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)

First-Time Buyers March Surge

First-time buyers drive March surge in Denver-area home sales - With the deadline looming to take advantage of an $8,000 federal tax credit, first-time buyers helped boost Denver-area home sales in March by nearly 50% over the previous month. There were 3,602 homes sold last month - up 47.9% from February and a 12% increase from March of last year. Approximately 70% of the single-family homes sold last month were priced below $300,000, and below $200,000 for condos. Median prices for single-family homes were $229,000, up 12.3% from a year ago.
http://www.denverpost.com/business/ci_14849071

Discounted Luxury Homes in New Kind of Real Estate Austin

A new real estate auction is hitting Denver this weekend which features luxury single and multi-family homes that are not in foreclosure, distressed or at short sale. The large one-day real estate auction is being held by Pinnacle Home Auctions. Alan Smith of RE/MAX Professionals says this is the first time an auction like this has been held in Colorado although other states are already using this kind of selling technique.
http://www.9news.com/news/article.aspx?storyid=136052&catid=339

Denver Home Prices - No. 6 on the list!

Case-Shiller: Denver No. 6 - Denver-area home prices rose by an average of 2.6% in the 12-month period ending in January, according to the most recent S&P/Case-Shiller Home Prices Indices. The increase, the largest since the worst housing market since the Great Depression began, provides strong evidence that the Denver-area housing market is past its bottom and is recovering. That ranked Denver No. 6 for year-over-year appreciation, according to the index of 20 major metropolitan statistical area.
http://insiderealestatenews.com/2010/03/case-shiller-denver-home-prices-rise/

Denver's Parade of Homes

Parade of Homes to return in August with multi-site format - Denver’s “Parade of Homes” will return Aug. 14 to Sept. 6, featuring a multiple-site format for a second year and a wider-than-usual range of home values, the Home Builders Association of Metro Denver said yesterday. “We’re bringing back the favorite elements of the Parade, but we’re adding more homes for visitors to see throughout the metro area and admission to the Parade will be free,” Clarence Hughes, chairman of the Parade of Homes and a Home Builders Association (HBA) board member, said in a statement.
http://www.bizjournals.com/denver/stories/2010/03/22/daily21.html?s=industry&i=resi_real_estate

Credit Consequences of Home Loss

1 in every 8 mortgages is currently in default and that number is on the rise. If you are in trouble and want to try to keep your home or avoid foreclosure, I'd be happy to visit with you regarding your options. YOU DO HAVE OPTIONS!!

Here is a valuable article that outlines the consequences of losing your home. Let me help you stop this process and get you on the road to recovery.

http://realtytimes.com/rtpages/20100323_credit.htm

February Market Stats are In

Single Family (Res + Cond)
Inventory was 19,349* listings at the end of Feb 10
Compared with prior month, available inventory is up 9%
Down 4% versus Feb 09

It doesn’t look like our shortage of inventory problem is getting better.


*Includes Active and Pending listings for historical trending purposes. See Market Intel reports for Pending count.
Under contract listings were at 4,414 units
Up 20% compared with prior month
Up 6% compared with same month year ago

This is a good sign for sellers (especially under $450). Not much on the market, and what is on the market is going UC quickly.


Sales volume (units) totaled 2,436
Up 4% compared to last month
Down 2% compared to Feb 09

You’ll recall that sales volume in Jan and Feb 2009 was a complete disaster relative to 2008. We sold even fewer homes in 2010. I think this is more a supply problem (2010) than a demand problem (2009).


Average sales price was $247,471, up versus prior month
14% increase from Feb 09, $218,010 avg price

Since we don’t have any low end homes to sell, we’re selling, proportionally, more mid-end homes. Thus the price increase.


