Denise Wambsganss
Realtor Your Castle Real Estate
303-880-8771
dwambs@msn.com







Friday, December 30, 2011

Denver Metro RE Market is CHANGING !
Denver Metro Inventory & Price Changes

Below is an article giving information
about how eclectic the Metro Denver housing market has become.
Today, I personally experienced the low end market, between $85,000 to $135,000. I wanted to look at two homes that were on the market ONLY 3 days. BOTH of these homes already had MULTIPLE offers that were ABOVE the listing price. So the figures below are TRUE, and as is stated below, Prices in Denver are going up, and in the lower end homes,
it is NO LONGER a Buyers Market in this price range.
Here’s something many people don’t know – the inventory of homes for sale in the Denver metro market is at a 10 year low! Most of our clients still think it’s a strong buyer’s market and that they can get a great discount on a property with little effort. But the market has changed radically in the past year and this is no longer true. We have 5.5 months of inventory, overall, but the amount of inventory is highly dependent on the price of the home. For example, there is currently only 4 months of inventory of homes under $85k. Stepping up to the $85k - $135k price range there’s even less inventory – 3.6 months! Even in the $210k - $315k price band there is only 4.9 months of inventory, still a buyer’s market ? Not hardley
Supply and demand being what they are, the one year change in home prices correlates perfectly with the supply of homes. At the low end, prices have surged up 19% in the past 12 months! The shortage of inventory has, and likely will continue to drive up prices of entry level homes. On the other hand, in the $460+ market where there is still 10.9 months of inventory, prices have fallen 13%. High end homes, suffering with too much inventory, continue to see price declines.
I also want to share more personal experience. My husband and I purchased a home in the Berkeley Subdivision. We purchased it for $143,000, gutted it down to the studs ! Cost of renovation was around $53,000. It recently appraised at $245,000. Yes…. I said $245,000, that is a $49,000 profit !! So, there are still great deals out there, BUT it takes a lot of time and effort to find them. These kind of deals are no longer a dime a dozen, and very unlikely you will find them on your own.
This shows that the Metro Denver housing market is VERY ECLECTIC. I would be happy to consult with anyone who is interested in buying or selling a home. My ability of accessing information about individual neighborhoods is a crucial part of what makes me a Real Estate Consultant, not JUST a Real Estate Agent. Please feel free to Denise Wambsganss – Realtor – Your Castle Real Estate 303-880-8771 or email me at dwambs@msn.com

Denver Metro RE Market is CHANGING !

Denver Metro Inventory & Price Changes

Below is an article giving information
about how eclectic the Metro Denver housing market has become.
Today, I personally experienced the low end market, between $85,000 to $135,000. I wanted to look at two homes that were on the market ONLY 3 days. BOTH of these homes already had MULTIPLE offers that were ABOVE the listing price. So the figures below are TRUE, and as is stated below, Prices in Denver are going up, and in the lower end homes,
it is NO LONGER a Buyers Market in this price range.
Here’s something many people don’t know – the inventory of homes for sale in the Denver metro market is at a 10 year low! Most of our clients still think it’s a strong buyer’s market and that they can get a great discount on a property with little effort. But the market has changed radically in the past year and this is no longer true. We have 5.5 months of inventory, overall, but the amount of inventory is highly dependent on the price of the home. For example, there is currently only 4 months of inventory of homes under $85k. Stepping up to the $85k - $135k price range there’s even less inventory – 3.6 months! Even in the $210k - $315k price band there is only 4.9 months of inventory, still a buyer’s market ? Not hardley
Supply and demand being what they are, the one year change in home prices correlates perfectly with the supply of homes. At the low end, prices have surged up 19% in the past 12 months! The shortage of inventory has, and likely will continue to drive up prices of entry level homes. On the other hand, in the $460+ market where there is still 10.9 months of inventory, prices have fallen 13%. High end homes, suffering with too much inventory, continue to see price declines.
I also want to share more personal experience. My husband and I purchased a home in the Berkeley Subdivision. We purchased it for $143,000, gutted it down to the studs ! Cost of renovation was around $53,000. It recently appraised at $245,000. Yes…. I said $245,000, that is a $49,000 profit !! So, there are still great deals out there, BUT it takes a lot of time and effort to find them. These kind of deals are no longer a dime a dozen, and very unlikely you will find them on your own.
This shows that the Metro Denver housing market is VERY ECLECTIC. I would be happy to consult with anyone who is interested in buying or selling a home. My ability of accessing information about individual neighborhoods is a crucial part of what makes me a Real Estate Consultant, not JUST a Real Estate Agent. Please feel free to Denise Wambsganss – Realtor – Your Castle Real Estate 303-880-8771 or email me at dwambs@msn.com

