Thursday, August 26, 2010
Thursday, August 19, 2010
Tuesday, August 10, 2010
Sunday, August 8, 2010
Denver Real Estate Market Update August 2010
So, How’s the Market, Aug, 2010
All real estate data taken from Metrolist, Inc, on Aug 5-8, 2010. Denver, Colorado.
“What are the Most Important Facts Buyers and Sellers want to know about Today’s Real Estate Market?”
There are 5 important questions posed to Real Estate Professionals from the buyers and sellers in today’s marketplace that help them decide about what to do in their real estate future.
Question 1 How will homes being foreclosed in my neighborhood affect my home value for the future?
Answer: Since foreclosed properties are typically sold, “As Is” buyers are purchasing at slightly below market values which will affect the value of homes in the same neighborhood for the short term. However, most neighborhoods have a small percentage of sales that are foreclosures. In fact, foreclosed sales average 7% of homes selling today and most neighborhoods have another 6% of short sales occurring. This leaves 87% of all sales in most neighborhoods selling at market value holding the value of your home closer to the current market conditions.
Rational Thought: Foreclosures sales or short sales do negatively affect value in the eyes of the homeowners living in the neighborhood. However, like any other non-arms length transaction the reduction in value will be dictated by the number of foreclosed properties in relationship to other sales over the last 90 days. Since most banking experts and foreclosure services are stating that any additional numbers of additional foreclosures entering the market are at the peak, the market will see less valuation fluctuations moving forward then we’ve seen the last 36 months.
Question 2 What is the current supply/demand of homes?
Answer: Knowing the supply and demand of any product predicts what the opportunities are in the market. For example, there is a 5.45 month supply of homes below $250,000 which means prices are going up in the lower price ranges. Conversely, homes priced between $1 million and $1.5 million have a 26 month supply. What do you think is happening to prices in that price range? Let me get a specific buyer supply/demand number for your home?
Rational Thought: Residential real estate is a very local market condition better measured down to specific neighborhoods. One neighborhood could have a different supply and demand dynamic than the entire market. When a homeowner asks the question of supply and demand they are trying to “time” the market to maximize their investment.
Metro Area Denver Single Family Supply and Demand for August 2010
SF Homes
Price Active Listings 8.5.10 Sold SF YTD 7.31.10 Annualized SF Sold Data for 2010 Months Supply
0-250K 7943 10146 16364 5.45
250-500K 7415 6450 10403 8.55
500-750K 2141 1098 1771 14.5
750-1M 1002 298 481 24.99
1-1.5M 617 174 281 26.35
1.5-2M 293 48 78 45.07
2-2.5M 122 23 37 39.56
2.5-3M 108 5 8 162
3M+ 145 13 21 82.85
Question 3 Is it a Good Time to Buy?
Answer: Prices have stabilized and interest rates are at 45 year lows. You couldn’t have more buying power than today. In fact with rates at 4.25% today you will typically save more than $30,000 over your ownership period if you buy today!
Rational Thought: A buyer buying today has tremendous buying power. If you take a $300,000 mortgage at 4.25%, the PI payment is $1,471 per month. If the rate were to increase to 6.25% in 2011, which is still considered a historically low interest rate, the PI payment is $1,838 per month or $367 more dollars! If the average person lives in their home 7 years, that extra amount would equal $30,828 more money in payments over the life of living in the home. What could a homeowner do with an extra $30K+ in their pocket? They could save it, pay down principal, or invest in other instruments.
Question 4 What’s a Short Sale?
Answer: This will be home sale that will sell for less than the mortgage amounts owed against the property. This can help the homeowner sell when they are distressed vs. waiting for a foreclosure. The shorter the marketing period or smaller reduction in value helps maintain higher property values in the neighborhood vs. a foreclosure and eliminates a vacant property on the street. Although nobody wants to see someone be financially distressed, if a homeowner has a legitimate hardship, this is an avenue banks and sellers of properties are using to solve the problem of not be able to pay the mortgage.
Rational Thought: Short sales do help homeowners get out from the large payment with dignity. Although the homeowner could be responsible for the deficiency of money not paid, this amount typically is smaller than if a foreclosure occurred. Short sales help the lien holders garner some dollars now vs. trying to secure money via foreclosure, which takes time. Short sales help other homeowners in the neighborhood because the values do not drop as much. Many banks have figured the loss is less on a short sale than a foreclosure, so the lending institutions have gotten better systems to accept short sales.
Question 5 How do I best protect my investment dollars in my home?
Answer: Part of my role as your real estate professional is to help you improve the equity in your home. There are several ways to create a stronger equity position and we can create a personalized Real Estate Financial Plan that I am versed in to help you better improve the equity of your home.
Rational Thought: Equity in future home ownership will be successfully achieved by positively altering the principal payments of a loan, not just waiting for appreciation to occur. Prepaying an equal principal amount per month reduces a 30 year amortized loan by more than half the time. By adding just one full payment per year to prepay the principal each year will reduce a 30 year loan to 22.4 months. Of course utilizing a 15 year amortized loan achieves a similar type of savings to the homeowner. Paying principal not interest is the secret to achieve higher equity positions. Equity gives the homeowner lots of options for the future.
What should sellers do in today’s market?
• Consider Alternative financing methods if you have a property valued above $500,000. Seek the advice of a professional to describe your options.
• Position the pricing strategy of your home so it becomes attractive to buyers.
• Have the best conditioned property on the market.
What should buyers do in today’s market?
• Lock your interest rate in to a low rate now if you plan on closing within 45 days. Buyers should not have an extra fee to lock the rate.
• There are different financing packages. Pick the one that gives you the best way to increase your equity position, like a 15 year mortgage or flexible prepay principal type loans.
• Know what the neighborhood supply and demand is to make an informed buying decision.
All real estate data taken from Metrolist, Inc, on Aug 5-8, 2010. Denver, Colorado.
“What are the Most Important Facts Buyers and Sellers want to know about Today’s Real Estate Market?”
There are 5 important questions posed to Real Estate Professionals from the buyers and sellers in today’s marketplace that help them decide about what to do in their real estate future.
Question 1 How will homes being foreclosed in my neighborhood affect my home value for the future?
Answer: Since foreclosed properties are typically sold, “As Is” buyers are purchasing at slightly below market values which will affect the value of homes in the same neighborhood for the short term. However, most neighborhoods have a small percentage of sales that are foreclosures. In fact, foreclosed sales average 7% of homes selling today and most neighborhoods have another 6% of short sales occurring. This leaves 87% of all sales in most neighborhoods selling at market value holding the value of your home closer to the current market conditions.
Rational Thought: Foreclosures sales or short sales do negatively affect value in the eyes of the homeowners living in the neighborhood. However, like any other non-arms length transaction the reduction in value will be dictated by the number of foreclosed properties in relationship to other sales over the last 90 days. Since most banking experts and foreclosure services are stating that any additional numbers of additional foreclosures entering the market are at the peak, the market will see less valuation fluctuations moving forward then we’ve seen the last 36 months.
Question 2 What is the current supply/demand of homes?
Answer: Knowing the supply and demand of any product predicts what the opportunities are in the market. For example, there is a 5.45 month supply of homes below $250,000 which means prices are going up in the lower price ranges. Conversely, homes priced between $1 million and $1.5 million have a 26 month supply. What do you think is happening to prices in that price range? Let me get a specific buyer supply/demand number for your home?
Rational Thought: Residential real estate is a very local market condition better measured down to specific neighborhoods. One neighborhood could have a different supply and demand dynamic than the entire market. When a homeowner asks the question of supply and demand they are trying to “time” the market to maximize their investment.
Metro Area Denver Single Family Supply and Demand for August 2010
SF Homes
Price Active Listings 8.5.10 Sold SF YTD 7.31.10 Annualized SF Sold Data for 2010 Months Supply
0-250K 7943 10146 16364 5.45
250-500K 7415 6450 10403 8.55
500-750K 2141 1098 1771 14.5
750-1M 1002 298 481 24.99
1-1.5M 617 174 281 26.35
1.5-2M 293 48 78 45.07
2-2.5M 122 23 37 39.56
2.5-3M 108 5 8 162
3M+ 145 13 21 82.85
Question 3 Is it a Good Time to Buy?
Answer: Prices have stabilized and interest rates are at 45 year lows. You couldn’t have more buying power than today. In fact with rates at 4.25% today you will typically save more than $30,000 over your ownership period if you buy today!
Rational Thought: A buyer buying today has tremendous buying power. If you take a $300,000 mortgage at 4.25%, the PI payment is $1,471 per month. If the rate were to increase to 6.25% in 2011, which is still considered a historically low interest rate, the PI payment is $1,838 per month or $367 more dollars! If the average person lives in their home 7 years, that extra amount would equal $30,828 more money in payments over the life of living in the home. What could a homeowner do with an extra $30K+ in their pocket? They could save it, pay down principal, or invest in other instruments.
Question 4 What’s a Short Sale?
Answer: This will be home sale that will sell for less than the mortgage amounts owed against the property. This can help the homeowner sell when they are distressed vs. waiting for a foreclosure. The shorter the marketing period or smaller reduction in value helps maintain higher property values in the neighborhood vs. a foreclosure and eliminates a vacant property on the street. Although nobody wants to see someone be financially distressed, if a homeowner has a legitimate hardship, this is an avenue banks and sellers of properties are using to solve the problem of not be able to pay the mortgage.
Rational Thought: Short sales do help homeowners get out from the large payment with dignity. Although the homeowner could be responsible for the deficiency of money not paid, this amount typically is smaller than if a foreclosure occurred. Short sales help the lien holders garner some dollars now vs. trying to secure money via foreclosure, which takes time. Short sales help other homeowners in the neighborhood because the values do not drop as much. Many banks have figured the loss is less on a short sale than a foreclosure, so the lending institutions have gotten better systems to accept short sales.
Question 5 How do I best protect my investment dollars in my home?
Answer: Part of my role as your real estate professional is to help you improve the equity in your home. There are several ways to create a stronger equity position and we can create a personalized Real Estate Financial Plan that I am versed in to help you better improve the equity of your home.
Rational Thought: Equity in future home ownership will be successfully achieved by positively altering the principal payments of a loan, not just waiting for appreciation to occur. Prepaying an equal principal amount per month reduces a 30 year amortized loan by more than half the time. By adding just one full payment per year to prepay the principal each year will reduce a 30 year loan to 22.4 months. Of course utilizing a 15 year amortized loan achieves a similar type of savings to the homeowner. Paying principal not interest is the secret to achieve higher equity positions. Equity gives the homeowner lots of options for the future.
What should sellers do in today’s market?
• Consider Alternative financing methods if you have a property valued above $500,000. Seek the advice of a professional to describe your options.
• Position the pricing strategy of your home so it becomes attractive to buyers.
• Have the best conditioned property on the market.
What should buyers do in today’s market?
• Lock your interest rate in to a low rate now if you plan on closing within 45 days. Buyers should not have an extra fee to lock the rate.
• There are different financing packages. Pick the one that gives you the best way to increase your equity position, like a 15 year mortgage or flexible prepay principal type loans.
• Know what the neighborhood supply and demand is to make an informed buying decision.
Saturday, July 24, 2010
Friday, July 16, 2010
Friday, July 9, 2010
Thursday, July 8, 2010
Michael Kozlowski -Team Koz RE/MAX Professionals Ranked (#2 May 2010) (#5 YTD 2010) RE/MAX Mountain States Region (CO,UT,WY,ND,SD)
Michael Kozlowski -Team Koz RE/MAX Professionals Ranked (#2 May 2010) (#5 YTD 2010) RE/MAX Mountain States Region (CO,UT,WY,ND,SD)
Denver Real Estate Market Update July 2010
So, How’s the Market, July, 2010
All real estate data taken from Metrolist, Inc, on July 5-7, 2010. Denver, Colorado.
“Why Should I Buy or Sell Real Estate in July?”
Market Reason 1: Low Interest Rates Attract Buyers!
