Thursday, January 11, 2018

The 3 hottest home color trends for 2018

Find out what designers predict for the year ahead....
 

Leigh Bramer & Brian Thomas

BTT Real Estate

3 Color Trends and How to Use Them

A new year brings fresh trends, and it's no different when it comes to home decor. So what are the hottest home colors for 2018? Read on to see what design forecasters have predicted for the year ahead and get tips for applying them at home.

Color Trends for 2018

  • Darker is dominating. Gone are the days of playing it safe when it comes to colors. Instead, paint experts are encouraging bolder choices with darker hues. Setting the tone, PPG Paints was one of the first to release their new "it" shade for the year with Black Flame, a color described as a rebirth of classic black with deep tones of indigo.
  • Metallics are the new neutrals. Also predicted to be popular in 2018 is Pantone's Intricacy Palette, which features neutral metallics with accents of dramatic red and yellow. This particular look is especially suited for accessorizing otherwise traditional spaces.
  • Intense color lovers will rejoice. Embodying a contemporary spirit, Sherwin-Williams has released three bright color palettes for the year: Unity, Connectivity and Sincerity. From social media to technology, each is inspired by the qualities of modern culture.

How to Add New Color to Your Home

  • Use the 60-30-10 rule. The idea behind this timeless decorating tip is to incorporate your primary color into 60 percent of the room. Your secondary color will take up 30 percent, and your accent color 10.
  • Vary one color throughout. To create a relaxing vibe, go monochromatic and let your main, secondary and accent colors be varying shades of the same hue.
  • Find what feels right. If a formula of 30-30-20-20 works better for you, go ahead and break the rules. Just remember to take note of the color balance in your room.
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Thank you for reading our newsletter, we hope you enjoyed it!
- Leigh Bramer & Brian Thomas
                     
Leigh Bramer & Brian Thomas | BTT Real Estate
Brokers/Owners
team@bttrealestate.com
11020 S. Pikes Peak Dr. #330, Parker, CO 80138
Leigh: (720) 291-1111
Brian: (720) 934-4745
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Friday, April 9, 2010

Only 2% of loan mods are being approved!!

URGENT ALERT!!
Only 2% of loan mods are being approved!!

Home Affordable Foreclosure Alternatives Program (HAFA)

Q: What is HAFA?

A: HAFA, which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides possible monetary incentives to homeowners in connection with short sales and deeds-in-lieu of foreclosure.

Q: I am already in the process for a loan modification, why would I participate in HAFA for a Short Sale or Deed in Lieu?

A: So far, it looks as though only 2% of the loan modification applications are being approved (with and without HAMP). This means that homeowners are in a potentially worse situation than before the loan modification.

Q: Who is eligible for HAFA?

A: Loan Servicers must consider HAMP-eligible borrowers for HAFA within 30 days after the borrower does at least one of the following:

Does not qualify for a HAMP trial period plan
Does not successfully complete a HAMP trial period plan
Is delinquent on a HAMP modification (misses at least 2 consecutive payments)
Requests a short sale or DIL

Q: Do I have to start over with all of the financial information?

A: Not necessarily. HAFA can use the same documentation that was collected for the loan modification.

Q: Is the lender going to come after me for the deficit?

A: Lenders who are participating in the HAFA program must waive rights to seek deficiency judgments and may not require a promissory note for any deficiency. Rules also apply to participating junior lien holders.

Q: What do I need to do?

A: Call a qualified Realtor to help you through the process.

Brian L. Thomas is licensed, certified and very experienced in distressed real estate situations.

CALL NOW! You can't afford to wait!

720-934-4745

Friday, June 26, 2009

Denver Named One of the Best Places to Buy a Home.Now!

