Continue reading »]]> The market is very strong right now.  We are in the midst of the spring buying season, interest rates are low and we are coming off a prolonged slow period.  In the last few days we have placed a few very popular listings on the market.  On Monday Jo Kearney (don’t forget Mother’s Day), listed 375 Erie Drive.  It is a home in Frasier Meadows in Boulder that has great bones but needed a cosmetic remodel.  It was listed for $550,000 and obviously it was viewed as a good opportunity.  By Tuesday evening there were six offers on the table!  The home went for well above asking price.  Yesterday, I listed 984 Dahlia Street in Louisville for $409,000.  After 9 showings on the first day we had two offers on the table.  It too went for above list price.  This feels like old times.

But not every seller is so lucky.  The market rally is broad but it is not market wide.  Below are a few graphs that will help show where the activity is in the Boulder area real estate market.

The chart below shows weekly data of homes that have gone under contract over the past 3 years.

The chart above shows strong activity in all areas but the Suburban Mountains.

The chart above shows clearly that as the price range rises the activity in the market falls.

Continue reading »]]> Boulder County Real Estate April 2012 Statistics

The spring real estate market in Boulder is in full swing! In fact the market has swung so far that it must have had a big push! Sales are up 16.5% year-to-date in all areas of Boulder County and more impressively, sales improved 28.5% from last April. More importantly, the mood of the market has shifted. There is a buzz in the market. As an example, as I write this on Sunday night at 8:15, I just got a call from a Realtor whose client saw one of my new listings hit an internet site and she was afraid that she had missed something. I told her that it would be on the MLS by mid-week. She was relieved and was working hard to make sure that she was working for her clients. Buying a home right now in Boulder County is not just a once in awhile thing, it has to be an ongoing effort. In many market segments it’s a race.

The other eye-popping statistic in the slideshow above is that as of May 1st, 40% of the active listings in Boulder County already had an accepted contract. This is over double the rate of a normal/good market. Combine this with the fact that the number of listings is down 10% from last year, and you get a sense of lack on the part of buyers. This is good news for sellers.

The luxury market has largely not participated in the strong market activity this spring. As of today, sales are down 3 units year to date for properties over $1.5 million and just 8% of listings are under contract.

Now the true test of the market is the longevity of the strong market activity. I have been saying for over a year that there is pent up demand waiting for the time when the market is “good”. Maybe now is that time.

Continue reading »]]> 1949 Pearl Street Unit E  Boulder CO 80302 $1,049,000

Located in the vibrant East End neighborhood 1949 Pearl Street Unit E is a 2 bedroom, plus study, luxury condo in downtown Boulder. It features 674 square feet of outdoor living area and takes full advantage of the amazing Flatiron view.  The finishes are top notch, comparable to any luxury property in town.  Some of the features include: hardwood flooring with in-floor radiant heating throughout, custom cabinetry, built-in Sub-Zero, Thermador professional range/oven, Spark fireplace and smooth finish walls. Unit E Features

This unit is one of three which share a secure lobby and elevator.  In addition to the private terrace space, Unit E shares a spacious 2nd level European style, irrigated courtyard. The unit can be accessed through the courtyard or can be accessed through the semi-private elevator.  Two dedicated parking spaces in a 3-hour post-tensioned parking structure with sprinkler system.  Coming in the near future is a security gate and 440 square feet of private storage.  Really an amazing property, filled with light.  For more information go to www.BlacksmithCondos.com

Continue reading »]]> 541 Laramie Blvd. Boulder, CO 80304 – $549,900

The awesome mountain view is just the beginning!  A great price on a large three story Dakota Ridge townhome fronting the park. Upgraded kitchen with cherry cabinets, granite countertops and stainless steel appliances.  Wood floors on the main level, new carpet upstairs and fresh paint everywhere. Three bedrooms, each with a balcony (did I mention the view) and its own full bathroom.  Light filled unfinished basement ready for your expansion ideas.  Close to miles and miles of some of the best local trails. A great place to call home!

