This article needed sharing.  This piece is from entitled “10 Reasons to Buy a Home.”  It is awesome and exactly what the focus of several blog posts has been. 

Essentially what the reporter says is enough is enough with the doom and gloom – if the numbers work for and financing constraints or other challenges aren’t limiting  – now truly is a great time to buy a house.

The reporter was inspired by a Time Magazine article which stated on its cover “Why owning a home may no longer make economic sense.”  What the WSJ reporter candidly points out is, Time Magazine was the same publication five years ago to run a story that said “We’re Going Gaga Over Real Estate.” 

Finally, here’s an article, and a publication for that matter, that is focused less on sensationalizing the real estate market and instead focusing on many of its benefits and how consumers can take advantage of today’s interest rates, inventory and, of course, the overall benefits of homeownership.

Enough with the doom and gloom.  People shouldn’t be scared of buying a home.  If the math works, it’s probably a very good time to buy a home.  Be sure to view the reporter’s in-person interview shortly after the article was released.  It’s a good one.

Now, take a look at this week in real estate:

  • Colorado Springs – Showings have declined over the past few weeks and with the start of school and the holiday sales have also declined.  The low interest rates (4.25%) have kept some buyers in the market.  Listings have been steady but most listings turn out to be short sales.  Since our Agents are trained to deal with the short sale process, it’s ok.
  • Conifer – Three new listings for the month to date in September, including a horse property listed @ $8,750,000.  One listing went under contract so far in September with one buyer put under contract.  There have been a total of  42 showings and 1 preview for the month to date.  Showing activity is primarily in the mid $200,000 to $400,000 range.
  • Denver Central – Inventory continues to increase in the Denver Metro area and is just below 2008 levels but has increased 20% over 2009.  Inventory is still well below 2007 levels, when it was at its peak.  Home appreciation continues in the Denver metro area but that could be attributable to the recent tax credit.  The average sales price in August was $269,000 for the Denver Metro area.  Appreciation could tail off in the coming months with inventory increases.  Under contracts seem to have stabilized from the drop after the tax credit deadline.  The market is very neighborhood specific so it is important to be working with a professional that can educate and give the proper advice to make the right real estate decisions. Over 50% of the home sales in the Denver metro area continue to be under $250,000.  There are improvements in the higher-end market & sales have increased.  There was a 48% increase in the million plus home market in August 2010 vs 2009.
  • Devonshire – Moving into fall and hoping for the after Labor Day surge that has been seen in recent years.  The showings at this time are not showing this momentum and we hope that a “short” week wis the justification.  Sellers are encouraged to allow open houses because consumers still like to walk through homes and get a true sense of the home itself as well as the neighborhood where the home is located.  Buyers still seem to be on the fence & may be waiting for that ultimate interest rate drop.  With economic indicators, like consumer spending being released this week, there’s an anxiousness for good news & hope that this news will help to get the real estate market moving in a great direction into the fourth quarter of the year.
  • Evergreen – There have been a total of six new listings so far in September with three listings under contract and five buyers put under contract. There have been a total of 111 showings and six previews so far in the month which is a decrease from August activity.  Selling activity was predominately in the mid $300,000 to $500,000 range.
  • Parker – Saels and showings have been steady and with interest rates still at an all time low (4.25%) sales should remain steady or increase throughout the remainder of the year.  Listings are up with 80% being real listings and not short sales.  That is very good news for buyers who need to close quickly as short sale listings can take 4 to 6 months to close.
  • SE Metro at DTC – “The Fall Flurry” of activity is up and running!  The SE Metro office is seeing increased activity in showings & contracts after the Labor Day weekend.  Open house activity has also increased & several buyers visiting our listings are unattended & ready to buy.  Although the Denver market reported a significant decrease in closings in August 2010 compared to August 2009, the SE Metro office posted a difference of only 5 closings for the same time frame.  A combination of pricing & condition for many listings continue to be the driving force for the buyers.  The average number of showings before a property is under contract continues to hold steady at 20. Homes listed above $300,000 are seeing the most activity and in several instances, multiple offers.  Homes listed at $200,000 & below do not have the activity reported in June and July. The luxury home market is enjoying a steady stream of activity & over 50% of those listings are currently under contract.
  • SW Metro – Showings are still down compared to this time last year.  There are more showings Monday through Friday compared to Saturdays and Sundays.  Open houses have been great in some areas & slow in others.  Buyers are still out there but they are taking their time to purchase.  There’s been an increase in investors starting to look & making offers on properties.  Most sellers are realistic in pricing their home however there are some who still think if they wait a year or two they can “get more money.”  It is important to educate sellers that this is not the case.  Interest rates are great !
  • Denver West – Numbers for listings, under contracts and showings have all slowed down.  Of course, take into account that we had a long Labor Day weekend that may have affected things.  August numbers are more like a September, and September will be more like October this year.