 

Forbes Magazine released this week its “In Depth: Best Cities to Buy a Home” feature in which the magazine highlights cities with the best real estate deals. Click here to access the article: http://www.forbes.com/2009/06/22/cities-deals-home-lifestyle-real-estate-home-buying.html. Among other large cities, Denver was listed with the magazine noting that “While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now.” In addition to Denver, Los Angeles, Boston, Phoenix and San Diego were listed.

To determine which cities feature the best real estate deals, the magazine “looked at three sets of data in the March 2009 RPX Monthly Housing Market Report, distributed by Radar Logic Incorporated, a New York-based derivatives firm. It looks at the market fundamentals in the country’s 25 most populated metropolitan statistical areas (MSAs or metros), geographic entities defined by the U.S. Office of Management and Budget used by federal agencies in collecting, tabulating and publishing federal statistics. First, we examined the number of ZIP codes with 25% of the area's sales to determine those in which activity is most evenly distributed. Next, we examined increase and decrease in price per square footage to determine where market value is the highest. Last, we looked at transaction rates in each city to determine where the housing markets are most active. We scored each city by category, and then combined the scores to determine the final ranking.”

Here’s what the article reported:

“1. Denver, Colo.
PPSF Increase or Decrease
March 2009 vs. Feb. 2009: 5.7%
Transaction Increase or Decrease
March 2009 vs. March 2008: -8.4%
Percentage of ZIP Codes with 25% of Sales: 25%”

Also this week, the National Association of Realtors released its existing home sales report which noted that existing home sales rose for the second straight month in May, signaling low prices and incentives are attracting buyers.

NAR says existing home sales, including single family homes, condos and coops rose 2.4 percent in May. It was the first back-to-back monthly gain in existing home sales since September 2005.

Sales of existing homes rose for the second straight month in May, signaling low prices and incentives are attracting buyers.
NAR chief economist Lawrence Yun had this to say, “Historically low mortgage rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates. First time buyers are also being drawn off the sidelines by the $8,000 tax credit which is helping to absorb inventory.”

The numbers could be even better if it weren’t for poor appraisals. While pending sales of existing homes—those with signed contracts but not closed—indicate stronger activity, some contracts are falling through from faulty valuations that keep buyers from getting a loan, said Yun.

Locally we made some great headlines this week, especially with the Denver Business Journal’s story headlined “Home prices in mountain states up 1.3% outpacing nation.”

The article reported, “Housing prices in Colorado and other mountain states rose 1.3 percent in April from the previous month, the biggest increase of any region of the nation, the Federal Housing Finance Agency reported Tuesday.”

And with that great news in tow, let’s take a look at this week in real estate:

