Author Archives: Kristal Kraft Denver Realtor

Free Resource Guide for Selling Your Home

Selling Your Denver Home

Questions to consider when selling your home

This year in the Metro Denver market we have had a strong appreciation, where home prices are returning to their former levels.  Many homeowners who were “underwater” with their mortgages are now finding they have equity.  This is good news because it opens up the opportunity for homeowners to sell.

Is now a good time to sell?

In a word, yes!  Due to the high demand for homes to purchase, sellers are enjoying a “seller’s market”.  A seller’s market is defined by the “days on market”.  When the days on market is 25 weeks or less (6.25 months), it is a seller’s market.  We go even further to define the seller’s market as “Extreme Seller’s Market” when the available inventory is from 0-12 weeks.

How do we calculate the number of weeks inventory?

This is a simple math calculation.  The number of homes for sale (during the month) is divided by the number of homes sold (during the month)=weeks of inventory.

This is not a perfect calculation as these numbers fluctuates as home come on the market. But still, it gives us good guidance as to know if values are increasing or decreasing.  This is important for a home owner to know when they are preparing to sell.

How do I determine the price?

As a Realtor, I can evaluate these numbers when preparing a pricing strategy for the home.  Looking at comparable sold properties that happened in the past is one portion of pricing equation.  One needs to evaluate the future home price based on demand.  The value could be significantly more if there is a great demand for the home.

At the same time one needs to be very cautious about getting to aggressive and over-pricing the home.  Over-pricing can be detrimental in the long run, causing the home to become “shop-worn” from being on the market too long.  Buyers are weary of homes that don’t sell quickly. They are concerned that there is “something” wrong with the property they might not be able to see.

How long will it take to sell my home?

Good question and one that I can only answer based on past history.  I look at the “days on market” other homes in that price range and neighborhood have sold for and usually can give you a good estimate.

Right now in Metro Denver the days on market varies by price range.  Of course it only makes sense that more houses sell in the “average” and below price range than above.  If your home is in the average or below price range it stands to reason the timing for sale will be very similar.

There are extenuating factors that could change the days on market

  • Condition
  • Location
  • Accepting a contract with buyers who aren’t qualified, committed, reasonable

Condition of your home has a bearing on who will buy it.  If your home is in need of updating or major repairs, not everyone in the market is up to do that.  The home will need to be priced right so buyers who want to do repairs can afford to purchase AND do the repairs.  There are many companies that will offer to “buy your ugly house” but beware they are in the business to make a profit and the offer they give you will be a “wholesale price”.  I can guarantee I can find a buyer for more than they will pay you, including what you need after you pay me!  

Location is really a tough one. You’ve probably hear the real estate mantra, location, location, location.  Well if you are in a good location, you did well.  If you purchased in a poor location or the location has gotten poor since you bought, you will just need to deal with it.  That means compensating for it in price or providing irresistible terms to a buyer.  There are many strategies to get you out of a bad location, it all depends on the situation.

Don’t despair just remember “one man’s house is another man’s castle.”

Contract fallout is a huge issue right now with our fast paced Metro Denver real estate market.  Buyers are literally purchasing homes and then getting buyer’s remorse and walking away from the contract.  I think it’s because the competition demands that they act before they have fully digested the big decision they are making.  People really need to have choices. When that is taken away from them they become uncertain.

How do we prevent this?  Working with the seller, I dig as deep as I can into the buyer’s qualifications.  Just because they wrote an offer doesn’t necessarily mean they can and will perform.  By researching their qualifications and asking more questions I hopefully can ferret out the unserious buyers.  It means a lot to my sellers when they have the piece of mind the transaction will go as planned.

Free Guide: Things to Consider When Selling Your House.

Keeping Current Matters offers a wonderful resource guide for Home Owners with questions about selling their homes.  You can click on the link below that will take you to my Evernote account where you can download/view the book at your leisure.  If you have questions about the local market, please feel free to send me an email or call.  I welcome your contact!

Image-SellerGuideSummer2014

Download your free guide here

Click here for English Version “Things to Consider When Selling Your House

Click here for Spanish Version “Que Cosas Tener En Cuenta Al Vender Su Casa”

 

Got Chemicals? Dispose of Them this Week ~ Douglas County

The next Douglas County Household Chemical Roundup will take place on Saturday, August 16, 2014 from 9:00 am – 3:00 pm at Shea Stadium, 3270 Redstone Park Circle.

This is the perfect opportunity to clean out your basement or garage and get rid of unwanted paint, pesticides and other household chemicals.

