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Top 10 Best Cities for Home Sellers
Four factors are widely seen as affecting whether a housing market is a good one for sellers: job growth, amount of new construction, vacancy rates, and credit availability.
Forbes magazine used a variety of resources to determine how the country’s 40 largest metro areas fared according to these measures. The result is this list of top 10 cities for sellers.
San Jose, Calif. Because of a tough regulatory environment, new home construction dropped 63 percent last year.
San Francisco. When the conforming loan limit recently jumped from $417,000 to the maximum $729,750, that made credit much easier to get for many of the city's homebuyers.
Salt Lake City. The 3 percent annual job growth rate, paired with a declining inventory of existing homes and one of the nation’s sharpest declines in construction made this market a good one for sellers.
Austin, Texas. Texas is very affordable, plus the city has the nation’s fastest job growth at 4.1 percent.
Kansas City, Mo. The number of unsold, vacant houses dropped by 40 percent last year.
San Antonio, Texas. Jobs are growing by 3 percent and construction starts have dropped by 42 percent.
Denver. The 49 percent drop in construction starts paired with the 2 percent rise in new jobs are good news for sellers.
Providence, R.I. Vacancy rates at 1.6 percent combined with a 42 percent cut in inventory help sellers.
Charlotte, N.C. Moderate prices and strong job growth bode well for sellers.
Seattle, Wash. Strong job growth and a 42 percent decrease in new home construction are good news for sellers.
Source: Forbes, Matt Woolsey (04/07/2008)
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Forbes: Denver 7th-best for home sellers, an article from the Rocky Mountain News, reports that according to Forbes magazine's study of 40 large metro areas, Denver is the 7th-best city in which to sell a home. Forbes.com said, “Overbuilding and a high foreclosure rate stymie Denver’s housing market, which last year saw a 6.3% drop in prices. Still, area homes are selling, and the vacancy rate, while still at a pro-buyer 3%, last year shrunk by 20%. The 49% drop in construction starts, the 12th-largest cut in the country; and 2% rise in new jobs, the 9th-highest rate in the country; are good news for sellers.” Each city was ranked by its 2007 unsold vacancy rate, calculated by the U.S. Census American Housing Survey, and how much the market had tightened or loosened when compared with 2006 conditions. The report also took into account construction starts, job creation, and the degree to which new conforming loan limits from Freddie Mac and Fannie Mae would improve each market's lending conditions.
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Silver Lining For Housing Market On Colorado's Front Range, a story from cbs4denver.com, reports that there's a silver lining for Colorado's Front Range, despite the downward trend of the national housing market. According to real estate experts, metro Denver has been pretty stable compared to the rest of the country and is poised for a quicker recovery. Glenn Mueller, University of Denver Real Estate Professor said, "Job growth that actually creates demand for housing is actually as good or better than many other places in the country, so on the demand side, things look relatively good." Real estate brokers say while prices have dropped a few percentage points, there's other indicators that should give home sellers a reason to feel optimistic. Professionals said, "February of 2008 versus February of 2007, the number of homes under contract is up almost 7 percent. The average days on the market, which is an important factor for sellers, is down 11 percent."
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• 2,352 sq. ft., 2 bath, 3 bdrm 2 story -  MLS® $355,550 Southcreek, Englewood - This Beautiful Home Is Situated Just Minutes From E-470. Property information
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Note that this information is outdated. Join us on February 16th at 9:00 am for our tour! The “Foreclosed Homes Tour” is FREE! Coffee and donuts will be served before we leave and a light lunch will also be provided!
Free 24hr Recorded Information....1-888-565-3948 ext. 105 HTT Realty is a full service Real Estate firm located in south east Aurora, but we service the entire Denver Metro area. We are made up of a diverse group of Real Estate professionals with specialized knowledge in residential, Investment and Commercial properties in the Denver and Aurora area. Read More
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Daily Real Estate News | January 25, 200830-Year Mortgage Rates Fall to 4-Year Low
Housing industry observers are hopeful that the recent decline in mortgage rates will lead to a recovery in the market.
Freddie Mac reports that interest on 30-year, fixed loans fell for the fourth straight week, landing at their lowest level in nearly four years.
Economists say mortgage rates averaged 5.48 percent for the week ended Jan. 24 -- down from 5.69 percent a week ago -- because of the latest reports about the economy and because the Federal Reserve made its biggest cut in 20 years to a key interest rate.