Your buying power today is very strong with interest rates at 40 year lows, with rates in the 4.25% - 4.5% range for 30 year fixed conforming loans. A principal and interest loan of $300,000 at 4.5% interest rate has a payment of $1514 per month. If the same rate were at 6.5%, which is a good prediction for one year from now, the payment would increase to $1886 per month or $372 more times 12 = $4,464 extra dollars in payment. Since the average buyer lives in their home 7 years the total savings in payment for buying today is $31,248 over the course of living in the home. What would you do with $31,248 dollars?
Sellers are positioned well in the lower price ranges today as well. If you own a home between $250,000 and $500,000 the monthly supply of homes in your price range is 7.7 months supply of homes with an absorption rate of 933 homes per month. Homes that show well and are priced at the entry level for comparable prices in your area are selling.
Market Reason 2: Upper Price Range Inventories are slightly decreasing.
It’s a good time for buyers who are looking above $500,000 as the inventory is creating opportunities to purchase at or below building costs. The monthly supply of homes between $500,000 and $2,000,000 is 21.68 months with an absorption rate of 188 homes per month. The odds of selling a property priced between $500,000 and $2,000,000 over the next three months is 13.84%. This puts the buyer in the driver seat when negotiating on a property.
A seller on the market in this price range can count on 6 homes per day selling in Denver between $500,000 and $2,000,000. Seller’s that have homes that are in move-in condition and priced appropriately will sell.
Market Reason 3: Terms will drive the market for the balance of 2010.
Buyers can create terms not normally found in the marketplace. Every purchase has three components to the transaction, Price, Terms and Time. Knowing how to negotiate all three components makes for a “Perfect Storm” for buyers getting not only a good price, but terms that will not be available in future markets.
A seller knowing the buyers, especially in upper price ranges, can have the upper hand. Learn to position the terms of your home based upon buyer needs. For example, in lower price ranges, prepay 2 years of HOA dues, as a low payment is the most important buying decision for First Time Home Buyers. In upper price ranges, buy down the rate from a current jumbo rate of 5.0% - 5.5% to 2.5%. When you supply an interest rate of 2.5% on a 1,000,000 loan amount, the payment is $3,943 per month for the first year. This term will cost the seller money, but less than dropping the price every two weeks.
What should sellers do in today’s market?
• Be the entry price point in your neighborhood or geographic area.
• Offer extraordinary terms to attract buyers.
• Consider alternative financing methods of utilizing your current loan to help a buyer buy that may not have the qualifications to do under today’s lending guidelines. Seek the advice of a professional to describe your options.
• Make your home stand out from the competition.
What should buyers do in today’s market?
• Leverage your buying power with the low rates currently available.
• Investigate financing terms that could make an offer very attractive for you.
• Get Pre-Approved to buy like a Cash Buyer.
All real estate data taken from Metrolist, Inc, on July 5-7, 2010. Denver, Colorado.
“Why Should I Buy or Sell Real Estate in July?”
Market Reason 1: Low Interest Rates Attract Buyers!
Your buying power today is very strong with interest rates at 40 year lows, with rates in the 4.25% - 4.5% range for 30 year fixed conforming loans. A principal and interest loan of $300,000 at 4.5% interest rate has a payment of $1514 per month. If the same rate were at 6.5%, which is a good prediction for one year from now, the payment would increase to $1886 per month or $372 more times 12 = $4,464 extra dollars in payment. Since the average buyer lives in their home 7 years the total savings in payment for buying today is $31,248 over the course of living in the home. What would you do with $31,248 dollars?
Sellers are positioned well in the lower price ranges today as well. If you own a home between $250,000 and $500,000 the monthly supply of homes in your price range is 7.7 months supply of homes with an absorption rate of 933 homes per month. Homes that show well and are priced at the entry level for comparable prices in your area are selling.
Market Reason 2: Upper Price Range Inventories are slightly decreasing.
It’s a good time for buyers who are looking above $500,000 as the inventory is creating opportunities to purchase at or below building costs. The monthly supply of homes between $500,000 and $2,000,000 is 21.68 months with an absorption rate of 188 homes per month. The odds of selling a property priced between $500,000 and $2,000,000 over the next three months is 13.84%. This puts the buyer in the driver seat when negotiating on a property.
A seller on the market in this price range can count on 6 homes per day selling in Denver between $500,000 and $2,000,000. Seller’s that have homes that are in move-in condition and priced appropriately will sell.
Market Reason 3: Terms will drive the market for the balance of 2010.
Buyers can create terms not normally found in the marketplace. Every purchase has three components to the transaction, Price, Terms and Time. Knowing how to negotiate all three components makes for a “Perfect Storm” for buyers getting not only a good price, but terms that will not be available in future markets.
A seller knowing the buyers, especially in upper price ranges, can have the upper hand. Learn to position the terms of your home based upon buyer needs. For example, in lower price ranges, prepay 2 years of HOA dues, as a low payment is the most important buying decision for First Time Home Buyers. In upper price ranges, buy down the rate from a current jumbo rate of 5.0% - 5.5% to 2.5%. When you supply an interest rate of 2.5% on a 1,000,000 loan amount, the payment is $3,943 per month for the first year. This term will cost the seller money, but less than dropping the price every two weeks.
What should sellers do in today’s market?
• Be the entry price point in your neighborhood or geographic area.
• Offer extraordinary terms to attract buyers.
• Consider alternative financing methods of utilizing your current loan to help a buyer buy that may not have the qualifications to do under today’s lending guidelines. Seek the advice of a professional to describe your options.
• Make your home stand out from the competition.
What should buyers do in today’s market?
• Leverage your buying power with the low rates currently available.
• Investigate financing terms that could make an offer very attractive for you.
• Get Pre-Approved to buy like a Cash Buyer.
Tuesday, June 29, 2010
Monday, June 28, 2010
Friday, June 25, 2010
Thursday, June 17, 2010
Sunday, June 13, 2010
Thursday, June 10, 2010
Tuesday, June 8, 2010
Denver Real Estate Market Update June 2010
So, How’s the Market, June, 2010
All real estate data taken from Metrolist, Inc, on June 7, 2010. Denver, Colorado.
“Five Reasons to Sell and Buy a Home in June of 2010!”
REASON Number One! The buyer competition is lower than in earlier spring months, which benefits buyers. Sellers have an opportunity to capture the buyers with creative terms. Buyers will not compete with as many buyers as the previous month giving them a better negotiating position. This looks to be a short term opportunity for buyers, as we would project more buyers entering the market as rates rise.
The tax credit pushed the buyer pool into buying in March and April and the lack of properties currently under contract in one month decreased by 2001 units. This means that the pace of buyers buying has slowed down giving a buyer the buying opportunity in June 2010. Each price range and location offers different data, but if you are a buyer today you have fewer buyers as competition this month.
REASON Number Two: Interest rates hit historical lows in June in the mid 4.5% range for a conforming loan rate. The buying power is off the charts for a buyer to really maximize their housing investment. A $300,000 loan at 4.5% = $1514 dollars principle and interest per month. That same $300,000 at 7% = $1984 dollars principle and interest per month or $470 dollars more payment per month or $5640 dollars per year more. The average person lives in their home 5-7 years meaning the savings in payments over 7 years would be $39,480! Although rates are expected to rise slowly through 2010, we suggest buying now to lock in historically low rates and avoid the rush of buyers who enter the market when rates to start to rise. Is it worth it to you to save thousands of dollars in payments when you buy today?
REASON Number Three: Sellers in entry level single family price ranges which is below $350,000, can position their home against fewer properties this year than previous years. The tax credit absorbed quite a few entry level properties making for a unique “Move Up” opportunity for sellers. Sell at close to list price on the entry level home and become a buyer in the upper price range and look for a discount. The absorption rate for a single family home priced in Denver from zero to $500,000 is 5.1 months supply. This makes the lower priced range homes a sellers market. Conversely properties from $750K to 1 million and above have an absorption rate of 30 months with 2250 homes on the market and an annualize number of sold single family homes above $750K to be a projected 892 homes. This upper end phenomenon creates a buyers opportunity not normally seen in the last 50 years.
REASON Number Four: The last time the Denver market had 3 consecutive months of sold data that exceeded the previous year was 2005.
Historically, 3 straight months of increased sold data would signal the market is on an upswing. Since the Tax Credit artificially increased sales in April, watching this data over the next 3 months will be good indicators if Denver is on the rebound for appreciation or if we are still bouncing along the bottom of the market. Either way, buying now assures you of buying at the bottom of the market.
REASON Number Five: Denver is considered by numerous experts as the city that will out perform the national market in job growth and job stability for the next several years. When there is a pool of jobs, people move to the city with the jobs. When people move to a town it will lower inventory and when inventory reduces, prices go up. There are three parts to a buyer making a buying decision: 1. Average Price. 2. Interest Rates and 3. Job Stability. When all three are aligned in favor of the buyer, like June of 2010 is, properties start to move and appreciation occurs.
CONCLUSIONS:
Why Should You Considering Selling and Buying in June 2010?
• Excellent Opportunity to Buy an Appreciable Asset at the lowest prices in years.
• Low Interest Rates Make Your Buying Power Exceptional.
• Building Costs are low for those who want to build their dream home.
• Sellers are more realistic to the market conditions and their Odds of Selling.
• The future of real estate will continue to be a solid investment and buying at the lower end of the market is Smart. Do you wish you would have bought more real estate in 1988? Don’t wish the same thing in 2028 about 2010.
What should sellers do in today’s market?
• Only put your home on the market if you understand the Odds of Selling and Positioning Your Home where buyers are buying.
• Become a motivated seller by offering attractive terms to buyers
• Make your home a STAR Home! Shows Terrific And Realistically positioned.
What should buyers do in today’s market?
• Leverage your buying power with the low rates.
• Financing Terms could make an offer very attractive for you.
• Get Pre-Approved to Buy like a Cash Buyer.
All real estate data taken from Metrolist, Inc, on June 7, 2010. Denver, Colorado.
“Five Reasons to Sell and Buy a Home in June of 2010!”
REASON Number One! The buyer competition is lower than in earlier spring months, which benefits buyers. Sellers have an opportunity to capture the buyers with creative terms. Buyers will not compete with as many buyers as the previous month giving them a better negotiating position. This looks to be a short term opportunity for buyers, as we would project more buyers entering the market as rates rise.
The tax credit pushed the buyer pool into buying in March and April and the lack of properties currently under contract in one month decreased by 2001 units. This means that the pace of buyers buying has slowed down giving a buyer the buying opportunity in June 2010. Each price range and location offers different data, but if you are a buyer today you have fewer buyers as competition this month.
REASON Number Two: Interest rates hit historical lows in June in the mid 4.5% range for a conforming loan rate. The buying power is off the charts for a buyer to really maximize their housing investment. A $300,000 loan at 4.5% = $1514 dollars principle and interest per month. That same $300,000 at 7% = $1984 dollars principle and interest per month or $470 dollars more payment per month or $5640 dollars per year more. The average person lives in their home 5-7 years meaning the savings in payments over 7 years would be $39,480! Although rates are expected to rise slowly through 2010, we suggest buying now to lock in historically low rates and avoid the rush of buyers who enter the market when rates to start to rise. Is it worth it to you to save thousands of dollars in payments when you buy today?
REASON Number Three: Sellers in entry level single family price ranges which is below $350,000, can position their home against fewer properties this year than previous years. The tax credit absorbed quite a few entry level properties making for a unique “Move Up” opportunity for sellers. Sell at close to list price on the entry level home and become a buyer in the upper price range and look for a discount. The absorption rate for a single family home priced in Denver from zero to $500,000 is 5.1 months supply. This makes the lower priced range homes a sellers market. Conversely properties from $750K to 1 million and above have an absorption rate of 30 months with 2250 homes on the market and an annualize number of sold single family homes above $750K to be a projected 892 homes. This upper end phenomenon creates a buyers opportunity not normally seen in the last 50 years.
REASON Number Four: The last time the Denver market had 3 consecutive months of sold data that exceeded the previous year was 2005.
