How do you make an offer on a house in Fort Collins & Northern Colorado?

The Basics of Making an Offer

A written proposal is the foundation of a real estate transaction. Oral promises are not legally enforceable when it comes to the sale of real estate. Therefore, you need to enter into a written contract, which starts with your written proposal. This proposal not only specifies price, but also all the terms and conditions of the purchase. For example, if the seller offered to help with $2,000 toward your closing costs, make sure that’s included in your written offer and in the final completed contract, or you won’t have grounds for collecting it later.

REALTORS^® have standard purchase agreements and will help you put together a written, legally binding offer that reflects the price as well as terms and conditions that are right for you.  Your REALTOR^® will guide you through the offer, counteroffer, negotiating and closing processes. In many states certain disclosure laws must be complied with by the seller, and the REALTOR^® will ensure that this takes place.

If you are not working with a real estate agent, keep in mind that you must draw up a purchase offer or contract that conforms to state and local laws and that incorporates all of the key items. State laws vary, and certain provisions may be required in your area.

After the offer is drawn up and signed, it is usually presented to the seller by your real estate agent, by the seller’s real estate agent, if that’s a different agent, or often by the two together. In a few areas, sales contracts are drawn up by the parties’ lawyers.

What is in an Offer?

The purchase offer you submit, if accepted as it stands, will become a binding sales contract (known in some areas as a purchase agreement, earnest money agreement or deposit receipt). So it’s important that the purchase offer contains all the items that will serve as a “blueprint for the final sale.” The purchase offer includes items such as:

• address and the legal description of the property
• sale price
• terms: for example, all cash or subject to you obtaining a mortgage for a given amount
• seller’s promise to provide clear title (ownership)
• target date for closing (the actual sale)
• amount of earnest money deposit accompanying the offer, whether it’s a check, cash or promissory note, and how it’s to be returned to you if the offer is rejected – or kept as damages if you later back out for no good reason
• method by which real estate taxes, rents, fuel, water bills and utilities payments are to be adjusted (prorated) between buyer and seller
• provisions about who will pay for title insurance, survey, termite inspections, etc.
• type of deed to be given
• other requirements specific to your state, which might include a chance for an attorney to review the contract, disclosure of specific environmental hazards or other state-specific clauses
• a provision that the buyer may make a last-minute walkthrough inspection of the property just before the closing
• a time limit (preferably short) after which the offer will expire
• contingencies, which are an extremely important matter and that are discussed in detail below

Contingencies – “Subject to” Clauses

If your offer says “this offer is contingent upon (or subject to) a certain event,” you’re saying that you will only go through with the purchase if that event occurs. Here are two common contingencies contained in a purchase offer:

• The buyer obtaining specific financing from a lending institution: If the loan can’t be found, the buyer won’t be bound by the contract.
• A satisfactory report by a home inspector: for example, “within 10 days after acceptance of the offer.” The seller must wait 10 days to see if the inspector submits a report that satisfies the buyer. If not, the contract would become void. Again, make sure that all the details are explicitly stated in the written contract.

Negotiating Tips

You’re in a strong bargaining position, that is, you look particularly welcome to a seller, if:

• you’re an all-cash buyer
• you already have a preapproved mortgage and you don’t have a present house that has to be sold before you can afford to buy
• you’re able to close and take possession at a time that is especially convenient for the seller

In these circumstances, you may be able to negotiate some discount from the listed price.

On the other hand, in a “hot” seller’s market, if the perfect house comes on the market, you may want to offer the list price (or more) to beat out other early offers.

It’s very helpful to find out why the house is being sold and whether the seller is under pressure. Keep the following considerations in mind:

• every month a vacant house remains unsold represents considerable extra expense for the seller
• if the sellers are divorcing, they may want to sell quickly
• estate sales often yield a bargain in return for a prompt deal

Earnest Money

This is a deposit that you give when making an offer on a house. A seller is understandably suspicious of a written offer that is not accompanied by a cash deposit to show “good faith.” A neutral third party such as a title company or an attorney usually holds the deposit, the amount of which varies from community to community. This will become part of your down payment.

Buyers: the Seller’s Response to Your Offer

You will have a binding contract if the seller, upon receiving your written offer, signs an acceptance just as it stands, unconditionally. The offer becomes a firm contract as soon as you are notified of acceptance. If the offer is rejected, that’s that – the sellers could not later change their minds and hold you to it.