  • Boulder/Longmont—The Boulder/Broomfield county markets continue to show a drop in new listings, with numbers down about 20% from the week before. Sales, however have shown a slight increase this week, about 2%. A quick check of price reductions in the area show 572 so far this month in Broomfield and Boulder counties! Expired listings only totaled 47 and that includes the last day of May. Great new stats for our side: If you sold a house under $750,000 with CBRB in Boulder county this year compared to the rest of the MLS, you averaged 13 fewer days before contract and $7989 more in your pocket! Our Longmont office reports buyers seem to be confused these days. Some are waiting for interest rates to drop and some are waiting for prices to drop. News that the housing market is local seems to be getting out but it might be adding to the overall confusion in the market. First time buyers are the main thrust of our sales. We have had some higher priced homes sell but homes under $250,000 are still selling fast. Now is a great time to get into the investor market. Investors are not looking to "flip" the homes but are looking for the longer term. The rental market is strong in Longmont. Summer weather has finally arrived, making it pleasant to show homes in the evenings.
  • Evergreen/Conifer—Our Evergreen office reported we had a total of five new listings for the week. Seven listings went under contract and one buyer went under contract. There was one multiple offer situation for a $208,000 SFH in Wheat Ridge. One listing went under contract in five days after only two showings, a $425,000 SFH in Evergreen. We had a total of 81 showings during the week which is close to normal level for peak season. The majority of activity occurred in three different price points, $200,000 to $250,000 (mostly first time buyers and investors), $300,000 to $350,000 and some recent strong activity in the $500,000 to $750,000 range. Our Conifer office reports we had four listings go under contract during the week, one of which was a bank REO. One buyer went under contract during the week. There were a total of 42 showings for the week and activity continues to improve.
  • Denver Central—Housing inventory continues to drop in the Denver area and for the fourth consecutive month homes sold in the metro area went for less than $200,000 and 28% were in the $200,000 to $300,000 range with those under $200,00 selling very quickly.
  • Devonshire—Showings have been very consistent this week. There is a definite feeling of increased activity and lots of contracts being written and accepted. Appraisal issues are still rampant, with multiple appraisals being asked for at the last minute before closing. We are advising Agents to write contracts with 45 day closings where possible to allow for a smooth transaction. Buyers are excited to get into their new homes and open houses are busy in many areas. Activity may slow down a bit with the 4th of July upon us.
  • Douglas County—Our Southwest Metro office reports we had another week of great showings. Father's Day was our only slow day. We had six properties with multiple contracts and our Agents are finding they are competing with multiple offers on properties they are writing on for their buyers. Open houses were slow this past weekend however floor was very good. Two Agents picked up buyers from their floor calls. We are still seeing very good activity on homes priced under $350,000. We have lots of buyers wanting to take advantage of the $8000.00 tax credit and I believe that the interest rates going up has also helped get buyers off the fence.
  • El Paso County—No information reported.
  • Larimer County—Our Fort Collins/Loveland office reports things are looking good in the Northern Colorado real estate market. We are seeing homes moving pretty quickly that are priced at market and multiple offers on short sale and bank owned properties that are priced 5-10% below market. Summer began on Sunday and inventory has increased this week as the summer selling season starts to collect steam. First time home buyers are still the primary home shoppers in the market and are gobbling up the lower priced inventory in search of the American dream. Appraisals are still an issue as Agents, lenders and appraisers learn to work together within the confines of the HVCC. It is still an amazing time to buy and interest rates are still near the lowest they've been in the last 50 years.
  • North Metro—Activity abounds in the North Metro area. We have put 53 homes on the market this month so far. Average days on market is less than 60 when the property is well priced. The average sales price is around $273,000. The upper end market (million plus) continues to show slow movement unless the home is located in a new build subdivision. Numerous floor calls are coming into the office on our listings and appointments from these calls are increasing. We're beginning to experience buyer calls on floor looking for homes in the $600,000+ range. Relocation buyers are also abundant & increasing in our area. We continue to see a lot of short sale situations.
  • Parker—After two very busy weeks, activity has slowed down slightly. The listing inventory specifically in the lower to mid price range keeps decreasing steadily which indicates that the trend for declining values could reverse soon. The upper end market (above $600,000) is still very slow and it will take a while to recover. Agents are very busy staying in touch and keeping clients informed about current market conditions while their business is up year over year!
  • Southeast Metro—Traffic continues to increase at our listings. Multiple offer situations are almost a guaranteed with properties priced below $250,000. Luxury properties are also seeing increased traffic and we currently have nine luxury homes under contract. Our success story of the week: One of our Agents had a listing for three years that went under contract and closed in June!
  • West Lakewood—Numerous sales are having appraisal problems. Closed short sales and bank owned properties are affecting the appraised prices. We are seeing increased activity in the above $400,000 price range.

One potential challenge that may begin affecting our market is the rise in interest rates. I came across this CNNMoney.com article which explains why interest rates are on the rise: http://money.cnn.com/2009/06/19/news/economy/higher_inflation.fortune/index.htm. At this point, what we are seeing is the recent uptick is causing many fence sitting buyers to get off the fence and get in the market and in all likelihood that is a very good idea. We probably won’t see interest rates as low as they have been for at least another 20-30 years.

