So, How�s the Market, February, 2010
All data taken from Metrolist, Inc, on February 4, 2010. Denver, Colorado.

�If you believe real estate is cyclical, then the facts show the market has hit bottom and is on the way back up.�

Overall 2010 will bring compelling reasons to buy real estate in Denver.

� The $8000 tax credit for first time homebuyers and the $6500 dollar tax credit for existing home buyers will increase demand the first half of 2010.
� Interest rates appear to remain low through the first 6 months of the year.
� Continued fewer new home starts will create less competition for resale homes.
� Check out the RE/MAX Professionals Auction on April 10, 2010
� Prices for the upper end market continue to offer extraordinary concessions making for a perfect time to acquire the home of your dreams.

What should buyers do in today�s market?
� Take advantage of your �Move-up Power� Today.
� Get qualified before starting your search to become more attractive to sellers.
� Consider terms over price in some instances to move into your dream home.

What should sellers do in today�s market?
� Have a market price for your home and a cash price for home as a way to attract buyers.
� Consider reverse offers on upper end properties.
� In the lower price ranges, be the best conditioned to get multiple offers.

February 2010 has the lowest residential and condo inventory in 7 years. This month also displays the highest number of home under contract for a February since 2006 and although the sold data is lagging behind previous years, the 2010 spring season is showing signs of a rebound.

There are Six Facts why 2010 will be a more consistent year in residential real estate in Denver Colorado

The First Fact: 2010 will be improved over past years are inventories are at historical lows in Denver.

Inventory in February of 2010 is the lowest level in 7 years. With single family and condo units that are for sale totaling 18,716, makes for a 8.7% decrease in the number of available properties over February of 2009 and a whopping 28.1% over February of 2006.

� Inventory rose from January 2010 to February 2010 11.5%, which is higher than the average for previous January�s to February�s.
� There are 13,833 single family homes on the market in February.
� Single Family Homes priced above $750,000 make up 13.3% of total inventory which is higher than normal.
� Properties priced above $750,000 in the single family category that sold in January 2010 make up 1.2% of all sales in Denver.
� Inventories of single family homes in the 0-$250,000 make up 38.7% of the listing on the market.
� Homes priced 0-$250,000 will continue to outperform the market, but will also cause the median price in Denver to remain below $250,000 for 2010.
� Properties priced from 0-$250,000 that sold in January 2010 made up 61.6% of all sales in the Denver area.
� Homes priced from $250,000 to $500,000 make up 37.9% of the inventory.
� The sold data of homes closed in January 2010 priced between $250,000 and $500,000 represent 32.1% of single family homes sold.
� Single Family Homes constituted 74.9% of all sales in the single family-condo markets in metro Denver.
� Condominiums priced from 0-$250,000 made up 87.2% of all the condo�s sold in January 2010.
� Condominiums priced above $750,000 represented 2.6% of all condo sales in January 2010.

The Second Fact: 2010 will be the Tax Credits extended to April 30th of 2010.

� First Time Homes Buyers can receive up to $8000 Tax Credit when buying a home this spring.
� Move up homeowners can receive up to a $6500 Tax Credit when buying a home before April 30, 2010.
� To take full advantage of the tax credits, the buyer purchase must close before June 30, 2010.
� These incentives with low interest rates will create activity the first half of 2010 that was not realize in the first half of 2009.

The Third Fact: 2010 will be improved over previous years as Denver�s pipeline of homes under contract is the highest it has been since 2006 for a February.

The Fourth Fact: A Compelling Reason Denver�s Real Estate Market is on the Upswing is Sold data has hit lows in both Single Family and Condominiums and will start to rise.

� Sold data is the trailing indicator of market conditions.
� January 2010 is 12% less in single family and condo sales than January of 2009.
� Single Family sales decrease by 14% and Condo�s decreased by 5.5% from January 2009 to January 2010.

The Fifth Fact: The Market is bouncing along the bottom and will improve over 2009 is we have reached a new normal in real estate on how homes will be transferred.

