Real Estate Information Archive

Great news for homeowners and potential Buyers - the Littleton, CO Housing Market Is Stable!

Over the past few years, I've talked with many potential Sellers and Buyers about market trends.  No Seller wants to sell at the bottom of the market, and no Buyer wants to miss out on the best deal possible or have their newly purchased home decrease in value.

There are a number of factors combining together to make this a great time to Buy or Sell a home in Littleton.

With the recent tax extension agreement by Congress, the continued sell-off of Treasuries and the improving economy, Interest Rates are beginning to rise.  In the past month, we've seen a significant increase in mortgage rates.  The sub-4.0% days are gone.  There's still time to lock in these low rates, but analysts expect them to continue to rise up near the 5 percent range by the end of 2011.  Still, these are fairly good rates!

Based upon my analysis of recent MLS information from Metrolist, The Littleton, CO Housing Market Is Stable.  All comparisons are YTD 2009 -vs- YTD 2010. The number of homes sold in Littleton, CO is up about 3 percent this year.  Although the newspaper reported a "sensational" drop in the Denver Metro in November of 25% from 2009, take statistics with a grain of salt.  Looking at Year To Date figures, instead of one month, gives us a much broader understanding of what's really going on. 

The Average Days On Market decreased during this same period, from 89 Days to 86 Days.  This means that the average home in Littleton, CO takes less than 90 Days to sell.

Another  bright light in the recent statistics is that Home Prices in Littleton, CO are improving! There are two numbers to consider with pricing.  One is the MEDIAN, the other is the AVERAGE.    Median means half of the homes sold for more than this price and half of the homes sold for less.

The Median Price for a home that sold in Littleton is up 3% over 2009.

The Average price for a home that sold in Littleton is up 7% YTD over 2009!! Although the news outlets might still be hammering on any bad news they find about the housing market, at least you know that the Littleton, CO Housing Market Is Stable.  Heck, I'll even venture to say that our little neck of the woods is improving!!

If you're a Seller that's waiting for the market to improve, or if you're a Buyer trying to get the best price and lowest interest rates, now is a perfect time to act!  Contact your Littleton Realtor, John Basila, for a complimentary "no obligation" consultation on how this might be a great time for you to Buy or Sell your home in Littleton.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.