What is Happening In Grand Junction Area Real Estate - 08/17/08-8/23/08

Market Statistics for August 17, 2008 - August 23, 2008

According to our local MLS, there are currently 1,666 active residential listings in Grand Junction, 335 homes are under contract, and 37 homes sold last week. Over the last few weeks the amount of active listings has been declining. This is good news! They are broken into areas below-

• City Area - 172 active/3 sold
• North Area - 269 active/ 4 sold
• Northeast Area - 175 active/ 6 sold
• Southeast Area - 175 active/ 5 sold
• Clifton Area - 77 active / 9 sold
• Orchard Mesa Area - 171 active / 1 sold
• Redlands Area - 224 active / 3 sold
• Fruita Area - 270 active / 4 sold
• Palisade/East Orchard Mesa Area - 72 active / 1 sold
• Northwest Area - 23 active / 0 sold
• West Area - 38 active / 1 sold
• Whitewater - 43 active / 0 sold
  
  The Different Neighborhoods in Mesa County - This is a general guide to the different areas

Does Anyone Know Where I can Find a Rental?

The vacancy rate was at 1.6% for the second quarter according to a survey released Thursday by the Colorado Division of Housing. Grand Junction came in at the lowest vacancy rate out of 1,600 rental districts in the State. It is especially hard to find short term rentals. Currently, A 2 bedroom and 1 bath duplex with 800 square feet in somewhat bad repair, is renting for around $950 in the Redlands Area. By comparison, a newer 3 bedroom and 2 bath home with 1200 square feet in good repair is renting for around $1350 in the Southeast area.

As I look at this and the prices of real estate, right now. I can't help but think that if you are renting this is a great time to look into buying a home. For example, right now, you can buy a newer 3 bedroom 2 bath home in the Southeast area and your monthly mortgage payment would be the same as your rent. There is a lot of inventory out there and it is considered a buyer's market.

I know, I know, I can hear you saying, but I don't have good credit. Most people think there credit is worse than it actually is. There are many lending options available even to the people who don't have stellar credit. It is free to talk to a lender and you many be surprised at what you can afford. Stop throwing your money away on rent! On average, nationwide, real estate has appreciated 6% annually over the last 40 years. Home ownership is a proven, great long term investment!

Looking for a place to rent? Good Luck? - Daily Sentinel Article

What is Happening In Grand Junction Area Real Estate - 08/10/08-8/16/08

Market Statistics for August 10, 2008 - August 16, 2008

According to our local MLS, there are currently 1,686 active residential listings in Grand Junction, 332 homes are under contract, and 53 homes sold last week. They are broken into areas below-

• City Area - 176 active/11 sold
• North Area - 270 active/ 5 sold
• Northeast Area - 179 active/ 5 sold
• Southeast Area - 173 active/ 3 sold
• Clifton Area - 80 active / 2 sold
• Orchard Mesa Area - 175 active / 4 sold
• Redlands Area - 226 active / 8 sold
• Fruita Area - 272 active / 13 sold
• Palisade/East Orchard Mesa Area - 69 active / 2 sold
• Northwest Area - 25 active / 0 sold
• West Area - 41 active / 0 sold
• Whitewater - 41 active / 1 sold

The Different Neighborhoods in Mesa County - This is a general guide to the different areas

What is Happening In Grand Junction Area Real Estate - 08/03/08-8/09/08

Market Statistics for August 03, 2008 - August 09, 2008 According to our local MLS, there are currently 1,710 active residential listings in Grand Junction, 322 homes are under contract, and 32 homes sold last week. They are broken into areas below-

• City Area - 185 active/8 sold
• North Area - 267 active/ 2 sold
• Northeast Area - 177 active/ 2 sold
• Southeast Area - 172 active/ 2 sold
• Clifton Area - 87 active / 4 sold
• Orchard Mesa Area - 179 active / 2 sold
• Redlands Area - 227 active / 8 sold
• Fruita Area - 278 active / 4 sold
• Palisade/East Orchard Mesa Area - 69 active / 0 sold
• Northwest Area - 27 active / 0 sold
• West Area - 42 active / 0 sold
• Whitewater - 41 active / 0 sold

The Different Neighborhoods in Mesa County - This is a general guide to the different areas

Associated Press Named Grand Junction in the Top Ten for Personal Income Growth

They were quick to point out that the oil boom was the reason behind the growth in 6 of the 10 cities. I don't think any one who lives here will be surprised to find out we were one of the six cities mentioned. That is good news for our local economy and our Real Estate market.

