Sellers - Are You Taking the Sale of Your Home Seriously?
July 26th, 2010 categories: Relocation Tips, Selling Strategies
I’ve been working with two families who will be relocating to Denver in the next few weeks. Both are lovely couples with school-age children, both are motivated to find a home to land in as soon as their houses sell.
When buyers who are moving to a new town come for a house hunting trip it can be a whirlwind. We hit the ground running, whether it’s 95 degrees out, raining cats and dogs or the snow is anything less than a blizzard. The days are long, the homes run into each other, and sellers have only moments to make an impression.
First impressions count.
This is an actual sign I saw on a home last week. I’ve made one alteration. I’ve altered what was spelled out in full force to hit us between the eyes as we stepped up to the front door.
The buyers had their two young boys with them in their car, and asked me to run up and preview the house quickly before they got the kids out. There was a retail center behind the house we weren’t counting on, and they felt it would be a deal killer. However, being respectful to the sellers, they wanted me to take a quick look and leave my card.
As I came up the walkway, there were cigarette butts all over the front patio and crumpled cigarette packages in an empty planter. The paint on the front door jamb was discolored and poorly re-painted. Then there was the big sign on the door. I’ve never seen anything like it.
Needless to say, we beat it out of there and never looked back.
I have to wonder who those sellers are? This home is priced more than double the average home price in metro Denver, and is in an area of large suburban single family homes. Do these sellers think this is funny? Do they have teenagers and forget that you don’t talk to everyone else like this? (Or anyone else for that matter?)
I sent the listing broker detailed feedback and never received so much as a comment back from him. A match made in heaven. He apparently doesn’t want to sell his listing any more than his seller does.
Sellers - we have plenty of choices for buyers out there. If you aren’t serious, don’t waste my time or my clients’. Get your house looking its best. This is a beauty competition. The house with the sign won for ugly.
Check out my listings online for terrific homes with fabulous sellers!
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Denver Colorado Real Estate | June 2010 Market Statistics
July 12th, 2010 categories: Market Trends
The Dog Days of Summer may have arrived early. Denver real estate sales are cooling even while we turn up the temp on our AC.
Cooling is relative. The Denver area market has improved considerably from a year ago, and with rates at their lowest in 50 years, there are still buyers off the fence and in the market. The average price has increased by nearly 6% from last year and days on market are down by 18%. Houses are selling faster and for more money.
But with inventory increasing, and likely to continue to do so, home sales may bump along for awhile without a discernible spike in activity like we experienced a few months ago. The Denver Post article last week about the local market succinctly concluded that a cooling trend is evident.
Denver and Colorado have the benefit of an educated and stable work force. Unemployment is higher than we’d like it, but below the national rate. Consumer confidence is evident at the mall, the garden stores and the summer street festivals. We are a community of hardworking Colorado enthusiasts.
What the table above doesn’t illustrate is the micro level activity in specific neighborhoods and price ranges. Luxury home sales have increased, primarily due to large and realistic price-reductions and more favorable jumbo rates. Interestingly, we’re seeing more all-cash deals in every price point.
Lower and mid-priced homes held steady for the first half of the year, and drove a lot of the higher end sales too. Move up buyers have a terrific opportunity in this market.
This is the time to list or buy a house. Buyers have the benefit of the lowest rates in 50 years and the lowest home prices in decades. Sellers have the opportunity to take advantage of what’s left of the summer. Dog days or not, selling is hot.
Looking to buy or sell a home in Denver? Look no further than www.GretchensDenver.com for all of the information you’ll need.
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Real Estate Buyers Facing Greater Lending Hurdles
June 27th, 2010 categories: Real Estate News, Relocation Tips
Denver, Colorado - Buyers who want to finance the purchase of their home should rethink carefully what they do financially in the time between obtaining their first conditional loan approval and the time they close on their new home.
Lenders are facing more regulations for underwriting mortgages. These standards will certainly ensure that buyers will need to do more than fog a mirror to get a loan.
If you’re considering purchasing a home, here’s what you’ll need to know:
- The lender will be pulling another credit score about three days before you close. If you opened a new credit card, bought the SUV you thought you had to have to live in Colorado or decided to max out a credit card with your new appliances, beware - your credit score could be negatively affected. Don’t let that happen. Put off your big purchases until after the closing and don’t open new credit.
- Employment verification - yes, the lender has to do this again too. Three days before closing. Don’t quit your job before you buy your house!
- As I said in a recent article about credit scores, buyers’ initial scores need to be higher than ever to get the best rates. Make sure you handle any credit repair issues in the months prior to applying for a home loan.
The best advice of all is to utilize a loan officer who clearly knows the guidelines, and who can advise you throughout the process. Use a loan officer in the community you’ll be buying in. Out-of-state lenders rarely know or understand the nuances of closing loans in another state. We see more delayed and messed up closings with out-of-state lenders than for any other reason. Now, buyers themselves may cause delays (and be at risk of losing their deposit) if they don’t heed the warning to leave well enough alone when it comes to their credit and employment.
Look for your new house here: www.GretchensDenver.com and click “contact me” to ask for references to great local Denver loan officers.
