Lori Grunewald, Coldwell Banker
Direct: 303-854-1111
Cell: 303-521-5750
Fax: 303-854-1388
2861 W 120th Ave, Suite 200
Westminster, CO 80234
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Coldwell Banker Residential Brokerage, Colorado’s leading real estate company, has completed its Operation Clothing Drive for Our Troops and Veterans. During the month of April, broker associates with Coldwell Banker Residential Brokerage teamed up with families, friends and clients to donate and collect clothes in order to make a difference in the lives of America’s troops and veterans.
A total of 10 truck loads of new and lightly worn shirts, pants, coats, shoes, jeans, headwear and other clothing articles were recently presented to the VA hospital in Denver and various Red Cross locations along the Front Range. The clothing drive kicked off on April 6, 2010, when broker associates sent out e-postcards to their sphere of clients and associates, encouraging them to clean out their closets in support of the clothing drive. Participants dropped off bags of clothing at nearby Coldwell Banker Residential Brokerage offices and agents visited neighborhoods and communities to pick up donated clothes.
“Spring was the perfect time for people to gather clothing for Operation Clothing Drive for Our Troops and Veterans,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “The drive was remarkably successful and it provided a great opportunity for our real estate professionals to connect with past clients and friends. I want to thank everyone for their support in helping the men and women who have served, and are currently serving, our great nation.”
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The big real estate news this week came from RealtyTrac which reported the total number of foreclosure filings – notices of default, auction notices and bank repossessions – fell by 9% from March to April and 2% compared with April 2009. Many news outlets reported similar stories: “The foreclosure plague may have finally reached its peak in April 2010.”
This is the first time that foreclosure filings have fallen that dramatically since the report began in January 2006.
Along with that good news came the news of mortgage rates. Mortgage rates moved lower last week with the average rate on 30-year and 15-year fixed rate mortgages drifting to their lowest level in six weeks, according to Freddie Mac’s weekly survey. Treasury yields have fallen in recent days as investors flocked to U.S. government debt, pushing up Treasury prices as concerns about Greece’s financial standing intensified. Mortgage rates typically follow Treasury yields.
The 30-year fixed-rate mortgage averaged 5% for the week ended Thursday, May 6, down slightly from the prior week’s 5.06% average but up from 4.84% a year ago. Rates on 15-year fixed-rate mortgages were 4.36% down from 4.39% last week and 4.51% a year ago.
These are all important factors as we rise in the wake of last week’s mass stock market sell off with investor concerns growing over Europe’s growing debt crisis. After last week’s horrendous conclusion, this week we saw modest recovery with rallies seen on Monday and Wednesday as investors moved away from their worries and instead opted to scoop up issues hit in last week’s sell off. Overall we saw the major indexes propel more than 5% in three days.
While some would argue whether or not there is a correlation between the real estate market and the stock market, I think most would agree that real estate and consumer confidence are closely connected. When the stock markets see major declines as they did last week, it hinders consumer confidence and may drive concerns to our local real estate markets. But with the swift recovery we’ve seen in the last week I think we’ll see little effect on our housing market.
Overall, we continue to see promising signs of recovery throughout the housing market. Sales trends are on the rise. Many price points are seeing pricing recoveries. The jobless rate remains lower in Colorado than in many parts of the country. And, with this week’s news, foreclosures are showing major declines and interest rates are down. All of this is very encouraging and leaves us optimistic about the future of the housing market.
Now, let’s take a look at this week in real estate:
- Boulder/Longmont— Boulder County is looking pretty good as Spring rolls in. Listings are down over the past two weeks by 17% but sales are up by 5% and showings really took off – up by 14%. The expired tax credit doesn’t seem to have hurt things but there seems to be less frenzy for lower priced properties. Longmont reports, as anticipated, the showing activity did drop off with the termination of the tax credit for buyers. Sellers are getting motivated with the arrival of Spring. Jobs are still the greatest motivation for buying & selling. We’re seeing some confidence in the local economy. Sellers are getting more reasonable about pricing their homes to sell. We’re looking forward to both great Spring and Summer selling seasons. Interest rates are still low. Short sales continue to be a long and very arduous adventure for the buyer, the seller and the Agents involved.
