Mesa County Third Quarter Real Estate Report for 2013

Real estate sales have continued to increase this quarter when compared to the same quarter a year ago. There were 1045 real estate sales reported in the third quarter for 2013 and has increased 11% from the 938 sales in 2012. Year to date there has been a total of 2770 real estate sales in Mesa County and represents a 7.6% increase from the 2573 sales reported in the first 9 months of 2012. The dollar volume also rose in the third quarter transactions in Mesa County totaling $232.4 million. This is a  25.6% increase when you compare the $185.1 million in volume for third quarter 2012. Year to date volume is totaling $580 million and represents a 15.3% increase from the $502.9 million reported for the first three quarters of 2012.
The median residential property price for the third quarter is at $184,900 for July, $169,500 for August, and $167,500 for September.  The average price of a residential home in the Grand Junction Area Realtor Association's  Multiple Listing Service for the third quarter was $203,631 for July, $187,037 for August, and $202,125 for September. In the first three quarters of 2013 there were 591 foreclosures filed and represented a 41% decrease from the 1000 foreclosure filings reported from the same period in 2012. Completed foreclosures (as indicated by the recording of Confirmation deeds) through the first three quarters of 2013 stands at 470 and represents a 24% decrease from the 2012 period's 616 completed foreclosures. The remaining filed foreclosures are either in process, or have been cured and withdrawn. 19% of sales in the first 9 months of 2013 were bank owned re-sales totaling 521 properties. This represents a 24% decrease from the same period 2012 that reported 613 bank owned re-sales. In the third quarter there were 143 single family permits pulled, a 43% increase from the 100 permits pulled last year.  Year to date there have been 353 permits issued for single family homes and that represents a 15% increase from the 307 permits from the same period in 2012. Things are looking up for real estate in Mesa County. Sales, volume, and building permits are up, foreclosure filings and bank owned resales are down. If you have any questions about our real estate market, or are thinking about buying, selling, or investing please contact The Harris Group at Keller Williams Realty and we would love to help. Special thanks to Heritage Title and the Grand Junction Area Realtor Association for the information used in this report.

Buying a HUD home in Grand Junction CO

HUD homes are a great opportunity in the Grand Junction CO area. A HUD home is a 1-to-4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage. HUD becomes the property owner and offers it for sale to recover the loss on the foreclosure claim. Almost anyone can purchase a HUD home, including owner occupants and investors. Often times there is a owner occupant bidding period where only purchasers who intend to occupy the property as a principal residence can submit an online bid. The time frame is set by HUD when it is offered for sale. Any properties that don't receive an acceptable offer within that time frame is then opened up to all buyers, including investors. To make an offer you need to place a bid. To place a bid on a HUD home you will need to have HUD authorized bidding agent to submit your offer and terms. Previewing the homes is much like any other property listed for sale, it needs to be scheduled through the appropriate office. Don't make the mistake of going on or in the property unannounced or alone as it is considered trespassing if you do. As the buyer you should also be aware that HUD doesn't usually complete any work or even allow the purchaser to do any work prior to closing and they are sold as is. If you are utilizing an FHA loan and the property doesn't meet FHA appraisal guidelines your lender might allow you to escrow funds to bring it to FHA standards once the property closes. If your bid is accepted your agent will be notified and a real estate packet with the contract and addendum's will be sent for you to review and sign. There is usually a limited window of 48 hours to get this returned otherwise it will go back on the market so time is of the essence. Since HUD homes have been vacant and are offered "as is" we HIGHLY recommend that our clients get a home inspection so you know what will need to be repaired after closing or if there are items that weren't apparent during the property preview. The purchaser has a 15 day window to perform these inspections. If there aren't any inspection items then you may move forward reviewing the title commitment, ordering appraisals, and getting your underwriting for your new loan complete. If there are items that need addressed you will need to contact your agent and let them know what you've found and how that impacts the sale of the property. If you are utilizing FHA financing you might not have to purchase another appraisal since the value that HUD set came from an appraisal that was completed before it was offered for sale. This will depend upon when it was completed and it's effective date however so talk with your agent and lender for the details on the particular property you are under contract on. HUD homes are offered for sale on www.hudhomestore.com and is available to the public. No real estate deal is the same so be sure to get an agent in your corner who will represent your best interests. If you follow these following steps you will have great success in purchasing homes offered by HUD.

1. Contact a HUD Authorized bidding agent
2. Contact a Mortgage Professional
3. Find a property that suites your goals and needs.
4. Place a realistic bid
5. Return the original signed contract and addendum's
6. Get a home inspection
7. Review the title commitment/homeowner association documents
8. Close the transaction

Throughout this whole process you should be also asking a lot of questions as well so that you are confident in the decisions you make. HUD homes are a great way to build sweat equity and/or a real estate portfolio so contact us today and we will walk you through the process in person!



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