Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense

Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense RISMEDIA, October 15, 2010—Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released by the National Association of Realtors. The survey, which measures how affordable housing issues affect consumers, also found job security concerns to be the highest in eight years of sampling, with 70% of Americans saying that job layoffs and unemployment are a big problem in their area; eight in 10 cite these issues as a barrier to homeownership.
“The real issue facing the nation’s economy right now is that many Americans can’t find meaningful work to support their families,” said NAR President Vicki Cox Golder, owner of a real estate company in Tucson, Ariz. “While a job recovery is what’s needed right now to get the economy and housing market back on the right track, owning a home continues to be part of the American Dream and one of the best long-term investments in your future.”

Despite economic uncertainty, 68% of those surveyed still believe now is a good time to buy a home; while that number is down from last year (75%), it’s up from 2008 (66%) and 2007 (59%). Lower home prices and record-low mortgage interest rates may be attracting buyers to the housing market—more than one-fourth of renters said they are thinking more about buying a home than they were a year ago. Sixty-three percent of renter respondents said that owning a home is a priority in their future, and nearly 40% said it was one of their highest priorities.

Lower home prices have improved affordability. In fact, the percentage of renters who are worried that the cost of housing is getting so unaffordable that they will never be able to buy a home has decreased steadily since 2007, from 63% to 57%.

Despite improved affordability, 79% of respondents still consider having enough money for down payment and closing costs to be among the biggest obstacles to buying a home. Another obstacle is a lack of confidence in their ability to be approved for a loan, reported by 73% of respondents.

The good news is that Americans are seeing more stability in the real estate market. Nearly seven out of 10 believe that home values have stabilized in their area; the same number expects home sales to remain about the same through the end of the year.

While more than half (51%) say foreclosures are a problem in their area, the rate of foreclosures is also seen as stabilizing; 51% say the rate is about the same as last year. Thirty-six percent of respondents cite the recession, loss of jobs and the poor economy as the main reason for the ongoing foreclosure problem. This has also led to a slight increase in the number of people who believe the federal government should take a more active role overseeing loans and mortgages (44%, up from 43% last year).

While nearly seven out of 10 say it’s harder to sell a home in their area today than it was a year ago, it’s less of a concern from last year when the number was 10 percentage points higher. This is most likely the result of lower home inventories.

The 2010 National Housing Pulse Survey is conducted by American Strategies and Myers Research & Strategic Services for NAR’s Housing Opportunity Program. The telephone survey was among 1,209 adults living in the 25 most populous metropolitan statistical areas. The study has a margin of error of plus or minus 3.1 percentage points.

For more information, visit www.realtor.org

Economic Snapshot
A look at the current real estate market; provided by RE/MAX ALLIANCE

September/2010

As the announcer in baseball likes to say when one of the Rockies hits a home run: “You can kiss it goodbye!” Well, that’s about all that can be said about this summer of 2010. Poof! It was over before we even knew it. Now comes the fall; filled with football games, warm days and cool nights. Change is in the air.
The Boulder Valley real estate market limped along through the summer months. No longer bolstered by the Federal government’s tax payer incentive program, home buyers and sellers were left to survive on their own. Mortgage interest rates dropped to historic lows, which spawned a plethora of homeowners interested in refinancing. Problem was, home values had slipped and appraisals were coming-in low; leaving many homeowners on the sidelines (or in the dugout) unable to take advantage of lower rates.
There is some good news on the Boulder Valley real estate landscape. Year to date sales of single family homes and attached units are up slightly over 13% through August/2010 as compared to August/2009. Although some degree of that increase is a result of the Federal tax payer incentive program, it does show evidence of buyer confidence in the market. Another positive sign is the chart below, which is a brief overview of average single family home values for the Boulder Valley area for the past couple of years. (Information is from IRES, the Northern Colorado MLS.)