- Colorado Springs— The first week after the 1st time buyer government tax credit we saw a decrease in sales activity but listings are still on the rise. April of 2010 Colorado Springs home sales were up 11.9% over April 2009. This is the 9th month in a row of double digit increases over the prior year. The average price also increased 4.7% & the median (1/2 above, 1/2 below) increased by 4.2%. The inventory of unsold homes jumped to 5,138 units, an increase of 2.6% from last year.
Evergreen/Conifer— There’s a total of 25 new listings in April compared to 16 new listings for the month of March. Ten listings went under contract during the month. We had a total of 452 showings and previews during the month, representing a 10% increase over the prior month. Showing activity for the first 10 days of May reflect continued strength although a typical seasonal decline through mid-June is anticipated. Conifer reported nine new listings for the month of April compared to seven new listings during March. The total showings for the month were 130, nearly identical to March levels.- Denver Central – No information reported.
- Denver West— April under contracts, listings and closed transactions exceeded our expectations. The good news is that activity continues to be brisk. Sellers want to sell their home before interest rates increase. We’re busy informing our clients about the risk of inflation. Since buyers are not willing to risk their tax credit very few inspection items are surfacing during the under contract period.
- Devonshire— We had a great April with lots of activity in the market. Now that the April 30th deadline has passed, things feel a little slower probably helped by the unusual weather. We’re looking forward to the activity that will come with the increased homes coming on the market. Buyers are looking for homes that can close before summer gets into full swing. The frustration for buyers right now is the fact that they need to wait for bank approvals on many homes that are bank owned or on short sale properties. Sellers who can sell their homes without third party approval stand a greater chance of a smooth transaction which will enable them to get into their new home also. Summer should be very busy and productive.
- Larimer County—Our Fort Collins/Loveland offices report the tax credit has come and gone and so have some of the buyers. We have seen a steady amount of homes coming onto the market and some homes going under contract, but the largest dip is in showings. Showings have dropped nearly 35 % in the last two weeks. However, sellers are fortunate that the inventory has shrunk as now they face less competition. Finally, buyers are also in luck! Even though buyers are no longer receiving the tax credit they still have record low interest rates and motivated sellers in the marketplace.
- North Metro— No information reported.
- Parker— Overall, our listing inventory is holding steady with 40% being short sales. Historically, listings pick-up by the end of May and the first part of June. There are still a lot of buyers looking at properties because of low interest rates and the new Coldwell Banker “Buyer Credit Program.”
- Southeast Metro— The end of the Buyer Tax Credit saw a decrease in the amount of overall showings at the SE Metro office. However, our listing inventory continues to increase and currently we have over 538 listings on the market! We are confident that the momentum will continue as we move into our traditionally busy time of year!
- Southwest Metro – We are continuing to see an increase in our inventory and showings. Open house activity has been very good and our floor Agents have had some very good prospects. We’re also seeing an increase in offers and showings on our properties that are in the $350,000 to $500,000 range. We’ve not seen a decrease in buyers since the tax credit deadline of April 30th. Our Agents are seeing an increase in activity with sellers ready to list their homes as they feel the time is right. Several Agents are working with investors ready to take advantage of the opportunities in the marketplace.
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Coldwell Banker Residential Brokerage, a leading provider of real estate services in Colorado, announced today that its parent company, NRT LLC, was again ranked the No. 1 residential real estate brokerage firm in the United States in RISMedia’s 22nd annual Power Broker Report, which is available online at http://rismedia.com/ and appearing in the April 2010 issue of RIS Media’s Real Estate magazine. This is the thirteenth consecutive year in which NRT earned the top spot nationwide for both closed sales volume and closed transaction sides, posting approximately $107 billion in closed sales volume and handing 274,179 sides.