If the seller likes everything except the sale price, or the proposed closing date, or the basement pool table you want left with the property, you may receive a written counteroffer including the changes the seller prefers. You are then free to accept it, reject it or even make your own counteroffer. For example, “We accept the counteroffer with the higher price, except that we still insist on having the pool table.”

Each time either party makes any change in the terms, the other side is free to accept, reject or counter again. The document becomes a binding contract only when one party finally signs an unconditional acceptance of the other side’s proposal.

Buyers: Withdrawing an Offer

Can you take back an offer? In most cases the answer is yes, right up until the moment it is accepted, or even in some cases, if you haven’t yet been notified of acceptance. If you do want to revoke your offer, be sure to do so only after consulting a lawyer who is experienced in real estate matters. You don’t want to lose your earnest money deposit or find yourself being sued for damages the seller may have suffered by relying on your actions.

Sellers: Calculating Your Net Proceeds

When an offer comes in, you can accept it exactly as it stands, refuse it (seldom a useful response) or make a counteroffer to the buyers with the changes you want. In evaluating a purchase offer, you should estimate the amount of cash you’ll walk away with when the transaction is complete. For example, when you’re presented with two offers at the same time, you may discover you’re better off accepting the one with the lower sale price if the other asks you to pay points to the buyer’s lending institution.

Once you have a specific proposal before you, calculating net proceeds becomes simple. From the proposed purchase price you can subtract the following costs:

• payoff amount on present mortgage
• any other liens (equity loan, judgments)
• broker’s commission
• legal costs of selling (attorney, escrow agent)
• transfer taxes
• unpaid property taxes and water and other utility bills
• if required by the contract: cost of survey, termite inspection, buyer’s closing costs, repairs, etc.

Your present mortgage lender may maintain an escrow account into which you deposit money to be used for property tax bills and homeowner’s insurance. In that case, remember that you will receive a refund of money left in that account, which will add to your proceeds.

Sellers: Counteroffers

When you receive a purchase offer from a would-be buyer, remember that unless you accept it exactly as it stands, unconditionally, the buyer is free to walk away. Any change you make in a counteroffer puts you at risk of losing that chance to sell.

Who pays for what items is often determined by local custom. You can, however, negotiate with the buyer any agreement you want about who pays for the following costs:

• termite inspection
• survey
• buyer’s closing costs
• points paid to the buyer’s lender
• buyer’s broker fees
• repairs required by the lender
• home protection policy

You may feel some of these costs are none of your business, but many buyers – particularly first-timer buyers – are short of cash. Helping them may be the best way to get your home sold.

Please visit www.SearchFortCollinsMLS.com to find a home in Fort Collins or Northern Colorado.  You can email me with any questions at: Mike@MikeMalvey.com.

Keys to a Successful Short Sale in Fort Collins, Colorado

To be successful in a short sale in Fort Collins and the Northern Colorado area, you must really do your homework up front to give yourself the best opportunity to receive an offer and to have the bank accept the offer.

Here are my 5 keys for you to have a successful Short Sale:

1) Use a Competent Realtor                                                                                                

The first key to a successful Short Sale involves the use of a Realtor.  A Realtor will guide you through the process of actually listing and selling your property together with negotiating with the foreclosing lender to accept a purchase contract for fair market value of the property.  In the Short Sale process, the Realtor’s commission is paid as an expense of sale by the lender.

2) Convincing the Lender of Fair Market Value

The lender must be convinced that it will be receiving the current value of its collateral without the additional time and expense of the foreclosure process.  A Realtor is the best choice for establishing the fair market value and sales price of your home.

3) Convincing the Lender of Financial Hardship

A Short Sale also requires establishing that the property owner has little or no cash flow or assets and that a long term financial hardship or insolvency exists.  A Realtor can assist you in completing a Financial Statement supported by income tax returns, pay stubs, and bank statements.

4) Negotiating with Junior Lien Holders

Junior lien holders must be convinced to voluntarily release their liens on the property to allow the Short Sale to be completed.  A Realtor will negotiate any necessary financial arrangement with the junior lien holder and will work with the title company to prepare the documentation necessary to remove the lien from the property.

5) Convincing the Lender to Approve the Short Sale

The lender must agree that the proceeds of the Short Sale as shown on the HUD-1 settlement statement is as much or more than will be realized through the Foreclosure process.  Your realtor will obtain the written approval from the lender.

