Howdy Folks!  It’s just about mid January here in Denver and that can only mean one (of many) things.  It’s Denver stock show time.  Actually, it is more than halfway though the National Western Stock Show & Rodeo here in Denver, which is why you need to go and check it out.  If you have never been to a rodeo or up close with real livestock and cowboys, then you are in for a real treat!

This is the real deal.  These animals are huge, beautiful and a bit intimidating to a city slicker like myself.  Never fear, there is always the smaller animals for the kids of the more intimidated big kids.  As far as the rodeo goes, these are the best of the best competing here.  There are rodeo’s for all types of fun, including ProRodeo featuring some of the world’s best bronco and bull riders.  This is a thrill to see live if you haven’t ever seen it.  The power of the animals is stunning and the courage and strength of the riders is awesome.  The skills of the horseback riders is amazing and of course, the clowns.  They bring us a laugh but also serve a very vital role in the protection of the cowboys.  Their courage behind the mask is incredible.

The stock show has something entertaining for everyone.  Cowboy or not, it is a lot of fun!

 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.

In just about every Denver zip code, the inventory contains a certain share of distressed property which can have some effect on the values of the neighborhood.  Some areas of the Denver real estate market struggle with this more than others and in some cases the numbers of distressed property can significantly devalue and entire area.

photo courtesy of respres – Flickr Creative Commons

It is difficult these days to find very many neighborhoods without some of the inventory being bank owned, pre foreclosure, short sale, etc…in other words, a distressed property. What kind of effect do these properties have on the value of the neighborhood?  Typically they are priced lower than the other property in the neighborhood, sometimes a lot lower.  If there are just one or two in the neighborhood, it may not drastically impact overall values, but it may to some degree.  If there are several, or in some cases, predominantly distressed property then the values will usually decline significantly.  Good for some, bad for others.

Many of the homes become less cared for or uncared for, causing an eyesore for the rest of the neighborhood.  Especially in the summer months, these homes often become vacant and the water turned off.  In this scenario, about the only thing that grows are the weeds.  Usually, lots of them.  Neighbors aren’t happy, they have to look at the yard every day and watch it devalue their own home.  Not good.

So is this good for anyone? Unfortunately the economy and the effects of unemployment and a housing crisis has caused so many typical, average homeowners to find themselves in financial difficulty, many of which struggled hard to maintain their dream and ultimately had to give way to pressure of finances.  Homes fall into foreclosure and the effects are mentioned above.  Who can win?

Investors.  People or companies that find themselves in a fortunate position to be able to purchase and renovate these distressed properties for pennies on the dollar at times.  They clean up the home and the yard, get new owners or renters in the house and help restore the area in a small way.  Who else wins?  Buyers.  Normal buyers looking for a new home.  Often these distressed homes can offer affordability to a buyer and with some sweat equity, they too improve the area and take advantage of the opportunity.

If you may be looking to invest in real estate in Denver, or maybe just buy your first home or a move up, let me know and I would love to help.  There are opportunities out there and it is an incredible time to take advantage.  Not to mention the help you may be giving to the neighborhood.

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

 Well we’re into the second half of the year already so let’s look at July’s figures.  I see a lot of RED!  Understandably, the inventory levels are less than in previous years but let’s not get caught up in all of that.  Let’s look at what we have right now.  To me it looks pretty good.

Sellers in most South Denver real estate zip codes are looking at fairly low months of inventory.  Sellers in areas such as Parker, Highlands Ranch, Lone Tree and Englewood all enjoy a seller’s real estate market.  Like I always say however, an overpriced home in less than good condition will struggle to sell in any market.  So sellers need to stay focused on price and condition.

Buyers never fear!  There is still enough inventory out there for you to find the perfect home.  Take advantage now of these all time low rates which improve your buying power tremendously based on mortgage qualification and monthly payments.  If you find the home you like, act on it.  It is a great time to buy, really.

If you are looking to buy your next home or maybe sell your current home, please contact me and let’s see how I can help.  I’m active in the market and stay current on real estate values and trends.

720-849-6101