MLS Statistics September 2009

 

		% Change vs
	Sept 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	19,834	-   1.93	-  17.09
Under Contract	5,228	-   0.38	-   0.78
Sold	3,846	-    1.51	-   9.82
Avg DOM	96	2.36	-   0.27
Avg Sold Price	$251 ,112	0.04	4.88
Residential
Active	15,046	-   1.67	- 18.65
Under Contract	4,029	-   1.88	-    5.04
Sold	3 ,001	-   2.12	– 10.84
Avg DOM	96	2.13	1.05
Avg Sold Price	$274 ,433	0.17	5.50
Condominium
Active	4,788	-  2.74	– 11.77
Under Contract	1,199	4.99	16.86
Sold	845	0.72	-   6.01
Avg DOM	97	-  1.02	-   4.90
Avg Sold Price	$168,288	0.72	3.91

© 1998-2009 Metrolist, Inc. All rights reserved

Help for Denver Homebuyers

If you are buying a home in the City and County of Denver in the near future, you will be eligible for a federal income tax credit.

For the life of the loan, 20% of the interest on your mortgage loan will be returned to you in the form of a tax credit.

The Mortgage Credit Certificate Program is anticipated to last through December 31, 2011, but if the $25,000,000 available is used before then, the program will cease.

Available to first time buyers (defined as persons who have not owned real estate for 3 years), the program also has income limits and purchase price limits.  Non-first time buyers are eligible for the program if they purchase within one of several targeted areas in Denver.

For families of 1-2 persons, maximum income limits are $88,600 if the home is in a non-targeted area, and $91,200 for a home purchased in a targeted area.

For families with 3 or more persons, the income limits are $101,900 and $106,400.

Homes in non-targeted areas must have a maximum price tag of $354,900.

Homes in targeted areas can cost up to $433,800.

This program requires that the buyer attend a class and receive a certificate once completed the course.

Qualifying for this program does not preclude your eligibilty for the $8,000 federal tax credit that is currently available through November 30, 2009.

For more information on MCC, please click here.

If you’d like to be put in touch with one of the mortgage lenders that is participating in this program, please give me a call or email me.

to sell or buy, call…

DEBBIE PALLAI

www.debpallai.com

debpallai@comcast.net

MLS Statistics July 2009

		% Change vs
	JUL 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,890	0.18	-18.63
Under Contract	5,286	-6.67	-10.07
Sold	4,440	6.07	-13.33
Avg DOM	100	0.37	2.87
Avg Sold Price	$252,727	-2.21	-3.62
Residential
Active	15,830	0.25	-20.00
Under Contract	4,198	-6.04	-11.88
Sold	3,484	4.69	-16.13
Avg DOM	98	-2.97	1.03
Avg Sold Price	$276,654	-2.35	-2.54
Condominium
Active	5,060	-0.06	-14.02
Under Contract	1,088	-9.03	-2.33
Sold	956	11.42	-1.34
Avg DOM	109	12.37	9.00
Avg Sold Price	$165,530	2.22	-2.33

© 1998-2009 Metrolist, Inc. All rights reserved

to sell or buy, call…

DEBBIE PALLAI

debpallai@comcast.net

www.debpallai.com

MLS Statistics June 2009

		% Change vs
	JUN 09	Prior Month	Year Ago
Single Family (Res + Cond)
Active	20,853	0.57	-20.12
Under Contract	5,664	6.01	-10.21
Sold	4,186	15.38	-13.60
Avg DOM	100	-4.59	3.40
Avg Sold Price	$258,434	6.34	-3.21
Residential
Active	15,790	0.77	-21.46
Under Contract	4,468	3.88	-12.24
Sold	3,328	16.49	-13.49
Avg DOM	101	-2.88	7.45
Avg Sold Price	$283,312	8.11	-1.25
Condominium
Active	5,063	-0.04	-15.60
Under Contract	1,196	14.78	-1.73
Sold	858	11.28	-14.03
Avg DOM	97	-11.82	-10.19
Avg Sold Price	$161,939	-6.10	-14.93

© 1998-2009 Metrolist, Inc. All rights reserved.

 

Radon: what is it? why should you care?

You can’t smell it.  You can’t taste it.  You can’t see it.

Radon is a naturally occurring radioactive gas that causes cancer.  It is the  leading cause of lung cancer among non-smokers in the United States.

Radon can be easily detected and mitigated.

When you are purchasing a home, have your home inspector do a radon test.  If the readings come in higher than 4.0, have a radon mitagation company fix the problem.  It is relatively inexpensive both to test for radon and bring the levels within EPA standards.

You can test your home yourself.  Home testing kits are available in many home improvement stores.