2009 2010 (Thru August)
Area Average Sales Price Average Sales Price % Change
Boulder $647,751 $654,723 +1.01%%
Superior $413,935 $414,007 No Change
Louisville $394,573 $451,710 +14.48%
Lafayette $352,884 $352,833 No Change
Longmont $241,041 $255,259 +5.90%
Suburban Plains $509,094 $545,155 +7.08% Suburban Mtns $417,035 $406,372 -2.56%
Broomfield $354,514 $368,465 +3.93%
========= ========= =======
Average … $405,502 $432,297 +6.60%

On the surface, Boulder Valley home values have stabilized and are (on average) improving in most geographic areas. At this time last year, through August/2009, home values were down approximately 5.53% as compared to 2008.
Real estate markets are composed of peaks and valleys; ups and downs. Between the peaks and valleys are plateaus. This is where a calmness normally prevails. People aren’t fighting the currents of change. They have become more accepting; more realistic. This may be where the Boulder Valley real estate market is today.
From a real estate perspective, we may never again see the past in the future i.e. annual double digit appreciation of home values followed by annual double digit depreciation of home values. There will always be opportunities in the real estate market to make money. They exist today, but they are predicated on a person’s willingness to wait. How long that wait might be is unknown, but, for some, their patience will eventually be rewarded. They’ll hit a home run!

Thanks to Dan Johnson Re/Max Alliance Louisville

New Class for Old Town Louisville!

IRES MLS#: 634429 PRICE: $579,500
ADDR: 1008 Jefferson Ave, Louisville, 80027
RESIDENTIAL-DETACHED ACTIVE
Locale: Louisville County: Boulder
Area/SubArea: 2/0 Map Book: R - 131 - S
Subdivision: Capitol Hill
Legal: Lots 3-4 Blk 1
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Total SqFt All Lvls 2916 Basement SqFt: 396
Total Finished SqFt: 2520 Lower Level SqFT: 528
Finished SqFt w/o Bsmt: 2520 Main Level SqFt: 1464
Upper Level SqFT: 528 Addl Upper Lvl: 0
# Garage Spaces: 1 Garage Type: Detached
Garage SqFt: 264
YearBuilt: 1925 SqFt Source: Building Plans
New Const: No Est. Comp.:
Builder: Owner addition 2005 Model:
New Const Notes:
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Public Comments: Enjoy the ambiance of a covered front porch in Old Town Louisville! Stunning addition that has kept the character of the old style Bungalow and added bright, light, open and contemporary master bedroom, kitchen/great room and guest suite. Stainless Steel Appliances w/Gas Range, Granite Counters in Kitchen and both new baths, main laundry, abundance of storage, Radiant heat in floors for the new part w/5 zones. A/C unit has 3 direct vents into rooms master, living room and kitchen. Magnificent!
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Driving Directions: 2 blocks west of Main, 3 blocks north of Pine
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Property Features
Land Size - Style - Four-Level, Construction - Wood/Frame, Roof - Composition Roof, Type - Cottage/Bung, Outdoor Features - Lawn Sprinkler System, Storage Buildings, Patio, Basement/Foundation - Partial Basement, 25%+Finished Basement, Heating - Forced Air, Multi-zoned Heat, Radiant Heat, 2 or more Heat Sources, Cooling - Room Air Conditioner, Ceiling Fan, Inclusions - Window Coverings, Gas Range/Oven, Self-Cleaning Oven, Dishwasher, Refrigerator, Clothes Washer, Clothes Dryer, Microwave, Garage Door Opener, Disposal, Smoke Alarm(s), Energy Features - Double Pane Windows, Design Features - Open Floor Plan, Master Bedroom Bath - 5 Piece Master Bath, Utilities - Natural Gas, Cable TV Available, High Speed Avail, Water/Sewer - City Water, City Sewer, Ownership - Private Owner, Possession - 1-3 Days after Closing, Property Disclosures - Lead Paint Disclosure, Flood Plain - Minimal Risk, Possible Usage - Single Family, New Financing/Lending - Conventional, Exclusions - NONE

Best Buy Broomfield!