Wednesday, September 28, 2011

Hello Everyone: This article is a little long, BUT I have had several people asking me about Real Estate Statistics and if it is a good time to buy or sale. I hope the information below answers most of your questions. Feel free to call and brainstorm with me anytime. Overall the market is starting to turn ! August Denver Metro Single Family Housing Stats : Active Listings: 13,436 ŠŠDown 25% from August 2010 Under Contracts: 2,552 ŠŠUp 11% from August 2010 (more houses are selling because there are fewer on the market) Supply and demand rule Solds: 3,177 ŠŠUp 28% from August 2010 (more houses are selling because there are fewer on the market) Supply and demand rule Average Days on Market: 96 ŠŠUp 2% from August 2010 Average Price: $284,065 ŠŠDown 4% from August 2010 August Denver Metro Condo Housing Stats : Active Listings: 3,195 ŠŠDown 40% from August 2010 Under Contracts: 985 ŠŠUp 27% from August 2010 (more condos are selling because there are fewer on the market) supply and demand rule Solds: 796 ŠŠUp 32% from August 2010 (more condos are selling because there are fewer on the market) Supply and demand rule Average Days on Market: 111 ŠŠUp 11% from August 2010 Average Price: $168,500 ŠŠDown 5% from August 2010 Real Estate News On September 12th the Denver Post ran a front page article with the headline “Denver Housing Market Tightens.” I was thrilled to see that for once the Denver Post got it right! The mass media has often been accused, and rightly so, of perpetuating the doom and gloom in the housing market. Something I have been seeing for a little while now is the housing market in Denver is actually very tight, and quality homes are selling at a premium. To quote the article: For six months, Casey Schorr has struggled to find a home to buy in Denver, contradicting everything he has heard about it being a buyer's market. "Everybody seems to be saying there are all these properties," Schorr said. "But if you are looking for something updated and in a decent neighborhood, the stuff that is available is going quickly." A lack of inventory — or, more precisely, "compelling" inventory, as some agents call it — has complicated homebuying for people such as Schorr and added yet another strain on a long-stressed housing market. The number of homes listed for sale in Denver is down by about half since the frenzy surrounding the April 2010 deadline for a homebuyer tax credit. The inventory of homes available for sale in metro Denver in August was down 23 percent from August 2010, and down 5 percent from July. There were 18,164 homes and condos listed for sale in metro Denver, compared with 23,615 in August 2010. Many sellers are on strike, in that they don't have to sell and won't until prices improve. Other sellers might prefer to sell but owe more than their homes are worth and can't afford to bring money to the closing table. This is exactly the dynamic that I see playing out every day in the housing market. About ½ the homes listed for sale are distressed – either bank-owned properties or shortsales. These properties tend to be in poor shape physically, and also problematic to purchase since getting a contract accepted on a shortsale takes months. So buyers that are looking to move into a move-in ready property – and can’t wait 6-9 months for a shortsale to be accepted – are finding there is very little inventory available to them. Consequently, quality, non-distressed properties are selling quickly and close to full price. These are unique times in the housing market so feel free to contact me anytime so I can sit down with you and show you how today’s interesting market is affecting both buyers and sellers. I am finding that this is a great time to buy a home, interest rates are lower than they have ever been in History !! It is also a reasonable time to sale because the market is tightening ! Denise Wambsganss Realtor – Your Castle Real Estate 303-880-8771 dwambs@msn.com

Tuesday, August 30, 2011

Denver Housing Prices August 2011

"Denver housing prices increased at a steady and sustainable rate of half of 1 percent per month throughout the 1990s into the 2000s. No major price corrections were required here as opposed to other areas of the country that saw 3 percent per month housing price increases," said Patrick Armbrust, owner of Armbrust Real Estate Institute. Armbrust is also a real estate broker and appraiser.