Historically, 3 straight months of increased sold data would signal the market is on an upswing. Since the Tax Credit artificially increased sales in April, watching this data over the next 3 months will be good indicators if Denver is on the rebound for appreciation or if we are still bouncing along the bottom of the market. Either way, buying now assures you of buying at the bottom of the market.
REASON Number Five: Denver is considered by numerous experts as the city that will out perform the national market in job growth and job stability for the next several years. When there is a pool of jobs, people move to the city with the jobs. When people move to a town it will lower inventory and when inventory reduces, prices go up. There are three parts to a buyer making a buying decision: 1. Average Price. 2. Interest Rates and 3. Job Stability. When all three are aligned in favor of the buyer, like June of 2010 is, properties start to move and appreciation occurs.
CONCLUSIONS:
Why Should You Considering Selling and Buying in June 2010?
• Excellent Opportunity to Buy an Appreciable Asset at the lowest prices in years.
• Low Interest Rates Make Your Buying Power Exceptional.
• Building Costs are low for those who want to build their dream home.
• Sellers are more realistic to the market conditions and their Odds of Selling.
• The future of real estate will continue to be a solid investment and buying at the lower end of the market is Smart. Do you wish you would have bought more real estate in 1988? Don’t wish the same thing in 2028 about 2010.
What should sellers do in today’s market?
• Only put your home on the market if you understand the Odds of Selling and Positioning Your Home where buyers are buying.
• Become a motivated seller by offering attractive terms to buyers
• Make your home a STAR Home! Shows Terrific And Realistically positioned.
What should buyers do in today’s market?
• Leverage your buying power with the low rates.
• Financing Terms could make an offer very attractive for you.
• Get Pre-Approved to Buy like a Cash Buyer.
Saturday, June 5, 2010
Saturday, May 29, 2010
Tuesday, May 18, 2010
Sunday, May 9, 2010
Thursday, May 6, 2010
Denver Market Real Estate Update May 2010
So, How’s the Market, May, 2010
All real estate data taken from Metrolist, Inc, on May 5, 2010. Denver, Colorado.
“Did the Tax Credit Work to Increase Real Estate Sales?”
STAT ONE: Properties that are currently Under Contract are at a 5 year high.
April properties under contract on April 5th was 7484 and May 5th was 8592 or a gain of 1,108 units in 30 days. There has not been an 1100+ gain in properties under contract in one month since we started tracking data. Did the Tax Credit ramp up buyers to buy? The figures do not lie, YES.
STAT TWO: More properties closed in April of 2010 than the previous two years in April. Sold data is a trailing indicator of a market turning around and Denver has now had two month in a row of beating the previous year. Did the Tax Credit create more sales in the Spring of 2010.
The Denver Market should see increases in sold data for the next several months over the previous years. The increase in buyers pushed sales to higher levels than we have seen for several years. Prices are rising in the Denver, specifically the price range from zero to $300,000 is seeing ½% to 1% increase per month for the first four months of 2010. Has the Tax Credit made a significant impact on these numbers? Yes!
STAT THREE: Inventories in the Denver Metro area are at historical low levels. Usually single family and condo inventories grow in the spring of each year. That is not happening in 2010. With lower inventory prices will rise.
Inventory varies in price ranges. For example there are currently 6035 single family and condos on the market between zero and $250,000 as of May 5, 2010. There have been 5500 closed units from January 1, thru April 30th for the same price point. If we annualize the sold number, the yearly number of sales would be 21,153 in the price range zero to $250,000, which leaves a 3.42 month supply. This is considered very low inventory and prices will continue to rise.
Conversely, there are 1376 single family and condos above 1 million dollars on the market today. There have been 129 single family and condos close in the first 4 months of 2010. When annualizing that number the number of million dollar properties would be 496 closed units or a 33.29 month supply of homes. Even though upper price range homes are selling better than 2009, the amount of inventory above 1 million will hold prices to lower levels. Did the Tax Credit for Move-up Buyer create a new buyer pool? No. It does not appear by the numbers that the $6500 dollar tax credit for existing homeowners made any dent in the upper end market.
STAT FOUR: In March of 2010, 48.2% of all homes sold were to First Time Home Buyers. This is the highest recorded number of first time buyers and April’s figures will more than likely exceed that record. The Tax Credit did bring an abnormal amount of buyers into the market.
Current Homeowner purchasers made up 33.5% of the buyers in the market and the balance of buyers were investors who made up 18.3% of the marketplace in March.
The Tax Credit did create more buyers in March and April then the market would normally have seen.
STAT FIVE: Real Estate Companies had record showings for the month of April, 2010.
Total Company Daily Average
Week One 452 Daily Average
Week Two 434 Daily Average
Week Three 435 Daily Average
Week Four 416 Daily Average
Week Five 357 Daily Average
Total for Month 12129 showing on 1693 listings
These showing levels are higher than most summer months! A normal spring month would have 8000 to 9000 showing on 1700 listings. There were definitely more buyers in the market in April than previous months.
CONCLUSIONS:
What does this mean for the balance of the 2010 Denver Real Estate Market? The Tax credit created an artificial crunch on real estate, especially in the lower price ranges. The number of available buyers pushed their buying decision earlier than seasonal trends would suggest and although closing for May and June will exceed previous years, the true litmus test on the solidity of the real estate market will be based on what happenings to showing the next two months and the number of sales in June, July and August.
Interest rates, at historical lows will creep up later in 2010 causing some buyers to potential not make a buying decision or asking sellers to compensate the increased monthly payment with either points or less of a price. For example, a 5% PI payment on a $250,000 loan amount is $1,336 dollars per month. At 6% that payment goes to $1491 or $155 dollar higher house payment. Interest rates do alter the ability for buyers to buy.
Even though the Tax Credit has subsided, the obvious observation would be to suggest that the market will slow down, even with low interest rates. However, as rates start to rise, watch for another wave of buyers wanting to enter the market so they do not miss the window of opportunity.
2010 has been a year of the start of the recovery. There is no question the Tax Credit created an artificial growth that is now over, but Denver will definitely outperform previous years in the number of homes closed, which will hold the inventory lower helping prices to rise. It’s a good time to be buying.
What should sellers do in today’s market?
• Consider an Extension of the Tax Credit on your home by offering $8,000 worth of points or concessions.
• Change the dynamics of the inventory in your price range by entering the market as the first home in your neighborhood on the pricing ladder.
• Be the best conditioned property in all price ranges. Foreclosed properties will be priced better, but will never be in better condition.
What should buyers do in today’s market?
• Enter the market now while rates are ridiculously low.
• Ask for seller concession in upper price ranges to make the transaction more attractive to you.
• When buying a foreclosed property ask your real estate professional about the FHA Rehabilitation Loan program
All real estate data taken from Metrolist, Inc, on May 5, 2010. Denver, Colorado.
“Did the Tax Credit Work to Increase Real Estate Sales?”
STAT ONE: Properties that are currently Under Contract are at a 5 year high.
April properties under contract on April 5th was 7484 and May 5th was 8592 or a gain of 1,108 units in 30 days. There has not been an 1100+ gain in properties under contract in one month since we started tracking data. Did the Tax Credit ramp up buyers to buy? The figures do not lie, YES.
STAT TWO: More properties closed in April of 2010 than the previous two years in April. Sold data is a trailing indicator of a market turning around and Denver has now had two month in a row of beating the previous year. Did the Tax Credit create more sales in the Spring of 2010.
The Denver Market should see increases in sold data for the next several months over the previous years. The increase in buyers pushed sales to higher levels than we have seen for several years. Prices are rising in the Denver, specifically the price range from zero to $300,000 is seeing ½% to 1% increase per month for the first four months of 2010. Has the Tax Credit made a significant impact on these numbers? Yes!
STAT THREE: Inventories in the Denver Metro area are at historical low levels. Usually single family and condo inventories grow in the spring of each year. That is not happening in 2010. With lower inventory prices will rise.
Inventory varies in price ranges. For example there are currently 6035 single family and condos on the market between zero and $250,000 as of May 5, 2010. There have been 5500 closed units from January 1, thru April 30th for the same price point. If we annualize the sold number, the yearly number of sales would be 21,153 in the price range zero to $250,000, which leaves a 3.42 month supply. This is considered very low inventory and prices will continue to rise.
Conversely, there are 1376 single family and condos above 1 million dollars on the market today. There have been 129 single family and condos close in the first 4 months of 2010. When annualizing that number the number of million dollar properties would be 496 closed units or a 33.29 month supply of homes. Even though upper price range homes are selling better than 2009, the amount of inventory above 1 million will hold prices to lower levels. Did the Tax Credit for Move-up Buyer create a new buyer pool? No. It does not appear by the numbers that the $6500 dollar tax credit for existing homeowners made any dent in the upper end market.
STAT FOUR: In March of 2010, 48.2% of all homes sold were to First Time Home Buyers. This is the highest recorded number of first time buyers and April’s figures will more than likely exceed that record. The Tax Credit did bring an abnormal amount of buyers into the market.
Current Homeowner purchasers made up 33.5% of the buyers in the market and the balance of buyers were investors who made up 18.3% of the marketplace in March.
The Tax Credit did create more buyers in March and April then the market would normally have seen.
STAT FIVE: Real Estate Companies had record showings for the month of April, 2010.
Total Company Daily Average
Week One 452 Daily Average
Week Two 434 Daily Average
Week Three 435 Daily Average
Week Four 416 Daily Average
Week Five 357 Daily Average
Total for Month 12129 showing on 1693 listings
These showing levels are higher than most summer months! A normal spring month would have 8000 to 9000 showing on 1700 listings. There were definitely more buyers in the market in April than previous months.
CONCLUSIONS:
What does this mean for the balance of the 2010 Denver Real Estate Market? The Tax credit created an artificial crunch on real estate, especially in the lower price ranges. The number of available buyers pushed their buying decision earlier than seasonal trends would suggest and although closing for May and June will exceed previous years, the true litmus test on the solidity of the real estate market will be based on what happenings to showing the next two months and the number of sales in June, July and August.
Interest rates, at historical lows will creep up later in 2010 causing some buyers to potential not make a buying decision or asking sellers to compensate the increased monthly payment with either points or less of a price. For example, a 5% PI payment on a $250,000 loan amount is $1,336 dollars per month. At 6% that payment goes to $1491 or $155 dollar higher house payment. Interest rates do alter the ability for buyers to buy.
Even though the Tax Credit has subsided, the obvious observation would be to suggest that the market will slow down, even with low interest rates. However, as rates start to rise, watch for another wave of buyers wanting to enter the market so they do not miss the window of opportunity.
2010 has been a year of the start of the recovery. There is no question the Tax Credit created an artificial growth that is now over, but Denver will definitely outperform previous years in the number of homes closed, which will hold the inventory lower helping prices to rise. It’s a good time to be buying.
What should sellers do in today’s market?
• Consider an Extension of the Tax Credit on your home by offering $8,000 worth of points or concessions.
• Change the dynamics of the inventory in your price range by entering the market as the first home in your neighborhood on the pricing ladder.
• Be the best conditioned property in all price ranges. Foreclosed properties will be priced better, but will never be in better condition.
What should buyers do in today’s market?
• Enter the market now while rates are ridiculously low.
• Ask for seller concession in upper price ranges to make the transaction more attractive to you.
• When buying a foreclosed property ask your real estate professional about the FHA Rehabilitation Loan program
Thursday, April 29, 2010
Wednesday, April 28, 2010
Sunday, April 18, 2010
Friday, April 16, 2010
Wednesday, April 7, 2010
Denver Real Estate Market Update April 2010
So, How’s the Market, April, 2010
All real estate data taken from Metrolist, Inc, on April 5, 2010. Denver, Colorado.
“When do you know when the real estate market has hit bottom?”
FACT ONE: The housing inventory for single family and condominiums remains low.
