6 Tips For Selling In Today’s Market

Buying after relocating may not be best financial move.

Some homeowners have been waiting for years for a better  housing market and a good time to sell. Is it better to wait a few more years  and see if you can realize a higher sale price, or sell now and move on with  your life?

The motivation for selling is a key factor. Are you  commuting to work several hours a day and the commute is killing you? Are your  children grown and your home is now too big, in addition to being a burden to  maintain? Is your home too small? Have you taken a job out of the area? Can you  no longer afford to own your home? Or do you no longer want to pay the price it  costs to own your home?

These are all good reasons for considering making a move.  Not only do current market conditions enter into the equation, but making a  move like this is usually more complicated than it was the first time you  bought a home.

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January 2012 Greater Metropolitan Denver Home Market Statistics

The number of homes for sale continues to decline, 5% month over month and 42% year over year. Under contract activity and closed transactions activity remains seasonal. Pricing saw decreases in Single Family, Residential, and Condo.

On a Monthly basis, comparison of month over month and year over year:

Single Family takeaways:

The inventory of unsold homes is at 10,443 units, down 5% with Dec ‘11 level and down 42% from Jan ‘11.

3,486 units were placed under contract in Jan ‘12, up 23% with Dec ‘11 and up 11% from Jan ‘11.

2,470 units sold in Jan ‘12, down 22% from Dec ‘11 and up 15% from Jan ‘11.

Single Family average prices, $248,037 for Jan ‘12, decreased 2% for month over month and year over year.

Residential and Condo takeaways:

Residential average price, $272,328 for Jan ‘12, decreased 1% month over month and decreased 2% year over year.

Condo average price, $146,544 for Jan ‘12, decreased 12% month over month and decreased 2% year over year.

Condo median price, $113,000 in Jan ’12, decreased 6% month over month and decreased 10% year over year.

Residential median price decreased 5% to $218,855 in Jan ‘12 when compared to Dec ‘11 and decreased 3% when compared to Jan ‘11.

On a Year to Date basis, comparison of YTD 1/2012 to YTD 1/2011:

Residential: Condo:
Sales units 1,993 vs 1,724 (↑16%) Sales units 477 vs 432 (↑10%)
Median Price $218,855 vs $225,000 (↓3%) Median Price $113,000 vs $124,995 (↓10%)
Average Price $272,328 vs $277,922 (↓2%) Average Price $146,544 vs $150,085 (↓2%)
Sales Volume $542M vs $479M (↑13%) Sales Volume $69M vs $64M (↑8%)
Days on Market 105 vs 90 (↑17%) Days on Market 103 vs 120 (↓14%)

The above representation may or may not reflect all real estate activity in the market. By definition, Single Family equals Residential plus Condo.
Source: Metrolist, Inc.
©2012 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

METROPOLITAN DENVER REAL ESTATE STATISTICS
AS OF JANUARY 31,2012

Snapshot Jan, ’12 Prior Month Year Ago   Prior Month Year Ago
Single Family (Residential +   Condo)
Active 10,443 10,993 17,890 -5.00% -41.63%
Under Contract 3,486 2,832 3,147 23.09% 10.77%
Sold 2,470 3,156 2,156 -21.74% 14.56%
Avg DOM 104 107 121 -2.80% -14.05%
Avg Sold Price $248,307 $253,986 $252,308 -2.34% -1.69%
 
Residential
Active 8,356 8,854 13,714 -5.62% -39.07%
Under Contract 2,838 2,253 2,514 25.97% 12.89%
Sold 1,993 2,531 1,724 -21.26% 15.60%
Avg DOM 103 107 120 -3.74% -14.17%
Median Sold Price $218,855 $230,000 $225,000 -4.85% -2.73%
Avg Sold Price $272,328 $275,610 $277,922 -1 .19% -2.01%
 
Condo
Active 2,087 2,139 4,176 -2.43% -50.02%
Under Contract 648 579 633 11.92% 2.37%
Sold 477 625 432 -23.68% 10.42%
Avg DOM 108 106 123 1.89% -12 .20%
Median Sold Price $113,000 $120,700 $124,995 -6.38% -9.60%
Avg Sold Price $146,544 $166,420 $150,085 -11 .94% -2.36%

 

Footnotes: Active, Under Contract, and Sold presented as # of units.
Avg DOM = Average Days on Market
This representation mayor may not reflect all real estate activity in the market.
Source: Metrolist, Inc. © 2012 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed


Why Housing Demand Defies Real Estate Fundamentals

Anyone with any cash in hand should be buying a house right now.

