The Barry and Larry Vestera Real Estate Program Radio show
8:00-9:00 AM | August 28, 2021
On the show:
Barry Miller, Host, and real estate agent with Remax Masters Millenium, Denver, CO
Travis Wanzek (Loan officer with Remax Masters Millenium)
Chris Coil (Data analyst with Remax Masters Millenium)
Real estate investment marketplace data in Colorado:
- Data for sellers are used to determine the price of the house to create as much of a bid
- The median price has been consistent and remaining strong iN Denver and Colorado Springs. Denver is at around 600,000 while Colorado Springs median price is right around 450,000
- The number of houses buyers are putting under contract are consistent throughout August, July, and June
- In Denver, about 150 houses are getting under contract in the last 7 days
- In Colorado Springs, around 260-270 houses are getting under contract week by week
- The number of detached houses for sale
- 2,500 in Denver for active listings, around 800 in Colorado Springs
Important notes for savvy sellers for selling homes:
- Hire the best real estate agent around and negotiate a fair and reasonable commission for them
- Check their references by calling 2 or 3 recent buyers or sellers
- The agents must know how to set up and manage on your behalf a bidding war
Mortgage and interest rates data:
- The federal government has control on short term interest rates but not on long term mortgage interest rates
- Mortgage rates do not change easily
- FHA has 3 ⅕ percent down and Conventional has at least 20% down
Items that buyers and sellers should be aware of:
- Don’t hire an agent offering discounted fees because you will have discounted services
- Look for an agent that’s good at negotiating
- Find an agent who focuses on you and knows how to market
- When you’re a seller, you must know in advance what months are the best time to sell
- March, April, May, and June are still the strongest time for home sellers. These are the only time period in a year that the number of buyers is going down by 50%
- The best time for buyers to buy is December
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