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