Single Family vs. Condominium inventory shows some interesting statistics this month. Single family homes decreased 22.9% from 2006 to 2010. In looking at the condominium reduction of inventory, condo’s decreased 33.6% from 2006 to today. Condos will be the next product type to start to see an appreciable gain in 2010 because of this decrease or lack of inventory available to buyers.
Single Family Inventory above $1 million for April of each year is decreasing but if you look at 2006 to 2010 there has been an increase of total inventory. Comparing the upper end market with the entire market inventory shows that the luxury market is still over burdened with inventory.
To predict the future of the upper end market compared to the balance of the inventory below $1 million dollars, let’s compare months supply. For properties below $1 million there are 14,886 single family homes on the market as of April 5, 2010. For the first three months of 2010 there has been 6188 single family homes closed in metro Denver. The annualized number of sold properties based upon the first quarter would be 34,377 total single family homes closed in 2010 below 1 million. This relates to a 5.196 month supply of homes below 1 million, which would indicate a sellers market. Granted a good portion of that sold data is below $300,000 but taking the overall number does indicate the market has hit bottom below 1 million in Denver and although the properties priced from $300,000 to 1 million will move slower, this price range is starting to see activity from the move up buyers.
Conversely, the above $1 million inventory shows 1126 homes on the market as of today and for the first three months there has been 78 homes close above $1 million or an annualized number predicted to be 433. If we take the 433 annualized sold single family homes divided into 1126 active single family home inventory = a factor of 2.6 X 12 = 31.2 months of absorption time for properties above 1 million.
Fact Number One does give us a pretty good indication that properties in Denver above $300,000 will start to sell at a better rate than we have seen the last three years. That means prices will go up as inventory continues to remain low.
FACT TWO: Properties being placed Under Contract are rising faster than previous years.
The increase of Under Contract properties from March to April is 910 units. That is the largest April over March increase in 5 years. Under contract properties typically are the leading indicator for future markets. This number could be inflated by the 2010 $8000 Tax Credit provided to First Time Home Buyers and the $6500 Tax Credit for Move Up Buyers. In trending this number over the next 6 months will give us a very good picture of late summer early fall closings. The fact is today that more buyers are under contract today than any April in recent history.
FACT THREE: 2010 March out performed 2009 for a Year over Year monthly increase of Sold Properties. This is the second month in the last six months where this year has outperformed the previous year. When this trend repeats itself for three consecutive months in a row, we have past the bottom.
Sold data is a lagging indicator of the market as it displays what truly is happening at the moment. The YTD sold data is still down compared to previous years and March could be an abnormality, but this should be a trend to watch this spring into the fall to get a good prediction of where the Denver market is heading.
Here’s the YTD sold data for single family and condominiums from January 1, to April 1, of each year.
Finally the sold data increase from February of 2010 to March 2010 increased 1084 units. A typical increase from February to March would be 671 units. This abnormal increase is a number we want to track to see if we are seeing a trend to count on.
FACT FOUR: 2010 offers an opportunity of a lifetime called, “The Upside Market”.
An “Upside Market” is a market that the sellers of one price range can sell for top dollar and within the same market demographics buy a property at a discount of greater than 10%. This phenomena only happens once in a generation and those sellers who have the ability to move up in the Denver market are experiencing a wealth shift in real estate not seen since 1983. Although some sub markets provide more savings than others, the overall opportunity for a seller selling below $300,000 to get top dollar is good and to buy a product at $750,000 and get a 10% or greater price reduction is very feasible. With interest rates allowing consumers to taking advantage of the “Upside”, this is the best time to buy in a generation.
All real estate data taken from Metrolist, Inc, on April 5, 2010. Denver, Colorado.
“When do you know when the real estate market has hit bottom?”
FACT ONE: The housing inventory for single family and condominiums remains low.
Single Family vs. Condominium inventory shows some interesting statistics this month. Single family homes decreased 22.9% from 2006 to 2010. In looking at the condominium reduction of inventory, condo’s decreased 33.6% from 2006 to today. Condos will be the next product type to start to see an appreciable gain in 2010 because of this decrease or lack of inventory available to buyers.
Single Family Inventory above $1 million for April of each year is decreasing but if you look at 2006 to 2010 there has been an increase of total inventory. Comparing the upper end market with the entire market inventory shows that the luxury market is still over burdened with inventory.
To predict the future of the upper end market compared to the balance of the inventory below $1 million dollars, let’s compare months supply. For properties below $1 million there are 14,886 single family homes on the market as of April 5, 2010. For the first three months of 2010 there has been 6188 single family homes closed in metro Denver. The annualized number of sold properties based upon the first quarter would be 34,377 total single family homes closed in 2010 below 1 million. This relates to a 5.196 month supply of homes below 1 million, which would indicate a sellers market. Granted a good portion of that sold data is below $300,000 but taking the overall number does indicate the market has hit bottom below 1 million in Denver and although the properties priced from $300,000 to 1 million will move slower, this price range is starting to see activity from the move up buyers.
Conversely, the above $1 million inventory shows 1126 homes on the market as of today and for the first three months there has been 78 homes close above $1 million or an annualized number predicted to be 433. If we take the 433 annualized sold single family homes divided into 1126 active single family home inventory = a factor of 2.6 X 12 = 31.2 months of absorption time for properties above 1 million.
Fact Number One does give us a pretty good indication that properties in Denver above $300,000 will start to sell at a better rate than we have seen the last three years. That means prices will go up as inventory continues to remain low.
FACT TWO: Properties being placed Under Contract are rising faster than previous years.
The increase of Under Contract properties from March to April is 910 units. That is the largest April over March increase in 5 years. Under contract properties typically are the leading indicator for future markets. This number could be inflated by the 2010 $8000 Tax Credit provided to First Time Home Buyers and the $6500 Tax Credit for Move Up Buyers. In trending this number over the next 6 months will give us a very good picture of late summer early fall closings. The fact is today that more buyers are under contract today than any April in recent history.
FACT THREE: 2010 March out performed 2009 for a Year over Year monthly increase of Sold Properties. This is the second month in the last six months where this year has outperformed the previous year. When this trend repeats itself for three consecutive months in a row, we have past the bottom.
Sold data is a lagging indicator of the market as it displays what truly is happening at the moment. The YTD sold data is still down compared to previous years and March could be an abnormality, but this should be a trend to watch this spring into the fall to get a good prediction of where the Denver market is heading.
Here’s the YTD sold data for single family and condominiums from January 1, to April 1, of each year.
Finally the sold data increase from February of 2010 to March 2010 increased 1084 units. A typical increase from February to March would be 671 units. This abnormal increase is a number we want to track to see if we are seeing a trend to count on.
FACT FOUR: 2010 offers an opportunity of a lifetime called, “The Upside Market”.
An “Upside Market” is a market that the sellers of one price range can sell for top dollar and within the same market demographics buy a property at a discount of greater than 10%. This phenomena only happens once in a generation and those sellers who have the ability to move up in the Denver market are experiencing a wealth shift in real estate not seen since 1983. Although some sub markets provide more savings than others, the overall opportunity for a seller selling below $300,000 to get top dollar is good and to buy a product at $750,000 and get a 10% or greater price reduction is very feasible. With interest rates allowing consumers to taking advantage of the “Upside”, this is the best time to buy in a generation.
Wednesday, March 10, 2010
Spectacular Walk-Out Ranch! 1st Hole/Vista Ridge! Gorgeous Views! Shows Like a Model! Great Floor Plan! www.team-koz.com
Spectacular Walk-Out Ranch! 1st Hole/Vista Ridge! Gorgeous Views! Shows Like a Model! Great Floor Plan! Spectacular Upgrades! Cherry Cabinets! Slab Granite Countertops! Brazilian Cherry Hardwood Flooring! Full Finished Walk-out Basment with 9' Ceilings! Office! Media/Recreation Room! Two Lower Level Guest Suites! Designer Carpet & Paint! Large Composite Deck Overlooking 1st and 18th Holes! Soaring Ceilings! 5 Bedrooms 4 Baths! Huge Master Suite with Golf Views! Incredible Master Bath with Huge Tub and Euroglass Shower! Oil Rubbed Bronze Hardware! Elegant Lighting Package! Entry Courtyard! 3-Car Garage! High Efficiency Furnace! Great Cul-de-Sac Location! Walk to Clubhouse, Community Center & Pool! Incredible Opportunity! WOW!
Incredible Views of Downtown Denver & Mountains!
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Great Lot! Incredible Views of Downtown & Mountains! Huge Kitchen w/Upgraded Hickory Cabinets, Pull-out Drawers & Island! Double Ovens! Trash Compactor! Hardwood Floors! Soaring Ceilings! Huge Master Suite with Upper Deck! New Warm Paint! Central Vac! 9 Foot Ceilings! Fireplace with Tile Surround! Great Deck w/Full Walk-out Basement! Huge Loft Upstairs! 4th Bed/Main Floor Study with Full Bath! Water Softener! Great Yard! 3 Car Garage! WOW!
Great Lot! Incredible Views of Downtown & Mountains! Huge Kitchen w/Upgraded Hickory Cabinets, Pull-out Drawers & Island! Double Ovens! Trash Compactor! Hardwood Floors! Soaring Ceilings! Huge Master Suite with Upper Deck! New Warm Paint! Central Vac! 9 Foot Ceilings! Fireplace with Tile Surround! Great Deck w/Full Walk-out Basement! Huge Loft Upstairs! 4th Bed/Main Floor Study with Full Bath! Water Softener! Great Yard! 3 Car Garage! WOW!
Monday, March 8, 2010
Incredible Price! Slab Granite! Stainless Steel!
View the rest of my videos at http://www.wellcomemat.com/teamkoz/
Spectacular Home! Incredible Price! Gourmet Kitchen with Slab Granite Countertops! Stainless Steel Appliances! Gas Cooktop! Breakfast Bar! Updated! Ready to Move in! Huge Vaults! Finished Walk-out Basement with 3/4 Bath/Possible 4th Bed! Recreation Room and Room for Future Expansion! Hardwood Floors Throughout! New High Efficiency Furnace, A/C, H20! Deck with Motorized Awning! Flagstone Patio! Private Yard! WOW!
Spectacular Home! Incredible Price! Gourmet Kitchen with Slab Granite Countertops! Stainless Steel Appliances! Gas Cooktop! Breakfast Bar! Updated! Ready to Move in! Huge Vaults! Finished Walk-out Basement with 3/4 Bath/Possible 4th Bed! Recreation Room and Room for Future Expansion! Hardwood Floors Throughout! New High Efficiency Furnace, A/C, H20! Deck with Motorized Awning! Flagstone Patio! Private Yard! WOW!
Rare 2,638 Sq Ft Ranch! Updated & Gorgeous!
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Rare 2,538 Square Foot Ranch with Huge Yard! Across From Open Space! Updated & Gorgeous! Brand New Oil Rubbed Bronze Package! Spacious Kitchen with Corian Countertops! Huge Great Room & Separate Living Room with Two-Sided Fireplace! Warm, Rich Designer Paint! Open Floorplan with Vaulted Celings! 3 Bedrooms! 2 Full Baths! 3rd Bedroom/Office! Large Master Suite with New Oil Rubbed Bronze Fixtures, Lighting & Shower! Double Entry Doors! Great Yard with Nice Patio & Lots of Trees! Close to Parks, Trails & All Highlands Ranch Amenities! Great Opportunity!
Rare 2,538 Square Foot Ranch with Huge Yard! Across From Open Space! Updated & Gorgeous! Brand New Oil Rubbed Bronze Package! Spacious Kitchen with Corian Countertops! Huge Great Room & Separate Living Room with Two-Sided Fireplace! Warm, Rich Designer Paint! Open Floorplan with Vaulted Celings! 3 Bedrooms! 2 Full Baths! 3rd Bedroom/Office! Large Master Suite with New Oil Rubbed Bronze Fixtures, Lighting & Shower! Double Entry Doors! Great Yard with Nice Patio & Lots of Trees! Close to Parks, Trails & All Highlands Ranch Amenities! Great Opportunity!
