Jolon Ruch

This is your home and may very well be your most valuable asset. In this market and economic times, it is worth your time to do your due dilengence. It could also help to make your decision an easier one by asking the real estate brokers you are interviewing a few questions.

• Are you a REALTOR? (Stand by a Code of Ethics) You want a REALTOR, a licensed broker with the State of Colorado that is a member of a REALTOR Association and took an oath to stand by a Code of Ethics, holding him or her to the highest standards and care.
• How long have you been in business? Experience may matter to you.
• How long have you lived in the area? Do you want someone that knows the area, the neighborhoods, the nearest shopping center, schools, community centers, history and more?
• How does your service differ from other realtors? It may be important for you to know that the broker does more than put a sign in the yard.
• Do you have a back up person if you are not available? Even brokers need a day off to run errands, a vacation to rejuvenate and sometimes have emergencies, we're human! Does your broker have someone to help you on those days?
• What is your average number of annual transactions? If you believe experience equals knowledge, this is valuable information.
• Are you full time or part time? Knowing if your broker is involved in real estate as a professional career or as a hobby may be important to you; this is your valuable asset and you may require an agent or broker that is involved full time.
• Do you have designations? Is it important to you that your broker cares enough about you that they took time to increase their knowledge through education? All with the intent of being able to serve you well and be the best they can be. Are they taking their real estate career seriously?
• Do you have a presence on the internet? This is huge! Statistics tell us that 87% of the buyers and sellers look on the internet before buyer or selling. In Colorado, those statistics could be higher. Having a strong internet presence should be "a must" for you.
• Do you have a web site? Again, website is internet exposure. Check out the brokers personal and company website. It may help you if you "Google" the brokers you are interviewing?
• Do you have a customer care person or transaction coordinator? It may be of value to know that you are getting personal attention while your broker/agent is out working hard to sell your property or find you a new home.

I hope you find the answers you need to hire the right broker for you. Making a wise choice means success for you in your transaction.

The Metro Denver area REALTOR Rally was a huge success this year. It was a fun-filled day offering valuable educational classes, information on technology and various specialty niche ideas. If you missed it, you should attend next year in 2010!

For those of you that have had the pleasure of hearing Larry Kendall, a wonderful motivational speaker, give meaningful incite to Thriving in a Turbulent Time, then you can appreciate when I say we just can't seem to get enough. Every time I hear Larry speak, I learn something new and am reminded of "things" I used to do and should do again. No matter what, I always take away a helpful idea.

The secret is to actually implement the ideas and success in real estate will typically follow. The best tip I took away and am now utilizing is this: upon arriving to the office, the first thing I work on is my "to do" list BEFORE I open my email. After just a few days, I realized how much time is spent in front of the computer looking at email and recognized that my organizational and productivity skills were dissolving. Thanks Larry! Great pointer!Since doing this one simple step 2 weeks ago, I have listed 4 properties and have 5 new buyers.

A second reminder was using "FORD". Many brokers have forgotten to talk to their buyers and sellers. Where did that personal touch go? When calling a customer, client or friend, ask about the family, their occupation, what are they doing for recreation and then their dreams . Include the reason for your call somewhere in the conversation. I have been using this system for years. I learned this method in a CRS course years ago and it is very effective. Caring about our clients is what we do, isn't it?

Dr. Lawrence Yun from National Association of REALTORS spoke on the market and shared with those attending the REALTOR Rally valuable information and statistics. The good news is he is predicting an improved second half of this year (2009), we should get ready to "rally". One of the most interesting and positive statements was that Colorado is a job creation state rather than a job protection state. Dr. Yun was quite firm when he stated that home values cannot decline; when home prices fall, collateral assets fail.

There are 12 million people under water with their mortgages, 2.5 million are in foreclosure, leaving 9-10 million still making payments. Affordability index is at its highest. This is the best time to buy and Dr. Yun reminded us that this is a once in a lifetime opportunity with low interest rates and an $8,000 tax incentive for first time home buyers. What would happen to the housing market if there was an $8,000 tax credit for anyone purchasing a property? Would all level of price point start selling? This could increase consumer confidence and begin to stabilize the housing market. As Dr. Yun pointed out, buying a home is like the old days; you have to have money, a job, good credit and look at a price point within your budget. What a concept!

Have you experienced the short delays or seen that the expansion project on 144th Avenue between Zuni and Huron? City of Westminster purchased McKay Lake Open Space in 2000 and in an effort to continue to preserve and protect the McKay Lake Open Space, the wetlands, lake, native plants, cottonwood trees and wildlife, acquired the Barnett property located at the southeast corner of 144th and Zuni, in October 2008. McKay Lake was orginally designed for an irrigation reservoir in th 1800's and later was owned by a private fishing and hunting club before the city purchased it.