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Denver is Most Improved in U.S. Real Estate
June 18th, 2010 categories: Real Estate News
Bloomberg BusinessWeek reported last week that Denver’s housing market is “most improved.”
I think we’ll settle for that. We’ve always said here in Denver that our economy is counter cyclical, setting the trend up or down. If Denver is improving, then much of the U.S. will follow. Our real estate market statistics showed a slowdown in May from April, but we were still up over 20% from last year. That’s a dramatic gain in sales and activity.
My Great Grandfather founded the Miss America Pageant in Atlantic City to promote a lengthened summer season at his beach resort. Did you ever wonder why the Pageant was in September? Advertising, positive spin on his city, hotel guest-counts, paying guests in September.
But to the contestants, it was more than hotel guest-counts, it was a lifetime dream. They wouldn’t want runner up or most improved. But being most improved is fine for us here in Denver - we’re happy about it! We want to be most improved! We don’t need to be Miss America.
Patty Silverstein, Chief Economist for the Denver Economic Development Corporation, said in a seminar yesterday that official employment figures don’t include the self-employed. We’re officially losing jobs, yet we added 89,535 new residents to Colorado in 2009. Adding people increases the likelihood that housing demand will increase as well.
It’s true that sales slowed from March and April to May. The tax credit had a lot to do with pushing the summer business forward. But with solid growth our improving real estate market will continue the positive momentum. Most improved means setting the trend. Crack open the Champagne!
Then search for your next home at www.GretchensDenver.com.
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6128 Montview Boulevard - Presented by Gretchen Faber
June 12th, 2010 categories: LifeStyle Listings
Live on Park Hill’s timeless boulevard in a home so gracious and comfortable you’ll never want to leave.
This home’s craftsmanship and classic elegance are apparent from the time you step in the front door. The grand two-story foyer has a double white-birch stairwell that sets the tone for elegance. Custom moulding frames the wide arched doorways throughout the home, illustrating the fine architectural details.
Gleaming hardwood floors cover the main level and French doors open graciously to two terraces and a three-tiered Trex deck with a pergola, fountain and surround sound perfect for entertaining.
The great room is the heart of the home with a large open floor plan, fireplace and custom kitchen that features black granite counter tops, a double oven and Bosch and GE Profile appliances. The breakfast nook is a bright sunny space – perfect for your morning coffee.
On the upper level the master suite also includes French doors leading to a charming balcony, in addition to a two-sided fireplace, a five-piece bath, and a massive closet sure to thrill. Adjacent to the master is a large loft, perfect for a library or reading area.
Year round comfort is assured with Pella windows, two air conditioners, two furnaces and a seventy five gallon hot water heater. The home also has a security system.
Tucked away on a lushly treed corner lot, facing one of Denver’s famous Boulevards, this home’s curb appeal is enhanced by professional landscaping and extensive architectural lighting.
You’ll marvel at the enormous four-car garage with additional storage and a finished basement with a bedroom and bath.
Enjoy all that Park Hill has to offer, parks and boulevards, neighborhood shops and restaurants and close proximity to downtown and Cherry Creek. This home is exceptionally well-priced at $950,000 and awaits you!
For a full tour and extensive photography visit the custom web site at www.6128Montview.com.
PROPERTY INFORMATION
- Style: Two Story
- Bedrooms: Four
- Bathrooms: Five
- Fireplaces: Two
- Garage: 4 Car Oversized
- Square Feet: 4,137
- Total Sq Feet: 5,492
- Lot Size: 9,870
- Floors: Hardwood, Tile, Carpet
- Heat/Cooling: Gas Forced Air, A/C
- Utilities: $270/Monthly Average
- Construction: Stucco
- Year Built: 1996
- Taxes: $5,200.70
FLOOR PLAN
Main Level: Entry, office, living room, family room, dining room, breakfast nook, kitchen, full bath, half bath and laundry room.
Upper Level: Master suite with walk-in closet, sitting/TV area, two additional bedrooms and one additional full bath.
Basement Level: Guest suite with full bath and storage area.
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Denver Colorado Real Estate | May 2010 Market Statistics
June 10th, 2010 categories: Market Trends
What an interesting time to be a real estate broker. Is the market sizzling or softening?
The Home Buyer Tax Credit had a lot more to do with our March and April sales than I expected it to. I naively thought there was enough pent-up demand to see us through the end of the year.
I thought buyers weren’t going to sacrifice the “right home” for a tax credit. In retrospect, I may have been wrong on that count.
One thing I was right about was the trickle up effect, boosting sales in the higher price ranges that didn’t qualify for the credit.
Now, all price ranges have slowed down. Showings have dropped off and it seems that we pushed the June and July business forward into the first quarter of 2010.
What does this mean for Buyers? Great time to buy. You’re a wanted quantity. But do your homework and don’t assume you can just negotiate the Dickens out of any deal. Some houses are already priced right. My partner just had buyers go $15,000 over asking in a bidding war - in the low $400,000 price range. The house was on the market for 5 days, was in a unique and beautiful setting and nothing else like it was on the market. It had also been updated and was ready to go. They still need to get it to appraise, but the buyers saw the value.
