Group is here to help you. Contact our team to preview your property and we work to achieve the same results!  

Winterize Your Home Before the Cold Really Sets In Steps to winterizing your home in Denver There’s a chill in the air and, along with it, that nagging feeling that home maintenance chores await. While it’s tempting to procrastinate, now is the time to attend to your home, winterize your home before the cold sets in. Your to-do list should include these duties to properly winterize your home: Clean gutters: Now is the time to remove leaves and other debris that have fallen into your gutters. This will help ensure good drainage after snowstorms, when melting occurs. Clean the chimney: If you haven’t done recently, hire a professional to rout out soot, creosote and other dangerous elements that accumulate on the inside of the chimney. It’s also advisable to place a screen on top of the chimney to keep out rodents and other creatures. Have your furnace inspected: It’s important to have an HVAC professional check the furnace for any malfunctions. Also, be sure to change the filters and keep new ones handy for monthly replacement during the winter months. Be sure you know where your water main is located. This will speed your reaction time in the case of freezing pipes and other emergencies. Also, drain garden hoses and put them in storage for the winter. Check the foundation around the house: Clear away any debris and vegetation from the house’s foundation so that you can spot any cracks or entry holes. If you find some, be sure to seal them off to keep animals from entering your home as the cold sets in. Caulk gaps in siding, windows or doors: This will keep the cold wind from blowing through your living room—and help you save on energy bills. By following these simple steps, home ownership in Denver winters doesn’t have to be so tough. If you have any other suggestions to better winterize your home please let us know! admin@re303.com REMAX of Cherry Creek Blog

Homeowners required to pay for sidewalk repairs In some parts of Denver, a stroll down a leafy block can be one part scenic, one part obstacle course. With so many sidewalks in terrible disrepair, a wrong step can send someone tumbling. As a result, the city has turned to a rule that has long been on the books but rarely enforced—one that makes Denver homeowners responsible for keeping the sidewalks near their properties well-maintained and, if necessary, repairing them at their own cost. Since summer, officials have begun sending city workers out to inspect sidewalks and to notify homeowners of their duties to repair any gaps, cracks or other deficiencies that could interfere with the ease of walking down a street. “We’re a growing city and we’re trying to give people other options to get around town,” Denver Public Works spokeswoman Nancy Kuhn told CBS4. “This program is addressing those hazardous sidewalks and making it easier to get around.” Most repairs will cost less than $1,000, notes CBS4. Homeowners are required to fix sidewalks within 45 days of receiving notice. If the job doesn’t get done in that timeframe, the city will fix it—and bill the homeowner. This year, the Neighborhood Sidewalk Program is focusing on central Denver, with other regions to get attention in following years. If you’ve received notice that your sidewalk is in disrepair, don’t choose someone to fix it randomly. Call us for referrals and we’ll happily guide you to trusted professionals.   RE/MAX of Cherry Creek Blog

