Lori Grunewald

Weekly Market Watch by Chris Mygatt

LoriandLinda@yahoo.com — Tue, 10 Aug 2010 16:54:13 +0000

In recent weeks, I’ve been visiting offices and getting updates on the market. In this week’s edition of Weekly Market Watch I felt it appropriate to provide you with a Q&A with answers to many of the questions I am asked as I make my visits. I hope you enjoy this edition of Weekly Market Watch:

What will the industry do to adjust to the new market demand or lack thereof?

I think we’ve been adjusting in recent years as the market has struggled with the economic downturn.
But at Coldwell Banker we’ve grappled with the challenging market by working to grow our business.
We’ve launched a number of new initiatives, such as our relationship with Comcast, as well as CBConnect and more.
We’ve instituted far-reaching new customer outreach campaigns both at the corporate level and through our agents.
And we’ve launched more focused marketing campaigns, especially e-marketing, and deployed more advanced technology for our agents.
Additionally, we’ve looked at this as an opportunity to recruit outstanding agents to join our team – people who have a strong track record of success and have been through these cycles.
Although we’ve certainly had our challenges like everyone else, I’ve been encouraged by how we’ve weathered the storm and actually have grown business and market share in some regions.
I guess I’m also optimistic that we’ve seen the worst of the downturn. Our market figures and reports from the field tell us things have improved tremendously over the past year.

2. How much more contraction can we expect?

No one has a crystal ball, but the data I’ve looked at from our offices and the market in general tells me that we’ve seen the worst of the downturn and are heading back.
I don’t mean to say that we’re back to normal – far from it. But we’ve seen solid improvement in many of our markets.
Last year, much of the gains came from bargain hunters buying up foreclosures and other distressed properties…
But since last fall, and especially this year, we’ve seen strong improvement in the mid-range and even some of the upper levels of the market.
Our monthly million-dollar housing report found high-end home sales here in the Denver metro area jumped to their highest level in two full years in June.
Still, I also realize that as much as we’d all like it, I don’t think we’re going to have a V-shaped recovery in the economy or the housing market.
This rebound is looking like it will come in fits and starts – more of a stair step improvement than a straight line.
We’ve certainly bounced sharply off last spring’s recessionary lows. But growth has slowed in the aftermath of the federal tax credit expiration.
We also face economic headwinds in the months ahead – high unemployment, very slow GDP growth and consumer spending, and concerns about the debt markets.
Nonetheless, I’m optimistic by improvement we’ve seen in sales in Colorado.
Couple that with an improving stock market, affordable home values and record-low mortgage rates and I think you have a solid foundation for a steady housing recovery.

3. What continues to insulate or separate the Denver metro area from other markets?

The Denver metro area’s housing market has long been one of the most sought-after– not only in Colorado, but across the country.
The demand for housing here has historically been far greater than most other regions for a number of reasons:
- First and foremost, the astounding entrepreneurial success that continues to spawn high-paying jobs and affluent employees looking for homes.
- Also, there’s a tremendous quality of life here that few regions in the world can match – outstanding schools, a wealth of recreational activities, five-star restaurants…and so much more.
- Also, we have some of the very best universities in the world here in Denver and in Colorado – institutions that are producing tomorrow’s entrepreneurs.
- Buyers have always been willing to pay a premium for homes here, and sellers have historically received strong returns on their housing investments.
- Our latest Denver million-dollar home sales report illustrates this point: Not only were sales up to their highest level in two years, sellers got on average 90% of their asking price.
So while the Denver metro area has not been immune to the economic and housing downturn of the past few years, this region may be bouncing back stronger than other parts of the country.
I would say that long-term investors who have waded into the market of late will be rewarded for their efforts with solid returns over the years.

4. What influence does the nation’s economic crisis have on real estate?

It’s an interesting question. It will be hard for the market to come all the way back to normal until we get our house in order, both in terms of the economy and what’s happening in the government.
With a large budget deficit, the government must find a way to begin closing the gap. The only two ways of doing that are by cutting spending and increasing revenue – most likely both.
Increased revenue will come as the overall economy recovers, but in the meantime it could mean increased taxation – perhaps sales and income tax.
On the reduction side of the equation, closing the gap will likely mean job cuts and more unpaid furloughs of state employees.
Both scenarios mean less disposable income for homeowners and potential homeowners to spend on housing.

