Realistic Sellers Sell Their Houses
January 25th, 2012 categories: Selling Strategies
A few days ago, I showed a house to a motivated couple who want to find their next Denver home before Valentine’s Day.
They liked it, and decided they might make an offer. Being savvy buyers, they asked me to give them an analysis of other properties that had recently sold around the listing they were considering.
I also pulled the history of the listing, and we found that the house had been on the market for 10 months, with two different real estate brokers. I called the current broker and asked him a few of the usual questions, when do the sellers want to close, is there anything we need to know, etc.
Then came the shocker. The broker said, “I’d suggest your buyers not low ball the price, these sellers don’t have to sell.”
Wow! They’ve endured showings for 10 months, kept the house in show-ready condition, and expected their broker(s) to work hard on the marketing. You almost wonder if that For Sale sign means anything?
I’ve heard sellers tell me this same thing in listing appointments, “I don’t have to sell, so I won’t take anything less than my price.”
Sellers Beware! You may not sell your house if this is your attitude. Don’t expect a professional broker to come in armed with her analysis and years of experience, only to tell her you’ll decide the price. Pricing is not an exact science, and it’s definitely a collaborative effort with sellers’ motivation factored in, but don’t throw out the baby with the bath water. Pay attention to the data if you really DO want to sell your house.
There are times when the initial analysis needs adjustment based on the ever moving barometer of closed sales, and the broker doesn’t always nail it the first time. In certain instances an initial market analysis might actually be a little high, and downward adjustments are warranted. If the seller and the broker can collaborate based on a new analysis, it will be a much better working relationship than one based on a seller dictating the price without credence to the market. If the price is low, you’ll know by the bidding war that ensues. If the price is right, you’ll sell quickly without a lot of drama.
Buyers won’t offer you what you need. They won’t offer you what you put into it. They won’t offer you what you owe. They’ll offer you what their own analysis suggests is a realistic price – less some negotiating factor. Buyers don’t walk in and over pay because you have your house on the market and you’re a nice, deserving person. In fact, you’re reinforcing their decision to go make an offer on the competition.
Sellers – if you don’t have to sell, then your house isn’t really “on the market.” Save yourself months of grief and frustration. Save me and my buyers some time, please. Thank you.
Gretchen Faber works with buyers and sellers in Metro Denver’s luxury home market, as well as in-town neighborhoods, new construction and corporate relocations. Check out all the Metro Denver listings at www.GretchensDenver.com.
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Denver is THE Top Real Estate City for 2012
January 15th, 2012 categories: Real Estate News
Have you seen this recent news report about Denver real estate?
Denver is cited as the number one city to invest in real estate by Greg Rand of Own America.
Watch the clip as Greg covers the metrics that influenced his decision:
- Lifestyle and livability
- Relatively low unemployment as compared with the national average
- In-migration of people relocating to Denver
- A foreclosure rate that is half the national average
- A young population
- Low cost of living
- Fresh air
- 9 Fortune 500 companies and growing
Denver isn’t a secret any longer. The city is no longer a “cow town,” although you can attend the National Western Stock Show once a year to see cows and wear your boots.
We have a world famous art scene, great restaurants, bike trails and parks. Oh, and the mountains out back.
Come visit, and plan to stay. You’ll want to make your home in Denver!
Are you relocating to Denver? Check out area homes for sale on my GretchensDenver real estate web site. Contact me if you’re visiting and want to look for your next home.
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Should I Decorate My Listed House for the Holidays?
November 16th, 2011 categories: Selling Strategies
Every year, sellers ask whether they should decorate for the holidays.
The answer is yes! Within reason. Here are 5 things to keep in mind:
- Keep it simple. Don’t overdo the clutter or festive air. Less is more. Just like you cleaned out your closets to make your home feel larger, resist the temptation to pull out every decoration you’ve collected over the years and fill up the space.
- Tasteful decorations add to the warmth and homey feeling, but over-the-top or outlandish will distract from the buyers’ opportunity to see the bones of your house.