 These are my keys to help you be successful with your Short Sale.  If you happen to live in the Fort Collins or surrounding areas of Northern Colorado including Larimer and Weld Counties then email me your questions: Mike@MikeMalvey.com or visit my website: www.SearchFortCollinsMLS.com.

Advantages of Short Sales in Fort Collins, Colorado

If you have been threatened with foreclosure by your lender or received a Notice of Election and Demand for Sale that starts the foreclosure process, you may want to consider a pre-foreclosure Short Sale as an alternative to foreclosure.  This alternative is typically used when a property owner owes more on the house than its fair market value and has minimal or no cash flow or assets.

Here are 5 advantages of a Short Sale:

1. Waiver of any further liability on the debt owed to the foreclosing lender (cancelled debt will be treated as ordinary income).
2. Obtain a fresh financial start by stopping the foreclosure action.
3. Avoid potential bankruptcy.
4. Commission of Realtor & cost of sale to be paid from proceeds of the lender.
5. Lender gets fair market value sooner; less costly than foreclosure.

A short sale will cost you about 18-24 months before you would be able to receive another loan compared with the other alternatives:

Deed in lieu of foreclosure – 3 years

Foreclosure – 5 years and possibly more

Bankruptcy – 2 years but depending on the type of bankruptcy you may have to repay the debt (Chapter 13)

Contact me, Mike@MikeMalvey.com, if you would like more information about short sales or foreclosures especially in the Fort Collins and Northern Colorado area.

 

Title Insurance. What it is & Why you need it in Colorado!

You have a house under contract, now the title company you hired will provide you with title insurance.  Great!  Ah, what is title insurance?  Do I need to have it?  Who pays for it?  What does it cover?

Who Is Protected?

Title insurance is for the protection of three parties: the seller, the purchaser and the lender. By purchasing a policy for the benefit of the purchaser, the seller in effect transfers the risk of a defective title to the insurance company, at least to the extent of the policy limits. Of course, the title company does not insure the seller against any fraudulent acts by the seller, or against a misrepresentation or failure to reveal information the seller is obligated to reveal. The insurance also provides the purchaser with assurance that the title has been examined by professionals in the field and that the insurance issuer is willing to reimburse the purchaser if there is a title defect. Finally, the lender’s policy (which is separate from and in addition to the owner’s policy) assures the lender that the insurance company will either take action to cure any after-discovered title defects or will reimburse up to the limits of the policy–usually the outstanding loan balance.

What Is Covered?

1. Items of Record: The insurance policy covers various items that are of record and are indicated.
2. Other:
   1. The incapacity of the grantor
   2. Certain technical, minor, but not substantive defects in the execution formalities of the documents
   3. Fraudulently executed documents and forgeries
   4. Void judgments and court orders
   5. The bankruptcy of the grantor
   6. Confusion arising from identical names of different persons

The Standard Exceptions and Possible Remedies: There are several standard, preprinted areas that are not covered, and there are insurance and/or practical ways to resolve those concerns. They are:

1. Persons in possession: If someone other than the owner has actual possession of the property, the title policy does not insure against that person’s rights. The obvious solution: Inspect the property.
2. Easements not of record: The policy does not insure against an easement other than one acquired via a written, recorded document (see discussion of easements above). The solution: Again, inspect the property, but it is probably also wise to obtain a thorough survey that includes any recorded or apparent easement.
3. Encroachments and boundary conflicts: If there is a dispute as to a boundary, or if your neighbor’s garage extends across the property line, the title company wants no part of the dispute. The solution: Obtain a boundary survey based on the legal description and/or recorded plat of the property in question. It should reveal any problems of this sort. They may be simple enough to solve with quitclaim deeds. If not, it is better to know before the closing, while you still maintain some leverage.
4. Any shortage in area: If the actual land (for example, as fenced in by the current owner) contains less ground than in the legal description, the title company cannot solve the problem. The solution: Get that survey; inspect the property.
5. Known defects: If the seller, the purchaser or their agents (Realtor, attorneys and so on) are aware of a defect in title or boundary, the title company will not cover it. While the concealment may or may not rise to the level of fraud, the idea is that people cannot acquire insurance against a problem they do not reveal to the insurance carrier. This is similar to the “existing conditions” exclusion in a health insurance policy.
6. Post-closing problems: If a problem arises after the effective date of the commitment (such as the recording of a new lien or a mechanics’ lien), the title policy may not cover it. The solution: “Gap” coverage is the agreement by the title insurer to cover the period between the effective date of the commitment and the date the deed is recorded. If a title company handles the closing, it is required by state insurance regulation to provide this coverage. However, if a title company does not handle the closing, gap coverage must be requested and paid for by the purchaser.
7. Unrecorded mechanics’ liens: Because of the wording of the mechanics’ lien statute, it is possible for a lien to exist even though it has not been recorded. The solution: Inspect the property for recently completed work, check with any contractor of whom you are aware, obtain an affidavit from the seller, stating that no work has been done (or if it has, that it has been paid in full), obtain a lien release from any suspected lien claimant, or, if you are not aware of any liens or possible claims, save yourself some grief and require the seller to provide mechanics’ lien protection in the policy.

