Buyers who want the small acreages for horses close to the amenities of the metropolitan area need only click here to view our Featured Listings for Denver Real Estate.

Prices are good.  Interest rates are great but edging upwards.  According to Paula Moore’s article in the Denver Business Journal on June 8, 2009, the highest average selling prices for real estate in Denver are $527,216 in the Boulder plains area and $663,311 for homes within the Boulder city limits.  The lowest average prices for single-family homes in the Denver metro area rang up in southern Aurora at $92,230, the mountain area of southern Jefferson County at $147,125, and near the Denver International Airport at $152,204.

With the excellent interest rates and the ability to refinance, some people are choosing to upgrade their homes by adding more rooms.  Some are remodeling.  Yet there are families who are choosing to add more acreage and a couple of horses for their children or for a mid-life diversion.

Horses enjoy an evolutionary niche as grazing animals that herd together for mutual protection.  They are quite social and love the horse circuit in the Mile High City as much as their owners do.  One larger property, suitable for several horses, would make them smile.  A smaller property under five acres would be fine for one horse—as long as someone in the family will fulfill the social need.

Horse properties are marvelous buffers from the hustle-bustle of life.  We can steer you towards a number of properties in great school districts located less than 20 minutes from business parks or the downtown metro area.  As the city expands, these choice properties with present covenants allowing horses could face redevelopment or rezoning if horse lovers resist them.

There are small ranchettes on less than five acres and larger ranches with hundreds of acres to roam.  No matter the size, the peaceful equestrian oasis promises to offer residents a world just a canter away from stress and a trot from equestrian heaven.  All while supplies last.

For more information about real estate in the greater metro area, including farms and horse properties, call Michael Paul of Realty Oasis at (303) 268-6052.

The government plans to explain details of the Homeowner Affordability and Stability Plan on March 4, 2009.  What we do know now is that it outlines three initiatives for owners of real estate in Denver and the U.S.A.

1. Refinancing program targeted for those without 20-percent home equity
2. Program to lower monthly payments
3. Support for low mortgage rates

The refinancing program is specifically targeted to people without 20-percent home equity—those who are not able to refinance because they do not have enough equity to qualify.  In order to take advantage of the historically low interest rates, this segment of homeowners is being thrown a life buoy.  According to an e-communication by Lori Richardson of Cherry Creek Mortgage Company, the people must be “creditworthy” and “responsible” folks who do not have 20 percent or who owe more than their home is worth.

These people will be able to refinance their mortgages into 30-year or 15-year fixed-rate loan products based on current market rates.  The provision is open to homeowners who have conforming loans which are guaranteed by Fannie Mae and Freddie Mac and who owe up to 5 percent more than their home is worth.  This could help homeowners reduce house payments by hundreds or thousands of dollars each year. 

There are limitations and fine print as usual including the exclusion of prepayment penalties and balloon payments.  We’ll wait for more information on March 4.

The purpose of the Stability Initiative is to reduce foreclosures and to stabilize home prices in neighborhoods.  It does not apply to investment properties, however.  Struggling homeowners who have wanted to sell their homes may be helped with this initiative.  Homeowners do not have to be delinquent to apply for this program.

As the homes have dropped in value, the initiative rewards lenders who help reduce the amount that borrowers must pay each month.  Lenders are encouraged to lower interest rates to as low as 2 percent or to reduce payments by extending the term of the loan.  They may also choose to lower the principal owed and the government will share in the expense. 

In support of low mortgage rates, the Homeowner Affordability and Stability Plan will increase funding to Fannie Mae and Freddie Mac to help maintain mortgage affordability for responsible homeowners and confidence in the mortgage market.  Many homeowners will hopefully be saved by these measures.

For more information about farms, horse properties, and real estate in the greater metro area, call Michael Paul of Realty Oasis at (303) 268-6052.