June 2013 Real Estate News

Year to Year Comparison:  (January 1st, 2013– May 31, 2013)

Residential

Location    Total # Sold   Avg. Sales Price Avg. Days to Contract Median Sales Price
2012 2013 2012 2013 2012 2013 2012 2013
Boulder 319 320 $664,082 $742,087 90 47 $565,000 $632,500
Denver 11552 13759 $288,409 $321,734 78 52 $238,000 $270,000
Louisville 86 90 $416,814 $497,820 59 42 $385,000 $468,750
Lafayette 117 136 $385,478 $410,000 74 45 $355,000 $394,250
Broomfield 322 352 $333,831 $346,626 74 43 $295,000 $305,000
Superior 62 60 $413,862 $454,794 52 36 $386,250 $430,000
Erie 147 207 $331,098 $357,009 84 52 $311,250 $337,900
Mountains 504 580 $377,351 $429,711 155 128 $336,000 $349,750
Longmont 379 491 $250,269 $276,099 79 52 $225,000 $257,300

Attached Dwelling

Location    Total # Sold   Avg. Sales Price Avg. Days to Contract Median Sales Price
2012 2013 2012 2013 2012 2013 2012 2013
Boulder 270 322 $310,518 $311,255 135 54 $253,000 $273,500
Denver 3813 4711 $180,858 $207,966 83 51 $140,000 $165,000
Louisville 18 21 $222,926 $263,307 96 27 $194,750 $212,000
Lafayette 51 49 $174,931 $195,924 76 48 $175,000 $178,000
Broomfield 69 88 $216,292 $227,327 119 65 $220,000 $222,250
Superior 20 21 $200,798 $202,585 47 66 $180,000 $181,500
Longmont 104 107 $173,014 $182,240 94 62 $158,000 $182,000

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.

 

 635 Gooseberry Dr, 1908
 UNDER CONTRACT!
 Longmont, Colorado
 

 952 S Pearl Street
 $255,000
 Denver, Colorado

 609 Deerwood Drive
 $369,900
 Longmont, Colorado

1975 Grant Street Unit 601
$299,000
Denver, Colorado

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…

Loan Approval

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

Objection Deadline.

Home Inspection
Buyers should have an inspection done fairly soon after the contract is accepted so parties can

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.

Title Clearance
Title Search for Title Insurance typically involves a review of land records going back many years.

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.

Contingencies

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.

 Mortgage Type
 National
 Local
 15 Year Fixed
2.92%
3.0%
 30 Year Fixed Jumbo
4.12%
4.25%
 30 Year Fixed
3.625%
3.625%
 5/1 Arm
2.81%
2.75%
 5/1 Arm Jumbo
2.96%
3.25%
 FHA 30 Year Fixed
3.375%
3.375%
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

www.carolinecolvinphotography.com

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
prenatal/postpartum – deep tissue – neuromuscular – sports

Contact Gina Tajchman at 303.775.1915  Just mention the newsletter

http://southboulderchiropractic.com/profile/associate-practitioners/

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

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