� The market consumer is better understanding and creating a new trend to Avoid Foreclosures.
� Short Sales have made up approximately 7% of all sales for 2009 and will double that number in 2010.
� Lenders are offering more alternatives to foreclosure than ever before.
� The Colorado Foreclosure Protection Hotline provides consumers with excellent FREE information on the foreclosure process. Colorado Foreclosure Prevention Hotline 1-877-601-HOPE www.coloradoforeclosurehotline.org
� Homeowners should seek the advice of a professional broker in dealing with foreclosure and short sales. www.DawnHelpsHomeowners.com or www.5280Help.com
� Auctions will diminish the foreclosure inventory at faster rates than people expect.
� Auctions will help sell re-sale non-distressed homes to determine true market value.
� 1031 Exchanges will help homeowners move up or down without having to sell their homes.
� Investors will use their Retirement Accounts to buy lower priced properties to build a portfolio in their IRA.
� Denver�s unemployment is 7.5% compared to 9.8% nationally which makes for a more stable economic condition.

The Sixth Fact: Contacting Dawn Tieken & The Tieken Team TODAY to find out how YOU CAN TAKE ADVANTAGE of this exciting & changing market is the best decision you will make in 2010!

I look forward to speaking with you!

Dawn Tieken, CDPE
Realtor
Re/Max Professionals
Direct: 720-339-8977
Fax: 303-328-2960
Dawn@MileHighAgent.com
www.MileHighAgent.com

Check out all RE/MAX Professionals Listings on our Online Buyers Guides.

So, How�s the Market, January, 2010
All data taken from Metrolist, Inc, on January 4, 2010. Denver, Colorado.

What should BUYERS do in today�s market?
� Take advantage of your �Move-up Power� by exploring what it would take to rent your existing home and get an exceptional deal on your next home.
� Get qualified before starting your search to become more attractive to sellers.
� Be creative in your offers to add closing costs, HOA dues or points to make the monthly payment more attractive to you short term.

What should SELLERS do in today�s market?
� Know your individual sub area statistics to best position your home.
� Have your home professionally staged to capture the eye of today�s buyers.
� In the lower price ranges, be the best conditioned to get multiple offers.
� In the upper price ranges, offer extraordinary terms to attract the buyers to your home.

Overall 2010 will bring compelling reasons to buy real estate in Denver.

� The $8000 tax credit for first time homebuyers and the $6500 dollar tax credit for existing home buyers will increase demand the first half of 2010.
� Interest rates are at historical lows and will rise. Once that occurs, buyers will move more quickly to obtain the home of their choice.
� Continued fewer new home starts will create less competition for resale homes and allow them to be absorbed at a quicker pace than in 2005, 2006, 2007 and 2008.
� Alternative marketing methods will be used to move real estate including short sales, loan modifications, pre-foreclosure programs and property auctions.
� Prices for the upper end market continue to offer extraordinary concessions making for a perfect time to acquire the home of your dreams.

�Do You Wish You Would Have Bought More Residential Real Estate in 1988? Don�t wish the same thing for 2010.�

2009-2010 will be the timeframe known as the bottom of the real estate market in Denver, Colorado and many will ask the question in the future, �Do you wish you would have bought more real estate in 2009-2010?� We see the Denver marketplace improving slightly in 2010 over the 2009 and we do see prices starting to appreciate in the 4-6% levels for the entry price points for 2010.

There are Three Key Reasons why 2010 will be a more consistent year in residential real estate because of three major factors starting out the year in 2010 that was not the case the previous three years.

The First Reason 2010 will be improved over past years are inventories are at historical lows in Denver.

Inventory in January of 2010 is the lowest level in 7 years. With single family and condo units that are for sale totaling 16781, makes for a 15.4% decrease in the number of available properties over January of 2009 and a whopping 31.5% over January of 2008

� Single family homes for sale are at a low of 12,637 total number of units
� Condominium homes for sale stands at 4144 units available as of January 4, 2010.
� The decrease in inventory from December of 2009 to January of 2010 represented an 11.15 decrease. Normally you would expect decreases in the 8% range from Dec to Jan.
� Inventories in the 0-$250,000 range will see appreciation in 2010
� Inventories in the $250,000-$500,000 range will outperform 2009 in number of units sold.
� Inventories of homes priced above $1 million dollars have a large inventory, but this price range typically dwindles faster due to staying power of upper end price property homeowners� financial ability to wait out the market. Even though today there is lot of upper end inventory, we believe this will decrease at a faster pace than 2009.

The Second Reason 2010 will be improved is that the market is moving from a buyers advantage to a sellers advantage in the starter price ranges.