Continue reading »]]> The Denver Post’s above the fold story was headlined “Denver housing market second in nation for quick sales”.  The article gave anecdotal evidence that the real estate hibernation is over.  Not just for the winter but for the economic downturn as well.  Multiple offers are not uncommon and good properties are going under contract very quickly.  To read the entire article go to:  Denver housing market second in nation for quick sales – The Denver Posthttp://www.denverpost.com/business/ci_20429074/denver-housing-market-second-nation-quick-sales?IADID=Search-www.denverpost.com-www.denverpost.com#ixzz1sYBvkSce

What is true for Denver real estate is true for Boulder real estate as well.  Currently 29% of all listings are already under contract.  Right now is the middle of what is traditionally the busiest time of the year in the Boulder CO real estate market.  What is impressive is the improvement we have seen since last year.  The graph below shows that this years sales activity is just below what we saw in the tax credit skewed 2010 year when sales spiked just before the April 30th deadline.  2012 is shown in green.

Continue reading »]]> Hello Real Estate Buffs!  Today I might make somebody’s day.  There are many buyers out there right now who are actively looking for homes but have not been able to find the right place.  It is competitive out there and with 30% of the active listings in Boulder County already under contract, every serious buyer is looking for an edge.  Here is a bonus sneak preview for readers of this blog.  New listings that are on the way but not quite on the market!

• Dakota Ridge Luxury Townhome with 3 bedrooms with great views right on the park.  $549,900
• Louisville two story in the Cherrywood neighborhood with 3 bedrooms upstairs, updates and a finished basement. $499,000.
• Downtown Boulder Luxury Condo with high end finishes, elevator access, secured parking, 2 + bedrooms and an awesome view from one of the three private patios.  $TBD  ($1.1 million range)
• Downtown Boulder Condo with two bedrooms plus some bonus areas for home office, huge wall of windows, secured parking $724,900.
• Rare 34.25 acre building site in Fourmile Canyon, 20 minutes from Boulder, multiple building sites, dividable, quiet, sunny, Fourmile creek runs through the property $279,000.

Call me directly to get more information on these properties.  I have listing agreements signed on all properties but have been instructed by my clients that the homes are not quite ready to show.

Continue reading »]]> The Boulder real estate market is back in full swing.  The best indication of the great activity that is happening is that 35% of the homes on the market in Boulder County were under contract at the beginning of the month.  This is a huge number!  As you look at the graph below, you will see that 35% is far and away the highest percentage of homes under contract over the last four years.  Buyers are having a hard time finding exactly what they are looking for and when a really good house comes on the market it is not uncommon to have multiple offers coming to the seller in short order. The numbers for the market are all positive but what is most important to me is how the market feels.  To me, this market feels much different than it has since the 2005 – 2006 market.  There is a buzz out there and the people who I run into are echoing the increase in confidence and activity.  It feels like we have made an important turn in the market! Year-to-date sales are up 10%.  I expect this to increase throughout the spring. Inventory continues to lag and this is contributing to the feeling of scarcity that buyers are feeling.  The graph below compares the number of listings that have come on the market on a weekly basis over the past three years.  Even though the market is moving in a very positive direction the number of new listings is lower than 2011 and 2010. The short slideshow below shows the rest of the pertinent sales statistics for the Boulder County real estate market.  I have annotated the slides so the rest of the story is contained below.

Continue reading »]]> I just checked.  25% of the houses on the market in Boulder County are under contract.  Buyers are out there trolling for good homes and many are just not finding quite what they are looking for.  There seems to be a shortage which is kind of strange in a market that has been kind of slow for a few years.  So, I asked myself what is happening.  The answer is very simple, not enough listings are coming on the market and more listings are being snapped up by buyers.  Therefore there is a shortage.

The following two graphs give a clear view of the situation.  The green line is this year.  The red line is 2010 and the blue line is last year.  The first graph shows new listings over the last three years.  This is the most active year for sales so far but we have the fewest new listings.  The second graph shows the number of homes that have gone under contract on a weekly basis and shows that the activity is much more robust than a year ago and similar to 2010 during the last few months of the tax credit.