Residential (DSF only, not CND)
Available inventory was at 14,447* listings, up 9% compared to prior month
This represents a 5% decrease from same month year ago
*Includes Active and Pending listings for historical trending purposes. See Market Intel reports for Pending count.
Under contract listings increased 20% to 3,459 from prior month, and were up 3% compared to Feb 09
Sales were up 4% from month ago to 1,913 units sold
Compared with Feb 09, units sold decreased 5%
Average sales price was $269,688
Up 4% compared with Jan 10, $260,530 avg price
Up 14% versus Feb 09, $236,920 avg price
Median sales price was $220,750, up 5% versus prior month, and up 15% from Feb 09


Condo

Inventory at close of Feb 10 was at 4,902* units
Up 9% compared to prior month and up 1% compared to Feb 09
*Includes Active and Pending listings for historical trending purposes. See Market Intel reports for Pending count.
There was a 18% increase in under contract units compared with Jan 10
Under contract listings were up 15% versus same month year ago
523 units sold in Feb 10, down 2% compared to prior month and down 10% from Feb 09
Average sales price was $166,206, up 5% versus Jan 10 and up 20% compared to Feb 09
Median price was $132,500, up 2% compared to prior month
Median price increased 13% from $117,725 Feb 09

Denver home market shows further improvement

Sales and selling prices of existing homes in metro Denver improved again in February, showing that the housing market continues to slowly recover. Highlights of last month’s home sales included:
* An increase in sales of $1 million-plus homes
* A 20% jump in the average selling price for condos
* A 15% rise in median sold price for houses
“Denver is coming out of the recession a little faster than everyone else. … People are out looking at and buying homes, looking at the affordability factor and marketability factor,” said Gary Bauer, an independent residential real estate broker in Littleton and Metrolist analyst.
http://www.bizjournals.com/denver/stories/2010/03/08/daily22.html?s=industry&i=resi_real_estate

CP Foreclosures jump in 2009

Colorado foreclosures jump in 2009. http://www.denverpost.com/realestate/ci_14337904

The Final Countdown (insert 80's tune here)!

The countdown has begun! There are only 81 days left to execute a contract on your dream home before the $8,000 and $6,500 tax credits are gone.

Selling a home takes time. You'll need to:
Get your current home ready for sale (to get top dollar in this market your home has to shine brighter than the competition),
Receive an offer (average days on market for all MLS areas is 100 days),
Negotiate the offer (can take a day, a week, or more depending on the terms being discussed),
Survive the option period (typically 7 -10 days in which the buyers can back out of the contract for a minimal fee),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).

Buying a home takes even more time because you'll need to:
Get pre-qualified for a loan,
Determine the area/neighborhood in which you want to live,
Identify your dream home,
Make and negotiate an offer (can take a day, a week, or more depending on the terms being discussed),
Complete the recommended inspections during the option period (typically 7 - 10 days),
Negotiate any repair requests (if the seller is not willing to make the repairs you want or decrease the sales price, you may be back at step #3),
Get to the closing table (taking anywhere from 30 - 60+ days depending on the type of loan and a variety of other factors).
If you've considered buying or selling a home, call me, and let's get you started on your way to owning a new home.

Respectfully,

Brooke Hengst, REALTOR®, CDPE
Your Castle Real Estate
C: 720-988-5952
F: 720-920-9850
brookehengst@yourcastle.org
www.brookehengst.com

- I don't just list your home For Sale, I get it SOLD!

FHA Relaxes Anti-Flipping Rule

As of yesterday, FHA began providing mortgage insurance for some purchases in which the seller bought the property and held it for fewer than 90 days. The agency is changing what is known as the “anti-flipping rule” to speed up sales of renovated homes in communities with too many bank-owned and foreclosed homes. Waiving the rule will encourage private investors to buy vacant properties, fix them up, and quickly sell them to buyers who will be eligible to buy them using FHA financing.
http://www.realtor.org/rmodaily.nsf/pages/News2010020102

Denver-area luxury home sales slip in 2009, but median price rises

Luxury home sales in metro Denver ended 2009 with a 9.5% boost in median sales price from 2008, but a decrease in sales, according to Metrolist data released Monday. In December, 33 homes sold for $1 million and more, while in November there were 39 sales. Median sales price for December increased 9.5% to $1.35 million year over year. Boulder had the most $1 million-plus home sales at 13, followed by Denver with 8 and Cherry Hills Village with 6. Million-dollar homes were on the market an average of 145 days, up from 119 in November and from 106 days in December 2008.
http://www.bizjournals.com/denver/stories/2010/02/01/daily17.html?s=industry&i=resi_real_estate