2013 Annual Real Estate Report for Mesa County & Grand Junction CO

The numbers are out and the fourth quarter Mesa County sales have showed a 6% decrease in the number of real estate transactions. In 2012 fourth quarter sales were at 871 and 2013 fourth quarter finished at 819. The dollar volume however went up 7%, with 2013 totaling $190 million compared to the 2012 same quarter total of $178 million. There were fourteen transactions that totaled over 1 million dollars in 2013 compared to the ten in the previous years 4th quarter. A notable transaction for sportsmen was the Cabela's wing of Mesa Mall selling for $5.4 million.

For the year we have seen a 4.2% bump in sales when we compare the 2013 real estate sales of 3589 to 3444 in 2012. The total annual sales volume was $770 million and represents a 13% increase from the 2012 volume of $681 million for 2012. HUD/VA sales accounted for $31.5 million of those sales in 2013 and was a decrease from the $36 million that was reported in 2012.

The median price rose in 2013 to $166,753 up from $160,000 in 2012. The average residential sale price jumped as well to $190,091 in 2013 compared to $180,936 in 2012. Average days on market did go up a little in 2013 but only by about 12 days compared to 2012.

The new construction and home building sector also grew with increased building permits issued totaling 444 in 2013 compared to 398 permits issued in 2012. Not only did the amount of permits go up the value of the permits grew from $88 million in 2012 to $99 million in 2013. 

Bank owned foreclosures accounted for 18% of sales in Mesa County for 2013. In 2012 they represented almost a quarter of all resales in the valley. Foreclosure filings also decreased 30% from 2012 levels. This is great news and indicates we on on the road to real estate recovery. We still have room for improvement and bank owned inventory that needs to be worked through. We anticipate that bank owned properties will continue to decrease as our local economy grows.

For real estate market trends you can subscribe to our market insider report. If you are looking to buy, sell, or invest in real estate in the Grand Junction or Mesa County area we would love to provide you excellent customer service! Thanks to Heritage Title Company for there assistance with this report.

Why use a Keller Williams Real Estate Agent in Colorado?

If you are thinking about buying or selling real estate in Grand Junction CO or anywhere for that matter you should really consider using a Keller Williams Realty Real Estate Agent. There are many reasons that set Keller Williams Realty apart from every other real estate company. We believe what sets us apart first and foremost is our belief system and office culture. Our core belief system is as follows:
*Win-Win: or no deal
*Integrity: do the right thing
*Customers: always come first
*Commitment: in all things
*Communication: seek first to understand
*Creativity: ideas before results
*Teamwork: together everyone achieves more
*Trust: starts with honesty
*Success: results through people
These core elements create an amazing real estate professional who paves the way for the success of their clients throughout a lifetime of real estate transactions. It is important for our clients to realize that agents need support and guidance from their brokerage firm to provide them with top notch service. I can speak from experience that other agents in our office are always willing to share idea's and support one another when we need anything because we realize that through teamwork we all achieve more. The market center offers training classes several times during the week, every week, so the agents are always on top of the ever changing real estate landscape. We also have an amazing support staff and employing broker that are available to us should questions arise during a real estate transaction. Our national franchise invests its profits into the development of tools for the KW associates to provide to their clients. For example we recently released a mobile real estate search app that is one of the best on the market for Android and Iphone/Ipads. Keller Williams Realty is also an open book company that is agent directed. If you are part of our company you have access to review financials and actually participate in various committee's such as finance, technology, or our KW Cares charity program. This simple fact automatically puts all of the associates as partners in the company.  All local market centers also have what is called an Associate Leadership Council or ALC that acts like a board of directors . The ALC is comprised of the top 20% agents in production and they make decisions that affect the market center. This council is the bridge between the firms ownership groups and the agents of the market center that casts the vision of our local, national, and international franchise.
Why this is important to our customers and clients? It is important because Keller Williams Realty wants to build better business people that are always looking to grow, learn, and expand themselves both professionally and personally. Wouldn't you want someone like that to represent you in your next real estate transaction?
The Harris Group is proud to be associated with Keller Williams Realty and sit on the  Associate Leadership Council for our Grand Junction CO market center. We would love the opportunity to speak with you about how we can help you with all your real estate needs. If you are thinking about doing real estate business somewhere other than the Grand Valley we can recommend a great agent in that particular area as well, just let us know. Be sure to contact us if you are thinking about starting a career in real estate

Why Use A Realtor® to Buy or Sell Real Estate in Colorado?

Not all real estate agents are the same. Only real estate licensee's that are members of the National Association of  Realtors® are properly called  Realtors®. Why is this important? First of all  Realtors® abide by a strict code of ethics and are committed to dealing with clients and consumers in a fair and honest manner and are expected to maintain a high level of knowledge when it comes to buying or selling real estate. For most people buying or selling real estate is one of the most important financial decisions that they will make in there life. To put this in perspective, the median sales price in Grand Junction currently sits around $180,000.00. Consider if you had a $180,000 tax bill or a legal proceeding that amounted to $180,000.00. Wouldn't it be logical to engage the help of a CPA or an Attorney? Would you even consider tackling these issues without the help of a professional? Considering the small upside cost and the large downside risk, wouldn't it be foolish to consider a real estate transaction without the professional assistance? Here are a few other reasons to use a  Realtor®.

