Wednesday, September 14, 2011

RE/MAX Alliance Agents Ed and Marilyn Getsch Share Their Thoughts on the Westminster Real Estate Market!

RE/MAX Alliance agents Ed and Marilyn Getsch answer questions regarding the current real estate market and what’s happening specifically in the Westminster area. The Getsch’s have been Westminster residents since 1972. Graduates of the University of Northern Colorado, they have multiple designations in real estate, most recently the CDPE (Certified Distressed Property Expert®). They are actively involved in the Westminster community and the Adams County District 50 Education Foundation. They also take a great deal of pride in serving at their local church and supporting the Children's Miracle Network, Make a Wish Foundation, and the Westminster Legacy Foundation.

What are today’s consumers most concerned with when it comes to buying and selling real estate?
Buyers in the 2011 market are, without question, looking for the most living space in a home. First-time buyers or "move-up" buyers from our experience are concerned about the low interest rates. We frequently see buyers asking sellers to pay a portion of the closing costs. Sellers are becoming more realistic when it comes to the bottom line asking price on their home. Buyers are narrowing down their desired neighborhood, floor plan and price range much faster in our Westminster neighborhoods.

What are some positive signs in the Westminster real estate market? There are a number of “move-up” buyers in the $400,000-$500,000 range that are being transferred to Colorado for work. The "baby boomer" population is showing signs of selling a primary residence to purchase and downsize as empty nesters. We are seeing an increase in cash buyers. The Westminster Mall is currently being renovated and will take several years, however, with the City's preliminary planning, is a multilayer of retail, commercial and residential possibilities for Westminster. With very little residential new construction in Westminster currently being built, this is an exciting opportunity for residents in the area.

What are the current market trends in Westminster? We've experienced a small percentage of short sales from buyers and sellers in the last year. The average sold price for the first 8 months is just under $250,000.

Where are Westminster homebuyers coming from? In our combined 53 years in real estate, we have seen over 70 percent of this area’s homebuyers are continuing to come from Colorado. Approximately half of all buyers in 2011 are downsizing and staying in Colorado without children at home.

Why is now a great time to buy a home? With the current record low interest rates, and the inventory, there is a great opportunity, especially for a small family to purchase in a neighborhood close to schools and activities. After finding the desired neighborhood, buyers today can increase the square footage of living space and keep the same payment as they had 5 years ago, with lower interest rates.

What do you think is a realistic outcome for the remainder of 2011? If empty nesters continue to be a part of the market and interest rates stay low for "move-up" and first time buyers, we're thinking positive!

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