While all of this will certainly have an impact on the housing recovery, I honestly believe it’s more than offset by the positives we’re seeing: buyers taking advantage of record-low mortgage rates and attractive prices, as well as a slow but steady improvement in stock portfolios, the jobs picture and the overall economy.

Overall, the long-term future of real estate is bright.

cbwestern region Aug 4, 2010 – Healthiest States for Kids

LoriandLinda@yahoo.com — Wed, 04 Aug 2010 16:18:01 +0000

Healthiest state for kids? New Hampshire, study says

But new survey also shows an increasing problem with poverty in that state

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CONCORD, N.H. — New Hampshire again ranks No. 1 nationally in an annual survey on children’s well-being. But the numbers also indicate a growing problem in the state: poverty.

The Annie E. Casey Foundation released its report Tuesday on how the 50 states fared in 10 categories of children’s health. Survey organizers said the numbers do not reflect the current economic downturn. The data were collected from 2000 to 2008, before most U.S. families were hit by the recession.

In composite rankings for all indicators, New Hampshire ranked highest, as it has in eight of the last nine years. This year, it was followed by Minnesota and Vermont. Mississippi ranked last.

“That’s an incredible record, and it says a lot about how well kids fare in this state,” said Ellen Fineberg, president of the Children’s Alliance of New Hampshire, a nonprofit group that does research on children in the state.

New Hampshire fared well in most categories, but saw its biggest setback in the percent of children in poverty — a 50 percent increase over eight years. Despite that, New Hampshire still had the lowest child poverty rate of all states.

In 2000, 6 percent of the children in the state were estimated to be living in poverty, according to the survey. In 2008, the number had grown to 9 percent. That translates into about 26,000 children, Fineberg said. The survey uses federal guidelines to define poverty conditions as an income below $21,834 for a family of two adults and two children.

Nationally, the percent of children living in poverty went up 6 percent from 2000 to 2008. Other areas that have worsened nationally are the percent of low-birthweight babies born and the percent of children living in single-parent families. New Hampshire held steady in these categories.

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cbwestern region, 7/22/10 – How well can housing market fly on its own?

LoriandLinda@yahoo.com — Mon, 26 Jul 2010 16:25:00 +0000

How well can the housing market fly on its own?

cbwesternregion | July 22, 2010 at 10:17 pm | Categories: Uncategorized | URL: http://wp.me/pKanM-2N

As I mentioned in recent editions of Weekly Market Watch, we’re at a key inflection point in the market. The government stimulus has been spurring the market on for more than a year and has since reached its limit. The numbers released of late, however, still reflect home sales spurred by the end of the tax credit.

Now only time will tell and the next few months should be very interesting. Essentially we’re about to see how well the housing market can fly on its own. Fortunately, we have record low interest rates on our side.

The latest report from NAR gives a mixed picture. Existing home sales in June fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units, from 5.66 million in May. But, they are 9.8 percent higher than the 4.89 million unit pace in June 2009.

On a national level, Lawrence Yun, NAR chief economist, said “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient place will home sales return to sustainable healthy levels.”

But we all know, real estate is local. And the latest local figures are showing an interesting trend. This past week we released our Coldwell Banker Residential Brokerage Luxury Home Report. Keep in mind, luxury homes have been one of the hardest hit market niches for months. Our latest report, which analyzes data across the MLS, showcased luxury home sales in Denver metro area last month rose to their highest level in nearly two years. A total of 67 homes sold for more than $1 million in June, up 22 percent from May and 3 percent from a year ago when 55 and 65 properties sold, respectively. It was the highest level for luxury sales since 89 properties changed hands in August 2008.

Additionally, the median sale price of million-dollar homes in June was $1.34 million, up 4.7 percent from May’s $1.28 million median, but down 2.8 percent from the median a year ago of $1.38 million. Home sellers received an average of 90 percent of their asking price, down from 93 percent in May but up from 87 percent last year.

What these figures show is that the high-end market in the Denver metro area continues to stabilize and improve. With interest rates at historic lows and sellers pricing their homes very competitively, buyers have responded.”

The bottom line is that sooner or later, housing will come back. While it will undoubtedly take the housing market some time to return to normalcy, it’s clear that all segments of the market are slowly but steadily improving following last year’s low point. We saw it in the entry level last year as bargain hunters took advantage of attractive prices on distressed properties. And now we’re seeing the middle and upper ends of the market bouncing back nicely.

