I am still the one!

As A Full Time Licensed Colorado real estate broker since 1985 you get to see cycles and trends and after awhile you get to recognize when they start. I am starting to see another.

Each month I attempt to collect stats from the Metrolist and have found that it is a statewide database, so massaging the individual areas of metro Denver (and know what Denver encompasses) is pretty important.

Take a look at these 2 charts and tell me what you think...
IS there a trend of fewer homes and stable sales?

I go to work everyday for you & your friends, learning about our home town! It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com

Denver State of the Market

There is a corrolary between the number of homes on the market and the number of sales. The number of NEW listings entering the market is another good indicator. The more the difference between the two shrinks, the more towards a Sellers market we move. Last year, 2008 was the end of the Buyers Market, but this chart only reflects August data since 2003. Tell me what you think.

A Full Time Licensed real estate broker since 1985 I go to work everyday for you & your friends, learning about our home town! It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com

Do you REALLY understand the tax credit?

We've had many clients asking great questions about the first time buyer tax credit, how it applies to the Denver Real Estate market...and I wanted to be sure you had the answers.

Some basics for you:

Q: If I’ve owned a home before, does that mean I’m not a first-time home buyer?

As long as it has been three years since you’ve owned a home, you are considered a first-time home buyer; even if you own a rental but it is not your residence and you have not lived in it for the last 3 years!

Q: Do I really get up to $8,000, or is it just a tax deduction?

It’s really up to $8,000-in your pocket! You get the money when you file your tax return. (Some restrictions apply...call Lori at 720-200-6868 today for more details).

Q: I’ve been thinking about buying, how much time do I have?

The program ends November 30. Now is the time to buy!
You do not want to be caught in the last minute rush in today's lending climate.
Only 110 days left to get your qualifying transaction CLOSED!

Feel free to pass this information on to your friends and family...while there is still time to take advantage of this great opportunity. As always, we're here to help - so please call me with any questions you have.

A Full Time Licensed real estate broker since 1985 I go to work everyday for you & your friends, learning about our home town! It could be Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado. Talk to me for real estate advice, properties for sale, multiple listing service, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com

Appraisal Rule, Closings, & First Time Buyers Tax Credit

The May statistics are in and the new appraisal rules certainly affected the number of closings in May in Denver. Of course they were not the only reason closings were down but I will give them a 10% fewer closings due to the guidelines the appraisers and the loan officers must abide by. See below for more on those rules. Here is the chart for sales May since 2001. You can see the drop in demand.

One of the other factors that affects the number of sales is the number of homes on the market as most folks sell and then buy. As the number of listings on the market falls it could predict the future health of the market...more listings=less healthy; fewer listings= more healthy. So I see the drop in active listings, year over year as very good for the market and indicating upward pressure on price in the future. Many folks have hunkered down and are awaiting a market turn before putting their homes on the market. National events certainly effect our personal perceptions of what is happening. Here is the chart for new listings entering the market.

The new APPRAISAL RULES and what they could mean to you...refinancing or buying a home:
The long and short of the new rules are that the loan officer cannot talk to the appraiser, and the loan company cannot hire their own appraiser over and over. There is supposed to be a wheel to assign appraisers to files. That said the cost of the appraisal has gone up as there is now a 3rd party Appraisal Coordination Service (ACS) who has created the wheel and is supposed to assign an appraiser. This part is working fairly smoothly at this time.

Interestingly, the Realtors are NOT prohibited from speaking to the appraisers, only the loan company, and frankly I have only investigated a very narrow spectrum of these rule.

One other thing the new rules have caused; a price increase to pay for the Appraisal Coordination Service, so instead of $350 an appraisal might cost $400.

It seems the "wheel" could be problematic in that an appraiser from Greeley could be assigned to do an appraisal in Pueblo in spite of the fact the appraiser has never seen Pueblo and does not know there is a Pueblo West too. And I would not want a city of Denver appraiser doing a farm & ranch appraisal in Newcastle either. SO when you are getting an appraisal, there seems to be a couple of questions you might wish to ask the appraiser, BEFORE they start the process and finish spending your money.

Where are you located?

When was the last time you did an appraisal in this area?

How many appraisals have you done in this neighborhood?

The final item today that may have "slowed" the number of sales in May was the premature announcement by HUD that the $8000 tax credit could be used as down payment. The details of this proposal are still being worked out and the result is that quite a few buyers are sitting and waiting for the "OK" to go. A shame in that a loan from Grandma could get the job accomplished the same way. Talk to me or your lender of choice before you make a decision not to proceed. As John Wayne said in the movie The Cowboys 'we are burning daylight!'. Do not let this opportunity pass due to lack of action on your part. We are talking about up to $8000 of free money for the first time home buyer here.

Since 1985 I have been going 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

A new resource

I just published a list of webinars for the public to access at my website http://www.denverrelocation.com/WebinarLibrary-DenverRelocation.html.

The one about helping your child transition to a new school could be very helpful to any family relocating to metro Denver, Colorado.

24 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

Denver a WILD Ride. But watch what happens next!

We have seen this before haven't we? There it is in 2003 the sales had dropped through the floor and suddenly the next year it all got good again.

This time it will take a little longer for the market to shift due mostly to the national scene. However, I have seen it before this too. We had a similar change back in the 1980's and again in the early 1990s. The point is it is time to buy a home in metro Denver. Inventory is at a low and demand is probably as low as it will go; I think it will accelerate very soon! A Seller's market is very close in Denver. You heard it here!

Oh did you notice? The sales are not a proportionally low as the new listings coming on the market? A true indicator of things to come.

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