Price Reductions on 3 Golden Real Estate Listings

13214 Braun FrontThis 2383-sq.-ft home at 13214 Braun Road sits on 0.52 acres, offering secluded open concept living. Sit by a cozy 3-sided fireplace in your custom Applewood home. Now is your chance to get into this highly sought after Golden neighborhood.  The seller’s high-end remodel left no surface or system untouched. Come take a look today, this ranch style home offers true one-level living. Take a narrated video tour at www.ApplewoodHome.info. Kristi Brunel will hold it open Saturday 11 to 2.  Listing price reduced to $795,000.

Aerial main pictureAt left is 17425 Rimrock Drive in South Golden’s Rimrock neighborhood.  Seize the opportunity to own this 3,400-square-foot 4-bedroom, 3-bathroom custom home. It backs to South Table Mountain open space, with views of the foothills! It features an extra-tall garage — tall enough for your large truck — with a mud room and laundry room on the main level. New Champion windows throughout. Take a video tour at www.SouthGoldenHome.com, then come to an open house on Friday, 5-7 pm and Sunday, Noon to 3 pm.  Price reduced to $730,000. 

5737 W 71st CircleAt right is 5737 W. 71st Circle in Westminster’s Patio Subdivision. New windows (installed this month), new deck, and remodeled baths make this home well worth your interest. There is income potential in the fully finished basement with its own kitchen and laundry room. Watch the narrated video tour at www.WestminsterPatioHome.info, then come to an open house this Friday, 6-8 pm. The listing agent for these last two listings is Debbi Hysmith, who can be reached at 720-936-2443.  Price reduced to $375,000.

 

South Golden Ranch Just Listed by Jim Swanson

1514 Utah StreetThis home at 1514 Utah Street was previously overpriced with another brokerage, but is now properly priced to attract buyers. It’s a cute ranch home in the quiet subdivision of Southridge in South Golden. New roof, siding and gutters were installed in 2017 after a hail storm in the area. This is a small 4-bedroom brick home that has 1,126 square feet on the main floor, with a full basement that is partially finished. You’ll appreciate the hardwood flooring and the kitchen upgraded many years ago. There are 2 bedrooms and a full bath upstairs and 2 non-conforming bedrooms and a 3/4 bath in the basement. This home has a 1-car attached garage and a fenced yard and fruit trees. This home is 3 blocks from the bus route and King Soopers on South Golden Road and one mile from the Golden light rail station. This is your opportunity to live in Golden for a reasonable price. Jim Swanson (303-929-2727) will hold it open Saturday Sept 22nd from 10am to 2pm.  Take a video tour at www.SouthGoldenHome.com.  .

 

Yes, Our Real Estate Market Is Beginning to Slow. Here’s the Evidence.

Real_Estate_Today_bylineI’ve noticed an increasing number of price reductions recently. This is a bit unexpected in our long-running “seller’s market,” so I did a little research on Denver’s MLS, REcolorado.com.

I couldn’t study the whole metro area, so I studied the non-builder listings in a middle market city, Lakewood, and performed an in-depth analysis of this summer’s sales activity.  Here’s what I found.

Limiting my analysis to non-builder listings, there are 255 active listings in Lakewood.  Over half of them, 185, have been on the market 10 days or longer, more than half of which (109) have reduced their listing prices. Median days on market for all those active listings is 24 versus 11 days for the 232 Lakewood listings that are under contract.

Next I analyzed the 772 closings since June 15th of non-builder listings in Lakewood, 293 of which (40%) were on the market 10 days or longer, 100 of those (13%) on the market over 30 days. Forty-two percent of the listings sold for less than full price.

I looked at how those statistics compared with last summer. During the same period in 2017, there were 741 non-builder Lakewood homes sold, 36% of which were on the market over 10 days, compared to 40% this summer, not much better than this summer. Also, median days on market last summer was the same as this summer — 6 days. But only 27% of last summer’s listings sold for less than their initial asking price, vs. 42% this summer.

Summer_2017_vs_Summer_2018Let’s look at the metro area as a whole now. While I can’t drill down like I did in my Lakewood analysis, I can run some useful statistical reports on REcolorado.com like the chart at right, which compares this summer with last summer in terms of the ratio of closed price to listing price and median days on market.

As you can see above, each month this summer saw homes selling for less of a premium and taking longer to sell than last summer. Given the statistics of the current active listings in my Lakewood sample, it’s clear that the statistics this fall and winter will keep going in the direction demonstrated above — and perhaps more dramatically.

If your home is active now or if you are planning to put it on the market soon, you should pay attention to this trend and act appropriately, but what does that look like?

First and foremost, as I wrote last week, it means you should price your home based on past sales and no higher. If you price your home above current comparable sales, you’re likely going to watch it sit on the market and face lowering the price later on. That would completely rule out the possibility of attracting multiple offers, which is where sellers get all their leverage in bidding up their sale price. And remember that it’s impossible to underprice a home, because that only draws those multiple offers which, with a strong negotiator on your side, can result in the highest possible price for your home.

Secondly, you need to present your home in the most appealing light possible through thoughtful staging, magazine-quality (HDR) photos, a compelling narrated video tour of your home on YouTube, and taking full advantage of all the MLS fields, including measurements of each room and descriptions of each room’s features — all things which Golden Real Estate does for its listings.

Thirdly, you need to maximize the exposure of your home — another of Golden Real Estate’s key strengths. Putting it on the MLS is a start, but we also create a listing website, as you see in all promotions of our listings.

 

Buy a Like-New Tesla Model S – Only $45,000

John CarrollWe have a barely used (10,500 miles) Tesla Model S 70D for sale – only $45,000. Includes lifetime free supercharging, which you can’t get on a new Tesla anymore. Owner loves it but is going into a nursing home and must sell it. It’s in our parking lot on South Golden Road, available to test drive. Call Jim Smith at 303-525-1851. Here are some pix.