� When inventories dip below 6 months supply normally appreciation occurs.
� Be cautious with a January month supply ratio as a sole determining factor in predicting the future, because historically inventories are lower in January than any other time of the year.
� Different subdivisions will outperform or underperform the numbers below. Real estate is localized to the subarea you are living within. Make sure you know your neighborhood market conditions to predict where the market is going.
� The current supply of Homes in the Denver metro area per price range is as follows:

RES Units Total Active 1.4.10 Total Sold for 2009 Month’s Supply

0- 250,000 4762 18182 3.143 months
$250,001-$500,000 4639 9898 5.620 months
$500,001-$750,000 1472 1597 11.06 months
$750,001-$1,000,000 692 470 17.66 months
$1,000,001-$1,500,000 464 217 25.66 months
$1,500,001-$2,000,000 256 68 45.17 months
$2,000,001-$2,500,001 118 28 50.57 months
$2,500,001-$3,000,000 90 16 67.52 months
$3,000,001+ 144 16 108.0 months

CONDO Units

0-$250,000 2707 7008 4.635 months
$250,001-$500,000 975 914 12.80 months
$500,001-$750,000 246 110 26.84 months
$750,001-$1,000,000 100 26 46.15 months
$1,000,001-$1,500,000 66 12 66.00 months
$1,500,001-$2,000,000 34 4 102.0 months
$2,000,001-$$2,500,000 10 2 60.00 months
$2,500,001-$3,000,000 1 0 no sales
$3,000,001+ 5 0 no sales

� Condominiums are lagging behind single family homes in demand for 2009.
� As lower single family inventory continues to be absorbed, condo inventory will start to be absorbed at a faster pace in 2010.
� 2009 has experienced appreciation in the lower price ranges and the extension of the $8000 first time home buyer Tax Credit and the addition of the $6500 Tax Credit for existing home owners should continue to cause the lower price ranges to appreciate.
� 2010 will start to experience the move up buyer enter the market in the $250,000 to $500,000 range.
� Conversely, 2009 also saw homes priced above $1 million struggle with holding their prices and experiencing a price declining market in 2009. Overall the average price dropped 11.2% above 1 million in 2009.
� There are fewer properties to compete with today and serious buyers are buying now, as the Tax Credit has been extended and expanded to include current homeowners.
� Interest rates are 5% for conforming loans today and more than likely will be a little higher in 2010 causing buyers to make a buying decision early in 2010 versus waiting till later in the year.
� We anticipate a slight rise in interest rates in the first half of 2010 to 5.75% to 6%.

The Third Reason 2010 will be improved over previous years is Denver�s economic condition is more stable today than at any time over the last 36 months.

� Job stability is stronger in Denver than other markets
� An increase in employment will start to occur in the second half of 2010, increasing the confidence of the consumers to buy a home.
� 2010 will see more stability in the employment sector providing for more buyers willing to buy.

Sold Data is a Trailing Indicator of the Marketplace.

� Sold data is the trailing indicator of market conditions. We believe 2009 is the low point in number of transactions in 2010 month over month close transactions will be within 1% of 2009 or in some months exceed the previous year.
� The number of total sold units for 2009 was 13.8% less than 2008.
� Condo sales declined 10.2% from 2008.
� Residential sales declined 14.7% from 2008.

Properties under Contract are the Leading Edge of Predicting the Market

� The �Under Contract Homes� indicate we have a better pipeline of existing business to open the year versus the last 4 years. More homes that are set to close is a trend of a market starting to move upwards.
� We anticipate the closing time frame to shorten in 2010 as banks and Realtors are better understanding the financing and short sales processes.

What did 2009 bring to Real Estate in Denver?

� The $8000 Tax Credit did create more sales in the 4th quarter of 2009 and will enhance the sales the first 4 months of 2010.
� The number of properties under contract remained at higher levels which indicated a longer closing period and increased buyer confidence to stay with the elongated process of short sales and financing challenges.
� A reduction of upward of 20% of the number of real estate brokers in the Denver Metro decreased in 2009. Work with a professional to protect your position.
� The average price of a home declined 2.3% in the Denver Metro area. Lower priced properties went up and higher priced properties declined. Know your neighborhood before just assuming the trend affects you and your home.

Give me a call to discuss your Real Estate needs. We’ll determine a strategy for you to take advantage of this exciting market!!!!

Happy New Year!

Dawn Tieken, CDPE
Realtor
Re/Max Professionals
Direct: 720-339-8977
Fax: 303-328-2960
Dawn@MileHighAgent.com
www.MileHighAgent.com
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Can you believe that summer is almost over!? It seems like this year has gone by just a little too fast.
For renters, this means you have just a couple months until your first-time home buyer’s stimulus package is gone!
If owning a home is your dream, why not do it now?
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