Longmont, CO

Great news! As of today, July 29th of 2009, there are 520 single family homes for sale in Longmont, CO which is 19.2% less available inventory compared to last year. (Figure 1)

Homes For Sale 2008 vs. 2009, Longmont, Single Family Residences

Not so great news; 2008 came with 10% depreciation for an average single family home in Longmont, which happened at the same time when home buyers demand dropped down by 17.8%. It is hard to predict the hit homeowners will have to take this year since current demand has decreased by almost double of that. Sales volume continues to remain at alarming low levels, currently minus 29.4% compared to the same time frame last year. (Figure 2)

Monthly Total Sales Volume Change, 2008 vs. 2009

Since January of this year the average sales price has decreased by 5%, which unfortunately means that homeowners are continuing to lose on average 0.7% of their equity each month.

In June there were a total of 81 homes sold with average days on the market reaching 111 days mark. In July there are 79 homes sold so far.

On a positive note, well prepared and well priced homes that utilize an aggressive marketing approach still sell relatively well, often even with multiple offer situations. If you would like to receive your neighborhood specific market information, you can reach Edite Lawrence at edite.lawrence@eratradewind.com.

Edite Liepina - Lawrence, Realtor

ERA Tradewind Real Estate

Http://www.Longmont-Properties.com

Source: IRES 2009

Can you say "It's Getting Hot!!!!" Over the past few weeks we are starting to see our "Real Summer" with temps in the 90's and High 80's. Along with that there seems to be a lot more activity in the Real Estate Market as well, with many homes under the $200k price point "flying off the shelves" so to speak seeing multiple offers in very short time periods. This is really becoming a popular price range for both the first time buyers as well as the investors that were sitting on the sidelines for the past several months.

Also, 100% financing.......it seems to be back for some. Certain town programs are still offering great down payment assistance as well as the USDA program offering 100% financing in rural areas! However, you may be surprised to see what all is considered "Rural"......you can get very close to Longmont, Loveland, Ft. Collins and more!

If you are considering making a home purchase please give me a call if you want to know more about these types of programs available! FHA even makes it more attainable requiring only 3.5% down. Cant forget the $8000.00 tax credit either!

Enjoy this weather and this beautiful state!

Buying this house seems like a good idea but how do I do it?

Having a successful and fun experience on your first purchase is what we strive for.....

To help ensure a great transaction, here are a few steps that will help you along your way, or simply help you understand the process.

1) Find Your Realtor! I use the term Realtor and not Real Estate Agent because as few know, they are not the same thing. Realtors, in order to use this designation must meet a certain level of criteria and are held to a higher code of ethics. More on What is a Realtor? When choosing a broker I would look at two things, referrals from those you trust (friends/family) and of course the most common way is to hit the internet. Nowadays you can find a wealth of information on companies and people like never before. We have Blogs, web pages, reviews, information on companies, valuable tools, etc. You will be able to quickly determine who is a professional in your area. Remember that WE are people too! We like to be involved in activities, have certain beliefs, specialize in certain areas of Real Estate that others do not and so on......basically, look for someone that you see yourself trusting through market knowledge and resources as well as able to share a laugh or similar interests with.....it makes the relationship that much better!

1)/2) I use the 1 or 2 here because you may also start with this, your mortgage broker. This is vital for both you the buyer as well as us the Realtors so that we know exactly what is within your reach from the start. It allows us to help set realistic expectations as well as helps you stay within a budget when comparing property. They will also provide you with a "Pre Qualification Letter" to use when you find the home you wish to put an offer on. Finding your mortgage broker or lender should start once again with those you know, referrals from friends/family and then the Internet. If you chose to find your Realtor before finding your Mortgage Broker, ask your Realtor who they recommend as they will have great local referrals of those they trust as well. Commonly this option may work the best as your Realtor will want to recommend a broker that they can be assured can get the job done with great results.

3) Now you have your Realtor, what do you do? Well this will depend on how you and your Realtor have agreed to work. Basically you are ready to view properties. More than likely your Realtor has given you some options as well as a way to search for listings yourself.

4) Offer and Negotiations Stage. Once you have found your property, your Realtor will work with you on coming to an agreement on what to offer on the property and at what terms. After submission you will either get your offer Accepted, Countered or Rejected. Rejected is fairly self explanatory. Accepted is also in that you are now "under contract" and on your way to home ownership. If the offer gets "countered" this is when negotiations come into play. The seller has looked at your offer and said "Hmm, well how about this instead?" You're Realtor and you will review counters to decide what is appropriate for your situation.

5) Now that you are under contract there are several things to do, I will mention a few of them here.

-Get your Home inspected

-Review the title on the home

-Apply for homeowners insurance

-Optional Inspections for Radon Gas, Sewer pipes, etc

-Review and leases on the property if applicable

-Review the HOA documents and fees and ensure home is in good standing

-Finalize your loan application and/or continue in the loan process to finalize the loan.

There are several other dates and or deadlines that "could" relate to your transaction.

6) Pre Closing will happen when your broker and you deem appropriate. A good Realtor will review what to expect at closing, what you need to bring and answer any other questions that you may have to make sure you are comfortable and understand the process. Dates and times will also be verified.

7) CLOSING! This is a very exciting day for you. If your contract allows, you are able to make one more visual inspection of the property and off to the title company you go! After a series of signatures and explanations or answers to any questions that come up, the sale will be closed and you will be issued keys! (That is of course that your contract states possession at time of closing)

This was not meant to be a full "Step By Step" of the home buying process, rather after several requests I decided to briefly outline what a new buyer should do to "get out and buy a home!"

If you have any questions about the buying or selling process, or need a Realtor, please do not hesitate to call or email me!

Don't forget if you are a first time buyer that your may be entitled to up to $8000.00 credited on your taxes!

Visit us online at http://www.hunterhomescolorado.com

Few great things happening this weekend in Longmont! Join us!

First things first, tonight ShBang will be playing from 6:30-8pm at the Roosevelt Park Pavilion. This is part of the towns "Summer Concert Series". Bring a lawn chair and relax, meet with friends, hang out with family, meet new friends and enjoy great music on a nice summer evening.

Thursday dont miss the Callahan House tour as previously mentioned.

Friday Night bring the whole family out for another "Second Friday". There will be art openings, live entertainment and retail open houses. These sure are a good time.

Saturday at 10am is the 79th Annual "Pet and Doll Parade" down Main Street! Starting at Roosevelt Park, this great Longmont tradition also features a costume contest that is open to all.

Finally, Sunday feel free to visit Lefthand Brewery on Boston Avenue for some refreshing local brews and live music. This Sunday Kort McCumber will be ther playing American Folk music. 4:30-6:30 and admission is free.

Hope to see you at one of the events!

Interested in what your home is worth? How about what is available in your price range?

Tour the Historic Callahan House in June!

Between June and August of 2009, you are invited to take a tour and learn about the history of the Callahan House in West Side Old Town Longmont located at 312 Terry St.

Tour dates & times:

June 11th, 10:00 a.m. - 2:00 p.m.

July 9th, 4:00 p.m. - 7:00 p.m.

August 13th, 10:00 a.m. - 2:00 p.m.

For more information, you may contact the Callahan House at 303-776-5191

This classic Victorian home was given to the City of Longmont in 1938 and is a great place for special events. The beautiful yard and garden features statues, a fountain, large shade trees and many varieties of flowers. Great spot for a picnic on the above days! Enjoy!