The events in the stock market last month have allot of people jittery. And some of them have kept their homes off the market here in Denver. 16 percent or 795 fewer new single family listings came on the market in October than the previous 5 year's average!
And sales stayed on trend for the last 8 years only 22 units above the average.
This is what you call a set up! We will be in a SELLER's MARKET next spring in spite of all the press to the contrary. Those of us who are out there right now listing and selling homes can sense the change. When working with a buyer we have too few good choices, and the decision time is far too short or it may get sold out from under us. Listings priced close to the market value are snapped up at close to the asking price far too quickly. Yet the seller's still have a fear they will lose out on a deal if they do not pay closing costs.
So advice: Get Ready to sell now. Get it in Top Condition. Want to know how? Go to www.denverrelocation.com/Add-Value-To-My-Home.htm and check out the free weekly tips and reports.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Tuesday, November 18, 2008
Tuesday, November 04, 2008
It is not how much you make, it is how much you keep Denver Real Estate Broker explains
The concept of Metro Brokers has eluded folks in the Denver market for years.
Here is a video that was recently done at the Colorado Realtor's Association Convention by Pete Doty & Scot Shields. http://budurl.com/3pcy. Doty is a Highlands Ranch Metro Broker office owner.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Here is a video that was recently done at the Colorado Realtor's Association Convention by Pete Doty & Scot Shields. http://budurl.com/3pcy. Doty is a Highlands Ranch Metro Broker office owner.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Tuesday, October 21, 2008
7.4% increase IN Existing sales
Did you miss this Press release?
I did and am sure it was because of all the bad economic news.
It was from the National Association of Realtors Research Division
Take a read through
WASHINGTON, October 08, 2008
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. 2 “ It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
# # #
¹The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
²Market information is from unpublished snapshot data; please contact your local association of Realtors® for more information.
Put 23 years of experience to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
I did and am sure it was because of all the bad economic news.
It was from the National Association of Realtors Research Division
Take a read through
WASHINGTON, October 08, 2008
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. 2 “ It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”
The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.
Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he said. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”
He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun said.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors® can help buyers find reputable lenders while helping them navigate the transaction process,” he said. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”
Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.
Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.
New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.
The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.
The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0 percent in 2009.
# # #
¹The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.
²Market information is from unpublished snapshot data; please contact your local association of Realtors® for more information.
Put 23 years of experience to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
7.4% increase IN Existing sales
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Thursday, October 16, 2008
Closings Perk UP!
Seriously, have you ever been curious about the real state of the real estate market in Denver?
What indicators would tell you if we had a good or bad market? One of the first would be the number of sales. Below are not the future indicators but rather the historical report of what has happened in Denver since 2001 by month comparing each of the 9 months for the last 8 years. The trends are pretty stable, don't you think?
Looking at this chart I would say the "bottom" occurred in March April May or June of this year so that we are now looking back at it. Many folks try to "time" their investments and more often than not miss as the bottom can pass very quickly, as it did in 1990.
We are now in an accelerating residential real estate market in Denver, especially the south suburban markets such as Highlands Ranch, Littleton, and Centennial, and that despite the credit crisis, funds to purchase homes are still available, especially to folks with good credit scores, job history and at least 3.5% to put down on their new home. If a new home is in your future the time to strike is now. Give me a call so we can plot your strategy to get moved in before the holidays.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, property listings, all available at http://www.denverrelocation.com/. Drop me a note to pete@Denverrelocation.com
What indicators would tell you if we had a good or bad market? One of the first would be the number of sales. Below are not the future indicators but rather the historical report of what has happened in Denver since 2001 by month comparing each of the 9 months for the last 8 years. The trends are pretty stable, don't you think?
Looking at this chart I would say the "bottom" occurred in March April May or June of this year so that we are now looking back at it. Many folks try to "time" their investments and more often than not miss as the bottom can pass very quickly, as it did in 1990.
We are now in an accelerating residential real estate market in Denver, especially the south suburban markets such as Highlands Ranch, Littleton, and Centennial, and that despite the credit crisis, funds to purchase homes are still available, especially to folks with good credit scores, job history and at least 3.5% to put down on their new home. If a new home is in your future the time to strike is now. Give me a call so we can plot your strategy to get moved in before the holidays.
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, property listings, all available at http://www.denverrelocation.com/. Drop me a note to pete@Denverrelocation.com
Wednesday, October 15, 2008
Baffle them with ???
Despite what I am hearing in the media, the statistics I watch are telling a different story. And while that story may not be "NEWS" it is telling me that my 23 years of experience is not wrong.
I watch for the future, not the history of Denver's real estate market, and while it is fashionable to cry "the sky is falling" the data does not support such an exclamatory approach.
However, I am hopeful that the part timers who dabble, and they will always be here, after listening to the news will run and hide, at least for a while.
One of the data bits I watch is the number of "new" listings coming on the market as an indicator of how many folks "want" to sell versus "need" to sell. When the number shrinks perception is that prices are down and we hear "I don't really need to sell. I was testing the market"... so if they cannot get what they want they do not put the house on the market. Hence fewer new listings in Denver.
To the public, this is good news. It appears that home prices, specifically in the south suburbs like Littleton and Highlands Ranch, will have stabilized and may start to gain value, slowly next year. The bottom has passed in Denver and we are lokking back at it right now. For those of you who follow this blog you know I have been noting this since my March data report: that total supply will also shrink and ultimately, demand should balance the real estate market here in Denver. Here is a chart that describes the reduction in new listings month by month for the last 6 years:
Sales data will be in the next post or check our website at http://www.denverrelocation.com
I watch for the future, not the history of Denver's real estate market, and while it is fashionable to cry "the sky is falling" the data does not support such an exclamatory approach.