Updated! Incredible Gourmet Kitchen! Lone Tree!
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Updated! Great Location! Huge Gourmet Kitchen with Island! Newer Appliances! Dual Fuel Range! Silestone Countertops! Hardwood Floors! Updated Lighting Package! Private Yard with Mature Trees! 4 Bedrooms Upstairs! Huge Master Suite with Retreat! Large Master Bathroom with Oval Soaking Tub & Walk-in Closets! Large Secondary Bedrooms! Vaulted Ceilings! Designer Paint! Workbench and Tons of Storage in Basement! Concrete Tile Roof! Walk to Park! Close to Park Meadows, Light Rail & Bluffs Regional Park! New Cook Creek Pool & Water Park Close-by! WOW!
Updated! Great Location! Huge Gourmet Kitchen with Island! Newer Appliances! Dual Fuel Range! Silestone Countertops! Hardwood Floors! Updated Lighting Package! Private Yard with Mature Trees! 4 Bedrooms Upstairs! Huge Master Suite with Retreat! Large Master Bathroom with Oval Soaking Tub & Walk-in Closets! Large Secondary Bedrooms! Vaulted Ceilings! Designer Paint! Workbench and Tons of Storage in Basement! Concrete Tile Roof! Walk to Park! Close to Park Meadows, Light Rail & Bluffs Regional Park! New Cook Creek Pool & Water Park Close-by! WOW!
Spectacular Old World Estate! Panoramic Views! Stunning
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: Spectacular Old World Estate! Stunning $400k Upgrade with Luxurious Amenities! Panoramic Views of The Front Range, City & Golf Course! Spectacular Views From Every Level! Set Back Against the 16th Fairway & Protected From Golf Balls! Soaring Two Story Entry with Cherry Spiral Staircase & Wrought Iron Railings! Fine Art Chandelier and Custom Stained Glass! Professionally Designed Gourmet Kitchen with Cherry Cabinets! Slab Granite Countertops! Wolf Double Ovens/Range! Sub-Zero Refrigerator! Miele Dishwasher! Stunning 9' Island! Huge Great Room with Floor to Ceiling Custom Cherry Millwork! Wall-to-Wall Windows! Large Built-in Entertainment & Media Center! See Through Fireplace! New Hardwood Floors & Luxurious Carpeting Throughout! Custom Window Treatments & 4" Plantation Shutters! Formal Living Room with Cast Stone Fireplace & Mantel! Formal Dining with Fine Arts Chandelier! Butlers Pantry! Large Wet Bar perfect for Entertaining! Main Floor Study with See Throu!
gh Fireplace, Access to Deck, & Custom Cherry Built-ins! Huge Master Bedroom with Retreat! Custom Built-ins! See Through Fireplace! Upper Deck with Incredible Views! Luxurious Master Bath with Slab Granite, Marble!, Wall-to-Wall Mirrors, Frameless Shower, Jetted Tub, Scottish Leaded Glass Windows, & Heated Granite Floor! Full Finished Basement with 2 Walk-Outs! Custom Wet Bar! Slab Granite Countertops! Sub-Zero Wine Fridge! Possible Wine Cellar Location! Secluded Guest Suite with Walk-Out and Full Bath! Large Recreation & Media Areas! Exercise Room! Mountain Views From Lower Level! Incredible Attention to Detail! Private Yard with Mature Trees! Professionally Landscaped with Perennial Flower Beds! Oversized 3 Car Garage with Storage Cabinets! Walk to Bluffs Regional Park, Lone Tree Rec Center, New Lone Tree Performing Arts Center, Sky Ridge Medical Center, Shopping & Restaurants! Appraised 2.1M!
: Spectacular Old World Estate! Stunning $400k Upgrade with Luxurious Amenities! Panoramic Views of The Front Range, City & Golf Course! Spectacular Views From Every Level! Set Back Against the 16th Fairway & Protected From Golf Balls! Soaring Two Story Entry with Cherry Spiral Staircase & Wrought Iron Railings! Fine Art Chandelier and Custom Stained Glass! Professionally Designed Gourmet Kitchen with Cherry Cabinets! Slab Granite Countertops! Wolf Double Ovens/Range! Sub-Zero Refrigerator! Miele Dishwasher! Stunning 9' Island! Huge Great Room with Floor to Ceiling Custom Cherry Millwork! Wall-to-Wall Windows! Large Built-in Entertainment & Media Center! See Through Fireplace! New Hardwood Floors & Luxurious Carpeting Throughout! Custom Window Treatments & 4" Plantation Shutters! Formal Living Room with Cast Stone Fireplace & Mantel! Formal Dining with Fine Arts Chandelier! Butlers Pantry! Large Wet Bar perfect for Entertaining! Main Floor Study with See Throu!
gh Fireplace, Access to Deck, & Custom Cherry Built-ins! Huge Master Bedroom with Retreat! Custom Built-ins! See Through Fireplace! Upper Deck with Incredible Views! Luxurious Master Bath with Slab Granite, Marble!, Wall-to-Wall Mirrors, Frameless Shower, Jetted Tub, Scottish Leaded Glass Windows, & Heated Granite Floor! Full Finished Basement with 2 Walk-Outs! Custom Wet Bar! Slab Granite Countertops! Sub-Zero Wine Fridge! Possible Wine Cellar Location! Secluded Guest Suite with Walk-Out and Full Bath! Large Recreation & Media Areas! Exercise Room! Mountain Views From Lower Level! Incredible Attention to Detail! Private Yard with Mature Trees! Professionally Landscaped with Perennial Flower Beds! Oversized 3 Car Garage with Storage Cabinets! Walk to Bluffs Regional Park, Lone Tree Rec Center, New Lone Tree Performing Arts Center, Sky Ridge Medical Center, Shopping & Restaurants! Appraised 2.1M!
Upgraded Maple Cabinets! Hardwood Floors!
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The Best of Kentley Hills! Great Kitchen with Upgraded Maple Cabinets! Gorgeous Hardwood Flooring! 3 Bedrooms! 3 Baths! + Main Floor Study/Guest Bed! Large Master Suite with Vaulted Celings! Walk-in Closets! New Designer Paint! New Brushed Nickel Lighting Package! Family Room Fireplace! 2 Inch Wood Blinds! Huge Yard With Large Patio! Move-in Ready! Use of all the Highlands Ranch Recreation Centers & Amenities! Close to Trails, Parks & Shopping! Dont Miss!
The Best of Kentley Hills! Great Kitchen with Upgraded Maple Cabinets! Gorgeous Hardwood Flooring! 3 Bedrooms! 3 Baths! + Main Floor Study/Guest Bed! Large Master Suite with Vaulted Celings! Walk-in Closets! New Designer Paint! New Brushed Nickel Lighting Package! Family Room Fireplace! 2 Inch Wood Blinds! Huge Yard With Large Patio! Move-in Ready! Use of all the Highlands Ranch Recreation Centers & Amenities! Close to Trails, Parks & Shopping! Dont Miss!
Spectacular Custom Estate! Incredible Views!
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One of A Kind Design By Biltmore Custom Homes! Panoramic Views of the Front Range & Golf Course! Stunning Estate With a Hint of French Provincial Charm! Spectacular Grounds With Approx 1.1 Acre Site! Backs To Designated Open Space & Sides to 15th Hole of Lone Tree Golf Course! Lush Gardens, Mature Trees, Pond & Waterfall! Incredible Outdoor Living Areas! Grand Entry with Marble & Rich Hardwood Flooring! Great Room With Soaring Ceilings & Built-in Entertainment Center! Whole House Audio! Plantation Shutters & Custom Window Treatments Throughout! Incredible Gourmet Kitchen with Custom Cherry Cabinetry, Slab Granite Countertops, Stainless Steel Appliances & Pull-out Shelving! Elegant Feel & Design! Stunning Architectural Detail, Arched Doorways, Extensive Custom Millwork & Crown Molding! Huge Master Suite with Retreat! Luxurious Master Bath with Cherry Cabinetry, Jetted Tub & Large Shower with Custom Glass! Oversized Secondary Bedrooms with Walk-in Closets! Large Formal D!
ining and Living Areas! Main Floor Study with French Doors & Custom Built-ins! Full Finished Walk-out Basement with Game Room, Media Area & Large Gym! Wet Bar with Wine Refrigerator, Monogram Ice Maker & Dishwasher! Custom Wine Cellar With Tasting Room! Large Guest Suite! Craft Room with Built-in Storage! Upper & Lower Decks with Spectacular Views & Dry B-Lo! Covered Patio with Fire Pit! Oversized 1,300 Square Foot 4 Car Side load Garage with Epoxy Coated Floor, Work Bench and Extra Storage! Half Circle Driveway with Stamped Concrete Border! High Efficiency Mechanicals & Central Vac! Exceptional Design & Quality! Meticulously Maintained! A Once in a Lifetime Opportunity to Own This Spectacular Custom Estate!
One of A Kind Design By Biltmore Custom Homes! Panoramic Views of the Front Range & Golf Course! Stunning Estate With a Hint of French Provincial Charm! Spectacular Grounds With Approx 1.1 Acre Site! Backs To Designated Open Space & Sides to 15th Hole of Lone Tree Golf Course! Lush Gardens, Mature Trees, Pond & Waterfall! Incredible Outdoor Living Areas! Grand Entry with Marble & Rich Hardwood Flooring! Great Room With Soaring Ceilings & Built-in Entertainment Center! Whole House Audio! Plantation Shutters & Custom Window Treatments Throughout! Incredible Gourmet Kitchen with Custom Cherry Cabinetry, Slab Granite Countertops, Stainless Steel Appliances & Pull-out Shelving! Elegant Feel & Design! Stunning Architectural Detail, Arched Doorways, Extensive Custom Millwork & Crown Molding! Huge Master Suite with Retreat! Luxurious Master Bath with Cherry Cabinetry, Jetted Tub & Large Shower with Custom Glass! Oversized Secondary Bedrooms with Walk-in Closets! Large Formal D!
ining and Living Areas! Main Floor Study with French Doors & Custom Built-ins! Full Finished Walk-out Basement with Game Room, Media Area & Large Gym! Wet Bar with Wine Refrigerator, Monogram Ice Maker & Dishwasher! Custom Wine Cellar With Tasting Room! Large Guest Suite! Craft Room with Built-in Storage! Upper & Lower Decks with Spectacular Views & Dry B-Lo! Covered Patio with Fire Pit! Oversized 1,300 Square Foot 4 Car Side load Garage with Epoxy Coated Floor, Work Bench and Extra Storage! Half Circle Driveway with Stamped Concrete Border! High Efficiency Mechanicals & Central Vac! Exceptional Design & Quality! Meticulously Maintained! A Once in a Lifetime Opportunity to Own This Spectacular Custom Estate!
Gorgeous Walk-out Ranch! Backs to Open Space!
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Gorgeous Walk-out Ranch! Backs to Open Space & Park! Gourmet Kitchen with Upgraded Cherry Cabinets! Slab Granite Countertops! Breakfast Bar & Nook! Upgraded Appliances! Stainless Steel Fridge! Finished Walk-out Basement with Guest Suite, Recreation Room & Tons of Storage! Low Maintenance Yard! Quiet & Serene Location! Huge Master Suite with Vaulted Ceilings, Walk-in Closet & Jetted Tub! 3 Bedrooms! 3 Baths! + Main Floor Study! Great Room with Huge Vaults! Hardwood Floors! Designer Paint & Carpet! Custom Hunter Douglas Window Treatments! Formal Dining! Warm Feel! Access to Highlands Ranch Recreation Centers & Amenities! A Spectacular Home! Great Neighborhood! Incredible Price!
