Top Ten Sales - Boulder/Broomfield Counties - February 15-28, 2011

At the recent Vectra Bank Business For Breakfast the Colorado economy was the prime topic.  One of the state's leading economists, Dr. Phylis Resnick from the Center for Colorado's Economic Future, says that we can expect to experience a "new normal" for the time being.  This translates to slower growth in most economic variables and slightly higher long-term unemployment rates. The good news is that Americans are saving again, with personal savings rates returning to levels not seen since the 1908's. Colorado real per capita personal income dipped a little in 2009-2010 but is forecast to see a slow but steady upward climb.  The bad news is that there will be a continued gap between Expenditures and Revenues for the State of Colorado with no end in sight.  This means our local communities will continue to be challenged to maintain the amenities and services we have been so accustomed to.


Approximately every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeks. Hopefully our analysis will help reveal what properties are selling, at what prices, how long they are are taking to sell, and other relevant information about what's going on in OUR local area - Boulder County and Broomfield County.

For the two week period from February 15 through February 28, 2011 here are the numbers:

•148 properties sold (compared to 197 for same period in 2010)
•Price range of properties sold during this period: $60,000 - $2,500,000
•Median price: $287,000
•Average price: $389,586 (down from $420,907 for last period examined)
•$0-199k = 34 sold this period
•$200-299K = 41 sold
•$300-399k = 24 sold
•$400-499k = 17 sold
•$500-599k = 10 sold
•$600-699k = 9 sold
•$700-799k = 1 sold
•$800-899k = 5 sold
•$900-999k = 2 sold
•$1.0-1.9M = 4 sold
•$2.0M+ = 1 sold

Top Ten Listings Sold during this period:

Information obtained from MLS and public record.

Each period's Top Ten numbers continue to point to the potentially fatal ramifications of over-pricing.  This period the glass-half-full view is that 5 of the top 10 properties examined sold for 90% or more of their original asking price.  The flip side of that is that the remaining five sold for 77.5% or LESS than their original asking prices.  The property on Bellevue Dr. sold for a dismal 56.8% of it's original 2007 asking price.  The key here is the 2007 ... it took 1000 days for this property to sell.  Now we expect that properties of this caliber can take a year or more to sell, but almost 3 years?  That's a total miss on the pricing mark from the get-go.  2539 Briarwood sold for 77.5% of it's asking price after a ridiculous 1334 days on the market.

The other part of the glass-half-full is that only NONE of the above properties sold for less than what the owners paid for it.  That is great news!  It is impossible to tell if these owners put in any improvements that would have increased their basis significantly, but if not then all of these lucky folks did a little better than break-even.  As I said last time, homeowners can't assume that their housing is going to be a big money-making investment - key word = housing, when it comes down to it that is what your home is.  Homeowners also should not be surprised if they encounter a few more realtors out there that are willing to turn down the opportunity to list their house.  You know a good realtor when they turn down your listing because you can't agree with them on price.  No amount of marketing and internet exposure can make up for pricing too far beyond what the market can bear.

Your takeaway here is the following advice on Selecting a Listing Agent: 

• If you are considering listing your home, interview at least 3 realtors.  Ask each about their experience selling homes in YOUR SPECIFIC neighborhood.  If they don't have it, show them the door.  What different skill sets do they bring to the table? How will they alter their marketing strategy if your home doesn't sell quickly?
• Ask each for an opinion of likely sale price and therefore best list price.  IMMEDIATELY throw out the high one.  Seriously!  Don't get sucked in to overpricing your home by a realtor that just wants another listing in their inventory and will tell you what you want to hear.  If you hear what you want to hear, consider that a big red flag. 
• Don't necessarily choose the realtor that you "like" best.  The goal here isn't to make a life-long friend, it is to sell your house, for the highest price, as quickly as possible so that it is the least inconvenience to you.

Until next time ...

