30 year fixed…5.16%
15 year fixed…4.61%

A rally last week in the mortgage bond market sent rates down to near all time lows. This gives everyone a chance to get close to the bottom of the market for both purchases and refinance.

We don’t expect these rates to last through the end of the year, so if you have been sitting on the fence waiting for rates to drop lower, we recommend you jump in now!

More good news, according to the Mortgage Bankers Association, mortgage application were up 7.2% from the previous year. It is becoming clear, more people are starting to enter the market.

Current Mortgage Rates Get this widget See local rates

The key factors:

Inventory is much lower (-21.5%.)  This is a huge positive as large inventory has been the biggest problem for our market over the past 24 months., and absorbtion rates are continuing to improve.

Absorbtion Rate is continuing to improve.  This number is the time it would take to sell through the inventory at the current sales pace.

Sales are lower.  Down almost 17% from last year.  This is primarily due to the slowing of the higher end market.  If you were to look at homes priced under $250k, this number would be substantially better.  With the level of inventory we have, even the decrease in sales points to a better market.  If sales were on pace with the previous year, we would see a full on Seller’s Market, and price appreciation.

June 2009

1. Declutter
2. Hide Pets
3. Hide Yourself
4. Don’t Discount the 1st Offer
5. Be Prepared to Negotiate
6. Out with the Old
7. Curb Appeal
8. De-Personalize
9. Create Light & Bright
10. Fix Anything that’s Broken

• Step 1.Start outdoors

  For homebuyers, the first impression starts before they even get out of the car, so make your front yard and walkway as appealing as possible. Plant some flowers, rake any leaves, remove weeds, paint the fence and porch—make sure everything is in tiptop condition.

• Step 2.Clear the clutter

  Put away knickknacks and any odds and ends that wouldn’t be in a model home. If you’re in a hurry, just stick them in your car, inside desk drawers, or in other places the buyers won’t look.

• Step 3.Let the sun shine in

  Open up your blinds and curtains; light makes a room look bigger.

• Appealing aromas like coffee beans and freshly baked cookies make people feel at home and put them in a good mood. So put on a pot of good coffee and pop a roll of cookie dough in the oven.

• Step 4.Pare down

  Put extra furniture in storage and clear the kitchen counter of appliances like the microwave oven and toaster. Besides making your house look bigger, it will help prospective buyers picture their own belongings in your home.

• Step 5.Throw around pillows

  Steal a page from the home décor magazines: add throw pillows to make rooms look warm, comfortable, and inviting. And put soft, fluffy comforters on the beds, even if it’s summer.

• Step 6.Make it less personal

  Remove family photos and your kids’ artwork from the fridge. Homebuyers like to imagine what it would be like to live in the house; your photographs subconsciously prevent them from doing that.

• Step 7.Splurge on fresh flowers

  Put fresh flowers throughout the home. The sight and scent of flowers are proven mood boosters, which will help buyers look more favorably upon your home.

• Industry surveys show that staging your home can make it sell three months sooner, and for 3% more!

“While the majority of the nation’s housing markets are still working toward a bottom, some cities are boasting fundamentals that make them good places to buy a home now,” Forbes reported.

At the top of the good places to buy is Denver!  The report ranked the the 25 largest metro areas on the basis of price per square foot, number of real estate transactions, and how evenly distributed home sale activity is in a metro area.

With 25% of all sales occurring in approximately 25% of the zip codes, this shows the relative even distribution and proportionate activity market wide.  In the Forbes study, markets that deviated from the 25 percent mark were ranked lower because of the concentration of sales.  This concentration is important to a market wide analysis as pockets of areas can appear strong and not be a good indication of general market improvement.

The Top 5 Markets on the list are:

1. Denver
2. Phoenix
3. Boston
4. San Diego
5. Los Angeles

In case you were wondering where Forbes says aren’t doing so well,

1. Detroit
2. Seattle
3. Cleveland
4. Las Vegas

The primary culprits  are fears that other countries would shift dollars away from US holdings.  Retail sales rose 0.5%, and reinforced the belief that the economy has started to turn.  Oil prices continue to rise, and hit over $72 per barrel.

This week the Consumer Price Index (CPI) will be released this week, and is widely accepted as a major indicator of inflation.  If the data comes back being inflationary, it will likely push interest rates higher.  If the data indicates no inflationary concerns, it will most likely lead to improvements in the mortgage rates.

If you are in the position to float or lock a loan, be very careful right now.  The advice of experienced professionals is a must!

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8051 E Jewell Ave

New listing!  This is a wonderful home in a great location!

3 Bedrooms, 2 Baths, 2261 Sq. Ft.

Click Here to see the multi-media brochure for this home.

If you, or anyone you know, may be interested in seeing this property, please contact me for a private showing!

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NEW PRICE $549,900

Perfect family home in a great location! Located at the back of a cul-de-sac!

Main floor master bedroom with a master bath and adjoining solarium and hot tub! Three bedrooms, full bath, and a loft upstairs!

One bedroom, large entertainment area, full bath, laundry, and lots of storage space in the finished basement!

One of the largest yards in the community, with a basketball court, playground, rock water fall, nice patio, and lots of grass! Beautifully landscaped in front and back!

Nice neighbors! Ideal for a family with children! You will love it!

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Some of the reasons include our fabulous weather, an educated population, stable and diverse job base, best park system in the country, AFFORDABLE!  

The Top 5 real estate markets, primed for a rebound:

1. Denver, CO
2. Raleigh, NC
3. Austin, TX
4. Seattle, WA
5. San Francisco, CA

Watch the whole video and find out the markets to stay away from!

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