Happy New Year

 

Hello and Happy New Year,

 

I hope you are keeping warm today.  I am writing this on MLK Monday when the temperature in Morrison is -6 degrees but feels like -24.  I am so anxious to get up skiing in all this powder, but the roads are closed. If anyone wants to ski the Jane with me later this week, let me know.

 

Even though it’s cold outside, the real estate market is starting to heat up.  Interest rates have gone down a bit and the Spring selling season is right around the corner. Actually, this is a great time to list your house because inventory is still low.  People are just now preparing their homes to list but if your house is ready, I say pull the plug and list before everyone else does. The Buyers who are serious will be looking. Call me if you need any help getting ready.  My staging advice is always complimentary.

 

Every year I enter the HGTV sweepstakes in hopes of of winning something.  It only takes a sec to enter each morning, so there’s no harm in trying.  Here’s the link in case you don’t have it.

 

 

 

 

 

I have won lots of things over my lifetime because I enter things.  You’ll never win the lottery if you never buy a ticket.  Remember the old fishbowls that businesses would set out so you could drop your business card in?  I have won many lunches, dinners and even once, a beautiful lamp from a furniture store. If I hadn’t filled out the entry to try out for Wheel of Fortune, I would never have been selected to go on the show. Just in case you missed it, here is the link to my 15 minutes of fame with Vanna White, Pat Sajak and Bill Romanowski.

 

 

 

If you have stopped laughing, I’ll share some other real estate news with you.

• The average priced home in metro Denver in 1971 was $27,000!
• On average, home prices rise 6% per year, just a bit above inflation.
• Homes have gone up in price all but 4 years in the past 44 years!  So, just because we’re at record high prices DOESN’T mean prices have to fall next year.  People who expect that are wrong 90% of the time!

 

 

If you are planning to buy something – please read this.

 

Question: Do discounts change over a market cycle?  Should one ever “low-ball?”

Answer:  Not in this market!  In a very strong market properties tend to sell for close to asking price or even at a slight premium.  As inventory increases, discounts will slowly increase.  To the surprise of most sellers, buyers usually will not make an offer on an overpriced house.  They just move on to the next house.

 

Ideally, a house needs to be priced within 1-3% of final sales price to get any offers. Premiums from the hot seller’s market returned to slight discounts as expected.  Discounts for luxury homes have since pulled back below the average Denver home.  Over the past 12 months, homes that were priced right at initial listing (e.g., did not require a price reduction) sold in just 11 days on market.  Mispriced homes (that required a reduction) needed 55 days on market or FIVE times as long go get under contract.

 

On a more personal note, and because many of you on my email list may have aging parents and are their caretakers as well, I want to share that I have been taking care of my mom for the past several years. She has been living at The Ridge at Pinehurst (Quincy and Wadsworth) but now needs more care and will be living at Balfour in Littleton in their memory care area.  It’s beautiful there and I know they will take great care of her, but what a change this will be for her!  I’m happy to discuss these challenges further if any of you are encountering something similar or might be in the near future.

 

As always, feel free to contact me with any real estate questions or anything in general.  I love hearing from people.  I’m off to shovel my driveway now.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PLEASE LINK THE WHEEL TO: https://www.dropbox.com/s/jpqu4a3pa38096v/Jackie-compressed.mp4?dl=0

 

If you have stopped laughing, I’ll share some other real estate news with you.

• The average priced home in metro Denver in 1971 was $27,000!
• On average, home prices rise 6% per year, just a bit above inflation.
• Homes have gone up in price all but 4 years in the past 44 years!  So, just because we’re at record high prices DOESN’T mean prices have to fall next year.  People who expect that are wrong 90% of the time!

 

 

If you are planning to buy something – please read this.

 

Question: Do discounts change over a market cycle?  Should one ever “low-ball?”

Answer:  Not in this market!  In a very strong market properties tend to sell for close to asking price or even at a slight premium.  As inventory increases, discounts will slowly increase.  To the surprise of most sellers, buyers usually will not make an offer on an overpriced house.  They just move on to the next house.

 

Ideally, a house needs to be priced within 1-3% of final sales price to get any offers. Premiums from the hot seller’s market returned to slight discounts as expected.  Discounts for luxury homes have since pulled back below the average Denver home.  Over the past 12 months, homes that were priced right at initial listing (e.g., did not require a price reduction) sold in just 11 days on market.  Mispriced homes (that required a reduction) needed 55 days on market or FIVE times as long go get under contract.

 

On a more personal note, and because many of you on my email list may have aging parents and are their caretakers as well, I want to share that I have been taking care of my mom for the past several years. She has been living at The Ridge at Pinehurst (Quincy and Wadsworth) but now needs more care and will be living at Balfour in Littleton in their memory care area.  It’s beautiful there and I know they will take great care of her, but what a change this will be for her!  I’m happy to discuss these challenges further if any of you are encountering something similar or might be in the near future.

 

As always, feel free to contact me with any real estate questions or anything in general.  I love hearing from people.  I’m off to shovel my driveway now.