Pam Metzger
Director of Relocation and Business Development
Colorado Landmark, Realtors
800-737-MOVE
http://www.coloradolandmark.com/  
www.facebook.com/COLandmark  
www.facebook.com/365ThingsBoulder

Got Kids? ...How to Keep your House in Showing Condition

I recently asked a client how the showing went and she enthusiastically replied, "Great! But...." But what? She went on, “my kids think I am “Crazy Mommy!” I yelled at them to 'finish the snack!' 'Clean up the mess!' 'Put the dog in the car!'" Her kids wanted to know what happened to Mommy? Let's take a moment to understand that while it is important to sell the house, we don't need to throw the kids under the bus to get it done! Here are some tips for managing showings in a household with kids:

• Morning Routine.

Add a 10 to 15 minute clean-up routine after breakfast; this way if you get a call to show the home anytime throughout the day, the house is relatively clean. Make sure surfaces are picked-up, beds are made, breakfast is put away and toys are in their rightful bin/closet/chest, etc

• Requesting Time.

Request a 2-hour prior notice to showing; 2 hours gives your family time to straighten up and exit the home.

• Ready ... Set ... Go!

Pack a "field trip" bag. It may contain excursion essentials such as snacks, diapers, wipes, sippy's, and sweat shirts. Having it ready by the front door or in the car means you can grab and go just before a showing.

• Excursion List.

Prior to placing your home on the market, develop a list of places to go and things to do. In good weather, you can head to the park, creeks, farmer's markets, trailheads, Pearl St, the reservoir and the like. In bad weather, you can easily spend time at Moe's Bagels, the libraries, Barnes & Noble and Border's, BMOCA (Boulder Museum of Contemporary Art), Boulder Book Store, The Parenting Place, Logan's or Vic's, Amante or Laughing Goat, rec center pools, the movies, etc.

• Your Village.

Nothing beats having a friend who will open their doors to you and the little ones during a showing. Be sure to ask for help and let friends know prior to listing your home you might need a place to lay low during showings.

• Sports Pitstop.

Keep a bin of basketballs, mitts, tennis rackets, Frisbees, kites and the like in the car; a quick jaunt to the courts or parks gives your little ones an opportunity to expend energy and have fun during a showing.

• Teamwork.

Give your little ones age-appropriate tasks to help the household get ready for a showing. A two year old may like to use a dustpan and sweeper to clean up the floors. A three year old may clean surfaces with a duster. A four year old may want to make their bed. Giving children a chore teaches teamwork, jump starts the learning of some important life skills, and keeps them out of trouble while you get the house ready.

• Containing Messes.

From art to popsicles, explain to little ones that certain items must be used or eaten in rooms where messes clean up easily. I can tell you from experience, a red magic marker + master bedroom curtains = disastrous mess.

• Donate It.

Your family may have an opportunity to clean-out closets, playrooms and the like when selling a house; cleaning out the home prior to placing a house on the market helps make the home feel organized and roomy. Groups such as Saver's, The Salvation Army, www.boulderfreecycle.com, There With Care, Lupus Foundation, etc appreciate the donation, offer tax write-offs and may pick up donations at your front door.

• You Are Not Alone.

If you are struggling with showings, contact your listing agent. He or she is your ally and may be able to adjust the showing instructions giving you more time to get ready, conduct fewer open houses, etc.

In the end, your house will sell and the whole family can say they helped make it happen!

This article contributed by:

Amy Zoldak, Broker Associate

Colorado Landmark, Realtors

720.841.2390 (cell phone)

amy_zoldak1@yahoo.com

What's in a Sign? Choosing the Right Listing Agent to Sell your Home.

The spring selling season is well upon us, but perhaps you are still in the process of putting your house on the market for sale and wondering how to choose a listing agent. Today’s consumers have almost unlimited options when it comes to selecting a real estate firm for the sale of their property. The purchase or sale of a home is about the experience of the transaction and performance of the real estate professional as much as it is about the property itself. As such the selection of the right real estate professional is of the utmost importance. Colorado Landmark, Realtors recommends that anyone looking to select a real estate firm consider the following five important criteria.

1. Have the right network connections.
2. Demonstrate a proven track record.
3. Have a property marketing program.
4. Be invested in resources.
5. Specialize in luxury (IF your home qualifies as a luxury property)

The Right Network Connections
It is important to evaluate what the individual realtor's or company's name or connection actually represents with regard to local sales statistics as well as strength on a global basis. For example, Colorado Landmark is a member of Leading Real Estate Companies of the World®, as well as two global luxury marketing programs, The Luxury Portfolio Fine Property Collection™ and Christie’s Great Estates®.