This event is open to all residents of Douglas County - Please bring a utility bill, phone bill or driver’s license to verify your address. A contribution of $25 is requested to help offset the high cost of hazardous waste disposal.

For more information, please visit the event  flyer [http://co-tricountyhealth.civicplus.com/DocumentCenter/View/536  or contact 720-200-1592.

The Importance of Using a Realtor When Selling Your Home

8.4-real-estate-internet When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s’ behavior during the home buying process. Today, 92% of all buyers use the internet in their home search according to the National Association of Realtors’ 2013 Profile of Home Buyers & Sellers.

However, the report also revealed that 96% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know. Buyers search for a home online but then depend on the agent to find the actual home they will buy (52%) or to help them handle the paperwork (24%) or understand the process (24%).

It is true that the percentage of buyers that are using the internet to search for homes and information on the home buying process has increased dramatically over the last decade. But the plethora of information now available has also resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

BOTTOM LINE

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

rePublished with permission from KCM Blog

Sunflower Fields Forever ~ Free Colorado Wallpaper

Sunflower fields in front of Denver International Airport

Download this image for your computer or phone, just follow the links to find the right size for your device.

Free Colorado Wallpaper is available for you to use.

So brighten up your life, at least on your computer or phone and enjoy some of the wonderful sights we see around Colorado.

This image, “Sunflower Fields Forever” is one of my favorites.  It was taken a couple years ago when some wonderful farmer decided to plant sunflowers just to the east of Denver International Airport or DIA as we call it around here.  The sunflower field was enormous and it did seem to go on forever.  On a clear day we would also see the Rocky Mountains in the background.  What a sight it was!  I spend many hours hanging out in the field enjoying the view in different kinds of light.

Something I noticed about the sunflowers, they have distinct personalities.   Some were happy others were sad.  Some really stood out amongst the crowd where others wanted to hang with friend, seemingly to blend with the crowd.  For the most part they all stood at attention facing in the same general direction, then there would be that one rebel who found it necessary to face the other way.  Or  maybe he wasn’t a rebel at all but a good guy just looking out for his friends.  Either way, good for him!

OK, so I admit maybe I spent too many hours with my sunflower friends, but I’m none the worst for it,  I look forward to joining them again this year!  I hope you will have the joy of seeing this marvelous sight.  In the meantime, feel free to download this image and if you are so inclined share it with a friend!

Love Colorado!

Sample of the phone image.

Where can I download this image?

I’ve provided three different sizes for these images. You may download them to your computer or mobile device depending upon the screen size.  Feel free to share them with friends and relatives.  Follow this Link To Colorado Wallpaper

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If you are like me and enjoy redecorating your life frequently, subscribe to this Colorado Wallpaper site by clicking here.  That way you will be notified when I post to this category and you won’t miss any of the beautiful images I plan to share.  Don’t worry, I will protect your privacy, I don’t like spammers anymore than the next guy and I will never spam you!  You can opt out at anytime. Really!

Denver Market Update May 2014

Homes for sale, average sale price for Denver homes and condos, average days on the market, absorption rate and total number of combined sales.

Denver Sales Statistics

May 2014

Metro Denver Prices:

Single Family Average Price: May 2014 – $371,611
(Detached Dwelling) Apr 2014 - $361,098
Ma7 2013 - $334,927
Condo Average Price May 2014 - $230,157
Apr 2014 - $225,305
May. 2013 – $202,543
Combined Average Price May 2014 – $333,478
Apr 2014 - $327,618
Ma7 2013 – $308,537
Percent of Sales Price Change: (from May 2013 to May. 2014)

Single Family +10.67%
Condo +15.88%
Average +8.08%
Total Combined Number of Homes for Sale May 2014 - 5,370
Apr. 2014 – 7,854
May 2013 - 8,214
Percent of Change in Available Inventory:
(May. 2013 vs May 2014)
+10.15%
Number of Combined Homes Sold this Month May 2014 – 5,370
vs. the previous month Apr. 2014 – 4,729
vs. the same month last year: May 2013 – 5,884
Average days on Market – May. 2014 vs May 2013 May 2014 – 31.86
(combined sales) Apr. 2014 – 41.20
May 2013 – 48.40
Absorption Rate: May 2014 – 6.75 weeks
(number of weeks necessary to sell current Apr. 2014 – 7.50 weeks
combined inventory at current rate of sales) May 2013 – 6.28 weeks

Prepared byLarry D. McGee, CRS, CRB The Berkshire Group
From data provided by Metro List, Inc., does not include private or builder sales.