Gorgeous Walk-out Ranch! Backs to Open Space & Park! Gourmet Kitchen with Upgraded Cherry Cabinets! Slab Granite Countertops! Breakfast Bar & Nook! Upgraded Appliances! Stainless Steel Fridge! Finished Walk-out Basement with Guest Suite, Recreation Room & Tons of Storage! Low Maintenance Yard! Quiet & Serene Location! Huge Master Suite with Vaulted Ceilings, Walk-in Closet & Jetted Tub! 3 Bedrooms! 3 Baths! + Main Floor Study! Great Room with Huge Vaults! Hardwood Floors! Designer Paint & Carpet! Custom Hunter Douglas Window Treatments! Formal Dining! Warm Feel! Access to Highlands Ranch Recreation Centers & Amenities! A Spectacular Home! Great Neighborhood! Incredible Price!
Absolute Perfection! Incredible Upgrades!
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Absolute Perfection! Brazilian Cherry Hardwood Floors! Incredible Gourmet Kitchen with Slab Granite & Stainless Steel! Plantation Shutters! Wrought Iron Railings! Elegant & Luxurious Master Suite! Oil Rubbed Bronze Fixtures! His & Hers Closets With Built-ins! Main Floor Study/4th Bedroom Possibility! Whole House Audio! Huge Trex Deck with Views of the Bluffs! Unbelievable Finished Garden Level Basement! Huge Bar with Stone Accents! Stone Fireplace! Rough Cut Granite Everywhere! Theater/Media Area & Rec Room! Lower Level Office with French Doors! Spectacular Guest Suite! Travertine! Onyx! Incredible Bath & Shower! High Efficiency Furnace! One of a Kind! Do Not Miss This Home!
Absolute Perfection! Brazilian Cherry Hardwood Floors! Incredible Gourmet Kitchen with Slab Granite & Stainless Steel! Plantation Shutters! Wrought Iron Railings! Elegant & Luxurious Master Suite! Oil Rubbed Bronze Fixtures! His & Hers Closets With Built-ins! Main Floor Study/4th Bedroom Possibility! Whole House Audio! Huge Trex Deck with Views of the Bluffs! Unbelievable Finished Garden Level Basement! Huge Bar with Stone Accents! Stone Fireplace! Rough Cut Granite Everywhere! Theater/Media Area & Rec Room! Lower Level Office with French Doors! Spectacular Guest Suite! Travertine! Onyx! Incredible Bath & Shower! High Efficiency Furnace! One of a Kind! Do Not Miss This Home!
1/3 Acre Lot! Open Space! Reservoir! 4 Car Garage!
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Incredible Opportunity! Huge 1/3 Acre Lot! Backs to Open Space & Reservoir! Cherry Creek Schools! Gourmet Kitchen with Cherry Cabinets! Stainless Steel Appliances! Slab Silestone Countertops! Gorgeous Hardwood Floors! Designer Paint & Carpet! 4 Car Garage! Spectacluar Views of Open Space & Reservoir! 4 Bedrooms + Main Floor Study/5th Bedroom! Incredible Master Suite! Huge Trex Deck! Full Garden Level Basement! High Efficiency Furnace! Walk to Trails, Reservoir, Pool & Tennis! Immaculate Home with No Detail Overlooked! One of Best Lots in Neighborhood! $135K Below Replacement Cost! Don't Miss!
Incredible Opportunity! Huge 1/3 Acre Lot! Backs to Open Space & Reservoir! Cherry Creek Schools! Gourmet Kitchen with Cherry Cabinets! Stainless Steel Appliances! Slab Silestone Countertops! Gorgeous Hardwood Floors! Designer Paint & Carpet! 4 Car Garage! Spectacluar Views of Open Space & Reservoir! 4 Bedrooms + Main Floor Study/5th Bedroom! Incredible Master Suite! Huge Trex Deck! Full Garden Level Basement! High Efficiency Furnace! Walk to Trails, Reservoir, Pool & Tennis! Immaculate Home with No Detail Overlooked! One of Best Lots in Neighborhood! $135K Below Replacement Cost! Don't Miss!
Former Model! Updated & Gorgeous in Heritage Hills!
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Former Model! Updated & Gorgeous! The Best of Heritage Hills! Gourmet Kitchen with Large Island! Two Story Family Room & Living Room with Soaring Ceilings! Hardwood Floors! Whole House Audio! Huge Master Suite! Large Master Bath with Gorgeous Oil Rubbed Bronze Fixtures & Shower! Custom Finished Walk-Out Basement with Hardwood Floors Throughout! Media Area & Rec Room with Lighted Tray Ceiling! Main Floor Study with French Doors & Custom Built-ins! Brand New Oil Rubbed Bronze Package! Custom Window Treatments! Great Yard! Huge Trex Deck! Mature Trees! Walk to Pool & Clubhouse! Priority Open Enrollment at Lone Tree Elementary! Incredible Opportunity!
Former Model! Updated & Gorgeous! The Best of Heritage Hills! Gourmet Kitchen with Large Island! Two Story Family Room & Living Room with Soaring Ceilings! Hardwood Floors! Whole House Audio! Huge Master Suite! Large Master Bath with Gorgeous Oil Rubbed Bronze Fixtures & Shower! Custom Finished Walk-Out Basement with Hardwood Floors Throughout! Media Area & Rec Room with Lighted Tray Ceiling! Main Floor Study with French Doors & Custom Built-ins! Brand New Oil Rubbed Bronze Package! Custom Window Treatments! Great Yard! Huge Trex Deck! Mature Trees! Walk to Pool & Clubhouse! Priority Open Enrollment at Lone Tree Elementary! Incredible Opportunity!
Stunning Home! Backs to Open Space! Slab Granite!
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Absolutely Stunning Home & Location! Shows Like a Model! Incredible Gourmet Kitchen with Slab Granite Countertops! Stainless Steel Appliances! Huge Island with Designer Pot Rack! Backs To Open Space! Private Back Yard! Stamped Concrete Walk and Covered Patio! Spectacular Landscaping! Great Room with Soaring Ceilings! Upgraded Tile Floors Throughout! Designer Carpet & Paint! Custom Window Treatments! Gorgeous Master Suite with Vaulted Ceilings! 4 Beds + Loft + Main Flr Study! Full Basement with 10 Foot Ceilings! Gated Community! Incredible Home!
Absolutely Stunning Home & Location! Shows Like a Model! Incredible Gourmet Kitchen with Slab Granite Countertops! Stainless Steel Appliances! Huge Island with Designer Pot Rack! Backs To Open Space! Private Back Yard! Stamped Concrete Walk and Covered Patio! Spectacular Landscaping! Great Room with Soaring Ceilings! Upgraded Tile Floors Throughout! Designer Carpet & Paint! Custom Window Treatments! Gorgeous Master Suite with Vaulted Ceilings! 4 Beds + Loft + Main Flr Study! Full Basement with 10 Foot Ceilings! Gated Community! Incredible Home!
Maintenance Free Living! Update & Gorgeous!
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Updated & Gorgeous! Quiet Cul-de-Sac Location! Low Maintenance Single Family Home With All of the Amenities! Never Cut Your Lawn or Shovel Again! Gourmet Kitchen! Stainless Steel Jenn-Air Appliances! Concrete Countertops! Plantation Shutters! Designer Carpet & Paint! Main Floor Study! Huge Master Suite! Oversized Secondary Bedroom w/Private Bath and Walk-in Closet (14 x 14)! Open & Bright Floor Plan! Over-Sized Garage With Storage! Great Yard with 1/4 Acre Lot! HOA Amenities Include Snow Removal, All Yard Landscape Maintenance, Lawn Watering, Sprinkler Maintenance, Mowing, Fertilization and Aeration. Adjacent to Highly Acclaimed Ridge at Castle Pines North Golf Course! Don't Miss Your Opportunity!
Updated & Gorgeous! Quiet Cul-de-Sac Location! Low Maintenance Single Family Home With All of the Amenities! Never Cut Your Lawn or Shovel Again! Gourmet Kitchen! Stainless Steel Jenn-Air Appliances! Concrete Countertops! Plantation Shutters! Designer Carpet & Paint! Main Floor Study! Huge Master Suite! Oversized Secondary Bedroom w/Private Bath and Walk-in Closet (14 x 14)! Open & Bright Floor Plan! Over-Sized Garage With Storage! Great Yard with 1/4 Acre Lot! HOA Amenities Include Snow Removal, All Yard Landscape Maintenance, Lawn Watering, Sprinkler Maintenance, Mowing, Fertilization and Aeration. Adjacent to Highly Acclaimed Ridge at Castle Pines North Golf Course! Don't Miss Your Opportunity!
Gorgeous! Granite! Travertine! Oil Rubbed Bronze!
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Absolutely Gorgeous Home! Warm, Rich Feel & Design! Incredible Gourmet Kitchen with Granite Countertops! Stainless Steel Fridge! Breakfast Bar & Huge Nook! Huge Family Room with Soaring Ceilings! Oil Rubbed Bronze Hardware! Travertine Floors! Custom Silk Window Treatments! Huge Master Suite with Vaulted Ceilings! Incredible Master Bath! Euroglass Shower w/Dual Heads! Custom Cabinetry! Designer Paint! Upgraded Lighting Package! Main Floor Study with French Doors!Huge Deck! Outdoor Fire Pit with Custom Flagstone! Spectacular Home! Walk to Bluffs Regional Park! Close to Shopping, Recreation, Parks & Trails! WOW!!
Absolutely Gorgeous Home! Warm, Rich Feel & Design! Incredible Gourmet Kitchen with Granite Countertops! Stainless Steel Fridge! Breakfast Bar & Huge Nook! Huge Family Room with Soaring Ceilings! Oil Rubbed Bronze Hardware! Travertine Floors! Custom Silk Window Treatments! Huge Master Suite with Vaulted Ceilings! Incredible Master Bath! Euroglass Shower w/Dual Heads! Custom Cabinetry! Designer Paint! Upgraded Lighting Package! Main Floor Study with French Doors!Huge Deck! Outdoor Fire Pit with Custom Flagstone! Spectacular Home! Walk to Bluffs Regional Park! Close to Shopping, Recreation, Parks & Trails! WOW!!
Updated & Gorgeous! Carriage Club, Lone Tree!
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Gorgeous Home & Design! Great Location! Gourmet Kitchen w/Granite Countertops! Gas Cooktop! Huge Great Room with 20' Ceilings! Plantation Shutters! Hardwood Floors Throughout! Designer Carpet! Warm, Rich Custom Paint! Upgraded Lighting Package! Huge Master Suite! His & Hers Walk-in Closets! Marble Countertops! Tile Floors! Main Floor Study with French Doors! Full Finished Basement w/Recreation & Media Areas! Upper & Lower Guest Suites! Private Yard! Stamped Concrete! Covered Patio! Walk to Bluffs Regional Park! Close to Shopping, Parks, Trails, New Cook Creek Pool & Tennis Center! Don't Miss!
Gorgeous Home & Design! Great Location! Gourmet Kitchen w/Granite Countertops! Gas Cooktop! Huge Great Room with 20' Ceilings! Plantation Shutters! Hardwood Floors Throughout! Designer Carpet! Warm, Rich Custom Paint! Upgraded Lighting Package! Huge Master Suite! His & Hers Walk-in Closets! Marble Countertops! Tile Floors! Main Floor Study with French Doors! Full Finished Basement w/Recreation & Media Areas! Upper & Lower Guest Suites! Private Yard! Stamped Concrete! Covered Patio! Walk to Bluffs Regional Park! Close to Shopping, Parks, Trails, New Cook Creek Pool & Tennis Center! Don't Miss!
Gorgeous Custom Home on Huge 1/3 Acre Lot! Hrdwd Flrs!
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Gorgeous Custom Home on 1/3 Acre! Huge Yard with Mature Trees! Tons of Privacy! Traditional Feel & Design! Hardwood Floors Throughout! Vaulted Ceilings! Great Kitchen with Zodiaq Countertops! Newer KitchenAid Appliances! New Lighting Package! Newer Carpet! 4 Bedrooms! 4 Baths! + Main Floor Study! Finished Basement! with Rec Room & Bedroom! Covered Patio! Stamped Concrete Walk! New Roof! Great Location! Walk to New Community Pool, Eagle Ridge Elementary, Library & Golf Course! Incredible Price!