That’s what any real estate agent will tell you, obviously, but that’s also what many investors now believe.

Unfortunately, the potential home-buying public … isn’t buying it.

January’s consumer confidence report found a drop in the number of Americans who plan to buy a home in the next six months. If, however, you take out the confidence issue, the fundamentals for buying are strong:

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10 Real Estate Markets To Watch In 2012

While national home prices  and sales may not recover to their historical levels until 2013 at the earliest, some  local housing markets always outperform others in any given year.

In this second annual  report (see last year’s report: Top  10 Markets to Watch in 2011), Inman News examined housing, economic and  demographic data for metropolitan areas nationwide to identify 10 housing  markets to watch in 2012.

These markets are showing  signs of strength in several key metrics, including above-average price  appreciation, a flourishing job market, a high rate of sales in proportion to  population, a high level of home affordability, low foreclosure activity, a  below-average share of distressed sales, a low vacancy rate, and other  characteristics indicating a healthy housing market.

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Kitchens Sell A House

It’s a tool used by house flippers all across the nation. Stagers know its power. Real estate agents push its importance. What is this not-so-well-kept secret of real estate? A kitchen can sell a house.

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How Can You Profit From Housing Growth In Denver?


Greater Metropolitan Denver Real Estate Market Statistics

DECEMBER, 2011 YEAR END TRANSACTIONS

SINGLE FAMILY
47,373 Single Family properties were placed under contract in ’11 versus 49,313 properties in ’10 ‐ ↓4%
39,387 Single Family properties closed in ’11 versus 38,818 properties in ’10 ‐ ↑ 1%
YTD closed dollar volume was $10.0 Billion in ’11, ↔ even versus year to date ‘10

RESIDENTIAL
37,988 Residential properties were placed under contract in ’11 versus 39,200 properties in ’10 ‐ ↓ 3%
31,437 Residential properties closed in ’11 versus 30,777 properties in ’10 ‐ ↑ 2%
YTD closed dollar volume was $8.8 Billion in ’11 versus $8.7 in ’10 ‐ ↑ 1%

CONDO
9,385 Condo properties were placed under contract in ’11 versus 10,113 properties in ’10 ‐ ↓ 7%
7,950 Condo properties closed in ’11 versus 8,041 properties in ’10 ‐ ↓ 1%
YTD closed dollar volume was $1.3 Billion in ’11, ↔ versus year to date ‘10

INVENTORY
Single Family unsold homes on the market at 12/11 of 10,993 units ‐ ↓ 40% from 12/10
Residential unsold homes on the market at 12/11 of 8,854 units ‐ ↓ 36% from 12/10
Condo unsold homes on the market at 12/11 of 2,139 units ‐ ↓ 50% from 12/10

AVERAGE PRICING
Single Family ↓ 1%, $255,492 versus $257,000
Residential ↓ 1%, $279,858 versus $282,080
Condo ↓1%, $159,141 versus $161,005

MEDIAN PRICING
Residential ↓2%, $230,000 versus $235,000
Condo ↓8%, $124,900 versus $136,000

GENERAL
A review of 2011 versus 2010 provides the following observations:
The inventory of active listings (unsold homes) started a downward trend in 2011 and ended the year 40% lower than the beginning of the year.
Under Contract and Sold units were down 12% and 8% respectively when compared to 2009.
Largest number of Residential and Condo properties sold in price range of $100,000 to $199,999 for 2011.
Million dollar plus homes accounted for 502 Residential closings in ’11 versus 505 in ’10.
Million dollar plus homes accounted for 38 Condo closings in ’11 versus 32 in ’10.
2011 saw introduction of several government sponsored home preservation measures with mixed results.
2011 saw mortgage interest rates remain relatively low at levels never seen for many years.

LOOKING AHEAD TO 2012
Home transactions and pricing will remain relatively flat.
Mortgage interest rates will remain low.
Home affordability will remain high.
Rental vacancy will remain low and rental rates will increase.

©2012 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

Average Sold Price Graph