Continue reading »]]> A few days ago I went through what a buyer needs to think about and do after they have successfully placed a contract on the home.  To read that post click here.  Today I’d like to talk about the sellers side of the real estate transaction.

Finding a buyer and agreeing to an acceptable price and terms with a buyer is one of the high points of a real estate transaction.  No more daily showings, no more uncertainty, making plans for the future, it’s exciting stuff.  But then comes the realization that you are only part way to the finish line.  There is still work to be done.  This is a checklist of items that the seller is responsible for between contract and closing.

Order Title Commitment – In Colorado the seller is responsible to providing the buyer a title insurance policy in conjunction with a real estate purchase.  The first step of this process is ordering the title commitment.  The listing agent usually handles this for the seller.  This is also a great time to provide to the title officer the information on your existing loans which will need to be paid off at the closing.

Homeowners Association Documents – As per the Colorado approved real estate contract the seller will provide the buyer a copy of the relevant HOA documents.  This shall include bylaws, rules and regulations, financial documents, minutes from the most recent meetings.  Again, this is something that the listing agent usually tries to supply (at least I do) but sometimes the information is embedded in a members only website and the Realtor might need help with this.

Gather Paperwork – The buyer will want to have any relevant documentation regarding the home.  In conjunction with the disclosure requirements the seller must supply the buyer any prior inspections or reports that give insight to the condition of the home.  This would also be a good time to gather any manuals and warranties and set them aside before your packing gets into full gear.

Prepare for Inspection – Just because most of the showing activity has subsided it doesn’t mean that you are off the hook for keeping the home looking good.  I would argue that the inspection is your most important showing and the house should be prepared as well as possible.  In addition to the general cleanliness here are a few tips to help the inspection.  Replace the furnace filter and clean the humidifier filter if you have one.  Move boxes and or furniture away from access points for plumbing, heating and electrical.  It is common that a buyer will perform a radon test and the protocol for a radon test is that the house will be closed up for 12 hours prior to closing as well as 48 hours throughout the test.  However, it is a really good idea to “air out” the lowest level of the home prior to the closed house conditions.

Make Your Arrangements – Start making arrangements for moving, storage, packing and cleaning.  Consult with your Realtor so that you are sure that you understand the timing of when you need to be out and cleaned.  After the inspection it is also a good idea to contact the utility companies to let them know about an upcoming transfer in service.  Once the deal is rock solid, put in your change of address request to the postal service.

Inspection Items – Once the inspection has been done and the agreements surrounding the inspection has been made, some work will need to be done.  My advice here is to get the work done as soon as possible, don’t cut corners and follow the letter of the agreement to a “t”.  The listing agent is there to help you get this work done if you need help.

Clean and Closing – The days surrounding closing will be busy days.  You will need to pack, clean and supervise work maybe at two locations.  My advice regarding how you leave the home is based on two things.  Look at the contract and make sure you are doing the minimum required and then consult the Golden Rule.  How would you really like a home to be left for you?  When the house is really left in good shape and the buyers feel that they are being treated well, the closing is much easier for all involved.

This list is based on my experience and is from the sellers perspective for a sale in Colorado.  If you hire a good listing agent, many of these items will happen seamlessly and you will be left to focus on getting your stuff packed and ready to go.  I have been a Realtor based in Boulder Colorado since 1991 and I love doing those small things that make it easier for you.  When you are ready to list, give me a call – Neil Kearney 303-818-4055

Continue reading »]]> Once you have found a home and had a successful negotiation of the offer there are still many steps that need to be completed before you can move in.  Here is a primer on the steps that take place between contract and closing from the buyers perspective.

