The "price discount" is the percentage difference between the seller's initial asking price and the actual purchase price of the same home. For example, if a Denver home were priced at $200,000 and sold for $190,000, the discount would be 5 percent. Price discounts are usually reported as an average for a set of home sale transactions. Be sure, when you ask your Broker to provide this data to you, that they include the amount of concessions made as well. The Denver MLS includes the information about concessions and the price discount in their solds data. (Concessions are the dollar amount the home seller provided to the buyer in the form of funds towards closing costs, carpeting allowances, etc. and represent a price discount as well.)
A small price discount percentage, on average, means the market favors sellers, while a large average discount signals a buyer's market. This is important neighborhood data to have for Denver home sellers and buyers, another indicator of the desirability of purchasing a home in a given neighborhood. Data for the Denver housing market varies dramatically between neighborhoods and price points, so be sure you have all the right data!
Best Regards,
Marie
Thursday, July 27, 2006
Tuesday, July 25, 2006
What does Median Home Price Mean and Indicate?
Median price is an indicator of the strength and direction of a housing market, a midpoint of all the prices of Denver homes sold in a given area during a specified period. Midpoint means half the Denver homes sold for higher prices and half the Denver homes sold for lower prices. The median price is different from the average home price sale, which is calculated by totaling all the prices and dividing by the number of homes sold. The median price is affected by the characteristics and sizes of Denver homes sold as well as price trends. For example, if the market shifts from starter homes to luxury mansions, the median price will increase even if Denver homes are not appreciating in value.
According to the Metro Denver Economic Development Corporation, the average single family home price in Denver appreciated to $307,170, while the median price of an existing single-family home in Metro Denver rose to $245,600. First this tells us that more than half of homebuyers are paying less than average prices for a home in Denver. Second, this tells us that there are a wide variety of homes on the market, since more than half the homes cost significantly less than average, and that the homes on the upper end are so costly that they have pulled the average price up to more that $60,000 over the median price.
I regularly mail market reports to several Metro Denver neighborhoods and provide this data, based on the sales within a several-block radius of homes. This is the most accurate look at data for those homes. If you would like to receive this data for your home's neighborhood, don't hesitate to ask. It would be my pleasure to provide and discuss it with you.
Best Regards,
Marie
According to the Metro Denver Economic Development Corporation, the average single family home price in Denver appreciated to $307,170, while the median price of an existing single-family home in Metro Denver rose to $245,600. First this tells us that more than half of homebuyers are paying less than average prices for a home in Denver. Second, this tells us that there are a wide variety of homes on the market, since more than half the homes cost significantly less than average, and that the homes on the upper end are so costly that they have pulled the average price up to more that $60,000 over the median price.
I regularly mail market reports to several Metro Denver neighborhoods and provide this data, based on the sales within a several-block radius of homes. This is the most accurate look at data for those homes. If you would like to receive this data for your home's neighborhood, don't hesitate to ask. It would be my pleasure to provide and discuss it with you.
Best Regards,
Marie
Friday, July 21, 2006
Real Estate Investors - Read This!
The high number of Denver foreclosures makes this a Hot Market for investors. Real Estate brokers can help you take advantage of instant equity and can keep you abreast of the latest properties on the market.
One hint is don't price yourself out of the deal! Folks new to investing in this market may think that the low prices mean all "low-ball" offers will be accepted. This is not the case. Don't be the investor that walks away from a great opportunity.
A leading foreclosure website, realtytrac.com, recommends that investors work with a Broker to establish market values, learn about liens against the property and investigate repair costs that may affect property value. Once this value is established, offering a bid that is significantly less, may cost you the chance to own it. By all means, be conservative in your offer, but don't "low-ball" unless you're not really interested.
It would be my pleasure to help you learn more about purchasing foreclosed properties in Denver. We have the unfortunate lead in number of forclosures in the US. First-time homebuyers, investors, renters and those looking to slip into something more afforable would be well-served to talk with a Broker today.
Best Regards!
Marie
One hint is don't price yourself out of the deal! Folks new to investing in this market may think that the low prices mean all "low-ball" offers will be accepted. This is not the case. Don't be the investor that walks away from a great opportunity.
A leading foreclosure website, realtytrac.com, recommends that investors work with a Broker to establish market values, learn about liens against the property and investigate repair costs that may affect property value. Once this value is established, offering a bid that is significantly less, may cost you the chance to own it. By all means, be conservative in your offer, but don't "low-ball" unless you're not really interested.
It would be my pleasure to help you learn more about purchasing foreclosed properties in Denver. We have the unfortunate lead in number of forclosures in the US. First-time homebuyers, investors, renters and those looking to slip into something more afforable would be well-served to talk with a Broker today.
Best Regards!
Marie
Monday, July 17, 2006
Ft. Collins Colorado - America's #1 Place to Live!
We in Denver, might believe this "Best in America" location is actually a bit further south, 65 miles further south to be exact, but what an honor for Fort Collins and the Rocky Mountain lifestyle!
According to AOL Money and Finance, "Great schools, low crime, good jobs in a high-tech economy and a fantastic outdoor life make Fort Collins No. 1." These are the highlights of the good life, to be sure. What most Coloradans, and Americans, are looking for are just these things. I am currently working with several buyers and daily I hear that being close to good jobs, education for their children, fantastic values and recreation are so important to finding the right place to live.
Here in Denver, with our incredible sports teams, vibrant arts scene, fantastic shopping and dining, we enjoy the best life has to offer. Feeling "at home" is in the little things. One of my buyers wants to get her children into a great private Catholic school. The Archdiocese of Denver (learn more at: www.archden.org) lists 48 Catholic schools for her to choose from. Children attending secular private schools in Denver are equally well-served and this takes place against the backdrop of Denver Metro public school education: some of the best and most innovative programs anywhere in the world!
Whatever your interest is, we have it here and that's why this area is certainly the best place to live in America.
According to AOL Money and Finance, "Great schools, low crime, good jobs in a high-tech economy and a fantastic outdoor life make Fort Collins No. 1." These are the highlights of the good life, to be sure. What most Coloradans, and Americans, are looking for are just these things. I am currently working with several buyers and daily I hear that being close to good jobs, education for their children, fantastic values and recreation are so important to finding the right place to live.
Here in Denver, with our incredible sports teams, vibrant arts scene, fantastic shopping and dining, we enjoy the best life has to offer. Feeling "at home" is in the little things. One of my buyers wants to get her children into a great private Catholic school. The Archdiocese of Denver (learn more at: www.archden.org) lists 48 Catholic schools for her to choose from. Children attending secular private schools in Denver are equally well-served and this takes place against the backdrop of Denver Metro public school education: some of the best and most innovative programs anywhere in the world!
Whatever your interest is, we have it here and that's why this area is certainly the best place to live in America.
Saturday, July 08, 2006
Welcome to the Mile High Real Estate Guide
The Mile High Real Estate Guide is the place to visit if you are looking to buy or sell Real Estate in the beautiful Denver Metropolitan Area.
Enjoy an informal but informative ongoing discussion of the Real Estate market here in Denver, the buying process, the selling process and a look into what makes this area special. Consult with the insurance, tax, legal, real estate, appraisal, lending and investment experts who make this blog the place to come for expert advice. Share your experience and input and enjoy learning about Denver's best parks, restaurants, real estate buys and learn how others are enjoying life here in the incredible Rocky Mountains.
Best Regards, Marie
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