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October 1, 2007
Troubled Housing Market: Fact or Fiction
by Corey Wadley, Broker-Owner
Nostalgic Homes
We hear it all around us, in the papers and on the evening news; metro Denver home sales are in a slump, foreclosures are at record levels, and the Denver housing market is stagnate. What those news sources fail to mention, however, is that “metro” Denver includes the surrounding suburban counties, many of which have a set of troubles all their own, and Denver County is still seeing an upward trend in home sales and sales prices.
According to the latest National Association of Realtors (NAR) Housing Market Report, the City and County of Denver has yet to see any significant fallout from what is seen nationally as a downward trend in the housing market, exacerbated by the loss of many prime and sub-prime lenders. The 2nd quarter of 2007 saw an average sales price gain of 4.4% over the previous quarter to an average price of $299,100, a housing market that NAR surmises from Metrolist statistics to be neither a Buyer nor Seller’s market.
Many sought-after neighborhoods, such as Highlands, continue to show healthy growth and steady appreciation. East Highlands, area code 80211, saw 36.79% more homes sold in the second quarter of 2007 than in the same quarter of 2006. West Highlands, area code 80212, saw 16.67% more homes sold at an average of 99% of asking price, and an average price gain of 7.31%. Congress Park, zip code 80206, saw 69.89% more homes sold than in the same period last year. The Five Points/Curtis Park/Whittier neighborhoods, zip code 80205, nearly doubled the amount of homes sold, and zip codes 80218, 80231, and 80237 doubled, and nearly tripled, their number of homes sold as compared to the same period last year. Hilltop/Virginia Vale, zip code 80246, saw an average price gain of 86.16% to an average of $702,200 with a 33.33% gain in number of homes sold and received an average of 96.6% of asking price. Does this sound like a troubled market to you?
Selling Your Home: A Full Service Broker Will Maximize Your Gain
Even with continuing strong sales, there is an abundance of inventory on the market, and some of it has been around for a great deal of time. A home rarely sells simply because it’s listed. Gone are the days of a single distorted photograph on the MLS enticing a prospective Buyer to go see a listing. What will make your home stand out from the rest? A full service broker should first create the internet and print media marketing that will ultimately drive traffic through your home. Second, they should guide you in setting the stage inside your home for capturing the heart of a Buyer. Third, a full service broker should advise you, and guide you to a successful close feeling satisfied that you achieved the maximum possible gain in a reasonable amount of time.
Here’s why you should choose Nostalgic Homes:
1. Throughout metro Denver, Nostalgic Homes sells their residential listings at an average price 8% higher in 39% less time, and sells 65% more of its own listings than the average real estate office.*
2. In Northwest Denver, Nostalgic Homes’ 22 agents account for nearly 1/5 of the total residential sales volume. Our listings sell there on average at a price 35% higher in 30% less time, and we sell 83% more of our own listings than the average real estate office.*
*Source: Metrolist
The bottom line is, a full service broker will likely enable you to hold on to a great deal more of your net proceeds. The gains that a company such as Nostalgic Homes will reap for you through marketing, preparation, and counsel far outweigh the commission savings that a “discount” or “limited service” broker may offer. Call Nostalgic Homes today for a free evaluation of your home’s value and/or your purchasing power in today’s market! (303) 455-5535 www.NostalgicHomes.com
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