GJ named in top 10 metro areas for personal income growth - Associated Press Article

The Barbecue was a Success!!!

The barbecue to benefit the Roice-Hurst Humane Society was a huge success. Not only did we sell a bunch of hotdogs, but we managed to find a new home for one very lucky dog. Not bad for four hour event! Thanks again to Ace Hardware in Clifton(next to City Market). They supplied all the hotdogs, buns, and soda. We were then able to sell the hotdogs for a donation and let me tell you there are some generous folks in Clifton. I, also, need to thank the men at the grill. It was a warm day, a hot job, and they smiled the entire time. I've included some pictures of our day.

Yeuston - The Adopted Dog

This is the dog that was adopted at the BBQ to benefit the Roice-Hurst Humane Society on Saturday. Her name is Yeuston, but you can call her Yeustus. She is a very sweet dog.

Graphs - Grand Junction Real Estate Statistics For July 2008

Grand Junction Real Estate Statistics For July 2008

This is a summary of July's Real Estate Market Statistics, for more detailed statistics check out the following graphs.

• The Summary for July 2008 looks like this - 1,721 active listings(homes for sale), 287 homes sold, and the average days on the market(DOM) is 172.


• July and June were very similiar in the number of transactions(homes sold) this month. However, there was a very slight increase in July.


• The average price of homes sold this month went up by $305.

Building Permits are down in Mesa County

Yes, they are down. According to the local paper, the building permits are down by 50%, and that is a significant decline. Part of the reason is due to tougher lending practices. In Mesa County, a majority of our builders are smaller and self-employed. Therefore, the lenders aren't lending them the money to build their next home until the home they are currently building is under contract or sold. The lenders do this in order to reduce their risk. Another reason is a number of builders decided to build larger more expensive homes and now those homes are sitting on the market longer than planned, partly due to the tougher lending practices. Not as many people can afford to buy those nice expensive homes. However, there are a lot of homes out there for sale and it is a great time to find some good deals. Especially, if you are willing to invest a little sweat equity.

Far fewer housing permits issued - Article from Daily Sentinel

What is Happening In Grand Junction Area Real Estate - 7/27/08-8/02/08

Market Statistics for July 27, 2008 - August 02, 2008

According to our local MLS, there are currently 1,728 active residential listings in Grand Junction, 314 homes are under contract, and 79 homes sold last week. They are broken into areas below-

• City Area - 188 active/5 sold


• North Area - 268 active/ 14 sold


• Northeast Area - 182 active/ 11 sold


• Southeast Area - 169 active/ 8 sold


• Clifton Area - 90 active / 5 sold


• Orchard Mesa Area - 182 active / 9 sold


• Redlands Area - 225 active / 12 sold


• Fruita Area - 285 active / 13 sold


• Palisade/East Orchard Mesa Area - 66 active / 2 sold


• Northwest Area - 29 active / 0 sold


• West Area - 44 active / 0 sold


• Whitewater - 39 active / 0 sold

The Different Neighborhoods in Mesa County - This is a general guide to the different areas

Benefit for the Roice-Hurst Humane Society

There will be a barbecue to benefit the Roice-Hurst Humane Society this weekend, August 9th, from 11-3 at Ace Hardware in Clifton. Some of the folks from our office are working with Ace Hardware to make this event happen. All proceeds from this barbecue will be donated to Roice-Hurst. Non-monetory donations will be accepted, as well. The following are some of the items they need:

• Purina Cat and Dog Food



• Wet Cat and Dog Food



• Cat Litter



• Old Blankets and Towels

If you would like to make a donation, but are unable to join us at the barbecue, we are accepting donations at the front desk of Monument GMAC Real Estate (on the corner of Patterson and 28 1/4 Road). Ask for Lyndsy. Also, it you would like to help out at the barbecue send me an email.