Gorgeous Custom Home on 1/3 Acre! Huge Yard with Mature Trees! Tons of Privacy! Traditional Feel & Design! Hardwood Floors Throughout! Vaulted Ceilings! Great Kitchen with Zodiaq Countertops! Newer KitchenAid Appliances! New Lighting Package! Newer Carpet! 4 Bedrooms! 4 Baths! + Main Floor Study! Finished Basement! with Rec Room & Bedroom! Covered Patio! Stamped Concrete Walk! New Roof! Great Location! Walk to New Community Pool, Eagle Ridge Elementary, Library & Golf Course! Incredible Price!
Incred Location! Walk to Light Rail! Granite Counters
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Incredible Location! Walk to Light Rail! Granite Countertops! Hardwood Floors! 1 Bed + Office! Underground Parking! Clubhouse! Pool! Fitness Center! Water, Trash, Sewer Included! Large Kitchen with Upgraded Cabinets! Upgraded Appliances! Gas Fireplace! Balcony with Views of Bluffs and Clubhouse/Pool! Minutes From Park Meadows! Denver Tech Center! Sky Ridge Medical Center! Great Restaurants! 25-Minutes to Downtown! WOW!
Incredible Location! Walk to Light Rail! Granite Countertops! Hardwood Floors! 1 Bed + Office! Underground Parking! Clubhouse! Pool! Fitness Center! Water, Trash, Sewer Included! Large Kitchen with Upgraded Cabinets! Upgraded Appliances! Gas Fireplace! Balcony with Views of Bluffs and Clubhouse/Pool! Minutes From Park Meadows! Denver Tech Center! Sky Ridge Medical Center! Great Restaurants! 25-Minutes to Downtown! WOW!
Saturday, March 6, 2010
Denver Real Estate Market Update March 2010
So, How’s the Market, March, 2010
All real estate data taken from Metrolist, Inc, on March 6, 2010. Denver, Colorado.
“Future Real Estate Markets can be predicted by three factors: Inventory, Interest Rates and Job Stability.”
March 2010 inventory is showing seasonal growth, but still remains low compared to previous years. Inventory is at a 5 year low for March 2010. Inventory in March of 2010 has grown by 1784 units or 9.53% over February. This is higher than previous February to March inventory growths as the average growth is typically 2.87%.
An interesting factor is happening in upper end properties for the first time in 3 years. The inventory is shrinking. We predicted last year that upper end inventories would come down primarily due to homeowner’s ability to ride out the economic downturn and that is what is happening. Look at the chart to show February to March Inventory compared to February closing from $750,000 and above.
Here’s the sold data above $750,000 to show a slight increase in upper end properties selling in 2010 over 2009. Watch this trend, as we would predict a higher inventory of upper end priced properties to hit the market in the spring and summer of this year and a slight increase in upper end properties selling over the previous year. This does not indicate a full turnaround for upper end properties but a positive trend that should be watched to better predict the upper price range future.
• Single Family Homes priced above $750,000 make up 12.2% of total inventory which is higher than normal.
• Single Family Properties priced above $750,000 in the single family category that sold in February 2010 make up 2.7% of all sales in Denver.
• Inventories of single family homes in the 0-$250,000 make up 37.9% of the listing on the market for March.
• Properties priced from 0-$250,000 that sold in February 2010 made up 59.35% of all sales in the Denver area.
• Homes priced from $250,000 to $500,000 make up 38.35% of the sold inventory for March of 2010
• The sold data of homes closed in February 2010 priced between $250,000 and $500,000 represent 33.16% of single family homes sold.
• Single Family Homes constituted 78.37% of all February sales in the single family-condo markets in metro Denver.
• Condominiums priced from 0-$250,000 made up 84.55% of all the condo’s sold in February 2010.
• Condominiums priced above $750,000 represented 1.1% of all condo sales in February 2010.
Historically Low Interest Rates are Allowing Buyers to Buy in Today’s Market
• First Time Homes Buyers can receive up to $8000 Tax Credit when buying a home this spring.
• Move up homeowners can receive up to a $6500 Tax Credit when buying a home before April 30, 2010.
Rates as of March 6, 2010: What do these rates mean to buyers buying today?
Conventional Conforming Rates are loans that are less then $417,000. These loans may require a down payment of 5%, 10% to 20% in today’s market. A buyer may be able to obtain a 5% down payment in certain circumstances so long the underwriters are not considering the market as a “declining market”, but for the most part, on a conventional loan the buyer must have very solid credit and a strong down payment and most of Denver has not been considered a declining market.
Conventional Conforming 30 year fixed: 4.75%
Conventional Conforming 15 year fixed: 4.25% *(No Origination)
Conventional Conforming 5/1 ARM: 3.625%
Jumbo Financing is available in today’s market, which are loan amounts above $417,000. The buyer’s down payment and credit scores are more stringent than the conforming loans. A buyer is almost certainly needing to put 20% down or more and their past credit history must be stellar. However, if you look at the rate of 5.375%, this is historically low and on a $750,000 loan the payment for principle and interest would be $4,181 per month. Someone buying a 1 million dollar property today will be able to get a discount off of the price and finance the purchase with very attractive rates. 5/1 ARM is a loan type that is fixed for 5 years than adjusts to an index after the 5 year period. Adjustable rate loans may a an attractive loan for someone who will live in the home a shorter period of time than the adjustment.
Jumbo 30 year fixed: 5.375%
Jumbo 5/1 ARM: 4.750%
First time Home Buyers gravitate toward FHA financing for two reasons. 1. Lower down payments of 3.5% allows the buyer to get financed and 2. The qualifying ratios for this type of loan are higher than conventional allowing the buyer less income to buy a home. FHA loan limits for the Denver metro area counties are $406,250 and for Boulder County is $460,000. Look at the FHA 5/1 ARM as a very attractive rate for 5 years. The payment on $400,000 at 3.5% is $1791 dollars for principle and interest. There are additional costs with FHA loans, but these are very attractive loans for people purchasing below the $420,000 price range.
FHA / VA 30 year fixed: 5.00%
FHA / VA 5/1 ARM: 3.50%
Prime rate: 3.25%
Job Stability Creates Confidence for Buyers to Buy Properties
• National Unemployment is running at 9.7%.
• Metro Denver Unemployment is approximately 7.5% or more than 2% better than the national average.
• Denver has a resurgent energy industry with both renewable energy and hubs for coal, oil and gas which will expand in 2010 and 2011.
• Service sector jobs have been a large segment of Denver workforce in the past, which has decreased over the last three years. These jobs are construction, sales and retail.
• Health care is another emerging industry in the Denver metro area for the next two years.
Market Trends as of March 2010
• As inventory decreases in lower price points, prices will continue to rise in 2010 in Denver.
• Short Sales will increase as a selling alternative for homeowners and lenders vs. foreclosure.
• The Colorado Foreclosure Protection Hotline provides consumers with excellent FREE information on the foreclosure process. Colorado Foreclosure Prevention Hotline 1-877-601-HOPE www.coloradoforeclosurehotline.org
• Condominium sales are lagging behind single family homes and will not see the appreciation that entry level single family homes are experiencing.
• Interest rates will rise in the summer through the fall of 2010.
• Inventory in the upper price range will grow slightly from current levels in 2010.
What should buyers do in today’s market?
• Take advantage of the $6,500 dollar Tax Credit before April 30th contract deadline.
• There are tremendous properties above $750,000 looking for offers. This window will close in 12-18 months from now.
• Consider terms over price in some instances to move into your dream home.
What should sellers do in today’s market?
• Price your home to sell within 30-60 days. Get moved now before inventories increase and interest rates increase.
• Offer terms to attract to discriminating buyers.
• Know your competition before getting ready to sell. Utilizing an Experienced Broker is not Expensive, It’s Priceless in today’s market.
All real estate data taken from Metrolist, Inc, on March 6, 2010. Denver, Colorado.
“Future Real Estate Markets can be predicted by three factors: Inventory, Interest Rates and Job Stability.”
March 2010 inventory is showing seasonal growth, but still remains low compared to previous years. Inventory is at a 5 year low for March 2010. Inventory in March of 2010 has grown by 1784 units or 9.53% over February. This is higher than previous February to March inventory growths as the average growth is typically 2.87%.
An interesting factor is happening in upper end properties for the first time in 3 years. The inventory is shrinking. We predicted last year that upper end inventories would come down primarily due to homeowner’s ability to ride out the economic downturn and that is what is happening. Look at the chart to show February to March Inventory compared to February closing from $750,000 and above.
Here’s the sold data above $750,000 to show a slight increase in upper end properties selling in 2010 over 2009. Watch this trend, as we would predict a higher inventory of upper end priced properties to hit the market in the spring and summer of this year and a slight increase in upper end properties selling over the previous year. This does not indicate a full turnaround for upper end properties but a positive trend that should be watched to better predict the upper price range future.
• Single Family Homes priced above $750,000 make up 12.2% of total inventory which is higher than normal.
• Single Family Properties priced above $750,000 in the single family category that sold in February 2010 make up 2.7% of all sales in Denver.
• Inventories of single family homes in the 0-$250,000 make up 37.9% of the listing on the market for March.
• Properties priced from 0-$250,000 that sold in February 2010 made up 59.35% of all sales in the Denver area.
• Homes priced from $250,000 to $500,000 make up 38.35% of the sold inventory for March of 2010
• The sold data of homes closed in February 2010 priced between $250,000 and $500,000 represent 33.16% of single family homes sold.
• Single Family Homes constituted 78.37% of all February sales in the single family-condo markets in metro Denver.
• Condominiums priced from 0-$250,000 made up 84.55% of all the condo’s sold in February 2010.
• Condominiums priced above $750,000 represented 1.1% of all condo sales in February 2010.
Historically Low Interest Rates are Allowing Buyers to Buy in Today’s Market
• First Time Homes Buyers can receive up to $8000 Tax Credit when buying a home this spring.
• Move up homeowners can receive up to a $6500 Tax Credit when buying a home before April 30, 2010.
Rates as of March 6, 2010: What do these rates mean to buyers buying today?
Conventional Conforming Rates are loans that are less then $417,000. These loans may require a down payment of 5%, 10% to 20% in today’s market. A buyer may be able to obtain a 5% down payment in certain circumstances so long the underwriters are not considering the market as a “declining market”, but for the most part, on a conventional loan the buyer must have very solid credit and a strong down payment and most of Denver has not been considered a declining market.
Conventional Conforming 30 year fixed: 4.75%
Conventional Conforming 15 year fixed: 4.25% *(No Origination)
Conventional Conforming 5/1 ARM: 3.625%
Jumbo Financing is available in today’s market, which are loan amounts above $417,000. The buyer’s down payment and credit scores are more stringent than the conforming loans. A buyer is almost certainly needing to put 20% down or more and their past credit history must be stellar. However, if you look at the rate of 5.375%, this is historically low and on a $750,000 loan the payment for principle and interest would be $4,181 per month. Someone buying a 1 million dollar property today will be able to get a discount off of the price and finance the purchase with very attractive rates. 5/1 ARM is a loan type that is fixed for 5 years than adjusts to an index after the 5 year period. Adjustable rate loans may a an attractive loan for someone who will live in the home a shorter period of time than the adjustment.
Jumbo 30 year fixed: 5.375%
Jumbo 5/1 ARM: 4.750%
First time Home Buyers gravitate toward FHA financing for two reasons. 1. Lower down payments of 3.5% allows the buyer to get financed and 2. The qualifying ratios for this type of loan are higher than conventional allowing the buyer less income to buy a home. FHA loan limits for the Denver metro area counties are $406,250 and for Boulder County is $460,000. Look at the FHA 5/1 ARM as a very attractive rate for 5 years. The payment on $400,000 at 3.5% is $1791 dollars for principle and interest. There are additional costs with FHA loans, but these are very attractive loans for people purchasing below the $420,000 price range.