How Much is My Home Worth? Are you thinking of putting your home on the market? One of the first questions sellers ask is, “How much is my home worth?” There are many ways to find an answer, from easy-to-access online calculators to in-depth appraisals. Here are some tips to help you navigate these tools and understand how much your home is worth. Online Home Worth Calculators Many sellers first turn to online calculators, easy to find on your favorite home search site or with a simple online search. Enter a few numbers into the calculator to instantly get a number. These calculators often vary depending on how they calculate the home worth. Enter your information into a dozen calculators and you could end up with a dozen different answers. Estimates are based on a variety of factors, from public records to user-provided information. However, online calculators are only as good as the information that is available. They cannot account for any upgrades you’ve done to your house, unique features about your home, or special qualities of your neighborhood. Unique factors like these add value but are not easily included in the calculation and thus left out of the equation. While online home worth calculators can provide a useful starting point as you’re thinking about selling your home, they should not be used alone. Online home value estimates are just that – an estimate. Use these calculators when you’re starting out, but consult with one of us at Sultan Newman Group if you’re seriously considering selling your home. Use the REcolorado Home Worth Calculator >> Comparative Market Analysis For a more accurate value, ask one of us to provide a Comparative Market Analysis or CMA. In this analysis, your agent will combine real estate experience, housing market trends, and expertise with information about recent home sales and comparable homes in your neighborhood. We are local experts who will take time to understand your home. We can include much more detailed information in a CMA to ensure you are getting an accurate valuation. Unlike an automated online calculator, we can consider unique features of your home and factor those into its value. As your agent, we can provide important outside perspective as well. We understand how a possible buyer will see the value of your home, which is very important to attract the best offer for your home. With this insight and expertise, you’ll have a much deeper understanding of your home’s worth. As your Realtor, we can also use market trends to recommend the best time to put your home on the market. And when it’s time to sell your home, we will use a CMA to determine the best strategy for pricing your home for sale. Appraisal An appraisal is a final step to understand exactly what your home is worth. Typically, the appraisal will come after your home is on the market and under contract. An appraisal involves a comprehensive look at all the details of your home. This includes room size and number, square footage, and above or below grade spaces. The calculation also weighs the values of similar, nearby homes that have recently sold. Mortgage lenders rely on a formal appraisal to determine terms of a home loan for buyers. Because it is used as the basis for a home loan, an appraisal is typically performed when you have a serious buyer for your home for sale. Talk with one of us to determine how an appraisal fits into the process of selling your home. Each of these methods can be used to answer the question, “How much is my home worth?” Online home worth calculators can provide a useful estimate in the early stages but cannot replace the expertise of a Realtor performing a comparative market analysis. Talk with one of the Sultan Newman Group team members to learn more about determining home worth or selling your home. Visit our website for more information. SultanNewman.com  

Are you making these decorating mistakes? Here’s how to fix them! You’ve tried your best to make every room in the house shine, yet somehow you keep missing the mark. If only you could afford to hire a design professional. But there’s no reason to despair. Many decorating mistakes are easily fixed—and without the investment of a $200/hour designer. Recently the website Houzz listed common design mistakes and offered easy-to-follow ways to fix them. Here are four tips to improve the look of your home: Declutter your shelves. “Putting every ornament you own on open shelves often leads to a distracting mishmash of nondescript items,” notes Houzz. The website suggests taking every item off the shelf and categorizing each as “beautiful, interesting or out.” Place anything in the latter category in a “no” pile. Then, once the sorting process is over, study what’s left with an eye toward showing every item in its best light. For instance, “[y]ou might want to paint the back of the shelves to emphasize lovely shapes and colors among your chosen collection,” Houzz suggests. Brighten up a white kitchen: White kitchens are popular these days, but without the right approach, they can seem bland and sterile. Houzz suggests displaying kitchenware to add interest. For example, “Hang great-looking saucepans from wall hooks, leave a stack of pretty dishes out on display or set a bowl filled with fruits or veggies on the counter.” Also, brighten select spots with flowers, small colorful appliances, and so on. Take care when hanging art: Homeowners often make the mistake of hanging art too high, says Houzz. Aim for the picture’s center point to be at eye level when hung in places where people stand. Aim lower in places where people will be seated. If in doubt, hire a professional to help; this is one area where it’s worth the investment. Create a focal point: When you walk into your rooms, do you find it hard to know where to rest your eyes? If so, chances are, you’ve neglected to designate a central item of interest. When planning a room, start with a focal point—a stunning piece of art or furniture, a mirror, a rug. Then arrange the rest of your décor to complement it. If you like what you already have, pick one item to be the focal point and rearrange your furniture to direct attention to that item. Photo Copyright: Unsplash Re/Max of Cherry Creek Blog  

