Year to Year Comparison: (January 1st, 2013– May 31, 2013)
Information Provided by IRES, Information and Real Estate Services and Metrolist. All reported sales
were not necessarily listed or sold by Four Star Realty and Property Management, Inc. and are intended
only to show trends in the area.
Summary of YTD Sold Statistics:
Single family Homes: Both Average and Median home prices are up from 2012. In addition,
the Days to Offer are down considerably. Although the unit sold volume is also higher, the
number of units sold could be much higher if there was a greater inventory of homes to sell.
Attached Dwellings: Like Single family homes, Average and Median prices are also up, and
attached dwellings are selling in fewer days than in 2012. The inventory is low, so the
volume of attached dwellings sold is considerably lower than it could be with adequate inventory.
With the reduced inventory for all types of residential properties we are experiencing greater
increases in values, fewer days on market and often times multiple offers from Buyers.
Selling the house: “Escrow closed” are 2
sweet little words
Ask anyone who’s sold a house: The journey between offer accepted and escrow closed
is akin to carrying live explosives across a mine field. All can blow up at any step.
A loan falls through. An appraisal falls short. The roof caves in with the inspector on it. A
missing person is on the title and has a lien against the house. You discover you’re on an
Indian burial ground. Sellers beware. Even in a strong housing market, which, thank the good
heavens, we have again, sellers don’t hold all the cards. This is why sellers need good listing
agents. Anyone can snag a buyer. Skill closes the sale. Read More
Here are some of the hurdles to watch out for…
Buyer financing problems are the No. 1 reason houses don’t close. Make sure the
prospective Buyers are Pre-Approved and not just Pre-Qualified. Pre-Approval is the step
the Mortgage Professional takes by completing an application, gathering financial documents,
and submitting the file for pre-approval. Pre-qualification is not a mortgage approval but
simply an estimate of what a Buyer can afford.
AppraisalThe appraisal is part of the Buyer’s loan, assuring the lender that the property is worth what
the Buyer is paying for it. If the appraised value is not equal to or greater than the agreed
Purchase Price, then the Buyer may elect to Terminate the Contract by the Appraisal
address issues before closing or Seller’s can be proactive and have the home pre-inspected
and repair any issues before listing the house for sale.
More than 1/3 of all title searches reveal a title problem that title professionals fix before you go to
closing. For instance, a previous owner may have had minor construction done on the property,
but never fully paid the contractor. Or the previous owner may have failed to pay local or state
taxes (See below for some other common title problems). Title professionals seek to resolve
problems like these before you go to closing. Title issues rarely end deals, but can hold them up.
Some Buyers make offers contingent upon the sale of their current home. Your REALTOR
would need to determine if the contingent deal is strong enough not to jeopardize the sale of your home.
Examples and are based on market conditions as of June 5th, 2013. Local rates include 1 point paid to Lender. This is not a guarantee of any kind. Interest Rates are subject to daily change based on market conditions and a variety of specific qualifications for borrowers.
As you can see from the above chart, rates have started their quick rise from the lowest lows of all time as of about 2 weeks ago. They are still extremely low, but the time is now to refinance. If you wait for them to come back down, you may miss out on a golden opportunity. According to the Fed, this long span of time with low rates is coming to an end. Consider this your call to hop off the refinance fence….quickly!
$50 off of any photo session in Boulder for the month of June
Mention the newsletter to receive the discount
Introductory Massage Special
Your first two 1 hour massages for $55.00 each
with Gina Tajchman, cmt
Over 20 years of experience
Contact Gina Tajchman at 303.775.1915 Just mention the newsletter
Wednesday Evenings, June- August
Band on the Bricks, Boulder http://www.boulderdowntown.com/events/bands-on-the-bricks
Friday Evenings, June- August
Louisville Downtown Street Faire, Louisville www.downtownlouisvilleco.com
Monday Evenings, June-September
Prospect Eats, Longmont http://www.prospecteats.com/schedule.html
Saturday Evenings, June – August
Twenty Ninth Street LIVE! Boulder www.twentyninthstreet.com
June – August
Denver Botanic Gardens Summer Concert Series, Denver http://concerts.botanicgardens.org/
Sunday Evenings, June-August
City Park Jazz, Denver www.cityparkjazz.org