Year Built: 2005
County: Broomfield
Bedrooms: 3
Baths: 2 full, 1 partial
Sqr Footage: 2741
Garage Spots: 2.0
Garage Desc: 2.0 car garage attached
Subdivision: COUNTRY ESTATES FILING NO 8
MLS Number: 637827

COMMENTS

GORGEOUS RANCH WITH FULL FINISHED LOWER LEVEL FOR GUEST, GAMES, HOBBIES, POOL AND PING PONG TABLES, OPEN FLOOR PLAN , HARD WOOD KITCHEN & FORMAL DINING RM, STUNNING SLAB GRANITE COUNTERS WITH TALL MAPLE CABINETS, MAIN FLOOR LAUNDRY W/CABINETS, ALL APPLIANCES INCLUDED, 2ND BEDROOM LISTED AS STUDY. SERVICE DOOR IN GARAGE, FRONT YARD MAINTAINED, BACKS TO OPEN AREA NOT OTHER HOMES. SECURITY STORM DOORS FRONT AND BACK. NICE, PRICED FOR VERY QUICK SALE!


ADDITIONAL FEATURES
•Association Fee: 100.00/Monthly
•Association Fee Includes: Common Amenities, Common Utilities, Lawn Care, Management, Snow Removal, Trash
•Basement Description: Full Basement, 90%+ Finished Basement
•Bathroom Description: 2 (Full), 1 (Half)
•Construction Features: Stucco
•Cooling Features: Central Air Conditioning
•Fireplace Description: Family/Recreation Room Fireplace, 2+ Fireplaces, Gas Fireplace, Living Room Fireplace
•Heating Features: Forced Air
•Inclusions: Dishwasher, Clothes Dryer, Electric Range/Oven, Microwave, Garage Door Opener, Refrigerator, Self-Cleaning Oven, Clothes Washer, Window Coverings, Disposal
•Interior Features: Cathedral/Vaulted Ceilings, Open Floor Plan, Pantry, Separate Dining Room, Walk-in Closet, Wood Floors
•Location Description: Cul-De-Sac
•Outdoor Features: Lawn Sprinkler System, Patio
•Square Footage Information: 1282 Sqft(Lower Level), 1459 Sqft(Main Level), 1459 Finished Sqft, 2700 Total Finished Sqft




Carrie DeGraw
Accredited Buyer Representative (ABR), Certified Residential Specialist (CRS), Broker Associate, Re/Max Hall of Fame
Boulder
4770 Baseline Road Suite #200
Boulder, 80303
Email: carriedegraw@comcast.net


Primary: (303) 499-9880 x 1137
Toll Free: (888) 469-7331
Cell: (303) 548-8732
Fax: (720) 863-0942
Voicemail: (303) 497-0585

Office: (800) 373-1282
View My Properties

Well, Warren Buffett might just be right!! My Louisville listing is under contract 14days after hit the market, and my Lafayette one is getting great action...so if any interest in it, call soon. Lets talk asap if you need/want to buy or sell a home in Louisville, Lafayette, Boulder, Broomfield, Erie, or the surrounding area..I am the veteran who has lived here 42 years, and sold homes for 27of those! See Warren's statement below, my listings, and more.

Warren Buffett Sees Housing Market Bouncing Back by 2011: Billionaire Warren Buffett said the U.S. will recover from the residential real estate slump by 2011 as demand for houses catches up with the supply that accumulated during the bubble.

"Within a year or so, residential housing problems should largely be behind us," Buffett wrote Saturday in his annual letter to the shareholders of his Berkshire Hathaway. "Prices will remain far below 'bubble' levels, of course, but for every seller or lender hurt by this there will be a buyer who benefits. Indeed, many families that couldn't afford to buy an appropriate home a few years ago now find it well within their means." Record foreclosures flooded a U.S. real estate market already glutted with unsold property, causing housing starts to fall.

"People thought it was good news a few years back when housing starts — the supply side of the picture — were running about 2 million annually," wrote Buffet, 79, chairman and CEO of Omaha-based Berkshire. "But household formations — the demand side — only amounted to about 1.2 million." If you're considering a Home Purchase, then now is the time to take action! Call me, Carrie DeGraw, 303-548-8732

Hot new listings of Mine! Click on this post title to see in full at my Remax site, look below for quick details.

Two outstanding home values...one in Louisville at $329,900, the best house for the money in the city...and and equally great buy at $327,000 in Lafayette. Quick detailed below...see my Remax page for full details with pics, and more. See some good general news below after the listings..things are looking up!!

