Should I Buy or Sell During The Holidays?

IMG_0067“For the seller, they’re giving up their home where they have all of these attachments. For the buyer, it’s about painting a picture of their new lives and then carrying them through the whole process to a positive result.” – Sally Foster Jones, SFJ Group.

The song “Let it snow” has the words, “Oh the weather outside is frightful. And the fire is so delightful,” but buying or selling a home during the holidays can be a good idea.

Here are a few things to think, whether you’re a seller or a buyer, during this holiday season.

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How long do I have to wait to puchase a home after a Bankruptcy?

IMG_0842I get many questions from buyers wanting to purchase a home after they have had a bankruptcy, Short Sale, Deed-in-lieu of or Foreclosure, regarding how long they need to wait to qualify for a new mortgage.

The answer depends on what type of program you are using to finance a new property. Of course there could be some extenuating circumstances that could change the time frame, that is why it is a good idea to talk with the mortgage loan officer to get all the facts.

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What’s Happening In The Denver Real Estate Market

Here are some quick highlight of what is going on in the Denver Real Estate Market for the month of July.www.Culliscoloradohomes.com -  Grant Circle

  • In July 2013 50.6% of closed transactions went for at or over their asking price compared to 55.5% in June of the same year.
  • In July 2013 38.7of closed transactions went under contract in 7 days or less compared to 42.7% in June 2013

Here are some interesting market activity: These figures represent Single Family Homes

  • July 2011 there were 14,014 Active Homes on the market
  • July 2012 there were 9,087 Active on the market Homes
  • July 2013 there were 8,286 Active homes on the market
  • July 2011 Under Contract Homes were 3,386
  • July 2012 Under Contract Homes were 4,181
  • July 2013 Under Contract Homes were 5,752
  • Sold Homes in 2011 3,082
  • Sold Homes in 2012 3,713
  • Sold Homes in 2013 4,857

Which means that inventory is down -8.81% from July 2012

  • The average days on market is 37 days and this is in all price ranges, with the shortest days on market in 24 days in the price range of $200,000-$399,000 with the largest days on market of 135 days in the price range of 1M-3M. This is for residential properties in the Metro Denver area.

So what does all these number mean. If you are a seller it is a good time to sell, especially if you have been putting off selling the last few year. Do remember that pricing your property right the first time your property will go under contract faster and possibly for a higher price, netting you more money. Of course, you will take into consideration condition, location, what has sold in the neighborhood, etc.

Curious about what your property would sell for in today’s market? Visit CullisColoradohomes.com  and visit the Market Insider tab to see what is happening in your neighborhood. Ready to make a move contract me, Ruth Cullis

Until next time!

Ruth A. Cullis

 

*Based on information from Metrolist, Inc. for the period shown above. This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc does not guarantee nor is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market.

Mortgage Rates At An All Time Low

The last time we saw rates this low was 1972. Where were you in 1972? Where you  a baby? Just starting school ? Or just a twinkle in the eyes of your parents, maybe not even a twinkle. So, if you missed the first round of  low rates this is the time to buy. Sure I have had many people say it’s a tough time to buy, the banks are not lending money, it’s harder to get a loan. Well, yes the rules have changed some but, people are out there buying homes. If you missed out on the tax credit, that’s okay, you can buy more home now then you could during the summer.

So you may be wondering what, when and how can I purchase a home? You can get all those questions answered with the Home Buying Seminar scheduled for Saturday, September 11, 2010. Bring your questions and get the straight scoop. Call me to RSVP 303-944-2626.