Click here to learn more about radon.

debpallai@comast.net

www.debpallai.com

Proposed Changes to Homebuyer Tax Credit

The Wall Street Journal reported on June 11th that a bill to expand the homebuyer benefit has been introduced in the Senate. 

The bill would increase the tax credit to $15,000 from the current $8000 credit for first time buyers.

The proposal would lift the income maximums and apply to all homebuyers, not only first time buyers.

The current tax credit applies to first time buyers only.  First time buyers are  defined as anyone who has not owned real estate for 3 years.  Current income limits are $75,000 for a single person and $150,000 for a couple.

The current tax credit for first time buyers is set to expire on December 1. 

While the proposed legislation has the potential to improve the real estate market, the elimination of income restrictions is controversial.

The bipartisan bill is estimated to cost another $35.5 billion over the $2 to $3 billion the current measure is expected to cost.

debpallai@comcast.net

www.debpallai.com

3 Lenders Suspended by FHA

FHA cracking down on violators

Three lenders, Golden First Mortgage Cop., Beneficial Mortgage Corp., and Great County Mortgage Bankers are being investigated for allegedly violating FHA regulations.  They are prohibited from originating FHA loans until the investigation is complete.

The suspension is likely to have a serious impact on the volume of loans these companies originate, as FHA loans are currently very popular. 

FHA has increased its vigilance against unscrupulous lenders.

For more details, and further links, click here.

debpallai@comcast.net

www.debpallai.com

Mixed Denver Real Estate Indicators

McStain Enterprises Fails

Showings up

Foreclosures and late payments up

Denver in better shape than most other cities

McStain Enterprises has filed for bankruptcy.  The Louisville, Colorado company, known for its sustainable building practices and quality construction, could not survive the housing downturn.  They report having had no sales from July through December of 2008.

On a more positive note, the Real Estate Resource Center, a local showing service, reports setting more showings on May 29th of this year than on any other day this year.  This could be a seasonal adjustment and/or an indication that more buyers are entering the market.

Some adjustable rate mortgages, which historically adjust upward, will be adjusting downward.  This will lower the monthly payments on those mortgages, and may allow some homeowners to stay in their homes.

Nationally, approximately 12% of homeowners are currently behind in their mortgage payments or in foreclosure.  This is a record high since 1972, when statistics were first kept.

On May 26, 2009, The Denver Business Journal reported that Denver is one of 2 cities out of 20 that saw a small uptick in home prices (.10%) in March 2009 over February 2009.  Denver prices declined in March 2009 over March 2008 by 5.5%, the smallest priced decline in the 20 cities surbeyed.  The average price reduction in the 20 cities from March 2008 to March 2009 was 19.1%.

Some are predicting that Denver will recover from the real estate crisis before other cities.  Indicators are mixed.  We’ll see.

www.debpallai.com

debpallai@comcast.net

Walk Score Comes to Denver Metrolist

Denver Metrolist has added a new field to its program:  walk score.

Brokers can now search for homes for their clients by putting a minimum walk score into the search parameters.

A home’s walk score is calculated by locating nearby stores, parks, restaurants and more. 

Metrolist is responding to the growing demand by some buyers to purchase homes in neighborhoods where their environmental footprints will be reduced.  The demand for homes that are located in areas where one can live a car-light or car-free lifestyle is increasing.  Although public transportation is not part of the walk score calculation, light rail has added to the consciousness about this issue.

The higher the score, the less driving required to live in the neighborhood.

• 0-24       Car-dependent.  Virtually no destinations within walking distance.
• 25-49     Car-dependent.  Few destinations within walking distance.
• 50-69     Somewhat walkable.
• 70-89     Very walkable.  It is possible to manage without a car.
• 90-100   Walkers paradise.  Most errands can be done on foot and many folks in the neighborhood don’t own cars.      

For more information go to www.walkscore.com.

If you’d like help calculating the walk score of your current home, please email me at debpallai@comcast.net or call me at 303–883-8837.

Neighborhood Profile: Heather Gardens

Yale Avenue and I-225

A community designed for active adults, Heather Gardens offers townhomes, patio homes and high-rise condominiums.

Located on almost 200 acres, the amenities are numerous, and the community activities abundant.

Amenities include:

• Community center with indoor and outdoor pool
• Auditorium
• Restaurant and bar with dance floor and banquet facilities
• Crafts rooms
• Workout rooms with men’s and women’s locker rooms
• Tennis courts
• Billiard room
• Ping pong room
• 9 hole golf course
• Putting green
• Meeting rooms
• Off-campus trips
• Classes including:  ceramics, bridge, aerobics, dance, yoga, woodworking, painting, pilates and more.

24/7 security.

Dogs and cats permitted.

Heather Gardens