With 14 offices and 1,115 sales professionals serving Colorado, Coldwell Banker Residential Brokerage accounted for nearly $2.4 billion in closed sales volume and 8,726 closed transaction sides in 2009.
A transaction side is either the buyer side or the seller side in a real estate transaction. Brokerage companies receive commissions from representation of either one or both sides of a transaction.
“As part of NRT, we are well-positioned to leverage the national strength of this powerful brokerage company locally for the benefit of our clients and communities,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage. “As a market leader throughout Colorado, we take pride in our ability to combine our deep knowledge of the markets we serve with the cutting edge technology and resources NRT provides to create exceptional real estate experiences for our customers.”
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However, high-end properties selling faster than last year
Sales of million-dollar homes in the Denver metro area dipped slightly last month while the median sale price was up fractionally month over month, according to Coldwell Banker Residential Brokerage, Colorado’s leading provider of luxury real estate services.
A total of 34 homes sold for more than $1 million in March, down from 37 in February and 36 during the same period a year ago. Meanwhile, the median sale price of luxury homes was $1,350,000, up fractionally from $1,346,000 the previous month but down 2.7 percent from $1,387,000 a year ago.
While the latest report showed a leveling off of the high-end market, encouraging sign in March was that million-dollar homes are selling faster with properties taking an average of 101 days to sell compared to 184 the previous month and 130 a year ago.
The figures were derived from Multiple Listing Service data of all million-dollar-plus homes sold market wide.
“The housing market has been moving in the right direction, but the rebound isn’t going to happen overnight,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “It’s important to remember that any road to recovery has its share of obstacles. There are still challenges ahead for the market, including high unemployment. Still, I’m encouraged by the improvement we’ve seen this year.”
Mygatt said the impending deadline for first-time homebuyer and repeat-buyer federal tax credits indirectly played a role in the surge in home sales last month. Buyers who want to claim the credit of $6,500 to $8,000 must purchase their home by April 30 and close by June 30.
“Although expiration of the first-time buyer credit hasn’t directly had a big impact on the luxury market, the heightened activity at the entry level has helped push trade-up buyers into the higher end market,” he said. “The overall confidence in the luxury market has improved to some degree as a result of these programs.”
Mygatt added that, in general, consumer confidence appears to be on the rise in all segments of the housing market. “I think buyers are becoming more confident about purchasing a home now as the economy continues to show positive signs of a recovery and the stock market moves higher,” he said.
Some key findings from the latest Coldwell Banker Residential Brokerage luxury report:
The most expensive sale in the Denver metro area in March was a six-bedroom, nine-bath 9,148-square foot home in Cherry Hills Village that sold for $3.585 million;- Denver boasted the most million-dollar sales in March with nine, followed by Greenwood Village and Littleton with four apiece;
- It took an average of 101 days to sell a million-dollar home in the area, down from 184 days the previous month and 130 days a year ago;
- Homes sold for an average of 91.7 percent of their list price, up from 85.6 percent the previous month and 89 percent a year ago.
The Denver Metro Area Luxury Home Report is produced by Coldwell Banker Residential Brokerage, a specialist in high-end real estate sales. Through its internationally renowned Coldwell Banker Previews® program, the company is recognized around the world for its expertise in the luxury housing market.
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A great video from the Today Show. Click here to view “Smart Ways to Manage Your Mortgage.”
With low home prices and interest rates paired with government tax incentives for first-time home buyers, the market is seeing an influx of singles looking to buy. And it makes sense. The current housing environment seems to be the ideal marketplace for many people who have never considered buying a home before, such as singles and other first-time buyers. They can afford much more house for their money than in previous years, and many are recognizing that a mortgage payment can actually be the same or less than what they would spend on rent. But what are they really looking for when house hunting?