But I’m encouraged by the progress we’ve made so far this year – even now – after the government stimulus has run its course. I think we’re on the right track, but that’s no to stay the market won’t pause for a breather here and there.

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

Boulder/Longmont— Boulder reports our inventory levels increased by 11%, while sales activity remained flat. Showings are down significantly – 20% or 152 showings on a base of 753 showings during the previous two week period. Agents in the office are active in showing and working with buyer clients. Agents report that they need to work with two or more lenders to get transactions closed. Over all it is taking Agents longer to get clients to decide on properties. Buyers still come into the marketplace believing they are going to get a great deal on the house of their choice.
Colorado Springs— Showings seem to be picking up again as families return from their vacations. We see that the listing of higher priced homes has picked up and buyers are now making offers instead of just looking. With interest rates under 5%, this trend should continue throughout the remainder of the year.
Evergreen/Conifer— Sales are still below the normal seasonal levels from prior years. Three different listings were subject to multiple offers, two in the $200,000 to $300,000 range & one in the low $500,000. About half of the buyers were local & half were out of area. Buying activity included cash offers on REO properties to short sales to 2nd homes with price ranges from a low of $135,000 to a high of $900,000. The majority of our activity remains in the lower price points.
Denver Central – No information reported.
Devonshire— Once again this week we’re feeling the uncertainty in the public even though interest rates are at historic lows. With the jobs report not as strong as predicted, consumers seem to be undecided as to moving at this time. Our showings were slower all last week but it’s interesting to note, they have picked up again this week. We are delighted to report an increase in offers and showings in our homes listed above $600,000. We have seen a month over month increase in closed sales in that upper end of the market so we are feeling cautiously optimistic. The Spring surge is over & we are hoping that it is Summer vacations that are slowing real estate activity. Let’s hope that August brings another flurry of real estate successes.
Loveland— No information reported.
North Metro— Even though it’s been quite hot, open house traffic is picking up as are our calls into the office for assistance with buying or selling. We have seen a decrease in the number of new listings half way through July so far as compared to last year at this time. Some sellers are still holding out, hoping to see values increase before putting their home on the market. The number of buyer contracts has increased. Agents are finding that there continues to be numerous short sale properties on the market. Many of their listing appointments turn out to be short sales. That’s ok! Our agents are well versed & trained in handling the short sale process and are there to help if you are in this situation.
Parker— Our showings are up about 20% the last two weeks, but still down from last month. The low interest rates, under 5% are sparking buyers to get out and look. We expect our under contracts to increase in the next couple of weeks.
Southwest Metro – Showings have started to increase although they are still down from earlier this year. We’re seeing increased activity as regards to our inventory. Agents are still very busy with buyers however buyers are taking their time to make a decision regarding writing an offer. We’re seeing activity slow down in the 1st time homebuyer market, due in part to the end of the tax credit. Interest rates are great & buyers want to look at as much inventory as possible before making a decision. The number of potential short sale listings are on the increase. Open houses have been great and so have our floor calls.

Five Factors to watch in Housing Recovery – cbwestern region July 20

LoriandLinda@yahoo.com — Tue, 20 Jul 2010 15:46:24 +0000

Five Factors to Watch in a Housing Recovery

cbwesternregion | July 20, 2010 at 1:40 pm | Categories: Uncategorized | URL: http://wp.me/pLh36-6o

Can the American economy be healthy without a healthy housing market? That is more than just an idle conversation-starter these days. People are tied to housing in many ways; it is often the largest single investment, expense and debt that a person will ever undertake. (Ready to take the plunge? Check out Top Tips For First-Time Home Buyers.)

Market Watch – Chris Mygatt

LoriandLinda@yahoo.com — Thu, 15 Jul 2010 16:06:07 +0000

Mortgage rates fall to record lows while consumer confidence moves higher

With the expiration of the federal tax credit, the housing market is facing a key inflexion point as we head into the thick of the summer vacation season. The government stimulus has certainly helped spur a rebound in the real estate market, but the recovery is fragile and observers are watching closely to see if the market can grow without the support of government aid.

Several key economic announcements out this week could bolster the nascent recovery. On Thursday, mortgage finance giant Freddie Mac announced that U.S. mortgage rates have fallen to a record low. Rates for 30-year fixed loans declined this week to 4.57 percent from 4.58 percent. That is the lowest since Freddie Mac began tracking rates in 1971.

