RE/MAX Alliance agent Jamie Kimbrough answers questions regarding the current real estate market and what’s happening specifically in the Castle Rock area. Jamie has been a resident of Castle Rock for the past 15 years. Jamie has served on various committees in the community, more particularly on the Castle Rock Chamber Board of Directors for two stints - recently serving as their Chair from 2009-2010. She also received the Chamber’s Volunteer of the Year award in 1998. With over 26 years in the real estate industry, Jamie has received several productions awards. Since joining RE/MAX Alliance in 2004, she has received either 100% Club or Executive Club status every year. Her credentials include: GRI, CRS, CDPE, AHS, and she recently earned membership in The Institute for Luxury Home Marketing.
What are today’s consumers most concerned with when it comes to buying and selling real estate?
Buyers consistently look for what they perceive as the best buy they can get in this marketplace. And, these are buyers that are in all price ranges. It’s still a Buyer’s Market out here and will continue to be for another couple of years in my opinion.
What are some positive signs in the Castle Rock real estate market? We are seeing a decrease in active listings of 11% and a slightly higher average sales price. Homes in Castle Rock are very affordable with a good bit of inventory under $225,000. Our current inventory in that price range is 84, with sales in the last 6 months at 142. Obviously, this market tier is very important to allow for move-up buyers. Castle Rock is, too, THE best place to live in the area!
What are the current market trends in Castle Rock? As I mentioned before, we have a good inventory of affordable homes, as well as sales. Castle Rock stats also include Castle Pines Village, and other outlying areas with acreage, in the upper tier of the market, which have started selling more consistently. We are slowly seeing new construction. But, in all price ranges, price is King.
Where are Castle Rock homebuyers coming from? Castle Rock is all over the board with buyers. We see some relocation, but not to the extent it was 4 or 5 years ago. There is a large amount of first-time and move-up homebuyers. Some downsizing is occurring, but that is more due to economic considerations.
Why is now a great time to buy a home? Low prices, of course, with an equal amount of low interest rates. Buyers on the fence should take a long, hard look at buying now. These rates won’t stay like this forever. It’s been my experience over the years, too, that when rates start to go up - they fly! And they will absolutely not stay low like this forever.
What do you think is a realistic outcome for the remainder of 2011? We are starting to see more sales across all price points, and I think that will continue for the balance of the year. People who are thinking of buying in the near future should make their move, as jobs are flowing into the metro area, which is good for all metro markets. With these recent announcements, confidence is being restored and with that, more spending. I think, too, people realize that the best investment for the long haul is always real estate.
“I am more optimistic about our Castle Rock and Denver Metro market in general going forward," said Kimbrough. "Inventories of lower priced homes are being picked up at a faster rate, and this allows for move-up buying. New industries are coming in at a steady rate, as well as franchise expansion, which creates new jobs. All these factors are positives for our local real estate markets.”
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