 

Below is the window sticket from Tesla.

John Carrol's Tesla 70D Purchase Agreement

Don’t Make the Same Mistakes Made by Others When Trying to Sell Their Homes

Real_Estate_Today_bylineSelling your home is no small matter, and small mistakes can lead to big losses. So who can you trust to do right by you or to give you sound advice?  That’s what prompted me to start writing this column over a decade ago and why I archive all my columns going back several years at www.JimSmithColumns.com.

A couple weeks ago I wrote about an agent who has been very successful getting listings by claiming to have a buyer and offering to cut his commission in half if he sells it himself — but who admitted to me on the phone that he refers all buyers to an agent who’s not even in his own brokerage (earning a nice referral fee) and hasn’t “double-ended” one of his own listings since March 2017.

In another previous column, I instructed readers on how to verify agents’ claims of success by going to www.REcolorado.com (our MLS) and clicking on Find Agent > View My Listings > Properties I’ve Sold.  I created www.FindDenverRealtors.com as a short-cut to take you directly to that agent search page on REcolorado.com. If any seller had searched for the above-mentioned agent on that web page, he or she would have known in advance that that agent had not provided the buyer for any of his sales in over a year. It’s so easy for an agent to claim he or she has a buyer for your house, and then say after getting your listing, “Oh, sorry, that buyer found another house. The timing was just not right.”

So, not verifying claims about having a buyer is the one of the bigger mistakes that I see sellers making.  My suggested response to that pitch is, “Bring me your buyer and I’ll consider the offer.  If I accept that offer I’ll pay you 2.8% commission, but I won’t list with you just because you claim to have a buyer.”  Don’t be surprised, then, that the buyer “found another house.”

That brings me to the second mistake I see sellers make: accepting the first good offer you get. You should treat any unsolicited offer as the opening bid on your home. And keep in mind that anyone who offers to buy your house for cash without putting it on the market is doing so with the intent of flipping it and making a minimum 5-figure profit.  Yes, he may save you something on commission, but only by putting your home on the MLS will you expose your home to the full universe of potential buyers and thereby get the highest price.

That brings us to the third mistake — not having an agent on your side. You don’t want to be the only party to a transaction who doesn’t know what he’s doing. Sellers without an agent typically still pay 2.8% to a buyer’s agent, and for a couple percent more would likely net much more by exposing their home to other buyers and their agents.

Once you’ve decided to have an agent on your side, we encounter mistake #4: not asking the right questions when interviewing listing agents. You can find my suggested interview questions in previous columns at www.JimSmithColumns.com.

Another mistake I see again and again is overpricing the home.  In a wild and crazy seller’s market like we’ve been experiencing, it is tempting to overprice a home. But how do you know what the right price is?  I’ve written about this before, but the short answer is to price your home based on previous sales, not on future expectations. It’s difficult to underprice a home, because a lower initial price is likely to attract more buyers and create more interest.

Have you ever attended an auction? Does the auctioneer start the bidding at what he expects to sell the item for?  Of course not. He starts it low enough to get several bidders in the game, and then the price is bid up and up until only the highest bidder remains. That’s how I train our broker associates to sell homes.

It stands to reason that a higher number of motivated buyers will lead to a higher selling price. Asking buyers to submit their “highest and best” is the easy but usually not the most effective strategy for maximizing sales price. That would be like an auctioneer cutting off bidding after getting one bid from each bidder!  I advocate telling buyers’ agents exactly what the current highest price is and going back to other bidders and asking them if they want to resubmit. This takes more work and a degree of patience, but it will not only get you the highest price for your home, it’s also the fairest way to sell a home in a seller’s market, something most buyers’ agents seem to appreciate.

After all, what buyer wants to find out that it he had only offered $2,000 more he would have won the bidding on a house he wanted to buy?  At the same time, what seller wants to question whether he or she could have gotten more for their home if their agent had priced the home correctly and worked the multiple offers instead of recommending acceptance of the “highest and best” offer?

Take the time to visit my website of previous columns, and scroll down through the headlines.  When you find a headline that speaks to you click on the date to read the column on your screen or to download a printable PDF of it. You could learn something that might save you lots of money and heartache.

 

New Website Is Devoted to Duplex, Triplex & Fourplex Listings

Duplex alerts logoAndrew Lesko is our broker associate who specializes in townhomes and condos through his website www.GoldenTownhomes.com, which gives readers in-depth information about the townhome and condo communities in Golden, displaying the active listings on separate web pages for each community.

Now Andrew has created another website focusing on duplexes, triplexes and fourplexes. Whether buying or selling, you will find information appropriate to your particular need ar www.DuplexAlerts.com.

If you are interested in purchasing a small multi-family property, you can view the latest available opportunities. You can also request to receive alerts on just listed duplex, triplex or fourplex properties based on your requested property style and area of interest.

If you are considering selling your multi-family property, this website has useful information about pricing strategies, selling tips, deferring capital gains tax and much more.

Properties can, of course, be listed on the MLS for sale, with all our outstanding sales and marketing services. Or you may prefer — for privacy purposes — to take a “quiet” approach whereby tenants don’t have to know that their rental unit is being offered for sale. More information about this marketing strategy can also be found on the Duplex Alerts website.

Andrew can talk knowledgeably about 1031 Exchange and other tax-favored ways of selling an investment property and reinvesting the proceeds — with capital gains tax deferred — into other real estate or even non-real estate investments that better suit your needs and lifestyle.

For more information, you can call or text Andrew Lesko at 720-710-1000, or you can reach him by email at Andrew@GoldenRealEstate.com.