1. Local Realtors® have many resources to assist you in your home search. A hyper local search is key to getting the most updated information about properties for sale and whether or not they are still active. Sometimes the property you are looking for is available but not actively advertised in the local market area, and it will take some investigation by your agent to find all available properties.
2. We can help you in the selection process and provide information with regards to schools, zoning, utilities, and homeowners associations. Each one of these could be key with the home that you select.
3. We can help with the negotiations. There are a lot of negotiating factors. Price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment are some points that can affect the purchase of the property. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you close on the property. We can advise you as to which investigations and inspections are recommended or required. 
4.We can help you understand different financing options and help identify qualified lenders to assist you.
5. When selling your home, we can give you up-to-date information on what is happening in the Grand Junction Real Estate market and the price, financing, terms and condition of competing properties. These will be the key factors in getting your property sold at the best price, in the least amount of time.
6. We can expose your property to the public and to our fellow agents like no other marketing tools available to the general public. 
7. We can advise you on possible repairs or upgrades that will help you sell your home for more money.
8. We can offer staging advice and put you in contact with a qualified stage professional if needed.
9. Most Sellers/Buyers find the required paperwork to be overwhelming. Realtors® will thoroughly explain review and complete the paperwork so you can understand what is going on in the transaction.
10. We have formed networked business relationships with fellow agents and business professionals that will help deliver a smooth transaction and reduce complications that could arise.

Please contact us for your free, no obligation buyer or seller consultation so we can answer any questions you might have about the real estate sales process.

Are the holidays a good time to list a home?

You've heard it before. The holidays are a horrible time to sell real estate. Everything is slow during the holidays. While it may be true that sales do slow during the winter months in your market it can also be a great time to put your home up for sale. Here are a few points to ponder. Some buyers might need to purchase property before the end of the year for tax purposes. Other buyers are more emotional during the holidays so they might be more inclined to pay your price. Typically there aren't as many homes on the market during the holidays for buyers to choose from and gives the seller greater negotiating power. Homes that are decorated for the holidays have better curb appeal and generally will show better since we just cleaned it for the holiday guests! New employees starting jobs during the first of the year will also be out looking since they cannot wait until spring to purchase once transferred. After January listings ( your competition) usually start picking up. If you sell during the holidays you could get more money and be able to make a non contingent offer on your next home and have a larger pool of listings after the first of the year. Remember, the more listings that are on the market equals less competition for the sale of your home. Buyers will also take time off from work during the holidays and have better availability to preview properties than during a regular work week. The number one reason for selling your home during the holidays is that the people that are looking at property are serious buyers and generally want to get something done quickly. The "Looky Loo" buyers are out shopping, sledding, or spending time with family. This brings up the point that you can always restrict showings on the actual holidays or the days surrounding it. If you have any questions about our local Grand Junction Real Estate Market please contact us. We are available around the holidays to help you realize your real estate goals.

Why do I need title insurance when I purchase or are selling a property?

When buying or selling real estate in Grand Junction CO it is very important to have a title insurance policy and to review it before moving forward in a transaction. With a title insurance policy, you as owner, have coverage  that will reimburse you for loss in the event someone places a claim against your property that is covered by the policy.When a title policy is ordered the title company will review the public records throughly and create a list of requirements and exceptions that affect the coverage of the title policy. For example, if a seller had work completed on the property and didn't pay the contractor the contractor could then place a mechanic's lien on the property. This lien would have to be satisfied before closing so that the title to the property could be conveyed free and clear. Other requirements might include satisfying a release of deed of trust on the current seller's mortgage and a affidavit and indemnity agreement signed by the seller stating that no other issues affect the property that wouldn't be disclosed by a public records search. Like most insurance policies there are exceptions that they won't cover. These should be of particular interest to the buyer because down the road you can't use those items to make a claim since they were disclosed to them before the title policy was issued. These items might include right of ways, homeowners associations covenants, or other rights that someone might have to the property that was disclosed in the public record. An example of this might be that if you build a shed on a known right of way for a utility company and the utility company needed to tear down the shed to access that right of way. The new owner likely wouldn't be able to make a claim for the damage since it was disclosed in the title commitment before transfer of title. It is also wise to get a survey or improvement location certificate and provide it to the title company prior to closing so that they can investigate any possible encroachments or boundary issues not shown by public record. Title insurance will pay for defending against any lawsuit attacking your title as insured, and will either clear up title problems or pay the insured's losses. For a one-time premium, an owner's title insurance policy remains in effect as long as you, or your heirs, retain an interest in the property. A few of the most common hidden risks that can cause a loss of title or create an encumbrance on title could also be false impersonation of the true owner of the property, deeds by persons supposedly single, but that are in fact married, fraud, undisclosed or missing heirs, and mistakes in recording legal documents. Buyers should also be aware that a title examination will be looking at any judgments or adverse items on them, so it is important to have those items taken care of when purchasing a property as well. Navigating the title policy can be a little tricky, so be sure to review it with your real estate professional, title examiners, and an attorney should you not be clear on what exactly is being covered and conveyed at closing. 

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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