Supplementary Safeguards

1. CREC Contract paragraph 7 contains provisions that allow the parties to agree whether an abstract of title or title commitment will be provided, and if a commitment is provided, whether it will delete or insure over the standard exceptions listed in the foregoing section, as well as unpaid taxes, assessments and unredeemed tax sales prior to the year of closing. The applicability of this additional coverage is discussed above.
2. Endorsements: In addition to the foregoing, there are various endorsements available to insure concerns or other potential problems:
   1. Form 100: This endorsement is for the protection of the lender and removes the standard printed exceptions. It is typically the buyer’s expense.
   2. Form 130: Similar to Form 100, this endorsement deletes the mechanics’ lien (#4) and possessory (#1) exceptions and minimizes the easement (#2 and #3) exceptions. It doesn’t cost much, though the title company may require a survey, so it is wise to inquire in advance. The title company will require a lien affidavit from purchaser and seller.
   3. “Gap” coverage: As indicated above, this covers the date between the commitment or last endorsement date and the recording of the deed. The title company will usually require that the closing take place at their office, but it will probably be there anyway, and the cost is well worth it given the risks.
   4. Extended coverage: This is a sort of “package” coverage that provides the same coverage as Form 130 and gap protection, as well as some additional risks, which vary from company to company.

Special Assessments/Special Taxing Districts: Special assessments by special assessment districts are almost never covered. The county treasurer may have some record of these, and they may appear on the tax certificate. If the property is included in a special assessment district, the best practice is to obtain a written statement from each district specifying the outstanding assessments, if any, relative to your property.

Comments:

It is important to remember that endorsements do not remove the problem; they merely insure over the concern. For example, if the garage encroaches onto the neighbor’s property or the fence is built ten feet inside the actual property line, the problem still exists. The endorsement merely transfers the economic risk of the problem to the insurance company, to the extent the policy has assumed that risk. In platted subdivisions, this is usually not a huge concern. However, when dealing with larger tracts or with property that is to be redeveloped, it may make more sense to attempt to solve the problem prior to closing rather than fight a battle later.

As a buyer you should discuss the availability and cost of the various insurance options with your realtor prior to execution of the contract. You should also discuss and commit to writing who is expected to pay for what so that there is no dispute or confusion at the closing.

Please feel free to email me with any questions: Mike@MikeMalvey.com.  I work with a great title company in Fort Collins so if I can’t answer your question, I will seek the answer from them.

What type of deed should you get for your home purchase in Colorado?

You are ready to purchase your new home but need to know the best way to convey the title to provide you with the protection you need.  Here is a description of the different types of deeds.

Types of Deeds

General Warranty: This deed is the most commonly used in typical residential transactions. It warrants or guarantees to the person who acquires title (the grantee) that the title is good from the creation of the tract until the present. It passes after-acquired title (see below). The statute (Section 38-30-113(2) C.R.S.) provides:

1. That at the time of the making of such instrument he was lawfully seized of an indefeasible estate in fee simple in and to the property therein described and has good right and full power to convey the same;
2. That the same was free and clear from all encumbrances, except as stated in the instrument; and
3. That he warrants to the grantee and his heirs and assigns the quiet and peaceable possession of such property and will defend the title thereto against all persons who may lawfully claim the same.

