RE/MAX Alliance agent Kevin Chambless answers questions regarding the current real estate market and what’s happening specifically in the Highlands Ranch area. Chambless has been successfully helping real estate buyers and sellers for 6 ½ years. In 2011, he has assisted over 30 families, closing over $9 million in real estate. Nearly all of Chambless’s business comes from referrals. However, he is happy to help anyone with their real estate needs.
Chambless has Bachelors and Masters Degrees in Finance from the University of Colorado and continues his education in areas that he thinks will benefit the people he works with; earning various real estate designations such as the GRI, CNE, and CDPE. He is active in his church and is a proud husband and father of two wonderful girls. They have lived in Highlands Ranch for 12 years.
What are today’s consumers most concerned with when it comes to buying and selling real estate?
What I often see is that the biggest concern expressed by buyers and sellers is price. There is no doubt that price is important. However, often overlooked is the need by the parties to move forward into the next phase of their lives. Given the challenge in selling houses the last few years, consumers are more aware of resale considerations when making their purchase decisions.
What are some positive signs in the Highlands Ranch real estate market? Highlands Ranch has been a bright spot on the real estate landscape. Values have decreased in the area, but less so than other communities around metro Denver. In fact, metro Denver has performed better than the national real estate market and Highlands Ranch has performed better than most local communities.
Over the last 12 months, the distressed (foreclosures and short sales) properties in Highlands Ranch total 7.1% of all sales. Another way to say that is that almost 93% of all homes sold in Highlands Ranch were not distressed. The 7.1% compares with 13.6% total of all detached single-family homes considered distressed as listed in the Denver MetroList MLS. As a side note, the total distressed % across metro Denver was 28.0% and 27.1% in 2009 and 2010, respectively.
What are the current market trends in Highlands Ranch? Eighty-six percent (86%) of all homes sold in Highlands Ranch in the last 12 months were detached, single family homes (“houses”). Of those, the prices ranged from $140,000 to $1,313,000, with a median home price of $305,000.
1,330 houses sold in H.R. in the last 12 months. As of 12/7/11, there were 161 houses with sales pending/under contract and 295 houses listed for sale, which suggests an absorption rate of the existing inventory of less than 2.4 months. The average days on market over the last 12 months in Highlands Ranch was 85 days. The median was only 54 days.
Building in the community is nearly completed with the last two new construction projects of detached single-family homes of Shea Spaces at Highlands Ranch Pkwy & Fairview Pkwy, and Backcountry at Broadway & Wildcat Reserve Pkwy.
Where are Highlands Ranch homebuyers coming from? People move to Highlands Ranch from all over. Since the community’s inception over 30 years ago, first-time buyers, families, and retirees have called Highlands Ranch home. Located just 12 miles south of Denver, Highlands Ranch is ranked as one of the most progressive master planned communities in the country and H.R. has been nationally recognized as one of the best places to live. People are attracted to the community because of the excellent school system, the 4 first-class recreation centers, the park system, over 70 miles of paved and natural walking trails, over 2,000 acres of open space plus 8,200 acres in the Backcountry wilderness area, the well run community association (HRCA), community pride, over 100 community events per year, convenience to Park Meadows Mall and other shopping, and the proximity to the light rail stations, the Denver Tech Center & downtown. On a recent survey, 93% of participants said they love living in Highlands Ranch.
Given the excellent planning and continued community support, I am optimistic that as Highlands Ranch matures, it will continue to be a top quality community and desirable place to live.
Why is now a great time to buy a home? It is a great time to buy because pride of ownership is undeniable. Home ownership benefits individuals and families and strengthens our communities. According to The National Housing Survey conducted by Fannie Mae, the top 4 reasons to buy include having a good place to live and raise a family, where you feel safe, have more space, and have control over what you do with your living space (renovations & updates). Sixty-five percent (65%) of Americans believe that lifestyle benefits of homeownership are superior to financial benefits.
That said, the financial benefits can be nice. Homeownership naysayers who claim the money is better spent in another investment vehicle often do not take into consideration that the investor will still have a housing expense. A person cannot live in their 401K or their IRA. With interest rates near historic lows and prices around the bottom and starting to improve, now could possibly be a low-risk buying opportunity with a lot of upside. (Source: Why Now is a Great Time to Buy, Keepingcurrentmatters.com, Summer 2011)
What do you think is a realistic outcome for early 2012? With low inventory, sellers have the best chance they have had in a while to sell their homes. With low interest rates and relatively low housing prices, buyers have an incredible opportunity to buy at low overall payments. This could be a win-win situation for everyone.
“Kevin is an amazing associate who exhibits true professionalism and integrity,” said Chad Ochsner, Broker Owner of RE/MAX Alliance. “We are proud of his dedication and commitment to his clients and the industry and honored to have him as a RE/MAX Alliance associate.”
Posts
No comments:
Post a Comment