- Resist the temptation to advertise your religion too strongly. Remember, you’re trying to make everyone feel that your house could be their house. Don’t alienate potential buyers who may have a different faith than you do. Christmas wreaths and trees or Hanukkah menorahs are wonderful expressions of tradition, and are fine decorations.
- Take the decorations down immediately after the holidays! Don’t leave them up much past the first week in January. Your cozy decorating will feel stale as soon as the new year bells stop ringing.
- If you don’t celebrate the holidays, consider adding more lighting, candles or flower arrangements for showings. Make potential buyers feel at home and ready to celebrate their next holiday in their new home.
LifeStyle Denver is a Denver real estate and lifestyle blog authored by local Realtor Gretchen Faber with The Kentwood Company at Cherry Creek. Subscribe for up-to-date Denver information!
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221 South Garfield Street in Denver’s Cherry Creek
November 6th, 2011 categories: LifeStyle Listings
Denver’s Cherry Creek neighborhood has been called the “Gold Coast” of Denver real estate.
You can live the Cherry Creek lifestyle for a bargain in your own renovated condominium at 221 South Garfield Street #105. The price for 1,580 square feet in the heart of Denver is $319,900. The unit has 2 bedrooms, 2 full baths, 2 underground parking spaces and a lovely patio.
The owners have recently repainted, re-carpeted and added new kitchen appliances. You’ll be walking distance to the dining and shopping in Cherry Creek North, the Cherry Creek Shopping Center and only 10 minutes to downtown. Contact Me to check it out! And search for other Cherry Creek properties at www.GretchensDenver.com.
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Low Denver Inventory Leads to Multiple Offers
November 4th, 2011 categories: Market Trends, Relocation Tips
I’ve been working with a family relocating from the mid-west for several months. We look at a few properties whenever they make it to Denver for a visit.
There haven’t been many great matches for their specific needs (picture a giant playset.) This week, we’ve narrowed it down to three really good possibilities, with a fourth thrown in for good measure.
Here’s what we found out this afternoon as we’re deciding which one to make an offer on:
- 1 went under contract
- 1 got an offer yesterday and the seller is countering
- 1 has another agent with a client getting ready to make an offer
The inventory in Denver is the lowest since 2000 and nearly 28% below this time last year. That hasn’t translated into higher prices yet for a few reasons. The lower price point homes are selling in higher numbers, making it look like prices are down. And if prices were going to be down, this low inventory has helped keep a floor under any further decline.
This will be a telling time. I predict that we will begin to see slowly rising prices next year. I recently received multiple offers on a Washington Park bungalow and it closed less than 7 weeks after going on the market.
BUT! Sellers still need to very clearly hear what “the market” is telling them. There are properties that have languished on the market for months and months. Only once the price has been adjusted “to the market” will the seller receive offers.
If you’re thinking about putting your house on the market, do it soon. Don’t wait. Buyers in Denver need fresh meat!
Search for your new home on Gretchen Faber’s web site: www.GretchensDenver.com.
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1254 Monaco Parkway in Denver’s Historic Montclair
November 3rd, 2011 categories: LifeStyle Listings
Situated on the lovely and historic Monaco Parkway in Central Denver, the Montclair neighborhood is a classic. 1254 Monaco Parkway is a home you will not want to miss.
Step across the threshold and feel right at home. The modern conveniences combined with historic charm accentuate the architectural integrity and livability.
Wood floors, Wolf gas range and Sub-Zero refrigerator in the renovated gourmet kitchen and a formal dining room give the heart of the house warmth.
French doors to the patio from the large formal living room perfectly frame the charming outdoor space.
A large master suite with renovated bath, built-ins for books and TV and a large closet is unusual for this era of home. The laundry is in the master suite, adding convenience. And each of the upstairs bedrooms offers unique charm.
Not only will you find the indoor-outdoor family room, this home also boasts a main floor formal living room and a main floor study with fireplace. The basement offers excellent storage space, and a place to set up an exercise room.
