by neil kearney | Nov 14, 2010 | Colorado Lifestyle
I went to Fairview High School’s production of Les Miserables last night. It was just an incredible production and I was blown away by the talent at that school. Every part of the show was great and not just for high school. I have seen this show before performed by an Broadway cast and I got more understanding and feeling from this cast and show. I was moved to the edge of tears at times with the heart and feeling behind the performances. The student orchestra played flawlessly through the 2:45 minute production. A big congratulations goes out to all involved and especially to my friend Janice Vlachos who runs the excellent fine arts department at Fairview.
by neil kearney | Nov 11, 2010 | Boulder County Housing Trends
In today’s slower real estate market a seller has two choices be compelling to the market and have a chance to sell or be just another listing and face the real possibility of staying on the market for a very long time.
What I’d like to talk about today is being competitive in the market. The main variables a seller has control over is the price they ask for their home and condition and/or upgrades of the home. I have represented these two variables on an axis below so that I show you what I’m thinking. Basically, if your home is in great (and I mean exceptional) you can ask a high price compared to similar homes on the market. If your home is in poor shape you have to ask a lower price. This is not rocket science but it gets trickier when a house is somewhere between the extremes. It is in okay condition and has a middle of the road price. Looking at the chart below you can see the line running at 45 degrees. Think of this as the success line. Every house that fits above the line (price vs. condition) will most likely end up in a successful sale. Every home below the line will wallow until the price or the condition changes enough to get it above the line.
Right now the market is fairly slow. There are fewer buyers out there. This means that competition for sellers is tough. In order to be compelling to the small pool of buyers they have to bring a more compelling product to the market. This means that the line has shifted, sellers have to either improve their home to sell it for the same price or reduce their price to make it work.
Knowing where you are is the tricky part. I help my clients by giving good feedback and keeping them abreast of the market as it changes. The information you used to list your house is no longer valid. Get it priced right and have your house show the best it can. If you can’t afford to make improvements up front, lower your price. It’s simple economics.
by neil kearney | Oct 28, 2010 | Boulder County Housing Trends
The math is pretty easy. At the end of July there were 2,399 active listings in Boulder County (single family homes listed in IRES
MLS). Since then there have been 591 properties that have closed and 850 new listings to the market. Let’s see…
2,399 + 850 – 591 = 2,658.
According to my quick math, verified by my trusty 18 year old HP 12C, there should be 2,658 listings on the market. But I just checked, and there are currently 1,881 homes for sale. So what happened to 777 listings? Here is the quick answer. This time of year sellers who have been unsuccessful in selling their houses through the spring and summer season get a bit burnt out. After keeping their houses clean for months on end they decide that this was not their year and decide to take their house off the market for awhile. It’s just like the Chicago Cubs, wait till next year!
Seriously, this is an important point. The houses that are selling have a compelling story. They have a(an) outstanding (fill in the blank with one or more of the following: price, location, features). The story for middle of the road listings (okay price, okay location, average condition) is one of buyers look, buyers are ambivalent, buyers move on. It’s that simple. If a house doesn’t have something that grabs the buyers the buyers will move on.
As a side note; once we do see some good positive moves in the market it will be like a break in the dam. A steady stream will soon turn into a rushing torrent. By this I mean that there are many people, I know I have been talking to them, who are emotionally ready to make a move they are just waiting for the “right time”. For more information about the “right time” check out my next article. Why now is the time to cut your price and set yourself up for the future.
by neil kearney | Oct 16, 2010 | Real Estate 101
The recent fires have brought an interesting question to mind. Would you know exactly what you lost if you lost everything? Sure you would remember your TV and your car and your appliances and your bed. But would you remember the silver serving dish in the cabinet or what is on your storage shelves or every picture on every wall?
We make assumptions like our house will always be there when we return or that we would remember what we have. Well, both of these are just assumptions. Material possessions don’t rule my life but I wouldn’t want to be wracking my brain for six months trying to remember so here is a tip. Do a home inventory and store it somewhere safe.
I haven’t checked the security of it but I have found an online solution that can work in conjunction with photos and videos to keep track of your possessions. This will significantly speed up the time needed to settle an insurance claim and will help you determine if you have the appropriate amount of coverage. The site is www.KnowYourStuff.org and it is free. Check it out and just do it.
by neil kearney | Sep 28, 2010 | Boulder County Housing Trends, Statistics
We have seen a bit of a surge in the market over the past week or so. A few buyers are making the plunge and putting in offers on homes. I don’t think it will be a big up-tick once it all settles out but we are still in a similar range of market activity (measured by contracts and closings) that we have been in since June. Roughly 60 to 80 homes go under contract during an average week.
Here are some fun facts about the real estate market in Boulder County.
- 13% of listings in Boulder are under contract.
- 22% of listings in Superior are under contract.
- 16% of listings between $250k and $500k are under contract.
- 2.5% of listings over $1.5 million are under contract.
- Overall there is about 9 months of inventory on the market right now.
- In the mountains there is a 20 month supply of homes.