I also recently sat down with our friends at Coldwell Banker Mortgage to discuss interest rates, the future and what we can expect and based on that conversation, I will be focusing my July edition of Reality Check on this very subject.

Watch for it after the 4th of July holiday.

Until then, make it a great week.

Chris Mygatt
Coldwell Banker Residential Brokerage Colorado

Friday, May 1, 2009

"The End is Near"

Well last week I told you the week would bring some interesting twists to the market.  And I was right.  New mortgage applications for home purchases and refinancing were up 77 percent from the same week in April 2008. 

 

Mortgage rates continue to average well below 5 percent – 4.7 percent last week on average for 30-year fixed rate loans and 4.5 percent for 15 year loans.  Rates like these are a major factor pushing applications.

 

Nearly 600,000 home buyers have already claimed either the $7,500 tax credit from last year or the $8,000 credit for this year, according to IRS data cited by the National Association of Home Builders.

 

Also of interest, new home sales have been showing signs of improvement.  Last week the Commerce Department reported that March sales were off just 0.6 percent, exceeding analysts’ expectations, after climbing in February.

 

In other positive trends, interestingly enough, The Wall Street Journal reported this week, “Analysts say: The end (of declines) is near. While new home sales show signs of stabilizing as builders cut back on building and boom-bloated inventories are slowly absorbed, prices of both new and existing homes are still being dragged down by a flood of foreclosures. Still, the experts were optimistic that the federal government's efforts to stem foreclosures eventually will have an effect by the end of this year or early next year; Mark Zandi, chief economist of Moody's Economy.com, even ventured (jokingly) a date when home prices would stop falling—December 15, 2009.”

 

It’s hard to know whether or not the sum of these indicators is equivalent to a recovery but my sense is that the end is near—if we haven’t already passed it here in Colorado (some experts are even saying that we’ve already hit bottom and we’re in slow recovery mode).  When the bottom has hit exactly is hard to predict but based on what I am seeing in our offices, based on the statistics that I am seeing on pendings and buyer interest/activity and based on the overall national recovery effort, it seems the prediction by many experts (in late 2008) that we would hit bottom by the middle of 2009 is probably not far off. 

 

Now for those of you who are “timing” the market, I have to caution you on this.  The only way you know that the market has hit bottom is when it is on its way up.  While certainly housing is one of the biggest and most important investments we will make in our lifetime, it is also important to remember that our home is so much more than an investment.  It is where we raise our family, where we create memories and where we plant our roots.  So as you try to “time” the market, remember these key facts and make sure that beyond the investment, you are choosing a home that will bring you the happiness you deserve.  Because in the end, that is what matters most.  Choose the home that is right for you and your family right now and for years to come.  Historically speaking, Colorado real estate brings long-term investment gains for almost all homeowners so if you choose the home that is right for you, you almost can’t loose.

 

Now, let’s take a look at this week in real estate:

 