What does this mean for sellers? Stay on the top of your game. Showing condition has to beat out the competition and the price has to be aggressive enough to launch you to the top of the list.
Last month we had 3,883 properties under contract, which bodes well for June closings. But this is a 41% decline from April! We were busy in April. These numbers didn’t actually come as a complete surprise. We expected a slowdown when the credit ended, but not 41%.
Look at sold properties year-over-year. Denver experienced an increase in sales of 20%. The market in 2010 is very different from 2009 and 2008. We’re plugging along - the tax credit helped. Low rates are helping. When employment picks up steam, property markets will continue to pick up too and that’s when we’ll see prices rising.
I’m happy to be in my chair and looking back at last year. I’m happy that sales are up 20% since then. I’m also hopeful that the drop from April to May will be a slight bump in an otherwise excellent real estate trend.
If you’re a buyer looking for the “right home” look no further than www.GretchensDenver.com.
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Memorial Day 2010
May 31st, 2010 categories: Life In Denver
This year, I pause to honor the men and women of our armed forces who have sacrificed their lives protecting our nation.
Take a few minutes and put yourself in their places, their families’ and friends’ too. Shopping the sales is an American tradition, but let’s not forget our servicemen and women while we hunt for a bargain or grill the first summer meal.
Private property rights and the mortgage interest deduction are uniquely American and are the cornerstone of the dream of home ownership. I am particularly thankful for these, as I see the benefits daily in the practice of real estate.
It’s a day to remember and be thankful. It’s a day to enjoy the beginning of summer, and it’s a day to never forget.
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5320 South Marshall Street, Littleton, CO - Presented by Gretchen Faber
May 23rd, 2010 categories: LifeStyle Listings
This amazing home, located in prestigious Belvedere in Grant Ranch exudes craftsmanship. Hand crafted mill work greets you as you enter the dramatic foyer.
Look left to the formal living room and dining room, look right to the comfortable and elegant study. The kitchen includes a large island with slab granite, a butler’s pantry and a charming eating area framed by windows.
The family room is immediately off the kitchen and provides a comfortable place to hang out. Views to the professionally landscaped back yard are gorgeous.
Upstairs, you’ll find a master suite, 5-piece master bath with walk-in closet and three additional bedrooms plus two additional baths. One a jack-and-jill bath.
The basement is professionally finished and offers another family room or sitting area, a viewing room, a bedroom and bath plus ample storage.
This is a truly special home, and you’ll be thrilled to call it yours.
Priced at $970,000 with 5 bedrooms, 5 baths and over 5,800 square feet.
View the full internet presentation at www.5320SMarshallSt.com.
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6199 W. Chestnut, Littleton, CO - Presented by Gretchen Faber
May 23rd, 2010 categories: LifeStyle Listings
This charming home has been lovingly maintained by the owners. The back yard is a summer oasis, with plenty of additional space for a garden or play area. The huge lot and mature trees add a truly Colorado feel to the home.
Inside, there is a terrific floor plan for entertaining or spending time with family or hobbies. The home has a good variety of living spaces and large rooms. The family room has a fireplace as its center piece, and the kitchen offers an eat-in area. Enjoy the formal dining room for holidays or parties.
You can move right in and enjoy the Colorado summer in one of Metro Denver’s mature and lush neighborhoods.
Priced at $257,900 with 3 bedrooms and 3 baths and over 2,500 square feet.
To see more of Gretchen Faber’s listings, visit www.GretchensDenver.com.
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Denver Farmers’ Markets in 2010
May 18th, 2010 categories: Life In Denver
Have you been to a Farmer’s Market in Denver? The local markets are every weekend in the spring and Summer with amazing produce, florals, specialty items and a great vibe.
Here’s a list of the local Farmers’ Markets in 2010:
- Cherry Creek ~ First Ave and University ~ Saturdays 8 am - 1 pm and Wednesdays 9 am - 1 pm
- City Park ~ Colfax and Columbine ~ Sundays 9 am - 1 pm
- Old South Pearl ~ 1500 S. block of Pearl ~ Sundays 9 am - 1 pm
- Tamarac ~ Tamarac and Hampden ~ Mondays 11 am - 3 pm
- Stapleton ~ 29th Ave and Roslyn ~ Sundays 8:30 - 12:30
- Belmar ~ Alaska Dr and Teller St, Lakewood ~ Sundays 10 am - 2 pm
- Wheat Ridge ~ 4260 Wadsworth Blvd ~ Thursdays 11 am - 3 pm
- Golden ~ 10th Street and Illinois ~ Saturdays 8 am - 1 pm
- Highlands Ranch ~ 9288 Dorchester Street ~ Sundays 10 am - 2 pm
- Southwest Plaza ~ mall SE parking lot ~ Saturdays 8 am - 2 pm
- Littleton ~ Aspen Grove Shopping Center ~ Wednesdays 11 am - 3pm
- Aurora ~ 1470 S. Havana ~ Tuesdays 11 am - 3 pm
Look for me on my pink cruiser bike! I’ll be filling my basket with organic veggies and flowers for my table.
I’m not ready to show houses on my bike, but who knows? Could I still write off the miles?
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