FHA / VA 30 year fixed: 5.00%
FHA / VA 5/1 ARM: 3.50%
Prime rate: 3.25%
Job Stability Creates Confidence for Buyers to Buy Properties
• National Unemployment is running at 9.7%.
• Metro Denver Unemployment is approximately 7.5% or more than 2% better than the national average.
• Denver has a resurgent energy industry with both renewable energy and hubs for coal, oil and gas which will expand in 2010 and 2011.
• Service sector jobs have been a large segment of Denver workforce in the past, which has decreased over the last three years. These jobs are construction, sales and retail.
• Health care is another emerging industry in the Denver metro area for the next two years.
Market Trends as of March 2010
• As inventory decreases in lower price points, prices will continue to rise in 2010 in Denver.
• Short Sales will increase as a selling alternative for homeowners and lenders vs. foreclosure.
• The Colorado Foreclosure Protection Hotline provides consumers with excellent FREE information on the foreclosure process. Colorado Foreclosure Prevention Hotline 1-877-601-HOPE www.coloradoforeclosurehotline.org
• Condominium sales are lagging behind single family homes and will not see the appreciation that entry level single family homes are experiencing.
• Interest rates will rise in the summer through the fall of 2010.
• Inventory in the upper price range will grow slightly from current levels in 2010.
What should buyers do in today’s market?
• Take advantage of the $6,500 dollar Tax Credit before April 30th contract deadline.
• There are tremendous properties above $750,000 looking for offers. This window will close in 12-18 months from now.
• Consider terms over price in some instances to move into your dream home.
What should sellers do in today’s market?
• Price your home to sell within 30-60 days. Get moved now before inventories increase and interest rates increase.
• Offer terms to attract to discriminating buyers.
• Know your competition before getting ready to sell. Utilizing an Experienced Broker is not Expensive, It’s Priceless in today’s market.
Friday, February 5, 2010
Denver Real Estate Market Update February 2010
So, How’s the Market, February, 2010
All data taken from Metrolist, Inc, on February 4, 2010. Denver, Colorado.
“If you believe real estate is cyclical, then the facts show the market has hit bottom and is on the way back up.”
February 2010 has the lowest residential and condo inventory in 7 years. This month also displays the highest number of home under contract for a February since 2006 and although the sold data is lagging behind previous years, the 2010 spring season is showing signs of a rebound.
There are Five Facts why 2010 will be a more consistent year in residential real estate in Denver Colorado
The First Fact: 2010 will be improved over past years are inventories are at historical lows in Denver.
Inventory in February of 2010 is the lowest level in 7 years. With single family and condo units that are for sale totaling 18,716, makes for a 8.7% decrease in the number of available properties over February of 2009 and a whopping 28.1% over February of 2006.
• Inventory rose from January 2010 to February 2010 11.5%, which is higher than the average for previous January’s to February’s.
• There are 13,833 single family homes on the market in February.
• Single Family Homes priced above $750,000 make up 13.3% of total inventory which is higher than normal.
• Properties priced above $750,000 in the single family category that sold in January 2010 make up 1.2% of all sales in Denver.
• Inventories of single family homes in the 0-$250,000 make up 38.7% of the listing on the market.
• Homes priced 0-$250,000 will continue to outperform the market, but will also cause the median price in Denver to remain below $250,000 for 2010.
• Properties priced from 0-$250,000 that sold in January 2010 made up 61.6% of all sales in the Denver area.
• Homes priced from $250,000 to $500,000 make up 37.9% of the inventory.
• The sold data of homes closed in January 2010 priced between $250,000 and $500,000 represent 32.1% of single family homes sold.
• Single Family Homes constituted 74.9% of all sales in the single family-condo markets in metro Denver.
• Condominiums priced from 0-$250,000 made up 87.2% of all the condo’s sold in January 2010.
• Condominiums priced above $750,000 represented 2.6% of all condo sales in January 2010.
The Second Fact: 2010 Tax Credits extended to April 30th of 2010 will propel the market forward.
• First Time Home Buyers can receive up to $8000 Tax Credit when buying a home this spring.
• Move up homeowners can receive up to a $6500 Tax Credit when buying a home before April 30, 2010.
• To take full advantage of the tax credits, the buyer purchase must close before June 30, 2010.
• These incentives with low interest rates will create activity the first half of 2010 that was not realized in the first half of 2009.
The Third Fact: 2010 will be improved over previous years as Denver’s pipeline of homes under contract is the highest it has been since 2006 for a February.
The Fourth Fact: A Compelling Reason Denver’s Real Estate Market is on the Upswing is Sold data has hit lows in both Single Family and Condominiums and will start to rise.
• Sold data is the trailing indicator of market conditions.
• January 2010 is 12% less in single family and condo sales than January of 2009.
• Single Family sales decreased by 14% and Condo’s decreased by 5.5% from January 2009 to January 2010.
The Fifth Fact: The Market is bouncing along the bottom and will improve over 2009 is we have reached a new normal in real estate on how homes will be transferred.
• The market consumer is better understanding and creating a new trend to Avoid Foreclosures.
• Short Sales have made up approximately 7% of all sales for 2009 and will double that number in 2010.
• Lenders are offering more alternatives to foreclosure than ever before.
• The Colorado Foreclosure Protection Hotline provides consumers with excellent FREE information on the foreclosure process. Colorado Foreclosure Prevention Hotline 1-877-601-HOPE www.coloradoforeclosurehotline.org
• Homeowners should seek the advise of a professional broker in dealing with foreclosure and short sales.
• Auctions will diminish the foreclosure inventory at faster rates than people expect.
• Auctions will help sell re-sale non-distressed homes to determine true market value.
• 1031 Exchanges will help homeowners move up or down without having to sell their homes.
• Investors will use their Retirement Accounts to buy lower priced properties to build a portfolio in their IRA.
• Denver’s unemployment is 7.5% compared to 9.8% nationally which makes for a more stable economic condition.
Overall 2010 will bring compelling reasons to buy real estate in Denver.
• The $8000 tax credit for first time homebuyers and the $6500 dollar tax credit for existing home buyers will increase demand the first half of 2010.
• Interest rates appear to remain low through the first 6 months of the year.
• Continued fewer new home starts will create less competition for resale homes.
• Check out the RE/MAX Professionals Auction on April 10, 2010
• Prices for the upper end market continue to offer extraordinary concessions making for a perfect time to acquire the home of your dreams.
What should buyers do in today’s market?
• Take advantage of your “Move-up Power” Today.
• Get qualified before starting your search to become more attractive to sellers.
• Consider terms over price in some instances to move into your dream home.
What should sellers do in today’s market?
• Know the market price for your home and have a cash price for your home in the back of your mind to entice a quick sale.
• Consider reverse offers when conditions warrant, especially on upper end properties.
• In the lower price ranges, be the best conditioned to get multiple offers.
.
All data taken from Metrolist, Inc, on February 4, 2010. Denver, Colorado.
“If you believe real estate is cyclical, then the facts show the market has hit bottom and is on the way back up.”
February 2010 has the lowest residential and condo inventory in 7 years. This month also displays the highest number of home under contract for a February since 2006 and although the sold data is lagging behind previous years, the 2010 spring season is showing signs of a rebound.
There are Five Facts why 2010 will be a more consistent year in residential real estate in Denver Colorado
The First Fact: 2010 will be improved over past years are inventories are at historical lows in Denver.
Inventory in February of 2010 is the lowest level in 7 years. With single family and condo units that are for sale totaling 18,716, makes for a 8.7% decrease in the number of available properties over February of 2009 and a whopping 28.1% over February of 2006.
• Inventory rose from January 2010 to February 2010 11.5%, which is higher than the average for previous January’s to February’s.
• There are 13,833 single family homes on the market in February.
• Single Family Homes priced above $750,000 make up 13.3% of total inventory which is higher than normal.
• Properties priced above $750,000 in the single family category that sold in January 2010 make up 1.2% of all sales in Denver.
• Inventories of single family homes in the 0-$250,000 make up 38.7% of the listing on the market.
• Homes priced 0-$250,000 will continue to outperform the market, but will also cause the median price in Denver to remain below $250,000 for 2010.
• Properties priced from 0-$250,000 that sold in January 2010 made up 61.6% of all sales in the Denver area.
• Homes priced from $250,000 to $500,000 make up 37.9% of the inventory.
• The sold data of homes closed in January 2010 priced between $250,000 and $500,000 represent 32.1% of single family homes sold.
• Single Family Homes constituted 74.9% of all sales in the single family-condo markets in metro Denver.
• Condominiums priced from 0-$250,000 made up 87.2% of all the condo’s sold in January 2010.
• Condominiums priced above $750,000 represented 2.6% of all condo sales in January 2010.
The Second Fact: 2010 Tax Credits extended to April 30th of 2010 will propel the market forward.
• First Time Home Buyers can receive up to $8000 Tax Credit when buying a home this spring.
• Move up homeowners can receive up to a $6500 Tax Credit when buying a home before April 30, 2010.
• To take full advantage of the tax credits, the buyer purchase must close before June 30, 2010.
• These incentives with low interest rates will create activity the first half of 2010 that was not realized in the first half of 2009.
The Third Fact: 2010 will be improved over previous years as Denver’s pipeline of homes under contract is the highest it has been since 2006 for a February.
The Fourth Fact: A Compelling Reason Denver’s Real Estate Market is on the Upswing is Sold data has hit lows in both Single Family and Condominiums and will start to rise.
• Sold data is the trailing indicator of market conditions.
• January 2010 is 12% less in single family and condo sales than January of 2009.
• Single Family sales decreased by 14% and Condo’s decreased by 5.5% from January 2009 to January 2010.
The Fifth Fact: The Market is bouncing along the bottom and will improve over 2009 is we have reached a new normal in real estate on how homes will be transferred.
• The market consumer is better understanding and creating a new trend to Avoid Foreclosures.
• Short Sales have made up approximately 7% of all sales for 2009 and will double that number in 2010.
• Lenders are offering more alternatives to foreclosure than ever before.
• The Colorado Foreclosure Protection Hotline provides consumers with excellent FREE information on the foreclosure process. Colorado Foreclosure Prevention Hotline 1-877-601-HOPE www.coloradoforeclosurehotline.org
• Homeowners should seek the advise of a professional broker in dealing with foreclosure and short sales.
• Auctions will diminish the foreclosure inventory at faster rates than people expect.
• Auctions will help sell re-sale non-distressed homes to determine true market value.
• 1031 Exchanges will help homeowners move up or down without having to sell their homes.
• Investors will use their Retirement Accounts to buy lower priced properties to build a portfolio in their IRA.
• Denver’s unemployment is 7.5% compared to 9.8% nationally which makes for a more stable economic condition.
Overall 2010 will bring compelling reasons to buy real estate in Denver.
• The $8000 tax credit for first time homebuyers and the $6500 dollar tax credit for existing home buyers will increase demand the first half of 2010.
• Interest rates appear to remain low through the first 6 months of the year.
• Continued fewer new home starts will create less competition for resale homes.
• Check out the RE/MAX Professionals Auction on April 10, 2010
• Prices for the upper end market continue to offer extraordinary concessions making for a perfect time to acquire the home of your dreams.
What should buyers do in today’s market?
• Take advantage of your “Move-up Power” Today.
• Get qualified before starting your search to become more attractive to sellers.
• Consider terms over price in some instances to move into your dream home.
What should sellers do in today’s market?
• Know the market price for your home and have a cash price for your home in the back of your mind to entice a quick sale.
• Consider reverse offers when conditions warrant, especially on upper end properties.
• In the lower price ranges, be the best conditioned to get multiple offers.
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Thursday, February 4, 2010
RE/MAX Professionals DTC January 2010 Stats
RE/MAX Professionals DTC January 2010 Stats
Michael Kozlowski starts off 2010 on a great note, leading all 123 RE/MAX Professionals DTC Agents in January 2010 Sales Volume.
Michael Kozlowski starts off 2010 on a great note, leading all 123 RE/MAX Professionals DTC Agents in January 2010 Sales Volume.
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