The Denver metro area's median sales price was $216,000 in May, a 2.9 percent year-over-year rise. Homes were on the market an average 109 days before selling during that month.

"We are seeing modest but consistent price increases. We see a great deal of activity in the lower price points, (at or below) $250,000," Armbrust said.

"(That) market is generally a seller's market whereby multiple offers are seen. If a property is priced to comparables and shows well, marketing times are abbreviated and multiple offers are common. Inventory of these homes is low and buyers have to get aggressive with offers."

While the Denver area's foreclosure rate is lower than the national average -- 1 in 156 homes received a foreclosure filing in the second quarter -- distressed properties are a major force in the market.

Lon Welsh, Roberts' business partner at Your Castle Real Estate, estimates 35 to 45 percent of the area's sales in the last three years have been short sales or bank-owned (REO) properties.

"For the past couple of years the REO volume has been declining while short-sale volume has been increasing. Neighborhoods under $250,000 have a much higher percentage of (distressed) sales than more upscale areas of town. This tends to mirror the rest of the U.S. market," Welsh said.

Investor buyers are particularly interested in the distressed market. Of the 29 deals Roberts has participated in so far this year, all have been distressed, he said.

"Most of my clients are taking advantage of the unique combination of record-low vacancies, surging rents, record-low interest rates, and static prices to buy and hold rental properties for the long term. This is a segment of the market that is on fire right now," he said.

The Denver metro area had an 8.7 percent unemployment rate in June. "We have a huge solar business community here (we have 300 days of sun a year -- the snow you see on weather reports is usually in the mountains), and it drives job growth for the future," Altieri said.

"It's less expensive to have a business here than California, so many 'Cali' companies have moved here. We also have the second largest federal worker population in the U.S."

The area's population grew 16.5 percent from 2000-10, to 2.5 million, and is projected to grow 21.1 percent by 2020.

"The mountains tend to attract an educated, athletic population from all over America, so our population growth has been strong during this downturn," Roberts said.

Article came from Inman News August 2011
If you want to brainstorm about the Metro Denver, Colorado Real Estate Market give me a call. Denise Wambsganss works for Your Castle Real Estate. We have the best statistics and overall info on the Metro Denver Market you can find. I can customize info for you if you wish. 303-880-8771 dwambs@msn.com

Monday, June 13, 2011

Metro Denver Colorado overview of Proper Sales

What types of properties are selling fastest/slowest in the Metro Denver market area, and why?

Overall, the Denver market is relatively healthy. Our average months of inventory (MOI) is 5.3, below the 6 month level of inventory that is traditionally considered a balanced market – giving a slight advantage to buyers. What’s very interesting is how completely balanced and uniform the market is under $300k. For example, MOI for homes under $85k is 4.6. MOI for homes from $85 - $135k is 4.3. MOI for homes from $135 - $210k is 4.5. MOI for homes from $210 - $315k is 5.1. These numbers suggest a very even, unexciting, normal market! Homes from $315 - $460 have a slightly higher MOI at 6.1 (almost perfectly balanced). Only when you isolate properties above $460k do you see a definite buyer’s market in place with 9.1 MOI. In the luxury market, the higher the home price the higher the MOI.

What this means is that there is no relatively fast-selling segment of the market. However, on the buy side there is a niche that is very active. The longterm, buy and hold investors who are picking up properties under $150k are buying up everything they can, helping to support this segment of our market. These investors are taking advantage of a unique combination of circumstances including: record high home affordability, record low interest rates, reasonable lending guidelines, record low vacancy (1.4%!), and consequently rising rental rates. Never before have we seen a more favorable combination of factors that better support a longterm investor’s goals.