IN DENVER’S SIZZLING HOUSING MARKET, BE AWARE OF FALSE RENTAL ADS! In Denver’s red hot housing market, finding an affordable rental can be difficult. This makes potential tenants ripe for a variety of scams that are plaguing renters across the nation. A recent New York University study looked at more than 2 million rental listings on Craigslist over a 5-month period. They discovered several swindles, reported by the Joplin Globe, including scammers who: Ask a potential tenant to click a link and purchase a credit report. The scammer then gets a referral commission from the credit reporting site, and the would-be renter is out of luck, since there is no actual property for rent. Ask potential tenants to pay an upfront fee and a monthly membership fee to access listings of pre-foreclosure rentals or rent-to-own properties. “In the majority of cases,” reports the Globe, “the companies leading the scams have no connection to the properties listed.” Duplicate rental listings from other sites and post them on Craigslist for a lower price. Scammers then request a rent deposit via wire transfer for property they don’t own. To protect yourself from such schemes, the Joplin Globe offers the following advice: Research the address online to see if there are conflicting ads. Call the real estate agent in charge of the property and ask to meet with him or her in person. Never send money before seeing the rental in person. Never wire money or use a prepaid debit card. “These payments are the same as sending cash; once you send it, you have no way to get it back.” If the rental seems too good to be true, be skeptical. If a supposed landlord tells you he or she lives overseas and asks you to send rental money to him or her, look elsewhere. Photo Copyright: zimmytws / 123rf.com

CALIFORNIA MANDATES SOLAR PANELS IN NEW HOMES California, one of the leading green states in the country, recently took yet another environment-friendly step: Regulators approved a plan to mandate rooftop solar panels on most new single-family homes. The law, which goes into effect in 2020, covers single-family homes and multi-family residential buildings up to three stories high, including condos and apartment complexes. It is expected to add an average of $9,500 to the cost of building a new home, according to CNBC — but also is estimated to save $19,000 in energy costs over a 30-year period. Backyard with swimming pool in stylish home                 “This is an undeniably historic decision for the state and the U.S., Abigail Ross Hopper, president and CEO of the Solar Energy Industries Assn., told CNBC. “California has long been our nation’s biggest solar champion, and its mass adoption of solar has generated huge economic and environmental benefits, including bringing tens of billions of dollars of investment into the state.” “We cannot let Californians be in homes that are essentially the residential equivalent of gas guzzlers,” added David Hochschild, a member of the state energy commission. “This really puts us on a path to a more efficient future.” While many, like Hochschild, laud the development, others are less enthusiastic, noting that increased costs may worsen the state’s affordable housing crisis. Time will tell how the move plays out. Meanwhile, the unconventional law is bound to pique the interest of officials in other states, who will be watching the results closely. Mandated solar panels in sunny Colorado? Stay tuned.   Photo Copyright: zstockphotos / 123RF Stock Photo California mandates solar panels in new homes

If you have a child in college, no doubt you’ve experienced the severe sticker shock that comes with higher education. There’s little you can do about rising tuition fees, but what about room and board? One option is generally overlooked: Sometimes, buying property in the college town can lower your costs-and provide a lucrative investment down the road. Consider Tom K. Wilson’s story, as related by Boston.com. In 2001, the electrical engineer-turned-real-estate investor purchased a three-bedroom home in San Luis Obispo, so that his daughter could live there while attending California Polytechnic State University. He paid $385,000, plus another $10,000 to add a bedroom. His daughter shared the home with roommates. Six years later, Wilson sold the house for $760,000-nearly double his initial investment. The windfall covered the entire cost of his daughter’s undergraduate education, including housing, as well as a down payment on a home for her graduate school attendance. Such risks aren’t for everybody. “Not all parents want to complicate their children’s lives with logistical challenges like collecting rent from friends,” notes the website. But many feel that a home purchase can lower other logistical challenges that come with renting, such as avoiding “late-night noise, shady landlords, unsafe conditions and inflexible move-in schedules.” Recently, notes Boston.com, the home improvement website Houzz took a poll of 1,050 people, asking if they had purchased real estate in the town or city where their child attended college. More than half answered yes. While some noted that they wouldn’t do it again, due to the hassles of upkeep, others reported that they went on to invest in additional properties on college neighborhoods. As for Wilson, he notes that college markets are a good bet, as they present a relatively stable supply of renters. “I think it’s a good play,” he said. In the end, it depends on the housing market in the town where your child will be attending college vs. the cost of dorm housing-and your child’s ability to manage the situation. And if purchasing a home doesn’t work out, there’s always this alternative, promoted by one Houzz user: “I’ve just decided I’m buying our child a used RV for college housing.” Let the good times roll. 8167162 – money house in hand

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