There were a total of 2,270 completed single-family short sales in the first seven months, and the number of condo short sales skyrocketed a remarkable 88 percent compared to last year.

 The article said that many brokers believe that one-third of MLS closings are short sales in the Denver area, which means the total number of short sales could be far greater than Metrolist reports, due primarily to brokers not checking the correct box on MLS forms. 

 The report also stated that “officials” with Kentwood Real Estate, which supplied the data to InsideRealEstateNews at the blog’s request, cautioned that the number of short sales may be far greater than Metrolist shows, also because brokers are not checking the correct box.

 Home prices in the Denver area rose by1.8 percent for the year ending in June, according to Standard and Poor’s Case-Shiller Home Price Indices.  Denver ranked number nine of the 20 metropolitan areas tracked by the index, according to an article by John Rebchook posted on Inside Real Estate News.  Overall, the 20 metro areas tracked rose by 4.2 percent. 

 According the report, in June 2009, the Denver area housing market showed a 3.6 percent drop from June 2008.  Despite the drop a year ago, that was good enough for third place out of the 20 metro areas, showing how much the market has changed during that 12-month period.

 Peter Niederman,  CEO of Kentwood Real Estate, was quoted in the story, stating “That is why you have to keep these things in perspective.  Case-Shiller is important for seeing how Denver fares against other parts of the country.  I think the numbers are great.

 “We are still holding steady,” Niederman continued.  “It seems like some of these other markets have these huge peaks and valleys, while we have sustainable growth.  Our market has shown an increase in inventory, so it is not as robust as it has been.  But I like where our market stands right now.  I really do.  If we were showing these huge increases, it would not be sustainable, and would not be good for the overall market, because that would mean it is becoming over-heated.”

 Kentwood Real Estate continues to outperform the market in closed sales volume  and closed transactions for 2010 when the company’s statistics are compared to its totals in 2009 and to Multiple Listing Service (MLS) statistics for 2010 versus 2009.   

 In April alone, for example, the MLS reported a 33.9 percent gain in total closed sales volume compared to April 2009, while Kentwood Real Estate posted more than a 100 percent gain over its closed volume in April last year. 

 In total closed transactions for single-family homes and condominiums, Kentwood Real Estate also outperformed the market with gains over last year ranging from 11.1 percent to nearly 73 percent in April.  So far this year, the company outperformed MLS statistics by an average of 26.8 percent compared to an average of 1.9 percent for the year posted by the MLS compared to 2009 statistics. 

Click to Download Open House Tour

Park Hill home tour Sunday Aug 22, 2010 2-4.  Come explore one of the best neighborhoods in Denver.  Over 35 homes priced from $125,000-$1.125 million will be open.

 Harney’s session addressed how to get sellers in all price ranges to accurately price their homes to sell in today’s market, and how to get buyers off the fence and to the table to write an offer.  He also detailed how to use current media headlines along with tried-and-true negotiation techniques to close more transactions. 

 Harney believes that now is the right time to buy real estate, with studies showing that buyers can still get a solid return on their investment.  He said that residential appreciation is expected to remain unchanged for the next two years.  Also, with historic low interest rates, home buyers will actually pay less for properties that were priced the same in 2004. 

 Harney discussed home supply’s impact on price, sales versus existing inventory, and how high-end, luxury foreclosures are being impacted by the current economy.  It’s important for Realtors to establish true market value in today’s market, and that the price of a home must be compelling, he said.   

 “Even though we’ve made a concerted effort to price our listings correctly over the past 18 months, and to get price reductions when we understand that a listing is not selling at the listed price, we still need to be extremely sensitive to pricing as an issue going forward,” said Gretchen Faber, Managing Broker at The Kentwood Company at Cherry Creek.  “As Steve says, if we don’t get our listings appropriately priced and sold now, the sellers face worse pricing as shadow inventory begins to hit our market in the coming months.”

Online Article on Million-Dollar Homes

          Peter Niederman, chief executive officer of Kentwood Real Estate, was recently highlighted in an exclusive article online at www.indenverhomes.com.  The story, titled “Million-Dollar Home Showings Rise,” cited Niederman on June data that showed million-dollar-plus showings were up 8.2 percent.

            “I like the Case Shiller report and I’m happy they compile it, but it looks backwards, and I’m interested in looking forward,” said Niederman.  “Traffic through homes is a leading indicator and one we are following closely.”

            Kentwood’s data showed that the company had 422 showings of homes priced at least $1 million in June, compared with 390 in June 2009.  Kentwood also had 38 percent of the listings in Cherry Hills Village, one of metro Denver’s most exclusive luxury home communities.  Earlier reports, according to the article, showed that the sale of seven-figure homes in June also out-paced the closings of luxury homes in June 2009.

            “I think sellers are much more likely to be realistic of what they can sell their homes for in today’s market,” Niederman said.  “I think last year, they were holding on to unrealistic prices, while now they are willing to meet the market.”

            The article went on to review record low interest rates, changes in the market, and the cyclical nature of the business.  To read the complete story, visit www.indenvertimes.com.

 Standard & Poor’s Case-Shiller Home Price Indices, released on July 27th, ranked the Denver metro area No. 8 among the 20 areas tracked by the company.  Homes in Denver appreciated by 3.6 percent in the one-year period ending in May, compared with a 5.4 percent gain for homes in the 10-composite list and 4.6 percent for all 20 areas, according to a report posted on www.indenvertimes.com. 