Tuesday, May 10, 2011

Overall Comparison 2009 to 2010 Rea Estate Statistics

Prices went up 7% from 2009 to 2010. Larger homes had somewhat larger gains, which is a reversal of the trend; the smallest homes had slightly smaller price increases. An increase in distressed sales at the high end will continue to pressure prices. In late 2010 the share of small home sales declined, while larger homes took market share... propping up the average price. Prices in April/May 2011 will likely be close to 2010 results; June 2011 average price will be down 5% to 10% from June 2010.

Showings fell drastically after the expiration of the tax credit on 4/30/2010. Centralized showings reported a 42% drop in showings across all 25 states on 5/1/2010. January 2011 showings were strong. However March 2011 was even better. So we are starting to turn.
Number of homes sold in Denver Metro, has declined since 2005. 2009 had a -16% decline in volume relative to 2008. Volume in 2010 declined a further 10%. Not the impact of the tax credit on the timing of sales in 2010, had a unique effect. 1st Quarter of 2011 volume was down 8% compared to 1st quarter of 2010.
Denise Wambsganss Realtor - Your Castle Real Estate I love to Brainstorm about Real Estate, if you want specific information about your particular neighborhood in the Metro Denver area please give me a call 303-880-8771 dwambs@msn.com

Monday, April 25, 2011

It's an INCREDIBLE time to own a Rental Property In Metro Denver

It is an incredible time to own a rental property in Metro Denver area. I read an article from The Colorado Division of Housing and Genesis Exteriors Inc. that covered an incredible amount of data concerning why it is such a great time to own a rental property in Metro Denver. Below is a very small part of what I read.
The overall vacancy rate for the metro area for the first quarter of 2011 was 1.4 percent, down from 2.0 percent for the fourth quarter of 2010. It was 3.1 percent in the first quarter of 2010, 3.6 percent for the first quarter of 2009, 2.7 percent for the first quarter of 2008, 4.2 for the first quarter of 2007, 4.9 for the first quarter of 2006, and 7.3 percent for the first quarter of 2005.
This information was referring to housing units with one to four units including single-family, condominium, townhome, duplex, triplex and fourplex units.
If you want to Brainstorm about anything referring to Real Estate feel free to call me Denise Wambsganss – Realtor Your Castle Real Estate 303-880-8771 dwambs@msn.com

Friday, March 18, 2011

Lower Your Real Estate Property Taxes on Your Home

Lower your Real Estate Property Taxes on your HOME

Read the article to see how

Every year one of the major questions I receive “this time of year” is “What do I do if I think my house has been assessed incorrectly concerning my taxes. So I know there are many of you out there that have the same question. Below is information that might help. Feel free to call me or email me if you have additional questions. I am NOT an expert in this area, so take this information as a “general” bit of information to direct you to those who can give you the specifics for your county or home. Denise Wambsganss Realtor – Your Castle Real Estate 303-880-8771 dwambs@msn.com
My Blog for basic RE Information is: dwambsganss.blogspot.com My Husband and I have been successful over the years at getting our Property Taxes lowered… Possibly So, can you !

ValueAppeal says about 25% of homes are over-assessed
BY ANDREA V. BRAMBILA, MONDAY, MARCH 14, 2011.
Inman News™


In the Count of Denver 123,953 properties were assessed and 54,051 were over assessed. These properties were over assessed 43.6%. That is A LOT !
About a quarter of the nation's homeowners pay more than their fair share of property taxes every year, by the estimates of ValueAppeal,

A person needs to analyze whether a particular home is over-assessed compared to nearby, similar properties. You will need to take into account several factors, including a home's number of bedrooms and bathrooms, construction quality, age, condition, square footage, grade, and whether it has amenities like a golf course or an exceptional view.
Notices of Valuation are mailed to owners of property on or before May 1 of each year, if there has been an increase in valuation over the previously year. If you are not satisfied with the valuation you may protest the valuation in person or by mail. If you choose to mail a written protest, your mailed protest must be postmarked no later than June 1st. If you choose to present oral or written objections to the Assessor in person, you must appear in the County Assessor's Office on or before June 1.