For greater insight into this demographic, earlier this month Coldwell Banker Real Estate conducted a national online survey of more than 1,000 single homeowners on what factors played in to their decision to purchase a home. The results may surprise you. For instance, while conventional wisdom may be that most singles are buying bachelor or bachelorette pads in the city or downtown areas, our survey found that the majority of single homeowners (52 percent) chose suburbia over urban or rural areas. That’s good news for sellers who are looking to move up from their suburban starter home. Chances are that a buyer may be just around the corner.
Here are some additional key findings from the Coldwell Banker Real Estate single homeowner survey:
- Why they buy. According to those surveyed, more than half (53 percent) of single homeowners reported that they purchased a home because it was more cost effective than renting in their area. However, more than just financial analysis contributed to their decision. The desire for independence played a role for more than one-third of single homeowners (35 percent).
- Finding good deals is important, but so are amenities. Even though their budget was higher, 68 percent of single homeowners say they purchased a home that was below their price range, rather than the most expensive home they could afford. Meanwhile, modernized home updates and appliances and having a yard and outside space were rated as the most desirable features in a home over lesser considerations like space for entertaining.
They’ve flown the coop, but still get help from their parents. Of the 13 percent of single homeowners who own their home jointly with another person, almost half (49 percent) made the purchase with their parents.
- Singles hunt for homes that are close to work and family. Fifty-five percent have less than a 30-minute commute to their office or work from home, and 40 percent live less than 30 minutes, or even in the same neighborhood, as their parents or extended family. In fact, an additional 12 percent live with at least one family member.
- Single women may be more likely to think of growing their family than single men.More than a quarter of the single women surveyed (27 percent) said that the number of bedrooms was the most desirable feature in a home, as compared to 18 percent of men who agreed.
- Single and ready to … bargain hunt. Singles don’t shy away from foreclosures – especially single men. Thirty-eight percent would currently consider purchasing a foreclosed or short sale home, compared to 29 percent of single women.
It’s interesting to learn more about this growing trend in real estate. The face of the market is changing, which likely means so will the composition of your neighborhood. You may see more singles move in who are taking the next step toward their building their independence and a more secure future. I encourage you to remember back to how proud you were when you bought your house. Go over and introduce yourself, congratulate them on their big purchase and welcome them to the neighborhood.
10 low-cost things homeowners can do to spruce up
When times are tough, women who can’t afford a new dress often purchase a new accessory or lipstick to recharge their wardrobes. Known as the “lipstick effect,” the tendency applies to homeowners too.
Barry Culkin, CEO of Questech Corp., a tile manufacturer in Rutland, Vt., noticed sales of his $5 cast stone and marble switch plate covers rose whenever the economy faltered. Last year, sales of their covers at major retailers were up 15 to 20 percent.
As homeowners rein in spending, more opt for small indulgences and postpone major renovations. Whether the goal is a new look for a worn kitchen or simply an injection of color in a room, here’s a list of some of the best ways to give a space a quick uplift. Many cost much less than a designer lipstick and a few don’t require any financial outlay.
“I am seeing quite a bit of Yankee ingenuity in my customers. They are getting pretty smart about using and repurposing items to add some zip to their living spaces,” says Shirley Walsh, owner of Kalembar Dune, a vintage home decor shop in Boston.
Simply moving furniture and accessories around and borrowing from other areas of the home can give a room a whole new look. If you want to splurge, consider hiring a designer who specializes in redesign.
The instant gratification of having it all accomplished in a day is hard to resist but “it’s also low stress because it uses familiar furnishings,” observes Pam Faulkner, owner of Faulkner House Redesign in Oak Hill, Va. The cost to have Faulkner make over a room ranges from $400 and $700 depending on the space.
A little elbow grease also can go a long way. Sparkling windows bring in light and make the entire house shine. Often, all carpets and rugs need is a thorough cleaning and they will feel almost new. The same holds true for wood floors and trim.