However, I am hopeful that the part timers who dabble, and they will always be here, after listening to the news will run and hide, at least for a while.
One of the data bits I watch is the number of "new" listings coming on the market as an indicator of how many folks "want" to sell versus "need" to sell. When the number shrinks perception is that prices are down and we hear "I don't really need to sell. I was testing the market"... so if they cannot get what they want they do not put the house on the market. Hence fewer new listings in Denver.
To the public, this is good news. It appears that home prices, specifically in the south suburbs like Littleton and Highlands Ranch, will have stabilized and may start to gain value, slowly next year. The bottom has passed in Denver and we are lokking back at it right now. For those of you who follow this blog you know I have been noting this since my March data report: that total supply will also shrink and ultimately, demand should balance the real estate market here in Denver. Here is a chart that describes the reduction in new listings month by month for the last 6 years:
Sales data will be in the next post or check our website at http://www.denverrelocation.com
Let my 23 plus years in the Denver real estate market go to work for you or your friends! Talk to me about Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. We offer good real estate advice, properties for sale, search property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Friday, September 26, 2008
Tax Credit for First Time Buyers
OR Strike while the Iron is HOT!
Hidden in the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 is a $7500 tax credit for first time home buyers. We have a video we can forward to you that explains the credit, how it works and who qualifies. If you wish to pursue the purchase of a home in Denver, Littleton, Englewood, Highlands Ranch or any of the metro suburbs, drop me a note or a comment. It would be my pleasure to help you!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Hidden in the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 is a $7500 tax credit for first time home buyers. We have a video we can forward to you that explains the credit, how it works and who qualifies. If you wish to pursue the purchase of a home in Denver, Littleton, Englewood, Highlands Ranch or any of the metro suburbs, drop me a note or a comment. It would be my pleasure to help you!
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
Tuesday, September 16, 2008
NO HOMES FOR SALE IN DENVER!
OOPs, mis-spoke! There are actually 31,355 properties in the Denver MLS listed for sale.
What I mean is, there are very few that can sell.
There is an old saying that the best listings sell the fastest. Never seemed to be truer.
So far this year we have listed 21% fewer homes in Denver than we have for the last 5 years through August. And we still have a healthy clip of sales...down only 6.7% from the previous 7 year average. The good listings are selling fast. The not so good, not so fast.
So what is with the headline? Just as in the late 1980's we are finding ourselves picking through the garbage of homes for sale to find a good one to buy. Some of the garbage include "allow 3-4 weeks for response" or "multiple offers being considered at this time" etc. Those homes are not really for sale. They have a sign out front and it is in the MLS, but the Seller cannot sell because???
A number of reasons are possible: 1. a bank is in control; 2. an attorney is in control; 3. the owner moved away and no one can find them; 4. Other? (see my previous post).
Some of the sadness here is for the Realtors who have taken on bank owned properties as listings and have agreed to keep the utilities on in their name, a practice done for many years so that the place is not frigid or dark. Un-fortunately, now the banks are not paying their bills and then going bankrupt, leaving Realtor friends with huge accounts receivable as un-secured creditors. I heard a story like this from a friend in Tennessee last winter and remembered why REO properties are not a good listing strategy. But also...
Why do the listing agents NOT proclaim their proficiency with REO's and sell them direct? Most lenders do not want an agent but rather a transaction broker to represent them. This protects "secrets". And this is an interesting little twist to the game...while the agent's sign is in the yard, some lender's prohibit the listing agent from acting as the selling agent. They feel their interests are better protected and insulated from future litigation this way.
It is all about getting there first, with the most these days. Multiple offers are common and very frustrating, as are un-disclosed short sales. However...
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
What I mean is, there are very few that can sell.
There is an old saying that the best listings sell the fastest. Never seemed to be truer.
So far this year we have listed 21% fewer homes in Denver than we have for the last 5 years through August. And we still have a healthy clip of sales...down only 6.7% from the previous 7 year average. The good listings are selling fast. The not so good, not so fast.
So what is with the headline? Just as in the late 1980's we are finding ourselves picking through the garbage of homes for sale to find a good one to buy. Some of the garbage include "allow 3-4 weeks for response" or "multiple offers being considered at this time" etc. Those homes are not really for sale. They have a sign out front and it is in the MLS, but the Seller cannot sell because???
A number of reasons are possible: 1. a bank is in control; 2. an attorney is in control; 3. the owner moved away and no one can find them; 4. Other? (see my previous post).
Some of the sadness here is for the Realtors who have taken on bank owned properties as listings and have agreed to keep the utilities on in their name, a practice done for many years so that the place is not frigid or dark. Un-fortunately, now the banks are not paying their bills and then going bankrupt, leaving Realtor friends with huge accounts receivable as un-secured creditors. I heard a story like this from a friend in Tennessee last winter and remembered why REO properties are not a good listing strategy. But also...
Why do the listing agents NOT proclaim their proficiency with REO's and sell them direct? Most lenders do not want an agent but rather a transaction broker to represent them. This protects "secrets". And this is an interesting little twist to the game...while the agent's sign is in the yard, some lender's prohibit the listing agent from acting as the selling agent. They feel their interests are better protected and insulated from future litigation this way.
It is all about getting there first, with the most these days. Multiple offers are common and very frustrating, as are un-disclosed short sales. However...
23 years of experience can go to work for you or your friends, learning about your new home town! Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
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