Are there any specific property tax credits or deferrals that I can receive?
Yes. Depending on the specific circumstances, you may qualify for certain property tax credits and/or deferrals. Details pertaining to this information are described in a brochure entitled "Credits & Deferrals for the Elderly & Disabled." The brochure may be obtained from your local County Assessor or on the Division of Local Government website at http://www.dola.state.co.us.

For additional information concerning Adams County Assesors , there is a help file that can guide you or you can contact the Assessor's Office GIS staff at 720.523.6038
Property-tax assessments are created by running an automated valuation model over homes in the county, said Charlie Walsh, ValueAppeal's founder and CEO.
"That model will spit out values for all those homes. Anytime you do a model like that ... on one end you will have 25 percent over-assessed, and on the other 25 percent under-assessed, and 50 percent are about right. And that's what we've found," Walsh said.
Homeowners who believe their county has over-assessed their home can appeal the decision themselves for example, homeowners can submit evidence from comparable sales of similar properties to their county assessor's office. If the homeowner and the assessor cannot agree, the homeowner can file an appeal form with their local appeals board and submit similar evidence at a hearing.

Foreclosures are generally not considered comparable homes when filing an appeal "because those are not considered arms-length transactions," Walsh said. "That's one of the things that those who try to do this on their own get tripped up by."
"We haven't found a pattern with foreclosures and distressed properties. In reality, that actually has nothing to do with it. Whether the housing market went up or down has nothing to do with whether a house is over-assessed. It depends on how your assessor responds and that varies from county to county," Walsh said.
"I have yet to meet a real estate agent who has recommended (a seller) use the county's assessed value as a data point. They know it's out of date or just out of touch with reality," Walsh said.
However, "if I'm trying to buy a house and I see that the property taxes are very high, then that's a negative for me. A lot of people pay their property taxes into escrow every month and the lower they are, the bigger mortgage they can afford," he said.

Thursday, February 24, 2011

Facing Foreclosure ?

Help for Homeowners Facing Foreclosure

Fannie Mae announced this week a new interactive video tool for homeowners facing foreclosure. It’s called WaysHome. To learn more about this tool please click on this story below—

http://www.prnewswire.com/news-releases/fannie-mae-launches-wayshome-interactive-video-tool-to-help-struggling-homeowners-112986204.html

WHY PURCHASE A HOME NOW ?

WHY PURCHASE A HOME NOW ??

1. FHA Mortgage Insurance Premiums are going up again. In somewhat of a surprise announcement, As of April 18 that will increase to 1.15% of the loan amount. This will add about $40 to the payment on a loan of $200,000. So this will decrease the buying power of your clients.

2. It seems inevitable that the Lending (and therefore Real Estate) industry, will be going though some bumpy times ahead. I can assure you that based on what I have read and heard, rates will be going up and so will down payments. Prepare for interest rates to go up as well as pricing of homes to continue happening over the next few years. We have already seen this happening. I encourage you to buy now or the sweet deals may go away and most definitely you will pay more for less of a home than you can buy right now.

Speaking of rentals, Maybe this news is causing you to think about getting into the investment property realm. but you don't have a clue how to get going in that part of the market. My husband and I have been purchasing rentals that cash flow, and we are very excited about this. If you want a Free Guide to Colorado Real Estate Investing ( 154 page book written by Top Notch Colorado Real Estate Investors) and/or a discussion with me about what Lee and I are doing please call or email me. Denise Wambsganss – Your Castle Real Estate – REALTOR – 303-880-8771 dwambs@msn.com

Monday, January 10, 2011

Here’s what December’s Jobs Report showed...
and what it means for home loan rates.