Since the construction includes installing water and sewer lines, new storm water, and a box culvert through McKay ditch, there is much work to be done. A few of the Westminster neighborhoods whereby homeowners may be effected by the road construction will be Quail Hill, Cheyenne Ridge, Silver Oaks, Huntington Heights, and Broomfield's McKay Landing and the Broadlands.

The widening construction will turn the present 144th Avenue into a four lane road. This should ease traffic delays from Zuni Street as well as along 144th and make egress and ingress easier for such neighborhoods at Huntington Heights, Quail Hill and Cheyanne Ridge. This expansion will also provide improved traffic flow at the intersection of 144th Avenue and Huron Street, near The Orchard Town Center pedestrian mall and allow access to I-25 more swift as the neighborhood traffic increases due to future growth. The City of Westminster may have been proactive with this improvement. Property was purchased with voter approved, open space bond funds along with the extension of the Parks, Open Space and Trails fund in 2006.

Improvements to enhance the area will include a landscaped median islands, curbs and sidewalks . I know many people will appreciate the new planned parking lot on the south side of 144th. The open space will have easier access to the 115 acre McKay Lake Open Space, making it a more enjoyable experience for those people that walk or jog the one and a half mile trail partially around the lake, with or without their dogs.

Work is to be completed in November, 2009. Watch for lane changes and traffic controllers. For more information on Westminster and Broomfield neighborhoods, contact a real estate professional.

Broomfield Home Buyers Markets

Did you know that only a few Broomfield communities are currently experiencing a "buyer's market "? With that said, read on. The year end residential statistics for 2008 have shown that the Broadlands, Country Estates, Crofton Park and Aspen Creek were buyer's markets at the end of 2008. Absorption rates were over 7.0. What does this mean? Statistic show us that, on average, it took 7.0 or more months to sell a home in those areas.

What Neighborhoods?

Broadlands and Crofton Park averaged over 8 months for a home to sell, Country Estates 11 months and Aspen Creek over 11 months. This could be based on numerous variables. Listing too high to begin with, more competition and fewer buyers, financial crisis, and basic economic turn down to name a few. Sure, these issues are very concerning, however, do not worry. These homes are all located in very popular and desirable Broomfield neighborhoods. Sellers, the simple solution is to price your house at market value based on its condition and location.

Balanced markets are those communities that are neither a buyers market or a sellers market. Wildgrass, Willow Run and Anthem showed signs of a balanced market. Each averaged 5.0-6.9 months to sell. This is very favorable place to be as a seller and a comfortable location to purchase as a buyer.

Broomfield Home Sellers Markets

Broomfield overall is a Seller's market. Out of 33 neighborhoods I reviewed, 21 communities are home sellers markets . The average Broomfield Home for sale takes 4.5 months to sell with 55 homes selling per month on average. This is good news for sellers and for buyers. Yes, sellers and buyers, this is a strong indicator that Broomfield homes are holding their value.

Knowing the market, absorption rates, real estate trends and area will help you in making a strong, knowledgeable decision when you are buying or selling a home . Know this valuable information in your market or call an expert real estate professional to help you.

Broomfield Homes Sales Analysis for 2008

My year end analysis of Broomfield homes is complete.   I ran residential homes that sold in the past year and current active homes for sale.  Here is how Broomfield homes for sale performed.  It is important to know two facts before pricing a home to sell; how many months are homes on the market before they are sold and how many homes have sold per month, on average.   The breakdown performed was also by price and subdivision.

The Broomfield home activity based on the price point of the neighborhoods is as follows:  Homes under $250,000 did sell in less than 2.9 months.  What caught my eye are the price points under $300,000 which sold in less than 3.2 months, homes between $301,000 to $350,000 were taking 5.6 months to sell and  considered a balanced market, then $350,000 to $400,000 Broomfield homes sold in 4.6 months.

If the seller's home is listed for just over $300,000 and an offer would be accepted for $300,000 or less, would it be helpful to the seller to have this information, in hopes the home would sell 2.4 months sooner?   Remember, Broomfield Homes for Sale that are priced $301,000 to $350,000 are in nearly equal supply and demand or what is known as a balanced market.

Furthermore, the supply and demand for homes priced from $401,000 to $600,000 is balanced.  However, it may take over 13 months for Broomfield homes for sale priced over $600,000 to sell.

As your Broomfield Real Estate Professional, it is my suggestion to consider pricing the home at $300,000 if the house is listed at $310,000.  Comparing the net, original list to sales price differential at 94.18 versus the net, list to sales price differential at 97.12 the seller may not only save time, reduce stress, but save money in the long run.