National Existing Homes Sales on the Rise

WOOO HOOOOO FOR US!!! In our current market, if you can price aggressively, you CAN sell your home!


Existing home sales on the rise - Existing home sales climbed for the second month in a row in September, fueling hopes that a housing recovery is underway. Sales of previously owned homes rose 10% to a seasonally adjusted annual rate of 4.53 million units last month, the National Association of Realtors reported Monday. The report came in much stronger than expectations. "A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium," said Lawrence Yun, NAR chief economist. Read full article:
http://money.cnn.com/2010/10/25/news/economy/existing_home_sales/index.htm

Some great deals to be had in the mountains of Colorado

Ever wanted to have a place in the mountains?!?!? Well if you've ever seriously considered it, you might want to think harder about it NOW!

We've done some research on the following areas and have found that you can potentially purchase a property in the mountains for about the same as the cost of buying two cups of coffee (at Starbucks) a day!!! Yes, I'm serious!

If you are interested, let me know and I'll be happy to send you some more detailed reports to back-up my claim above!! :)

Contact me at (720) 988-5952 or bhengst1@gmail.com

Home Buyer Tax Credit Extended for Denver Buyers

House votes to extend home buyer credit 3 months - Yesterday, the House overwhelmingly passed a bill, which would give homebuyers an extra three months to complete their purchases and qualify for a generous tax credit. The extended deadline only applies to people who signed purchase agreements by April 30. The bill now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure. More than 2.6 million taxpayers claimed the tax credit through April, according to the Internal Revenue Service. Read full article:
http://www.usatoday.com/money/economy/housing/2010-06-29-homebuyer-tax-credit_N.htm

Market Stats for Denver - 2010 Q1

TODAY'S MARKET IN DENVER
Current Median Home Price (2010 Q1)
Denver - $224,800
US- $166,733
Prices are above the level from 12 months ago and growing.

Moving to Denver? Here is some good news.

Denver is 'most improved' U.S. housing market, Businessweek says - "In Denver, the economy and employment slowed just as other areas did during the recession, but things appear to be moving in the right direction this year," the report says. Metro-area home prices increased 5.8% in the first quarter from the same period of 2009 as sales grew and distressed sales fell. The report cites research by Development Research Partners of Littleton forecasting a 5% boost in both home sales and prices in the Denver-area this year. "An influx of renewable energy companies and the relocation of kidney care giant DaVita's headquarters to Denver from California in 2009 are expected to create jobs," Businessweek's Venessa Wong wrote. Read full article:
http://www.bizjournals.com/denver/stories/2010/06/07/daily75.html?s=industry&i=resi_real_estate

Case-Shiller: Denver home prices up 4.1%

March marked the 5th consecutive month of year-over-year rising home prices in the Denver area, according to the S&P/Case-Shiller home price index released yesterday. Local home prices rose an average of 4.1%. In November, the 12-month change was 0.5%; 1.2% in December; 2.6% in January; and 3.6% in March. Economist Patty Silverstein said that the Case-Shiller report shows that “here in Denver, the housing recovery is well under way. There is something to be said about our stability, compared with the ups and downs of other cities over the last several years.” Read full article:
http://insiderealestatenews.com/2010/05/case-shiller-denver-home-prices-up-4-1/

Post-Tax Credit Buyers May Save Money

Missing the tax credit deadline might have seemed like a big mistake to some home buyers, but waiting could have been the smartest thing to do.

Interest rates have fallen so dramatically since April 30th that the typical purchaser of a $350,000 home, financed with a $280,000 mortgage, would have saved a bundle by waiting until May.

At April’s average rate of 5.34 percent, a home buyer would have locked in a 30-year fixed rate loan with a monthly payment of $1,561.82.

The same borrower could have snagged a 30-year fixed rate loan at a rate of 4.625 percent in May and paid $1,439.59 per month.

That’s a $1,467 annual savings. Over 30 years, it’s a $44,003 savings, dwarfing the tax credit.

Source: Informa Research Services (05/26/2010)