The Labor Department reported that 103,000 jobs were created in December, and private job growth was 113,000. While these numbers were below the recently ramped up expectations, they do show that the trend in the labor market is improving. Also noteworthy are the upward revisions to the prior two months readings, showing 70,000 more jobs created than had been previously reported.
And yet, the real shocker in the report was a significant decline in the unemployment rate to 9.4%, which is the lowest unemployment rate since May of 2009.
So what did we learn from this Jobs Report?
1. While positive news, this Jobs number was still soft enough to support the Fed continuing on their plans for a full dosage of QE2 for the economy... and this won’t be good for Bonds and home loan rates, as it carries along some real inflation threat down the road.
2. The recent tax package and lower tax rate extensions have not yet had enough time to be seen or felt in the economy, so those factors should help provide further improvement in the labor market in future months... but also will create inflation - bad news for Bonds and home loan rates.
To Brainstorm about Real Estate or general lending questions email Denise Wambsganss at dwambs@msn.com or call 303-880-8771

ROI on Remodeling


2010 Was a GREAT Year


to purchase a home, OR purchase an investment property OR stay put and remodel

Prices were low AND Interest rates were VERY low. Lee and I obtained our first investment property in 2010 and plan to purchase at least one more in 2011. Many of my clients were buyers who sold their property and purchased a higher priced property.

I am finding a lot of inquiry about investment properties and will be obtaining my Certification to become a Certified IRA Real Estate Specialist helping people invest by using their IRA money.

Feel free to give me a call 303-880-8771 or email dwambs@msn.com if you want to brainstorm about anything to do with Real Estate !! Denise Wambsganss

With that being said there are many people who decided to stay put in their present home and put money into remodeling.

I have received a lot of questions like…. What is the ROI if I remodel.

So the following information shows

the Best bang for the remodeling buck

(scroll all the way down to the bottom
to see breakdown of many remodel costs and ROI)

The article below is from the INMAN NEWS, WEDNESDAY, DECEMBER 15, 2010.

Sal Alfano, editorial director of Remodeling magazine, a trade journal that each year conducts an extensive study of the typical costs of home-remodeling jobs, compared to ballpark estimates of how much of those expenditures homeowners would recoup at sale time.

Many people are saying, 'I can't really sell this place for what I'd like to get, so I might as well remodel it.

Four things to know about what seems to have a payback -- and what doesn't -- in home remodeling:

The magazine studied on a national and regional basis, as well as for many cities.

The study was conducted in collaboration with the National Association of Realtors, whose members offered payback estimates based on re-sales in their geographic areas.

Full results can be seen at remodeling.hw.net.

The top four "moderate projects" with the strongest payback at resale time, returning 72.2 percent or more of their cost: steel entry-door replacement (at a cost of about $1,200); garage-door replacement ($1,000); wooden deck addition ($11,000); replacing 10 insulated, wooden windows clad in vinyl or aluminum ($12,000); an attic bedroom addition ($51,428).

2. The best bang for the buck was garage-door replacement, Alfano said. It was the first time that project had appeared in the survey, though it made sense because consumers seem to have a strong interest in curb-appeal projects these days.

3. Two projects with chunky price tags held their own in the ratings. The full remodels of basement and attic stayed in the top 10, despite their costs.

In the survey, the basement rehab typically cost $64,500 and returned 70 percent at sale time, the study said. (Although the researchers wrote a lengthy and detailed description of the project in order to gain a consistent cost estimation, the basic job, for purposes of the survey, was to finish the lower level of a house in order to create a 20-by-30-foot entertaining area with a wet bar and a 5-by-8-foot bathroom; walls and ceilings were of painted drywall, exterior walls were insulated, and wiring and plumbing were new.)

The attic bedroom carried an average price tag of $51,000 and returned 72.2 percent of the cost, according to the study. (This task was to convert unfinished space to a 15-by-15-foot bedroom and 5-by-7-foot bathroom with shower. The plan would include a dormer, four new windows and closet space, with new insulation, heating and air conditioning, and wiring to code.)

4. There's probably no such thing as a cheap kitchen remodel. But by the magazine's terms, the minor remodel takes a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops and leaves the cabinet frames in place, replacing their fronts with new, raised-panel wooden doors and drawers. The room also gets an energy-efficient wall oven and cooktop, laminate countertops, mid-priced sink and faucet and resilient flooring.

Again, the key here is not messing with the footprint in order to conserve costs -- no walls or plumbing were moved. The average cost for such a job was about $22,000, with a likely return of 72.8 percent of the cost, the magazine estimated.