While the overall level of real estate activity has eased in recent weeks with the expiration of the tax credit deadline, many economists believe that low mortgage rates will spur growth in the market by reducing borrowing costs for home buyers. Mortgage interest rates have tumbled in the past two months as concern that a debt crisis in Europe may spread boosted demand for the safety of bonds, including mortgage-backed securities.

Meanwhile, Reuters recently reported that consumer sentiment rose in June to its highest level since January 2008 while reports of job losses were down sharply from a year ago.

The Thomson Reuters/University of Michigan’s survey of consumers, a key gauge of consumer sentiment, rose to 76 from 73.6 in May. The figure was above the median forecast of 75.5 among economists polled by Reuters. At the same time, reports of job losses fell by half since last June, from 65 percent of respondents to 29 percent, the survey showed.

“The June 2010 survey recorded the most favorable news heard by consumers about jobs in five years,” Richard Curtin, director of the surveys, said in a statement. But he cautioned that consumers “do not anticipate significant declines in unemployment during the year ahead.”

Consumer sentiment is seen as a proxy for consumer spending, which fuels around 70 percent of the U.S. economy. Positive consumer sentiment is particularly critical to the housing market. If buyers are more optimistic about their future, they’re more likely to take out a mortgage and buy a home.

So where does this all leave us as we look at the Colorado housing picture? As reports from our local offices indicate, the market continues to be steady in most communities. But the recovery from last year’s recessionary lows will likely be a gradual one with its share of fits and starts along the way. Unemployment levels will play a key role in the recovery, as will the health of the stock market and the overall national economy.

While there are certainly economic challenges right now, for buyers with a long-term view, the current market provides an attractive opportunity to invest in real estate while mortgage rates are at historic lows and homes are priced very competitively. Savvy buyers are taking advantage of this great combination of home prices and interest rates.

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

Boulder/Longmont— Longmont reports buyers are looking! The showings in Longmont are up 20% week over week. We are still experiencing showings in all price ranges. Homes priced in the mid and upper ranges are among our top 10 shown for both weeks. Interest rates are helping some buyers make that decision that now is the time to purchase. Values are creeping up in select neighborhoods in our area…..how great to see!
Colorado Springs— Listings have been steady to slowly increasing over the last ten days. Showings have slowed down but sales are strong due to the still low interest rates (under 5%) which should continue for the next few months.
Evergreen/Conifer— No information reported.
Denver Central – No information reported.
Devonshire— Happy 4th of July for Devonshire. We’ve seen a definite slowing in activity in June after the buyer incentive concluded. Now that the closing date for the tax credit has been successfully extended, we are hopeful that we’ll see the resulting closing activity. Showings in June were down somewhat which historically is not surprising. We’ve seen activity pick up the last few days of June as buyers seem to realize that with interest rates at such historic lows they had better be making their buying decisions quickly. The upper end is finally seeing more activity & we’ve now seen several homes go under contract that have been sitting on the market for some time. Sellers are tired of waiting for things to turn around & we may have some new upper end homes coming on the market in July.
Loveland— The Loveland market is still seeing most of the showing and sales in the entry level price range. Showing activity picked up 58% week over week. This is a good sign that buyers are showing confidence in the economy as a whole. Interest rates are a great reason to make that new home purchase. Inventory in Loveland is down…prices on homes for sales should follow suit by increasing.
North Metro— The North Metro agents have been very busy writing contracts and getting new listings. We’ve seen our closings continue to increase with a 7% increase in June 2010 as compared to this same time last year. Our Sold average price is up to $260,490 when a year ago it was $239,000. We had 2388 showings on our 221 listings in the month of June. This is an increase in traffic through the homes listed. The CB North Metro office continues to have the market share in active inventory in both Broomfield & Adams County as well as the cities of Westminster & Thornton. Give our agents a call to see what it is they do to differentiate themselves from the competition & get your home sold.
Parker— Listings and showings have slowed down due to the July 4th holiday and because of family vacations. There are still buyers out looking because of the very low interest rates (under 5%) which should continue for the remainder of the year.
Southwest Metro – Showings continue to be rather slow these past two weeks. There are numerous buyers who are just sitting on the fence for one reason or another. Sellers are continuing to list their properties. Floor has been very good these past two weeks and open houses have been slow. In spite of that, agents have been able to obtain some good leads. We’re seeing an increase in showings in the higher range homes, $300,000 to $500,000 and less activity in the homes from $150,000 to $275,000. There is a feeling that buyers are waiting for interest rates to continue to fall and they feel quite confident that they will.

