Englewood is beginning to show signs of leveling out as homeowners who can are waiting for the market to turn in the upper end. Fewer distressed homes are for sale. Foreclosure figures in Arapahoe County show an increase in the number of filings over last year by 62%. The number of foreclosure sales actually dropped 13% compared to last year with 1 of 913 homes being foreclosed on. Investors are experiencing a lack of supply so are bidding competetively for inexpensive homes. For your specific Englewood neighborhood, please ask me for the Quarter 3 Real Estate Sales Heat Map. The data show several neighborhoods appear to be turning around and in some neighborhoods prices are stabalizing or even going UP! Just ask for your personal map (bethbakerowens@comcast.net).
The entire MLS had a 5 month supply of homes on the market, making it slightly a seller's market. 3,846 homes and condos sold in September out of 19,834 listings. An overall decrease in sales volume reflects the slow down in processing pending foreclosures by banks unwilling to flood the market and fewer homeowners choosing to sell in the depressed market. The 4.9% increase in average home sales price reflects the bidding wars in the least expensive neighborhoods as prices begin to bounce a bit. The upper end of the market is still depressed and has a strong buyers market. So, ask the most important question, "What is the market in my neighborhood?"
First time home buyers-don't miss out on the tax credit. Remember you need to close by 1 Dec 2009 to get the benefit. Adams county has some of the best values in the metro area for home buyers.
Did you hear that FHA loans will allow approved buyers to apply the tax credit (up to $8000) as their down payment for homes closing before December 1, 2009? Here are some details. http://tiny.cc/KLTTw Lenders are still lending money to qualified buyers with at least 3.5% to put as down payment for FHA loans. CHAC, CHFA, and local bond programs still have money available for qualified buyers.
P.S. Do you want the latest? For video real estate and mortgage news check out http://realtytimes.com/REUv/BethBakerOwens
Location Characteristics: The city of Englewood is in the south central part of the Metro Denver area. It includes established suburban neighborhoods and a revitalized downtown area full of a variety of old shops and new town developments. The light rail keeps it well linked to downtown Denver.
About Beth Baker Owens:
SELLERS: consider improving your home while waiting for the market to go back up. Ask me for a 'Get Ready, Get Set' report to focus your efforts for the best return when you put your home back on the market. We track what's happening and can show you what's new in your neighborhood.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
