Denver's Housing Slump

You probably heard the latest housing news: the number of homes sold in July plunged a record 27% compared with the same month a year ago. This was far worse than the most pessimistic forecast of economists.

So what does it mean for us here in Denver? It means our housing market's recovery is not going to happen real soon. But we still are positioned better than most parts of the country. We have less homes on the market and our homes are selling quite a bit faster than most other places. But if you want to be one of the homes that sells you've got to have the home looking great and you've got to be priced aggressively.

When will it all end? When will we be back to healthy appreciation? My take - it's all about job creation. Until we get unemployment back down to the 5% range we won't see any real increase in consumer confidence. When people are concerned about their employment, they lack the confidence they need to take on the housing market. So fewer homes sell and they sell for less money.

But this also means that if you are in a position to buy, this is a great time. Interest rates are at historic lows - I mean, 4.5% for a 30-year fixed? You've got to be kidding me! And there definitely are deals to be had out there.

So keep your chin up, Denver. Someday we'll be back to 7 or 8% appreciation yearly. Let's just hope it's sooner than later.

Sprucing Up the Kitchen

Can't afford a full kitchen makeover? Sprucing up the cabinetry is an easy fix for a fraction of the cost.

There are two options: replacing or refacing. Refacing includes covering the existing cabinet doors and drawer fronts with a wood or plastic veneer and replacing knobs and door hinges; replacing cabinets requires removing them entirely and starting from scratch. So what's the best for your home? Here are a few things to consider, according to HGTV.

First, check to see if the cabinets are structurally sound. If you have problems opening the drawers, closing the doors, or if the cabinet's interior isn't as large as you need it to be, simply rejuvenating the look isn't going to help in the long run. Also consider the age of the cabinets: Those made 20 to 30 years ago were typically built using thicker wood and sturdier construction. Such cabinets can often be refaced instead of replaced.

Next, consider how long you'll remain in your home. Replacing the cabinets will add to the home's value and could be worth the extra money if your home will be on the market in the near future. But for a potential buyer, a modern renewal of the cabinets with up-to-date veneers might be enough, making refacing your cabinets a cost-effective, viable solution. The typical cost of refacing with plastic veneer can cost up to about $3,000, while wood veneers can run up to $7,000. If you're still considering replacing, make sure you budget accordingly. According to costhelper.com, the cost of delivery and installation of new cabinets can cost at least $10,000.

Is That "Free Credit Report" Really Free?

There's a lot a consumer confusion out there about "free credit report" offers that are advertised as free but many times require consumers to spend money on credit monitoring or other products and services. You see these offers all the time. So where do you go to get an actual free credit report? Go to the only authorized sources under federal law:

1. internet: AnnualCreditReport.com
2. phone: 877-322-8228

In an effort to prevent deceptive marketing practices, the Federal Trade Commission has amended rules governing free credit report offers. Any advertising for a free credit report must now include a disclosure statement notifying consumers that you have a right to a free credit report from the above two sources.

If your only need is to check your credit report (and it's a good idea to do this at least once a year), go to the above sources.

My First . . . and Maybe Last . . . 15 Minutes of Fame

Well they say it happens to everyone at some point - 15 minutes of fame. Mine came a couple weeks ago when I was featured on FOX 31 News in some real estate segments they did. Just in case you missed it (and in case you care at all!), here it is.

Keeping You and Your Family Safe

A new law was passed in Colorado last year that flew under the radar of most homeowners -- probably because you don't have to worry about it until you sell your house. But my suggestion is you worry about it right now.

Here it is: if your house has a fuel-fired heater or appliance (e.g., gas furnace, stove, dryer, fireplace -- and who of us doesn't have at least one of these in our house?) or an attached garage, you must install a carbon monoxide alarm within 15 feet of the entrance to each bedroom prior to offering the property for sale or lease. For most houses, that means plugging one alarm into an upstairs hallway outlet. That's it. About $25 at Home Depot or Lowe's.

I recommend you don't wait until you're ready to sell your home - do it now and keep your family safe.