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Colorado Homes for Sale and Colorado Real Estate:
Trends in Pricing and Mortgage Rates

Prices of homes for sale in Colorado have been trending upward again recently as the state economy continues to improve and inventory shrinking. However, there is still plenty to look at with over 24,000 homes on the market.

The median price of a Denver home in the spring of 2005 is $245,000, 6% over April of 2004. The average price was $307,308, reflecting a 7.8% increase over last year. The prices of condos have fallen slightly in the past year with about a 2.6% drop.

There is a good inventory of pre-existing homes for sale in the Denver area. Buyers have many choices, and a good buyer agent will be able to negotiate good prices for their buyer.

Job growth in the Denver and Colorado Springs areas has increased substantially over the past year, with a fourth quarter 2004 gain in employment of 2.1 percent. This represented about 44,000 more jobs than in 2003.

Demand for new construction is up, with builders responding in kind. In the first part of 2005, builders applied for 3,180 permits for homes, condos and apartments. This represents one of the biggest surges of new construction in the past decade.

Many people on the coasts are experiencing concerns about a 'price bubbl e' that may soon burst since prices have escalated so much in those areas. However, prices in the Denver metro area have remained steady with slight increases in value over the past few years. The Office of Federal Housing Enterprise Oversight Index has reported that no decline in value has ever occurred after a period of rapid increase in prices such as he Denver market saw in the 1990's.

New homes for sale in Colorado include a building of six penthouses priced between $1.5 million and $2 million across the street from Denver's planned Museum of Contemporary Art. We are seeing more tends towards mixed use developments such as introduced in the Belmar area, where there is a pleasant mix of office, retail and residential space.

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Letters from home...
Gail L. of Carpinteria, CA shares her viewpoint on traditional "buyers agents" vs. "exclusive buyer agency companies" (where the whole company including the broker/owner and all agents, only represent buyers):

"I talked to your referral and was reasonably pleased. He seemed sincere and knowledgeable. I am talking to many buyer's agents and yours is definitely at the top of my lists for many reasons.

As a side note, I have been generally displeased with (traditional) buyer's agents. While the concept is good, most don't seem to have the buyer's best interests in mind. I don't think there is really anything unethical involved, I do believe that most agents are marketing pipelines to get consumers to purchase properties listed with their own agencies.

I ran into a partnership and a man and wife team where one person was the seller agent and the other the buyer's agent. Neither were willing to claim that they did dual agency transactions, but did insist that their best leads came from the "seller" side of their relationships.

I found the same thing to be true with many of the buyer's agents who worked with agencies who had many "seller's" agents. Their stance was tha t I would get the best deal by going dual agency with them rather than insisting that I not consider listings by their agency.

Additionally, many of the buyer's agents that I talked to were very much into "up selling". There were three who insisted that there were no properties that met my price and feature criteria in the areas where I'm interested in buying. A simple MLS search of my own on Realtor.com and on the Idaho MLS site revealed MANY listings that fit all my feature criteria and well within the price point I want. The primary difference was that those "other" properties were not listed by the "buyer's agent's" realty firms.

As a business owner I appreciate the desire to get the most out of every transaction. As a consumer I was looking forward to finding an agent who is 100% devoted to my best interests. I'm not finding that to be the case with buyer's agents in general. It's a great concept in principle, but in practice I think that its difficult to realize. I think that the only ones that I will end up dealing with will be buyer's agents who do no selling or have ties to seller's agencies. In that market it might be difficult to find an exclusive, but that's what I'm targeting.

Finally, as both a business owner and a consumer I really appreciate your follow up and concern. Its refreshing to find an Internet business that provides good personalized service. Thank you for your time and consideration and I hope to do business with you in the future."

Contact the CEBAA Headquarters office to find a buyer agent to help you locate your perfect Colorado ranch land or home. Need an Exclusive Buyer Agent outside of Colorado? Click here for free profiles sent to you via email.
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