So maybe you have been curious about the Highlands Ranch real estate market now that we are into the “slow season”.  Looking at the data above for the last 3 months, it may have already been the “slow season”.  I haven’t posted these statistics since August, so I thought I would share the data with you.

The good news is that the Highlands Ranch real estate market is not flooded with inventory.  In fact, it is pretty low with inventory at this point.  Same is true with the broader regional market. In every price range in the chart, with the exception of the above $900K range, there is less than 2.5 months of inventory! WOW.

Sellers: inventory levels are in your favor.  If you are on the market, remain competitive on price, condition and allow showings.  I know the holiday season is already stressful, however with way slower sales you need every potential buyer looking at your home and impressed with what they see.  There is not as much competition with other sellers, but with so few buyers it’s all relative anyway.

Buyers: inventory levels are not in your favor. Interest rates still very much are! Your buying power is strong, but don’t expect sellers to just give away the home.  They are probably already priced effectively.  With fewer homes to choose from, don’t procrastinate.  If it is the home for you, buy it.  Who knows if inventory will dramatically increase, or when.  Your buying power is at an all time high now.

If you are looking to buy or sell real estate in Highlands Ranch, please let me know.  I can help.  I live here, work here and know the market. I’ll be honest, fair and exceed your expectations.

 August 2011 Denver real estate market statistics by zip code.

Little late posting this, but I had made & saved the chart, so I may as well as I know there are those out there that like to compare the numbers of home sales prices.

Denver area & suburbs real estate statistics for September – November 2011 coming right up.

If you’re looking to sell or buy in Highlands Ranch or anywhere in the Denver area, contact me I would love to help.

If you have been looking to buy a HUD owned home here in Denver and maybe times are a little tight on cash for you right now, well HUD just announced that effective immediately, all accepted offers beginning October 19, 2011 will be available for $100 down payment!

This HUD incentive is available for the next 12 months here in the Denver Real Estate market.  There are some requirements of the program of course.  Primarily, this incentive is NOT for investors.  This is a HUD program for owner occupant buyers using FHA insured financing and purchasing at the full current list price.

Loan amounts can’t exceed the full purchase price and there are other details to the program.  So for the most part, you will need some money, but with this program very little!  This is a great way to buy a HUD home if you need some help getting into a home and beginning to set yourself on the path to home ownership.

If you would like more information on this great HUD incentive program, please contact me and I would be happy to help.  Also, if you would like help finding a HUD home in the Denver market, I can certainly help with that.  Since the program requires the contract to be at full current list price, you want someone in your corner to make sure values are there and help guide you through this process.  I can help.  Give me a call, text or email.

Highlands Ranch real estate inventory remains pretty low again this month. There is less to choose from and fewer buyers making these choices.  Surprisingly, since interest rates remain at all time lows and sellers are mostly pricing very competitively.  Another sign of the times, I think, with concern about the economy in general. The months of inventory for homes priced above $500k have crept up some making the switch to a buyer’s market for the most part, with the exception this month for the $900k-$1M market.

So now more than ever, sellers need to stay focused on price, condition and keep in tune with the market. We’re winding down the summer season and heading into Fall. There are still plenty of folks that want to purchase their home this year and settle in before the holidays.  So keep competitive and ready.

Buyers can still take advantage of the biggest factor in leveraging your purchasing power, interest rates! Rates impact buying power far more than typical price adjustments.  So with less inventory to pick from, when you find the right home it is a great time to “pull the trigger” and make it happen. The best inventory still sells the fastest, always.

If you’re looking to sell or buy in Highlands Ranch or anywhere in the Denver area, contact me I would love to help.

I get many questions working with Denver real estate clients or Highlands Ranch homes sellers and buyers that have to do with the real estate contract.  Some issues and questions relate only to Colorado, others are more broad.  This real estate contract series addresses those questions.

Real Estate Transaction Series: Posession

So you have a contract coming in on your home and there will be a lot of details to consider when handling that offer. One of the details will be a possession date and time. Of course there will be the all important closing day but that isn’t always the day the buyer gets possession, at least not here in Colorado.  Here we fund the closing at the table and there is no required escrow period.  Therefore, the buyer could be allowed possession immediately at closing.

The possession date and time is negotiated in the contract and agreed upon by all parties. With that said, let’s give it some food for thought.  Often times the seller would prefer some time after closing to allow possession to the buyer, typically 48 hours or so after closing.  In fact, that is often indicated in the MLS  for other agents to see and know the seller’s preference.  Keep in mind, everything is negotiable depending on which point of view you see the situation.

For the seller, allowing possession after closing can provide some desirable breathing room to finish up the packing and final clean up, not to mention the comfort of knowing that the closing actually took place before completely moving out of the house.  After all, what if something happens, even at the closing table and you still own the home now with all your belongings in a truck?  Yikes!

For the buyer, this is such an exciting time usually and you can’t wait to get into your new home and start making it your own.  Besides, if the seller is still in the house moving out, what if they accidentally damage it or worse?  Not to mention the fact that since closing you’re now paying for it and not living in the house.

So what to do?  There are strong reasons for both sides of the story. Most transactions are flexible with sellers and buyers working out an understanding.  In some cases possession time may be set and required by a third party such as a bank or relocation company.  It’s up to a buyer to agree to that.  In most cases, allowing possession at closing is probably the least troublesome way to go as far as potential liability is concerned.  In any case, if possession will not be at closing a best practice might be to have a written agreement, much like a rental agreement, set forth and agreed to before closing.  Perhaps this agreement may have a deposit made part of it which lends to some level of security.

There is a lot to consider in all parts of a real estate transaction.  After all, our contracts here are now over a dozen pages long, typically with many addenda to accompany it. Possession time is but one small yet very important detail to the whole transaction.

Note: This article is intended to provide general information and is not intended to provide specific advice.

The Real Estate Transaction Series | Posession is one of several posts on the subject of real estate transactions.

You can also read the others as well here:

The Real Estate Transaction Series: The Closing

The Real Estate Transaction Series: Final Walk Through

The Real Estate Transaction Series: Deadlines and Dates

The Real Estate Transaction Series: HOA Matters