Foreclosures Increase in Mesa County

That sure makes it sound worse than the actual numbers suggest. It is true that foreclosures are up over last year. A local article is saying that we had a 21% increase over last year, however I think that it is important to look at the numbers. Mesa County had a total of 242 foreclosed homes in the first two quarters versus 191 for the same period last year. Compared to other cities in Colorado and in the U.S., we are doing pretty good especially for a community our size.


Mesa Co. foreclosures outpace statewide increase - Local Article

Do You Know Your Credit Score?

In one of my recent posts I mentioned that the lenders have tightened their standards. Although, there are still ways to qualify for 100% financing it isn't as easy as it was a year ago. I always suggest that talking to a lender should be your first step in buying a home. Once you and I know where you stand, we know exactly how to proceed in order to find you the best and most house for your money. One of the most important factors is your FICO (credit) score. Do you know your FICO score? How do you stack up and what does it mean? If you are unsure I would recommend that you check out the following websites.

myFICO - This website is recommended by Suze Orman. For a small price you can find out what your FICO score is and if needed how to improve it.

CreditBloggers, Where do you rank... - This explains how and where your credit score ranks.

Is It A Good Time To Invest In A Rental?

The answer to that question is going to be different for each individual. There are a few factors to consider before investing in a rental. As a general rule, lenders are going to require that you have some money to put down on your investment. A rental can provide some tax breaks and write-offs, an accountant can tell you the different ways you might benefit. In the end it comes down to the bottom line, how much return will you see from your investment? It is important to know what your expenses will be. Your expenses included mortgage payment, taxes, insurance, any utilities you might pay, management fees(if you chose to have a company manage your building), any HOA dues, times of vacancy, and other miscellaneous expenses. There are different ways you can see a return. You can break even on your annual expenses, but sell the building at a profit in a couple of years, or make a profit from the rent received, or both.

Right now in Grand Junction the vacancy rate is 1.8% (almost nonexistent), but the asking prices sometimes make it hard to profit from the rents received when very little cash was put down on the mortgage. However, the rents being received, across the board, are continuing to increase due to lack of availability. I just rented a 2 bedroom 1 bath apartment for $950/month in the Redlands area, with a 1 year lease. When looking at investment properties it is important to see if the rents currently being received are low or if improvements can be made to the building. If you can raise the rents or improve the building and then raise the rents you could realize even more profit. This is an investment definetly worth considering, especially when compared to some mutual funds. The following websites and recent newspaper article may help you with your figures. You can, also, search investment properties on my website at http://www.bringingyouhomeonline.com/. Feel free to send me an email or give me a call if you have any questions.

Daily Sentinel article - Apartments Difficult to Find

A Local Lenders Blog - http://kevinwade.blogspot.com/2008/07/grand-junction-rentals-should-you-buy.html

http://www.catholicoutreach.org/AlmostHome.html - Click on the Almost Home Report and you can view available rentals and the monthly rents.

Latest U.S. Oil and Gas Rig Count

My recent post about the Oil and Gas Commission meeting about 2 months ago has continued to be one of my posts that has generated the most interest. This was recently reported by the Associated Press and I thought some of you might find it interesting. This article states that Colorado has gained 4 rigs. I wish I knew how many total were in Colorado, how many of those are on the western slope(I'm guessing most of them are), how many were natural gas, and how many were for oil.

U.S. oil and gas rig count down by 6

HOUSTON — The number of rigs actively exploring for oil and natural gas in the United States dropped by 6 this week to 1,951.

Of the rigs running nationwide, 1,550 were exploring for natural gas and 392 for oil, Houston-based Baker Hughes Inc. reported Friday. Nine were listed as miscellaneous.
A year ago, the rig count stood at 1,781.

Of the major oil- and gas-producing states, Colorado gained four rigs, Louisiana gained two, and North Dakota gained one. Texas lost six, New Mexico lost four, Alaska lost two and Arkansas and California each lost one. Oklahoma and Wyoming were unchanged.

Baker Hughes has tracked rig counts since 1944. The tally peaked at 4,530 in 1981, during the height of the oil boom. The industry posted several record lows in 1999, bottoming out at 488.

Published August 1, 2008 @ 1:40 pm by The Associated Press