cbwesternregion June 24 – Relocating with kids

LoriandLinda@yahoo.com — Tue, 29 Jun 2010 17:38:46 +0000

Relocating with Kids: Making Moving Easier for the Whole Family

cbwesternregion | June 24, 2010 at 4:00 pm | Categories: Uncategorized | URL: http://wp.me/pLh36-68

With summer break here, many families will be taking advantage of the end of the school year to move the family to a new home. Whether it’s a move across town to a bigger house or another state for a new job, moving can be difficult for children of all ages. They may feel a lack of control and are anxious about their whole lives changing.

“As a parent, it is up to you to help ease your children’s stress and show them that moving can be an adventure,” said Karen MacKenzie, director of relocation services at Coldwell Banker Residential Brokerage. “By setting an enthusiastic tone initially, you can make a huge difference in how your children cope with and approach relocating.”

Here are a few tips to help you reduce your children’s anxiety and make moving a positive experience for the entire family.

Keep your children informed. The best way to prepare children for a move is to tell them as much about it as you can.

Ask for their opinions. Consult your children about choices whenever possible. For example, find out what they like and don’t like about your existing house and use their suggestions when looking for your new home.

Stress the positive. While you should share your concerns about moving, be sure not to dwell on the stress or uncertainty. Instead, highlight the positive aspects of the move. For instance, you will live on a lake and can go swimming, you will be near a major league baseball park, or you will now be able to visit grandparents more often.

Keep them involved in the moving process. This will encourage their interest for their new home and community. One simple way to keep them involved is to give them a job, such as packing up their favorite toys and labeling them with markers and stickers.

Show them their new home. Once you have decided on your new home take your children for a visit and allow them to become familiar with their new surroundings. If they are unable to visit prior to the move show them lots of pictures and videos. Also, give your children a photo of their new home and room to show it off to their friends.

Prepare your teens. Teens are often worried about fitting in. They may be worried about making new friends and what will be different in the new school. They are curious about how the kids in the new city dress, wear their hair, and what kind of cars they drive. If possible, take pictures of all of these things to help reduce your teen’s uncertainty.

Plan to stay connected. Farewell parties give your children an opportunity to say good-bye to their friends and feel cared about. Explain that they can stay in touch with future visits, e-mails, letters and phone calls.

Moving can be an exciting time filled with plans for the future. But, while you’re looking forward to a new opportunity in a new community – your children may not be sharing in your enthusiasm. By involving the entire family in the process, focusing on the positives and keeping your children informed, moving can be a wonderful experience for everyone in your home.

Editor’s note: Karen MacKenzie is the director of relocation services at Coldwell Banker Residential Brokerage. For information on Coldwell Banker’s unique relocation services call 303.469.1500.

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cb western region 6/23 – “Do and Don’t” List for First-Time Home Buyers

LoriandLinda@yahoo.com — Wed, 23 Jun 2010 16:56:50 +0000

COLDWELL BANKER RESIDENTIAL BROKERAGE OFFERS A “DO AND DON’T” LIST FOR FIRST-TIME HOME BUYERS

cbwesternregion | June 23, 2010 at 4:00 pm | Categories: Uncategorized | URL: http://wp.me/pLh36-63

For most people, buying a home is the most significant investment they will ever make. Today, with an abundance of homes for sale, interest rates at near historic lows and home prices lower than in the past in many markets across the country, it may also be the smartest time to buy a home.

While the prospect of owning a home is an exciting one, it can often times seem overwhelming, especially for those who are new to the real estate process. With that in mind, Coldwell Banker Residential Brokerage has come up with a simple “do and don’t” list for first-time home buyers dreaming of homeownership.

DO:

DO utilize free online tools to arm you with as much knowledge as possible. For example, the Coldwell Banker YouTube channel, On Location, offers consumers a new way to search for and interact with real estate information and listings. The channel showcases the power of video to bring real estate more vividly to life – offering behind-the-scenes looks at towns and neighborhoods, smart tips and timely news on real estate topics, and video listings of homes for sale. Additionally, the Coldwell Banker Home Price Comparison Index available at http://hpci.coldwellbanker.com offers buyers a way to compare average housing costs in more than 325 U.S. and Canadian markets.