  • Boulder/Longmont—Our Boulder office reports that new listings were up about 10% last week as Spring approaches.  Despite a fair amount of bad weather, sales and showings stayed pretty level.  More Agents are reporting frustration with getting deals closed, largely due to wildly different methods of handling short sales from one company to another as well as problems with appraisals.  The Longmont office reports this is the second week in a row that our showing activity is up.  We are up 15% week over week.  Our homes "under contract" are up as well as our listings taken.  We have more buyers looking at new builds and writing contracts on current builder inventory new home starts.  Short sales and foreclosures are still impacting the values of local neighborhoods.  Appraisals are continuing to be a stumbling block for some sales. It really is an area where the local Realtor can assist.  One of the Agents here today commented that "I am rocking and rolling" with new business.  It feels good!
  • Evergreen/Conifer—We had a total of six new listings for the week.  Six of our listings went under contract including one priced at $1,300,000.  There were 74 showings for the week which was back to the normal level following a decline the prior two weeks due to bad weather and our office being closed for three days.
  • Denver Central We are seeing an increase in under contracts as of late.  We continue to see drops in inventory.
  • Devonshire—This week we have seen a decrease in showing activity which is quite a seasonal anomaly.  On the other hand, we are seeing lots of offers being written and actually accepted.  It seems that this week buyers have seen what is on the market and are now at the decision making stage.  With May here, we are still projecting a strong month and a good summer.
  • Southwest Metro —Our Southwest Metro office reports that showings were the best yet for 2009 so far.  Friday-Sunday we had 175 showings.  Agents are very busy with buyers and have had numerous calls regarding the $8,000 credit.  We definitely see signs that buyers are starting to seriously look and make offers on properties.  We had several listings that went under contract in less than a week with one on the same day.  Our mortgage rep continues to be very busy with loan applications.  Sellers are calling, wanting to list their homes.
  • El Paso County—No information reported.
  • Larimer County—Our Fort Collins/Loveland office reports that showing activity continues to increase in our market and we had the best week yet with property showings increasing by nearly one hundred showings.  We are seeing many first time home buyers coming into the market to take advantage of the $8,000 tax credit.  These first time buyers are buying power priced homes in the low to mid $200,000 price range.  We had a solid number of homes go under contract last week. In fact, it was the most for a one week time period this year.  However, no multiple offers were reported.  If your property is in a good location, clean, well priced and under $300,000 there is a good chance it will sell in this tough market.
  • North Metro—The average price range under contract is around $250,000.  Sales to list price is 98% to 100%.  Days on market decreased to around 85 days.  We've seen multiple offer situations on homes this week when the listing is power priced.  Open house activity has increased as have the number of floor and sign calls.  We continue to have the challenge of getting appraisers out quickly & loans out of underwriting in time for closing.  We're working with many sellers.
  • Parker, Douglas and Elbert Counties —Our Parker office reports: another record week for showings!  Once again, sales activity increased last week.  We received multiple offers on several power priced listings including eight offers on a bank owned property and three offers on a $1,300,000 listing.  The inventory in our marketplace is steady.  Depending on the price range however, we see a huge difference in the amortization rate from less than two months in the lowest to over three years in the upper range.  In the million dollar plus market, it is necessary to position listings way below the competition in order to create activity.
  • Southeast Metro—We set 700 showings last week!  Open houses traffic continues to increase as buyers are ready to make a move.  We have put under contract 139 properties just this month!  Homes in the high energy areas of the city are seeing a significant decrease in the average days on market.  However, outer areas in the price point above $400,000 are still a bit sluggish.
  • West Lakewood If you have a buyer wanting to purchase a bank owned property, they most likely will need to offer a substantial amount over the list price.  We've had buyers offer $15,000 over list price and still not be the highest offer. One West Agent went under contract with a buyer for $800,000 a possible indicator that there may be some movement in this price range.  Two $500,000 homes were placed under contract this week, again a possible indicator that there may be movement in this price range as well.  Showings at all price ranges have increased.

 

No matter how cynical you are about today’s economy—and trust me, with as much as we’ve all been through over the last few years, I certainly understand—it’s important to point out the positive signs that we are seeing in the local marketplace.  All signs are definitely pointing towards a recovery. 

 

Next week I will release my May Reality Check message and I will focus it on why today’s market brings such prime opportunities for savvy investors.  I hope you will check it out.

 

by Chris Mygatt

 

Posted by Brian L. Thomas

http://www.southofdenver.com

Friday, April 24, 2009

First Time Home Buyers Are Finally Fueling the Come Back!

It’s finally happening! In my August 2008 Reality Check message I discussed our market’s need for the revival of the first-time home buyer. Because, as we know, first time home buyers are a critical force that will help jump start our market rebound, creating that important domino effect that will ultimately benefit all price points.