Special Warranty Deed: This deed also passes after-acquired title but warrants the title only since the grantor acquired title; that is, only for the period of time the title was held by the grantor. Section 38-30-115 C.R.S. provides:

A deed executed according to the form in section 38-30-113 with the words “and warrant the title to the same” omitted therefrom shall have the same force and effect as a bargain and sale deed, without covenants of warranty, at common law and will pass the after-acquired title of the grantor; and the words “and warrant the title against all persons claiming under me” when included in such deed shall be a covenant that the grantor will warrant and defend the title to the grantee and his heirs and assigns against all persons claiming to hold title by, through, or under the grantor.

An example of a special warranty deed is a personal representative’s deed, used to transfer title from an estate to a buyer. The personal representative desires to warrant only the title he acquired from the deceased person.

Bargain and Sale Deed: This is in some respects the same as a special warranty deed and is described in Section 38-30-115 C.R.S., above. However, there are no warranties of title. This deed is rarely used. It is a compromise between a warrant and a quitclaim deed, and there is not much reason to use one in private transactions. However, examples of this type of deed would be a public trustee’s deed (by which the purchaser acquires title after a public trustee’s foreclosure sale), a sheriff’s deed (by which the purchaser acquires title after a sheriff’s foreclosure sale), and a court-ordered deed (a deed signed by the clerk of the court pursuant to the court’s order). This last will often occur when a party has refused to sign a deed, and the clerk’s deed operates in place of the reluctant grantor’s deed.

Quitclaim Deed: This type of deed is the ultimate in the no-liability document of conveyance. Section 38-30-116 C.R.S. defines a quitclaim deed as follows:

A deed executed according to the form in section 38-30-113 with the word “quitclaim” substituted for “convey” and the words “and warrant the title to the same” omitted therefrom shall be a deed of quitclaim and shall have the same effect as a conveyance as quitclaim deeds now in use.

A quitclaim deed does not pass after-acquired title and makes no warranties of any nature. A quitclaim is often used to clear up small discrepancies in legal descriptions, to remove or add someone’s name to the title to property, and so on. Another way of describing the effect of a quitclaim deed is: “I have no idea whether I have any interest in this property or not. I make no warranties of any nature that I do or do not have title, but if I do have any interest, whatever it is, I am conveying it to you.”

As always, it is best to ask your attorney for the deed that provides you the most protection.  Best of luck with your new home purchase.

 

Prevent a Foreclosure in the Fort Collins and Northern Colorado Region

If you or someone you know has received letters from their lender threatening foreclosure, there are alternatives that could stop foreclosure.  Depending on your financial condition and equity position, there are options available based on your personal situation.  You should always consult with a Realtor, Lender, Attorney and Accountant.  I am a licensed realtor in Colorado and practice in the Fort Collins, Loveland, Windsor, Wellington, Greeley and neighboring towns.  But I am NOT an attorney so I am not providing advice, only possible options but your situation is unique so you need to consult your mortgage company and an attorney.

These 3 options are if you have positive equity in your home.

A) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale

B) If you are meeting your monthly expenses with little or no savings or assets.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

C) If your monthly expenses exceed your monthly income with no savings or assets.

• Refinance
• Sale
• Bankruptcy (Consult an attorney)

These 3 options are if your home’s value equals the amount owed in loans – No equity.

D) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

E) If you are meeting your monthly expenses with little or no savings or assets.

• Short sale (Negotiate with foreclosing lender to take less than owed through sale of house)
• Sale
• Refinance
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)

F) If your monthly expenses exceed your monthly income with no savings or assets.

• Short sale
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)

These 3 options are if your home’s value is less than the amount owed in loans – Negative equity.

G) If your monthly income exceeds your monthly expenses with some savings.

• Refinance
• Sale
• Restructure (Work with lender to keep loan in place under new repayment terms)

H) If you are meeting your monthly expenses with little or no savings or assets.

• Short sale (Negotiate with foreclosing lender to take less than owed through sale of house)
• Restructure (Work with lender to keep loan in place under new repayment terms)
• Bankruptcy (Consult an attorney)
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)

I) If your monthly expenses exceed your monthly income with no savings or assets.

• Short sale
• Deed in Lieu (Deed property back to foreclosing lender if all junior liens release)
• Bankruptcy (Consult an attorney)

 

Those are some various options available depending on your unique financial situation.  If you live in the Fort Collins, Loveland, Windsor areas of Northern Colorado then I would be happy to talk with you further about your personal options.  I highly recommend contacting your mortgage company as soon as you think you might be heading towards trouble.  It is never too early to call them but you can be too late.

