Bob Schenkenberger - Denver Real Estate

The median price for single family homes in the Denver Metro area dropped from $224,900 in March to $222,550 in April. This one percent drop could be a positive sign for the market.

The almost negligible drop may be a sign of recovery. Activity is up and prices seem to be stabilizing. I'll keep you posted when the full analysis is ready to go.

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In terms of Denver, Colorado Real Estate, there may be a new definition to "Buyer's Market."

The typical definition of a "Buyer's Market" is one that says the conditions of the market place are more favorable to the buyer than the seller. With the number of foreclosures still hitting the market, the mass amounts of publicity to the nationwide Mortgage Fiasco and the potential long term implications it is causing, it is easy to fall into the "trap."

Unfortunately, many home buyer's in the Denver area are getting a not so pleasant wake up call. My team has two separate clients that are thinking that Buyer's Market equates to Bidding War!

Over the past month Client "A" has put in 5 bids on 2 different properties and has yet to have one accepted. Each time others have outbid them, and we are now in search of a new target.

Client "B" found a great foreclosure, and could hardly wait to make it their first home. Not wanting to lose this property, we offered full price, with a small amount credited to the buyer, at closing, for closing costs. This was a HUD owned property and, the HUD process is such that if your bid is not accepted, you are not notified directly. Rather the property remains active with HUD, and you can place another bid. Another bid was placed last Friday, and today we found out that someone else had their bid accepted, for over asking price.

The market has spoken, and it seems to be saying it wants to be redefined!

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When it comes time to sell a home, Seller's ALWAYS ask, What should I do to get ready? A great answer to this is the topic of a recent post on my Denver Real Estate blog.

Short of paint, carpet and the remodeling of Kitchens and Baths, the simple answer is to get your home ready like you were throwing a party!

How do you want your guests buyers to see your home? How would you like these guests buyers to feel after they have left?

If you can instinctively answer these questions, then you're on the right track. If not, then call in a professional stager to help! My stager of choice is Elaine Manes.

To read a full post by Elaine on this subject, go here!

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Here are some recently compiled Denver area market stats for March 2008. My market area is the South Metro Denver cities, including Denver, Centennial, Greenwood Village, Cherry Hills Village, Englewood, Littleton, and Highlands Ranch.

Big Picture (Covering the Entire Metro Denver Area) The figures are for single family residential properties only, and Do NOT include Condos, Land or Commercial data.

Total Closings for the Month: 2951, Down 11% from 2007, Up 21% from previous month.

Average Days on Market: 109, Down 6.8% from 2007, Down 2% from previous month.

Active Listings: 19,509, No Change from 2007, Up 2.3% from previous month.

Average Sold Price: $274,693, Down 9.1% from 2007, Down 1.5% from previous month.

Absorbtion Rate: 6.5 Months, Down 2% from previous month.

South Suburban Central & South Suburban East MLS Market Areas (This data includes condos, and covers the majority of Greenwood Village, Cherry Hills Village, Englewood, Littleton, Centennial, south Aurora, and un-incorporated Arapahoe County.)

Total Closings for the Month: 126, Down 14.3% from 2007, Down 24.5% from previous month.

Average Days on Market: 93, Down 31.1% from 2007, Down 14.7% from previous month.

Active Listings: 1008, Up 10.6% from 2007, Down 19.7% from previous month.

Average Sold Price: $414,188, Down 14.2% from 2007, Up 3.5% from previous month.

Absorbtion Rate: 7.6 months, Up 32.1% from 2007

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Great question when your talking about many things, but today it's the perfect description for the weather in Denver. I've read other posts around the rain about the wild weather swings in certain parts of the country. And, the phrase "If you don't like the weather in [name of your town, city, state, here], just stick around a few minutes, and it will change" is used often.

The fact is there are few places in the world where it is more true the the Front Range of Colorado. Yesterday, in Denver, it was 80+ degrees, this afternoon, it was in the 30's and we will have 3-5 inches of snow on the ground by tomorrow morning! Additionally, it is supposed to be back in the 70's within 72 hours!

You can see photos taken from my the inside of my car, showing the temps at around 5pm yesterday, and then again 5pm today.

So, I'll have my golf clubs ready for Saturday and I'll make sure to pack a warm jacket, just in case! ;)

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