• Leading Real Estate Companies of the World® is a major real estate network comprised of the best locally and regionally branded residential firms selling nearly $370 billion in homes annually, more than any national franchise brand.


• The Luxury Portfolio Fine Property Collection™ , the luxury marketing program of Leading Real Estate Companies of the World®, sells more $1M+ homes each year, has more top sales associates, and has more of the top listings in the country than any other real estate organization.


• Christie's Great Estates®, a wholly owned subsidiary of Christie's, the world's oldest fine art auction house, was established in 1995 and is the largest network of real estate brokers dedicated to the marketing and sale of important properties.

Demonstrate a Proven Track Record
Choose a firm that has a proven track record in dealing with properties in your specific neighborhood and price category – a firm that has done this before and has existing clients that you can contact for references. You can always see what properties a firm is marketing and make sure that the firm you choose is entrenched in the marketplace, working with other similar buyers and sellers.

Have a Property Marketing Program
All firms can “run an ad” or put a sign in your yard, but the effectiveness of that promotion and the overall marketing program needs to be evaluated. In this challenging market, it’s not about more marketing but marketing differently. The firm that you choose needs to have access to the right buyers – and target their program to reach those buyers. The web is just as selective and effective marketing dictates being on sites that attract the right consumers, not necessarily the masses. Today, the mix of websites should include those attracting local and regional customers on a global basis, as this is the key to finding the right buyer for your home.

Be Invested in Resources
All real estate firms are licensed to sell all properties, but it is important to choose a firm that has invested in the resources it takes to successfully market properties. Every home needs to look its very best, and in this challenging market it is even more critical that the home appears to offer the best value for the money. This means finding a firm that can consult with you to improve the salability of your home. The firm should also assist in the process, recommending efficient solutions to correct any issues through their network of service providers and resources.


Specialize in Luxury (if applicable to your home)
In the Boulder area a luxury property would typically be one priced over $900,000, although there are some homes that would be considered "luxury" in eastern parts of the county in the $800,000 range. Big firms and national franchises are not necessarily better; a boutique marketing organization within a large firm or a local single office firm that specializes in luxury is probably best suited to handle the individual marketing needs of a luxury customer. Every luxury home is unique and individual – typically because it was designed and built for the needs of a very exacting individual with very unique and specific requirements. It takes a educated real estate professional who does not use an “off the shelf” approach, but rather understands the needs and sees the unique features of the home that actually make a difference in the lifestyle of the owner and future buyer.

So ... What to Do?
Just because you see someone's signs in a lot of yards it doesn't mean they will be successful selling YOUR home. Find out if the realtor works independently, with a partner, or with a large team. Decide how much personal attention you want and need from your realtor. Do you mind if you see them at the listing presentation and then never again? Is it okay if your main point of contact is their assistant? Do you want your realtor to check in with you on a weekly basis - hint ... they should! Are they stuck in a rut of newspaper ads, or have they migrated to a multi-faceted marketing approach that includes heavy internet presence?

Boulder has one of the highest numbers of realtors per capita than anywhere else in the country! Everyone in town seems to know at least 2-3 realtors! Decide if you are comfortable sharing your personal and financial information with a friend, or if you prefer to work with someone less closely connected to your circle. There are pros and cons to both scenarios, although many people swear by the tenet "business and friendship don't mix". Go with your instincts and prior experience and do what feels comfortable to you. A good friend will have your best interests at heart and should understand if you choose another realtor. If you decide not to work with a friend, then let them refer you to a colleague that they know and respect.

Ultimately your home selling experience should be as stress-free as possible. Sure ... it IS stressful to keep your house clean and ready for showings at a moment's notice. However, if you are confident that your listing agent will successfully guide you through the process from preparation and staging, to a multi-faceted marketing campaign, to contract negotiations, and finally to closing the transaction, your home selling experience can be a good one.


Pam Metzger
Director of Relocation and Business Development
pam@coloradolandmark.com
twitter = @pmcolorado