- Year built: 1891
- Lot Size: 12,000 square feet – oversized and lovely!
- Square feet above grade: 3,768
- Basement Square Feet: 849
- Four Bedrooms, Four Baths and Three Fireplaces
- Detached 2-Car Garage
Priced at $950,000. Email Gretchen Faber through the Contact Button to schedule a showing.
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Denver Colorado Real Estate Statistics | March 2011
April 20th, 2011 categories: Market Trends
Real Estate is like a box of chocolates. Sometimes you get nuts.
- The nuts have been our foreclosures, our short sales, our underwriting issues and our tough appraisals.
Real Estate is like a roller coaster. Sometimes you go up, and then you fall fast. It takes longer to go up than come down.
- Interestingly, last year’s tax credit made our first half of the year incredibly busy. Then third quarter we fell off a cliff. It was so quiet! We all went to the pool.
- Prices have fallen across the nation since 2008. In some areas, they fell fast. Now, they’ll take longer to creep back up. Appreciation won’t be crazy fast like it was. It will be slower, more rational. This is the new normal.
Real Estate is like babies and teenagers.
- If you own your home, you need to baby it. Feed it with updates to keep it current. Clothe it in great curb appeal, lovely landscaping, an occasional fresh coat of paint and new carpet.
- Some days owning a house is like having teenagers. Temperamental (notice the word “mental” is in there?) Keep your mechanicals, appliances and roof in good working condition so you don’t have to use your mattress money to bail them out of jail.
Whatever your real estate is like, Denver real estate is always interesting. And the homes for sale are the bargain of a decade right now, with prices on the rise again.
In March 2010, the tax credit was just about to end. Buyers were in a tizzy to get their new homes under contract by the deadline. This was driving the market and the main price-point was the lower end, or starter homes.
This year, you can see in the chart that prices are moving back up. We don’t have much appreciation yet, if at all. We have a more normalized market, with the higher end finally coming back. In 2008-2010, jumbo loans were nearly impossible to get. Luxury homes were purchased with cash, so fewer luxury homes were selling. This resulted in significant price reductions by Sellers who wanted to compete and sell. Now that jumbo lending is back, rates are low and prices are low – the high-end is off of life support.
So Real Estate is like life. Ups and downs, ins and outs and always interesting. If you’re interested in searching for a Denver home or listing your fine property, call on Gretchen Faber and The Kentwood Company for assistance. Our company was ranked the #1 residential real estate company in the United States for per-agent sales volume in 2009, with 2010 results posted soon. We’re a dedicated team of professionals, looking forward to helping you find your next dream home.
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Gretchen Faber Presents 2600 South Madison – University Park
January 26th, 2011 categories: LifeStyle Listings
You’ll find all of today’s modern conveniences in this 2005 custom-built home. Observatory Park is among Denver’s most popular neighborhoods and boasts leafy trees, quiet walks, parks and paths – you’ll be thrilled to call this house home.
Every element of this outstanding home was designed with today’s lifestyle in mind. The main floor is open, roomy and wraps around the dramatic central stairway. Each room is large and comfy. The modern kitchen is complete with slab granite counters, high-end finishes, stainless appliances and opens to both the breakfast nook and the family room.
The formal dining room is connected to the kitchen by a full-service Butler’s Pantry and the garage is steps from the kitchen through a well-equipped laundry and mud-room. A large study or formal living room off the foyer adds wonderful space for a work-at-home office or a quieter entertaining spot.
The 4 bedrooms up each have their own full bath, terrific windows, and outstanding closet space. The master suite is complete with a gas fireplace, huge master bath and a large walk-in closet.
The professionally finished basement was designed with daily use in mind. Enjoy movie night in the theater area complete with wet bar, a crafting area and space for a pool table. Offer your guests comfort and privacy with a separate basement bedroom and bath.
Offered for sale at $1,150,000. Lease opportunity also available.
Search for this and other Denver area homes at www.GretchensDenver.com.
