Becky Behrens

This is a summary of August's Real Estate Market Statistics, for more detailed statistics check out the graphs.

The Summary for August 2008 looks like this -

• 233 homes sold, and the average days on the market(DOM) was 125. There were no sales above $750,000 and that lowered the average days on the market this month.
• In August, inventory was slightly down and so were the sales.
• The average price of homes sold this month went down to $244,599.

Disclaimer, I get the montly statistics from my broker and his numbers take into account the expired listings and therefore slightly differ from my weekly statistics

You can see the graphs at http://www.grandjunctionrealestateblog.com/ .

I'm sure some of you have heard by now that the government has bought out Freddie Mac and Fannie Mae. This was big news that became even bigger as the overseas markets and Dow Jones opened higher than expected. I think this can be seen as a positive. Also, one of my lenders was saying that rates were looking to go down to 5 7/8% today, that is down from 6 1/2% on Friday. That is quite a reduction. This reduction is the difference between renting and buying a home for some people. I have included links to a couple of articles on this subject below:

Fannie, Freddie deal helps some borrowers, not all

Stocks mostly advance on plan for mortgage giants

Mortgage rates drop after Fannie, Freddie takeover

Market Statistics for August 17, 2008 - August 23, 2008

According to our local MLS, there are currently 1,666 active residential listings in Grand Junction, 335 homes are under contract, and 37 homes sold last week. Over the last few weeks the amount of active listings has been declining. This is good news! They are broken into areas below-

• City Area - 172 active/3 sold
• North Area - 269 active/ 4 sold
• Northeast Area - 175 active/ 6 sold
• Southeast Area - 175 active/ 5 sold
• Clifton Area - 77 active / 9 sold
• Orchard Mesa Area - 171 active / 1 sold
• Redlands Area - 224 active / 3 sold
• Fruita Area - 270 active / 4 sold
• Palisade/East Orchard Mesa Area - 72 active / 1 sold
• Northwest Area - 23 active / 0 sold
• West Area - 38 active / 1 sold
• Whitewater - 43 active / 0 sold

The Different Neighborhoods in Mesa County - This is a general guide to the different areas

This is a question I hear almost daily. The vacancy rate was at 1.6% for the second quarter according to a survey released Thursday by the Colorado Division of Housing. Grand Junction came in at the lowest vacancy rate out of 1,600 rental districts in the State. It is especially hard to find short term rentals. Currently, A 2 bedroom and 1 bath duplex with 800 square feet in somewhat bad repair, is renting for around $950 in the Redlands Area. By comparison, a newer 3 bedroom and 2 bath home with 1200 square feet in good repair is renting for around $1350 in the Southeast area.

As I look at this and the prices of real estate, right now. I can't help but think that if you are renting this is a great time to look into buying a home. For example, right now, you can buy a newer 3 bedroom 2 bath home in the Southeast area and your monthly mortgage payment would be the same as your rent. There is a lot of inventory out there and it is considered a buyer's market.

I know, I know, I can hear you saying, but I don't have good credit. Most people think there credit is worse than it actually is. There are many lending options available even to the people who don't have stellar credit. It is free to talk to a lender and you many be surprised at what you can afford. Stop throwing your money away on rent! On average, nationwide, real estate has appreciated 6% annually over the last 40 years. Home ownership is a proven, great long term investment!

Looking for a place to rent? Good Luck? - Daily Sentinel Article