Confused? Just think about it. If first time home buyers purchase entry level homes, that allows the entry-level homeowners to sell and move-up to a mid-level, move-up market. By purchasing those homes, the move-up market is able to sell and ultimately purchase homes in the luxury arena. It’s a much-needed domino effect that could catapult our market’s rebound.

Well I talked about it eight months ago but at least you can’t accuse me of being a day late and a dollar short. I guess in this case I was a day (or eight months) early and, as my wife would say, still a dollar short. But it’s finally happening and numbers released over the last two weeks are certainly proving that.

First, let’s look at NAR’s release this week of its March existing home sales. Now of course some media did use the nationwide decrease in sales as an opportunity to take a negative spin but there were a lot of positives in this news. First, nationally, prices rose from February to March by 4.2 percent which is much higher than the typical 1.8 percent seasonal increase between those two months.

Second, housing inventory at the end of March fell 1.6 percent to 3.74 million existing homes available for sale which represents a 9.8 month supply at the current sales pace.

In the West, existing home sales declined 4.2 percent to an annual rate of 1.13 million in March but, and this is a big but people, are 18.9 percent higher than last year at this time.

Now what do all of these numbers mean? Well the fact is, the share of lower priced home sales have trended up, indicating a return of many first-time buyers. Sales in the upper price ranges remain stalled but there are two reasons for this. First, jumbo loans still are difficult to obtain right now—though that may change in the second and third quarters thanks to the government’s work to restore this—and second, now that first time home buyers are once again entering the market, it will take some time for the domino effect to take shape onto other price ranges.

Another interesting note, the Mortgage Bankers Association this week released its Weekly Mortgage Applications Survey for the week ending April 17. The index showed an increase of 5.3 percent from the previous week and that was a 76.9 percent increase compared with the same week a year ago. Yes, 76.9, that’s not a typo.

Whatever you think about what our government is doing to revive our economy, it seems some of the early work like the first time home buyer tax credit is working. Earlier this week Inman News reported that the preliminary numbers from the IRS suggest 1.4 million taxpayers will claim the federal first-time home buyer tax credit on their 2008 tax returns, meaning the program is likely to meet or exceed the 2 million target set by lawmakers before it ends November 30, 2009.

Finally and I think this is probably most notable, the Wall Street Journal reported this week that prices have fallen back into line with what the typical household can afford to pay in most of the U.S. The report showed that home prices are dubbed “fairly” valued in 202 of the 330 markets studied. That means the average price level is within a band 14% above or below the historical norm. Twenty-one markets are “overvalued” or between 14% and 34% above the norm. And 106 markets are considered “undervalued” or more than 14% below the norm. Take a look at this graph which showcases where we were in the early part of the decade as compared to today:



Now I know some of you are scratching your heads and saying, how is the drop in property value a positive thing. But the fact is that though the ride was nice in the big real estate boom of the early 2000s, we couldn’t sustain those types of record appreciation levels without eliminating certain consumer niches, including first time home buyers. Now that levels are back within range, the first time home buyers are once again able to reenter the market which is why we are seeing such a strong surge in sales in that level.

It’s just a matter of time before we weed through the remaining banked owned inventory and we should begin to see prices stabilize. Once we see that, the remaining areas of the market should begin to see an upswing, too.

With that said, let’s take a look at this week in real estate:



  • Boulder/Longmont—Our Boulder office reports that under contracts in the Boulder market are up 30% over the previous week with new listings down over 40%! I know it's only a week, but that's the kind of trend we like. The Boulder office showed a big uptick in under contracts over the previous two weeks. The Longmont office reported that business is happening. Our showings increased by 19% week over week. This is especially significant due to the blizzard like weather late in the week which caused us to close the office early on Friday. Some buyers are choosing not to buy foreclosures and short sales due to the challenges that those properties can bring. This bodes well for the non-distressed sellers. Homes in the lower and moderate price ranges are selling quickly. After the snow, the weather became wonderful. Spring has made it to the Rocky Mountains. We are also experiencing positive job growth year over year and the unemployment rate in Boulder county is lower than the state figures.

