I don’t know if I’ve ever met someone who doesn’t like a good pizza, myself included. So when I heard about Martino’s Pizza in Lafayette which opened earlier this year I knew I had to try it as part of my continuous search to find delicious pizza. Finally made the trip there this weekend and it was excellent! Think Chicago thin crust (yes, Chicago actually has great thin crust – not just deep dish) meets Italian style pizza. The crust was very thin yet didn’t topple over when I grabbed a slice, the sauce was nicely flavored, and the toppings were as fresh as could be. We’ll definitely be back to Martino’s and I hope this place stays around for years to come. Next time I think I’ll be more adventurous and try one of their delicious-sounding sandwiches too.
Just writing about Boulder, Co and the surrounding area. Let me know if you want to see Boulder homes for sale; I'm a Realtor.
Tuesday, October 26, 2010
Sunday, October 17, 2010
Unreported Housing Data
The media reported in August that home sales dropped 27% year over year. Realtors knew this in June. Official housing data is a lagging indicator of what is actually happening in the market. Here is the top secret info that you will find out about from the media at the beginning of next year.
After a slow summer with a lot of negative news about the real estate market, the fall is finally here. Traditionally, October/November is one of the best times of the year to sell because of low inventory and anxious buyers. This year isn’t any different as 19% of sellers took their homes off the market in the last two months; plus, 30 year fixed rate mortgages are at 3.93% (as of 10/14/10). The time to sell is now while rates are low and before the 19% of sellers that took their homes off the market re-list.
The bad news is that since May, home prices have dropped about 5-10% in the Boulder, Colorado area (and 5-10% nationwide from what my contacts have told me). This drop will be reported at the beginning of next year and only reflects same home sales, not average sales price. For example, a home that may have sold for $500,000 in March 2010 is now selling for $450,000. WHAT HAPPENED? Inventory was too high and sellers started to capitulate on price, causing a chain reaction of falling prices. This phenomenon has the Federal Reserve scared about a deflationary economy and is part of the reason they are trying to cause inflation.
Everyone’s situation is different, what is yours?
Buying: Rents are starting to rise and you can lock in your monthly payment at below 4.0% which means a $300,000 house will run about $1,450 per month including taxes and insurance.
Selling: Great time to move up and a bad time to downsize. Low rates and ample bargains mean taking a hit when you sell but getting an even greater deal when you buy.
Staying: Refinance at these record low rates. Appraisals may be a problem but there are programs for loans owned by FHA, Fannie, and Freddie that will help you refinance without bringing money to the table.
Investing: Make sure that you are diversified as even the brightest economists don’t know what will happen. Inflation will ultimately raise rents, property values, and interest rates, while deflation will cause the opposite.
After a slow summer with a lot of negative news about the real estate market, the fall is finally here. Traditionally, October/November is one of the best times of the year to sell because of low inventory and anxious buyers. This year isn’t any different as 19% of sellers took their homes off the market in the last two months; plus, 30 year fixed rate mortgages are at 3.93% (as of 10/14/10). The time to sell is now while rates are low and before the 19% of sellers that took their homes off the market re-list.
The bad news is that since May, home prices have dropped about 5-10% in the Boulder, Colorado area (and 5-10% nationwide from what my contacts have told me). This drop will be reported at the beginning of next year and only reflects same home sales, not average sales price. For example, a home that may have sold for $500,000 in March 2010 is now selling for $450,000. WHAT HAPPENED? Inventory was too high and sellers started to capitulate on price, causing a chain reaction of falling prices. This phenomenon has the Federal Reserve scared about a deflationary economy and is part of the reason they are trying to cause inflation.
Everyone’s situation is different, what is yours?
Buying: Rents are starting to rise and you can lock in your monthly payment at below 4.0% which means a $300,000 house will run about $1,450 per month including taxes and insurance.
Selling: Great time to move up and a bad time to downsize. Low rates and ample bargains mean taking a hit when you sell but getting an even greater deal when you buy.
Staying: Refinance at these record low rates. Appraisals may be a problem but there are programs for loans owned by FHA, Fannie, and Freddie that will help you refinance without bringing money to the table.
Investing: Make sure that you are diversified as even the brightest economists don’t know what will happen. Inflation will ultimately raise rents, property values, and interest rates, while deflation will cause the opposite.
Monday, October 11, 2010
How Did Q3 Fare in Boulder County?
With another quarter behind us, I ran some numbers for Boulder County to see how the third quarter of 2010 compared to the second quarter, as well as Q3 of 2009.
Q3 2010 showed the lowest amount of new inventory with 1,875 homes listed during that three month period—good news for sellers with less competition, bad news for buyers who’ve looked at everything out there and still aren’t finding exactly what they’re seeking. 1,950 homes were listed for sale in Q3 2009 and 2,559 in Q2 2010.
The amount of homes sold was down last quarter, however, prices showed a slight uptick. 887 homes sold compared to 1,190 in Q3 2009 and 1,343 in Q2 2010. The median price for these homes was $339,900 last quarter, $306,000 in Q3 2009, and $315,900 in Q2 2010.
Though median home prices are up that does not necessarily mean that home values are up. I have seen same home sales drop about 5-10% since May, meaning that for the median sales price you get that much more home. Median home prices are up because the high-end is moving while the lower end has slowed. We won’t see the drop that the agents on the street have seen in the headlines until the beginning of next year; that is how long it takes the official numbers to come in from Case Schiller and FHFA. The 5-10% drop is just a gut feel for the market from talking to agents nationwide and locally.
A little fun fact…the highest priced home that sold in Boulder County last quarter was $3,900,000.
Q3 2010 showed the lowest amount of new inventory with 1,875 homes listed during that three month period—good news for sellers with less competition, bad news for buyers who’ve looked at everything out there and still aren’t finding exactly what they’re seeking. 1,950 homes were listed for sale in Q3 2009 and 2,559 in Q2 2010.
The amount of homes sold was down last quarter, however, prices showed a slight uptick. 887 homes sold compared to 1,190 in Q3 2009 and 1,343 in Q2 2010. The median price for these homes was $339,900 last quarter, $306,000 in Q3 2009, and $315,900 in Q2 2010.
Though median home prices are up that does not necessarily mean that home values are up. I have seen same home sales drop about 5-10% since May, meaning that for the median sales price you get that much more home. Median home prices are up because the high-end is moving while the lower end has slowed. We won’t see the drop that the agents on the street have seen in the headlines until the beginning of next year; that is how long it takes the official numbers to come in from Case Schiller and FHFA. The 5-10% drop is just a gut feel for the market from talking to agents nationwide and locally.
A little fun fact…the highest priced home that sold in Boulder County last quarter was $3,900,000.
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