 Peter Niederman, chief executive officer of Kentwood Real Estate, was quoted in the article.  “I like what I see,” said Niederman, who noted that some California markets showed remarkable gains in May with San Francisco showing a gain of 18.3 percent and San Diego home prices rising 12.4 percent.  “If you remove those double digits, Denver ranks very high and is a very sustainable market.”

 Niederman also said that the Denver area needs to strengthen is employment, which would bring consumer confidence back.  “No one buys a home when they lack confidence,” he said. 

 Still, Niederman continued, most people understand that now is a great time to buy with historically low interest rates and excellent inventory.  “I remain cautiously optimistic about the market,” Niederman said.

 “By not becoming an active buyer now, people are taking a huge risk and gambling that interest rates will not go up anytime soon,” said John Fitzpatrick, one of Colorado’s leading Realtors with Kentwood Real Estate.  “We also have a very strong supply of inventory homes to choose from.  It’s also the best time in my memory to be a move-up buyer as the ‘gap’ has never been lower.  So it’s all about rates, selection and gap, which collectively create the perfect homebuying scenario.”

 The metro Denver real estate market was recently recognized as the “Most Improved” U.S. housing market by BusinessWeek magazine.  In addition, Denver area home resales were up 20 percent in May from the same period last year, according to Metrolist Inc.  These signs of recovery should also prompt prospective homebuyers to act now before inventory selection dwindles with a rebounding economy. 

 Denver area luxury home sales priced at $1 million or more jumped a whopping 61.8 percent in May from a year earlier, which is a clear indication that move-up buyers are jumping on the buyer’s market.  Denver home prices also jumped 4.4 percent in April over the same month in 2009, which was the sixth month in a row for price increases.  This is another reason to buy now while prices are still attractive.

 Other positive economic signs include Denver being ranked 10th among the 50 largest U.S. cities in the latest ranking of the best markets for job seekers, according to career search engine Juju.com.  In addition, 19 percent of Denver area employers plan to hire in the third quarter. 

 Colorado has three of the nation’s top 10 mid-size markets for business, and Boulder ranks No. 1, according to Portfolio.com.  According to the July/August issue of Where to Retire magazine, Greeley ranks among the nation’s top 10 great places to live with its close proximity to Denver. 

 The bottom line?  The economy in general and the overall housing market is improving, so the risk of not buying now increases with each passing day.  For all your Denver real estate needs, visit Kentwood Real Estate at www.DenverRealEstate.com.

  Wells Fargo Banker Discusses Latest Rates with Kentwood Brokers

 Realty Times, a real estate news and advice service, has reported that conventional 30-year fixed-rate mortgages are still available at 4.25 percent for well-qualified borrowers who pay a one point origination fee.  The service also reported that 15-year financing is available 3.75 percent.  These record lows should be a motivating force for prospective homebuyers who may be straddling the fence.  It’s simply a great time to buy. 

 Daniel Dexter, a private mortgage banker with Wells Fargo Private Mortgage Banking, recently reviewed the bank’s latest rates for Kentwood Real Estate’s broker associates and managers. 

 On a conforming loan of $417,000 at 80 percent LTV, 740 Fico with a 60-day block, 30-year fixed rate mortgages are available at 4.375 percent with a one percent discount, or 4.625 percent with no points.  Fifteen-year fixed rates were quoted at 3.75 percent at a one percent discount and 4.125 percent with no points.

 On a non-conforming loan of $750,000 at 80 percent LTV, 740 Fico with a 60-day lock, 30-year fixed rates were at 5.375 percent with a one percent discount, and 5.625 percent with no points.  Fifteen-year fixed rates are currently 5.125 percent with a one percent discount, and 5.375 percent with no points.

 The Realty Times article stated that despite the lowest rates in more than 50 years, homebuying remains weak in most areas around the country.  Mortgage-backed securities, which drive mortgage rates in the opposite direction, continue to perform well, driving mortgage rates down, according to Realty Times.

 Leslie Heldenbrand-Monaco, a real estate professional who works with leading Kentwood Real Estate Broker Associate Doug Hutchins in the DTC office, was recently featured on Realtor.com, the official website of the National Association of Realtors. 

 Leslie originally wrote an article on home renovations for Top Producer, which was subsequently picked up by Realtor.com.  The website stated that according to Leslie, a home project that may seem to be a small undertaking can become more complicated, such as the movie Money Pit staring Tom Hanks. 

 In the article, Leslie said that renovating a home can be very costly, not just financially speaking, but in other areas of our lives as well. 

 “As the housing stock in the U.S. gets older, homes are in more need of repair and updating,” she said.  “A few weeks ago, a home mortgage consultant with Wells Fargo came to our office to speak about a renovation loan product that the bank offers.  This product can be used for a new purchase as well as a refinance.  The loan allows the borrower to get a loan for the cost of the property, including the costs of renovation as a single loan.”

 The article provides an example of how the loan can work.  To read the entire article, visit http://www.realtor.com/blogs/2010/07/04/help-for-home-renovations/

 For all your real estate needs, visit www.DenverRealEstate.com, the leading website in the real estate business.