This property was leased in March 2011. Thanks for stopping by!
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Denver Colorado Real Estate | December 2010 Market Statistics
January 9th, 2011 categories: Market Trends
The end of 2010 has passed us by, and we’re well on our way into 2011! This week, we’ll get to see 1.11.11, and there are other cool binary days on hand this year.
The wrap-up for 2010 doesn’t pose too many surprises. The inventory went down last month, a normal seasonal adjustment. The average sales price was down too. Showings have trended more to the $200,000-$400,000 homes in the past couple of months in our office. A shift away from higher-end sales in previous months.
There is a lot of good news, though, which will push us into continued favorable territory this year.
Denver real estate’s available inventory was down 8% from November 2010, and up 11% from last year. The number of homes under contract fell by 13% compared with November, and by 11% from December of 2009. Last year, we’d just learned that the first-time homebuyer tax credit would be extended, so sales began to spike again. It’s not too surprising that we settled into a normal December this year in terms of a seasonal slowdown.
But wait! Our sales volume was UP 13% compared with November and UP 2% compared with December 2009. Our year-to-date sales volume is off by 8% from 2009. Real estate in Denver took off in a big way during the first quarter of 2010, and then stalled right after the tax credit ended. We saw a pretty dramatic pick-up in the last quarter, which I’m thinking bodes well for 2011.
An article in the January 8th Wall Street Journal reframes the discussion of how many homes are actually “underwater.” Apparently, there are a variety of ways to come to the conclusion, and statistically, the calculations have tended to overstate the number of homes that could be lost to foreclosure.
2011 will be a telling year. The year of the real estate turnaround or the year of the double dip. It feels like a slow, but steady turnaround is in store for Denver.
If you’re looking for your next Denver Home, look no further! www.GretchensDenver.com is Gretchen Faber’s personal web site for searching homes, for mapping where the homes are, and for important relocation information.
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Denver Colorado Real Estate | October 2010 Market Statistics
November 9th, 2010 categories: Market Trends
Oct 2010 Denver Market Statistics
Geesh! Another month has gone by.
October was an interesting month in Denver’s real estate market and in Denver. We continued our glorious Indian summer and home sales seemed to pick up in my office, The Kentwood Company at Cherry Creek.
When the monthly statistics were released today by our MLS, I was a little surprised by some of the numbers. I was particularly interested to see that prices have risen some since last year and last month. There has definitely been a shift in the homes we’ve been selling to higher priced homes. During the tax credit period, the lower price range was driving sales.
Now it appears that the very high end homes have come down drastically and there are some move-up buyers in the middle range. That is what’s most likely pushed the price rise and not an actual appreciation of homes in Denver. That will take awhile.
We have a lot more homes on the market this year from last. A year ago, we were still in shock from the meltdown. People were hunkered down and weren’t putting their houses on the market. The inventory numbers say to me that there are more sellers willing to take a chance and there are more homes for buyers to look at.
Our under contract numbers went up from last month. A good sign. September often signals the end of the selling season. Or at least the beginning of the slow period. This year, October outpaced September, showing that we have some life in the market going into late Fall.
The number of under contract homes dropped significantly from last year. That number doesn’t actually surprise me too much. Last October we were in the heat of the first tax credit, which everyone thought would end in November. The first-time home buyers were excited to take a chance on a house and definitely wanted to take advantage of the credit.
Closings were down in October. That’s because we had a really dead summer. Sales were slow. When the tax credit ended in April, things seemed to dry up pretty drastically. If offers weren’t being written in late-summer, it would be reflected in the October sold numbers.
We’ll keep on keeping for the next few months. But look out. I predict big things in the Spring of 2011! I said so in an interview today with John Rebchook for his Inside Real Estate News blog. While he has interesting comments in the article, I must say I disagree with his headline. Things are not at all gloomy. Things were gloomy at the end of 2008 and really gloomy in 2009. Now the clouds are parting and the sun is just barely peaking through! (Ignoring the fact that Denver got it’s first snow of the season today.)
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