DO take time to access and closely review your credit score. A sound financial track record and solid credit score can help lock in a loan and lower interest rates. Checking your records with a fine-tooth comb in advance will also ensure that you catch any errors ahead of time, as well as help you better understand how lenders may perceive you.

DO explore mortgage pre-approval. A pre-approval will let home buyers know where they fall financially while informing the mortgage company that they are ready to buy. Additionally, getting this early go-ahead will help others involved with your purchase know that you are serious about home ownership – and well-qualified.

DO line up your “all-star” team of professionals before game day. A team of experienced professionals is essential to making the home buying process simple and seamless. Start by interviewing and selecting an agent who you “connect” with. That agent may also be able to help you indentify suitable lawyers, mortgage lenders, home inspectors and others who play a role in the process.
DO anticipate your future needs and buy for lifestyle. Try to anticipate how long you’ll live in your next home and plan for major lifestyle changes when possible. What may make a perfect starter home for a couple might not work as well when children come into the picture. Remember, people move for lifestyle reasons and your first home will likely not be your last.

DO hone in on your housing priorities. Your ideal home may have a porch, a pool and five full baths. But before you start looking, make sure to separate your “must-haves” from your “nice to haves,” so you know where you can compromise to meet your budget.

DON’T:

DON’T fall in love with the first house or neighborhood you see. That Victorian home with the white-picket fence may win your heart at first glance, but don’t fall in love too fast. You need to keep an open mind to make sure you find the right fit for all your needs. At the end of your search, it may turn out that the riverfront ranch that’s closer for your commute is a better bet all-around.

DON’T buy beyond what you can afford. It’s easy to fall into that all-you-can-eat attitude when it comes to your first home purchase. You “want it all” when it comes to size, amenities, location, etc. But remember that your eyes may have a larger appetite than your wallet. Make sure that the down payment, closing costs, monthly expenses and taxes are truly within your income and savings range before you sign on the dotted line.

DON’T treat your home the way you treat your stock portfolio. It’s unrealistic and unwise to expect your housing investment to appreciate as quickly as you’d hope for your high-risk bonds. Buying for lifestyle, as opposed to trying to turn a quick profit, will help ensure that you are viewing home purchasing and ownership in the right context.

DON’T try to time the market. By the time most consumers sense a major real estate or financial market shift, the tables have typically already turned. Instead of waiting for a slim and unreliable window of time – and potentially missing out on the perfect home – buyers should focus on their own lifestyles and buy when the time is truly right for them.

DON’T jump into an overly tempting or confusing mortgage. When it comes to downpayments and mortgages, if it sounds too good to be true, it probably is. Be sure to read carefully through every aspect of the proposed agreements to fully understand your end of the bargain. For instance, what seems like an attractive rate now may balloon exponentially a few years down the road.

DON’T underestimate the value of a trustworthy real estate agent’s on-the-ground expertise. While being a savvy buyer and doing one’s homework will help on the road to homeownership, a local expert with years of negotiating experience is invaluable when it comes to scouting out the perfect home – and closing the deal.

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cbwesternregion June 21 – Emergency planning for your new home

LoriandLinda@yahoo.com — Tue, 22 Jun 2010 15:32:32 +0000

Emergency Planning for your New Home: Staying Safe in a Disaster

cbwesternregion | June 21, 2010 at 4:00 pm | Categories: Uncategorized | URL: http://wp.me/pLh36-5M

You just moved into your dream home and have plenty on your mind. You need to figure out where to place the couch, which color to paint the kitchen, and whether or not you’re going to replace the living room carpet. But don’t let these tasks distract you from what is really important – keeping you and your family safe.

Getting yourself prepared for an emergency is something most people figure they’ll get around to sooner or later. But why wait? You want your new home, and those in it, to be protected from day one. Taking care of disaster preparedness early means you can focus your time and energy on all of your other move-in tasks with peace of mind. In honor of June being National Home Safety Month, here are a few items to take care of as soon as you’re settled in your new house:

Smoke out fire hazards. First thing’s first – check the batteries in all the smoke detectors in the home. You don’t know if the previous owners were diligent about changing them, or let them die over the years. Change the batteries and replace any detectors that aren’t working properly. The Home Safety Council recommends placing smoke detectors on every floor of the home, including the
basement and near sleeping areas. Test them monthly and change the batteries twice a year – the changing of the clocks is a good reminder. Also, keep a fire extinguisher, one that works on any type of fire, handy in the kitchen, which is the most common site for home fires. If you have more than one level of your home, or live above the main level of a condominium complex, consider purchasing a fire escape ladder. They are available at most home improvement stores and come in a variety of lengths.
Chemical matters. Carbon monoxide (CO) is a deadly gas that we can’t see or smell, so CO detectors are best positioned near bedrooms and the furnace to warn when the gas collects in high levels. The state of Utah requires homes to have CO detectors on each habitable level of the house that has fuel burning appliances. If you have children in your home, find a secure place for medicines and household cleaners, and install safety locks on cabinets and drawers to keep dangerous substances out of reach.
Road map. Create safety plans for your new home and make sure every member of the family is on board. Outline escape routes from bedrooms, be sure everyone knows how to unlock doors and windows, and designate a meeting area outside of the home in case of a fire, earthquake, or other disaster. Also, familiarize yourself with your new neighborhood and drive the routes to the nearest hospital, fire and police stations.
By the numbers. If you’ve moved to a new city or state, there will be a new set of emergency telephone numbers that you’ll need to know. Make note of how to contact the local police and fire departments, as well as poison control. Keep the numbers by the home telephone and program them into the mobile phones of each member of the household.
Let everyone know your name. One of the best security systems can be found right next door. Neighbors look out for each other, and each other’s homes, and can provide much needed assistance in an emergency. Introduce yourself and your family to everyone on the block and consider swapping phone numbers. When you’re in need of help, they could be at your door faster than emergency workers.

The Home Safety Council, a national nonprofit organization dedicated to preventing home related injuries, offers additional safety tips and potentially dangerous items to look out for in your home. You can visit them online at www.homesafetycouncil.org. Whether you’re just moving into your home or you’ve lived there for years, the safety of you and your family is most important. After all, the sooner you prepare yourself and your home for a disaster, the sooner you can live in your home feeling safe and sound.

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A great read from Denver Post, June 14

LoriandLinda@yahoo.com — Tue, 15 Jun 2010 15:22:41 +0000

Coldwell Banker Weekly Market Watch, June 10

LoriandLinda@yahoo.com — Fri, 11 Jun 2010 15:05:54 +0000

What’s Next For Colorado Housing?

cbwesternregion | June 10, 2010 at 10:56 pm | Categories: Uncategorized | URL: http://wp.me/pKanM-2x

This week I was interviewed by the Denver Post which did a large spread on the recent fall of homes under contract. Some of the specifics:

The number of homes put under contract in May dropped sharply compared with the previous month, largely an effect of the expiration of the first-time-homebuyer tax credit
There were 3,883 homes under contract last month, a 41.3 percent decline from the 6,616 homes under contract in April, according to an analysis of Metrolist data released Tuesday. The number was down 27.3 percent compared with the 5,343 homes under contract during May last year.

As I mentioned in the interview, these are numbers we were expecting because of the incredible frenzy to get properties under contract in April as part of the home buyer tax credit. We were all so busy closing tax-credit-related deals in April, we had little time to put more properties under contract. Now, as you know, we’re getting back out there and calling clients. I anticipate that we should bounce back up in June.

What I am watching is inventory levels right now. There were 22,016 homes on the market last month, up 6.2 percent from 20,734 in the same month last year and up 2.1 percent from 21,565 in April. A month from now we’ll look at this number again to compare.

Also recently released was the S&P/Case Shiller indices for the first quarter, which indicated some weakening in home prices nationwide. The National Home Price Index fell 3.2% in the first quarter of 2010, but remained above its year-earlier level. Analysts said housing prices have rebounded from crisis lows, “but recently have seen renewed weakness as tax incentives are ending and foreclosures are climbing.”

Interestingly, Denver is one of the anomalies. In fact, we saw nearly a 1% increase in prices from the year earlier and a 4% increases year over year.

So what to make of all of this? A couple of things: First of all, these reports are a strong reminder that real estate – like politics – is a very local business. By all signs, the housing market recovery is slowly moving forward but the speed and degree of the rebound varies from region to region, from county to county and even from town to town.

While the S&P/Case-Shiller indices show our local region’s prices up modestly from last year’s crisis levels, many of our cities have seen even higher increases. What’s really happening is that the mix of homes that are selling in our region is changing. A year ago, most sales seemed to be foreclosures and other distressed properties. Today, we’re seeing many more sales in the mid- and even upper-end of the market which is driving up median prices for the region.