Freddie Mac also reports that rates on 15-year mortgages declined to 4.95 percent from 5.21 percent, rates on five-year adjustable-rate mortgages dropped to 5.13 percent from 5.4 percent, and rates on one-year ARMs slipped to 4.99 percent from 5.26 percent.
Source: Baltimore Sun (01/25/08)
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***FHA Special Sales Incentives***
We are pleased to announce a special sales incentive for owner occupant purchasers who will be utilizing FHA financing. HUD is currently offering a $100 Down payment initiative. The $100 down payment is for owner occupants (Any individual who purchases a HUD home as their primary residence for at least 12 months after closing and who has not purchased a home from HUD as an owner occupant in the past twenty four months) purchasing a HUD Home with FHA financing, with full price offers. This incentive is also available to owner occupant purchasers who obtain an FHA Home Repair loan. It’s a great time to Purchase a HUD Home with FHA financing. This special sales incentive will be offered beginning with new and re-listed properties beginning November 23, 2007
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The top economist for the National Association of Realtors on Wednesday offered a positive prognosis for the Denver-area housing market. According to an article in the The Denver Post 01/17/2008
While the housing market is in the dumps nationally, it's important to remember that all real estate is local, Lawrence Yun told those attending the 2008 Real Estate Forecast in Lakewood, sponsored by the Jefferson County Association of Realtors.
"It's nonsensical to concentrate on the national figure," Yun said. "Local information is far more relevant."
Last year, prices declined 2 percent nationally, the first nationwide price drop since the Great Depression. But in Denver, prices were up slightly from 2006.
"There's too much focus on the national figures," Yun said. "National figures can dampen consumer confidence." The boom in Denver's housing market occurred from 1999 to 2001, when the technology industry was thriving. But nationally, the housing boom started in 2001, and the decline didn't begin until 2006.
"Denver is one of the markets to watch," Yun said. "Austin (Texas) already has seen a boom. Denver will be among the next markets to see a boom."
Worst is behind!
While Yun was mostly positive on Denver's outlook, the issue of foreclosures remains. With about a 1.8 percent foreclosure rate, Denver is keeping pace with the national average, according to Yun. Michigan, Indiana and Ohio are faring worse, with foreclosure rates above 3 percent.
The subprime-mortgage crisis already is a thing of the past and should not affect the housing market going forward, Yun said.
Nationally, subprime mortgages represent just 9 percent of outstanding loans but account for 53 percent of foreclosures.
"The subprime mess is a Wall Street mess," Yun said. "They made a huge gamble, and they lost. Subprime is a past event that's unrelated to homebuying."
Bob Golden, chief executive of the Colorado Association of Realtors, said most of what Yun said doesn't surprise him.
"We've had a dip, and it's likely we'll pull out of it," Golden said. "We haven't seen those spikes in values other markets have, so we're not seeing dramatic drops.
As long as you're staying in a home for the long haul, appreciation up and down doesn't have a dramatic effect if you're not using it as a cash vehicle."
By Margaret Jackson
The Denver Post
Article Last Updated: 01/17/2008 03:54:01 AM MST
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Larkspur, Douglas County - Announcing a price reduction on 5980 South Pike Drive, a 2,510 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $325,000 - WOW! Almost a full Acre!. Property information
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Tallyns Reach, Aurora - We invite everyone to visit our open house at 24761 East Ontario Drive on December 22 from 11:00 AM to 4:00 PM. Property information
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Tallyns Reach, Aurora - We invite everyone to visit our open house at 24761 East Ontario Drive on December 23 from 11:00 AM to 4:00 PM. Property information
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Tallyns Reach, Aurora - Announcing a rent/lease reduction on 24761 East Ontario Drive, a 3,053 sq. ft., 3 bath, 4 bdrm 2 story "Contemporary". Now MLS® #561662 $2,375 Monthly - Or "Purchase for $465,00". Property information
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Tallyns Reach, Aurora - We invite everyone to visit our open house at 24761 East Ontario Drive on December 9 from 11:00 AM to 3:00 PM. Property information
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Tallyns Reach, Aurora - We invite everyone to visit our open house at 24761 East Ontario Drive on December 8 from 11:00 AM to 4:00 PM. Property information
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Fronterra Village, Commerce City - Announcing a price reduction on 9807 KITTREDGE, a 4,437 sq. ft., 3 bath, 3 bdrm ranch. Now MLS® #464631 $335,000 - . Property information
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