Email me your questions: Mike@MikeMalvey.com or visit www.SearchFortCollinsMLS.com for my website.

Rent vs. Buying a Home Scenario for Fort Collins, Colorado

I have put together a realistic analysis comparing a typical rental of a nice 2 bedroom, 2 bathroom condo vs. purchasing the same 2 bedroom, 2 bathroom condo.  For this example, I am using a real life example of one of my investment properties at the Saddle Ridge Condominiums that I rent for $900 and the market value for them is $150,000.

I will assume a 3% down payment using an FHA loan product with the interest rate of 6.5% amortized over 30 years.  Let’s assume 1% property taxes and appreciation of only 2% (which is low relative to our Fort Collins average) and let’s compare this initially for only a 2 year period.  Also factored into this calculation include: private mortgage insurance, homeowner’s insurance cost, loan closing cost, cost of selling a home, property tax, homeowner’s tax saving and rent increases.  These results are estimates only.  

So for a 2 year period, it would still net the buyer more money to buy this home than to rent it.

Current Rent:		$900
	Purchase Price of Home:		$150,000
	Percentage of Down Payment:		3%
	Length of Loan Term (years):		30
	Interest Rate:		6.5%
	Years You Plan to Stay in This Home:		2
	Yearly Property Tax Rate:		1%
	Yearly Home Value Increase Rate:		2%
	Result Returned: Rent Buy Price of Home After Appreciation:   $156,060 Remaining Balance After Years:2   $142,155 Equity Earned:   $13,905 Tax Savings (at 28%):   $6,136 Avg. Monthly Payment Over Time: $910 $898 Total Payment: $21,840 $21,568 Total Savings On: Buying=$272 savings

 

Now, I’ll show the total savings to the buyer as the number of years of occupancy increase.

3 years = total savings of $5,923 for the buyers.

4 years = total savings of $12,019 for the buyer.

5 years = total savings of $18,572 for the buyer.

7 years = total savings of $33,085 for the buyer.

10 years = total savings of $58,902 for the buyer.

As the numbers show, a renter thinking about buying a home has a chance of earning money even if living in a house for only 2 years compared to renting for that time period.  These numbers could increase for the buyer if the home values increase greater than the assumed 2%.  If the renter knows they will be in the area for 3 or more years then it could be in their best interest to purchase a home as their total savings increases significantly…again based on a low appreciation rate of only 2%.

If you are interested in evaluating other scenarios then email me: Mike@MikeMalvey.com.  If you would like to see available homes in the Fort Collins, Loveland, Windsor and surrounding areas then visit: www.SearchFortCollinsMLS.com. 

Please feel free to leave your comments about this post or if you have any suggestions for another blog post.

And let me add a great big THANK YOU to all my readers as I just went over the 6,000 views mark!!

Real Estate Activity for the Stetson Creek Subdivision of Fort Collins, Colorado

I evaluated the single family detached real estate sales activity in 2007 for the Stetson Creek Subdivision located in southeast Fort Collins near Harmony & Timberline.

Here is the sales activity for 2007:

Homes Sold = 15

High = $397,500

Low = $260,000

Avg = $322,640

Median = $332,000

These homes sold on average for 99% of the listing price with an average number of days on the market of 64.

There were 3 withdrawn listings and 1 expired listings.

This is a very solid amount of activity with 79% of listed homes selling.  In 2007, the percentage of single family detached homes sold compared to listed homes in Fort Collins was 62%.

For more information about home sales in your subdivision or to find your home’s value in today’s real estate market, please contact me at my email: Mike@MikeMalvey.com or visit my website.

Real Estate Activity for the Observatory Village Subdivision of Fort Collins, Colorado

I evaluated the single family detached real estate sales activity in 2007 for the Observatory Village Subdivision located in southeast Fort Collins near Kechter & Cinquefoil.

Here is the sales activity for 2007:

Homes Sold = 25

High = $415,000

Low = $275,000

Avg = $325,392

Median = $322,000

These homes sold on average for 97% of the listing price with an average number of days on the market of 147.

There were 25 withdrawn listings and 1 expired listings.

This is a lot of activity but with only 49% of listed homes selling.  In 2007, the percentage of single family detached homes sold compared to listed homes in Fort Collins was 62%.

For more information about home sales in your subdivision or to find your home’s value in today’s real estate market, please contact me at my email: Mike@MikeMalvey.com or visit my website.