Nothing is a better quick-change artist than paint. But you don’t have to go all out. Rather than entire room, paint an accent wall, trim or piece of furniture. “Never underestimate the power of paint and pillows, always the best lipstick for your home in any shade,” advises Marcia Richards, a Phoenix, Ariz., interior designer.
Give a living room or bedroom a facelift by shifting the color scheme. Pillows add instant color, but to complete the look, mix in color keyed accessories, such as a throw and new lamp or lampshade. If your budget allows, go a step further and add a rug and/or slipcovers.
Orders for fabric by the yard are up, says David Petersen owner of Maine Cottage Furniture in Yarmouth, Maine. He notes that more consumers are re-covering rather than replacing worn furnishings.
Small luxuries can have a big impact on our moods and our homes. Flowers and new plants inject new life and color to any space. Try replacing regular lightbulbs with full spectrum bulbs which are more like sunlight. Sometimes all it takes to spark up an entire room is a unique accessory or piece of individual art.
New hardware is traditionally a quick fix for dated kitchen cabinets. But elsewhere, exchanging old doorknobs for polished bronze or nickel can give an entire house an up-to-date look. Using levered handles also increases a home’s universal design quotient.
And maybe you can’t afford to change the tub or the tiles, but a dated bath can get a quick uplift simply by altering a few elements. Instead of remodeling, Michelle Samuels spent about $150 to give a bath in her Mill Valley, Calif., home an update. She replaced her antique gold towel racks and faucets with updated brushed silver versions. She painted the frame around the mirror a soft silver with craft paint and completed the effect with new door handles.
Removing old fluorescent lights and replacing them with pendants or a more contemporary fixture also has a big impa ct.
Don’t wait until you can renovate to give your kitchen a new look. Sometimes changing only one facet can refocus the entire space. New hardware and light fixtures are quick and inexpensive. Don’t forget refacing or painting cabinets if new is beyond your budget. If the countertops are in good shape, consider tiling the backsplash. Reorganize cabinets so the space works better. Add new accessories or update countertop appliances so they coordinate.
Increasing curb appeal is traditional advice for anyone selling their home. But nothing is more akin to applying lipstick than revamping the entry. Replace a worn front door if the budget permits. Otherwise give the old door a new look with paint. Seasonal plants, new house numbers, a new doormat and trimmed walkway will make you feel like you are coming to a new house.
Shop thrift and consignment stores for some unique finds; then polish and paint. Also think about creating your own artwork in colors that will make a room pop. You will save a bundle and possibly discover an inner artist you didn’t know existed.
Copyright 2010 The Associated Press.
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| real estate 101 > selling > Thinking of selling?
Why Use a REALTOR® When Selling
A real estate agent can help you understand everything you need to know about the selling process.
By Ron Schmeadick
The selling process generally begins with a determination of a reasonable asking price. Your real estate agent or REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Marketing
The next step is a marketing plan. Often, your agent can recommend repairs or cosmetic work that will significantly enhance the salability of the property. Marketing includes the exposure of your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your agent acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
Advertising is part of marketing. The choice of media and frequency of advertising depends a lot on the property and specific market. For example, in some areas, newspaper advertising generates phone calls to the real estate office but statistically has minimum effectiveness in selling a specific property. Overexposure of a property in any media may give a buyer the impression the property is distressed or the seller is desperate. Your real estate agent will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.
Security
When a property is marketed with an agent’s help, you do not have to allow strangers into your home. Agents will generally pre-screen and accompany qualified prospects through your property.
Negotiating
The negotiation process deals with much the same issues for both buyers and sellers, as noted above under the buying process. Your agent can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your agent can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Monitoring, renegotiating and closing
Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your agent is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).
Why use a REALTOR®?
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.
You be the judge
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®!
Ron Schmeadick, CRB, is Co-Owner and Associate Broker at Realty Executives, Eugene, Oregon.
More articles:
Tax implications of selling a home
FSBO woes: why it’s so hard to sell your own home
Why use a REALTOR® when selling
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