Set The Inspection-  It is the buyers responsibility to set and pay for any and all inspections on the home.  There are no required

Photo doesn't have anything to do with the subject, but I took it and thought it was cool.

inspections in Colorado.  As a buyers agent or a transaction broker, I provide a list of inspectors that my previous buyers have liked, but a buyer may choose and use any qualified home inspector.  It’s a good idea to ask about their services and experience as well as the insurance they carry.  The buyer is ultimately responsible for any damage that an inspector may do while at the home.   Most inspectors now use digital photography and provide pdf reports which are helpful during a negotiation.  In our area radon is common and a radon test is an additional test that an inspector will do for a fee.  Read this post to learn more about radon.  Keep in mind that all inspections shall be completed prior to the inspection objection deadline as stated on the contract.

Formal Loan Application – Once their is a fully executed contract your lender can then set up a file and start moving your loan forward toward underwriting approval.  At this time you will have the option to lock-in an interest rate.  While you may have already provided some documentation to the lender.  Once they are in the formal approval process (as opposed to pre-qualification or pre-approval) you will undoubtedly need to provide your lender documentation on income, debts, tax returns etc.  Please provide these documents as quickly as possible so that any delays can be avoided down the line.

Review Paperwork – The seller will be providing (in most cases through the title company) paperwork regarding the title transfer, property taxes and the Homeowners Association.  Your agent and lender will also be reviewing the title documentation for anything abnormal but it is in your best interest to review them carefully yourself or hire an attorney to review them so that you understand what you are getting when you purchase this particular property.  The HOA documents will tell you the rules you are agreeing to abide by as well as the financial structure and health of the association.  The turnaround time on looking at this information is fairly quick so don’t put it off.

Attend The Inspection – The inspection is the best chance for you to get to know your new home in an intimate way.  Following the inspector around for a few hours will give you some good insight on the overall condition of the home as well as a thorough understanding of the conditions that you may ask to be repaired by the seller.  As an agent I usually just attend the summary or get the report via email.  I leave the inspection itself to the experts.  Keep in mind that unless the home is brand new there will be some items that the inspector will point out.  It is the inspectors job to be detailed in their inspection.

Inspection Objection with Agent – The next step in the process is to decide a course of action after the inspection.  A buyer in Colorado has three choices: 1) move forward as-is and don’t ask for anything; 2) terminate the contract; 3) make a list of unsatisfactory conditions on an Inspection Notice form and present those to the seller.  Work with your Realtor at this stage to strategize the best negotiation scenario.  It’s best to remember that in most cases focussing on the major issues and/or safety issues will allow for the most productive negotiation with the seller.  In my experience, sellers get annoyed if a buyer asks for too many trivial issues.  Keep it simple, be specific and hold to the major points.

Other Items – During this entire time you will be making plans regarding moving and packing.  Contact your Realtor as to when is a safe time to put non-refundable money down on any services.  During this time you will also need to start contacting the local utility companies.  This is especially important for those who work at home or depend upon an internet connection.  One of the most important things to remember is “DON”T BUY ANYTHING!”  Lenders check credit again just before closing and taking on additional debt can spoil the whole deal.  Wait on the furniture, wait on the appliances, wait on the new car until after closing.  At closing you will need to bring good funds to the closing.  This means that you need to bring either a cashier’s check or wire funds in advance to the title company.  You will get the exact amount to bring a day or two in advance from the title company via your Realtor or lender.

Closing – Finally it is the day of closing.  One of the last stops before going to the title company to sign papers is back to the house for a final walk through.  During this final walk through you get one last look at the house to make sure nothing has changed.  You make sure that the agreed upon inspection items are complete and you make sure the items that are  included are still there.  The closing itself lasts about an hour and the buyer does the majority of the signing.  In addition to your money make sure you bring a picture ID. The closing is a time to close up any loose ends.  Connect with the seller and ask about the neighbors.  It is not a time to renegotiate or hold grudges about past negotiations.  After an hour or so you will get the keys and you are ready to move in.

Throughout the process it is most helpful to have an experienced Realtor there by your side to help you along and negotiate on your behalf.  I have been helping buyers in the Boulder Valley real estate market for over twenty years.  I’d love to put that experience to work for you.