Louisville, CO 80027 2219 Dogwood Cir Bedrooms: 3 Bathrooms: 2 full 1 partial Square Feet: 1924 Type: Four-Level Subdivision: Hunters Ridge Area: Louisville School Dist: BLDR VALLEY DIST RE2
MLS ID: 620156 Status: Active Rooms Living Room: 15x13
Dining Room: 10x8 Family Room: 17x14 Kitchen: 8x8 Master Bedroom: 12x12
Bedroom 2: 11x9 Bedroom 3: 10x9

Price is $329,000: Mint Condition! You will appreciate the upgrades! Newer windows, roof, carpet, stainless steel appliances, fresh exterior paint, newer accent light fixtures, skylight, gorgeous, tile entry. Perfect floor plan for entertaining that opens to the family room. Gas fireplace has blower, remote and thermostat for true comfort. 4 man Hot Tub, included, just outside the family room, Sprinkler System , fully fenced plus extra wide lot w/double gate that fits trailer. Best in Louisville offered today!

Lafayette: 1418 Harvest Dr Lafayette, CO 80026
Bedrooms: 3 Bathrooms: 2 full 1 partial Square Feet: 2202
Type: 2 Story Subdivision: Anna's Farms, Lafayette Farms East
Area: Lafayette School Dist: BLDR VALLEY DIST RE2 MLS ID: 619910
Status: Active Rooms Living Room: 20x12 Dining Room: 9x8
Kitchen: 10x9 Master Bedroom: 13x12 Bedroom 2: 13x9 Bedroom 3: 11x10

Price is $327,000. Better than new! Custom Window Coverings! Whole House Fan & Central Air! Surround sound in Liv Rm plus in wall speakers Mstr Bed & Bath! All bdrms with gorgeous ceiling fans. Wall Safe in his closet, & has a her closet. New Carpet, Stunning Hard Wood throughout out main floor, tile counters. Tall Maple Cabinets, Breakfast bar + dining rm. New Fridge & All Appliances stay. Rare fenced yard w/dog door into garage. Built Green. and ...it is on the Bus Line, easy trip to Boulder!

Denver home prices begin to rise

The Denver area, and espcially Louisville/Lafayette/Boulder, is one of only four areas to experience increased home sales prices, according to the Standard & Poor’s/Case-Shiller Home-Price Index. Denver’s S&P/Case-Shiller Home Price Index yearly percentage change improved for the tenth consecutive month, increasing 0.5 percent between November 2008 and November 2009. As reported by Standard & Poor’s, “Looking at the annual figures, four markets – Dallas, Denver, San Diego and San Francisco – have finally entered positive territory, something we really haven't seen in at least two years in most markets” (www.standardandpoors.com).
Prices increased nationally as well. According to the National Association of Realtors (NAR), the national median existing-home price for all housing types increased 1.5 percent from December 2008 to December 2009. Lawrence Yun, NAR chief economist, attributed that to an increased number of mid to upper-priced home sales. The nation hasn’t experienced a gain in median sales prices since August 2007. Yun also gives credit for the increase to the first-time home buyer tax credit that was originally to expire in November of 2009. He said, “There were no surprises in the data. It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit” (www.Realtor.org).
What is surprising is that the median sales price increased despite the number of distressed sales that occurred during 2009. According to NAR, “Distressed homes, which accounted for 32 percent of sales last month, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area. Distressed homes accounted for 36 percent of total sales last year” (www.Realtor.org).
Denver also experienced an increase in distressed sales. According to the Denver Post, “The number of foreclosures going all the way to a public trustee sale fell to 20,437 last year, down 4.1 percent from 2008 and 18.4 percent from the 2007 peak” (www.DenverPost.com). And Denver surprisingly still experienced increased sales prices.
The Denver Metrolist reported an increase in the average sold price for the Denver Metro area as well. The average sold price for residential homes and condominiums in the Denver Metro area increased 13.6 percent from December 2008 to December 2009. The average sold price in December 2009 was $255,877, compared to December 2008, when it was only $225,257. The average sold price increased 7.1 percent from November 2009, when it was $226,895.