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Current Interest Rates
Douglas County West (DCW) -News looks good for Douglas County West. Closed sales have increased by 17.8% since January, 2010. There is also a decrease in how long your property stays on the market, the decrease is 30%! And the average price of homes having sold in June have increased by 14.6%. That is good news for homeowners looking to sell. Condos and Townhomes are also increasing in sales at 13.8%!
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Douglas Elbert Parker (DEP) - The Douglas Elbert Parker area had a slightly lower increase in sales throughout the year so far at only 8.4%. But there was a substantial decrease on how many days a residential property will be on the market once you decide to sell at only 89 days, that is a decrease of 30.5%. However, the average sale price has decrease but only by 3.9% to $316,775. There has been a decrease in closed sales for Condos and Townhomes of 75%. This may be due to inventory being low as well. On the other hand, the condos that are selling are only staying on the market for a little over a month. Selling is growing with very little increase in average sale price at $136,050.
Douglas Highlands Ranch Lone Tree (DHL) - The Douglas Elbert Parker which includes both Highlands Ranch and Lone Tree have seen an increase of closed sales by 14.8% and an increase in average sale prices of 6.1% at $390,600. Townhomes and condominiums increased in sales by 13.5% but they are taking a bit longer to sell with an increase of average days on the market up by 3.2% and actually on the market for roughly 3 months.
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From a seller's standpoint, going into foreclosure is not an option and he should fight to get out from under the house or keep the payments going. Call the lender, ask about a forbearance, deed in lieu, or some way to put off the process until the property sells. Listing with a REALTOR helps tremendously. She will market the house and network with other brokers and investors. Call a REALTOR before missing a payment or right when the first payment is missed. This gives some time before the bank starts the foreclosure process.
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A Realtor will have knowledge about the paperwork required by the bank, including what must be submitted to the bank to successfully negotiate a short-sale, if needed. The house can go on the market immediately. Incidentally, Realtor commissions on short-sales are usually covered by the bank.
How to PREVENT Foreclosure
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Going into the foreclosure process, one should understand that the bank will not allow a net from the property sale to go to the seller if payments have been missed, unless it sells quickly above what is owed, including additional charges, interest or lawyer fees the bank may have charged. In a short-sale situation, it is rare for the seller to net anything because the bank has been asked to take less than what is owed. When a contract is received, the bank may take 2-21 days to respond, and they may counter the contract. Hopefully, the seller and his Realtor can work out the details with the buyer and their agent. Then all parties go to closing and the seller is relieved of the debt. Consult a CPA/lawyer about a law that was recently passed about when in a short-sale, the difference between what the seller owed and what the bank agreed to take is no longer an income tax liability for the seller.
The bottom line is, there are a lot of foreclosures (bank-owned properties) and a lot of people temporarily losing their piece of the American Dream. With the right help and guidance, it can be less painful for a seller and a buyer can be satisfied with getting a good price on a property with potential to gain instant equity with minimal work.
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In regard to the foreclosures, short-sales and deeds in lieu: Should you or someone you know need help, there is counseling help available and provided by the Hope Now initiative (888-995-4673). The counselors will help troubled borrowers find a solution. There are many plans including refinancing, rate freeze (not necessarily for everyone), selling their home, and more. We are also available to help in sales of homes and can advise clients on options. They will have to make the final decision, but please encourage them to talk to us before they miss a payment or if they have only missed one. Call us today for knowledgeable help on either side of the foreclosure process.
As always, please give Kate Powell a call to discuss recent activity in the area or to discuss your home´s value based on current data provided by MLS and our knowledge.
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