  • Evergreen/Conifer—Our Evergreen office reported that we had a total of two new listings for the week. Three listings went under contract. There were forty-eight showings for the week. Sales and showing activity were affected by the weather. Our office was closed for three days.

  • Denver Central—No information reported.

  • Devonshire—Our Devonshire office is reporting that in spite of snow storms and other weather issues, showings are increasing consistently. Buyers are finding it easier to pre-qualify for loans and are anxious to get out and begin looking. The moderate price range properties are holding strong with multiple offers. We know that the upper end will follow in the next few months. Buyers are coming to realize that if they don't move quickly on available properties someone else will.

  • Douglas County—No information reported.

  • El Paso County—Our Colorado Springs office reports that buyer activity is picking up dramatically mostly due to military and Schriever Space Center. Short sales are slowing and a lot of those sellers are renting their homes. REOs have slowed as well as foreclosures.

  • Larimer County—Our Fort Collins office reports that activity continues to increase in our market with property showings increasing and still the occasional multiple offer situation. The majority of the current activity is coming from homes in the $200,000 to $300,000 price range. The upper end is moving slowly. The three days of rain/snow did decrease the activity somewhat last week, but we are looking to rebound strong with the great spring weather and 70 degrees this week. We are still experiencing numerous short sales and some foreclosure activity. However, the banks are responding to offers a little quicker than before as these situations are becoming more commonplace. Interest rates are the lowest they have been since 1954 and the property values are holding relatively strong for our economy. If you are waiting for a better time to buy you may have to wait another 55 years!

  • North Metro—Our North Metro office reports that Agents are going out on many listing appointments. Some sellers remain overly optimistic about the price they would like to get for their home, over current market value. We are seeing an increase in listing appointments that are in short sale situations. The first time home buyer tax credit is helping to increase the number of buyer appointments. The result is a lower average sales price of the homes we put under contract. Floor calls continue to be strong. Average list price this week has been around $250,000.

  • Parker—Our Parker office reports that although we set a new record for listings under contract for the month of March, our inventory increased slightly because we added another high producing team to our sales force. Showing activity has been the highest since 2006! Our number of showings increased by over 100 in one week! We still receive multiple offers on power priced listings. Last week’s record was 14 offers on one listing within the first four days on the market.

  • Southeast Metro—WOW!! Busy, busy, busy with showings averaging 100+ per day! Our success story of the week is a condo near City Park that went on the market and closed in two weeks at full price! We continue to see multiple offers on homes priced below $250,000. Open houses are generating lots of energy and excitement in the market.

  • West Lakewood— Nearly 70% of our sales are under the $250,000 range. Very little is moving over $500,000. Many, many first time homebuyers are taking advantage of the $8,000.00 tax credit. Nearly all multiple offers are on bank-owned properties.

Next week will bring some more interesting news. Check out this article that ran Monday in The Wall Street Journal: http://www.washingtonpost.com/wp-dyn/content/article/2009/04/19/AR2009041901875.html. Once we see the results of new home sales (existing home sales were already reported), we should have a better indicator of where we are. I’ll leave you with this excerpt from the The Wall Street Journal’s story:


“Whatever the March numbers say, there are good reasons to think that home sales will improve as the spring selling season gets underway. Anecdotal reports suggest that low mortgage rates and an $8,000 first-time home-buyer tax credit are coaxing buyers back into the market. And while foreclosures are set to rise as banks begin to move on delinquent homeowners, that actually could boost home sales as banks auction homes for whatever the market will bear.”


The market is without a doubt changing and we may finally be seeing the end of the great housing challenge of the 2000s. I for one am very happy to see it.

Brian L. Thomas
 
Originally posted by,

Chris Mygatt
President
Coldwell Banker Residential Brokerage Colorado


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