303.818.4055 Neil@KearneyRealty.com

Boulder County Weekly Activity Index

by | Jun 25, 2009 | Boulder County Housing Trends, Statistics

# New Price Drops # U/C # Sold Median $ of Sold
30-Apr 166 142 125 81 $ 317,900
7-May 182 170 141 90 $ 294,700
14-May 211 170 126 46 $ 301,950
21-May 220 169 140 92 $ 275,950
28-May 167 165 137 66 $ 272,450
4-Jun 213 204 131 141 $ 324,500
11-Jun 210 198 155 74 $ 296,400
18-Jun 222 191 125 94 $ 339,950
25-Jun 178 223 131 100 $ 339,900

We had another strong week in the market.  In addition to the consistent number of homes going under contract, what I notice most about the week just past is the high number of price reductions.  Sellers who have not received any interest are actively pursuing buyers and the best way to do that is to reduce the price.  The number of showings dropped off this week in our office.  This may be a sign that the market is cooling down a bit.

The Trouble With Loans

by | Jun 24, 2009 | Uncategorized

The tight credit market has been well documented.  Commercial deals are falling apart, large companies are not buying smaller companies and fewer real estate transactions are taking place. 

The first step in the home purchase process is to consult a lender to see how much you can afford.  This friendly conversation consists of a one-sided interrogation about your work history, financial history, bank balances, familial relations and taxes.  At the end of the conversation you will get an indication from the lender about your chances to qualify for a loan.  It is a tough environment right now and lenders are understandably cautious.

So let’s assume that this first conversation (pre-qualification) went well.  You would then get busy with your Realtor (me!) in finding a new, great place to live.  Once this happens (sometimes this takes awhile), a whole new set of deadlines and documents comes into your life.  There are application deadlines, appraisal deadlines, loan condition deadlines, inspection deadlines etc.  No problem right?  As long as the dates are reasonable you are protected (this is where a good agent comes in).

But here is the rub.  The dates as we have known them for the last half decade or so are out the window.   It takes longer to do everything right now.  Last summer the mortgage companies trimmed their staff, lean and mean awaiting the real estate trough.  Their prediction was pretty good one over the winter but come spring the interest rates plummeted and a refinancing boom …well boomed.  And when it boomed it didn’t take much to clog up the arteries.  Then came some real estate transactions.  What used to happen in 10 days is now 15 days.  Appraisals now have to not only come in but need to be reviewed.  A file goes through underwriting not once but up to seven times.  Lenders are being careful, very careful and their caution is leading to much angst in making a deal happen on time.

The problem right now is that lenders are making their money right now on refi’s with no specific deadlines and no angry and impatient realtors calling asking about the status of a loan which was sent to underwriting last week.  They would rather us go away for a little while, but that would be short sighted now wouldn’t it?

New Carbon Monoxide Law effective July 1, 2009

New Carbon Monoxide Law effective July 1, 2009

by | Jun 19, 2009 | For Buyers, For Sellers

Starting July 1st, all homes that are offered for sale, transfer or rent need to comply with HB-1091 which was passed this year by the Colorado House of Representatives.  The law was written so that more of the citizens of Colorado would be protected from carbon monoxide poisoning.  The law was a direct response to a family being killed in a high end resort rental.  The details of how to comply are outlined below.  The information is from the Colorado Association of Realtors.

A Carbon Monoxide Alarm:

Detects Carbon Monoxide and produces a distinct, audible alarm;

Conforms to standards recognized by independent product-safety testing laboratories;

Is battery powered, plugs into a home’s electrical outlet and has a battery backup, or is connected to an electrical system via an electrical panel;

May be combined with a smoke detecting device if the combined device has signals that clearly differentiate between the two hazards.

 

Carbon Monoxide Alarms must be:

 

Installed in all homes with a fuel-fired heater or appliance, a fireplace, or an attached garage;

Installed within 15 feet of the entrance to each room lawfully used for sleeping.

What a REALTOR® Needs To Know!

By July 1, 2009, the Real Estate Commission will require each listing contract for residential real property to disclose the requirements specified by HB-1091.

The Contract to Buy and Sell will also have a provision addressing the carbon monoxide alarms if it is a residential property.

No person shall have a claim for relief against a property owner or their authorized agent if a carbon monoxide alarm is installed in accordance with the manufacturer’s published instructions.

A seller of residential real property is responsible for assuring that an operational carbon monoxide alarm is properly installed.

A buyer of residential real property shall have no claim for relief against any REALTOR® for damages resulting from the operation, maintenance, or effectiveness of a carbon monoxide alarm if the REALTOR® complies with the law.

Nothing in the legislation precludes local governments from adopting or enforcing more stringent requirements for the installation and maintenance of carbon monoxide alarms.

Boulder Area Weekly Activity Index

by | Jun 18, 2009 | Boulder County Housing Trends, Statistics

# New Price Drops # U/C # Sold Median $ of Sold
30-Apr 166 142 125 81 $ 317,900
7-May 182 170 141 90 $ 294,700
14-May 211 170 126 46 $ 301,950
21-May 220 169 140 92 $ 275,950
28-May 167 165 137 66 $ 272,450
4-Jun 213 204 131 141 $ 324,500
11-Jun 210 198 155 74 $ 296,400
18-Jun 222 191 125 94 $ 339,950

During the past week more homes were listed than any other week since April.  New contracts on homes were down a bit, but still remain strong.  The number of closings is still strong for a mid-month week and those that did sell had a higher median price than anytime since the end of April.

Most years, we see the big surge in contracts in May with the highest month of closings being June.  This year we saw a late start in activity and it looks like the closings will continue to be strong into July.  Let’s hope it extends beyond and into August and September.