In our recent Coldwell Banker Residential Brokerage luxury report, the number revealed that million-dollar home sales in the Denver metro area rose sharply in May. A total of 55 homes sold for more than $1 million in May, up nearly 62 percent from May 2009’s total of 34 sales. Home sales were down slightly from April’s level of 58 transactions. The median sale price of luxury homes last month was $1.28 million, up 6.7 percent from the previous month and up fractionally from a year ago.

Also encouraging, homes are selling faster than they did the previous month and a year ago. May closings took an average of 122 days to sell compared to 140 in April and 131 in May 2009. And home sellers are getting a higher percentage of their asking price – 93 percent compared to 90 percent in April and less than 83 percent a year ago.

So, while the improvement in the market so far this year gives us reason for optimisim, we must be mindful that we have our share of storm clouds overhead. The federal home buyer tax credit has ended and it’s uncertain what that will mean to the market. We won’t really know for at least three more months. The financial markets, while greatly improved over last year, are still seeing a lot of volatility of sale. And our unemployment rate remains stubbornly high. Nonetheless, it’s important to remember that economic recovers are rarely smooth. There will be potholes along the road, and lots of fits and starts. But given all the data in recent months – and what I’m hearing from Agents and buyers out in the market – I’m cautiously optimistic that our local market is indeed on the road to recovery.

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

Boulder/Longmont— Longmont reports traditionally, May and June are the months that our buyers and sellers are on vacation or have family events, graduations, reunions, camping and enjoying all that Colorado has to offer. Showings on our listings are holding steady. The listing prices or properties being shown are still all across the range from entry level to high-end. Now that the great Colorado summer weather has arrived there is renewed energy in the air. Sellers are becoming more reasonable on the pricing of their homes…buyers are also more realistic about what they are getting for their money. Prices are still very reasonable and interest rates are low. Now is the time to buy!!
Colorado Springs— Our showings are starting to pick up again now that school is out and summer is in full swing. Though sales activity has ticked down, our inventory still holds strong. We just had a unit return from their yearlong tour of duty and hopefully they will be looking to take advantage of the extended tax credit for deployed military personnel.
Evergreen/Conifer— Evergreen reported there have been a total of 104 showings and previews in the month which reflects an earlier resumption in the normal level of activity than anticipated following the typical seasonal slump in mid-May.
Denver Central – No information reported.
Devonshire— With interest rates being extremely good at this time, it’s really helping to drive the market. We still would benefit from more houses hitting the market as it would appease the pent up demand. With yards looking great & flowers blooming homes are looking to be in good shape & very appealing to buyers. Jobs reports are unsettling and hopefully we’ll see an upswing in new jobs which will further help with consumer confidence. We’re still optimistic about a steadily improving real estate market and a good summer season.
Loveland— The showings on our listings are down week or week, about 10%. The average sales price remains in the low $200,000s for the area. There continues to be great opportunities to buy a home at a very aggressive price. Loveland saw a nice volume of entry level buyers taking advantage of the tax credit. These buyers will be finalizing their purchases by the end of June. Summer has arrived in the Rockies, the mountains are beautiful and now is a great time to find that new home and finance it with low interest rates.
North Metro— Though May showed slightly fewer closings and new listings as compared to April, we’re beginning to see a resurgence of activity in June. We have 15 new homes on the market for June with prices anywhere from $70,000 to $850,000. The number of showings decreased slightly the last part of May but now with school out, we believe the showing activity will pick up. The agents report that there continues to be multiple offers on homes that are priced around or under $200,000. Inventory is lower at this time, which makes finding the right home for the buyer a bit of a challenge. Open house activity is picking up as is the number of calls we have been receiving in our office from buyers.
Parker— Listings have increased over the last week with only 1 in 4 being short sales. (Mortgage lender must approve the contract between buyer and seller). We have about the same amount of buyers as the last couple of months because of very low interest rates, under 5.5%. Showings have decreased about 35% and that is a yearly occurrence because of graduations and families going on their summer vacations.
Southwest Metro – Our showings have been down for the last two weeks. Listing opportunities have been good however Sellers are waiting to place their homes on the market. We are still busy with Buyers despite the tax credit expiring. Floor and open houses have been very steady & we have been able to obtain good leads from these two sources. We’re seeing more activity with our higher price listings than the ones below $250,000. It feels that people are just still busy with graduations and vacations. We’re seeing clients waiting to list their homes.

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